N-Q 1 c79143_nq.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

INVESTMENT COMPANY ACT FILE NUMBER: 811-05083

VAN ECK VIP TRUST

(Exact name of registrant as specified in its charter)

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

John J. Crimmins

Treasurer & Chief Financial Officer

Van Eck VIP Trust

335 Madison Avenue - 19^th 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: September 30, 2014

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

September 30, 2014 (unaudited)

Number of Shares			Value
COMMON STOCKS: 91.4%
Brazil: 8.1%
	267,000	BB Seguridade Participacoes SA	$	3,512,368
	293,000	BR Malls Participacoes SA		2,313,835
	330,000	Estacio Participacoes SA		3,429,762
	52,700	Guararapes Confeccoes SA		2,196,058
	110,000	Valid Solucoes SA		1,721,173
				13,173,196
China / Hong Kong: 25.6%
	19,200	Baidu, Inc. (ADR) *		4,190,016
	1,555,000	Baoxin Auto Group Ltd. #		1,163,418
	2,226,608	Beijing Capital International Airport Co. Ltd. #		1,697,949
	1,277,000	Beijing Urban Construction Design & Development Group Co. Ltd. * Reg S 144A		891,368
	1,976,000	Boer Power Holdings Ltd. #		2,685,391
	857,400	Brilliance China Automotive Holdings Ltd.		1,492,888
	2,698,969	China Animal Healthcare Ltd. #		2,088,747
	2,578,000	China Hongqiao Group Ltd. #		1,948,858
	7,440,000	China Huishan Dairy Holdings Co. Ltd. #		1,642,788
	90,800	China Lodging Group Ltd. (ADR) *		2,339,916
	1,180,000	China Medical System Holdings Ltd. #		2,020,333
	2,548,000	China Minsheng Banking Corp. Ltd. #		2,331,137
	777,000	China Singyes Solar Technologies Holdings Ltd. #		1,377,572
	2,251,000	China South City Holdings Ltd. #		1,045,612
	917,000	China Vanke Co. Ltd. * #		1,602,876
	211,000	Galaxy Entertainment Group Ltd. #		1,225,071
	395,000	Great Wall Motor Co. Ltd. #		1,530,800
	44,000	Hollysys Automation Technologies Ltd. (USD) *		989,560
	2,858,000	Sinotrans Ltd. #		2,074,165
	648,000	Techtronic Industries Co. #		1,872,750
	137,000	Tencent Holdings Ltd. #		2,035,228
	2,592,000	Wasion Group Holdings Ltd. #		2,383,824
	327,000	Zhuzhou CSR Times Electric Co. Ltd. #		1,264,891
				41,895,158
India: 13.1%
	440,000	Axis Bank Ltd.		2,697,992
	458,232	DEN Networks Ltd. * #		1,090,299
	231,700	Glenmark Pharmaceuticals Ltd.		2,691,036
	1,023,000	Jammu & Kashmir Bank Ltd. #		2,334,583
	225,000	Motherson Sumi Systems Ltd. #		1,435,056
	83,400	Persistent Systems Ltd.		1,910,800
	275,827	Phoenix Mills Ltd. #		1,496,965
	137,000	Strides Arcolab Ltd.		1,579,404
	103,100	Tech Mahindra Ltd. #		4,137,603
	233,000	Yes Bank Ltd. #		2,090,222
				21,463,960
Indonesia: 1.2%
	1,650,000	Bank Rakyat Indonesia Tbk PT #		1,410,526
	360,200	Matahari Department Store Tbk PT #		479,815
				1,890,341
Israel: 0.0%
	182,500	Queenco Leisure International Ltd. (GDR) * # § Reg S		55,087
Kazakhstan: 0.8%
	119,000	Halyk Savings Bank of Kazakhstan JSC (GDR) Reg S		1,365,840
Malaysia: 1.3%
	1,655,000	SapuraKencana Petroleum Bhd #		2,078,042
Mexico: 0.4%
	205,000	Credito Real SAB de CV		580,023
Netherlands: 0.6%
	80,000	Nostrum Oil & Gas Plc (GBP) *		979,175
Nigeria: 1.6%
	11,890,000	Guaranty Trust Bank Plc #		2,148,163
	84,672	Nestle Nigeria Plc		543,379
				2,691,542
Panama: 1.4%
	20,600	Copa Holdings SA (Class A) (USD)		2,210,174
Peru: 1.8%
	18,800	Credicorp Ltd. (USD)		2,883,732
Philippines: 1.8%
	9,640,000	Megaworld Corp. #		1,079,131
	1,374,000	Robinsons Retail Holdings, Inc. #		1,936,187
				3,015,318
Russia: 2.7%
	13,200	Magnit OJSC #		3,271,114
	42,000	Mail.ru Group Ltd. (GDR) * Reg S		1,180,620
				4,451,734
Singapore: 2.2%
	2,517,760	Ezion Holdings Ltd. #		3,566,575
South Africa: 3.6%
	104,100	Aspen Pharmacare Holdings Ltd. #		3,099,533
	26,000	Naspers Ltd. #		2,847,610
				5,947,143
South Korea: 3.2%
	7,516	CJ O Shopping Co. Ltd. #		2,290,666
	7,160	Hyundai Mobis Co. Ltd. #		1,743,112
	21,000	i-SENS, Inc. * #		1,130,228
				5,164,006
Switzerland: 1.5%
	447,000	Glencore Xstrata Plc (GBP) #		2,475,637
Taiwan: 9.5%
	2,133,000	Advanced Semiconductor Engineering, Inc. #		2,491,459
	337,630	Chailease Holding Co. Ltd. #		819,030
	600,000	CHC Healthcare Group #		1,350,657
	42,000	Largan Precision Co. Ltd. #		3,004,807
	154,400	MediaTek, Inc. #		2,286,617
	237,000	Poya Co. Ltd. #		1,480,678
	198,220	Sinmag Equipment Corp. #		1,159,954
	732,000	Taiwan Semiconductor Manufacturing Co. Ltd. #		2,914,185
				15,507,387
Thailand: 1.6%
	48,000	Kasikornbank PCL #		347,173
	320,000	Kasikornbank PCL (NVDR) #		2,314,486
				2,661,659
Turkey: 2.2%
	84,000	BIM Birlesik Magazalar AS #		1,758,558
	2,261,000	Turkiye Sinai Kalkinma Bankasi AS #		1,905,537
				3,664,095
United Arab Emirates: 0.7%
	74,200	Al Noor Hospitals Group Plc (GBP)		1,224,546
United Kingdom: 4.4%
	507,000	Afren Plc * #		851,022
	28,000	Bank of Georgia Holdings Plc #		1,112,145
	69,000	Hikma Pharmaceuticals Plc #		1,933,056
	1,235,312	Hirco Plc * # §		0
	124,000	International Personal Finance Plc #		978,114
	1,295,474	Raven Russia Ltd. * #		1,356,397
	488,424	Volga Gas Plc		910,580
				7,141,314
United States: 2.1%
	20,000	First Cash Financial Services, Inc. *		1,119,600
	703,900	Samsonite International SA (HKD) #		2,259,938
				3,379,538
Total Common Stocks (Cost: $130,321,938)				149,465,222
PREFERRED STOCK: 1.2%
Colombia: 1.2% (Cost: $2,069,746)
	139,000	Banco Davivienda SA		2,001,605
REAL ESTATE INVESTMENT TRUST: 1.2% (Cost: $1,938,749)
Mexico: 1.2%
	839,800	TF Administradora Industrial, S de RL de CV		1,850,243
WARRANTS: 3.1%
Luxembourg: 3.1%
	40,458	Deutsche Bank AG, London Branch aXess 12/01/14 Warrants (USD 0.00, expiring 12/01/14) * # (a)		1,106,135
	245,000	Deutsche Bank AG, London Branch aXess Warrants (USD 0.00, expiring 09/27/16) * # (b)		3,999,961
Total Warrants (Cost: $3,385,851)				5,106,096
MONEY MARKET FUND: 2.4% (Cost: $3,909,731)
	3,909,731	AIM Treasury Portfolio - Institutional Class		3,909,731
Total Investments: 99.3% (Cost: $141,626,015)				162,332,897
Other assets less liabilities: 0.7%				1,143,638
NET ASSETS: 100.0%			$	163,476,535

ADR	American Depositary Receipt
GBP	British Pound
GDR	Global Depositary Receipt
HKD	Hong Kong Dollar
NVDR	Non-Voting Depositary Receipt
USD	United States Dollar

(a)	Issue price $21.53. The security is linked to the performance of Herfy Food Services Co.
(b)	Issue price $8.53. The security is linked to the performance of The Saudi British Bank.
*	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 $109,617,473 which represents 67.1% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $55,087 which represents 0.0% of net assets.
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 to $891,368, or 0.5% of net assets.

Restricted securities held by the Fund as of September 30, 2014 are as follows:

Security		Acquisition Date				Number of Shares				Acquisition Cost				Value				% of Net Assets
Queenco Leisure International Ltd. (GDR)			07/03/2007				182,500			$	3,490,971			$	55,087				0.0	%

Summary of Investments by Sector (unaudited)	% of Investments			Value
Consumer Discretionary		18.5	%	$	30,039,059
Consumer Staples		5.6			9,152,026
Energy		5.2			8,385,394
Financials		29.3			47,588,664
Health Care		10.6			17,117,540
Industrials		8.7			14,191,269
Information Technology		17.0			27,524,719
Materials		2.7			4,424,495
Money Market Fund		2.4			3,909,731
		100.0	%	$	162,332,897

The summary of inputs used to value the Fund’s investments as of September 30, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Brazil	$	13,173,196	$	—	$	—	$	13,173,196
China / Hong Kong		9,903,748		31,991,410		—		41,895,158
India		8,879,232		12,584,728		—		21,463,960
Indonesia		—		1,890,341		—		1,890,341
Israel		—		—		55,087		55,087
Kazakhstan		1,365,840		—		—		1,365,840
Malaysia		—		2,078,042		—		2,078,042
Mexico		580,023		—		—		580,023
Netherlands		979,175		—		—		979,175
Nigeria		543,379		2,148,163		—		2,691,542
Panama		2,210,174		—		—		2,210,174
Peru		2,883,732		—		—		2,883,732
Philippines		—		3,015,318		—		3,015,318
Russia		1,180,620		3,271,114		—		4,451,734
Singapore		—		3,566,575		—		3,566,575
South Africa		—		5,947,143		—		5,947,143
South Korea		—		5,164,006		—		5,164,006
Switzerland		—		2,475,637		—		2,475,637
Taiwan		—		15,507,387		—		15,507,387
Thailand		—		2,661,659		—		2,661,659
Turkey		—		3,664,095		—		3,664,095
United Arab Emirates		1,224,546		—		—		1,224,546
United Kingdom		910,580		6,230,734		—		7,141,314
United States		1,119,600		2,259,938		—		3,379,538
Preferred Stock *		2,001,605		—		—		2,001,605
Real Estate Investment Trust *		1,850,243		—		—		1,850,243
Warrants *		—		5,106,096		—		5,106,096
Money Market Fund		3,909,731		—		—		3,909,731
Total	$	52,715,424	$	109,562,386	$	55,087	$	162,332,897

* See Schedule of Investments for security type and geographic sector breakouts.

During the period ended September 30, 2014, transfers of securities from Level 1 to Level 2 were $1,060,842 and transfers from Level 2 to Level 1 were $8,845,361. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by the pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedule of Investments.

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended September 30, 2014:

	Common Stocks
	Israel			United Kingdom
Balance as of December 31, 2013	$	87,243		$	235,156
Realized gain (loss)		—			—
Net change in unrealized appreciation (depreciation)		(32,156	)		(235,156	)
Purchases		—			—
Sales		—			—
Transfers in and/or out of level 3		—			—
Balance as of September 30, 2014	$	55,087		$	0

See Notes to Schedule of Investments

VAN ECK VIP EMERGING MARKETS FUND

NOTES TO SCHEDULE OF INVESTMENTS

September 30, 2014 (unaudited)

Security Valuation—The Fund values its investments in securities and other assets and liabilities carried 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. 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 Standard Time) but after the last close of the securities’ primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR’s and futures contracts. The Fund may also fair value securities in other situations, such as, when a particular foreign market is closed but the Fund is open. Short-term obligations with more than sixty days remaining to maturity are valued at market value. 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. Securities for which quotations are not available are stated at fair value as determined by the Pricing Committee of Van Eck Associates Corporation (the “Adviser”) appointed by the Board of Trustees. The Pricing Committee provides oversight of the Fund’s valuation policies and procedures, which are approved by the Fund’s Board of Trustees. 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 for which market prices are not readily available. 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, 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 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 may realize upon sale of an investment may differ materially from the value presented in the Schedule of Investments.

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 transfers between levels of the fair value hierarchy assume the financial instruments were transferred at the beginning of the reporting period. 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).

A summary of the inputs, the levels used to value the Fund’s investments, and transfers between levels 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.

Other–As a result of recent events involving Ukraine and the Russian Federation, the United States and the European Union have imposed sanctions on certain Russian individuals and companies. These sanctions do not currently impact the Fund. Additional economic sanctions may be imposed or other actions may be taken that may adversely affect the value and liquidity of the Russian-related issuers’ held by the Fund.

Income Taxes–For Federal income tax purposes, the identified cost of investments owned at September 30, 2014 was $142,629,728 and net unrealized appreciation aggregated $19,703,169 of which $29,258,738 related to appreciated securities and $9,555,569 related to depreciated securities.

VAN ECK VIP GLOBAL GOLD FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2014 (unaudited)

Number of Shares				Value
COMMON STOCKS: 98.1%
Australia: 7.1%
	125,000	Evolution Mining Ltd. #	$	75,586
	256,768	Gold Road Resources Ltd. *		67,444
	123,000	Gold Road Resources Ltd. *		32,308
	176,000	Gryphon Minerals Ltd. * #		20,753
	21,000	Newcrest Mining Ltd. * #		192,990
	14,000	OceanaGold Corp. (CAD) *		28,876
	97,000	Papillon Resources Ltd. * #		130,692
				548,649
Canada: 70.7%
	6,537	Agnico-Eagle Mines Ltd.		189,056
	6,000	Agnico-Eagle Mines Ltd. (USD)		174,180
	9,000	Alamos Gold, Inc.		71,762
	5,000	Alamos Gold, Inc. (USD)		39,800
	49,000	Argonaut Gold, Inc. *		171,508
	29,000	Asanko Gold, Inc. *		60,074
	17,000	Asanko Gold, Inc. (USD) *		35,530
	78,000	AuRico Gold, Inc. (USD)		272,220
	67,000	B2Gold Corp. *		136,399
	126,000	B2Gold Corp. (USD) *		255,780
	24,000	Bear Creek Mining Corp. *		39,645
	26,000	Belo Sun Mining Corp. *		4,527
	21,000	Castle Mountain Mining Co. Ltd. *		8,438
	40,000	Continental Gold Ltd. *		103,576
	21,000	Corvus Gold, Inc. (USD) *		16,941
	12,000	Eastmain Resources, Inc. *		2,625
	78,000	Eldorado Gold Corp. (USD)		525,720
	9,000	Fortuna Silver Mines, Inc. (USD) *		36,540
	8,000	Franco-Nevada Corp. (USD)		391,040
	12,000	Gold Canyon Resources, Inc. *		2,572
	17,000	Goldcorp, Inc. (USD)		391,510
	38,000	Guyana Goldfields, Inc. *		87,540
	47,000	Klondex Mines Ltd. *		75,119
	4,000	MAG Silver Corp. (USD) *		29,800
	2,500	New Gold, Inc. *		12,657
	86,500	New Gold, Inc. (USD) *		436,825
	78,000	Orezone Gold Corp. *		48,056
	10,000	Osisko Gold Royalties Ltd. *		126,613
	25,000	Premier Gold Mines Ltd. *		58,931
	6,000	Pretium Resources, Inc. *		31,341
	10,000	Pretium Resources, Inc. (USD) *		52,000
	19,000	Primero Mining Corp. (USD) *		92,150
	6,000	Probe Mines Ltd. *		11,733
	85,625	Rio Alto Mining Ltd. *		204,133
	58,000	Romarco Minerals, Inc. *		37,805
	77,900	Roxgold, Inc. *		52,863
	6,000	Rubicon Minerals Corp. *		8,143
	31,000	Rubicon Minerals Corp. (USD) *		42,470
	42,000	Sabina Gold & Silver Corp. *		20,626
	26,000	Semafo, Inc. *		91,468
	17,000	Silver Wheaton Corp. (USD)		338,810
	4,500	Sulliden Mining Capital, Inc. *		2,009
	56,914	Timmins Gold Corp. *		71,654
	137,000	Torex Gold Resources, Inc. *		179,820
	23,823	Yamana Gold, Inc.		142,944
	45,000	Yamana Gold, Inc. (USD)		270,000
				5,454,953
Mexico: 1.9%
	12,000	Fresnillo Plc (GBP) #		147,177
South Africa: 1.1%
	7,000	AngloGold Ashanti Ltd. (ADR) *		84,000
United Kingdom: 7.7%
	66,200	Amara Mining Plc * #		21,336
	45,000	Lydian International Ltd. (CAD) *		33,350
	8,000	Randgold Resources Ltd. (ADR)		540,720
				595,406
United States: 9.6%
	13,000	Midway Gold Corp. *		13,520
	6,000	Royal Gold, Inc.		389,640
	16,700	Tahoe Resources, Inc. (CAD) *		339,830
				742,990
Total Common Stocks (Cost: $8,431,457)				7,573,175
MONEY MARKET FUND: 6.7% (Cost: $521,782)
	521,782	AIM Treasury Portfolio - Institutional Class		521,782
Total Investments: 104.8% (Cost: $8,953,239)				8,094,957
Liabilities in excess of other assets: (4.8)%				(371,899	)
NET ASSETS: 100.0%			$	7,723,058

ADR	American Depositary Receipt
CAD	Canadian Dollar
GBP	British Pound
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 $588,534 which represents 7.6% of net assets.

Summary of Investments by Sector (unaudited)	% of Investments			Value
Diversified Metals & Mining		0.3	%	$	23,251
Gold		80.8			6,540,994
Precious Metals & Minerals		7.5			603,780
Silver		5.0			405,150
Money Market Fund		6.4			521,782
		100.0	%	$	8,094,957

The summary of inputs used to value the Fund’s investments as of September 30, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	128,628	$	420,021	$	—	$	548,649
Canada		5,454,953		—		—		5,454,953
Mexico		—		147,177		—		147,177
South Africa		84,000		—		—		84,000
United Kingdom		574,070		21,336		—		595,406
United States		742,990		—		—		742,990
Money Market Fund		521,782		—		—		521,782
Total	$	7,506,423	$	588,534	$	—	$	8,094,957

There were no transfers between levels during the period ended September 30, 2014.

See Notes to Consolidated Schedule of Investments

VAN ECK VIP GLOBAL GOLD FUND

NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2014 (unaudited)

Security Valuation—The Fund values its investments in securities and other assets and liabilities carried 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. 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 Standard Time) but after the last close of the securities’ primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR’s and futures contracts. The Fund may also fair value securities in other situations, such as, when a particular foreign market is closed but the Fund is open. Short-term 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 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. Securities for which quotations are not available are stated at fair value as determined by the Pricing Committee of Van Eck Associates Corporation (the “Adviser”) appointed by the Board of Trustees. The Pricing Committee provides oversight of the Fund’s valuation policies and procedures, which are approved by the Fund’s Board of Trustees. 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 for which market prices are not readily available. 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, transactional back-testing and disposition analysis.

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. 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 transfers between levels of the fair value hierarchy assume the financial instruments were transferred at the beginning of the reporting period. 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).

A summary of the inputs, the levels used to value the Fund’s investments, and transfers between levels are located in the Consolidated Schedule of Investments. Additionally, a table that reconciles the valuation of the Fund’s Level 3 investments and presents additional information about valuation methodologies and unobservable inputs, if applicable, is located in the Consolidated Schedule of Investments.

Income Taxes–For Federal income tax purposes, the identified cost of investments owned at September 30, 2014 was $9,059,395 and net unrealized depreciation aggregated $964,438 of which $265,988 related to appreciated securities and $1,230,426 related to depreciated securities.

VAN ECK VIP GLOBAL HARD ASSETS FUND

SCHEDULE OF INVESTMENTS

September 30, 2014 (unaudited)

Number of Shares			Value
COMMON STOCKS: 94.4%
Bermuda: 3.4%
	83,000	Golar LNG Ltd. (USD)	$	5,511,200
	456,900	Nabors Industries Ltd. (USD)		10,399,044
				15,910,244
Brazil: 0.0%
	1,614,800	Brazilian Resources, Inc. (CAD) * # §		0
Canada: 10.7%
	26,322	Agnico-Eagle Mines Ltd.		761,257
	67,900	Agrium, Inc. (USD)		6,043,100
	277,900	Barrick Gold Corp. (USD)		4,074,014
	782,700	Eldorado Gold Corp. (USD)		5,275,398
	754,300	First Quantum Minerals Ltd.		14,561,334
	436,900	Goldcorp, Inc. (USD)		10,061,807
	449,019	Kinross Gold Corp. (USD) *		1,481,763
	796,300	New Gold, Inc. (USD) *		4,021,315
	36,150	Osisko Gold Royalties Ltd. *		457,705
	97,016	Yamana Gold, Inc.		582,122
	523,600	Yamana Gold, Inc. (USD)		3,141,600
				50,461,415
Kuwait: 1.9%
	3,890,609	Kuwait Energy Plc * # § ø		8,933,208
Monaco: 0.3%
	164,000	Scorpio Tankers, Inc. (USD)		1,362,840
Norway: 0.6%
	99,200	SeaDrill Ltd. #		2,650,465
Switzerland: 5.7%
	4,339,165	Glencore Xstrata Plc (GBP) #		24,031,765
	126,300	Noble Corp. Plc (USD)		2,806,386
				26,838,151
United Kingdom: 3.5%
	3,064,600	Afren Plc * #		5,144,065
	142,100	Genel Energy Plc * #		1,932,543
	838,520	Ophir Energy Plc * #		3,109,594
	96,400	Randgold Resources Ltd. (ADR)		6,515,676
				16,701,878
United States: 68.3%
	170,300	Anadarko Petroleum Corp.		17,275,232
	75,500	Apache Corp.		7,087,185
	70,300	Archer-Daniels-Midland Co.		3,592,330
	151,700	Atwood Oceanics, Inc. *		6,627,773
	142,900	Cameron International Corp. *		9,485,702
	18,800	CARBO Ceramics, Inc.		1,113,524
	142,600	Cimarex Energy Co.		18,043,178
	119,000	Cloud Peak Energy, Inc. *		1,501,780
	138,300	Commercial Metals Co.		2,360,781
	144,250	Concho Resources, Inc. *		18,087,507
	442,900	Consol Energy, Inc.		16,768,194
	49,500	Cummins, Inc.		6,533,010
	101,500	Diamondback Energy, Inc. *		7,590,170
	81,000	Dril-Quip, Inc. *		7,241,400
	136,300	EOG Resources, Inc.		13,496,426
	303,000	Freeport-McMoRan Copper & Gold, Inc.		9,892,950
	96,300	Gulfport Energy Corp. *		5,142,420
	296,500	Halliburton Co.		19,127,215
	152,800	HollyFrontier Corp.		6,674,304
	90,300	Laredo Petroleum, Inc. *		2,023,623
	409,300	Louisiana-Pacific Corp. *		5,562,387
	335,600	Marathon Oil Corp.		12,615,204
	107,800	Marathon Petroleum Corp.		9,127,426
	145,700	National Oilwell Varco, Inc.		11,087,770
	86,250	Newfield Exploration Co. *		3,197,288
	36,375	NOW, Inc. *		1,106,164
	42,133	Paragon Offshore Plc *		259,118
	114,100	Parsley Energy, Inc. *		2,433,753
	278,500	Peabody Energy Corp.		3,447,830
	114,300	Phillips 66		9,293,733
	88,500	Pioneer Natural Resources Co.		17,431,845
	72,900	Royal Gold, Inc.		4,734,126
	189,400	Schlumberger Ltd.		19,260,086
	184,300	SM Energy Co.		14,375,400
	192,500	Steel Dynamics, Inc.		4,352,425
	263,500	Superior Energy Services, Inc.		8,661,245
	114,400	Tesoro Corp.		6,976,112
	155,100	United States Steel Corp.		6,075,267
	29,600	Westmoreland Coal Co. *		1,107,336
				320,769,219
Total Common Stocks (Cost: $371,296,159)				443,627,420
WARRANTS: 0.0% (Cost: $0)
United States: 0.0%
	419,074	Far East Energy Corp. Warrants (USD 1.25, expiring 12/28/14) * # §		0
MONEY MARKET FUND: 5.0% (Cost: $23,403,925)
	23,403,925	AIM Treasury Portfolio - Institutional Class		23,403,925
Total Investments: 99.4% (Cost: $394,700,084)				467,031,345
Other assets less liabilities: 0.6%				2,628,223
NET ASSETS: 100.0%			$	469,659,568


ADR	American Depositary Receipt
CAD	Canadian Dollar
GBP	British Pound
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 $45,801,640 which represents 9.8% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $8,933,208 which represents 1.9% of net assets.
ø	Restricted Security - the aggregate value of restricted securities is $8,933,208, or 1.9% of net assets.

Restricted securities held by the Fund as of September 30, 2014 are as follows:

Security		Acquisition Date				Number of Shares				Acquisition Cost				Value				% of Net Assets
Kuwait Energy Plc			08/06/2008				3,890,609			$	11,764,893			$	8,933,208				1.9	%

Summary of Investments by Sector (unaudited)	% of Investments			Value
Consumer Staples		0.8	%	$	3,592,330
Energy		68.2			318,409,124
Industrials		1.6			7,639,174
Materials		24.4			113,986,792
Money Market Fund		5.0			23,403,925
		100.0	%	$	467,031,345

The summary of inputs used to value the Fund’s investments as of September 30, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Bermuda	$	15,910,244	$	—	$	—	$	15,910,244
Brazil		—		—		—		—
Canada		50,461,415		—		—		50,461,415
Kuwait		—		—		8,933,208		8,933,208
Monaco		1,362,840		—		—		1,362,840
Norway		—		2,650,465		—		2,650,465
Switzerland		2,806,386		24,031,765		—		26,838,151
United Kingdom		6,515,676		10,186,202		—		16,701,878
United States		320,769,219		—		—		320,769,219
Warrants
United States		—		—		—		—
Money Market Fund		23,403,925		—		—		23,403,925
Total	$	421,229,705	$	36,868,432	$	8,933,208	$	467,031,345

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended September 30, 2014:

	Common Stocks
	Brazil			Kuwait
Balance as of December 31, 2013	$	174,535		$	10,996,311
Realized gain (loss)		—			—
Net change in unrealized appreciation (depreciation)		(174,535	)		(2,063,103	)
Purchases		—			—
Sales		—			—
Transfers in and/or out of level 3		—			—
Balance as of September 30, 2014	$	0		$	8,933,208

The following table presents additional information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of September 30, 2014:

Value as of
September 30,
2014

Valuation Technique

Unobservable Input
Description (1)

Unobservable
Input

Impact to
Valuation
from an
Increase in
Input (2)

Common Stocks

Kuwait

8,933,208

Market comparable companies

Production Multiple

45.0

Increase

Reserve multiple

11.0

Increase

(1) In determining certain of these inputs, management evaluates a variety of factors including economic condition, industry and market developments, market valuations of comparable companies and company specific developments.

(2) This column represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant increases or decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.

There were no transfers between levels during the period ended September 30, 2014.

See Notes to Schedule of Investments

VAN ECK VIP GLOBAL HARD ASSETS FUND

NOTES TO SCHEDULE OF INVESTMENTS

September 30, 2014 (unaudited)

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 September 30, 2014 was $396,676,030 and net unrealized appreciation aggregated $70,355,315 of which $107,140,196 related to appreciated securities and $36,784,881 related to depreciated securities.

VAN ECK VIP LONG/SHORT EQUITY INDEX FUND

SCHEDULE OF INVESTMENTS

September 30, 2014 (unaudited)

Number of Shares				Value
EXCHANGE TRADED FUNDS: 84.0%
	1,107		iShares Russell 2000 Growth ETF	$	143,566
	350		iShares Russell 2000 Value ETF		32,746
	1,900		iShares Short Treasury Bond ETF		209,475
	2,248		SPDR S&P 500 ETF Trust		442,901
Total Exchange Traded Funds (Cost: $844,782) (a)					828,688

Principal Amount
SHORT-TERM INVESTMENTS: 15.8%
Government Obligations: 10.2% (Cost: $99,997)(a)
			United States Treasury Bill
	$100,000		0.01%,01/08/15		99,997

Number of Shares
Money Market Fund: 5.6% (Cost: $55,580)
	55,580		AIM Treasury Portfolio - Institutional Class		55,580
Total Short-term Investments: 15.8% (Cost: $155,577)					155,577
Total Investments: 99.8% (Cost: $1,000,359)					984,265
Other assets less liabilities: 0.2%					1,988
NET ASSETS: 100.0%				$	986,253
SECURITIES SOLD SHORT: (10.5)%
Exchange Traded Fund: (10.5)%
	(2,289	)	Consumer Staples Select Sector SPDR Fund		(103,257	)
Total Securities Sold Short (Proceeds: $(104,138))				$	(103,257	)

(a)	All or a portion of these securities are segregated for securities sold short. Total value of the securities segregated, including cash on deposit with broker, is $928,685.

Summary of Investments by Sector (unaudited)	% of Investments			Value
Exchange Traded Funds		84.2	%	$	828,688
Government		10.2			99,997
Money Market Fund		5.6			55,580
		100.0	%	$	984,265

The summary of inputs used to value the Fund’s investments as of September 30, 2014 is as follows:

Long positions	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Exchange Traded Funds	$	828,688	$	—	$	—	$	828,688
Short-term Investments		55,580		99,997		—		155,577
Total	$	884,268	$	99,997	$	—	$	984,265

Short positions		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Value
Exchange Traded Fund		$	(103,257	)		$	—			$	—			$	(103,257	)

See Notes to Schedule of Investments

VAN ECK VIP LONG/SHORT EQUITY INDEX FUND

NOTES TO SCHEDULE OF INVESTMENTS

September 30, 2014 (unaudited)

Security Valuation—The Fund values its investments in securities and other assets and liabilities carried 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. 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 Standard Time) but after the close of the securities’ primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR’s and futures contracts. The Fund may also fair value securities in other situations, such as, when a particular foreign market is closed but the Fund is open. Short-term obligations with more than sixty days remaining to maturity are valued at market value. Short-term obligations with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates market value. Exchange traded funds as well as closed-end publicly listed fund investments are valued at their official market closing price and are categorized 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 classified as Level 2 in the fair value hierarchy. Securities for which quotations are not readily available are stated at fair value as determined by the Pricing Committee of Van Eck Associates Corporation (the “Adviser”) appointed by the Board of Trustees. The Pricing Committee provides oversight of the Fund’s valuation policies and procedures, which are approved by the Fund’s Board of Trustees. 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 for which market prices are not readily available. 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, transactional back-testing and disposition analysis.

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 September 30, 2014 was $1,000,359 and net unrealized depreciation aggregated $16,094 all of which related to depreciated securities.

VAN ECK VIP MULTI-MANAGER ALTERNATIVES FUND

SCHEDULE OF INVESTMENTS

September 30, 2014 (unaudited)

Number of Shares			Value
COMMON STOCKS: 39.0%
Automobiles & Components: 0.6%
	125	Byd Co. Ltd. (HKD)	$	830
	551	General Motors Co.		17,599
	186	Hyundai Motor Co. (KRW) #		33,512
	38	Icahn Enterprises LP		4,022
	1,500	Zhejiang Shibao Co. Ltd. (HKD)		1,932
				57,895
Banks: 1.0%
	500	China CITIC Bank Corp. Ltd. (HKD)		303
	375	China Minsheng Banking Corp. Ltd. (HKD)		343
	323	Credicorp Ltd.		49,545
	7,413	Kasikornbank PCL (NVDR) (THB) #		53,616
				103,807
Capital Goods: 1.7%
	186	Apogee Enterprises, Inc.		7,403
	5,000	Beijing Jingcheng Machinery Electric Co. Ltd. (HKD) *		3,091
	221	Colfax Corp. *		12,590
	190	Danaher Corp.		14,436
	208	EnPro Industries, Inc. *		12,590
	376	Federal Signal Corp.		4,978
	2,500	First Tractor Co. Ltd. (HKD)		1,742
	440	Ingersoll-Rand Plc		24,798
	1,500	Jingwei Textile Machinery (HKD)		1,516
	5,000	Metallurgical Corp of China Ltd. (HKD)		1,372
	56	Nordson Corp.		4,260
	7,000	Northeast Electric Development Co. Ltd. (HKD) *		2,010
	515	Quanta Services, Inc. *		18,689
	4,000	Shanghai Electric Group Co. Ltd. (HKD)		2,128
	4,500	Shenji Group Kunming Machine Tool Co. Ltd. (HKD) *		2,307
	178	Stanley Black & Decker, Inc.		15,805
	236	Tennant Co.		15,833
	553	Trex Co., Inc. *		19,117
	300	Xinjiang Goldwind Science & Technology Co. Ltd. (HKD)		515
	350	Zhengzhou Coal Mining Machinery Group Co. Ltd. (HKD)		253
				165,433
Commercial & Professional Services: 0.8%
	400	Dongjiang Environmental Co. Ltd. (HKD)		1,623
	1,700	KAR Auction Services, Inc.		48,671
	257	Mobile Mini, Inc.		8,987
	651	The ADT Corp.		23,084
	2,500	Tianjin Capital Environmental Protection Group Co. Ltd. (HKD)		1,809
				84,174
Consumer Durables & Apparel: 0.4%
	900	Brookfield Residential Properties, Inc. *		17,001
	27,336	Guinness Peat Group Plc *		12,697
	250	Hisense Kelon Electrical Holdings Co. Ltd. (HKD) *		263
	197	Skechers USA, Inc. *		10,502
	56	Tempur-Pedic International, Inc. *		3,146
				43,609
Consumer Services: 1.3%
	57	Ascent Capital Group, Inc. *		3,431
	73	Burger King Worldwide, Inc.		2,165
	4	Chipotle Mexican Grill, Inc. *		2,666
	861	Pinnacle Entertainment, Inc. *		21,602
	288	Royal Caribbean Cruises Ltd.		19,380
	1,106	Service Corp. International		23,381
	383	Sonic Corp. *		8,564
	4,014	The Wendy’s Co.		33,156
	706	Tropicana Entertainment, Inc. *		11,861
				126,206
Diversified Financials: 1.2%
	1,464	Dundee Corp. *		22,162
	2,042	Imperial Holdings, Inc. *		13,171
	547	Leucadia National Corp.		13,040
	773	NorthStar Asset Management Group, Inc. *		14,239
	127	Oaktree Capital Group LLC		6,490
	500	Onex Corp.		27,825
	231	Partners Value Fund, Inc. *		6,288
	69	Texas Pacific Land Trust (Royalty Trust)		13,278
				116,493
Energy: 7.4%
	599	Anadarko Petroleum Corp.		60,763
	37	C&J Energy Services, Inc. *		1,130
	430	Cimarex Energy Co.		54,408
	418	Concho Resources, Inc. *		52,413
	1,283	Consol Energy, Inc.		48,574
	486	Emerald Oil, Inc. *		2,989
	518	EOG Resources, Inc.		51,292
	31,920	Ezion Holdings Ltd. (SGD) #		45,217
	3,002	Halcon Resources Corp. *		11,888
	866	Halliburton Co.		55,866
	1,444	Marathon Oil Corp.		54,280
	1,922	Nabors Industries Ltd.		43,745
	652	National Oilwell Varco, Inc.		49,617
	428	Patterson-UTI Energy, Inc.		13,923
	828	Penn Virginia Corp. *		10,524
	500	PetroChina Co. Ltd. (Class-H) (HKD)		641
	274	Pioneer Natural Resources Co.		53,970
	524	Schlumberger Ltd.		53,286
	2,000	Shandong Molong Petroleum Machinery Co. Ltd. (HKD) *		1,283
	716	SM Energy Co.		55,848
	20	TPT Acquisition, Inc. * # § ø		195
	1,943	Triangle Petroleum Corp. *		21,392
	1,500	Yanzhou Coal Mining Co. Ltd. (HKD)		1,231
				744,475
Food & Staples Retailing: 0.8%
	2,615	J Sainsbury Plc (GBP)		10,634
	791	Magnit OAO (GDR) Reg S		45,688
	575	Safeway, Inc.		19,722
	51	The Kroger Co.		2,652
				78,696
Food, Beverage & Tobacco: 1.0%
	164,000	China Huishan Dairy Holdings Co. Ltd. (HKD) #		36,212
	8	Crimson Wine Group Ltd. *		73
	204	Molson Coors Brewing Co.		15,186
	328	PepsiCo, Inc.		30,534
	247	Pilgrim’s Pride Corp. *		7,548
	664	Vector Group Ltd.		14,719
				104,272
Health Care Equipment & Services: 1.1%
	681	Abaxis, Inc.		34,534
	754	Abbott Laboratories		31,359
	514	Air Methods Corp. *		28,553
	1,033	Volcano Corp. *		10,991
				105,437
Insurance: 1.1%
	1,272	Assured Guaranty Ltd.		28,188
	3,700	BB Seguridade Participacoes SA		48,673
	1,127	FNF Group		31,263
				108,124
Materials: 6.6%
	3,500	Aluminum Corp of China Ltd. (HKD) *		1,424
	118	Ashland, Inc.		12,284
	11,800	AuRico Gold, Inc.		41,182
	18,366	B2Gold Corp. *		37,283
	1,875	BBMG Corp. (HKD)		1,299
	3,000	China Molybdenum Co. Ltd. (Class H) (HKD)		1,827
	8,500	Chongqing Iron & Steel Co. Ltd. (HKD) *		1,938
	14,900	Continental Gold Ltd. (CAD) *		38,582
	8,975	Eldorado Gold Corp.		60,491
	8,100	Fortuna Silver Mines, Inc. (CAD) *		32,691
	2,074	Goldcorp, Inc.		47,764
	23,200	Guyana Goldfields, Inc. (CAD) *		53,445
	766	Headwaters, Inc. *		9,606
	235	Hi-Crush Partners LP		12,117
	1,315	MAG Silver Corp. *		9,797
	190	Martin Marietta Materials, Inc.		24,499
	10,301	New Gold, Inc. *		52,020
	923	Platform Specialty Products Corp. *		23,093
	679	Randgold Resources Ltd. (ADR)		45,894
	20,041	Rio Alto Mining Ltd. (CAD) *		47,778
	3,250	Shandong Chenming Paper Holdings Ltd. (HKD)		1,565
	10,000	Sinopec Shanghai Petrochemical Co. Ltd. (HKD)		3,297
	655	SunCoke Energy, Inc. *		14,705
	2,392	Tahoe Resources, Inc. *		48,558
	301	The Dow Chemical Co.		15,784
	190	US Silica Holdings, Inc.		11,877
	2,203	Yamana Gold, Inc. (CAD)		13,219
	7,000	Zijin Mining Group Ltd. (HKD)		1,704
				665,723
Media: 2.9%
	999	CBS Corp.		53,446
	386	DISH Network Corp. *		24,928
	3,262	Gray Television, Inc. *		25,705
	966	Liberty Media Corp. *		45,392
	483	Liberty Media Corp. *		22,788
	398	National CineMedia, Inc.		5,775
	1,284	News Corp. *		20,993
	781	Starz - Liberty Capital *		25,835
	593	Tribune Co. *		39,019
	408	Viacom, Inc.		31,392
				295,273
Pharmaceuticals, Biotechnology: 1.2%
	323	BioMarin Pharmaceutical, Inc. *		23,308
	1,227	GlaxoSmithKline PCL (GBP)		28,030
	74	Johnson & Johnson		7,888
	436	Mylan, Inc. *		19,834
	478	Pfizer, Inc.		14,134
	1,500	Shandong Xinhua Pharmaceutical Co. Ltd. (HKD)		906
	611	Zoetis, Inc.		22,576
				116,676
Real Estate: 1.6%
	5,500	Beijing North Star Co. Ltd. (HKD)		1,480
	21,200	China Vanke Co. Ltd. (HKD) * #		37,057
	3,200	Dream Unlimited Corp. *		37,532
	539	The Howard Hughes Corp. *		80,850
				156,919
Retailing: 2.0%
	544	ANN, Inc. *		22,375
	920	FTD Cos, Inc. *		31,381
	2,612	JC Penney Co., Inc. *		26,224
	207	Lands’ End, Inc. *		8,512
	1,583	Liberty Interactive Corp. *		45,147
	233	PetSmart, Inc.		16,331
	882	Rent-A-Center, Inc.		26,769
	688	Sears Holdings Corp. *		17,358
	283	Sears Hometown and Outlet Stores, Inc. *		4,387
	262	The Finish Line, Inc.		6,558
				205,042
Semiconductor: 1.5%
	290	Cabot Microelectronics Corp. *		12,020
	4,092	Himax Technologies, Inc. (ADR)		41,534
	1,861	RF Micro Devices, Inc. *		21,476
	298	Skyworks Solutions, Inc.		17,299
	2,129	Taiwan Semiconductor Manufacturing Co. Ltd. (ADR)		42,963
	1,639	Tower Semiconductor Ltd. *		16,669
				151,961
Software & Services: 1.3%
	245	Baidu, Inc. (ADR) *		53,466
	325	Euronet Worldwide, Inc. *		15,532
	597	InterActiveCorp.		39,342
	213	NICE Systems Ltd. (ADR)		8,688
	236	Textura Corp. *		6,230
	293	Xerox Corp.		3,876
				127,134
Technology Hardware & Equipment: 1.9%
	1,228	CDC Corp. Escrow Receipt * # §		553
	567	EchoStar Corp. *		27,647
	4,143	Extreme Networks, Inc. *		19,845
	1,086	Ingram Micro. Inc. *		28,030
	833	Jabil Circuit, Inc.		16,802
	1,500	Nanjing Panda Electronics Co. Ltd. (HKD)		1,569
	331	OSI Systems, Inc. *		21,012
	175	Riverbed Technology, Inc. *		3,245
	342	Rogers Corp. *		18,728
	33	Samsung Electronics Co. Ltd. (KRW) #		36,960
	272	Super Micro Computer, Inc. *		8,002
	23,336	Trident Microsystems, Inc. Escrow Receipt * # §		525
	125	Viasat, Inc. *		6,890
				189,808
Telecommunication Services: 1.5%
	245	FairPoint Communications, Inc. *		3,717
	1,527	Globalstar, Inc. *		5,589
	937	RingCentral, Inc. *		11,909
	901	Telephone & Data Systems, Inc.		21,588
	1,028	T-Mobile US, Inc. *		29,678
	730	Verizon Communications, Inc.		36,493
	1,765	Vivendi SA (EUR) *		42,621
				151,595
Transportation: 0.1%
	500	Anhui Expressway Co. Ltd. (HKD)		305
	1,875	China COSCO Holdings Co. Ltd. (HKD) *		778
	2,750	China Shipping Container Lines Co. Ltd. (HKD) *		740
	1,000	China Southern Airlines Co. Ltd. (HKD)		327
	5,000	Dalian Port PDA Co. Ltd. (HKD)		1,648
	117	Roadrunner Transportation Systems, Inc. *		2,666
	3,000	Sichuan Expressway Co. Ltd. (HKD)		1,136
				7,600
Utilities: 0.0%
	4,500	Datang International Power Generation Co. Ltd. (HKD)		2,347
Total Common Stocks (Cost: $3,937,956) (a)				3,908,699
REAL ESTATE INVESTMENT TRUSTS: 0.5%
Real Estate: 0.5%
	1,213	FelCor Lodging Trust, Inc.		11,354
	1,370	NorthStar Realty Finance Corp.		24,208
	1,297	Winthrop Realty Trust		19,546
Total Real Estate Investment Trusts (Cost: $54,735) (a)				55,108

Principal Amount
CORPORATE BONDS: 4.5%
Basic Materials: 0.4%
		Momentive Performance Materials, Inc.
	$51,000	11.50%,11/10/14 (c) (d)		1,020
		Royal Gold, Inc.
	35,000	2.88%,06/15/19		36,487
				37,507
Consumer Durables & Apparel: 2.0%
		Brookfield Residential Properties, Inc.
	23,000	6.50%,12/15/15 (c) 144A		23,977
		Chukchansi Economic Development Authority
	24,851	10.25%,05/30/16 (c) 144A		17,520
		Claire’s Stores, Inc.
	40,000	8.88%,03/15/15 (c)		33,400
		JC Penney Corp., Inc.
	32,000	5.65%,06/01/20		27,040
		Logan’s Roadhouse, Inc.
	39,000	10.75%,11/10/14 (c)		29,445
		Navistar International Corp.
	10,000	8.25%,11/10/14 (c)		10,288
		Neebo, Inc.
	42,600	15.00%,11/10/14 (c) 144A		44,517
		The Bon-Ton Department Stores, Inc.
	20,000	10.63%,11/10/14 (c)		20,125
				206,312
Energy: 0.3%
		Chesapeake Energy Corp.
	24,000	2.50%,05/15/17 (c) (p)		24,315
		Pengrowth Energy Corp.
	CAD 5,000	6.25%,03/31/17		4,643
				28,958
Financials: 0.5%
		Banco Cruzeiro do Sul SA
	$150,000	8.50%,02/20/15 (d) * Reg S #		39,750
		Nuveen Investments, Inc.
	12,000	5.50%,09/15/15		12,420
				52,170
Food, Beverage & Tobacco: 0.2%
		Post Holdings, Inc.
	23,000	7.38%,02/15/17 (c)		22,827
Industrial: 0.3%
		Tervita Corp.
	28,000	10.88%,11/15/15 (c) 144A		28,105
Technology: 0.1%
		SunGard Data Systems, Inc.
	10,000	6.63%,11/01/15 (c)		10,050
Telecommunication Services: 0.7%
		Alaska Communications Systems Group, Inc.
	40,000	6.25%,05/01/18		32,400
		IAC/InterActiveCorp.
	10,000	4.75%,12/15/17 (c)		9,650
		United States Cellular Corp.
	21,000	6.70%,12/15/33		20,954
		WebMD Health Corp.
	5,000	2.50%,01/31/18		5,069
				68,073
Total Corporate Bonds (Cost: $481,916) (a)				454,002

Number of Shares
CLOSED-END FUNDS: 2.7%
	695	Avenue Income Credit Strategies Fund		11,676
	1,722	Brookfield High Income Fund, Inc.		16,135
	1,095	DoubleLine Income Solutions Fund		23,707
	781	DoubleLine Opportunistic Credit Fund		18,432
	587	First Trust Strategic High Income Fund II		9,034
	1,319	JZ Capital Partners Ltd. (GBP)		9,066
	1,033	LMP Corporate Loan Fund, Inc.		11,931
	990	Nuveen Credit Strategies Income Fund		8,841
	326	PCM Fund, Inc.		3,619
	1,368	PIMCO Dynamic Credit Income Fund		30,739
	1,380	PIMCO Dynamic Income Fund		43,553

	997		PIMCO Income Opportunity Fund		27,507
	1,158		PIMCO Income Strategy Fund		13,827
	1,748		PIMCO Income Strategy Fund II		18,406
	1,545		Western Asset High Income Opportunity Fund, Inc.		8,946
	685		Western Asset Mortgage Defined Opportunity Fund, Inc.		16,467
Total Closed-End Funds (Cost: $278,217) (a)					271,886
EXCHANGE TRADED FUNDS: 7.7%
	1,130		iShares Russell 2000 Growth ETF		146,550
	888		iShares Russell 2000 Value ETF		83,081
	2,751		SPDR S&P 500 ETF Trust		542,002
Total Exchange Traded Funds (Cost: $755,282) (a)					771,633
OPTIONS PURCHASED: 0.2%
	1,000		Activision Blizzard, Inc. Call ($24, expiring 02/20/15)		460
	3,600		iShares 20+ Year Treasury Bond ETF Put ($105, expiring 01/17/15)		1,206
	1,400		iShares iBoxx $ High Yield Corporate Bond ETF Put ($90, expiring 10/18/14)		630
	1,100		iShares Russell 2000 ETF Put ($110, expiring 10/18/14)		2,662
	600		iShares Russell 2000 ETF Put ($109, expiring 11/22/14)		1,974
	1,200		Lorillard, Inc. Call ($63, expiring 03/20/15)		1,740
	600		Lorillard, Inc. Call ($60, expiring 03/20/15)		1,569
	2,400		SPDR S&P 500 ETF Trust Put ($184, expiring 10/18/14)		816
	1,100		SPDR S&P 500 ETF Trust Put ($196, expiring 11/22/14)		4,202
Total Options Purchased (Cost: $27,301)					15,259
MONEY MARKET FUND: 41.8% (Cost: $4,192,077)
	4,192,077		AIM Treasury Portfolio - Institutional Class		4,192,077
Total Investments: 96.4% (Cost: $9,727,484)					9,668,664
Other assets less liabilities: 3.6%					360,059
NET ASSETS: 100.0%				$	10,028,723
SECURITIES SOLD SHORT: (22.4)%
COMMON STOCKS: (2.9)%
Automobiles & Components: (0.1)%
	(158	)	Thor Industries, Inc.		(8,137	)
Capital Goods: (0.5)%
	(18	)	Chart Industries, Inc. *		(1,100	)
	(73	)	Deere & Co.		(5,985	)
	(37	)	Fluor Corp.		(2,471	)
	(334	)	Lennox International, Inc.		(25,675	)
	(29	)	Lindsay Corp.		(2,168	)
	(184	)	Regal-Beloit Corp.		(11,822	)
	(110	)	Titan International, Inc.		(1,300	)
					(50,521	)
Commercial & Professional Services: (0.2)%
	(226	)	Clean Harbors, Inc. *		(12,186	)
	(397	)	Interface, Inc.		(6,408	)
					(18,594	)
Consumer Durables & Apparel: (0.3)%
	(170	)	Carter’s, Inc.		(13,178	)
	(419	)	Crocs, Inc. *		(5,271	)
	(325	)	Steven Madden Ltd. *		(10,475	)
					(28,924	)
Diversified Financials: (0.2)%
	(135	)	Credit Acceptance Corp. *		(17,019	)
Energy: (0.3)%
	(100	)	Emerge Energy Services LP		(11,530	)
	(110	)	Pacific Ethanol, Inc. *		(1,536	)
	(92	)	REX American Resources Corp. *		(6,705	)
	(611	)	RPC, Inc.		(13,418	)
					(33,189	)
Health Care Equipment & Services: (0.1)%
	(372	)	Cynosure, Inc. *		(7,812	)
	(37	)	IDEXX Laboratories, Inc. *		(4,360	)
					(12,172	)
Household & Personal Products: (0.0)%
	(103	)	Nu Skin Enterprises, Inc.		(4,507	)
Materials: (0.1)%
	(227	)	Innophos Holdings, Inc.		(12,505	)
Retailing: (0.3)%
	(302	)	Monro Muffler Brake, Inc.		(14,656	)
	(529	)	Nutrisystem, Inc.		(8,131	)
	(74	)	Tractor Supply Co.		(4,552	)
					(27,339	)
Semiconductor: (0.3)%
	(4,025	)	Applied Micro Circuits Corp. *		(28,175	)
Software & Services: (0.1)%
	(108	)	Blucora, Inc. *		(1,646	)
	(683	)	MoneyGram International, Inc. *		(8,565	)
					(10,211	)
Technology Hardware & Equipment: (0.4)%
	(133	)	Apple, Inc.		(13,400	)
	(1,106	)	Harmonic, Inc. *		(7,012	)
	(111	)	QUALCOMM, Inc.		(8,299	)
	(83	)	SanDisk Corp.		(8,130	)
					(36,841	)
Total Common Stocks (Proceeds: $(297,797))					(288,134	)

Principal Amount
CORPORATE BONDS: (0.3)% (Proceeds: $(31,388))
Software & Services: (0.3)%
			IAC/InterActiveCorp.
	$(30,000	)	4.88%,11/30/18 (c)		(30,450	)

Number of Shares
EXCHANGE TRADED FUNDS: (19.2)%
	(153	)	Consumer Discretionary Select Sector SPDR Fund		(10,204	)
	(3,810	)	Consumer Staples Select Sector SPDR Fund		(171,869	)
	(5,634	)	Direxion Daily Emerging Markets Bull 3X Shares *		(151,329	)
	(207	)	Energy Select Sector SPDR Fund		(18,758	)
	(739	)	Industrial Select Sector SPDR Fund		(39,278	)
	(1,504	)	iShares Barclays 20+ Year Treasury Bond Fund		(174,870	)
	(656	)	iShares Russell 2000 ETF		(71,734	)
	(366	)	iShares Silver Trust *		(5,984	)
	(23,238	)	Market Vectors Gold Miners ETF ‡		(496,131	)
	(2,782	)	Market Vectors Oil Services ETF ‡		(138,015	)
	(262	)	Materials Select Sector SPDR Fund		(12,993	)
	(74	)	Powershares QQQ Trust, Series 1		(7,310	)
	(504	)	SPDR Barclays High Yield Bond ETF		(20,251	)
	(266	)	SPDR S&P 500 ETF Trust		(52,407	)
	(153	)	SPDR S&P MidCap 400 ETF Trust		(38,146	)
	(6,534	)	SPDR S&P Oil & Gas Exploration & Production ETF		(449,735	)
	(1,768	)	Technology Select Sector SPDR Fund		(70,561	)
Total Exchange Traded Funds (Proceeds: $(2,141,549))					(1,929,575	)
Total Securities Sold Short (Proceeds: $(2,470,734))				$	(2,248,159	)
WRITTEN OPTIONS: (0.5)%

	(1,000	)	Activision Blizzard, Inc. Put ($21, expiring 02/20/15)	$	(1,570	)
	(1,400	)	iShares iBoxx $ High Yield Corporate Bond ETF Put ($87, expiring 10/18/14)		(245	)
	(700	)	iShares Russell 2000 ETF Put ($104, expiring 11/22/14)		(2,037	)
	(1,700	)	iShares Russell 2000 ETF Put ($106, expiring 10/18/14)		(2,091	)
	(800	)	iShares Russell 2000 ETF Put ($103, expiring 10/18/14)		(328	)
	(600	)	Lorillard, Inc. Put ($53, expiring 03/20/15)		(750	)
	(1,200	)	Lorillard, Inc. Put ($50, expiring 03/20/15)		(1,008	)
	(800	)	S&P500 EMINI OPTN Put ($1,900, expiring 11/21/14)		(18,600	)
	(400	)	S&P500 EMINI OPTN Put ($1,950, expiring 11/21/14)		(14,100	)
	(400	)	S&P500 EMINI OPTN Put ($1,925, expiring 10/17/14)		(5,000	)
	(1,300	)	SPDR S&P 500 ETF Trust Put ($185, expiring 11/22/14)		(1,885	)
	(2,400	)	SPDR S&P 500 ETF Trust Put ($176, expiring 10/18/14)		(336	)
Total Written Options (Premiums received: $(43,086))				$	(47,950	)

ADR	American Depositary Receipt
CAD	Canadian Dollar
EUR	Euro
GBP	British Pound
GDR	Global Depositary Receipt
HKD	Hong Kong Dollar
KRW	Korean Won
NVDR	Non-Voting Depositary Receipt
SGD	Singapore Dollar
THB	Thai Baht

(a)	All or a portion of these securities are segregated for securities sold short and written options. Total value of the securities segregated, including cash on deposit with broker, is $7,360,556.
(c)	Callable Security - the redemption date shown is when the security may be redeemed by the issuer
(d)	Security in default
(p)	Puttable Security - the redemption date shown is when the security may be redeemed by the investor
‡	Affiliated issuer – as defined under the Investment Company Act of 1940
*	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 $283,597 which represents 2.8% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $1,273 which represents 0.0% of net assets.
ø	Restricted Security - the aggregate value of restricted securities is $195, or 0.0% of net assets.
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 to $114,119, or 1.1% of net assets.

Restricted securities held by the Fund as of September 30, 2014 are as follows:

Security		Acquisition Date		Number of Shares				Acquisition Cost				Value				% of Net Assets
TPT Acquisition, Inc.		10/02/2012			20			$	2,329			$	195				0.0	%

A summary of the Fund’s transactions in securities of affiliates for the period ended September 30, 2014 is set forth below:

Affiliates	Value as of December 31, 2013			Purchases		Sales Proceeds		Realized Gain (Loss)			Dividend Income		Value as of September 30, 2014
Market Vectors Gold Miners ETF⁽¹⁾	$	(292,723	)	$	35,397	$	255,782	$	(4,928	)	$	—	$	(496,131	)
Market Vectors Oil Services ETF⁽¹⁾		—			—		139,747		—			—		(138,015	)
Market Vectors Semiconductor ETF		(23,634	)		88,261		60,833		(4,042	)		—		—
	$	(316,357	)	$	123,658	$	456,362	$	(8,970	)	$	—	$	(634,146	)

⁽¹⁾	Represents short position at September 30, 2014.

Summary of Investments by Sector (unaudited)	% of Investments			Value
Consumer Discretionary		7.5	%	$	728,025
Consumer Staples		1.9			182,968
Energy		7.7			744,475
Financials		5.6			540,451
Health Care		2.3			222,113
Industrials		2.6			257,207
Information Technology		4.8			468,903
Materials		6.9			665,723
Telecommunication Services		1.6			151,595
Utilities		0.0			2,347
Closed-End Funds		2.8			271,886
Corporate Bonds		4.7			454,002
Exchange Traded Funds		8.0			771,633
Options Purchased		0.2			15,259
Money Market Fund		43.4			4,192,077
		100.0	%	$	9,668,664

The summary of inputs used to value the Fund’s investments as of September 30, 2014 is as follows:

Long positions	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Automobiles & Components	$	24,383	$	33,512	$	—	$	57,895
Banks		50,191		53,616		—		103,807
Capital Goods		165,433		—		—		165,433
Commercial & Professional Services		84,174		—		—		84,174
Consumer Durables & Apparel		43,609		—		—		43,609
Consumer Services		126,206		—		—		126,206
Diversified Financials		116,493		—		—		116,493
Energy		699,063		45,217		195		744,475
Food & Staples Retailing		78,696		—		—		78,696
Food, Beverage & Tobacco		68,060		36,212		—		104,272
Health Care Equipment & Services		105,437		—		—		105,437
Insurance		108,124		—		—		108,124
Materials		665,723		—		—		665,723
Media		295,273		—		—		295,273
Pharmaceuticals, Biotechnology		116,676		—		—		116,676
Real Estate		119,862		37,057		—		156,919
Retailing		205,042		—		—		205,042
Semiconductor		151,961		—		—		151,961
Software & Services		127,134		—		—		127,134
Technology Hardware & Equipment		151,770		36,960		1,078		189,808
Telecommunication Services		151,595		—		—		151,595
Transportation		7,600		—		—		7,600
Utilities		2,347		—		—		2,347
Real Estate Investment Trusts*		55,108		—		—		55,108
Corporate Bonds*		—		454,002		—		454,002
Closed-End Funds		271,886		—		—		271,886
Exchange Traded Funds		771,633		—		—		771,633
Options Purchased		15,259		—		—		15,259
Money Market Fund		4,192,077		—		—		4,192,077
Total	$	8,970,815	$	696,576	$	1,273	$	9,668,664

Short positions	Level 1 Quoted Prices			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value
Common Stocks*	$	(288,134	)	$	—		$	—	$	(288,134	)
Corporate Bonds*		—			(30,450	)		—		(30,450	)
Exchange Traded Funds		(1,929,575	)		—			—		(1,929,575	)
Total	$	(2,217,709	)	$	(30,450	)	$	—	$	(2,248,159	)
Other Financial Instruments:
Written Options	$	(47,950	)	$	—		$	—	$	(47,950	)

* See Schedule of Investments for security type and industry sector breakouts.

During the period ended September 30, 2014, transfers of securities from Level 1 to Level 2 were $31,521. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities primary market (Level 1) and valuation by the pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedule of Investments.

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended September 30, 2014:

		Common Stocks
		Long Positions
		Energy		Technology Hardware & Equipment
Balance as of December 31, 2013	$	—		$	1,041
Realized gain (loss)		—			—
Net change in unrealized appreciation (depreciation)		(165	)		37
Purchases		—			—
Sales		—			—
Transfers in and/or out of level 3		360			—
Balance as of September 30, 2014	$	195		$	1,078

Transfers from Level 2 to Level 3 resulted primarily from limited trading activity.

See Notes to Schedule of Investments

VAN ECK VIP MULTI-MANAGER ALTERNATIVES FUND

NOTES TO SCHEDULE OF INVESTMENTS

September 30, 2014 (unaudited)

Security Valuation—The Fund values its investments in securities and other assets and liabilities carried 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. 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 Standard Time) but after the close of the securities’ primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR’s and futures contracts. The Fund may also fair value securities in other situations, such as, when a particular foreign market is closed but the Fund is open. Bonds and notes are fair valued using a pricing service which utilizes models that incorporate observable data such as sales of similar securities, broker quotes, yields, bids, offers and reference data and are categorized as Level 2 in the fair value hierarchy. Short-term obligations with more than sixty days remaining to maturity are valued at market value. Short-term obligations with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates market value. Exchange traded funds as well as closed-end publicly listed fund investments are valued at their official market closing price and are categorized as Level 1 in the fair value hierarchy. Open-end mutual fund investments (including money market funds) are valued at their closing net asset value each business day and are categorized as Level 1 in the fair value hierarchy. Futures contracts are valued using the closing price reported at the close of the respective exchange and are categorized 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 classified as Level 2 in the fair value hierarchy. Securities for which quotations are not readily available are stated at fair value as determined by the Pricing Committee of Van Eck Associates Corporation (the “Adviser”) appointed by the Board of Trustees. The Pricing Committee provides oversight of the Fund’s valuation policies and procedures, which are approved by the Fund’s Board of Trustees. 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 for which market prices are not readily available. 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, transactional back-testing and disposition analysis.

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 September 30, 2014 was $9,769,153 and net unrealized depreciation aggregated $100,489 of which $279,492 related to appreciated securities and $379,981 related to depreciated securities.

VAN ECK VIP UNCONSTRAINED EMERGING MARKETS BOND FUND

SCHEDULE OF INVESTMENTS

September 30, 2014 (unaudited)

Principal Amount			Value
CORPORATE BONDS: 72.7%
Argentina: 7.0%
		IRSA Inversiones y Representaciones SA
USD	19,000	8.50%, 10/09/14 (c) Reg S	$	18,924
	934,000	11.50%, 07/20/20 Reg S		1,022,730
	1,882,352	YPF SA
		7.73%, 08/15/18 (f) Reg S		1,877,646
				2,919,300
Bermuda: 3.2%
	1,200,000	Inkia Energy Ltd.
		8.38%, 04/04/16 (c) Reg S		1,327,800

British Virgin Islands: 1.2%
	530,000	OAS Financial Ltd.
		8.88%, 04/25/18 (c) Reg S		496,716

Cayman Islands: 2.0%
	374,000	Minerva Overseas II Ltd.
		10.88%, 11/15/15 (c) Reg S		409,530
	426,000	Minerva Overseas Ltd.
		9.50%, 02/01/17 Reg S		453,690
				863,220
Indonesia: 3.6%
	156,000	Pelabuhan Indonesia III PT
		4.88%, 10/01/24 144A		154,635
		Pertamina Persero PT
	468,000	4.88%, 05/03/22 Reg S		469,638
	874,000	6.45%, 05/30/44 Reg S		884,925
				1,509,198
Luxembourg: 6.7%
	1,189,000	Offshore Drilling Holding SA
		8.38%, 09/20/17 (c) Reg S		1,263,313
	1,184,000	Tonon Luxembourg SA
		10.50%, 05/14/17 (c) 144A		1,145,520
	502,000	Virgolino de Oliveira Finance SA
		10.88%, 01/13/18 (c) § 144A		432,975
				2,841,808
Mexico: 4.1%
	120,000	Corp. GEO SAB de CV
		9.25%, 06/30/15 (c) (d) Reg S		12,150
	469,000	Mexichem SAB de CV
		5.88%, 09/17/44 144A		460,793
	1,062,000	Petroleos Mexicanos
		6.50%, 06/02/41		1,233,725
				1,706,668
Panama: 2.9%
	1,159,000	Avianca Holdings SA
		8.38%, 05/10/17 (c) Reg S		1,234,335
Peru: 9.3%
	1,000,000	Banco de Credito del Peru
		9.75%, 11/06/19 (c) Reg S		1,222,500
	1,430,000	Corp. Financiera de Desarrollo SA
		3.25%, 07/15/19 144A		1,430,000
	1,223,000	InRetail Shopping Malls
		6.50%, 07/09/18 (c) 144A		1,281,092
				3,933,592
Singapore: 8.9%
		Alam Synergy Pte Ltd.
	671,000	6.95%, 03/27/17 (c) Reg S		657,580
	426,000	9.00%, 01/29/17 (c) Reg S		461,145
	893,000	Marquee Land Pte Ltd.
		9.75%, 08/05/17 (c) 144A		951,045
	358,000	Modernland Overseas Pte Ltd.
		11.00%, 10/25/16 Reg S		380,375
		Theta Capital Pte Ltd.
	788,000	6.13%, 11/14/16 (c) Reg S		804,490
	454,000	7.00%, 04/11/18 (c) Reg S		472,867
				3,727,502
United States: 3.1%
	1,200,000	Rolta LLC
		10.75%, 05/16/16 (c) Reg S		1,296,000
Venezuela: 13.1%
	6,971,000	Petroleos de Venezuela SA
		8.50%, 11/02/17 Reg S		5,507,090
Vietnam: 7.6%
	3,698,000	Debt and Asset Trading Corp.
		1.00%, 10/17/14 (c) Reg S		1,959,940
		Vingroup JSC
	492,000	11.63%, 11/07/16 (c) Reg S		557,190
	608,000	11.63%, 11/07/16 (c) 144A		688,560
				3,205,690
Total Corporate Bonds (Cost: $31,163,119)				30,568,919
FOREIGN GOVERNMENT OBLIGATIONS: 21.7%
Argentina: 5.8%
		Provincia de Buenos Aires
	1,386,000	4.00%, 05/15/35 (s) Reg S		769,230
EUR	1,081,936	4.00%, 05/15/35 (s) Reg S		775,511
USD	235,000	10.88%, 01/26/21 Reg S		625,063
	310,000	11.75%, 10/05/15 Reg S		297,600
				2,467,404
Brazil: 2.6%
	1,158,000	Brazilian Government International Bond
		5.00%, 01/27/45		1,094,310
Chile: 0.6%
	296,000	Chile Government International Bond
		3.63%, 10/30/42		261,220
Colombia: 0.5%
	188,000	Colombia Government International Bond
		5.63%, 08/26/43 (c)		207,740
Dominican Republic: 2.0%
	772,000	Dominican Republic International Bond
		7.45%, 04/30/44 Reg S		833,760
Israel: 4.2%
	1,772,000	Israel Government International Bond
		4.50%, 01/30/43		1,763,140
Mexico: 4.7%
	1,915,000	Mexican Government International Bond
		5.75%, 10/12/10		1,986,812
Venezuela: 1.2%
	500,000	Venezuela Government International Bond
		8.50%, 10/08/14		494,750
Vietnam: 0.1%
	43,867	Vietnam Government International Bond
		4.00%, 11/03/14 (c) (s)		40,412
Total Foreign Government Obligations (Cost: $9,317,664)				9,149,548

Number of Shares
MONEY MARKET FUND: 0.8% (Cost: $336,537)
	336,537	AIM Treasury Portfolio - Institutional Class		336,537
Total Investments: 95.2% (Cost: $40,817,320)				40,055,004
Other assets less liabilities: 4.8%				2,018,866
NET ASSETS: 100.0%			$	42,073,870

EUR	Euro
USD	United States Dollar
(c)	Callable Security - the redemption date shown is when the security may be redeemed by the issuer
(d)	Security in default
(f)	Floating Rate Bond - coupon reflects the rate in effect at the end of the reporting period
(s)	Step Bond - coupon increases periodically based upon a predetermined schedule. The rate shown reflects the rate in effect at the end of the reporting period
§	Illiquid Security — the aggregate value of illiquid securities is $432,975 which represents 1.0% of net assets.
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 to $6,544,620, or 15.6% of net assets.

Summary of Investments by Sector (unaudited)	% of Investments			Value
Basic Materials		1.2	%	$	460,793
Consumer, Cyclical		4.2			1,688,025
Consumer, Non-cyclical		5.0			1,988,025
Diversified		3.2			1,281,092
Energy		31.4			12,564,137
Financial		23.7			9,508,621
Government		22.8			9,149,548
Industrial		4.5			1,782,226
Technology		3.2			1,296,000
Money Market Fund		0.8			336,537
		100.0	%	$	40,055,004

The summary of inputs used to value the Fund’s investments as of September 30, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds*	$	—	$	30,568,919	$	—	$	30,568,919
Foreign Government Obligations*		—		9,149,548		—		9,149,548
Money Market Fund		336,537		—		—		336,537
Total	$	336,537	$	39,718,467	$	—	$	40,055,004

* See Schedule of Investments for security type and geographic country breakouts.

There were no transfers between levels during the period ended September 30, 2014.

See Notes to Schedule of Investments

VAN ECK VIP UNCONSTRAINED EMERGING MARKETS BOND FUND

NOTES TO SCHEDULE OF INVESTMENTS

September 30, 2014 (unaudited)

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 September 30, 2014 was $40,848,608 and net unrealized depreciation aggregated $793,604 of which $455,829 related to appreciated securities and $1,249,433 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 30a-2(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 Trust

By John J. Crimmins, Treasurer & Chief Financial Officer, Van Eck VIP Trust

Date: November 25, 2014

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 Jan F. van Eck, Chief Executive Officer, Van Eck VIP Trust

Date: November 25, 2014

By John J. Crimmins, Treasurer & Chief Financial Officer, Van Eck VIP Trust

Date: November 25, 2014