# EDGAR Filing Document

**Accession Number:** 0000857490
**File Stem:** 0000857490-25-000191
**Filing Date:** 2025-8
**Character Count:** 47740
**Document Hash:** 0929e74df5b4a1778198cb9a5afe87ae
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000857490-25-000191.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0000857490-25-000191

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VANGUARD VARIABLE INSURANCE FUNDS
- **CENTRAL INDEX KEY:** 0000857490

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05962
- **FILM NUMBER:** 251264961

**BUSINESS ADDRESS:**
- **STREET 1:** PO BOX 2600
- **STREET 2:** V26
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482
- **BUSINESS PHONE:** 6106691000

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 2600
- **STREET 2:** V26
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VANGUARD VARIABLE INSURANCE FUND
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VANGUARD VARIABLE INSURANCE FUND INC
- **DATE OF NAME CHANGE:** 19910505

## Series and Classes Contracts Data

### International Portfolio (Series ID: S000004403)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000012159 | International Portfolio |  |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** VANGUARD VARIABLE INSURANCE FUNDS

- **b. Investment Company Act file number:** 811-05962

- **c. CIK number of Registrant:** 0000857490

- **d. LEI of Registrant:** 549300N9FZ0B1IR95761

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 Vanguard Boulevard

  - **City:** Malvern

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19355

  - **Telephone number:** 610-669-1000

**Item A.2. Information about the Series.**

- **a. Name of Series:** INTERNATIONAL PORTFOLIO

- **b. EDGAR series identifier (if any):** S000004403

- **c. LEI of Series:** OT40UIT5RF6NRFJZGB59

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $3269229078.93

**Total Liabilities:** $11927188.13

**Net Assets:** $3257301890.80

**Cash Not Reported:** $621778.93

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000012159 | 2.85%                | 6.76%                | 4.07%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-52459259.74            | $130944603.71                              |
| Month 2  | $-14655566.35            | $204732251.14                              |
| Month 3  | $6706763.72              | $118758303.43                              |

### Schedule of Portfolio Investments

| Name                                              | Title                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Adyen NV                                          | ADYEN NV                                   | CUSIP: N/A<br>LEI: 724500973ODKK3IFQ447       | Long             | EC               | CORP              | NL        |     55723 | NS      | $102337352.40 | 3.14%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Delivery Hero SE                                  | DELIVERY HERO SE                           | CUSIP: N/A<br>LEI: 529900C3EX1FZGE48X78       | Long             | EC               | CORP              | DE        |    573579 | NS      | $15568205.31  | 0.48%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Brandtech Group Ltd/The                           | THE BRANDTECH GROUP LLC                    | CUSIP: N/A<br>LEI: 5493001ZSPIU8EIY2M93       | Long             | EC               | CORP              | US        |   3903901 | NS      | $11750740.98  | 0.36%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Lonza Group AG                                    | LONZA GROUP -REG                           | CUSIP: N/A<br>LEI: 549300EFW4H2TCZ71055       | Long             | EC               | CORP              | CH        |     18595 | NS      | $13298464.60  | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Disco Corp                                        | DISCO CORP                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     83200 | NS      | $24647446.41  | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Wuxi Biologics Cayman Inc                         | WUXI BIOLOGICS C                           | CUSIP: N/A<br>LEI: 5493001TD2TH6VDTJU11       | Long             | EC               | CORP              | HK        |   4103500 | NS      | $13483704.92  | 0.41%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Reliance Industries Ltd                           | RELIANCE INDS                              | CUSIP: Y72596102<br>LEI: 5493003UOETFYRONLG31 | Long             | EC               | CORP              | IN        |   1057919 | NS      | $18516983.36  | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| PDD Holdings Inc                                  | PDD HOLDINGS INC                           | CUSIP: N/A<br>LEI: 5493000573DS7005T657       | Long             | EC               | CORP              | US        |    385292 | NS      | $40324660.72  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Bunzl PLC                                         | BUNZL PLC                                  | CUSIP: G16968110<br>LEI: 213800Q1Q9DV4L78UM09 | Long             | EC               | CORP              | GB        |    220196 | NS      | $7016866.52   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group Inc                | MITSUBISHI UFJ F                           | CUSIP: N/A<br>LEI: 353800V2V8PUY9TK3E06       | Long             | EC               | CORP              | JP        |   2136100 | NS      | $29122707.39  | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| MS&AD Insurance Group Holdings Inc                | MS&AD INSURANCE                            | CUSIP: N/A<br>LEI: 529900CXROT5S2HMMP26       | Long             | EC               | CORP              | JP        |    721600 | NS      | $16131802.02  | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Zealand Pharma A/S                                | ZEALAND PHARMA A                           | CUSIP: N/A<br>LEI: 549300ITBB1ULBL4CZ12       | Long             | EC               | CORP              | DK        |     75843 | NS      | $4253435.39   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Unilever PLC                                      | UNILEVER PLC                               | CUSIP: N/A<br>LEI: 549300MKFYEKVRWML317       | Long             | EC               | CORP              | GB        |    282807 | NS      | $17258635.70  | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Atlassian Corp                                    | ATLASSIAN CORP-A                           | CUSIP: 049468101<br>LEI: 549300V7ZY5P02D2MY38 | Long             | EC               | CORP              | US        |     79033 | NS      | $16050811.97  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| VAT Group AG                                      | VAT GROUP AG                               | CUSIP: N/A<br>LEI: 529900MVFK7NVALR7Y83       | Long             | EC               | CORP              | CH        |     39224 | NS      | $16620464.49  | 0.51%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Temenos AG                                        | TEMENOS AG-REG                             | CUSIP: N/A<br>LEI: 5067007NW6550481FH64       | Long             | EC               | CORP              | CH        |    122094 | NS      | $8770632.08   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria SA                | BBVA                                       | CUSIP: N/A<br>LEI: K8MS7FD7N5Z2WQ51AZ71       | Long             | EC               | CORP              | ES        |   1500887 | NS      | $23111070.07  | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Vestas Wind Systems A/S                           | VESTAS WIND SYST                           | CUSIP: N/A<br>LEI: 549300DYMC8BGZZC8844       | Long             | EC               | CORP              | DK        |    710832 | NS      | $10677374.50  | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Microsoft Corp                                    | MICROSOFT CORP                             | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     67014 | NS      | $33333433.74  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Legrand SA                                        | LEGRAND SA                                 | CUSIP: F56196185<br>LEI: 969500XXRPGD7HCAFA90 | Long             | EC               | CORP              | FR        |    127013 | NS      | $17023370.32  | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank/The                         | TORONTO-DOM BANK                           | CUSIP: 891160509<br>LEI: PT3QB789TSUIDF371261 | Long             | EC               | CORP              | CA        |    289711 | NS      | $21308943.46  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Chocoladefabriken Lindt & Spruengli AG            | CHOCOLADEFABR-PC                           | CUSIP: H49983184<br>LEI: 529900JYJNNOKKAGK736 | Long             | EC               | CORP              | CH        |       906 | NS      | $15269353.02  | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| SOITEC                                            | SOITEC                                     | CUSIP: N/A<br>LEI: 969500ZR92SQCU9TST26       | Long             | EC               | CORP              | FR        |     60821 | NS      | $3353782.67   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Ferguson Enterprises Inc                          | FERGUSON ENTERPR                           | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |     26459 | NS      | $5761447.25   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| L'Oreal SA                                        | L'OREAL                                    | CUSIP: F58149133<br>LEI: 529900JI1GG6F7RKVI53 | Long             | EC               | CORP              | FR        |     78298 | NS      | $33539241.12  | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Fast Retailing Co Ltd                             | FAST RETAILING                             | CUSIP: N/A<br>LEI: 353800ZCXKHDPY0N5218       | Long             | EC               | CORP              | JP        |     41000 | NS      | $14057419.38  | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd         | TSMC                                       | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | TW        |   5722000 | NS      | $209249802.64 | 6.42%             |  |  |  | No            |                  2 | On Loan: No      |
| SMC Corp                                          | SMC CORP                                   | CUSIP: N/A<br>LEI: 353800O40V08DOZ70X62       | Long             | EC               | CORP              | JP        |     17700 | NS      | $6343009.19   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Daikin Industries Ltd                             | DAIKIN INDS                                | CUSIP: N/A<br>LEI: 549300Y7FWSTSHMW5Y57       | Long             | EC               | CORP              | JP        |     46800 | NS      | $5493555.00   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Argenx SE                                         | ARGENX SE                                  | CUSIP: N/A<br>LEI: 7245009C5FZE6G9ODQ71       | Long             | EC               | CORP              | BE        |     63285 | NS      | $35033483.06  | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Advantest Corp                                    | ADVANTEST CORP                             | CUSIP: N/A<br>LEI: 353800EMK32PDKS9XR54       | Long             | EC               | CORP              | JP        |    724600 | NS      | $53715318.52  | 1.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC                          | LLOYDS BANKING                             | CUSIP: N/A<br>LEI: 549300PPXHEU2JF0AM85       | Long             | EC               | CORP              | GB        |  11290192 | NS      | $11871812.36  | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                               | CHF/USD FWD 20250917                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-3831.69     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Genmab A/S                                        | GENMAB A/S                                 | CUSIP: N/A<br>LEI: 529900MTJPDPE4MHJ122       | Long             | EC               | CORP              | DK        |     67459 | NS      | $14009100.64  | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Vanguard Cmt Funds-Vanguard Market Liquidity Fund | Vanguard Market Liquidity Fund             | CUSIP: N/A<br>LEI: 1I6HV0TLSTR3A4XQ6L78       | Long             | STIV             | CORP              | US        |    101203 | NS      | $10119313.97  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| NU Holdings Ltd/Cayman Islands                    | NU HOLDINGS LT-A                           | CUSIP: G6683N103<br>LEI: 5493002DG1RHWK9W2X27 | Long             | EC               | CORP              | US        |   4353055 | NS      | $59723914.60  | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| AIA Group Ltd                                     | AIA                                        | CUSIP: Y002A1105<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |   3791800 | NS      | $34347789.37  | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Sanofi SA                                         | SANOFI                                     | CUSIP: F5548N101<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |    115205 | NS      | $11153428.83  | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Kinnevik AB                                       | KINNEVIK AB - B                            | CUSIP: N/A<br>LEI: 2138006PZH76JOS6MN27       | Long             | EC               | CORP              | SE        |    940952 | NS      | $8337535.89   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Full Truck Alliance Co Ltd                        | FULL TRUCK A-ADR                           | CUSIP: N/A<br>LEI: 984500884LB1DP8DAC57       | Long             | EC               | CORP              | US        |    740642 | NS      | $8746982.02   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Sony Group Corp                                   | SONY GROUP CORP                            | CUSIP: N/A<br>LEI: 529900R5WX9N2OI2N910       | Long             | EC               | CORP              | JP        |    880600 | NS      | $22895869.06  | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Ferrari NV                                        | FERRARI NV                                 | CUSIP: N/A<br>LEI: 549300RIVY5EX8RCON76       | Long             | EC               | CORP              | IT        |    113492 | NS      | $55600976.40  | 1.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Bridgestone Corp                                  | BRIDGESTONE CORP                           | CUSIP: J04578126<br>LEI: 549300DHPOF90OYYD780 | Long             | EC               | CORP              | JP        |    217800 | NS      | $8906316.08   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                               | SEK/USD FWD 20250917                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-2226.67     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| KDDI Corp                                         | KDDI CORP                                  | CUSIP: J31843105<br>LEI: 5299003FU7V4I45FU310 | Long             | EC               | CORP              | JP        |    845400 | NS      | $14516007.79  | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Central Asia Tbk PT                          | BANK CENTRAL ASI                           | CUSIP: N/A<br>LEI: 254900BR956G2OHVOM21       | Long             | EC               | CORP              | ID        |  21866800 | NS      | $11688837.77  | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Ganfeng Lithium Group Co Ltd                      | GANFENG LITHIU-H                           | CUSIP: N/A<br>LEI: 3003006BE6UOHWEOOR42       | Long             | EC               | CORP              | HK        |   1655400 | NS      | $4823654.18   | 0.15%             |  |  |  | Yes           |                  2 | On Loan: No      |
| FUJIFILM Holdings Corp                            | FUJIFILM HOLDING                           | CUSIP: N/A<br>LEI: 529900UBKMFM0ST6H474       | Long             | EC               | CORP              | JP        |    450000 | NS      | $9745006.66   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung SDI Co Ltd                                | SAMSUNG SDI CO                             | CUSIP: N/A<br>LEI: 9884002AESDO4YW87G32       | Long             | EC               | CORP              | KR        |     28581 | NS      | $3649246.07   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Wise PLC                                          | WISE PLC - A                               | CUSIP: N/A<br>LEI: 213800LD9XCHIC1C4V71       | Long             | EC               | CORP              | GB        |   2720123 | NS      | $38857985.22  | 1.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Haleon PLC                                        | HALEON PLC                                 | CUSIP: N/A<br>LEI: 549300PSB3WWEODCUP19       | Long             | EC               | CORP              | GB        |   3614830 | NS      | $18578873.99  | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Canadian National Railway Co                      | CAN NATL RAILWAY                           | CUSIP: 136375102<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | EC               | CORP              | CA        |     91025 | NS      | $9484514.23   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| ANI Technologies Pvt Ltd                          | ANI TECHNOLOGIES                           | CUSIP: N/A<br>LEI: 3358005EI53EZBOISD56       | Long             | EC               | CORP              | IN        |     19170 | NS      | $878475.98    | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Ocado Group PLC                                   | OCADO GROUP PLC                            | CUSIP: N/A<br>LEI: 213800LO8F61YB8MBC74       | Long             | EC               | CORP              | GB        |   2151007 | NS      | $6709107.04   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Raia Drogasil SA                                  | RAIADROGASIL                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |   1650319 | NS      | $4592741.40   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Prysmian SpA                                      | PRYSMIAN SPA                               | CUSIP: N/A<br>LEI: 529900X0H1IO3RS1A464       | Long             | EC               | CORP              | IT        |    187516 | NS      | $13275981.80  | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| UCB SA                                            | UCB SA                                     | CUSIP: B93562120<br>LEI: 2138008J191VLSGY5A09 | Long             | EC               | CORP              | BE        |     68884 | NS      | $13553462.86  | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| WiseTech Global Ltd                               | WISETECH GLOBAL                            | CUSIP: N/A<br>LEI: 254900VE3AF301Q85K83       | Long             | EC               | CORP              | AU        |    626661 | NS      | $44941526.84  | 1.38%             |  |  |  | No            |                  2 | On Loan: No      |
| FinecoBank Banca Fineco SpA                       | FINECOBANK SPA                             | CUSIP: N/A<br>LEI: 549300L7YCATGO57ZE10       | Long             | EC               | CORP              | IT        |    779629 | NS      | $17294938.48  | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Schneider Electric SE                             | SCHNEIDER ELECTR                           | CUSIP: N/A<br>LEI: 969500A1YF1XUYYXS284       | Long             | EC               | CORP              | FR        |     97959 | NS      | $26300516.00  | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd                                     | HDFC BANK LTD                              | CUSIP: N/A<br>LEI: 335800ZQ6I4E2JXENC50       | Long             | EC               | CORP              | IN        |   1985529 | NS      | $46353083.32  | 1.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Iberdrola SA                                      | IBERDROLA SA                               | CUSIP: N/A<br>LEI: 5QK37QC7NWOJ8D7WVQ45       | Long             | EC               | CORP              | ES        |    666114 | NS      | $12814724.03  | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Hermes International SCA                          | HERMES INTL                                | CUSIP: F48051100<br>LEI: 969500Y4IJGHJE2MTJ13 | Long             | EC               | CORP              | FR        |     14751 | NS      | $39987975.44  | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Check Point Software Technologies Ltd             | CHECK POINT SOFT                           | CUSIP: M22465104<br>LEI: 2549003ZVBH73EPNS513 | Long             | EC               | CORP              | US        |     35019 | NS      | $7747953.75   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Shenzhen Inovance Technology Co Ltd               | SHENZHEN INOVA-A                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |    919021 | NS      | $8285952.46   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| RELX PLC                                          | RELX PLC                                   | CUSIP: G7493L105<br>LEI: 549300WSX3VBUFFJOO66 | Long             | EC               | CORP              | GB        |    826866 | NS      | $44814208.16  | 1.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Booking Holdings Inc                              | BOOKING HOLDINGS                           | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |      2765 | NS      | $16007248.60  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | MSCI EmgMkt       Sep25                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |       367 | NC      | $263024.53    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Mobileye Global Inc                               | MOBILEYE GLOBA-A                           | CUSIP: 60741F104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    324695 | NS      | $5838016.10   | 0.18%             |  |  |  | No            |                  1 | On Loan: —       |
| DSV A/S                                           | DSV A/S                                    | CUSIP: K31864117<br>LEI: 529900X41C0BSLK67H70 | Long             | EC               | CORP              | DK        |    210698 | NS      | $50536805.25  | 1.55%             |  |  |  | No            |                  2 | On Loan: No      |
| EXOR NV                                           | EXOR NV                                    | CUSIP: N/A<br>LEI: 5493002ENHZ6NYET7405       | Long             | EC               | CORP              | NL        |    354365 | NS      | $35772269.57  | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Keyence Corp                                      | KEYENCE CORP                               | CUSIP: N/A<br>LEI: 529900M7PQBS7A89DZ11       | Long             | EC               | CORP              | JP        |     93500 | NS      | $37383919.13  | 1.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Vanguard Cmt Funds-Vanguard Market Liquidity Fund | Vanguard Market Liquidity Fund             | CUSIP: N/A<br>LEI: 1I6HV0TLSTR3A4XQ6L78       | Long             | STIV             | CORP              | US        |  76472271 | NS      | $76464624.22  | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Recruit Holdings Co Ltd                           | RECRUIT HOLDINGS                           | CUSIP: N/A<br>LEI: 353800R2LRSMVVC4I806       | Long             | EC               | CORP              | JP        |    167000 | NS      | $9820701.78   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Cie Financiere Richemont SA                       | CIE FINANCI-REG                            | CUSIP: N/A<br>LEI: 549300YIPGJ6UX2QPS51       | Long             | EC               | CORP              | CH        |    109844 | NS      | $20786083.51  | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Belimo Holding AG                                 | BELIMO HOLDING-R                           | CUSIP: N/A<br>LEI: 506700339DLX749VEM23       | Long             | EC               | CORP              | CH        |     11296 | NS      | $11514035.45  | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Heineken NV                                       | HEINEKEN NV                                | CUSIP: N/A<br>LEI: 724500K5PTPSST86UQ23       | Long             | EC               | CORP              | NL        |    211416 | NS      | $18444529.36  | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Reckitt Benckiser Group PLC                       | RECKITT BENCKISE                           | CUSIP: N/A<br>LEI: 5493003JFSMOJG48V108       | Long             | EC               | CORP              | GB        |    265500 | NS      | $18087704.37  | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                               | S&P500 EMINI FUT  Sep25                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |        18 | NC      | $199060.62    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Wix.com Ltd                                       | WIX.COM LTD                                | CUSIP: M98068105<br>LEI: 5493008P6N29Q1AG9464 | Long             | EC               | CORP              | US        |    100217 | NS      | $15880385.82  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | MSCI EAFE         Sep25                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |       377 | NC      | $271726.46    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| GSK PLC                                           | GSK PLC                                    | CUSIP: N/A<br>LEI: 5493000HZTVUYLO1D793       | Long             | EC               | CORP              | GB        |    550705 | NS      | $10499992.35  | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Alcon AG                                          | ALCON INC                                  | CUSIP: N/A<br>LEI: 549300LDT5AP8S0NBM78       | Long             | EC               | CORP              | CH        |    155095 | NS      | $13754277.11  | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Svenska Handelsbanken AB                          | SVENSKA HAN-A                              | CUSIP: N/A<br>LEI: NHBDILHZTYCNBV5UYZ31       | Long             | EC               | CORP              | SE        |    571484 | NS      | $7650617.33   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Flipkart Online Services Pvt Ltd                  | Flipkart H Series Private - Dummy for ABOR | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SG        |     13514 | NS      | $16081.66     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| DNB Bank ASA                                      | DNB BANK ASA                               | CUSIP: N/A<br>LEI: 549300GKFG0RYRRQ1414       | Long             | EC               | CORP              | NO        |    510367 | NS      | $14113982.72  | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| ARM Holdings PLC                                  | ARM HOLDINGS PLC                           | CUSIP: N/A<br>LEI: 2138001E66EELTE7Y904       | Long             | EC               | CORP              | US        |     56587 | NS      | $9152381.38   | 0.28%             |  |  |  | No            |                  1 | On Loan: —       |
| Block Inc                                         | BLOCK INC                                  | CUSIP: 852234103<br>LEI: 549300OHIIUWSTIZME52 | Long             | EC               | CORP              | US        |    109659 | NS      | $7449135.87   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| SBI Holdings Inc                                  | SBI HOLDINGS INC                           | CUSIP: N/A<br>LEI: 353800L6LMHYIPSMRQ17       | Long             | EC               | CORP              | JP        |    293000 | NS      | $10209622.53  | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                                   | ASTRAZENECA PLC                            | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | EC               | CORP              | GB        |    110821 | NS      | $15422862.73  | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Contemporary Amperex Technology Co Ltd            | CONTEMPORARY A-A                           | CUSIP: N/A<br>LEI: 300300KINDY1K0E9I032       | Long             | EC               | CORP              | CN        |    258000 | NS      | $9095102.16   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Sea Ltd                                           | SEA LTD-ADR                                | CUSIP: N/A<br>LEI: 529900OM6JLLW44YKI15       | Long             | EC               | CORP              | US        |    658249 | NS      | $105280345.06 | 3.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Media Corp-Liberty Formula One            | LIBERTY MEDIA CO                           | CUSIP: 531229755<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    125824 | NS      | $13148608.00  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Sartorius AG                                      | SARTORIUS AG-PFD                           | CUSIP: D6705R119<br>LEI: 529900EQV2DY4FOAMU38 | Long             | EP               | CORP              | DE        |     88856 | NS      | $22631435.18  | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Atlas Copco AB                                    | ATLAS COPCO-A                              | CUSIP: N/A<br>LEI: 213800T8PC8Q4FYJZR07       | Long             | EC               | CORP              | SE        |   3339918 | NS      | $53993117.78  | 1.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Flipkart Online Services Pvt Ltd                  | Flipkart G Series Private - Dummy for ABOR | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SG        |     31650 | NS      | $31650.00     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Rio Tinto PLC                                     | RIO TINTO PLC                              | CUSIP: N/A<br>LEI: 213800YOEO5OQ72G2R82       | Long             | EC               | CORP              | GB        |    176001 | NS      | $10243973.88  | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd                              | TENCENT                                    | CUSIP: G87572163<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | HK        |    910500 | NS      | $58668620.62  | 1.80%             |  |  |  | No            |                  2 | On Loan: No      |
| MercadoLibre Inc                                  | MERCADOLIBRE INC                           | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |     60036 | NS      | $156911890.68 | 4.82%             |  |  |  | No            |                  1 | On Loan: No      |
| BYD Co Ltd                                        | BYD COMPANY                                | CUSIP: N/A<br>LEI: 5299005557VL7ULJ7A69       | Long             | EC               | CORP              | HK        |   5373000 | NS      | $83657721.91  | 2.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Shopify Inc                                       | SHOPIFY INC - A                            | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | US        |    309356 | NS      | $35684214.60  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ITOCHU Corp                                       | ITOCHU CORP                                | CUSIP: N/A<br>LEI: J48DJYXDTLHM30UMYI18       | Long             | EC               | CORP              | JP        |    260600 | NS      | $13646315.69  | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Terumo Corp                                       | TERUMO CORP                                | CUSIP: J83173104<br>LEI: 353800JX1R4582QVK932 | Long             | EC               | CORP              | JP        |    413900 | NS      | $7595836.58   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Shimano Inc                                       | SHIMANO INC                                | CUSIP: N/A<br>LEI: 529900L32YT3P9DECR10       | Long             | EC               | CORP              | JP        |     30000 | NS      | $4349412.96   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Novo Nordisk A/S                                  | NOVO NORDISK-B                             | CUSIP: N/A<br>LEI: 549300DAQ1CVT6CXN342       | Long             | EC               | CORP              | DK        |    552517 | NS      | $38286117.58  | 1.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Spotify Technology SA                             | SPOTIFY TECHNOLO                           | CUSIP: L8681T102<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | US        |    189458 | NS      | $145378701.72 | 4.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Ambu A/S                                          | AMBU A/S-B                                 | CUSIP: N/A<br>LEI: 5299008W2A69WX355710       | Long             | EC               | CORP              | DK        |    904014 | NS      | $14218356.03  | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Coupang Inc                                       | COUPANG INC                                | CUSIP: 22266T109<br>LEI: 549300XR4L1D80AK4W76 | Long             | EC               | CORP              | US        |   2446084 | NS      | $73284676.64  | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Beiersdorf AG                                     | BEIERSDORF AG                              | CUSIP: N/A<br>LEI: L47NHHI0Z9X22DV46U41       | Long             | EC               | CORP              | DE        |     99854 | NS      | $12551447.68  | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Music Entertainment Group                 | TENCENT MUSI-ADR                           | CUSIP: N/A<br>LEI: 213800XTZK2GOHQTYK41       | Long             | EC               | CORP              | US        |    724816 | NS      | $14126663.84  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Erste Group Bank AG                               | ERSTE GROUP BANK                           | CUSIP: N/A<br>LEI: PQOH26KWDF7CG10L6792       | Long             | EC               | CORP              | AT        |    278201 | NS      | $23681941.56  | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Infineon Technologies AG                          | INFINEON TECH                              | CUSIP: N/A<br>LEI: TSI2PJM6EPETEQ4X1U25       | Long             | EC               | CORP              | DE        |    452187 | NS      | $19295739.48  | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Galderma Group AG                                 | GALDERMA GROUP A                           | CUSIP: N/A<br>LEI: 89450001OK6O8ELQ4584       | Long             | EC               | CORP              | CH        |    191264 | NS      | $27801308.95  | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| NVIDIA Corp                                       | NVIDIA CORP                                | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    385526 | NS      | $60909252.74  | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | EUR/USD FWD 20250917                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-62313.94    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ASML Holding NV                                   | ASML HOLDING NV                            | CUSIP: N07059202<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |    129653 | NS      | $103895740.40 | 3.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Meituan                                           | MEITUAN-W                                  | CUSIP: N/A<br>LEI: 21380033K525E5JLIA77       | Long             | EC               | CORP              | HK        |   3037892 | NS      | $48867641.90  | 1.50%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Whitbread PLC                                     | WHITBREAD PLC                              | CUSIP: G9606P197<br>LEI: 21380099VMZKRMN3EX36 | Long             | EC               | CORP              | GB        |    189357 | NS      | $7348189.69   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Celltrion Inc                                     | CELLTRION INC                              | CUSIP: N/A<br>LEI: 988400JFZG785WJX3D68       | Long             | EC               | CORP              | KR        |         3 | NS      | $354.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Moderna Inc                                       | MODERNA INC                                | CUSIP: 60770K107<br>LEI: 549300EI6OKH5K5Q2G38 | Long             | EC               | CORP              | US        |    373768 | NS      | $10312259.12  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                                            | SAP SE                                     | CUSIP: D66992104<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |    130652 | NS      | $39950716.39  | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens AG                                        | SIEMENS AG-REG                             | CUSIP: N/A<br>LEI: W38RGI023J3WT1HWRP32       | Long             | EC               | CORP              | DE        |     64105 | NS      | $16465903.87  | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| National Grid PLC                                 | NATIONAL GRID PL                           | CUSIP: N/A<br>LEI: 8R95QZMKZLJX5Q2XR704       | Long             | EC               | CORP              | GB        |    310877 | NS      | $4563257.35   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| MakeMyTrip Ltd                                    | MAKEMYTRIP LTD                             | CUSIP: V5633W109<br>LEI: 529900DNT8HNJ7RYUO60 | Long             | EC               | CORP              | US        |    218779 | NS      | $21444717.58  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Brunello Cucinelli SpA                            | BRUNELLO CUCINEL                           | CUSIP: N/A<br>LEI: 5493003CX2RZ0FOBH256       | Long             | EC               | CORP              | IT        |     88557 | NS      | $10751080.82  | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG                                  | ROCHE HLDG-GENUS                           | CUSIP: H69293217<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |     88996 | NS      | $29050044.04  | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Shell PLC                                         | SHELL PLC                                  | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | NL        |    902995 | NS      | $31712744.20  | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Bayerische Motoren Werke AG                       | BMW AG                                     | CUSIP: D12096109<br>LEI: YEH5ZCD6E441RHVHD759 | Long             | EC               | CORP              | DE        |    228550 | NS      | $20354515.21  | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| EssilorLuxottica SA                               | ESSILORLUXOTTICA                           | CUSIP: F31665106<br>LEI: 549300M3VH1A3ER1TB49 | Long             | EC               | CORP              | FR        |     26899 | NS      | $7386269.38   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-27

**Name of Applicant:** VANGUARD VARIABLE INSURANCE FUNDS

**Signature:** Ashley Grim

**Name of Signer:** Ashley Grim

**Title:** Treasurer