# EDGAR Filing Document

**Accession Number:** 0000857490
**File Stem:** 0001752724-23-050279
**Filing Date:** 2023-3
**Character Count:** 48470
**Document Hash:** 87b150b90ee39ecf03b38c28f9851977
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-050279.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001752724-23-050279

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**PERIOD START**: 20221231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VANGUARD VARIABLE INSURANCE FUNDS
- **CENTRAL INDEX KEY:** 0000857490
- **IRS NUMBER:** 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:** 23693861

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

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

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

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

## Series and Classes Contracts Data

### International Portfolio (Series ID: S000004403)

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Malvern

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19355

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 2022-12-31

- **b. Date as of which information is reported:** 2022-12-31

**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:** $2818331861.16

**Total Liabilities:** $5038731.74

**Net Assets:** $2813293129.42

**Cash Not Reported:** $6763532.73

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000012159 | 2.51%                | 15.61%               | -4.66%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-3704931.33             | $64757094.61                               |
| Month 2  | $2627253.52              | $392804222.62                              |
| Month 3  | $23906230.59             | $-160579198.34                             |

### 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        |     62046 | NS      | $86135310.96  | 3.06%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Delivery Hero SE                                  | DELIVERY HERO SE                           | CUSIP: N/A<br>LEI: 529900C3EX1FZGE48X78       | Long             | EC               | CORP              | DE        |    623581 | NS      | $29925489.23  | 1.06%             |  |  |  | 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      | $26378656.75  | 0.94%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Lonza Group AG                                    | LONZA GROUP -REG                           | CUSIP: N/A<br>LEI: 549300EFW4H2TCZ71055       | Long             | EC               | CORP              | CH        |     19985 | NS      | $9810145.89   | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Wuxi Biologics Cayman Inc                         | WUXI BIOLOGICS C                           | CUSIP: N/A<br>LEI: 5493001TD2TH6VDTJU11       | Long             | EC               | CORP              | HK        |   2378000 | NS      | $18010760.17  | 0.64%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Pinduoduo Inc                                     | PINDUODUO IN-ADR                           | CUSIP: N/A<br>LEI: 5493000573DS7005T657       | Long             | EC               | CORP              | US        |    135710 | NS      | $11067150.50  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Carrefour SA                                      | CARREFOUR SA                               | CUSIP: N/A<br>LEI: 549300B8P6MUJ1YWTS08       | Long             | EC               | CORP              | FR        |    549129 | NS      | $9184701.81   | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Bunzl PLC                                         | BUNZL PLC                                  | CUSIP: G16968110<br>LEI: 213800Q1Q9DV4L78UM09 | Long             | EC               | CORP              | GB        |    269112 | NS      | $8953400.72   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group Inc                | MITSUBISHI UFJ F                           | CUSIP: N/A<br>LEI: 353800V2V8PUY9TK3E06       | Long             | EC               | CORP              | JP        |   2904500 | NS      | $19499118.35  | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Nidec Corp                                        | NIDEC CORP                                 | CUSIP: N/A<br>LEI: 353800IF171MZTNL6Y31       | Long             | EC               | CORP              | JP        |    637100 | NS      | $32784624.35  | 1.17%             |  |  |  | No            |                  2 | On Loan: No      |
| MISUMI Group Inc                                  | MISUMI GROUP INC                           | CUSIP: J43293109<br>LEI: 353800SJWGE5BEK2V032 | Long             | EC               | CORP              | JP        |    202500 | NS      | $4401198.45   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Lululemon Athletica Inc                           | LULULEMON ATH                              | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               | CORP              | US        |     20699 | NS      | $6631545.62   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Dr Ing hc F Porsche AG                            | DR ING HC F PORS                           | CUSIP: N/A<br>LEI: 529900EWEX125AULXI58       | Long             | EP               | CORP              | DE        |     74220 | NS      | $7489800.06   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Temenos AG                                        | TEMENOS AG-REG                             | CUSIP: N/A<br>LEI: 5067007NW6550481FH64       | Long             | EC               | CORP              | CH        |    154447 | NS      | $8496639.01   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd                        | SAMSUNG ELECTRON                           | CUSIP: Y74718100<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |    599859 | NS      | $26329757.10  | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Hong Kong Exchanges & Clearing Ltd                | HKEX                                       | CUSIP: N/A<br>LEI: 213800YTVSXYQN17BW16       | Long             | EC               | CORP              | HK        |    483840 | NS      | $20790728.62  | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria SA                | BBVA                                       | CUSIP: N/A<br>LEI: K8MS7FD7N5Z2WQ51AZ71       | Long             | EC               | CORP              | ES        |   2037780 | NS      | $12274091.44  | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Vestas Wind Systems A/S                           | VESTAS WIND SYST                           | CUSIP: N/A<br>LEI: 549300DYMC8BGZZC8844       | Long             | EC               | CORP              | DK        |   2015985 | NS      | $58807618.54  | 2.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Legrand SA                                        | LEGRAND SA                                 | CUSIP: F56196185<br>LEI: 969500XXRPGD7HCAFA90 | Long             | EC               | CORP              | FR        |     90556 | NS      | $7260933.46   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank/The                         | TORONTO-DOM BANK                           | CUSIP: 891160509<br>LEI: PT3QB789TSUIDF371261 | Long             | EC               | CORP              | CA        |    406848 | NS      | $26342957.28  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Elastic NV                                        | ELASTIC NV                                 | CUSIP: N14506104<br>LEI: 2549003I48WHHH937I59 | Long             | EC               | CORP              | US        |    237764 | NS      | $12244846.00  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Chocoladefabriken Lindt & Spruengli AG            | CHOCOLADEFABR-PC                           | CUSIP: H49983184<br>LEI: 529900JYJNNOKKAGK736 | Long             | EC               | CORP              | CH        |       899 | NS      | $9160845.73   | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| L'Oreal SA                                        | L'OREAL                                    | CUSIP: F58149133<br>LEI: 529900JI1GG6F7RKVI53 | Long             | EC               | CORP              | FR        |     91012 | NS      | $32591177.54  | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd         | TSMC                                       | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | TW        |   5462000 | NS      | $79327156.50  | 2.82%             |  |  |  | No            |                  2 | On Loan: No      |
| SMC Corp                                          | SMC CORP                                   | CUSIP: N/A<br>LEI: 353800O40V08DOZ70X62       | Long             | EC               | CORP              | JP        |     68700 | NS      | $28685946.94  | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| B3 SA - Brasil Bolsa Balcao                       | B3 SA                                      | CUSIP: N/A<br>LEI: 4GTK5S46E6H318LMDS44       | Long             | EC               | CORP              | BR        |   3878590 | NS      | $9691135.07   | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Argenx SE                                         | ARGENX SE                                  | CUSIP: N/A<br>LEI: 7245009C5FZE6G9ODQ71       | Long             | EC               | CORP              | BE        |    142336 | NS      | $53433772.27  | 1.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Kinnevik AB                                       | KINNEVIK AB - B                            | CUSIP: N/A<br>LEI: 2138006PZH76JOS6MN27       | Long             | EC               | CORP              | SE        |    940952 | NS      | $12951424.70  | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Genmab A/S                                        | GENMAB A/S                                 | CUSIP: N/A<br>LEI: 529900MTJPDPE4MHJ122       | Long             | EC               | CORP              | DK        |    159318 | NS      | $67358819.82  | 2.39%             |  |  |  | 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        |     31768 | NS      | $3176435.71   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Illumina Inc                                      | ILLUMINA INC                               | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               | CORP              | US        |    197269 | NS      | $39887791.80  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| AIA Group Ltd                                     | AIA                                        | CUSIP: Y002A1105<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |   3438200 | NS      | $37969389.01  | 1.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Sanofi                                            | SANOFI                                     | CUSIP: F5548N101<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |    175573 | NS      | $16929897.08  | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Zalando SE                                        | ZALANDO SE                                 | CUSIP: N/A<br>LEI: 529900YRFFGH5AXU4S86       | Long             | EC               | CORP              | DE        |    914402 | NS      | $32191344.91  | 1.14%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Full Truck Alliance Co Ltd                        | FULL TRUCK A-ADR                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    740642 | NS      | $5925136.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Sony Group Corp                                   | SONY GROUP CORP                            | CUSIP: N/A<br>LEI: 529900R5WX9N2OI2N910       | Long             | EC               | CORP              | JP        |    234000 | NS      | $17835859.29  | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| HelloFresh SE                                     | HELLOFRESH SE                              | CUSIP: N/A<br>LEI: 391200ZAF4V6XD2M9G57       | Long             | EC               | CORP              | DE        |    648450 | NS      | $14152321.11  | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Ferrari NV                                        | FERRARI NV                                 | CUSIP: N/A<br>LEI: 549300RIVY5EX8RCON76       | Long             | EC               | CORP              | IT        |    184839 | NS      | $39636607.20  | 1.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Bridgestone Corp                                  | BRIDGESTONE CORP                           | CUSIP: J04578126<br>LEI: 549300DHPOF90OYYD780 | Long             | EC               | CORP              | JP        |    389400 | NS      | $13787515.98  | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| KDDI Corp                                         | KDDI CORP                                  | CUSIP: J31843105<br>LEI: 5299003FU7V4I45FU310 | Long             | EC               | CORP              | JP        |    244700 | NS      | $7420991.36   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Central Asia Tbk PT                          | BANK CENTRAL ASI                           | CUSIP: N/A<br>LEI: 254900BR956G2OHVOM21       | Long             | EC               | CORP              | ID        |  17673600 | NS      | $9691111.09   | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Ganfeng Lithium Group Co Ltd                      | GANFENG LITHIU-H                           | CUSIP: N/A<br>LEI: 3003006BE6UOHWEOOR42       | Long             | EC               | CORP              | HK        |   1113400 | NS      | $8253985.84   | 0.29%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Baidu Inc                                         | BAIDU INC-SP ADR                           | CUSIP: N/A<br>LEI: 254900AL64IANZYI1E02       | Long             | EC               | CORP              | US        |    126280 | NS      | $14443906.40  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung SDI Co Ltd                                | SAMSUNG SDI CO                             | CUSIP: N/A<br>LEI: 9884002AESDO4YW87G32       | Long             | EC               | CORP              | KR        |     25335 | NS      | $11895859.56  | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Wise PLC                                          | WISE PLC - A                               | CUSIP: N/A<br>LEI: 213800LD9XCHIC1C4V71       | Long             | EC               | CORP              | GB        |   1549787 | NS      | $10499476.98  | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Haleon PLC                                        | HALEON PLC                                 | CUSIP: N/A<br>LEI: 549300PSB3WWEODCUP19       | Long             | EC               | CORP              | GB        |    795113 | NS      | $3145957.48   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Canadian National Railway Co                      | CAN NATL RAILWAY                           | CUSIP: 136375102<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | EC               | CORP              | CA        |    134012 | NS      | $15919121.18  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| ANI Technologies Pvt Ltd                          | ANI TECHNOLOGIES                           | CUSIP: N/A<br>LEI: 3358005EI53EZBOISD56       | Long             | EC               | CORP              | IN        |     19170 | NS      | $5192328.78   | 0.18%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Ocado Group PLC                                   | OCADO GROUP PLC                            | CUSIP: N/A<br>LEI: 213800LO8F61YB8MBC74       | Long             | EC               | CORP              | GB        |   2924862 | NS      | $21711312.96  | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Nestle SA                                         | NESTLE SA-REG                              | CUSIP: H57312649<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |    199990 | NS      | $23100731.67  | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Raia Drogasil SA                                  | RAIADROGASIL                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |   1824750 | NS      | $8218022.52   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Oatly Group AB                                    | OATLY GROUP                                | CUSIP: N/A<br>LEI: 894500CEIOQNBAH10Z10       | Long             | EC               | CORP              | US        |   1376931 | NS      | $2395859.94   | 0.09%             |  |  |  | No            |                  1 | On Loan: —       |
| Nibe Industrier AB                                | NIBE INDUSTRIE-B                           | CUSIP: N/A<br>LEI: 549300ZQH0FIF1P0MX67       | Long             | EC               | CORP              | SE        |    358321 | NS      | $3344489.96   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Prysmian SpA                                      | PRYSMIAN SPA                               | CUSIP: N/A<br>LEI: 529900X0H1IO3RS1A464       | Long             | EC               | CORP              | IT        |    233467 | NS      | $8674586.35   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| UCB SA                                            | UCB SA                                     | CUSIP: B93562120<br>LEI: 2138008J191VLSGY5A09 | Long             | EC               | CORP              | BE        |    127796 | NS      | $10069495.44  | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| WiseTech Global Ltd                               | WISETECH GLOBAL                            | CUSIP: N/A<br>LEI: 254900VE3AF301Q85K83       | Long             | EC               | CORP              | AU        |    594267 | NS      | $20438296.98  | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Tesla Inc                                         | TESLA INC                                  | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |    210883 | NS      | $25976567.94  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| FinecoBank Banca Fineco SpA                       | FINECOBANK SPA                             | CUSIP: N/A<br>LEI: 549300L7YCATGO57ZE10       | Long             | EC               | CORP              | IT        |    806728 | NS      | $13396616.43  | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Schneider Electric SE                             | SCHNEIDER ELECTR                           | CUSIP: N/A<br>LEI: 969500A1YF1XUYYXS284       | Long             | EC               | CORP              | FR        |    195057 | NS      | $27392748.29  | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd                                     | HDFC BANK LTD                              | CUSIP: N/A<br>LEI: 335800ZQ6I4E2JXENC50       | Long             | EC               | CORP              | IN        |    997946 | NS      | $19573271.05  | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| M3 Inc                                            | M3 INC                                     | CUSIP: J4697J108<br>LEI: 3538001UOKRWIODYM055 | Long             | EC               | CORP              | JP        |   1453400 | NS      | $39479177.92  | 1.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Iberdrola SA                                      | IBERDROLA SA                               | CUSIP: N/A<br>LEI: 5QK37QC7NWOJ8D7WVQ45       | Long             | EC               | CORP              | ES        |   1407440 | NS      | $16429746.40  | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| JD.com Inc                                        | JD.COM INC-CL A                            | CUSIP: N/A<br>LEI: 549300HVTWB0GJZ16V92       | Long             | EC               | CORP              | HK        |    448338 | NS      | $12516091.19  | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                               | MSCI EAFE         Mar23                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |       551 | NC      | $-1425465.62  | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Shenzhen Inovance Technology Co Ltd               | SHENZHEN INOVA-A                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |   1025121 | NS      | $10228509.05  | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| RELX PLC                                          | RELX PLC                                   | CUSIP: G7493L105<br>LEI: 549300WSX3VBUFFJOO66 | Long             | EC               | CORP              | GB        |    290884 | NS      | $8042370.93   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Booking Holdings Inc                              | BOOKING HOLDINGS                           | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |      5299 | NS      | $10678968.72  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Music Group NV                          | UNIVERSAL MUSIC                            | CUSIP: N/A<br>LEI: 724500GJBUL3D9TW9Y18       | Long             | EC               | CORP              | NL        |    441943 | NS      | $10687365.54  | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd                         | ALIBABA GROUP HO                           | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | HK        |   3234604 | NS      | $35493029.61  | 1.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Mobileye Global Inc                               | MOBILEYE GLOBA-A                           | CUSIP: 60741F104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    235139 | NS      | $8243973.34   | 0.29%             |  |  |  | No            |                  1 | On Loan: —       |
| Novo Nordisk A/S                                  | NOVO NORDISK-B                             | CUSIP: K72807132<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |    116973 | NS      | $15886753.77  | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| EXOR NV                                           | EXOR NV                                    | CUSIP: N/A<br>LEI: 5493002ENHZ6NYET7405       | Long             | EC               | CORP              | NL        |    456262 | NS      | $33404905.26  | 1.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Larsen & Toubro Ltd                               | LARSEN & TOUBRO                            | CUSIP: Y5217N159<br>LEI: 3358003FR3JIC5FRXA90 | Long             | EC               | CORP              | IN        |    234582 | NS      | $5896061.68   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Keyence Corp                                      | KEYENCE CORP                               | CUSIP: N/A<br>LEI: 529900M7PQBS7A89DZ11       | Long             | EC               | CORP              | JP        |     18700 | NS      | $7260177.43   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Umicore SA                                        | UMICORE                                    | CUSIP: N/A<br>LEI: 529900F3AIQECS8ZSV61       | Long             | EC               | CORP              | BE        |   1065272 | NS      | $39180470.55  | 1.39%             |  |  |  | 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        |  83808089 | NS      | $83799708.25  | 2.98%             |  |  |  | No            |                  1 | On Loan: No      |
| NU Holdings Ltd/Cayman Islands                    | NU HOLDINGS LT-A                           | CUSIP: N/A<br>LEI: 5493002DG1RHWK9W2X27       | Long             | EC               | CORP              | US        |   2758049 | NS      | $11225259.43  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Diageo PLC                                        | DIAGEO PLC                                 | CUSIP: G42089113<br>LEI: 213800ZVIELEA55JMJ32 | Long             | EC               | CORP              | GB        |    282601 | NS      | $12369976.59  | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Recruit Holdings Co Ltd                           | RECRUIT HOLDINGS                           | CUSIP: N/A<br>LEI: 353800R2LRSMVVC4I806       | Long             | EC               | CORP              | JP        |    268800 | NS      | $8413971.63   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Sika AG                                           | SIKA AG-REG                                | CUSIP: N/A<br>LEI: 549300R3N69ECGYPU434       | Long             | EC               | CORP              | CH        |     21831 | NS      | $5248242.64   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Cie Financiere Richemont SA                       | CIE FINANCI-REG                            | CUSIP: N/A<br>LEI: 549300YIPGJ6UX2QPS51       | Long             | EC               | CORP              | CH        |     73156 | NS      | $9485404.20   | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Reckitt Benckiser Group PLC                       | RECKITT BENCKISE                           | CUSIP: N/A<br>LEI: 5493003JFSMOJG48V108       | Long             | EC               | CORP              | GB        |    227154 | NS      | $15745491.57  | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Wix.com Ltd                                       | WIX.COM LTD                                | CUSIP: M98068105<br>LEI: 5493008P6N29Q1AG9464 | Long             | EC               | CORP              | US        |    257526 | NS      | $19785722.58  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Jumia Technologies AG                             | JUMIA TECHNO-ADR                           | CUSIP: N/A<br>LEI: 391200JWCL5VCOSXNT56       | Long             | EC               | CORP              | US        |    477446 | NS      | $1532601.66   | 0.05%             |  |  |  | No            |                  1 | On Loan: —       |
| Burberry Group PLC                                | BURBERRY GROUP                             | CUSIP: G1700D105<br>LEI: 213800PE1KEFCNFR1R50 | Long             | EC               | CORP              | GB        |    433427 | NS      | $10537549.97  | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Alcon Inc                                         | ALCON INC                                  | CUSIP: N/A<br>LEI: 549300LDT5AP8S0NBM78       | Long             | EC               | CORP              | CH        |    112410 | NS      | $7713458.10   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Novozymes A/S                                     | NOVOZYMES-B SHS                            | CUSIP: K7317J133<br>LEI: 529900T6WNZXD2R3JW38 | Long             | EC               | CORP              | DK        |    146979 | NS      | $7456789.80   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Svenska Handelsbanken AB                          | SVENSKA HAN-A                              | CUSIP: N/A<br>LEI: NHBDILHZTYCNBV5UYZ31       | Long             | EC               | CORP              | SE        |   1165385 | NS      | $11733089.84  | 0.42%             |  |  |  | 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      |
| Sekisui Chemical Co Ltd                           | SEKISUI CHEM CO                            | CUSIP: J70703137<br>LEI: 529900KQIVT7NWFNMI70 | Long             | EC               | CORP              | JP        |    502000 | NS      | $6997025.29   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| DNB Bank ASA                                      | DNB BANK ASA                               | CUSIP: N/A<br>LEI: 549300GKFG0RYRRQ1414       | Long             | EC               | CORP              | NO        |    447379 | NS      | $8835791.69   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Home24 SE                                         | HOME24 SE-NEW                              | CUSIP: N/A<br>LEI: 5299002T3WE6IWG0E854       | Long             | EC               | CORP              | DE        |    156566 | NS      | $1250266.12   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| SBI Holdings Inc                                  | SBI HOLDINGS INC                           | CUSIP: N/A<br>LEI: 353800L6LMHYIPSMRQ17       | Long             | EC               | CORP              | JP        |    293000 | NS      | $5582461.44   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                                   | ASTRAZENECA PLC                            | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | EC               | CORP              | GB        |    183543 | NS      | $24836927.49  | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Sea Ltd                                           | SEA LTD-ADR                                | CUSIP: N/A<br>LEI: 529900OM6JLLW44YKI15       | Long             | EC               | CORP              | US        |    152487 | NS      | $7933898.61   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | MSCI EmgMkt       Mar23                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |       474 | NC      | $-496140.30   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Sartorius AG                                      | SARTORIUS AG-PFD                           | CUSIP: D6705R119<br>LEI: 529900EQV2DY4FOAMU38 | Long             | EP               | CORP              | DE        |     69113 | NS      | $27291053.01  | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| AutoStore Holdings Ltd                            | AUTOSTORE HOLDIN                           | CUSIP: N/A<br>LEI: 549300KYN3M0LSM5A413       | Long             | EC               | CORP              | NO        |   5309709 | NS      | $9696157.99   | 0.34%             |  |  |  | Yes           |                  2 | On Loan: —       |
| Atlas Copco AB                                    | ATLAS COPCO-A                              | CUSIP: N/A<br>LEI: 213800T8PC8Q4FYJZR07       | Long             | EC               | CORP              | SE        |   2954700 | NS      | $35008463.02  | 1.24%             |  |  |  | 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      |
| Tencent Holdings Ltd                              | TENCENT                                    | CUSIP: G87572163<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | HK        |   2380600 | NS      | $100938306.18 | 3.59%             |  |  |  | No            |                  2 | On Loan: No      |
| MercadoLibre Inc                                  | MERCADOLIBRE INC                           | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |    120956 | NS      | $102357805.44 | 3.64%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Holdings PLC                                 | HSBC HOLDINGS PL                           | CUSIP: N/A<br>LEI: MLU0ZO3ML4LN2LL2TL39       | Long             | EC               | CORP              | GB        |   2037215 | NS      | $12625719.05  | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Ping An Insurance Group Co of China Ltd           | PING AN-H                                  | CUSIP: N/A<br>LEI: 529900M9MC28JLN35U89       | Long             | EC               | CORP              | HK        |   2714000 | NS      | $17830288.94  | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| MELI Kaszek Pioneer Corp                          | MELI KASZEK PI-A                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    115328 | NS      | $1149820.16   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Spotify Technology SA                             | SPOTIFY TECHNOLO                           | CUSIP: L8681T102<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | US        |    587584 | NS      | $46389756.80  | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Ambu A/S                                          | AMBU A/S-B                                 | CUSIP: N/A<br>LEI: 5299008W2A69WX355710       | Long             | EC               | CORP              | DK        |    860929 | NS      | $11056559.75  | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Coupang Inc                                       | COUPANG INC                                | CUSIP: 22266T109<br>LEI: 549300XR4L1D80AK4W76 | Long             | EC               | CORP              | US        |    936566 | NS      | $13776885.86  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Erste Group Bank AG                               | ERSTE GROUP BANK                           | CUSIP: N/A<br>LEI: PQOH26KWDF7CG10L6792       | Long             | EC               | CORP              | AT        |    434581 | NS      | $13904516.75  | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Infineon Technologies AG                          | INFINEON TECH                              | CUSIP: N/A<br>LEI: TSI2PJM6EPETEQ4X1U25       | Long             | EC               | CORP              | DE        |    702915 | NS      | $21362931.50  | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| NIO Inc                                           | NIO INC - ADR                              | CUSIP: N/A<br>LEI: 549300JBU4TV5OCKJV96       | Long             | EC               | CORP              | US        |   2400534 | NS      | $23405206.50  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| China Mengniu Dairy Co Ltd                        | MENGNIU DAIRY                              | CUSIP: N/A<br>LEI: 2549005Q343BSJ8RSS21       | Long             | EC               | CORP              | HK        |   1979000 | NS      | $8923535.88   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Kubota Corp                                       | KUBOTA CORP                                | CUSIP: N/A<br>LEI: 549300CSY4INHEHQQT13       | Long             | EC               | CORP              | JP        |    400700 | NS      | $5474139.28   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| NVIDIA Corp                                       | NVIDIA CORP                                | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    110057 | NS      | $16083729.98  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Kering SA                                         | KERING                                     | CUSIP: N/A<br>LEI: 549300VGEJKB7SVUZR78       | Long             | EC               | CORP              | FR        |    142767 | NS      | $72658077.70  | 2.58%             |  |  |  | No            |                  2 | On Loan: No      |
| ASML Holding NV                                   | ASML HOLDING NV                            | CUSIP: N07059202<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |    250018 | NS      | $136322777.57 | 4.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Meituan                                           | MEITUAN-B                                  | CUSIP: N/A<br>LEI: 21380033K525E5JLIA77       | Long             | EC               | CORP              | HK        |   2796922 | NS      | $61968142.95  | 2.20%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Whitbread PLC                                     | WHITBREAD PLC                              | CUSIP: G9606P197<br>LEI: 21380099VMZKRMN3EX36 | Long             | EC               | CORP              | GB        |    171216 | NS      | $5293755.53   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Moderna Inc                                       | MODERNA INC                                | CUSIP: 60770K107<br>LEI: 549300EI6OKH5K5Q2G38 | Long             | EC               | CORP              | US        |    603425 | NS      | $108387198.50 | 3.85%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                                            | SAP SE                                     | CUSIP: D66992104<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |    209312 | NS      | $21609514.98  | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| BOC Hong Kong Holdings Ltd                        | BOC HONG KONG HO                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | HK        |   2352000 | NS      | $7984562.17   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens AG                                        | SIEMENS AG-REG                             | CUSIP: N/A<br>LEI: W38RGI023J3WT1HWRP32       | Long             | EC               | CORP              | DE        |    107695 | NS      | $14845891.21  | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA                               | INTESA SANPAOLO                            | CUSIP: N/A<br>LEI: 2W8N8UU78PMDQKZENC08       | Long             | EC               | CORP              | IT        |   5811409 | NS      | $12874658.46  | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Equinor ASA                                       | EQUINOR ASA                                | CUSIP: N/A<br>LEI: OW6OFBNCKXC4US5C7523       | Long             | EC               | CORP              | NO        |    420677 | NS      | $15119247.58  | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| National Grid PLC                                 | NATIONAL GRID PL                           | CUSIP: N/A<br>LEI: 8R95QZMKZLJX5Q2XR704       | Long             | EC               | CORP              | GB        |    997533 | NS      | $11949805.31  | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Housing Development Finance Corp Ltd              | HOUSING DEV FIN                            | CUSIP: Y37246207<br>LEI: 335800OX2H9AP7NHLT64 | Long             | EC               | CORP              | IN        |   1000325 | NS      | $31801296.49  | 1.13%             |  |  |  | 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        |     15495 | NS      | $1549392.04   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Murata Manufacturing Co Ltd                       | MURATA MFG CO                              | CUSIP: N/A<br>LEI: 529900QZG6DL8ZRI7140       | Long             | EC               | CORP              | JP        |    130900 | NS      | $6455358.48   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG                                  | ROCHE HLDG-GENUS                           | CUSIP: H69293217<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |     91598 | NS      | $28783531.64  | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Shell PLC                                         | SHELL PLC                                  | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | NL        |   1391672 | NS      | $39464166.16  | 1.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Bayerische Motoren Werke AG                       | BMW AG                                     | CUSIP: D12096109<br>LEI: YEH5ZCD6E441RHVHD759 | Long             | EC               | CORP              | DE        |    258891 | NS      | $22920922.43  | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-28

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

**Signature:** Ashley Grim

**Name of Signer:** Ashley Grim

**Title:** Treasurer