# EDGAR Filing Document

**Accession Number:** 0000102909
**File Stem:** 0001104659-23-023702
**Filing Date:** 2023-2
**Character Count:** 10209
**Document Hash:** 08fe8bbdcac873d0cc3b6bb2ecae5083
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-023702.hdr.sgml**: 20230221

**ACCESSION NUMBER**: 0001104659-23-023702

**CONFORMED SUBMISSION TYPE**: 40-17F2

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230221

**DATE AS OF CHANGE**: 20230221

**EFFECTIVENESS DATE**: 20230221

**SUBJECT COMPANY**: 

**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:** 40-17F2
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05962
- **FILM NUMBER:** 23647083

**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
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VANGUARD GROUP INC
- **CENTRAL INDEX KEY:** 0000102909
- **IRS NUMBER:** 231945930
- **STATE OF INCORPORATION:** PA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 40-17F2

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

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

**U.S. Securities and Exchange Commission**

**Washington, D.C. 20549**

FORM N-17f-2

**Certificate of Accounting of Securities and Similar**

**Investments in the Custody of**

**Management Investment Companies**

**Pursuant to Rule 17f-2 [17 CFR 270.17f-2]**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 1. Investment Company Act File Number: 811-05962 | 1. Investment Company Act File Number: 811-05962 | 1. Investment Company Act File Number: 811-05962 | 1. Investment Company Act File Number: 811-05962 | Date examination completed:<br> December 31, 2022 | Date examination completed:<br> December 31, 2022 |
| <br> 2. State Identification Number: | <br> 2. State Identification Number: | <br> 2. State Identification Number: | <br> 2. State Identification Number: | <br> 2. State Identification Number: | <br> 2. State Identification Number: |
| AL | AK | AZ | AR | CA | CO |
| CT | DE | DC | FL | GA | HI |
| ID | IL | IN | IA | KS | KY |
| LA | ME | MD | MA | MI | MN |
| MS | MO | MT | NE | NV | NH |
| NJ | NM | NY | NC | ND | OH |
| OK | OR | PA | RI | SC | SD |
| TN | TX | UT | VT | VA | WA |
| WV | WI | WY | PUERTO RICO | PUERTO RICO | PUERTO RICO |
| Other (specify): | Other (specify): | Other (specify): | Other (specify): | Other (specify): | Other (specify): |
| 3. Exact name of investment company as specified in registration statement: <br> Global Bond Index Portfolio | 3. Exact name of investment company as specified in registration statement: <br> Global Bond Index Portfolio | 3. Exact name of investment company as specified in registration statement: <br> Global Bond Index Portfolio | 3. Exact name of investment company as specified in registration statement: <br> Global Bond Index Portfolio | 3. Exact name of investment company as specified in registration statement: <br> Global Bond Index Portfolio | 3. Exact name of investment company as specified in registration statement: <br> Global Bond Index Portfolio |
| 4. Address of principal executive office: (number, street, city, state, zip code)<br> 100 Vanguard Boulevard, Malvern, PA 19355 | 4. Address of principal executive office: (number, street, city, state, zip code)<br> 100 Vanguard Boulevard, Malvern, PA 19355 | 4. Address of principal executive office: (number, street, city, state, zip code)<br> 100 Vanguard Boulevard, Malvern, PA 19355 | 4. Address of principal executive office: (number, street, city, state, zip code)<br> 100 Vanguard Boulevard, Malvern, PA 19355 | 4. Address of principal executive office: (number, street, city, state, zip code)<br> 100 Vanguard Boulevard, Malvern, PA 19355 | 4. Address of principal executive office: (number, street, city, state, zip code)<br> 100 Vanguard Boulevard, Malvern, PA 19355 |

---

![](tm237135d1_auditmgtltrimg01.jpg)

**Report of Independent Accountants**

To the Board of Trustees of Vanguard Valley Forge Funds and Vanguard Variable Insurance Funds

We have examined management's assertion, included in the accompanying Management Statement Regarding Compliance with Certain Provisions of the Investment Company Act of 1940, that the funds listed within Attachment A (the "Funds") complied with the requirements of subsections (b) and (c) of Rule 17f-2 under the Investment Company Act of 1940 ("the Act") as of December 31, 2022. The Funds' management is responsible for its assertion and the Funds' compliance with those requirements. Our responsibility is to express an opinion on management's assertion about the Funds' compliance with the specified requirements based on our examination.

Our examination was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and in accordance with attestation standards established by the American Institute of Certified Public Accountants. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether management's assertion about compliance with the specified requirements is fairly stated, in all material respects, and, accordingly, included examining, on a test basis, evidence about the Funds' compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. Included among our procedures were the following tests performed as of December 31, 2022, and with respect to agreement of security purchases and sales, for the periods noted within Attachment A:

- Confirmation of all securities held on VAST, the recordkeeping system used by the Funds' transfer agent, in book entry form*;*

- Reconciliation of all such securities to the books and records of the Funds and VAST; and

Agreement of 2 security purchases and 2 security sales per fund (when 2 or less security purchases or 2 or less security sales per fund are available, agreement of all possible security purchases or all possible security sales per fund) since our last report from the books and records of the Funds to VAST.

We believe that our examination provides, and that the evidence we obtained is sufficient and appropriate to provide, a reasonable basis for our opinion. Our examination does not provide a legal determination on the Funds' compliance with the specified requirements.

In our opinion, management's assertion that the Funds complied with the requirements of subsections (b) and (c) of Rule 17f-2 of the Investment Company Act of 1940 as of December 31, 2022 with respect to securities reflected in the investment accounts of the Funds is fairly stated, in all material respects.

This report is intended solely for the information and use of management and the Board of Trustees of the Funds and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than the specified parties.

/s/PricewaterhouseCoopers LLP

February 16, 2023

PricewaterhouseCoopers LLP, Two Commerce Square, Suite 1800, 2001 Market Street, Philadelphia, PA 19103-7042<br> T: (267) 330 3000, www.pwc.com/us

**Attachment A**

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| |
|:---|
| **Vanguard Fund of Funds** |
| **Vanguard Valley Forge Funds:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vanguard Managed Allocation Fund08/15/2022 <sup>1</sup> – 12/31/2022 |
| **Vanguard Variable Insurance Funds:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Bond Index Portfolio08/15/2022 <sup>1</sup> – 12/31/2022 |

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<sup>1</sup> Date of our last examination

2<br>

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| |
|:---|
| ![](tm237135d1_auditmgtltrimg02.jpg) |
| P.O. Box 2900 |
| Valley Forge, PA 19482-2900 |
| www.vanguard.com |

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**Management Statement Regarding Compliance with Certain**

**Provisions of the Investment Company Act of 1940**

We, as members of management of the funds listed within Attachment A (the "Funds"), are responsible for complying with the requirements of subsections (b) and (c) of Rule 17f-2, Custody of Investments by Registered Management Investment Companies, of the Investment Company Act of 1940. We are also responsible for establishing and maintaining effective internal controls over compliance with those requirements. We have performed an evaluation of the Funds' compliance with the requirements of subsections (b) and (c) of Rule 17f-2 as of December 31, 2022, and for the periods noted within Attachment A.

Based on this evaluation, we assert that the Funds were in compliance with the requirements of subsections (b) and (c) of Rule 17f-2 of the Investment Company Act of 1940 as of December 31, 2022, and for the periods noted within Attachment A, with respect to securities reflected in the investment accounts of the Funds.

The Vanguard Funds

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| | |
|:---|:---|
| By: | /s/ Mortimer J. Buckley |
|  | Mortimer J. Buckley |
|  | Chief Executive Officer of the Funds |
|  | February 16, 2023 |
|  | /s/ Christine Buchanan |
|  | Christine Buchanan |
|  | Chief Financial Officer of the Funds |
|  | February 16, 2023 |

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**Attachment A**

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| |
|:---|
| **Vanguard Fund of Funds** |
| **Vanguard Valley Forge Funds:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vanguard Managed Allocation Fund08/15/2022<sup>1</sup> – 12/31/2022 |
| **Vanguard Variable Insurance Funds:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vanguard Variable Insurance Funds Global Bond Index Portfolio08/15/2022<sup>1</sup> – 12/31/2022 |

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 ****

<sup>1</sup> Date of our last examination