# EDGAR Filing Document

**Accession Number:** 0000857490
**File Stem:** 0000857490-25-000354
**Filing Date:** 2025-11
**Character Count:** 79626
**Document Hash:** dc6fa0ca18d2f6c3466fe50443c913e7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000857490-25-000354.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0000857490-25-000354

**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:** 251518276

**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 |  |

## Nport-Ex

International 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 (96.4%)** | **Common Stocks (96.4%)** | **Common Stocks (96.4%)** | **Common Stocks (96.4%)** |
| **Australia (1.1%)** | **Australia (1.1%)** | **Australia (1.1%)** | **Australia (1.1%)** |
|  | &nbsp;&nbsp;&nbsp;WiseTech Global Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;626661 | &nbsp;&nbsp;&nbsp;&nbsp; 37464 |
| **Austria (0.8%)** | **Austria (0.8%)** | **Austria (0.8%)** | **Austria (0.8%)** |
|  | &nbsp;&nbsp;&nbsp;Erste Group Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;272865 | &nbsp;&nbsp;&nbsp;&nbsp; 26823 |
| **Belgium (1.4%)** | **Belgium (1.4%)** | **Belgium (1.4%)** | **Belgium (1.4%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Argenx SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39269 | &nbsp;&nbsp;&nbsp;&nbsp; 29014 |
|  | &nbsp;&nbsp;&nbsp;UCB SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67564 | &nbsp;&nbsp;&nbsp;&nbsp; 18859 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **47873** |
| **Brazil (2.4%)** | **Brazil (2.4%)** | **Brazil (2.4%)** | **Brazil (2.4%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NU Holdings Ltd. Class A | 4677482 | &nbsp;&nbsp;&nbsp;&nbsp; 74887 |
|  | &nbsp;&nbsp;&nbsp;Raia Drogasil SA | 1618660 | &nbsp;&nbsp;&nbsp;&nbsp; 5602 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **80489** |
| **Canada (2.1%)** | **Canada (2.1%)** | **Canada (2.1%)** | **Canada (2.1%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Shopify Inc. Class A (XTSE) | &nbsp;&nbsp;&nbsp;&nbsp;290601 | &nbsp;&nbsp;&nbsp;&nbsp; 43186 |
|  | &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank | &nbsp;&nbsp;&nbsp;&nbsp;284155 | &nbsp;&nbsp;&nbsp;&nbsp; 22721 |
|  | &nbsp;&nbsp;&nbsp;Canadian National Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56976 | &nbsp;&nbsp;&nbsp;&nbsp; 5373 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **71280** |
| **China (10.4%)** | **China (10.4%)** | **China (10.4%)** | **China (10.4%)** |
|  | &nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;903500 | &nbsp;&nbsp;&nbsp;&nbsp; 76987 |
|  | &nbsp;&nbsp;&nbsp;BYD Co. Ltd. Class H | 5079500 | &nbsp;&nbsp;&nbsp;&nbsp; 71797 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PDD Holdings Inc. ADR | &nbsp;&nbsp;&nbsp;&nbsp;363942 | &nbsp;&nbsp;&nbsp;&nbsp; 48102 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Meituan Class B | 2538192 | &nbsp;&nbsp;&nbsp;&nbsp; 33907 |
|  | &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd. Class A (XSHE) | &nbsp;&nbsp;&nbsp;&nbsp;548300 | &nbsp;&nbsp;&nbsp;&nbsp; 31096 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Wuxi Biologics Cayman Inc. | 3586500 | &nbsp;&nbsp;&nbsp;&nbsp; 18939 |
|  | &nbsp;&nbsp;&nbsp;Tencent Music Entertainment Group ADR | &nbsp;&nbsp;&nbsp;&nbsp;710913 | &nbsp;&nbsp;&nbsp;&nbsp; 16593 |
|  | &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;269900 | &nbsp;&nbsp;&nbsp;&nbsp; 15307 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Akeso Inc. | &nbsp;&nbsp;&nbsp;&nbsp;764000 | &nbsp;&nbsp;&nbsp;&nbsp; 13880 |
|  | &nbsp;&nbsp;&nbsp;Shenzhen Inovance Technology Co. Ltd. Class A | 1138721 | &nbsp;&nbsp;&nbsp;&nbsp; 13453 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Ganfeng Lithium Group Co. Ltd. Class H | 1655400 | &nbsp;&nbsp;&nbsp;&nbsp; 9163 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **349224** |
| **Denmark (3.5%)** | **Denmark (3.5%)** | **Denmark (3.5%)** | **Denmark (3.5%)** |
|  | &nbsp;&nbsp;&nbsp;DSV A/S | &nbsp;&nbsp;&nbsp;&nbsp;210698 | &nbsp;&nbsp;&nbsp;&nbsp; 42091 |
|  | &nbsp;&nbsp;&nbsp;Novo Nordisk A/S Class B | &nbsp;&nbsp;&nbsp;&nbsp;475403 | &nbsp;&nbsp;&nbsp;&nbsp; 26471 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Genmab A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55477 | &nbsp;&nbsp;&nbsp;&nbsp; 17117 |
|  | &nbsp;&nbsp;&nbsp;Ambu A/S Class B | &nbsp;&nbsp;&nbsp;&nbsp;904014 | &nbsp;&nbsp;&nbsp;&nbsp; 13300 |
|  | &nbsp;&nbsp;&nbsp;Vestas Wind Systems A/S | &nbsp;&nbsp;&nbsp;&nbsp;697196 | &nbsp;&nbsp;&nbsp;&nbsp; 13263 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zealand Pharma A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75843 | &nbsp;&nbsp;&nbsp;&nbsp; 5593 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **117835** |
| **France (3.9%)** | **France (3.9%)** | **France (3.9%)** | **France (3.9%)** |
|  | &nbsp;&nbsp;&nbsp;Hermes International SCA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16933 | &nbsp;&nbsp;&nbsp;&nbsp; 41639 |
|  | &nbsp;&nbsp;&nbsp;L'Oreal SA (XPAR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75508 | &nbsp;&nbsp;&nbsp;&nbsp; 32807 |
|  | &nbsp;&nbsp;&nbsp;Schneider Electric SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83723 | &nbsp;&nbsp;&nbsp;&nbsp; 23566 |
|  | &nbsp;&nbsp;&nbsp;Legrand SA | &nbsp;&nbsp;&nbsp;&nbsp;124577 | &nbsp;&nbsp;&nbsp;&nbsp; 20700 |
|  | &nbsp;&nbsp;&nbsp;Sanofi SA | &nbsp;&nbsp;&nbsp;&nbsp;112995 | &nbsp;&nbsp;&nbsp;&nbsp; 10700 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SOITEC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60821 | &nbsp;&nbsp;&nbsp;&nbsp; 2792 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **132204** |
| **Germany (3.6%)** | **Germany (3.6%)** | **Germany (3.6%)** | **Germany (3.6%)** |
|  | &nbsp;&nbsp;&nbsp;SAP SE | &nbsp;&nbsp;&nbsp;&nbsp;128146 | &nbsp;&nbsp;&nbsp;&nbsp; 34313 |
|  | &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke AG (XETR) | &nbsp;&nbsp;&nbsp;&nbsp;224168 | &nbsp;&nbsp;&nbsp;&nbsp; 22593 |
|  | &nbsp;&nbsp;&nbsp;Infineon Technologies AG | &nbsp;&nbsp;&nbsp;&nbsp;443513 | &nbsp;&nbsp;&nbsp;&nbsp; 17399 |
|  | &nbsp;&nbsp;&nbsp;Siemens AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62875 | &nbsp;&nbsp;&nbsp;&nbsp; 16975 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Delivery Hero SE | &nbsp;&nbsp;&nbsp;&nbsp;573579 | &nbsp;&nbsp;&nbsp;&nbsp; 16470 |
|  | &nbsp;&nbsp;&nbsp;Beiersdorf AG | &nbsp;&nbsp;&nbsp;&nbsp;136774 | &nbsp;&nbsp;&nbsp;&nbsp; 14312 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **122062** |
| **Hong Kong (1.0%)** | **Hong Kong (1.0%)** | **Hong Kong (1.0%)** | **Hong Kong (1.0%)** |
|  | &nbsp;&nbsp;&nbsp;AIA Group Ltd. | 3635000 | &nbsp;&nbsp;&nbsp;&nbsp; 34838 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
| **India (2.3%)** | **India (2.3%)** | **India (2.3%)** | **India (2.3%)** |
|  | &nbsp;&nbsp;&nbsp;HDFC Bank Ltd. | 3756400 | &nbsp;&nbsp;&nbsp;&nbsp; 40256 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MakeMyTrip Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;218779 | &nbsp;&nbsp;&nbsp;&nbsp; 20478 |
|  | &nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | 1037624 | &nbsp;&nbsp;&nbsp;&nbsp; 15938 |
| <sup>\*,2,3</sup> | &nbsp;&nbsp;&nbsp;ANI Technologies Private Ltd. PP (Acquired 12/1/2015, Cost $5,969) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19170 | &nbsp;&nbsp;&nbsp;&nbsp; 888 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **77560** |
| **Indonesia (0.3%)** | **Indonesia (0.3%)** | **Indonesia (0.3%)** | **Indonesia (0.3%)** |
|  | &nbsp;&nbsp;&nbsp;Bank Central Asia Tbk PT | 21447500 | &nbsp;&nbsp;&nbsp;&nbsp; 9822 |
| **Israel (0.8%)** | **Israel (0.8%)** | **Israel (0.8%)** | **Israel (0.8%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Wix.com Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;100217 | &nbsp;&nbsp;&nbsp;&nbsp; 17801 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Check Point Software Technologies Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40364 | &nbsp;&nbsp;&nbsp;&nbsp; 8352 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **26153** |
| **Italy (2.9%)** | **Italy (2.9%)** | **Italy (2.9%)** | **Italy (2.9%)** |
|  | &nbsp;&nbsp;&nbsp;Ferrari NV | &nbsp;&nbsp;&nbsp;&nbsp;109050 | &nbsp;&nbsp;&nbsp;&nbsp; 52859 |
|  | &nbsp;&nbsp;&nbsp;Prysmian SpA | &nbsp;&nbsp;&nbsp;&nbsp;187516 | &nbsp;&nbsp;&nbsp;&nbsp; 18662 |
|  | &nbsp;&nbsp;&nbsp;FinecoBank Banca Fineco SpA | &nbsp;&nbsp;&nbsp;&nbsp;764675 | &nbsp;&nbsp;&nbsp;&nbsp; 16596 |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Brunello Cucinelli SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88557 | &nbsp;&nbsp;&nbsp;&nbsp; 9702 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **97819** |
| **Japan (10.5%)** | **Japan (10.5%)** | **Japan (10.5%)** | **Japan (10.5%)** |
|  | &nbsp;&nbsp;&nbsp;Advantest Corp. | &nbsp;&nbsp;&nbsp;&nbsp;724600 | &nbsp;&nbsp;&nbsp;&nbsp; 71694 |
|  | &nbsp;&nbsp;&nbsp;Keyence Corp. | &nbsp;&nbsp;&nbsp;&nbsp;111600 | &nbsp;&nbsp;&nbsp;&nbsp; 41578 |
|  | &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group Inc. | 1959600 | &nbsp;&nbsp;&nbsp;&nbsp; 31611 |
|  | &nbsp;&nbsp;&nbsp;Disco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83200 | &nbsp;&nbsp;&nbsp;&nbsp; 26087 |
|  | &nbsp;&nbsp;&nbsp;Sony Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;863700 | &nbsp;&nbsp;&nbsp;&nbsp; 24829 |
|  | &nbsp;&nbsp;&nbsp;SoftBank Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;135600 | &nbsp;&nbsp;&nbsp;&nbsp; 17110 |
|  | &nbsp;&nbsp;&nbsp;MS&AD Insurance Group Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;746400 | &nbsp;&nbsp;&nbsp;&nbsp; 16903 |
|  | &nbsp;&nbsp;&nbsp;ITOCHU Corp. | &nbsp;&nbsp;&nbsp;&nbsp;255600 | &nbsp;&nbsp;&nbsp;&nbsp; 14543 |
|  | &nbsp;&nbsp;&nbsp;KDDI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;829200 | &nbsp;&nbsp;&nbsp;&nbsp; 13224 |
|  | &nbsp;&nbsp;&nbsp;Fast Retailing Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43000 | &nbsp;&nbsp;&nbsp;&nbsp; 13060 |
|  | &nbsp;&nbsp;&nbsp;Hoya Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94000 | &nbsp;&nbsp;&nbsp;&nbsp; 12997 |
|  | &nbsp;&nbsp;&nbsp;SBI Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;293000 | &nbsp;&nbsp;&nbsp;&nbsp; 12756 |
|  | &nbsp;&nbsp;&nbsp;Recruit Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;216400 | &nbsp;&nbsp;&nbsp;&nbsp; 11634 |
|  | &nbsp;&nbsp;&nbsp;FUJIFILM Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;441400 | &nbsp;&nbsp;&nbsp;&nbsp; 10977 |
|  | &nbsp;&nbsp;&nbsp;Bridgestone Corp. | &nbsp;&nbsp;&nbsp;&nbsp;213600 | &nbsp;&nbsp;&nbsp;&nbsp; 9872 |
|  | &nbsp;&nbsp;&nbsp;Daikin Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67100 | &nbsp;&nbsp;&nbsp;&nbsp; 7734 |
|  | &nbsp;&nbsp;&nbsp;Terumo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;406000 | &nbsp;&nbsp;&nbsp;&nbsp; 6698 |
|  | &nbsp;&nbsp;&nbsp;SMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17300 | &nbsp;&nbsp;&nbsp;&nbsp; 5347 |
|  | &nbsp;&nbsp;&nbsp;Shimano Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29400 | &nbsp;&nbsp;&nbsp;&nbsp; 3286 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sony Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;863700 | &nbsp;&nbsp;&nbsp;&nbsp; 958 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **352898** |
| **Netherlands (7.8%)** | **Netherlands (7.8%)** | **Netherlands (7.8%)** | **Netherlands (7.8%)** |
|  | &nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;129020 | &nbsp;&nbsp;&nbsp;&nbsp; 125819 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Adyen NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54565 | &nbsp;&nbsp;&nbsp;&nbsp; 87799 |
|  | &nbsp;&nbsp;&nbsp;EXOR NV | &nbsp;&nbsp;&nbsp;&nbsp;334660 | &nbsp;&nbsp;&nbsp;&nbsp; 32755 |
|  | &nbsp;&nbsp;&nbsp;Heineken NV | &nbsp;&nbsp;&nbsp;&nbsp;207362 | &nbsp;&nbsp;&nbsp;&nbsp; 16238 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **262611** |
| **Norway (0.4%)** | **Norway (0.4%)** | **Norway (0.4%)** | **Norway (0.4%)** |
|  | &nbsp;&nbsp;&nbsp;DNB Bank ASA | &nbsp;&nbsp;&nbsp;&nbsp;500578 | &nbsp;&nbsp;&nbsp;&nbsp; 13644 |
| **Singapore (3.7%)** | **Singapore (3.7%)** | **Singapore (3.7%)** | **Singapore (3.7%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sea Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;704549 | &nbsp;&nbsp;&nbsp;&nbsp; 125924 |
| **South Korea (2.1%)** | **South Korea (2.1%)** | **South Korea (2.1%)** | **South Korea (2.1%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coupang Inc. | 2221377 | &nbsp;&nbsp;&nbsp;&nbsp; 71528 |
|  | &nbsp;&nbsp;&nbsp;Celltrion Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **71529** |
| **Spain (1.2%)** | **Spain (1.2%)** | **Spain (1.2%)** | **Spain (1.2%)** |
|  | &nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA | 1472095 | &nbsp;&nbsp;&nbsp;&nbsp; 28367 |
|  | &nbsp;&nbsp;&nbsp;Iberdrola SA (XMAD) | &nbsp;&nbsp;&nbsp;&nbsp;653337 | &nbsp;&nbsp;&nbsp;&nbsp; 12367 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **40734** |
| **Sweden (6.0%)** | **Sweden (6.0%)** | **Sweden (6.0%)** | **Sweden (6.0%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Spotify Technology SA | &nbsp;&nbsp;&nbsp;&nbsp;185869 | &nbsp;&nbsp;&nbsp;&nbsp; 129737 |
|  | &nbsp;&nbsp;&nbsp;Atlas Copco AB Class A | 3339918 | &nbsp;&nbsp;&nbsp;&nbsp; 56638 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kinnevik AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;853670 | &nbsp;&nbsp;&nbsp;&nbsp; 7602 |
|  | &nbsp;&nbsp;&nbsp;Svenska Handelsbanken AB Class A | &nbsp;&nbsp;&nbsp;&nbsp;560523 | &nbsp;&nbsp;&nbsp;&nbsp; 7314 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **201291** |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value<br> ($000)** |
| **Switzerland (4.8%)** | **Switzerland (4.8%)** | **Switzerland (4.8%)** | **Switzerland (4.8%)** |
|  | &nbsp;&nbsp;&nbsp;Galderma Group AG | &nbsp;&nbsp;&nbsp;&nbsp;203331 | &nbsp;&nbsp;&nbsp;&nbsp; 35949 |
|  | &nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87290 | &nbsp;&nbsp;&nbsp;&nbsp; 29066 |
|  | &nbsp;&nbsp;&nbsp;Cie Financiere Richemont SA Class A (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;107738 | &nbsp;&nbsp;&nbsp;&nbsp; 20682 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;VAT Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39224 | &nbsp;&nbsp;&nbsp;&nbsp; 15657 |
|  | &nbsp;&nbsp;&nbsp;Chocoladefabriken Lindt & Spruengli AG Ptg. Ctf. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889 | &nbsp;&nbsp;&nbsp;&nbsp; 13592 |
|  | &nbsp;&nbsp;&nbsp;Lonza Group AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18238 | &nbsp;&nbsp;&nbsp;&nbsp; 12194 |
|  | &nbsp;&nbsp;&nbsp;Belimo Holding AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11296 | &nbsp;&nbsp;&nbsp;&nbsp; 11880 |
|  | &nbsp;&nbsp;&nbsp;Alcon AG | &nbsp;&nbsp;&nbsp;&nbsp;152121 | &nbsp;&nbsp;&nbsp;&nbsp; 11442 |
|  | &nbsp;&nbsp;&nbsp;Temenos AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;122094 | &nbsp;&nbsp;&nbsp;&nbsp; 9916 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **160378** |
| **Taiwan (6.5%)** | **Taiwan (6.5%)** | **Taiwan (6.5%)** | **Taiwan (6.5%)** |
|  | &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. (XTAI) | 5053000 | &nbsp;&nbsp;&nbsp;&nbsp; 219491 |
| **United Kingdom (7.9%)** | **United Kingdom (7.9%)** | **United Kingdom (7.9%)** | **United Kingdom (7.9%)** |
|  | &nbsp;&nbsp;&nbsp;RELX plc | &nbsp;&nbsp;&nbsp;&nbsp;978045 | &nbsp;&nbsp;&nbsp;&nbsp; 46730 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Wise plc Class A | 2720123 | &nbsp;&nbsp;&nbsp;&nbsp; 37919 |
|  | &nbsp;&nbsp;&nbsp;Shell plc | &nbsp;&nbsp;&nbsp;&nbsp;885672 | &nbsp;&nbsp;&nbsp;&nbsp; 31767 |
|  | &nbsp;&nbsp;&nbsp;AstraZeneca plc | &nbsp;&nbsp;&nbsp;&nbsp;147598 | &nbsp;&nbsp;&nbsp;&nbsp; 22612 |
|  | &nbsp;&nbsp;&nbsp;Haleon plc | 3812262 | &nbsp;&nbsp;&nbsp;&nbsp; 17156 |
|  | &nbsp;&nbsp;&nbsp;Reckitt Benckiser Group plc | &nbsp;&nbsp;&nbsp;&nbsp;222129 | &nbsp;&nbsp;&nbsp;&nbsp; 17104 |
|  | &nbsp;&nbsp;&nbsp;Unilever plc (XLON) | &nbsp;&nbsp;&nbsp;&nbsp;277383 | &nbsp;&nbsp;&nbsp;&nbsp; 16396 |
|  | &nbsp;&nbsp;&nbsp;Lloyds Banking Group plc | 11073612 | &nbsp;&nbsp;&nbsp;&nbsp; 12531 |
|  | &nbsp;&nbsp;&nbsp;Rio Tinto plc | &nbsp;&nbsp;&nbsp;&nbsp;184372 | &nbsp;&nbsp;&nbsp;&nbsp; 12151 |
|  | &nbsp;&nbsp;&nbsp;Sage Group plc | &nbsp;&nbsp;&nbsp;&nbsp;555013 | &nbsp;&nbsp;&nbsp;&nbsp; 8233 |
|  | &nbsp;&nbsp;&nbsp;London Stock Exchange Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70896 | &nbsp;&nbsp;&nbsp;&nbsp; 8131 |
|  | &nbsp;&nbsp;&nbsp;Whitbread plc | &nbsp;&nbsp;&nbsp;&nbsp;185726 | &nbsp;&nbsp;&nbsp;&nbsp; 8058 |
|  | &nbsp;&nbsp;&nbsp;Bunzl plc | &nbsp;&nbsp;&nbsp;&nbsp;215974 | &nbsp;&nbsp;&nbsp;&nbsp; 6826 |
| <sup>\*,2,3</sup> | &nbsp;&nbsp;&nbsp;The Brandtech Group LLC PP (Acquired 9/23/2015, Cost $5,200) | 3903901 | &nbsp;&nbsp;&nbsp;&nbsp; 6598 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ocado Group plc | 2151007 | &nbsp;&nbsp;&nbsp;&nbsp; 6534 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ARM Holdings plc ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40046 | &nbsp;&nbsp;&nbsp;&nbsp; 5666 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **264412** |
| **United States (9.0%)** | **United States (9.0%)** | **United States (9.0%)** | **United States (9.0%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MercadoLibre Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59931 | &nbsp;&nbsp;&nbsp;&nbsp; 140055 |
|  | &nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;366321 | &nbsp;&nbsp;&nbsp;&nbsp; 68348 |
|  | &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67014 | &nbsp;&nbsp;&nbsp;&nbsp; 34710 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One Class C | &nbsp;&nbsp;&nbsp;&nbsp;123411 | &nbsp;&nbsp;&nbsp;&nbsp; 12890 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Atlassian Corp. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79033 | &nbsp;&nbsp;&nbsp;&nbsp; 12622 |
|  | &nbsp;&nbsp;&nbsp;Booking Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2081 | &nbsp;&nbsp;&nbsp;&nbsp; 11236 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Moderna Inc. | &nbsp;&nbsp;&nbsp;&nbsp;373768 | &nbsp;&nbsp;&nbsp;&nbsp; 9654 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Block Inc. (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;109659 | &nbsp;&nbsp;&nbsp;&nbsp; 7925 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mobileye Global Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;324695 | &nbsp;&nbsp;&nbsp;&nbsp; 4585 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **302025** |
| **Total Common Stocks (Cost $2,432,082)** | **Total Common Stocks (Cost $2,432,082)** | **Total Common Stocks (Cost $2,432,082)** | &nbsp;&nbsp;&nbsp;&nbsp;**3246383** |
| **Preferred Stock (0.6%)** | **Preferred Stock (0.6%)** | **Preferred Stock (0.6%)** | **Preferred Stock (0.6%)** |
|  | &nbsp;&nbsp;&nbsp;Sartorius AG Preference Shares **(Cost $49,689**) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88856 | &nbsp;&nbsp;&nbsp;&nbsp; **20773** |
| **Temporary Cash Investments (2.7%)** | **Temporary Cash Investments (2.7%)** | **Temporary Cash Investments (2.7%)** | **Temporary Cash Investments (2.7%)** |
| **Money Market Fund (2.7%)** | **Money Market Fund (2.7%)** | **Money Market Fund (2.7%)** | **Money Market Fund (2.7%)** |
| <sup>5,6</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.180% **(Cost $89,259)** | &nbsp;&nbsp;&nbsp;&nbsp;892592 | &nbsp;&nbsp;&nbsp;&nbsp; **89259** |
| **Total Investments (99.7%) (Cost $2,571,030)** | **Total Investments (99.7%) (Cost $2,571,030)** | **Total Investments (99.7%) (Cost $2,571,030)** | &nbsp;&nbsp;&nbsp;&nbsp;**3356415** |
| **Other Assets and Liabilities—Net (0.3%)** | **Other Assets and Liabilities—Net (0.3%)** | **Other Assets and Liabilities—Net (0.3%)** | &nbsp;&nbsp;&nbsp;&nbsp;**11688** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**3368103** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

---

| | |
|:---|:---|
| \* | Non-income-producing security. |
| 1 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2025, the aggregate value was $195,815, representing 5.8% of net assets. |
| 2 | Restricted securities totaling $7,486, representing 0.2% of net assets. |
| 3 | Security value determined using significant unobservable inputs. |
| 4 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $207. |
| 5 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 6 | Collateral of $213 was received for securities on loan. |
|  | ADR—American Depositary Receipt. |
|  | PP—Private Placement. |
|  | Ptg. Ctf.—Participating Certificates. |

---

------

#### Derivative Financial Instruments Outstanding as of Period End

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
|  |  |  | ($000) | ($000) |
|  | Expiration | Number of<br> Long (Short)<br> Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts |  |  |  |  |
| E-mini S&P 500 Index | December 2025 | 18 | 6065 | &nbsp;&nbsp;84 |
| MSCI EAFE Index | December 2025 | 344 | 47907 | &nbsp;&nbsp;88 |
| MSCI Emerging Markets Index | December 2025 | 345 | 23455 | &nbsp;&nbsp;147 |
|  |  |  |  | &nbsp;&nbsp;319 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts |
| Counterparty | Contract<br> Settlement<br> Date | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Depreciation<br> ($000) |
| Counterparty | Contract<br> Settlement<br> Date |  | &nbsp;&nbsp;&nbsp;Receive |  | &nbsp;&nbsp;&nbsp;Deliver | &nbsp;&nbsp;&nbsp;Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Depreciation<br> ($000) |
| UBS AG | 12/17/2025 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;124 | &nbsp;&nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;97 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| State Street Bank & Trust Co. | 12/17/2025 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;2185 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;1850 | &nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;— |
| Barclays Bank plc | 12/17/2025 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;173 | &nbsp;&nbsp;&nbsp;SEK | &nbsp;&nbsp;&nbsp;1612 | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;— |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;— |

---

---

| |
|:---|
| CHF—Swiss franc. |
| EUR—euro. |
| SEK—Swedish krona. |
| USD—U.S. dollar. |

---

**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.

**B.** Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates obtained from an independent third party as of the
portfolio's pricing time on the valuation date. Realized gains (losses) and unrealized appreciation (depreciation) on investment securities include the effects of changes in exchange rates since the securities
were purchased, combined with the effects of changes in security prices. Fluctuations in the value of other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency
gains (losses) until the assets or liabilities are settled in cash, at which time they are recorded as realized foreign currency gains (losses).

**C.** Futures Contracts: The portfolio uses index futures contracts to a limited extent, with the objective of maintaining full exposure to the stock market while maintaining liquidity. The
portfolio may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. The primary risks associated with the
use of futures contracts are imperfect correlation between changes in market values of stocks held by the portfolio and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk
involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the portfolio trades futures contracts on an exchange,
monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the
portfolio's performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the
Schedule of Investments.

Futures contracts are valued at their quoted daily settlement prices. Fluctuations in the value of the contracts are recorded as an asset (liability).

**D.** Forward Currency Contracts: The portfolio enters into forward currency contracts to protect the value of securities and related receivables and payables against changes in future foreign exchange rates. Risks
associated with these types of forward currency contracts include movement in the values of the foreign currencies relative to the U.S. dollar and the ability of the counterparties to fulfill their obligations under
the contracts. The portfolio mitigates its counterparty risk by entering into forward currency contracts only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into
master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the
portfolio cannot be repledged, resold, or rehypothecated. The master netting arrangements provide that, in the event of a counterparty's default (including bankruptcy), the portfolio may terminate the forward
currency contracts, determine the net amount owed by either party in accordance with its master netting arrangements, and sell

------

or retain any collateral held up to the net amount owed to the portfolio under the master netting arrangements. The forward currency contracts contain provisions whereby a counterparty may terminate open contracts if the portfolio's net assets decline below a certain level, triggering a payment by the portfolio if the portfolio is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the portfolio has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the forward currency contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.

Forward currency contracts are valued at their quoted daily prices obtained from an independent third party, adjusted for currency risk based on the expiration date of each contract. Fluctuations in the value of the contracts are recorded as an asset (liability).

**E.** Various inputs may be used to determine the value of the portfolio's investments and derivatives. 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 and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.**

The following table summarizes the market value of the portfolio's investments and derivatives 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—North and South America | 453794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;453794 |
| Common Stocks—Other | 445139 | &nbsp;&nbsp;&nbsp;2339964 | &nbsp;&nbsp;&nbsp;7486 | &nbsp;&nbsp;&nbsp;2792589 |
| Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20773 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;89259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89259 |
| Total | 988192 | &nbsp;&nbsp;&nbsp;2360737 | &nbsp;&nbsp;&nbsp;7486 | &nbsp;&nbsp;&nbsp;3356415 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts<sup>1</sup> | 319 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;319 |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| Total | 319 | &nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;323 |

---

1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments.

## 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:** 2025-09-30

**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:** $3391667206.75

**Total Liabilities:** $22799521.49

**Net Assets:** $3368867685.26

**Cash Not Reported:** $383805.15

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000012159 | -3.15%               | 3.93%                | 3.88%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $12336285.52             | $-115013055.31                             |
| Month 2  | $2692844.87              | $116993004.45                              |
| Month 3  | $23344600.02             | $97146557.27                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Atlassian Corp                                    | ATLASSIAN CORP-A                           | CUSIP: 049468101<br>LEI: 549300V7ZY5P02D2MY38 | Long             | EC               | CORP              | US        |     79033 | NS      | $12621570.10  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto PLC                                     | RIO TINTO PLC                              | CUSIP: N/A<br>LEI: 213800YOEO5OQ72G2R82       | Long             | EC               | CORP              | GB        |    181302 | NS      | $11948237.54  | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC                          | LLOYDS BANKING                             | CUSIP: N/A<br>LEI: 549300PPXHEU2JF0AM85       | Long             | EC               | CORP              | GB        |  11073612 | NS      | $12530717.95  | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Booking Holdings Inc                              | BOOKING HOLDINGS                           | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |      2081 | NS      | $11235880.87  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                                   | ASTRAZENECA PLC                            | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | EC               | CORP              | GB        |    147598 | NS      | $22612160.30  | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Canadian National Railway Co                      | CAN NATL RAILWAY                           | CUSIP: 136375102<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | EC               | CORP              | CA        |     83571 | NS      | $7880906.83   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Coupang Inc                                       | COUPANG INC                                | CUSIP: 22266T109<br>LEI: 549300XR4L1D80AK4W76 | Long             | EC               | CORP              | US        |   2221377 | NS      | $71528339.40  | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | EUR/USD FWD 20251217                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $3463.99      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                               | CHF/USD FWD 20251217                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $279.43       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                               | SEK/USD FWD 20251217                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $728.29       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank/The                         | TORONTO-DOM BANK                           | CUSIP: 891160509<br>LEI: PT3QB789TSUIDF371261 | Long             | EC               | CORP              | CA        |    284155 | NS      | $22720966.01  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| L'Oreal SA                                        | L'OREAL                                    | CUSIP: F58149133<br>LEI: 529900JI1GG6F7RKVI53 | Long             | EC               | CORP              | FR        |     75508 | NS      | $32807259.10  | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Genmab A/S                                        | GENMAB A/S                                 | CUSIP: N/A<br>LEI: 529900MTJPDPE4MHJ122       | Long             | EC               | CORP              | DK        |     55477 | NS      | $17117330.97  | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Schneider Electric SE                             | SCHNEIDER ELECTR                           | CUSIP: N/A<br>LEI: 969500A1YF1XUYYXS284       | Long             | EC               | CORP              | FR        |     83723 | NS      | $23565703.66  | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| SAP SE                                            | SAP SE                                     | CUSIP: D66992104<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |    128146 | NS      | $34313315.45  | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Beiersdorf AG                                     | BEIERSDORF AG                              | CUSIP: N/A<br>LEI: L47NHHI0Z9X22DV46U41       | Long             | EC               | CORP              | DE        |    131943 | NS      | $13805996.23  | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Hermes International SCA                          | HERMES INTL                                | CUSIP: F48051100<br>LEI: 969500Y4IJGHJE2MTJ13 | Long             | EC               | CORP              | FR        |     16933 | NS      | $41638917.82  | 1.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Erste Group Bank AG                               | ERSTE GROUP BANK                           | CUSIP: N/A<br>LEI: PQOH26KWDF7CG10L6792       | Long             | EC               | CORP              | AT        |    272865 | NS      | $26823327.68  | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Liberty Media Corp-Liberty Formula One            | LIBERTY MEDIA CO                           | CUSIP: 531229755<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    123411 | NS      | $12890278.95  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria SA                | BBVA                                       | CUSIP: N/A<br>LEI: K8MS7FD7N5Z2WQ51AZ71       | Long             | EC               | CORP              | ES        |   1472095 | NS      | $28366746.91  | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| UCB SA                                            | UCB SA                                     | CUSIP: B93562120<br>LEI: 2138008J191VLSGY5A09 | Long             | EC               | CORP              | BE        |     67564 | NS      | $18859472.02  | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Sanofi SA                                         | SANOFI                                     | CUSIP: F5548N101<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |    112995 | NS      | $10699943.77  | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens AG                                        | SIEMENS AG-REG                             | CUSIP: N/A<br>LEI: W38RGI023J3WT1HWRP32       | Long             | EC               | CORP              | DE        |     62875 | NS      | $16974866.42  | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Bayerische Motoren Werke AG                       | BMW AG                                     | CUSIP: D12096109<br>LEI: YEH5ZCD6E441RHVHD759 | Long             | EC               | CORP              | DE        |    224168 | NS      | $22593302.11  | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Sartorius AG                                      | SARTORIUS AG-PFD                           | CUSIP: D6705R119<br>LEI: 529900EQV2DY4FOAMU38 | Long             | EP               | CORP              | DE        |     88856 | NS      | $20772450.48  | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| MercadoLibre Inc                                  | MERCADOLIBRE INC                           | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |     59931 | NS      | $140055151.14 | 4.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Infineon Technologies AG                          | INFINEON TECH                              | CUSIP: N/A<br>LEI: TSI2PJM6EPETEQ4X1U25       | Long             | EC               | CORP              | DE        |    443513 | NS      | $17399088.43  | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Microsoft Corp                                    | MICROSOFT CORP                             | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     67014 | NS      | $34709901.30  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Chocoladefabriken Lindt & Spruengli AG            | CHOCOLADEFABR-PC                           | CUSIP: H49983184<br>LEI: 529900JYJNNOKKAGK736 | Long             | EC               | CORP              | CH        |       889 | NS      | $13591637.82  | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Mobileye Global Inc                               | MOBILEYE GLOBA-A                           | CUSIP: 60741F104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    324695 | NS      | $4584693.40   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Moderna Inc                                       | MODERNA INC                                | CUSIP: 60770K107<br>LEI: 549300EI6OKH5K5Q2G38 | Long             | EC               | CORP              | US        |    373768 | NS      | $9654427.44   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Industries Ltd                           | RELIANCE INDUSTR                           | CUSIP: Y72596102<br>LEI: 5493003UOETFYRONLG31 | Long             | EC               | CORP              | IN        |   1037624 | NS      | $15937699.75  | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Bridgestone Corp                                  | BRIDGESTONE CORP                           | CUSIP: J04578126<br>LEI: 549300DHPOF90OYYD780 | Long             | EC               | CORP              | JP        |    213600 | NS      | $9872192.71   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| KDDI Corp                                         | KDDI CORP                                  | CUSIP: J31843105<br>LEI: 5299003FU7V4I45FU310 | Long             | EC               | CORP              | JP        |    829200 | NS      | $13224518.31  | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Daikin Industries Ltd                             | DAIKIN INDS                                | CUSIP: N/A<br>LEI: 549300Y7FWSTSHMW5Y57       | Long             | EC               | CORP              | JP        |     67100 | NS      | $7734085.50   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Disco Corp                                        | DISCO CORP                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     83200 | NS      | $26086555.60  | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| SBI Holdings Inc                                  | SBI HOLDINGS INC                           | CUSIP: N/A<br>LEI: 353800L6LMHYIPSMRQ17       | Long             | EC               | CORP              | JP        |    293000 | NS      | $12756472.83  | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Fast Retailing Co Ltd                             | FAST RETAILING                             | CUSIP: N/A<br>LEI: 353800ZCXKHDPY0N5218       | Long             | EC               | CORP              | JP        |     43000 | NS      | $13059596.90  | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group Inc                | MITSUBISHI UFJ F                           | CUSIP: N/A<br>LEI: 353800V2V8PUY9TK3E06       | Long             | EC               | CORP              | JP        |   1959600 | NS      | $31611030.42  | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| FUJIFILM Holdings Corp                            | FUJIFILM HOLDING                           | CUSIP: N/A<br>LEI: 529900UBKMFM0ST6H474       | Long             | EC               | CORP              | JP        |    441400 | NS      | $10976861.84  | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Hoya Corp                                         | HOYA CORP                                  | CUSIP: N/A<br>LEI: 353800X4VR3BHEUCJB42       | Long             | EC               | CORP              | JP        |     94000 | NS      | $12997403.45  | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| ITOCHU Corp                                       | ITOCHU CORP                                | CUSIP: N/A<br>LEI: J48DJYXDTLHM30UMYI18       | Long             | EC               | CORP              | JP        |    255600 | NS      | $14543221.30  | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Keyence Corp                                      | KEYENCE CORP                               | CUSIP: N/A<br>LEI: 529900M7PQBS7A89DZ11       | Long             | EC               | CORP              | JP        |    110400 | NS      | $41130691.78  | 1.22%             |  |  |  | No            |                  2 | On Loan: No      |
| BYD Co Ltd                                        | BYD COMPANY                                | CUSIP: N/A<br>LEI: 5299005557VL7ULJ7A69       | Long             | EC               | CORP              | HK        |   5079500 | NS      | $71797097.25  | 2.13%             |  |  |  | No            |                  2 | On Loan: No      |
| NVIDIA Corp                                       | NVIDIA CORP                                | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    366321 | NS      | $68348172.18  | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SMC Corp                                          | SMC CORP                                   | CUSIP: N/A<br>LEI: 353800O40V08DOZ70X62       | Long             | EC               | CORP              | JP        |     17300 | NS      | $5347292.25   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| SoftBank Group Corp                               | SOFTBANK GROUP C                           | CUSIP: N/A<br>LEI: 5493003BZYYYCDIO0R13       | Long             | EC               | CORP              | JP        |    135600 | NS      | $17110077.42  | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Shimano Inc                                       | SHIMANO INC                                | CUSIP: N/A<br>LEI: 529900L32YT3P9DECR10       | Long             | EC               | CORP              | JP        |     29400 | NS      | $3285700.38   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Sony Group Corp                                   | SONY GROUP CORP                            | CUSIP: N/A<br>LEI: 529900R5WX9N2OI2N910       | Long             | EC               | CORP              | JP        |    863700 | NS      | $24828526.55  | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Advantest Corp                                    | ADVANTEST CORP                             | CUSIP: N/A<br>LEI: 353800EMK32PDKS9XR54       | Long             | EC               | CORP              | JP        |    724600 | NS      | $71693882.68  | 2.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Terumo Corp                                       | TERUMO CORP                                | CUSIP: J83173104<br>LEI: 353800JX1R4582QVK932 | Long             | EC               | CORP              | JP        |    406000 | NS      | $6697585.11   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd         | TSMC                                       | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | TW        |   5203000 | NS      | $226006947.93 | 6.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG                                  | ROCHE HLDG-GENUS                           | CUSIP: H69293217<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |     87290 | NS      | $29066126.95  | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Temenos AG                                        | TEMENOS AG-REG                             | CUSIP: N/A<br>LEI: 5067007NW6550481FH64       | Long             | EC               | CORP              | CH        |    122094 | NS      | $9916375.76   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Lonza Group AG                                    | LONZA GROUP -REG                           | CUSIP: N/A<br>LEI: 549300EFW4H2TCZ71055       | Long             | EC               | CORP              | CH        |     18238 | NS      | $12194626.14  | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Heineken NV                                       | HEINEKEN NV                                | CUSIP: N/A<br>LEI: 724500K5PTPSST86UQ23       | Long             | EC               | CORP              | NL        |    207362 | NS      | $16238321.96  | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Shopify Inc                                       | SHOPIFY INC - A                            | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | US        |    290601 | NS      | $43186214.61  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Block Inc                                         | BLOCK INC                                  | CUSIP: 852234103<br>LEI: 549300OHIIUWSTIZME52 | Long             | EC               | CORP              | US        |    109659 | NS      | $7925055.93   | 0.24%             |  |  |  | No            |                  1 | 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      |
| 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      |
| Brandtech Group Ltd/The                           | THE BRANDTECH GROUP LLC                    | CUSIP: N/A<br>LEI: 5493001ZSPIU8EIY2M93       | Long             | EC               | CORP              | US        |   3903901 | NS      | $6597592.11   | 0.20%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ANI Technologies Pvt Ltd                          | ANI TECHNOLOGIES                           | CUSIP: N/A<br>LEI: 3358005EI53EZBOISD56       | Long             | EC               | CORP              | IN        |     19170 | NS      | $888667.99    | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Bank Central Asia Tbk PT                          | BANK CENTRAL ASI                           | CUSIP: N/A<br>LEI: 254900BR956G2OHVOM21       | Long             | EC               | CORP              | ID        |  21447500 | NS      | $9822103.34   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Bunzl PLC                                         | BUNZL PLC                                  | CUSIP: G16968110<br>LEI: 213800Q1Q9DV4L78UM09 | Long             | EC               | CORP              | GB        |    215974 | NS      | $6826330.63   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Celltrion Inc                                     | CELLTRION INC                              | CUSIP: N/A<br>LEI: 988400JFZG785WJX3D68       | Long             | EC               | CORP              | KR        |         3 | NS      | $371.18       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Zealand Pharma A/S                                | ZEALAND PHARMA A                           | CUSIP: N/A<br>LEI: 549300ITBB1ULBL4CZ12       | Long             | EC               | CORP              | DK        |     75843 | NS      | $5593044.54   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| London Stock Exchange Group PLC                   | LONDON STOCK EX                            | CUSIP: N/A<br>LEI: 213800QAUUUP6I445N30       | Long             | EC               | CORP              | GB        |     70896 | NS      | $8130569.43   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Unilever PLC                                      | UNILEVER PLC                               | CUSIP: N/A<br>LEI: 549300MKFYEKVRWML317       | Long             | EC               | CORP              | GB        |    277383 | NS      | $16395717.99  | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Legrand SA                                        | LEGRAND SA                                 | CUSIP: F56196185<br>LEI: 969500XXRPGD7HCAFA90 | Long             | EC               | CORP              | FR        |    124577 | NS      | $20699858.77  | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Whitbread PLC                                     | WHITBREAD PLC                              | CUSIP: G9606P197<br>LEI: 21380099VMZKRMN3EX36 | Long             | EC               | CORP              | GB        |    185726 | NS      | $8057933.88   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Prysmian SpA                                      | PRYSMIAN SPA                               | CUSIP: N/A<br>LEI: 529900X0H1IO3RS1A464       | Long             | EC               | CORP              | IT        |    187516 | NS      | $18661878.73  | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| DSV A/S                                           | DSV A/S                                    | CUSIP: K31864117<br>LEI: 529900X41C0BSLK67H70 | Long             | EC               | CORP              | DK        |    210698 | NS      | $42091252.18  | 1.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Sony Financial Group Inc                          | SONY FINANCIAL G                           | CUSIP: N/A<br>LEI: 353800O7BDSU41WOZA60       | Long             | EC               | CORP              | JP        |    863700 | NS      | $957817.22    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Reckitt Benckiser Group PLC                       | RECKITT BENCKISE                           | CUSIP: N/A<br>LEI: 5493003JFSMOJG48V108       | Long             | EC               | CORP              | GB        |    222129 | NS      | $17104363.49  | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Iberdrola SA                                      | IBERDROLA SA                               | CUSIP: N/A<br>LEI: 5QK37QC7NWOJ8D7WVQ45       | Long             | EC               | CORP              | ES        |    653337 | NS      | $12367237.28  | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| RELX PLC                                          | RELX PLC                                   | CUSIP: G7493L105<br>LEI: 549300WSX3VBUFFJOO66 | Long             | EC               | CORP              | GB        |    965728 | NS      | $46141326.59  | 1.37%             |  |  |  | No            |                  2 | On Loan: No      |
| MS&AD Insurance Group Holdings Inc                | MS&AD INSURANCE                            | CUSIP: N/A<br>LEI: 529900CXROT5S2HMMP26       | Long             | EC               | CORP              | JP        |    707800 | NS      | $16028785.97  | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Ocado Group PLC                                   | OCADO GROUP PLC                            | CUSIP: N/A<br>LEI: 213800LO8F61YB8MBC74       | Long             | EC               | CORP              | GB        |   2151007 | NS      | $6534545.48   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| AIA Group Ltd                                     | AIA                                        | CUSIP: Y002A1105<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |   3635000 | NS      | $34837704.63  | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Raia Drogasil SA                                  | RAIADROGASIL                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |   1618660 | NS      | $5602088.82   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Brunello Cucinelli SpA                            | BRUNELLO CUCINEL                           | CUSIP: N/A<br>LEI: 5493003CX2RZ0FOBH256       | Long             | EC               | CORP              | IT        |     88557 | NS      | $9701697.62   | 0.29%             |  |  |  | No            |                  2 | On Loan: —       |
| Sage Group PLC/The                                | SAGE GROUP PLC/T                           | CUSIP: N/A<br>LEI: 2138005RN5XYLTF8G138       | Long             | EC               | CORP              | GB        |    467923 | NS      | $6941398.41   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| ASML Holding NV                                   | ASML HOLDING NV                            | CUSIP: N07059202<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |    129020 | NS      | $125818618.62 | 3.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Cie Financiere Richemont SA                       | CIE FINANCI-REG                            | CUSIP: N/A<br>LEI: 549300YIPGJ6UX2QPS51       | Long             | EC               | CORP              | CH        |    107738 | NS      | $20682064.81  | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Shenzhen Inovance Technology Co Ltd               | SHENZHEN INOVA-A                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |   1138721 | NS      | $13453036.21  | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Ferrari NV                                        | FERRARI NV                                 | CUSIP: N/A<br>LEI: 549300RIVY5EX8RCON76       | Long             | EC               | CORP              | IT        |    109050 | NS      | $52858810.17  | 1.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Ambu A/S                                          | AMBU A/S-B                                 | CUSIP: N/A<br>LEI: 5299008W2A69WX355710       | Long             | EC               | CORP              | DK        |    904014 | NS      | $13299811.65  | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Contemporary Amperex Technology Co Ltd            | CONTEMPORARY A-A                           | CUSIP: N/A<br>LEI: 300300KINDY1K0E9I032       | Long             | EC               | CORP              | CN        |    548300 | NS      | $31095973.69  | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Music Entertainment Group                 | TENCENT MUSI-ADR                           | CUSIP: N/A<br>LEI: 213800XTZK2GOHQTYK41       | Long             | EC               | CORP              | US        |    710913 | NS      | $16592709.42  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Meituan                                           | MEITUAN-W                                  | CUSIP: N/A<br>LEI: 21380033K525E5JLIA77       | Long             | EC               | CORP              | HK        |   2538192 | NS      | $33907105.79  | 1.01%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Contemporary Amperex Technology Co Ltd            | CONTEMPORARY A-A                           | CUSIP: N/A<br>LEI: 300300KINDY1K0E9I032       | Long             | EC               | CORP              | CN        |    269900 | NS      | $15306954.77  | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Alcon AG                                          | ALCON INC                                  | CUSIP: N/A<br>LEI: 549300LDT5AP8S0NBM78       | Long             | EC               | CORP              | CH        |    152121 | NS      | $11441754.69  | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd                                     | HDFC BANK LTD                              | CUSIP: N/A<br>LEI: 335800ZQ6I4E2JXENC50       | Long             | EC               | CORP              | IN        |   3756400 | NS      | $40256199.27  | 1.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Wuxi Biologics Cayman Inc                         | WUXI BIOLOGICS C                           | CUSIP: N/A<br>LEI: 5493001TD2TH6VDTJU11       | Long             | EC               | CORP              | HK        |   3586500 | NS      | $18938563.04  | 0.56%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Wise PLC                                          | WISE PLC - A                               | CUSIP: N/A<br>LEI: 213800LD9XCHIC1C4V71       | Long             | EC               | CORP              | GB        |   2720123 | NS      | $37919319.44  | 1.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Atlas Copco AB                                    | ATLAS COPCO-A                              | CUSIP: N/A<br>LEI: 213800T8PC8Q4FYJZR07       | Long             | EC               | CORP              | SE        |   3339918 | NS      | $56638264.80  | 1.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Akeso Inc                                         | AKESO INC                                  | CUSIP: N/A<br>LEI: 254900ECWYGR3QW5GF30       | Long             | EC               | CORP              | HK        |    764000 | NS      | $13880417.62  | 0.41%             |  |  |  | Yes           |                  2 | On Loan: No      |
| EXOR NV                                           | EXOR NV                                    | CUSIP: N/A<br>LEI: 5493002ENHZ6NYET7405       | Long             | EC               | CORP              | NL        |    334660 | NS      | $32755079.32  | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd                              | TENCENT                                    | CUSIP: G87572163<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | HK        |    903500 | NS      | $76986867.94  | 2.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Haleon PLC                                        | HALEON PLC                                 | CUSIP: N/A<br>LEI: 549300PSB3WWEODCUP19       | Long             | EC               | CORP              | GB        |   3812262 | NS      | $17155855.77  | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Vestas Wind Systems A/S                           | VESTAS WIND SYST                           | CUSIP: N/A<br>LEI: 549300DYMC8BGZZC8844       | Long             | EC               | CORP              | DK        |    697196 | NS      | $13262910.16  | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| DNB Bank ASA                                      | DNB BANK ASA                               | CUSIP: N/A<br>LEI: 549300GKFG0RYRRQ1414       | Long             | EC               | CORP              | NO        |    500578 | NS      | $13643750.52  | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| FinecoBank Banca Fineco SpA                       | FINECOBANK SPA                             | CUSIP: N/A<br>LEI: 549300L7YCATGO57ZE10       | Long             | EC               | CORP              | IT        |    764675 | NS      | $16596240.09  | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Argenx SE                                         | ARGENX SE                                  | CUSIP: N/A<br>LEI: 7245009C5FZE6G9ODQ71       | Long             | EC               | CORP              | BE        |     39269 | NS      | $29013896.26  | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| ARM Holdings PLC                                  | ARM HOLDINGS PLC                           | CUSIP: N/A<br>LEI: 2138001E66EELTE7Y904       | Long             | EC               | CORP              | US        |     40046 | NS      | $5666108.54   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Belimo Holding AG                                 | BELIMO HOLDING-R                           | CUSIP: N/A<br>LEI: 506700339DLX749VEM23       | Long             | EC               | CORP              | CH        |     11296 | NS      | $11880073.54  | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Novo Nordisk A/S                                  | NOVO NORDISK-B                             | CUSIP: N/A<br>LEI: 549300DAQ1CVT6CXN342       | Long             | EC               | CORP              | DK        |    475403 | NS      | $26471210.91  | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Shell PLC                                         | SHELL PLC                                  | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | NL        |    885672 | NS      | $31766804.21  | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Recruit Holdings Co Ltd                           | RECRUIT HOLDINGS                           | CUSIP: N/A<br>LEI: 353800R2LRSMVVC4I806       | Long             | EC               | CORP              | JP        |    216400 | NS      | $11634493.38  | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Galderma Group AG                                 | GALDERMA GROUP A                           | CUSIP: N/A<br>LEI: 89450001OK6O8ELQ4584       | Long             | EC               | CORP              | CH        |    203331 | NS      | $35948967.80  | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Kinnevik AB                                       | KINNEVIK AB - B                            | CUSIP: N/A<br>LEI: 2138006PZH76JOS6MN27       | Long             | EC               | CORP              | SE        |    853670 | NS      | $7602425.72   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Svenska Handelsbanken AB                          | SVENSKA HAN-A                              | CUSIP: N/A<br>LEI: NHBDILHZTYCNBV5UYZ31       | Long             | EC               | CORP              | SE        |    560523 | NS      | $7313497.49   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| PDD Holdings Inc                                  | PDD HOLDINGS INC                           | CUSIP: N/A<br>LEI: 5493000573DS7005T657       | Long             | EC               | CORP              | US        |    363942 | NS      | $48102214.14  | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Sea Ltd                                           | SEA LTD-ADR                                | CUSIP: N/A<br>LEI: 529900OM6JLLW44YKI15       | Long             | EC               | CORP              | US        |    704549 | NS      | $125924042.77 | 3.74%             |  |  |  | No            |                  1 | On Loan: No      |
| VAT Group AG                                      | VAT GROUP AG                               | CUSIP: N/A<br>LEI: 529900MVFK7NVALR7Y83       | Long             | EC               | CORP              | CH        |     39224 | NS      | $15656939.84  | 0.46%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Adyen NV                                          | ADYEN NV                                   | CUSIP: N/A<br>LEI: 724500973ODKK3IFQ447       | Long             | EC               | CORP              | NL        |     54565 | NS      | $87799407.40  | 2.61%             |  |  |  | Yes           |                  2 | On Loan: No      |
| SOITEC                                            | SOITEC                                     | CUSIP: N/A<br>LEI: 969500ZR92SQCU9TST26       | Long             | EC               | CORP              | FR        |     60821 | NS      | $2791939.91   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| WiseTech Global Ltd                               | WISETECH GLOBAL                            | CUSIP: N/A<br>LEI: 254900VE3AF301Q85K83       | Long             | EC               | CORP              | AU        |    626661 | NS      | $37463883.64  | 1.11%             |  |  |  | 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      | $9162674.90   | 0.27%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Delivery Hero SE                                  | DELIVERY HERO SE                           | CUSIP: N/A<br>LEI: 529900C3EX1FZGE48X78       | Long             | EC               | CORP              | DE        |    573579 | NS      | $16469945.44  | 0.49%             |  |  |  | Yes           |                  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        | 103173038 | NS      | $103173038.25 | 3.06%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | S&P500 EMINI FUT  Dec25                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |        18 | NC      | $83642.70     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NU Holdings Ltd/Cayman Islands                    | NU HOLDINGS LT-A                           | CUSIP: G6683N103<br>LEI: 5493002DG1RHWK9W2X27 | Long             | EC               | CORP              | US        |   4677482 | NS      | $74886486.82  | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Spotify Technology SA                             | SPOTIFY TECHNOLO                           | CUSIP: L8681T102<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | US        |    185869 | NS      | $129736562.00 | 3.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Check Point Software Technologies Ltd             | CHECK POINT SOFT                           | CUSIP: M22465104<br>LEI: 2549003ZVBH73EPNS513 | Long             | EC               | CORP              | US        |     40364 | NS      | $8351715.24   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Wix.com Ltd                                       | WIX.COM LTD                                | CUSIP: M98068105<br>LEI: 5493008P6N29Q1AG9464 | Long             | EC               | CORP              | US        |    100217 | NS      | $17801545.71  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | MSCI EmgMkt       Dec25                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |       345 | NC      | $147135.03    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | MSCI EAFE         Dec25                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |       344 | NC      | $88424.37     | 0.00%             |  |  |  | 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        |      2064 | NS      | $206412.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MakeMyTrip Ltd                                    | MAKEMYTRIP LTD                             | CUSIP: V5633W109<br>LEI: 529900DNT8HNJ7RYUO60 | Long             | EC               | CORP              | US        |    218779 | NS      | $20477714.40  | 0.61%             |  |  |  | No            |                  1 | 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