# EDGAR Filing Document

**Accession Number:** 0000857490
**File Stem:** 0000857490-25-000346
**Filing Date:** 2025-11
**Character Count:** 35002
**Document Hash:** 72779cd8efcb01e4bf1f7a487ea481cb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000857490-25-000346.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0000857490-25-000346

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**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:** 251518212

**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

### Growth Portfolio (Series ID: S000004401)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000012157 | Growth Portfolio |  |

## Nport-Ex

Growth Portfolio

#### Schedule of Investments (unaudited)
As of September 30, 2025

The portfolio files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The portfolio's Form N-PORT reports are available on the SEC's website at www.sec.gov.

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
| **Common Stocks (98.8%)** | **Common Stocks (98.8%)** | **Common Stocks (98.8%)** | **Common Stocks (98.8%)** |
| **Communication Services (13.7%)** | **Communication Services (13.7%)** | **Communication Services (13.7%)** | **Communication Services (13.7%)** |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;451959 | &nbsp;&nbsp;&nbsp;&nbsp; 110075 |
|  | &nbsp;&nbsp;&nbsp;Meta Platforms Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;106108 | &nbsp;&nbsp;&nbsp;&nbsp; 77923 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Netflix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33442 | &nbsp;&nbsp;&nbsp;&nbsp; 40094 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Spotify Technology SA | &nbsp;&nbsp;&nbsp;&nbsp;19827 | &nbsp;&nbsp;&nbsp;&nbsp; 13839 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **241931** |
| **Consumer Discretionary (11.4%)** | **Consumer Discretionary (11.4%)** | **Consumer Discretionary (11.4%)** | **Consumer Discretionary (11.4%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amazon.com Inc. | &nbsp;&nbsp;&nbsp;&nbsp;389127 | &nbsp;&nbsp;&nbsp;&nbsp; 85441 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tesla Inc. | &nbsp;&nbsp;&nbsp;&nbsp;106541 | &nbsp;&nbsp;&nbsp;&nbsp; 47381 |
|  | &nbsp;&nbsp;&nbsp;Home Depot Inc. | &nbsp;&nbsp;&nbsp;&nbsp;62460 | &nbsp;&nbsp;&nbsp;&nbsp; 25308 |
|  | &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;44969 | &nbsp;&nbsp;&nbsp;&nbsp; 11667 |
|  | &nbsp;&nbsp;&nbsp;TJX Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;78422 | &nbsp;&nbsp;&nbsp;&nbsp; 11335 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill Inc. | &nbsp;&nbsp;&nbsp;&nbsp;281822 | &nbsp;&nbsp;&nbsp;&nbsp; 11045 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DraftKings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;261700 | &nbsp;&nbsp;&nbsp;&nbsp; 9787 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **201964** |
| **Financials (10.5%)** | **Financials (10.5%)** | **Financials (10.5%)** | **Financials (10.5%)** |
|  | &nbsp;&nbsp;&nbsp;Mastercard Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;85190 | &nbsp;&nbsp;&nbsp;&nbsp; 48457 |
|  | &nbsp;&nbsp;&nbsp;KKR & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;163423 | &nbsp;&nbsp;&nbsp;&nbsp; 21237 |
|  | &nbsp;&nbsp;&nbsp;Tradeweb Markets Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;158045 | &nbsp;&nbsp;&nbsp;&nbsp; 17540 |
|  | &nbsp;&nbsp;&nbsp;Ares Management Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;106800 | &nbsp;&nbsp;&nbsp;&nbsp; 17076 |
|  | &nbsp;&nbsp;&nbsp;S&P Global Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32463 | &nbsp;&nbsp;&nbsp;&nbsp; 15800 |
|  | &nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;44164 | &nbsp;&nbsp;&nbsp;&nbsp; 14670 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;83613 | &nbsp;&nbsp;&nbsp;&nbsp; 13291 |
|  | &nbsp;&nbsp;&nbsp;Nasdaq Inc. | &nbsp;&nbsp;&nbsp;&nbsp;140588 | &nbsp;&nbsp;&nbsp;&nbsp; 12435 |
|  | &nbsp;&nbsp;&nbsp;Visa Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;36424 | &nbsp;&nbsp;&nbsp;&nbsp; 12434 |
|  | &nbsp;&nbsp;&nbsp;MSCI Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11064 | &nbsp;&nbsp;&nbsp;&nbsp; 6278 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Corpay Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17816 | &nbsp;&nbsp;&nbsp;&nbsp; 5132 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **184350** |
| **Health Care (2.7%)** | **Health Care (2.7%)** | **Health Care (2.7%)** | **Health Care (2.7%)** |
|  | &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;32110 | &nbsp;&nbsp;&nbsp;&nbsp; 24500 |
|  | &nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;42669 | &nbsp;&nbsp;&nbsp;&nbsp; 15774 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Intuitive Surgical Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17408 | &nbsp;&nbsp;&nbsp;&nbsp; 7785 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **48059** |
| **Industrials (6.1%)** | **Industrials (6.1%)** | **Industrials (6.1%)** | **Industrials (6.1%)** |
|  | &nbsp;&nbsp;&nbsp;General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;116452 | &nbsp;&nbsp;&nbsp;&nbsp; 35031 |
|  | &nbsp;&nbsp;&nbsp;GE Vernova Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37286 | &nbsp;&nbsp;&nbsp;&nbsp; 22927 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Uber Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;208943 | &nbsp;&nbsp;&nbsp;&nbsp; 20470 |
|  | &nbsp;&nbsp;&nbsp;Waste Connections Inc. (XTSE) | &nbsp;&nbsp;&nbsp;&nbsp;87205 | &nbsp;&nbsp;&nbsp;&nbsp; 15331 |
|  | &nbsp;&nbsp;&nbsp;TransUnion | &nbsp;&nbsp;&nbsp;&nbsp;156514 | &nbsp;&nbsp;&nbsp;&nbsp; 13113 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **106872** |
| **Information Technology (52.9%)** | **Information Technology (52.9%)** | **Information Technology (52.9%)** | **Information Technology (52.9%)** |
|  | &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 1380930 | &nbsp;&nbsp;&nbsp;&nbsp; 257654 |
|  | &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;437083 | &nbsp;&nbsp;&nbsp;&nbsp; 226387 |
|  | &nbsp;&nbsp;&nbsp;Apple Inc. | &nbsp;&nbsp;&nbsp;&nbsp;732548 | &nbsp;&nbsp;&nbsp;&nbsp; 186529 |
|  | &nbsp;&nbsp;&nbsp;Broadcom Inc. | &nbsp;&nbsp;&nbsp;&nbsp;303093 | &nbsp;&nbsp;&nbsp;&nbsp; 99993 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arista Networks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;146677 | &nbsp;&nbsp;&nbsp;&nbsp; 21372 |
|  | &nbsp;&nbsp;&nbsp;ASML Holding NV GDR (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;17823 | &nbsp;&nbsp;&nbsp;&nbsp; 17254 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Shopify Inc. Class A (XTSE) | &nbsp;&nbsp;&nbsp;&nbsp;114906 | &nbsp;&nbsp;&nbsp;&nbsp; 17076 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Synopsys Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31500 | &nbsp;&nbsp;&nbsp;&nbsp; 15542 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ServiceNow Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16796 | &nbsp;&nbsp;&nbsp;&nbsp; 15457 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;HubSpot Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31813 | &nbsp;&nbsp;&nbsp;&nbsp; 14882 |
|  | &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;50011 | &nbsp;&nbsp;&nbsp;&nbsp; 13968 |
|  | &nbsp;&nbsp;&nbsp;Intuit Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16986 | &nbsp;&nbsp;&nbsp;&nbsp; 11600 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Unity Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;234412 | &nbsp;&nbsp;&nbsp;&nbsp; 9386 |
|  | &nbsp;&nbsp;&nbsp;Analog Devices Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37638 | &nbsp;&nbsp;&nbsp;&nbsp; 9248 |
|  | &nbsp;&nbsp;&nbsp;Monolithic Power Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9508 | &nbsp;&nbsp;&nbsp;&nbsp; 8753 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Palantir Technologies Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;32005 | &nbsp;&nbsp;&nbsp;&nbsp; 5838 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ARM Holdings plc ADR | &nbsp;&nbsp;&nbsp;&nbsp;15717 | &nbsp;&nbsp;&nbsp;&nbsp; 2224 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Figma Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4533 | &nbsp;&nbsp;&nbsp;&nbsp; 235 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **933398** |
| **Real Estate (1.5%)** | **Real Estate (1.5%)** | **Real Estate (1.5%)** | **Real Estate (1.5%)** |
|  | &nbsp;&nbsp;&nbsp;Welltower Inc. | &nbsp;&nbsp;&nbsp;&nbsp;152162 | &nbsp;&nbsp;&nbsp;&nbsp; 27106 |
| **Total Common Stocks (Cost $1,139,088)** | **Total Common Stocks (Cost $1,139,088)** | **Total Common Stocks (Cost $1,139,088)** | &nbsp;&nbsp;&nbsp;&nbsp;**1743680** |
| **Temporary Cash Investments (1.1%)** | **Temporary Cash Investments (1.1%)** | **Temporary Cash Investments (1.1%)** | **Temporary Cash Investments (1.1%)** |
| **Money Market Fund (0.0%)** | **Money Market Fund (0.0%)** | **Money Market Fund (0.0%)** | **Money Market Fund (0.0%)** |
| <sup>2,3</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.180% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2436 | &nbsp;&nbsp;&nbsp;&nbsp; 244 |
|  |  | Face<br> Amount<br> ($000) |  |
| **Repurchase Agreement (1.1%)** | **Repurchase Agreement (1.1%)** | **Repurchase Agreement (1.1%)** | **Repurchase Agreement (1.1%)** |
|  | &nbsp;&nbsp;&nbsp;Bank of America Securities, LLC 4.210%, 10/1/2025<br> (Dated 9/30/2025, Repurchase Value $18,402, collateralized by U.S. Government Agency Obligations 2.000%–7.000%, 12/1/2026–6/20/2055, with a value of $18,768) | &nbsp;&nbsp;&nbsp;&nbsp;18400 | &nbsp;&nbsp;&nbsp;&nbsp; 18400 |
| **Total Temporary Cash Investments (Cost $18,644)** | **Total Temporary Cash Investments (Cost $18,644)** | **Total Temporary Cash Investments (Cost $18,644)** | &nbsp;&nbsp;&nbsp;&nbsp;**18644** |
| **Total Investments (99.9%) (Cost $1,157,732)** | **Total Investments (99.9%) (Cost $1,157,732)** | **Total Investments (99.9%) (Cost $1,157,732)** | &nbsp;&nbsp;&nbsp;&nbsp;**1762324** |
| **Other Assets and Liabilities—Net (0.1%)** | **Other Assets and Liabilities—Net (0.1%)** | **Other Assets and Liabilities—Net (0.1%)** | &nbsp;&nbsp;&nbsp;&nbsp;**2603** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**1764927** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

---

| | |
|:---|:---|
| \* | Non-income-producing security. |
| 1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $228. |
| 2 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 3 | Collateral of $242 was received for securities on loan. |
|  | ADR—American Depositary Receipt. |
|  | GDR—Global Depositary Receipt. |

---

**A.** Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales
prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices.
Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the portfolio's pricing time but after the close of the securities' primary
markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees. These procedures include obtaining quotations from an independent pricing
service, monitoring news to identify significant market- or security-specific events, and evaluating changes in the values of foreign market proxies (for example, ADRs, futures contracts, or exchange-traded funds),
between the time the foreign markets close and the portfolio's pricing time. When fair-value pricing is employed, the prices of securities used by a portfolio to calculate its net asset value may differ from
quoted or published prices for the same securities. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value. Other temporary cash investments are valued using the latest bid prices or
using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services.

**B.** Repurchase Agreements: The portfolio enters into repurchase agreements with institutional counterparties. Securities pledged as collateral to the portfolio under repurchase agreements are held by a custodian bank
until the agreements mature, and in the absence of a default, such collateral cannot be repledged, resold, or rehypothecated. Each agreement requires that the market value of the collateral be sufficient to cover
payments of interest and principal. The portfolio further mitigates its counterparty risk by entering into repurchase agreements only with a diverse group of prequalified counterparties, monitoring their financial
strength, and entering into master repurchase agreements with its counterparties. The master repurchase agreements provide that, in the event of a counterparty's default (including bankruptcy), the portfolio may
terminate any repurchase agreements with that counterparty, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the portfolio. Such action may be subject to legal proceedings,
which may delay or limit the disposition of collateral.

**C.** Various inputs may be used to determine the value of the portfolio's investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs
or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

#### Level 1 —Quoted prices in active markets for identical securities.

#### Level 2 —Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
**Level 3—Significant unobservable inputs (including the portfolio's own assumptions used to determine the fair value of investments). Any investments valued with significant unobservable inputs are noted on the Schedule of Investments.**

------

The following table summarizes the market value of the portfolio's investments as of September 30, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Common Stocks | 1743680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1743680 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244 | &nbsp;&nbsp;&nbsp;18400 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18644 |
| Total | 1743924 | &nbsp;&nbsp;&nbsp;18400 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1762324 |

---

## 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:** GROWTH PORTFOLIO

- **b. EDGAR series identifier (if any):** S000004401

- **c. LEI of Series:** 8GPO0HVVK2EH3X06HD40

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

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

- **b. Date as of which information is reported:** 2025-09-30

**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:** $1765704596.92

**Total Liabilities:** $737591.76

**Net Assets:** $1764967005.16

**Cash Not Reported:** $12115.55

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000012157 | 3.73%                | 0.58%                | 3.49%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $32076788.85             | $28896462.87                               |
| Month 2  | $1296176.40              | $8230888.60                                |
| Month 3  | $37429873.27             | $21908267.79                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Alphabet Inc                                      | ALPHABET INC-C                 | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    451959 | NS      | $110074614.45 | 6.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                                    | AMAZON.COM INC                 | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    389127 | NS      | $85440615.39  | 4.84%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Co                               | AMERICAN EXPRESS               | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |     44164 | NS      | $14669514.24  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc                                | ANALOG DEVICES                 | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |     37638 | NS      | $9247656.60   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                                         | APPLE INC                      | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    732548 | NS      | $186528697.24 | 10.57%            |  |  |  | No            |                  1 | On Loan: No      |
| Ares Management Corp                              | ARES MANAGEM- A                | CUSIP: 03990B101<br>LEI: 529900JUV61FH7B8VW38 | Long             | EC               | CORP              | US        |    106800 | NS      | $17076252.00  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks Inc                               | ARISTA NETWORKS                | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |    146677 | NS      | $21372305.67  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                      | BROADCOM INC                   | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |    303093 | NS      | $99993411.63  | 5.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Chipotle Mexican Grill Inc                        | CHIPOTLE MEXICAN               | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    281822 | NS      | $11044604.18  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd         | TAIWAN SEMIC-ADR               | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | US        |     50011 | NS      | $13967572.19  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Corpay Inc                                        | CORPAY INC                     | CUSIP: 219948106<br>LEI: 549300DG6RR0NQSFLN74 | Long             | EC               | CORP              | US        |     17816 | NS      | $5132076.96   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| DraftKings Inc                                    | DRAFTKINGS INC                 | CUSIP: 26142V105<br>LEI: 2549006G33IUL6IVOD83 | Long             | EC               | CORP              | US        |    352086 | NS      | $13168016.40  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                                | META PLATFORMS-A               | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |    106108 | NS      | $77923593.04  | 4.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Figma Inc                                         | FIGMA INC-A                    | CUSIP: 316841105<br>LEI: 254900273Q0J4Z65HU28 | Long             | EC               | CORP              | US        |      4533 | NS      | $235126.71    | 0.01%             |  |  |  | No            |                  1 | On Loan: —       |
| GE Vernova Inc                                    | GE VERNOVA INC                 | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |     37286 | NS      | $22927161.40  | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| General Electric Co                               | GENERAL ELECTRIC               | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |    116452 | NS      | $35031090.64  | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings Inc                     | HILTON WORLDWIDE               | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |     44969 | NS      | $11666757.36  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The                                | HOME DEPOT INC                 | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |     62460 | NS      | $25308167.40  | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| HubSpot Inc                                       | HUBSPOT INC                    | CUSIP: 443573100<br>LEI: 529900BLNVEW0MVKJB37 | Long             | EC               | CORP              | US        |     31813 | NS      | $14882121.40  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                                        | INTUIT INC                     | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |     16986 | NS      | $11599909.26  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc                            | INTUITIVE SURGIC               | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |     17408 | NS      | $7785379.84   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & Co Inc                                      | KKR & CO INC                   | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |    163423 | NS      | $21236818.85  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                                    | ELI LILLY & CO                 | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     32110 | NS      | $24499930.00  | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI Inc                                          | MSCI INC                       | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |     11064 | NS      | $6277824.24   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                                    | MASTERCARD INC-A               | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |     85190 | NS      | $48456923.90  | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                                    | MICROSOFT CORP                 | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    437083 | NS      | $226387139.85 | 12.83%            |  |  |  | No            |                  1 | On Loan: No      |
| Monolithic Power Systems Inc                      | MONOLITHIC POWER               | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |      9508 | NS      | $8753445.12   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                    | MORGAN STANLEY                 | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |     83613 | NS      | $13291122.48  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Nasdaq Inc                                        | NASDAQ INC                     | CUSIP: 631103108<br>LEI: 549300L8X1Q78ERXFD06 | Long             | EC               | CORP              | US        |    146388 | NS      | $12948018.60  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix Inc                                       | NETFLIX INC                    | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |     33442 | NS      | $40094282.64  | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                                       | NVIDIA CORP                    | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |   1380930 | NS      | $257653919.40 | 14.60%            |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologies Inc                         | PALANTIR TECHN-A               | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |     32005 | NS      | $5838352.10   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global Inc                                    | S&P GLOBAL INC                 | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |     32775 | NS      | $15951920.25  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc                                    | SERVICENOW INC                 | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |     16796 | NS      | $15457022.88  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Shopify Inc                                       | SHOPIFY INC - A                | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | US        |    114906 | NS      | $17076180.66  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corp                                      | STRYKER CORP                   | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |     42669 | NS      | $15773449.23  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Synopsys Inc                                      | SYNOPSYS INC                   | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |     31500 | NS      | $15541785.00  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX Cos Inc/The                                   | TJX COS INC                    | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |     78422 | NS      | $11335115.88  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                                         | TESLA INC                      | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |    106541 | NS      | $47380913.52  | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Tradeweb Markets Inc                              | TRADEWEB MARKE-A               | CUSIP: 892672106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    158045 | NS      | $17539834.10  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| TransUnion                                        | TRANSUNION                     | CUSIP: 89400J107<br>LEI: 549300ZS772LUNUMRB03 | Long             | EC               | CORP              | US        |    156514 | NS      | $13112742.92  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc                             | UBER TECHNOLOGIE               | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |    208943 | NS      | $20470145.71  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Unity Software Inc                                | UNITY SOFTWARE I               | CUSIP: 91332U101<br>LEI: 549300D1ESJMGNQNG432 | Long             | EC               | CORP              | US        |    234412 | NS      | $9385856.48   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                          | VISA INC-CLASS A               | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     36424 | NS      | $12434425.12  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Connections Inc                             | WASTE CONNECTION               | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | US        |     83640 | NS      | $14703912.00  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc                                     | WELLTOWER INC                  | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |    152162 | NS      | $27106138.68  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                                   | ASML HOLDING-NY                | CUSIP: N/A<br>LEI: 724500Y6DUVHQD6OXN27       | Long             | EC               | CORP              | US        |     17823 | NS      | $17254268.07  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| ARM Holdings PLC                                  | ARM HOLDINGS PLC               | CUSIP: N/A<br>LEI: 2138001E66EELTE7Y904       | Long             | EC               | CORP              | US        |     15717 | NS      | $2223798.33   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Spotify Technology SA                             | SPOTIFY TECHNOLO               | CUSIP: L8681T102<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | US        |     19827 | NS      | $13839246.00  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Cmt Funds-Vanguard Market Liquidity Fund | Vanguard Market Liquidity Fund | CUSIP: N/A<br>LEI: 1I6HV0TLSTR3A4XQ6L78       | Long             | STIV             | CORP              | US        |      2392 | NS      | $239239.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Securities, LLC                   | BOA-MTG TRIPARTY REPO          | CUSIP: N/A<br>LEI: 8NAV47T0Y26Q87Y0QP81       | Long             | RA               | CORP              | US        |  18400000 | PA      | $18400000.00  | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-25

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

**Signature:** Ashley Grim

**Name of Signer:** Ashley Grim

**Title:** Treasurer