UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CERTIFIED SHAREHOLDER REPORT
OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-05962
| Name of Registrant: | ||
| Address of Registrant: | P.O. Box 2600 | |
| Valley Forge, PA 19482 |
| Name and address of agent for service: | John E. Schadl, Esquire | |
| P.O. Box 876 | ||
| Valley Forge, PA 19482 |
Registrant’s telephone number, including area code: (610) 669-1000
Date of fiscal year end: December 31
Date of reporting
period: January 1, 2024—
Explanatory Note
The Vanguard Variable Insurance Funds (the “Registrant”) is filing this amendment to its Form N-CSR for the period ended December 31, 2024 solely to update Item 11: Statement Regarding Basis for Approval of Investment Advisory Contracts to include a description of the Board’s considerations in approving the advisory arrangements with respect to the VVIF International Portfolio. Except for the above-noted update, no other information or disclosures in the Registrant’s Form N-CSR (filed March 4, 2025, Accession No. 0001104659-25-020263) are revised or amended by this filing.
Item 1: Reports to Shareholders.
|
Variable Insurance Funds - Short-Term Investment-Grade Portfolio |
|
|
Variable Insurance Funds - Total Bond Market Index Portfolio |
|
Vanguard Variable Insurance Funds - Balanced Portfolio
Annual Shareholder Report | December 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Vanguard Variable Insurance Funds - Balanced Portfolio | $ |
How did the Fund perform during the reporting period?
For the 12 months ended December 31, 2024, the Fund underperformed its composite benchmark.
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. The Federal Reserve began cutting short-term interest rates in September, boosting stock returns, but sticky inflation and solid growth reduced expectations for further rate cuts, which weighed on bond prices.
The Fund’s stocks fell short of the 25.02% return of the Standard & Poor's 500 Index, the equity portion of the composite benchmark. Stock selection in financials and communication services outpaced those in the index, but this was more than offset by lagging performance in information technology and other sectors.
The Fund’s bonds slightly outperformed the 1.52% return of their benchmark, the Bloomberg U.S. Credit A or Better Bond Index. Security selection more than offset an underweight to duration.
Note that the Fund’s returns differ from those of variable annuity products that invest in the Fund. Annuity returns take insurance-related fees and expenses into account, and the Fund’s returns do not.
How did the Fund perform over the past 10 years?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Nor do the returns reflect fees and expenses associated with the annuity or life insurance program through which a shareholder invests. If these fees and expenses were included, the Fund's returns would be lower.
Cumulative Performance: December 31, 2014, Through December 31, 2024
Initial Investment of $10,000
2014 | $ | $ | $ | $ |
|---|---|---|---|---|
2015 | $ | $ | $ | $ |
2015 | $ | $ | $ | $ |
2015 | $ | $ | $ | $ |
2015 | $ | $ | $ | $ |
2016 | $ | $ | $ | $ |
2016 | $ | $ | $ | $ |
2016 | $ | $ | $ | $ |
2016 | $ | $ | $ | $ |
2017 | $ | $ | $ | $ |
2017 | $ | $ | $ | $ |
2017 | $ | $ | $ | $ |
2017 | $ | $ | $ | $ |
2018 | $ | $ | $ | $ |
2018 | $ | $ | $ | $ |
2018 | $ | $ | $ | $ |
2018 | $ | $ | $ | $ |
2019 | $ | $ | $ | $ |
2019 | $ | $ | $ | $ |
2019 | $ | $ | $ | $ |
2019 | $ | $ | $ | $ |
2020 | $ | $ | $ | $ |
2020 | $ | $ | $ | $ |
2020 | $ | $ | $ | $ |
2020 | $ | $ | $ | $ |
2021 | $ | $ | $ | $ |
2021 | $ | $ | $ | $ |
2021 | $ | $ | $ | $ |
2021 | $ | $ | $ | $ |
2022 | $ | $ | $ | $ |
2022 | $ | $ | $ | $ |
2022 | $ | $ | $ | $ |
2022 | $ | $ | $ | $ |
2023 | $ | $ | $ | $ |
2023 | $ | $ | $ | $ |
2023 | $ | $ | $ | $ |
2023 | $ | $ | $ | $ |
2024 | $ | $ | $ | $ |
2024 | $ | $ | $ | $ |
2024 | $ | $ | $ | $ |
2024 | $ | $ | $ | $ |
Average Annual Total Returns
1 Year | 5 Years | 10 Years | |
|---|---|---|---|
Vanguard Variable Insurance Funds - Balanced Portfolio | |||
Variable Insurance Balanced Composite Index | |||
Dow Jones U.S. Total Stock Market Float Adjusted Index | |||
Bloomberg U.S. Aggregate Bond Index | - |
This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.
Portfolio Composition % of Net Assets
(as of December 31, 2024)
Communication Services | ||
Consumer Discretionary | ||
Consumer Staples | ||
Energy | ||
Financials | ||
Health Care | ||
Industrials | ||
Information Technology | ||
Materials | ||
Other | ||
Real Estate | ||
Utilities | ||
Other Assets and Liabilities—Net |
Fund Statistics
(as of December 31, 2024)
Fund Net Assets (in millions) | $ |
|---|---|
Number of Portfolio Holdings | |
Portfolio Turnover Rate | |
Total Investment Advisory Fees (in thousands) | $ |
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at
Connect with Vanguard® • vanguard.com
Fund Information • 800-662-7447
Annuity and Insurance Services • 800-522-5555
Text Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR106
Vanguard Variable Insurance Funds - Money Market Portfolio
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Vanguard Variable Insurance Funds - Money Market Portfolio | $ |
This table reflects the Fund's investments, including short-term investments and other assets and liabilities.
Distribution by Effective Maturity % of Net Assets
(as of December 31, 2024)
1 to 7 Days | |
8 to 30 Days | |
31 to 60 Days | |
61 to 90 Days | |
91 to 180 Days | |
Over 180 Days | |
Other Assets and Liabilities—Net | ( |
Fund Statistics
(as of December 31, 2024)
Fund Net Assets (in millions) | $ |
|---|---|
Number of Portfolio Holdings | |
Total Investment Advisory Fees (in thousands) | $ |
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at
Connect with Vanguard® • vanguard.com
Fund Information • 800-662-7447
Annuity and Insurance Services • 800-522-5555
Text Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR104
Vanguard Variable Insurance Funds - Short-Term Investment-Grade Portfolio
Annual Shareholder Report | December 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Vanguard Variable Insurance Funds - Short-Term Investment-Grade Portfolio | $ |
How did the Fund perform during the reporting period?
For the 12 months ended December 31, 2024, the Fund outperformed its benchmark, the Bloomberg U.S. 1–5 Year Credit Bond Index.
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. While the Federal Reserve began cutting short-term interest rates in September, sticky inflation and solid growth reduced expectations for further rate cuts, which weighed on bond prices.
The Fund’s overweight to overall credit risk was the primary driver of outperformance. Out-of-benchmark allocations to asset-backed securities and commercial mortgage-backed securities as well as security selection in industrial investment-grade issuers also added value.
Note that the Fund’s returns differ from those of variable annuity products that invest in the Fund. Annuity returns take insurance-related fees and expenses into account, and the Fund’s returns do not.
How did the Fund perform over the past 10 years?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Nor do the returns reflect fees and expenses associated with the annuity or life insurance program through which a shareholder invests. If these fees and expenses were included, the Fund's returns would be lower.
Cumulative Performance: December 31, 2014, Through December 31, 2024
Initial Investment of $10,000
2014 | $ | $ | $ |
|---|---|---|---|
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
Average Annual Total Returns
1 Year | 5 Years | 10 Years | |
|---|---|---|---|
Vanguard Variable Insurance Funds - Short-Term Investment-Grade Portfolio | |||
Bloomberg U.S. 1-5 Year Credit Bond Index | |||
Bloomberg U.S. Aggregate Bond Index | - |
This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.
Portfolio Composition % of Net Assets
(as of December 31, 2024)
Communications | ||
Consumer Discretionary | ||
Consumer Staples | ||
Energy | ||
Financials | ||
Health Care | ||
Industrials | ||
Materials | ||
Real Estate | ||
Technology | ||
Utilities | ||
Other | ||
Other Assets and Liabilities—NetFootnote Reference |
Fund Statistics
(as of December 31, 2024)
Fund Net Assets (in millions) | $ |
|---|---|
Number of Portfolio Holdings | |
Portfolio Turnover Rate | |
Total Investment Advisory Fees (in thousands) | $ |
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at
Connect with Vanguard® • vanguard.com
Fund Information • 800-662-7447
Annuity and Insurance Services • 800-522-5555
Text Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR274
Vanguard Variable Insurance Funds - Small Company Growth Portfolio
Annual Shareholder Report | December 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Vanguard Variable Insurance Funds - Small Company Growth Portfolio | $ |
How did the Fund perform during the reporting period?
For the 12 months ended December 31, 2024, the Fund underperformed its benchmark, the Russell 2500 Growth Index.
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. The Federal Reserve began cutting short-term interest rates in September, which boosted stock returns, as did the prospect of tax cuts and deregulation under the incoming administration.
Growth stocks generally outperformed their value counterparts over the 12 months, but small-capitalization stocks lagged large-caps. In absolute terms, the Fund posted solid gains in most sectors—double digits in most cases—with only three of 11 sectors seeing declines. However, stock selection in information technology and communication services weighed down relative performance.
Note that the Fund’s returns differ from those of variable annuity products that invest in the Fund. Annuity returns take insurance-related fees and expenses into account, and the Fund’s returns do not.
How did the Fund perform over the past 10 years?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Nor do the returns reflect fees and expenses associated with the annuity or life insurance program through which a shareholder invests. If these fees and expenses were included, the Fund's returns would be lower.
Cumulative Performance: December 31, 2014, Through December 31, 2024
Initial Investment of $10,000
2014 | $ | $ | $ |
|---|---|---|---|
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
Average Annual Total Returns
1 Year | 5 Years | 10 Years | |
|---|---|---|---|
Vanguard Variable Insurance Funds - Small Company Growth Portfolio | |||
Russell 2500 Growth Index | |||
Dow Jones U.S. Total Stock Market Float Adjusted Index |
This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.
Portfolio Composition % of Net Assets
(as of December 31, 2024)
Communication Services | ||
Consumer Discretionary | ||
Consumer Staples | ||
Energy | ||
Financials | ||
Health Care | ||
Industrials | ||
Information Technology | ||
Materials | ||
Real Estate | ||
Utilities | ||
Other Assets and Liabilities—Net |
Fund Statistics
(as of December 31, 2024)
Fund Net Assets (in millions) | $ |
|---|---|
Number of Portfolio Holdings | |
Portfolio Turnover Rate | |
Total Investment Advisory Fees (in thousands) | $ |
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at
Connect with Vanguard® • vanguard.com
Fund Information • 800-662-7447
Annuity and Insurance Services • 800-522-5555
Text Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR161
Vanguard Variable Insurance Funds - Total Bond Market Index Portfolio
Annual Shareholder Report | December 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Vanguard Variable Insurance Funds - Total Bond Market Index Portfolio | $ |
How did the Fund perform during the reporting period?
For the 12 months ended December 31, 2024, the Fund performed in line with its expense-free benchmark, the Bloomberg U.S. Aggregate Float Adjusted Index.
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. While the Federal Reserve began cutting short-term interest rates in September, sticky inflation and solid growth reduced expectations for further rate cuts, which weighed on bond prices.
U.S. Treasuries returned 0.58% for the period. Returns were higher for agency bonds (+3.14%), corporate bonds (+2.13%), and mortgage-backed securities (+1.54%), as measured by components of the Bloomberg U.S. Aggregate Float Adjusted Index.
By credit quality, the highest- and lowest-rated investment-grade bonds outperformed those in the middle. By maturity, shorter-dated bonds outperformed other categories.
Note that the Fund’s returns differ from those of variable annuity products that invest in the Fund. Annuity returns take insurance-related fees and expenses into account, and the Fund’s returns do not.
How did the Fund perform over the past 10 years?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Nor do the returns reflect fees and expenses associated with the annuity or life insurance program through which a shareholder invests. If these fees and expenses were included, the Fund's returns would be lower.
Cumulative Performance: December 31, 2014, Through December 31, 2024
Initial Investment of $10,000
2014 | $ | $ |
|---|---|---|
2015 | $ | $ |
2015 | $ | $ |
2015 | $ | $ |
2015 | $ | $ |
2016 | $ | $ |
2016 | $ | $ |
2016 | $ | $ |
2016 | $ | $ |
2017 | $ | $ |
2017 | $ | $ |
2017 | $ | $ |
2017 | $ | $ |
2018 | $ | $ |
2018 | $ | $ |
2018 | $ | $ |
2018 | $ | $ |
2019 | $ | $ |
2019 | $ | $ |
2019 | $ | $ |
2019 | $ | $ |
2020 | $ | $ |
2020 | $ | $ |
2020 | $ | $ |
2020 | $ | $ |
2021 | $ | $ |
2021 | $ | $ |
2021 | $ | $ |
2021 | $ | $ |
2022 | $ | $ |
2022 | $ | $ |
2022 | $ | $ |
2022 | $ | $ |
2023 | $ | $ |
2023 | $ | $ |
2023 | $ | $ |
2023 | $ | $ |
2024 | $ | $ |
2024 | $ | $ |
2024 | $ | $ |
2024 | $ | $ |
Average Annual Total Returns
1 Year | 5 Years | 10 Years | |
|---|---|---|---|
Vanguard Variable Insurance Funds - Total Bond Market Index Portfolio | - | ||
Bloomberg U.S. Aggregate Float Adjusted Index | - |
This table reflects the Fund's investments, including short-term investments and other assets and liabilities.
Portfolio Composition % of Net Assets
(as of December 31, 2024)
Asset-Backed/Commercial Mortgage-Backed Securities | |
Corporate Bonds | |
Sovereign Bonds | |
Taxable Municipal Bonds | |
U.S. Government and Agency Obligations | |
Other Assets and Liabilities—NetFootnote Reference |
Fund Statistics
(as of December 31, 2024)
Fund Net Assets (in millions) | $ |
|---|---|
Number of Portfolio Holdings | |
Portfolio Turnover Rate | |
Total Investment Advisory Fees (in thousands) | $ |
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at
Connect with Vanguard® • vanguard.com
Fund Information • 800-662-7447
Annuity and Insurance Services • 800-522-5555
Text Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR257
Vanguard Variable Insurance Funds - Capital Growth Portfolio
Annual Shareholder Report | December 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Vanguard Variable Insurance Funds - Capital Growth Portfolio | $ |
How did the Fund perform during the reporting period?
For the 12 months ended December 31, 2024, the Fund underperformed its benchmark, the Standard & Poor's 500 Index, by a wide margin.
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. The Federal Reserve began cutting short-term interest rates in September, which boosted stock returns, as did the prospect of tax cuts and deregulation under the incoming administration.
The Fund’s underperformance owed mainly to tepid gains in the value of its technology holdings. They returned 7%, on average—roughly one-fifth as much as the index’s tech component. Health care lagged notably, due to its significant overweight relative to the benchmark, as the sector lagged the broad market. Offsetting some of those weaknesses were underweight stakes in real estate and consumer staples, which also trailed the market.
Note that the Fund’s returns differ from those of variable annuity products that invest in the Fund. Annuity returns take insurance-related fees and expenses into account, and the Fund’s returns do not.
How did the Fund perform over the past 10 years?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Nor do the returns reflect fees and expenses associated with the annuity or life insurance program through which a shareholder invests. If these fees and expenses were included, the Fund's returns would be lower.
Cumulative Performance: December 31, 2014, Through December 31, 2024
Initial Investment of $10,000
2014 | $ | $ | $ |
|---|---|---|---|
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
Average Annual Total Returns
1 Year | 5 Years | 10 Years | |
|---|---|---|---|
Vanguard Variable Insurance Funds - Capital Growth Portfolio | |||
S&P 500 Index | |||
Dow Jones U.S. Total Stock Market Float Adjusted Index |
This table reflects the Fund's investments, including short-term investments and other assets and liabilities.
Portfolio Composition % of Net Assets
(as of December 31, 2024)
Communication Services | ||
Consumer Discretionary | ||
Consumer Staples | ||
Energy | ||
Financials | ||
Health Care | ||
Industrials | ||
Information Technology | ||
Materials | ||
Other Assets and Liabilities—Net |
Fund Statistics
(as of December 31, 2024)
Fund Net Assets (in millions) | $ |
|---|---|
Number of Portfolio Holdings | |
Portfolio Turnover Rate | |
Total Investment Advisory Fees (in thousands) | $ |
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at
Connect with Vanguard® • vanguard.com
Fund Information • 800-662-7447
Annuity and Insurance Services • 800-522-5555
Text Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR277
Vanguard Variable Insurance Funds - Diversified Value Portfolio
Annual Shareholder Report | December 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Vanguard Variable Insurance Funds - Diversified Value Portfolio | $ |
How did the Fund perform during the reporting period?
For the 12 months ended December 31, 2024, the Fund outperformed its benchmark, the Russell 1000 Value Index.
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. The Federal Reserve began cutting short-term interest rates in September, which boosted stock returns, as did the prospect of tax cuts and deregulation under the incoming administration.
Growth stocks outperformed value stocks by a wide margin for the 12 months. The broad U.S. stock market, as measured by the CRSP US Total Market Index, returned 23.77%.
The advisor’s information technology and consumer discretionary holdings contributed the most to the Fund’s outperformance. Holdings in energy, consumer staples, and industrials detracted the most.
Note that the Fund’s returns differ from those of variable annuity products that invest in the Fund. Annuity returns take insurance-related fees and expenses into account, and the Fund’s returns do not.
How did the Fund perform over the past 10 years?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Nor do the returns reflect fees and expenses associated with the annuity or life insurance program through which a shareholder invests. If these fees and expenses were included, the Fund's returns would be lower.
Cumulative Performance: December 31, 2014, Through December 31, 2024
Initial Investment of $10,000
2014 | $ | $ | $ |
|---|---|---|---|
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
Average Annual Total Returns
1 Year | 5 Years | 10 Years | |
|---|---|---|---|
Vanguard Variable Insurance Funds - Diversified Value Portfolio | |||
Russell 1000 Value Index | |||
Dow Jones U.S. Total Stock Market Float Adjusted Index |
This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.
Portfolio Composition % of Net Assets
(as of December 31, 2024)
Communication Services | ||
Consumer Discretionary | ||
Consumer Staples | ||
Energy | ||
Financials | ||
Health Care | ||
Industrials | ||
Information Technology | ||
Materials | ||
Real Estate | ||
Utilities | ||
Other Assets and Liabilities—Net |
Fund Statistics
(as of December 31, 2024)
Fund Net Assets (in millions) | $ |
|---|---|
Number of Portfolio Holdings | |
Portfolio Turnover Rate | |
Total Investment Advisory Fees (in thousands) | $ |
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at
Connect with Vanguard® • vanguard.com
Fund Information • 800-662-7447
Annuity and Insurance Services • 800-522-5555
Text Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR278
Vanguard Variable Insurance Funds - Equity Income Portfolio
Annual Shareholder Report | December 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Vanguard Variable Insurance Funds - Equity Income Portfolio | $ |
How did the Fund perform during the reporting period?
For the 12 months ended December 31, 2024, the Fund underperformed its benchmark, the FTSE High Dividend Yield Index.
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. The Federal Reserve began cutting short-term interest rates in September, which boosted stock returns, as did the prospect of tax cuts and deregulation under the incoming administration.
The Fund’s shortcomings were widespread; it trailed the index in seven of 11 economic sectors. The underperformance of its holdings in consumer staples and materials companies hurt the most. Modest real estate investments also weighed on its result, as the sector declined in a generally rising market. The Fund’s consumer discretionary holdings outperformed, providing the largest relative performance boost.
For the decade ended December 31, 2024, the Fund performed in line with its benchmark index.
Note that the Fund’s returns differ from those of variable annuity products that invest in the Fund. Annuity returns take insurance-related fees and expenses into account, and the Fund’s returns do not.
How did the Fund perform over the past 10 years?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Nor do the returns reflect fees and expenses associated with the annuity or life insurance program through which a shareholder invests. If these fees and expenses were included, the Fund's returns would be lower.
Cumulative Performance: December 31, 2014, Through December 31, 2024
Initial Investment of $10,000
2014 | $ | $ | $ |
|---|---|---|---|
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
Average Annual Total Returns
1 Year | 5 Years | 10 Years | |
|---|---|---|---|
Vanguard Variable Insurance Funds - Equity Income Portfolio | |||
FTSE High Dividend Yield Index | |||
Dow Jones U.S. Total Stock Market Float Adjusted Index |
This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.
Portfolio Composition % of Net Assets
(as of December 31, 2024)
Communication Services | ||
Consumer Discretionary | ||
Consumer Staples | ||
Energy | ||
Financials | ||
Health Care | ||
Industrials | ||
Information Technology | ||
Materials | ||
Real Estate | ||
Utilities | ||
Other Assets and Liabilities—Net |
Fund Statistics
(as of December 31, 2024)
Fund Net Assets (in millions) | $ |
|---|---|
Number of Portfolio Holdings | |
Portfolio Turnover Rate | |
Total Investment Advisory Fees (in thousands) | $ |
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at
Connect with Vanguard® • vanguard.com
Fund Information • 800-662-7447
Annuity and Insurance Services • 800-522-5555
Text Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR108
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Vanguard Variable Insurance Funds - Growth Portfolio | $ |
How did the Fund perform during the reporting period?
For the 12 months ended December 31, 2024, the Fund performed in line with its benchmark, the Russell 1000 Growth Index.
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. The Federal Reserve began cutting short-term interest rates in September, which boosted stock returns, as did the prospect of tax cuts and deregulation under the incoming administration.
The Fund benefited from the strong results of its stakes in consumer discretionary companies. Avoiding consumer staples companies also helped, as the sector lagged. On the downside, the Fund’s technology investments slightly underperformed, but that slight shortfall mattered because the sector accounted for nearly half of both the Fund and the index.
Note that the Fund’s returns differ from those of variable annuity products that invest in the Fund. Annuity returns take insurance-related fees and expenses into account, and the Fund’s returns do not.
How did the Fund perform over the past 10 years?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Nor do the returns reflect fees and expenses associated with the annuity or life insurance program through which a shareholder invests. If these fees and expenses were included, the Fund's returns would be lower.
Cumulative Performance: December 31, 2014, Through December 31, 2024
Initial Investment of $10,000
2014 | $ | $ | $ |
|---|---|---|---|
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
Average Annual Total Returns
1 Year | 5 Years | 10 Years | |
|---|---|---|---|
Vanguard Variable Insurance Funds - Growth Portfolio | |||
Russell 1000 Growth Index | |||
Dow Jones U.S. Total Stock Market Float Adjusted Index |
This table reflects the Fund's investments, including short-term investments and other assets and liabilities.
Portfolio Composition % of Net Assets
(as of December 31, 2024)
Communication Services | ||
Consumer Discretionary | ||
Financials | ||
Health Care | ||
Industrials | ||
Information Technology | ||
Real Estate | ||
Other Assets and Liabilities—Net |
Fund Statistics
(as of December 31, 2024)
Fund Net Assets (in millions) | $ |
|---|---|
Number of Portfolio Holdings | |
Portfolio Turnover Rate | |
Total Investment Advisory Fees (in thousands) | $ |
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at
Connect with Vanguard® • vanguard.com
Fund Information • 800-662-7447
Annuity and Insurance Services • 800-522-5555
Text Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR109
Vanguard Variable Insurance Funds - High Yield Bond Portfolio
Annual Shareholder Report | December 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Vanguard Variable Insurance Funds - High Yield Bond Portfolio | $ |
How did the Fund perform during the reporting period?
For the 12 months ended December 31, 2024, the Fund underperformed its benchmark, the High-Yield Corporate Composite Index.
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. While the Federal Reserve began cutting short-term interest rates in September, sticky inflation and solid growth reduced expectations for further rate cuts, which weighed on bond prices.
The Fund’s strategy favors bonds of higher credit quality than the broader high-yield market, in the belief that lower-quality bonds do not adequately compensate investors over the long term for the increased risk.
Security selection in financials, energy, and packaging detracted most. An underweight to financials was also a headwind. Selection in technology, cable and satellite, wirelines, and media and entertainment added value.
Note that the Fund’s returns differ from those of variable annuity products that invest in the Fund. Annuity returns take insurance-related fees and expenses into account, and the Fund’s returns do not.
How did the Fund perform over the past 10 years?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Nor do the returns reflect fees and expenses associated with the annuity or life insurance program through which a shareholder invests. If these fees and expenses were included, the Fund's returns would be lower.
Cumulative Performance: December 31, 2014, Through December 31, 2024
Initial Investment of $10,000
2014 | $ | $ | $ | $ |
|---|---|---|---|---|
2015 | $ | $ | $ | $ |
2015 | $ | $ | $ | $ |
2015 | $ | $ | $ | $ |
2015 | $ | $ | $ | $ |
2016 | $ | $ | $ | $ |
2016 | $ | $ | $ | $ |
2016 | $ | $ | $ | $ |
2016 | $ | $ | $ | $ |
2017 | $ | $ | $ | $ |
2017 | $ | $ | $ | $ |
2017 | $ | $ | $ | $ |
2017 | $ | $ | $ | $ |
2018 | $ | $ | $ | $ |
2018 | $ | $ | $ | $ |
2018 | $ | $ | $ | $ |
2018 | $ | $ | $ | $ |
2019 | $ | $ | $ | $ |
2019 | $ | $ | $ | $ |
2019 | $ | $ | $ | $ |
2019 | $ | $ | $ | $ |
2020 | $ | $ | $ | $ |
2020 | $ | $ | $ | $ |
2020 | $ | $ | $ | $ |
2020 | $ | $ | $ | $ |
2021 | $ | $ | $ | $ |
2021 | $ | $ | $ | $ |
2021 | $ | $ | $ | $ |
2021 | $ | $ | $ | $ |
2022 | $ | $ | $ | $ |
2022 | $ | $ | $ | $ |
2022 | $ | $ | $ | $ |
2022 | $ | $ | $ | $ |
2023 | $ | $ | $ | $ |
2023 | $ | $ | $ | $ |
2023 | $ | $ | $ | $ |
2023 | $ | $ | $ | $ |
2024 | $ | $ | $ | $ |
2024 | $ | $ | $ | $ |
2024 | $ | $ | $ | $ |
2024 | $ | $ | $ | $ |
Average Annual Total Returns
1 Year | 5 Years | 10 Years | |
|---|---|---|---|
Vanguard Variable Insurance Funds - High Yield Bond Portfolio | |||
High-Yield Corporate Composite Index | |||
Bloomberg U.S. Corporate High Yield Bond Index | |||
Bloomberg U.S. Aggregate Bond IndexFootnote Reference* | - |
| Footnote | Description |
Footnote* | The Fund's broad-based benchmark is different from the one used for the immediately preceding fiscal year to reflect new regulatory requirements. The Bloomberg U.S. Aggregate Bond Index is considered broadly representative of the overall securities market applicable to the Fund. |
This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.
Portfolio Composition % of Net Assets
(as of December 31, 2024)
Communications | ||
Consumer Discretionary | ||
Consumer Staples | ||
Energy | ||
Financials | ||
Health Care | ||
Industrials | ||
Materials | ||
Real Estate | ||
Technology | ||
Utilities | ||
Other | ||
Other Assets and Liabilities—NetFootnote Reference |
Fund Statistics
(as of December 31, 2024)
Fund Net Assets (in millions) | $ |
|---|---|
Number of Portfolio Holdings | |
Portfolio Turnover Rate | |
Total Investment Advisory Fees (in thousands) | $ |
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at
Connect with Vanguard® • vanguard.com
Fund Information • 800-662-7447
Annuity and Insurance Services • 800-522-5555
Text Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR260
Vanguard Variable Insurance Funds - International Portfolio
Annual Shareholder Report | December 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Vanguard Variable Insurance Funds - International Portfolio | $ |
How did the Fund perform during the reporting period?
For the 12 months ended December 31, 2024, the Fund outperformed its benchmark, the MSCI All Country World Index ex USA.
Overall, the global economy continued to expand, and consumer price inflation trended lower. That supportive backdrop set the stage for some Western central banks to begin cutting short-term interest rates this past summer. Volatility picked up toward year-end, but global stocks posted strong gains for 2024, with U.S. stocks faring even better.
The Fund’s stock selection in several sectors—notably industrials, health care, financials, and consumer staples—lagged in performance relative to the benchmark index. However, this was more than offset by the Fund’s selection in information technology and communication services, which went on a tear for the 12 months.
Note that the Fund’s returns differ from those of variable annuity products that invest in the Fund. Annuity returns take insurance-related fees and expenses into account, and the Fund’s returns do not.
How did the Fund perform over the past 10 years?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Nor do the returns reflect fees and expenses associated with the annuity or life insurance program through which a shareholder invests. If these fees and expenses were included, the Fund's returns would be lower.
Cumulative Performance: December 31, 2014, Through December 31, 2024
Initial Investment of $10,000
2014 | $ | $ |
|---|---|---|
2015 | $ | $ |
2015 | $ | $ |
2015 | $ | $ |
2015 | $ | $ |
2016 | $ | $ |
2016 | $ | $ |
2016 | $ | $ |
2016 | $ | $ |
2017 | $ | $ |
2017 | $ | $ |
2017 | $ | $ |
2017 | $ | $ |
2018 | $ | $ |
2018 | $ | $ |
2018 | $ | $ |
2018 | $ | $ |
2019 | $ | $ |
2019 | $ | $ |
2019 | $ | $ |
2019 | $ | $ |
2020 | $ | $ |
2020 | $ | $ |
2020 | $ | $ |
2020 | $ | $ |
2021 | $ | $ |
2021 | $ | $ |
2021 | $ | $ |
2021 | $ | $ |
2022 | $ | $ |
2022 | $ | $ |
2022 | $ | $ |
2022 | $ | $ |
2023 | $ | $ |
2023 | $ | $ |
2023 | $ | $ |
2023 | $ | $ |
2024 | $ | $ |
2024 | $ | $ |
2024 | $ | $ |
2024 | $ | $ |
Average Annual Total Returns
1 Year | 5 Years | 10 Years | |
|---|---|---|---|
Vanguard Variable Insurance Funds - International Portfolio | |||
MSCI All Country World Index ex USA |
This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.
Portfolio Composition % of Net Assets
(as of December 31, 2024)
Asia | |
Europe | |
North America | |
Oceania | |
South America | |
Other Assets and Liabilities—Net |
Fund Statistics
(as of December 31, 2024)
Fund Net Assets (in millions) | $ |
|---|---|
Number of Portfolio Holdings | |
Portfolio Turnover Rate | |
Total Investment Advisory Fees (in thousands) | $ |
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at
Connect with Vanguard® • vanguard.com
Fund Information • 800-662-7447
Annuity and Insurance Services • 800-522-5555
Text Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR110
