# EDGAR Filing Document

**Accession Number:** 0000857490
**File Stem:** 0000857490-26-000371
**Filing Date:** 2026-5
**Character Count:** 80027
**Document Hash:** 1a0642408f934fdfd3865bc193db44b5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000857490-26-000371.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0000857490-26-000371

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20261231

**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:** 261036974

**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 March 31, 2026

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 (95.8%)** | **Common Stocks (95.8%)** | **Common Stocks (95.8%)** | **Common Stocks (95.8%)** |
| **Australia (0.6%)** | **Australia (0.6%)** | **Australia (0.6%)** | **Australia (0.6%)** |
|  | &nbsp;&nbsp;&nbsp;WiseTech Global Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;656113 | &nbsp;&nbsp;&nbsp;&nbsp; 17702 |
| **Austria (0.6%)** | **Austria (0.6%)** | **Austria (0.6%)** | **Austria (0.6%)** |
|  | &nbsp;&nbsp;&nbsp;Erste Group Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;172063 | &nbsp;&nbsp;&nbsp;&nbsp; 18587 |
| **Belgium (1.3%)** | **Belgium (1.3%)** | **Belgium (1.3%)** | **Belgium (1.3%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Argenx SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35662 | &nbsp;&nbsp;&nbsp;&nbsp; 25881 |
|  | &nbsp;&nbsp;&nbsp;UCB SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49957 | &nbsp;&nbsp;&nbsp;&nbsp; 15052 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **40933** |
| **Brazil (2.5%)** | **Brazil (2.5%)** | **Brazil (2.5%)** | **Brazil (2.5%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NU Holdings Ltd. Class A | 4887791 | &nbsp;&nbsp;&nbsp;&nbsp; 70237 |
|  | &nbsp;&nbsp;&nbsp;Raia Drogasil SA | 1673439 | &nbsp;&nbsp;&nbsp;&nbsp; 7602 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **77839** |
| **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;269360 | &nbsp;&nbsp;&nbsp;&nbsp; 31951 |
|  | &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank | &nbsp;&nbsp;&nbsp;&nbsp;265324 | &nbsp;&nbsp;&nbsp;&nbsp; 24780 |
|  | &nbsp;&nbsp;&nbsp;Kinross Gold Corp. | &nbsp;&nbsp;&nbsp;&nbsp;282792 | &nbsp;&nbsp;&nbsp;&nbsp; 8631 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **65362** |
| **China (10.7%)** | **China (10.7%)** | **China (10.7%)** | **China (10.7%)** |
|  | &nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 1174500 | &nbsp;&nbsp;&nbsp;&nbsp; 74079 |
|  | &nbsp;&nbsp;&nbsp;BYD Co. Ltd. Class H | 5086700 | &nbsp;&nbsp;&nbsp;&nbsp; 69542 |
|  | &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd. Class A (XSHE) | &nbsp;&nbsp;&nbsp;&nbsp;738200 | &nbsp;&nbsp;&nbsp;&nbsp; 43676 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PDD Holdings Inc. ADR | &nbsp;&nbsp;&nbsp;&nbsp;335246 | &nbsp;&nbsp;&nbsp;&nbsp; 34255 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Meituan Class B | 2395392 | &nbsp;&nbsp;&nbsp;&nbsp; 26139 |
|  | &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;322100 | &nbsp;&nbsp;&nbsp;&nbsp; 19057 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Ganfeng Lithium Group Co. Ltd. Class H | 1655400 | &nbsp;&nbsp;&nbsp;&nbsp; 15698 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Wuxi Biologics Cayman Inc. | 3586500 | &nbsp;&nbsp;&nbsp;&nbsp; 15424 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Akeso Inc. | &nbsp;&nbsp;&nbsp;&nbsp;764000 | &nbsp;&nbsp;&nbsp;&nbsp; 13009 |
|  | &nbsp;&nbsp;&nbsp;Shenzhen Inovance Technology Co. Ltd. Class A | 1289221 | &nbsp;&nbsp;&nbsp;&nbsp; 12630 |
|  | &nbsp;&nbsp;&nbsp;Tencent Music Entertainment Group ADR | 1039268 | &nbsp;&nbsp;&nbsp;&nbsp; 9644 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **333153** |
| **Denmark (3.9%)** | **Denmark (3.9%)** | **Denmark (3.9%)** | **Denmark (3.9%)** |
|  | &nbsp;&nbsp;&nbsp;DSV A/S | &nbsp;&nbsp;&nbsp;&nbsp;235813 | &nbsp;&nbsp;&nbsp;&nbsp; 56951 |
|  | &nbsp;&nbsp;&nbsp;Vestas Wind Systems A/S | &nbsp;&nbsp;&nbsp;&nbsp;706657 | &nbsp;&nbsp;&nbsp;&nbsp; 21320 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Genmab A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50746 | &nbsp;&nbsp;&nbsp;&nbsp; 13667 |
|  | &nbsp;&nbsp;&nbsp;Novo Nordisk A/S Class B | &nbsp;&nbsp;&nbsp;&nbsp;357910 | &nbsp;&nbsp;&nbsp;&nbsp; 13098 |
|  | &nbsp;&nbsp;&nbsp;Ambu A/S Class B | 1134662 | &nbsp;&nbsp;&nbsp;&nbsp; 12126 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zealand Pharma A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75843 | &nbsp;&nbsp;&nbsp;&nbsp; 3532 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **120694** |
| **France (5.2%)** | **France (5.2%)** | **France (5.2%)** | **France (5.2%)** |
|  | &nbsp;&nbsp;&nbsp;L'Oreal SA (XPAR) | &nbsp;&nbsp;&nbsp;&nbsp;121165 | &nbsp;&nbsp;&nbsp;&nbsp; 49471 |
|  | &nbsp;&nbsp;&nbsp;Hermes International SCA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19577 | &nbsp;&nbsp;&nbsp;&nbsp; 37086 |
|  | &nbsp;&nbsp;&nbsp;Schneider Electric SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78267 | &nbsp;&nbsp;&nbsp;&nbsp; 21318 |
|  | &nbsp;&nbsp;&nbsp;Air Liquide SA (XPAR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99543 | &nbsp;&nbsp;&nbsp;&nbsp; 20575 |
|  | &nbsp;&nbsp;&nbsp;Legrand SA | &nbsp;&nbsp;&nbsp;&nbsp;126268 | &nbsp;&nbsp;&nbsp;&nbsp; 19616 |
|  | &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23034 | &nbsp;&nbsp;&nbsp;&nbsp; 12592 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SOITEC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60821 | &nbsp;&nbsp;&nbsp;&nbsp; 3731 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **164389** |
| **Germany (2.9%)** | **Germany (2.9%)** | **Germany (2.9%)** | **Germany (2.9%)** |
|  | &nbsp;&nbsp;&nbsp;SAP SE | &nbsp;&nbsp;&nbsp;&nbsp;129885 | &nbsp;&nbsp;&nbsp;&nbsp; 22143 |
|  | &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke AG (XETR) | &nbsp;&nbsp;&nbsp;&nbsp;195781 | &nbsp;&nbsp;&nbsp;&nbsp; 18111 |
|  | &nbsp;&nbsp;&nbsp;Infineon Technologies AG | &nbsp;&nbsp;&nbsp;&nbsp;366257 | &nbsp;&nbsp;&nbsp;&nbsp; 16616 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Beiersdorf AG | &nbsp;&nbsp;&nbsp;&nbsp;171385 | &nbsp;&nbsp;&nbsp;&nbsp; 15405 |
|  | &nbsp;&nbsp;&nbsp;Siemens AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47588 | &nbsp;&nbsp;&nbsp;&nbsp; 11594 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Delivery Hero SE | &nbsp;&nbsp;&nbsp;&nbsp;322360 | &nbsp;&nbsp;&nbsp;&nbsp; 5990 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **89859** |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value<br> ($000)** |
| **Hong Kong (1.9%)** | **Hong Kong (1.9%)** | **Hong Kong (1.9%)** | **Hong Kong (1.9%)** |
|  | &nbsp;&nbsp;&nbsp;AIA Group Ltd. | 5460000 | &nbsp;&nbsp;&nbsp;&nbsp; 60668 |
| **India (1.7%)** | **India (1.7%)** | **India (1.7%)** | **India (1.7%)** |
|  | &nbsp;&nbsp;&nbsp;HDFC Bank Ltd. | 3647398 | &nbsp;&nbsp;&nbsp;&nbsp; 28570 |
|  | &nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | 1051705 | &nbsp;&nbsp;&nbsp;&nbsp; 15125 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MakeMyTrip Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;218779 | &nbsp;&nbsp;&nbsp;&nbsp; 8158 |
| <sup>\*,3,4</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; 81 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **51934** |
| **Indonesia (0.3%)** | **Indonesia (0.3%)** | **Indonesia (0.3%)** | **Indonesia (0.3%)** |
|  | &nbsp;&nbsp;&nbsp;Bank Central Asia Tbk PT | 21738600 | &nbsp;&nbsp;&nbsp;&nbsp; 8397 |
| **Israel (0.3%)** | **Israel (0.3%)** | **Israel (0.3%)** | **Israel (0.3%)** |
| <sup>\*,2</sup> | &nbsp;&nbsp;&nbsp;Wix.com Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;100217 | &nbsp;&nbsp;&nbsp;&nbsp; 9027 |
| **Italy (2.8%)** | **Italy (2.8%)** | **Italy (2.8%)** | **Italy (2.8%)** |
|  | &nbsp;&nbsp;&nbsp;Ferrari NV | &nbsp;&nbsp;&nbsp;&nbsp;108485 | &nbsp;&nbsp;&nbsp;&nbsp; 36809 |
|  | &nbsp;&nbsp;&nbsp;Prysmian SpA | &nbsp;&nbsp;&nbsp;&nbsp;170216 | &nbsp;&nbsp;&nbsp;&nbsp; 20101 |
|  | &nbsp;&nbsp;&nbsp;FinecoBank Banca Fineco SpA | &nbsp;&nbsp;&nbsp;&nbsp;807468 | &nbsp;&nbsp;&nbsp;&nbsp; 17965 |
|  | &nbsp;&nbsp;&nbsp;Brunello Cucinelli SpA | &nbsp;&nbsp;&nbsp;&nbsp;152170 | &nbsp;&nbsp;&nbsp;&nbsp; 13299 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **88174** |
| **Japan (11.9%)** | **Japan (11.9%)** | **Japan (11.9%)** | **Japan (11.9%)** |
|  | &nbsp;&nbsp;&nbsp;Keyence Corp. | &nbsp;&nbsp;&nbsp;&nbsp;166800 | &nbsp;&nbsp;&nbsp;&nbsp; 59365 |
|  | &nbsp;&nbsp;&nbsp;Advantest Corp. | &nbsp;&nbsp;&nbsp;&nbsp;402000 | &nbsp;&nbsp;&nbsp;&nbsp; 55479 |
|  | &nbsp;&nbsp;&nbsp;Disco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93800 | &nbsp;&nbsp;&nbsp;&nbsp; 38231 |
|  | &nbsp;&nbsp;&nbsp;MS&AD Insurance Group Holdings Inc. | 1019100 | &nbsp;&nbsp;&nbsp;&nbsp; 26594 |
|  | &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group Inc. | 1360800 | &nbsp;&nbsp;&nbsp;&nbsp; 23044 |
|  | &nbsp;&nbsp;&nbsp;Lasertec Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98900 | &nbsp;&nbsp;&nbsp;&nbsp; 22013 |
|  | &nbsp;&nbsp;&nbsp;Fast Retailing Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46800 | &nbsp;&nbsp;&nbsp;&nbsp; 18491 |
|  | &nbsp;&nbsp;&nbsp;Hoya Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95300 | &nbsp;&nbsp;&nbsp;&nbsp; 16521 |
|  | &nbsp;&nbsp;&nbsp;ITOCHU Corp. | 1295300 | &nbsp;&nbsp;&nbsp;&nbsp; 16477 |
|  | &nbsp;&nbsp;&nbsp;Recruit Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;336700 | &nbsp;&nbsp;&nbsp;&nbsp; 14670 |
|  | &nbsp;&nbsp;&nbsp;KDDI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;840400 | &nbsp;&nbsp;&nbsp;&nbsp; 14309 |
|  | &nbsp;&nbsp;&nbsp;Sony Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;541100 | &nbsp;&nbsp;&nbsp;&nbsp; 11278 |
|  | &nbsp;&nbsp;&nbsp;SBI Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;586000 | &nbsp;&nbsp;&nbsp;&nbsp; 10851 |
|  | &nbsp;&nbsp;&nbsp;Daikin Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86300 | &nbsp;&nbsp;&nbsp;&nbsp; 10351 |
|  | &nbsp;&nbsp;&nbsp;SMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp; 8653 |
|  | &nbsp;&nbsp;&nbsp;FUJIFILM Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;397700 | &nbsp;&nbsp;&nbsp;&nbsp; 7579 |
|  | &nbsp;&nbsp;&nbsp;SoftBank Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;273900 | &nbsp;&nbsp;&nbsp;&nbsp; 6669 |
|  | &nbsp;&nbsp;&nbsp;Shimano Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55400 | &nbsp;&nbsp;&nbsp;&nbsp; 5784 |
|  | &nbsp;&nbsp;&nbsp;Terumo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;411500 | &nbsp;&nbsp;&nbsp;&nbsp; 5528 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **371887** |
| **Netherlands (6.5%)** | **Netherlands (6.5%)** | **Netherlands (6.5%)** | **Netherlands (6.5%)** |
|  | &nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82629 | &nbsp;&nbsp;&nbsp;&nbsp; 109877 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Adyen NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54565 | &nbsp;&nbsp;&nbsp;&nbsp; 54611 |
|  | &nbsp;&nbsp;&nbsp;EXOR NV | &nbsp;&nbsp;&nbsp;&nbsp;314313 | &nbsp;&nbsp;&nbsp;&nbsp; 24060 |
|  | &nbsp;&nbsp;&nbsp;Heineken NV | &nbsp;&nbsp;&nbsp;&nbsp;179048 | &nbsp;&nbsp;&nbsp;&nbsp; 13772 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **202320** |
| **Norway (0.5%)** | **Norway (0.5%)** | **Norway (0.5%)** | **Norway (0.5%)** |
|  | &nbsp;&nbsp;&nbsp;DNB Bank ASA | &nbsp;&nbsp;&nbsp;&nbsp;527865 | &nbsp;&nbsp;&nbsp;&nbsp; 16516 |
| **Singapore (2.1%)** | **Singapore (2.1%)** | **Singapore (2.1%)** | **Singapore (2.1%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sea Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;811284 | &nbsp;&nbsp;&nbsp;&nbsp; 67182 |
| **South Korea (3.3%)** | **South Korea (3.3%)** | **South Korea (3.3%)** | **South Korea (3.3%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coupang Inc. | 2221377 | &nbsp;&nbsp;&nbsp;&nbsp; 41940 |
|  | &nbsp;&nbsp;&nbsp;SK Hynix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63570 | &nbsp;&nbsp;&nbsp;&nbsp; 36067 |
|  | &nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. (XKRX) | &nbsp;&nbsp;&nbsp;&nbsp;201381 | &nbsp;&nbsp;&nbsp;&nbsp; 23554 |
|  | &nbsp;&nbsp;&nbsp;APR Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9423 | &nbsp;&nbsp;&nbsp;&nbsp; 2150 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **103711** |
| **Spain (1.2%)** | **Spain (1.2%)** | **Spain (1.2%)** | **Spain (1.2%)** |
|  | &nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA | 1105055 | &nbsp;&nbsp;&nbsp;&nbsp; 23869 |
|  | &nbsp;&nbsp;&nbsp;Iberdrola SA (XMAD) | &nbsp;&nbsp;&nbsp;&nbsp;616923 | &nbsp;&nbsp;&nbsp;&nbsp; 14124 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **37993** |
| **Sweden (5.2%)** | **Sweden (5.2%)** | **Sweden (5.2%)** | **Sweden (5.2%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Spotify Technology SA | &nbsp;&nbsp;&nbsp;&nbsp;181993 | &nbsp;&nbsp;&nbsp;&nbsp; 88250 |
|  | &nbsp;&nbsp;&nbsp;Atlas Copco AB Class A | 3513225 | &nbsp;&nbsp;&nbsp;&nbsp; 61997 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
|  | &nbsp;&nbsp;&nbsp;Svenska Handelsbanken AB Class A | &nbsp;&nbsp;&nbsp;&nbsp;568130 | &nbsp;&nbsp;&nbsp;&nbsp; 7490 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kinnevik AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;853670 | &nbsp;&nbsp;&nbsp;&nbsp; 4591 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **162328** |
| **Switzerland (6.4%)** | **Switzerland (6.4%)** | **Switzerland (6.4%)** | **Switzerland (6.4%)** |
|  | &nbsp;&nbsp;&nbsp;Galderma Group AG | &nbsp;&nbsp;&nbsp;&nbsp;203331 | &nbsp;&nbsp;&nbsp;&nbsp; 39961 |
|  | &nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83531 | &nbsp;&nbsp;&nbsp;&nbsp; 33337 |
|  | &nbsp;&nbsp;&nbsp;Lonza Group AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49025 | &nbsp;&nbsp;&nbsp;&nbsp; 31450 |
|  | &nbsp;&nbsp;&nbsp;Cie Financiere Richemont SA Class A (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;101805 | &nbsp;&nbsp;&nbsp;&nbsp; 17975 |
|  | &nbsp;&nbsp;&nbsp;Chocoladefabriken Lindt & Spruengli AG Ptg. Ctf. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1230 | &nbsp;&nbsp;&nbsp;&nbsp; 17272 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;VAT Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23883 | &nbsp;&nbsp;&nbsp;&nbsp; 14899 |
|  | &nbsp;&nbsp;&nbsp;Sika AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87063 | &nbsp;&nbsp;&nbsp;&nbsp; 14411 |
|  | &nbsp;&nbsp;&nbsp;Alcon AG | &nbsp;&nbsp;&nbsp;&nbsp;154186 | &nbsp;&nbsp;&nbsp;&nbsp; 11655 |
|  | &nbsp;&nbsp;&nbsp;Temenos AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;109636 | &nbsp;&nbsp;&nbsp;&nbsp; 9609 |
|  | &nbsp;&nbsp;&nbsp;Belimo Holding AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11296 | &nbsp;&nbsp;&nbsp;&nbsp; 9174 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **199743** |
| **Taiwan (7.3%)** | **Taiwan (7.3%)** | **Taiwan (7.3%)** | **Taiwan (7.3%)** |
|  | &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. (XTAI) | 3790000 | &nbsp;&nbsp;&nbsp;&nbsp; 219193 |
|  | &nbsp;&nbsp;&nbsp;Hon Hai Precision Industry Co. Ltd. | 1508000 | &nbsp;&nbsp;&nbsp;&nbsp; 9218 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **228411** |
| **United Kingdom (7.5%)** | **United Kingdom (7.5%)** | **United Kingdom (7.5%)** | **United Kingdom (7.5%)** |
|  | &nbsp;&nbsp;&nbsp;RELX plc | 1252953 | &nbsp;&nbsp;&nbsp;&nbsp; 41050 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Wise plc Class A | 3077907 | &nbsp;&nbsp;&nbsp;&nbsp; 37065 |
|  | &nbsp;&nbsp;&nbsp;AstraZeneca plc | &nbsp;&nbsp;&nbsp;&nbsp;159775 | &nbsp;&nbsp;&nbsp;&nbsp; 31242 |
|  | &nbsp;&nbsp;&nbsp;London Stock Exchange Group plc | &nbsp;&nbsp;&nbsp;&nbsp;172996 | &nbsp;&nbsp;&nbsp;&nbsp; 20429 |
|  | &nbsp;&nbsp;&nbsp;Haleon plc | 4091770 | &nbsp;&nbsp;&nbsp;&nbsp; 20250 |
|  | &nbsp;&nbsp;&nbsp;Rio Tinto plc | &nbsp;&nbsp;&nbsp;&nbsp;199334 | &nbsp;&nbsp;&nbsp;&nbsp; 18493 |
|  | &nbsp;&nbsp;&nbsp;Reckitt Benckiser Group plc (XLON) | &nbsp;&nbsp;&nbsp;&nbsp;235687 | &nbsp;&nbsp;&nbsp;&nbsp; 15848 |
|  | &nbsp;&nbsp;&nbsp;HSBC Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;958003 | &nbsp;&nbsp;&nbsp;&nbsp; 15733 |
|  | &nbsp;&nbsp;&nbsp;Sage Group plc | &nbsp;&nbsp;&nbsp;&nbsp;767122 | &nbsp;&nbsp;&nbsp;&nbsp; 8596 |
|  | &nbsp;&nbsp;&nbsp;BAE Systems plc | &nbsp;&nbsp;&nbsp;&nbsp;261137 | &nbsp;&nbsp;&nbsp;&nbsp; 7656 |
|  | &nbsp;&nbsp;&nbsp;Bunzl plc | &nbsp;&nbsp;&nbsp;&nbsp;218905 | &nbsp;&nbsp;&nbsp;&nbsp; 6590 |
|  | &nbsp;&nbsp;&nbsp;Whitbread plc | &nbsp;&nbsp;&nbsp;&nbsp;169735 | &nbsp;&nbsp;&nbsp;&nbsp; 5218 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ocado Group plc | 1753576 | &nbsp;&nbsp;&nbsp;&nbsp; 4212 |
| <sup>\*,3,4</sup> | &nbsp;&nbsp;&nbsp;The Brandtech Group LLC PP (Acquired 9/23/2015, Cost $5,200) | 3903900 | &nbsp;&nbsp;&nbsp;&nbsp; 1421 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **233803** |
| **United States (7.1%)** | **United States (7.1%)** | **United States (7.1%)** | **United States (7.1%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MercadoLibre Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59296 | &nbsp;&nbsp;&nbsp;&nbsp; 102524 |
|  | &nbsp;&nbsp;&nbsp;Shell plc | &nbsp;&nbsp;&nbsp;&nbsp;906187 | &nbsp;&nbsp;&nbsp;&nbsp; 42374 |
|  | &nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;184527 | &nbsp;&nbsp;&nbsp;&nbsp; 32182 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Moderna Inc. | &nbsp;&nbsp;&nbsp;&nbsp;373768 | &nbsp;&nbsp;&nbsp;&nbsp; 18987 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Atlassian Corp. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;173736 | &nbsp;&nbsp;&nbsp;&nbsp; 11857 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ARM Holdings plc ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71045 | &nbsp;&nbsp;&nbsp;&nbsp; 10748 |
|  | &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8998 | &nbsp;&nbsp;&nbsp;&nbsp; 3331 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mobileye Global Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;186975 | &nbsp;&nbsp;&nbsp;&nbsp; 1285 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **223288** |
| **Total Common Stocks (Cost $2,634,118)** | **Total Common Stocks (Cost $2,634,118)** | **Total Common Stocks (Cost $2,634,118)** | &nbsp;&nbsp;&nbsp;&nbsp;**2993900** |
| **Preferred Stock (0.9%)** | **Preferred Stock (0.9%)** | **Preferred Stock (0.9%)** | **Preferred Stock (0.9%)** |
|  | &nbsp;&nbsp;&nbsp;Sartorius AG Preference Shares **(Cost $56,677**) | &nbsp;&nbsp;&nbsp;&nbsp;114635 | &nbsp;&nbsp;&nbsp;&nbsp; **28683** |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
| **Temporary Cash Investments (3.5%)** | **Temporary Cash Investments (3.5%)** | **Temporary Cash Investments (3.5%)** | **Temporary Cash Investments (3.5%)** |
| **Money Market Fund (3.5%)** | **Money Market Fund (3.5%)** | **Money Market Fund (3.5%)** | **Money Market Fund (3.5%)** |
| <sup>5,6</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 3.687% **(Cost $108,373)** | 1083753 | &nbsp;&nbsp;&nbsp;&nbsp; **108365** |
| **Total Investments (100.2%) (Cost $2,799,168)** | **Total Investments (100.2%) (Cost $2,799,168)** | **Total Investments (100.2%) (Cost $2,799,168)** | &nbsp;&nbsp;&nbsp;&nbsp;**3130948** |
| **Other Assets and Liabilities—Net (-0.2%)** | **Other Assets and Liabilities—Net (-0.2%)** | **Other Assets and Liabilities—Net (-0.2%)** | &nbsp;&nbsp;&nbsp;&nbsp;**(6761)** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**3124187** |
| 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 March 31, 2026, the aggregate value was $145,770, representing 4.7% of net assets. |
| 2 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $9,423. |
| 3 | Restricted securities totaling $1,502, representing 0.0% of net assets. |
| 4 | Security value determined using significant unobservable inputs. |
| 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 $10,730 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 |  |  |  |  |
| MSCI EAFE Index | June 2026 | 303 | 43952 | &nbsp;&nbsp;(478) |
| MSCI Emerging Markets Index | June 2026 | 306 | 22255 | &nbsp;&nbsp;(238) |
|  |  |  |  | &nbsp;&nbsp;(716) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| 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) |
| JPMorgan Chase Bank, N.A. | 6/17/2026 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;127 | &nbsp;&nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;97 | &nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase Bank, N.A. | 6/17/2026 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;2133 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;1825 | &nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;— |
| Toronto-Dominion Bank | 6/17/2026 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;176 | &nbsp;&nbsp;&nbsp;SEK | &nbsp;&nbsp;&nbsp;1612 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;— |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;25 | &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 March 31, 2026, 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 | 324115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;366489 |
| Common Stocks—Other | 258456 | &nbsp;&nbsp;&nbsp;2367453 | &nbsp;&nbsp;&nbsp;1502 | &nbsp;&nbsp;&nbsp;2627411 |
| Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28683 |
| Temporary Cash Investments | 108365 | &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;108365 |
| Total | 690936 | &nbsp;&nbsp;&nbsp;2438510 | &nbsp;&nbsp;&nbsp;1502 | &nbsp;&nbsp;&nbsp;3130948 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| Liabilities |  |  |  |  |
| Futures Contracts<sup>1</sup> | (716) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(716) |

---

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:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $3162107366.70

**Total Liabilities:** $26657110.56

**Net Assets:** $3135450256.14

**Cash Not Reported:** $10879009.34

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000012159 | 3.25%                | -0.03%               | -8.10%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $47337717.58             | $54485910.95                               |
| Month 2  | $69249479.21             | $-77140214.87                              |
| Month 3  | $36121201.65             | $-313372927.02                             |

### Schedule of Portfolio Investments

| Name                                              | Title                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Adyen NV                                          | ADYEN NV                                         | CUSIP: N/A<br>LEI: 724500973ODKK3IFQ447       | Long             | EC               | CORP              | NL        |     54565 | NS      | $54611402.49  | 1.74%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Air Liquide SA                                    | AIR LIQUIDE SA                                   | CUSIP: F01764103<br>LEI: 969500MMPQVHK671GT54 | Long             | EC               | CORP              | FR        |     80540 | NS      | $16647497.38  | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Delivery Hero SE                                  | DELIVERY HERO SE                                 | CUSIP: N/A<br>LEI: 529900C3EX1FZGE48X78       | Long             | EC               | CORP              | DE        |    322360 | NS      | $5989818.75   | 0.19%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Brandtech Group Ltd/The                           | THE BRANDTECH GROUP LLC                          | CUSIP: N/A<br>LEI: 5493001ZSPIU8EIY2M93       | Long             | EC               | CORP              | US        |   3903901 | NS      | $1421019.84   | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Lonza Group AG                                    | LONZA GROUP -REG                                 | CUSIP: N/A<br>LEI: 549300EFW4H2TCZ71055       | Long             | EC               | CORP              | CH        |     43463 | NS      | $27882312.02  | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Disco Corp                                        | DISCO CORP                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     95400 | NS      | $38883433.15  | 1.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Wuxi Biologics Cayman Inc                         | WUXI BIOLOGICS C                                 | CUSIP: N/A<br>LEI: 5493001TD2TH6VDTJU11       | Long             | EC               | CORP              | HK        |   3586500 | NS      | $15423712.79  | 0.49%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Reliance Industries Ltd                           | RELIANCE INDUSTR                                 | CUSIP: Y72596102<br>LEI: 5493003UOETFYRONLG31 | Long             | EC               | CORP              | IN        |   1051705 | NS      | $15125161.81  | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| PDD Holdings Inc                                  | PDD HOLDINGS INC                                 | CUSIP: N/A<br>LEI: 5493000573DS7005T657       | Long             | EC               | CORP              | US        |    335246 | NS      | $34255436.28  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Hoya Corp                                         | HOYA CORP                                        | CUSIP: N/A<br>LEI: 353800X4VR3BHEUCJB42       | Long             | EC               | CORP              | JP        |     95300 | NS      | $16521241.36  | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Bunzl PLC                                         | BUNZL PLC                                        | CUSIP: G16968110<br>LEI: 213800Q1Q9DV4L78UM09 | Long             | EC               | CORP              | GB        |    218905 | NS      | $6590229.17   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group Inc                | MITSUBISHI UFJ F                                 | CUSIP: N/A<br>LEI: 353800V2V8PUY9TK3E06       | Long             | EC               | CORP              | JP        |   1360800 | NS      | $23043678.56  | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| MS&AD Insurance Group Holdings Inc                | MS&AD INSURANCE                                  | CUSIP: N/A<br>LEI: 529900CXROT5S2HMMP26       | Long             | EC               | CORP              | JP        |   1019100 | NS      | $26593992.74  | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Zealand Pharma A/S                                | ZEALAND PHARMA A                                 | CUSIP: N/A<br>LEI: 549300ITBB1ULBL4CZ12       | Long             | EC               | CORP              | DK        |     75843 | NS      | $3532008.64   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Atlassian Corp                                    | ATLASSIAN CORP-A                                 | CUSIP: 049468101<br>LEI: 549300V7ZY5P02D2MY38 | Long             | EC               | CORP              | US        |    173736 | NS      | $11857482.00  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| VAT Group AG                                      | VAT GROUP AG                                     | CUSIP: N/A<br>LEI: 529900MVFK7NVALR7Y83       | Long             | EC               | CORP              | CH        |     25538 | NS      | $15931657.13  | 0.51%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Temenos AG                                        | TEMENOS AG-REG                                   | CUSIP: N/A<br>LEI: 5067007NW6550481FH64       | Long             | EC               | CORP              | CH        |    109636 | NS      | $9609192.42   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd                        | SAMSUNG ELECTRON                                 | CUSIP: Y74718100<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |    201381 | NS      | $23553782.20  | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria SA                | BBVA                                             | CUSIP: N/A<br>LEI: K8MS7FD7N5Z2WQ51AZ71       | Long             | EC               | CORP              | ES        |   1105055 | NS      | $23868699.56  | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Vestas Wind Systems A/S                           | VESTAS WIND SYST                                 | CUSIP: N/A<br>LEI: 549300DYMC8BGZZC8844       | Long             | EC               | CORP              | DK        |    706657 | NS      | $21320488.76  | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Microsoft Corp                                    | MICROSOFT CORP                                   | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     12642 | NS      | $4679689.14   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Legrand SA                                        | LEGRAND SA                                       | CUSIP: F56196185<br>LEI: 969500XXRPGD7HCAFA90 | Long             | EC               | CORP              | FR        |    126268 | NS      | $19616317.24  | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank/The                         | TORONTO-DOM BANK                                 | CUSIP: 891160509<br>LEI: PT3QB789TSUIDF371261 | Long             | EC               | CORP              | CA        |    265324 | NS      | $24779594.62  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Chocoladefabriken Lindt & Spruengli AG            | CHOCOLADEFABR-PC                                 | CUSIP: H49983184<br>LEI: 529900JYJNNOKKAGK736 | Long             | EC               | CORP              | CH        |      1171 | NS      | $16443158.82  | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| SOITEC                                            | SOITEC                                           | CUSIP: N/A<br>LEI: 969500ZR92SQCU9TST26       | Long             | EC               | CORP              | FR        |     60821 | NS      | $3730620.54   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| L'Oreal SA                                        | L'OREAL                                          | CUSIP: F58149133<br>LEI: 529900JI1GG6F7RKVI53 | Long             | EC               | CORP              | FR        |    121165 | NS      | $49470521.64  | 1.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Fast Retailing Co Ltd                             | FAST RETAILING                                   | CUSIP: N/A<br>LEI: 353800ZCXKHDPY0N5218       | Long             | EC               | CORP              | JP        |     46800 | NS      | $18490967.44  | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd         | TSMC                                             | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | TW        |   3790000 | NS      | $219192849.24 | 6.99%             |  |  |  | No            |                  2 | On Loan: No      |
| SMC Corp                                          | SMC CORP                                         | CUSIP: N/A<br>LEI: 353800O40V08DOZ70X62       | Long             | EC               | CORP              | JP        |     22000 | NS      | $8652557.03   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Daikin Industries Ltd                             | DAIKIN INDS                                      | CUSIP: N/A<br>LEI: 549300Y7FWSTSHMW5Y57       | Long             | EC               | CORP              | JP        |     86300 | NS      | $10351413.73  | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Argenx SE                                         | ARGENX SE                                        | CUSIP: N/A<br>LEI: 7245009C5FZE6G9ODQ71       | Long             | EC               | CORP              | BE        |     35662 | NS      | $25881307.17  | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Advantest Corp                                    | ADVANTEST CORP                                   | CUSIP: N/A<br>LEI: 353800EMK32PDKS9XR54       | Long             | EC               | CORP              | JP        |    411900 | NS      | $56844931.72  | 1.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Genmab A/S                                        | GENMAB A/S                                       | CUSIP: N/A<br>LEI: 529900MTJPDPE4MHJ122       | Long             | EC               | CORP              | DK        |     50746 | NS      | $13666982.36  | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Vanguard Cmt Funds-Vanguard Market Liquidity Fund | Vanguard Market Liquidity Fund                   | CUSIP: N/A<br>LEI: 1I6HV0TLSTR3A4XQ6L78       | Long             | STIV             | CORP              | US        |     14771 | NS      | $1476998.29   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Akeso Inc                                         | AKESO INC                                        | CUSIP: N/A<br>LEI: 254900ECWYGR3QW5GF30       | Long             | EC               | CORP              | HK        |    764000 | NS      | $13008556.25  | 0.41%             |  |  |  | Yes           |                  2 | On Loan: No      |
| NU Holdings Ltd/Cayman Islands                    | NU HOLDINGS LT-A                                 | CUSIP: G6683N103<br>LEI: 5493002DG1RHWK9W2X27 | Long             | EC               | CORP              | US        |   4887791 | NS      | $70237556.67  | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| AIA Group Ltd                                     | AIA                                              | CUSIP: Y002A1105<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |   5460000 | NS      | $60667820.16  | 1.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Kinnevik AB                                       | KINNEVIK AB - B                                  | CUSIP: N/A<br>LEI: 2138006PZH76JOS6MN27       | Long             | EC               | CORP              | SE        |    853670 | NS      | $4590592.00   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                               | MSCI EmgMkt       Jun26                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |       362 | NC      | $-271757.20   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Sony Group Corp                                   | SONY GROUP CORP                                  | CUSIP: N/A<br>LEI: 529900R5WX9N2OI2N910       | Long             | EC               | CORP              | JP        |    541100 | NS      | $11277994.91  | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Ferrari NV                                        | FERRARI NV                                       | CUSIP: N/A<br>LEI: 549300RIVY5EX8RCON76       | Long             | EC               | CORP              | IT        |    108485 | NS      | $36809379.16  | 1.17%             |  |  |  | No            |                  2 | On Loan: No      |
| SoftBank Group Corp                               | SOFTBANK GROUP C                                 | CUSIP: N/A<br>LEI: 5493003BZYYYCDIO0R13       | Long             | EC               | CORP              | JP        |    273900 | NS      | $6669396.74   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| London Stock Exchange Group PLC                   | LONDON STOCK EX                                  | CUSIP: N/A<br>LEI: 213800QAUUUP6I445N30       | Long             | EC               | CORP              | GB        |    172996 | NS      | $20428703.72  | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| KDDI Corp                                         | KDDI CORP                                        | CUSIP: J31843105<br>LEI: 5299003FU7V4I45FU310 | Long             | EC               | CORP              | JP        |    840400 | NS      | $14309261.54  | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Central Asia Tbk PT                          | BANK CENTRAL ASI                                 | CUSIP: N/A<br>LEI: 254900BR956G2OHVOM21       | Long             | EC               | CORP              | ID        |  21738600 | NS      | $8397203.41   | 0.27%             |  |  |  | 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      | $15697843.93  | 0.50%             |  |  |  | Yes           |                  2 | On Loan: No      |
| FUJIFILM Holdings Corp                            | FUJIFILM HOLDING                                 | CUSIP: N/A<br>LEI: 529900UBKMFM0ST6H474       | Long             | EC               | CORP              | JP        |    397700 | NS      | $7578427.47   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Reckitt Benckiser Group PLC                       | RECKITT BENCKISE                                 | CUSIP: N/A<br>LEI: 5493003JFSMOJG48V108       | Long             | EC               | CORP              | GB        |    235687 | NS      | $15847673.86  | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Wise PLC                                          | WISE PLC - A                                     | CUSIP: N/A<br>LEI: 213800LD9XCHIC1C4V71       | Long             | EC               | CORP              | GB        |   3077907 | NS      | $37064719.80  | 1.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Haleon PLC                                        | HALEON PLC                                       | CUSIP: N/A<br>LEI: 549300PSB3WWEODCUP19       | Long             | EC               | CORP              | GB        |   4091770 | NS      | $20250144.09  | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| ANI Technologies Pvt Ltd                          | ANI TECHNOLOGIES                                 | CUSIP: N/A<br>LEI: 3358005EI53EZBOISD56       | Long             | EC               | CORP              | IN        |     19170 | NS      | $80515.06     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Ocado Group PLC                                   | OCADO GROUP PLC                                  | CUSIP: N/A<br>LEI: 213800LO8F61YB8MBC74       | Long             | EC               | CORP              | GB        |   1859178 | NS      | $4465629.83   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Raia Drogasil SA                                  | RAIADROGASIL                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |   1673439 | NS      | $7601767.60   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Prysmian SpA                                      | PRYSMIAN SPA                                     | CUSIP: N/A<br>LEI: 529900X0H1IO3RS1A464       | Long             | EC               | CORP              | IT        |    170216 | NS      | $20100991.84  | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| UCB SA                                            | UCB SA                                           | CUSIP: B93562120<br>LEI: 2138008J191VLSGY5A09 | Long             | EC               | CORP              | BE        |     49957 | NS      | $15051884.02  | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| WiseTech Global Ltd                               | WISETECH GLOBAL                                  | CUSIP: N/A<br>LEI: 254900VE3AF301Q85K83       | Long             | EC               | CORP              | AU        |    656113 | NS      | $17702298.86  | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Sage Group PLC/The                                | SAGE GROUP PLC/T                                 | CUSIP: N/A<br>LEI: 2138005RN5XYLTF8G138       | Long             | EC               | CORP              | GB        |    767122 | NS      | $8595904.00   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| FinecoBank Banca Fineco SpA                       | FINECOBANK SPA                                   | CUSIP: N/A<br>LEI: 549300L7YCATGO57ZE10       | Long             | EC               | CORP              | IT        |    807468 | NS      | $17965127.95  | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Schneider Electric SE                             | SCHNEIDER ELECTR                                 | CUSIP: N/A<br>LEI: 969500A1YF1XUYYXS284       | Long             | EC               | CORP              | FR        |     78267 | NS      | $21318492.99  | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd                                     | HDFC BANK LTD                                    | CUSIP: N/A<br>LEI: 335800ZQ6I4E2JXENC50       | Long             | EC               | CORP              | IN        |   3647398 | NS      | $28570217.48  | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Iberdrola SA                                      | IBERDROLA SA                                     | CUSIP: N/A<br>LEI: 5QK37QC7NWOJ8D7WVQ45       | Long             | EC               | CORP              | ES        |    616923 | NS      | $14123928.85  | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Hermes International SCA                          | HERMES INTL                                      | CUSIP: F48051100<br>LEI: 969500Y4IJGHJE2MTJ13 | Long             | EC               | CORP              | FR        |     19577 | NS      | $37085707.11  | 1.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Shenzhen Inovance Technology Co Ltd               | SHENZHEN INOVA-A                                 | CUSIP: N/A<br>LEI: 836800KA53998FUTIA85       | Long             | EC               | CORP              | CN        |   1289221 | NS      | $12629775.28  | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| RELX PLC                                          | RELX PLC                                         | CUSIP: G7493L105<br>LEI: 549300WSX3VBUFFJOO66 | Long             | EC               | CORP              | GB        |   1252953 | NS      | $41049686.61  | 1.31%             |  |  |  | No            |                  2 | On Loan: No      |
| BAE Systems PLC                                   | BAE SYSTEMS PLC                                  | CUSIP: N/A<br>LEI: 8SVCSVKSGDWMW2QHOH83       | Long             | EC               | CORP              | GB        |    261137 | NS      | $7656145.65   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Mobileye Global Inc                               | MOBILEYE GLOBA-A                                 | CUSIP: 60741F104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    209313 | NS      | $1437980.31   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| DSV A/S                                           | DSV A/S                                          | CUSIP: K31864117<br>LEI: 529900X41C0BSLK67H70 | Long             | EC               | CORP              | DK        |    235813 | NS      | $56950743.64  | 1.82%             |  |  |  | No            |                  2 | On Loan: No      |
| EXOR NV                                           | EXOR NV                                          | CUSIP: N/A<br>LEI: 5493002ENHZ6NYET7405       | Long             | EC               | CORP              | NL        |    314313 | NS      | $24059946.92  | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Keyence Corp                                      | KEYENCE CORP                                     | CUSIP: N/A<br>LEI: 529900M7PQBS7A89DZ11       | Long             | EC               | CORP              | JP        |    166800 | NS      | $59365308.18  | 1.89%             |  |  |  | No            |                  2 | On Loan: No      |
| APR Corp/Korea                                    | APR CORP/KOREA                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |      3888 | NS      | $887121.97    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Vanguard Cmt Funds-Vanguard Market Liquidity Fund | Vanguard Market Liquidity Fund                   | CUSIP: N/A<br>LEI: 1I6HV0TLSTR3A4XQ6L78       | Long             | STIV             | CORP              | US        |  96348120 | NS      | $96338484.74  | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Contemporary Amperex Technology Co Ltd            | CONTEMPORARY A-A                                 | CUSIP: N/A<br>LEI: 300300KINDY1K0E9I032       | Long             | EC               | CORP              | CN        |    738200 | NS      | $43676383.28  | 1.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Recruit Holdings Co Ltd                           | RECRUIT HOLDINGS                                 | CUSIP: N/A<br>LEI: 353800R2LRSMVVC4I806       | Long             | EC               | CORP              | JP        |    336700 | NS      | $14669997.83  | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Sika AG                                           | SIKA AG-REG                                      | CUSIP: N/A<br>LEI: 549300R3N69ECGYPU434       | Long             | EC               | CORP              | CH        |     71969 | NS      | $11912179.54  | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Cie Financiere Richemont SA                       | CIE FINANCI-REG                                  | CUSIP: N/A<br>LEI: 549300YIPGJ6UX2QPS51       | Long             | EC               | CORP              | CH        |    101805 | NS      | $17975301.43  | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Belimo Holding AG                                 | BELIMO HOLDING-R                                 | CUSIP: N/A<br>LEI: 506700339DLX749VEM23       | Long             | EC               | CORP              | CH        |     11296 | NS      | $9174029.39   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitton SE               | LVMH MOET HENNE                                  | CUSIP: F58485115<br>LEI: IOG4E947OATN0KJYSD45 | Long             | EC               | CORP              | FR        |     23034 | NS      | $12591521.12  | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Heineken NV                                       | HEINEKEN NV                                      | CUSIP: N/A<br>LEI: 724500K5PTPSST86UQ23       | Long             | EC               | CORP              | NL        |    179048 | NS      | $13772072.52  | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Wix.com Ltd                                       | WIX.COM LTD                                      | CUSIP: M98068105<br>LEI: 5493008P6N29Q1AG9464 | Long             | EC               | CORP              | US        |    100217 | NS      | $9026545.19   | 0.29%             |  |  |  | No            |                  1 | On Loan: —       |
| N/A                                               | MSCI EAFE         Jun26                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |       361 | NC      | $-537013.23   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Alcon AG                                          | ALCON INC                                        | CUSIP: N/A<br>LEI: 549300LDT5AP8S0NBM78       | Long             | EC               | CORP              | CH        |    154186 | NS      | $11654953.68  | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Svenska Handelsbanken AB                          | SVENSKA HAN-A                                    | CUSIP: N/A<br>LEI: NHBDILHZTYCNBV5UYZ31       | Long             | EC               | CORP              | SE        |    568130 | NS      | $7490067.69   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                               | SEK/USD FWD 20260617                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $5482.99      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Flipkart Online Services Pvt Ltd                  | Flipkart H Series Private - Dummy for ABOR       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SG        |     13514 | NS      | $16081.66     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| DNB Bank ASA                                      | DNB BANK ASA                                     | CUSIP: N/A<br>LEI: 549300GKFG0RYRRQ1414       | Long             | EC               | CORP              | NO        |    527865 | NS      | $16516175.65  | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| ARM Holdings PLC                                  | ARM HOLDINGS PLC                                 | CUSIP: N/A<br>LEI: 2138001E66EELTE7Y904       | Long             | EC               | CORP              | US        |     71045 | NS      | $10747687.60  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Block Inc                                         | BLOCK INC                                        | CUSIP: 852234103<br>LEI: 549300OHIIUWSTIZME52 | Long             | EC               | CORP              | US        |     58760 | NS      | $3536176.80   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| SBI Holdings Inc                                  | SBI HOLDINGS INC                                 | CUSIP: N/A<br>LEI: 353800L6LMHYIPSMRQ17       | Long             | EC               | CORP              | JP        |    586000 | NS      | $10850573.39  | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                                   | ASTRAZENECA PLC                                  | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | EC               | CORP              | GB        |    159775 | NS      | $31242395.02  | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Contemporary Amperex Technology Co Ltd            | CONTEMPORARY A-A                                 | CUSIP: N/A<br>LEI: 300300KINDY1K0E9I032       | Long             | EC               | CORP              | CN        |    322100 | NS      | $19057386.96  | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Lasertec Corp                                     | LASERTEC CORP                                    | CUSIP: N/A<br>LEI: 5299008UY0JUHZ3SAQ87       | Long             | EC               | CORP              | JP        |     98900 | NS      | $22012514.34  | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Sea Ltd                                           | SEA LTD-ADR                                      | CUSIP: N/A<br>LEI: 529900OM6JLLW44YKI15       | Long             | EC               | CORP              | US        |    811284 | NS      | $67182428.04  | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG                                  | ROCHE HOLDING AG-GENUSSCHEIN - PART.CERTIFICATES | CUSIP: N/A<br>LEI: 549300U41AUUVOAAOB37       | Long             | EC               | CORP              | CH        |     83531 | NS      | $33336457.20  | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Sartorius AG                                      | SARTORIUS AG-PFD                                 | CUSIP: D6705R119<br>LEI: 529900EQV2DY4FOAMU38 | Long             | EP               | CORP              | DE        |    114635 | NS      | $28683596.96  | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Atlas Copco AB                                    | ATLAS COPCO-A                                    | CUSIP: N/A<br>LEI: 213800T8PC8Q4FYJZR07       | Long             | EC               | CORP              | SE        |   3513225 | NS      | $61997260.87  | 1.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Flipkart Online Services Pvt Ltd                  | Flipkart G Series Private - Dummy for ABOR       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SG        |     31650 | NS      | $31650.00     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Rio Tinto PLC                                     | RIO TINTO PLC                                    | CUSIP: N/A<br>LEI: 213800YOEO5OQ72G2R82       | Long             | EC               | CORP              | GB        |    199334 | NS      | $18492947.45  | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd                              | TENCENT                                          | CUSIP: G87572163<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | HK        |   1174500 | NS      | $74078460.87  | 2.36%             |  |  |  | No            |                  2 | On Loan: No      |
| MercadoLibre Inc                                  | MERCADOLIBRE INC                                 | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |     59296 | NS      | $102523969.92 | 3.27%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | EUR/USD FWD 20260617                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $15596.14     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                 | HSBC HOLDINGS PL                                 | CUSIP: N/A<br>LEI: MLU0ZO3ML4LN2LL2TL39       | Long             | EC               | CORP              | GB        |    958003 | NS      | $15732886.57  | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| BYD Co Ltd                                        | BYD COMPANY                                      | CUSIP: N/A<br>LEI: 5299005557VL7ULJ7A69       | Long             | EC               | CORP              | HK        |   5086700 | NS      | $69541951.20  | 2.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Shopify Inc                                       | SHOPIFY INC - A                                  | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | US        |    269360 | NS      | $31951483.20  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ITOCHU Corp                                       | ITOCHU CORP                                      | CUSIP: N/A<br>LEI: J48DJYXDTLHM30UMYI18       | Long             | EC               | CORP              | JP        |   1295300 | NS      | $16476838.17  | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Terumo Corp                                       | TERUMO CORP                                      | CUSIP: J83173104<br>LEI: 353800JX1R4582QVK932 | Long             | EC               | CORP              | JP        |    411500 | NS      | $5528399.36   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Shimano Inc                                       | SHIMANO INC                                      | CUSIP: N/A<br>LEI: 529900L32YT3P9DECR10       | Long             | EC               | CORP              | JP        |     55400 | NS      | $5783914.38   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Novo Nordisk A/S                                  | NOVO NORDISK-B                                   | CUSIP: N/A<br>LEI: 549300DAQ1CVT6CXN342       | Long             | EC               | CORP              | DK        |    357910 | NS      | $13097524.68  | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Spotify Technology SA                             | SPOTIFY TECHNOLO                                 | CUSIP: L8681T102<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | US        |    181993 | NS      | $88250225.63  | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Ambu A/S                                          | AMBU A/S-B                                       | CUSIP: N/A<br>LEI: 5299008W2A69WX355710       | Long             | EC               | CORP              | DK        |   1134662 | NS      | $12126466.00  | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Coupang Inc                                       | COUPANG INC                                      | CUSIP: 22266T109<br>LEI: 549300XR4L1D80AK4W76 | Long             | EC               | CORP              | US        |   2221377 | NS      | $41939597.76  | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Beiersdorf AG                                     | BEIERSDORF AG                                    | CUSIP: N/A<br>LEI: L47NHHI0Z9X22DV46U41       | Long             | EC               | CORP              | DE        |    171385 | NS      | $15405342.83  | 0.49%             |  |  |  | No            |                  2 | On Loan: —       |
| Tencent Music Entertainment Group                 | TENCENT MUSI-ADR                                 | CUSIP: N/A<br>LEI: 213800XTZK2GOHQTYK41       | Long             | EC               | CORP              | US        |   1039268 | NS      | $9644407.04   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Erste Group Bank AG                               | ERSTE GROUP BANK                                 | CUSIP: N/A<br>LEI: PQOH26KWDF7CG10L6792       | Long             | EC               | CORP              | AT        |    172063 | NS      | $18587156.07  | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Hon Hai Precision Industry Co Ltd                 | HON HAI                                          | CUSIP: N/A<br>LEI: 30030004CM3GSZXX7O56       | Long             | EC               | CORP              | TW        |   1508000 | NS      | $9218047.97   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Infineon Technologies AG                          | INFINEON TECH                                    | CUSIP: N/A<br>LEI: TSI2PJM6EPETEQ4X1U25       | Long             | EC               | CORP              | DE        |    366257 | NS      | $16615659.92  | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Galderma Group AG                                 | GALDERMA GROUP A                                 | CUSIP: N/A<br>LEI: 89450001OK6O8ELQ4584       | Long             | EC               | CORP              | CH        |    203331 | NS      | $39961389.29  | 1.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Kinross Gold Corp                                 | KINROSS GOLD                                     | CUSIP: 496902404<br>LEI: 254900O9KHF2A1ZXPT47 | Long             | EC               | CORP              | US        |    282792 | NS      | $8630811.84   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                                       | NVIDIA CORP                                      | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    184527 | NS      | $32181508.80  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                                   | ASML HOLDING NV                                  | CUSIP: N07059202<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |     82629 | NS      | $109876408.23 | 3.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Meituan                                           | MEITUAN-W                                        | CUSIP: N/A<br>LEI: 21380033K525E5JLIA77       | Long             | EC               | CORP              | HK        |   2395392 | NS      | $26139099.95  | 0.83%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Whitbread PLC                                     | WHITBREAD PLC                                    | CUSIP: G9606P197<br>LEI: 21380099VMZKRMN3EX36 | Long             | EC               | CORP              | GB        |    169735 | NS      | $5218549.37   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Moderna Inc                                       | MODERNA INC                                      | CUSIP: 60770K107<br>LEI: 549300EI6OKH5K5Q2G38 | Long             | EC               | CORP              | US        |    373768 | NS      | $18987414.40  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                                            | SAP SE                                           | CUSIP: D66992104<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |    129885 | NS      | $22143129.03  | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens AG                                        | SIEMENS AG-REG                                   | CUSIP: N/A<br>LEI: W38RGI023J3WT1HWRP32       | Long             | EC               | CORP              | DE        |     47588 | NS      | $11594060.18  | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                               | CHF/USD FWD 20260617                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $3995.11      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MakeMyTrip Ltd                                    | MAKEMYTRIP LTD                                   | CUSIP: V5633W109<br>LEI: 529900DNT8HNJ7RYUO60 | Long             | EC               | CORP              | US        |    218779 | NS      | $8158268.91   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Brunello Cucinelli SpA                            | BRUNELLO CUCINEL                                 | CUSIP: N/A<br>LEI: 5493003CX2RZ0FOBH256       | Long             | EC               | CORP              | IT        |    152170 | NS      | $13298763.52  | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Shell PLC                                         | SHELL PLC                                        | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | NL        |    906187 | NS      | $42374286.98  | 1.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Bayerische Motoren Werke AG                       | BMW AG                                           | CUSIP: D12096109<br>LEI: YEH5ZCD6E441RHVHD759 | Long             | EC               | CORP              | DE        |    195781 | NS      | $18111052.74  | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| SK hynix Inc                                      | SK HYNIX INC                                     | CUSIP: N/A<br>LEI: 988400XAIK6XISWQV045       | Long             | EC               | CORP              | KR        |     63570 | NS      | $36067377.64  | 1.15%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-28

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

**Signature:** Ashley Grim

**Name of Signer:** Ashley Grim

**Title:** Treasurer