Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print Vanguard VIF Conservative Allocation Release date as of 2024-03-31. Data on page is subject to change. Snapshot Ratings & Risk Portfolio Nuts & Bolts

Morningstar Report Overall Morningstar Rating™ What is this? As of 2024-03-31 Out of 441 Moderately Conservative Allocation Funds Morningstar® Style Box™ What is this? As of 2024-03-31 As of 2024-02-29 Total Fund Assets ($ Mil) 464.54 View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy   The investment seeks to provide current income and low to moderate capital appreciation. The fund invests in a mix of Vanguard mutual funds and other portfolios of Vanguard Variable Insurance Funds according to an asset-allocation strategy that reflects an allocation of approximately 60% of the fund's assets to fixed-income securities and 40% to common stocks. The targeted percentage of the fund's assets allocated to the underlying asset classes is: 42% U.S. fixed-income securities; 18% large-cap U.S. stocks; 18% foreign fixed-income securities;16% foreign stocks; 6% small- and mid-cap U.S. stocks.

Morningstar Category: Moderately Conservative Allocation Funds in allocation categories seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately conservative strategies prioritize preservation of capital over appreciation. They typically expect volatility similar to a strategic equity exposure between 30% and 50%.

Investment Risks Fund of Funds: An investment option with mutual funds in its portfolio may be subject to the expenses of those mutual funds in addition to those of the investment option itself.

Portfolio Profile Asset Allocation % of Net Assets U.S. Stocks 24.1 Non-U.S. Stocks 15.6 Bonds 59.3 Cash 1.0 Other 0.1 Total 100.0 Data through 2024-03-31 Morningstar Equity Sectors % of Stocks Cyclical 33.94 Basic Materials 4.33 Consumer Cyclical 11.11 Financial Services 15.60 Real Estate 2.90 Sensitive 46.41 Communication Services 7.03 Energy 4.42 Industrials 11.57 Technology 23.39 Defensive 19.64 Consumer Defensive 6.12 Healthcare 11.12 Utilities 2.40 Data through 2024-03-31 Morningstar Fixed-Income Sectors % Fund Government 47.75 Corporate 19.12 Securitized 14.14 Municipal 0.35 Cash & Equivalents 1.50 Derivative 17.14 Data through 2024-03-31 Credit Analysis % Bonds AAA 57.05 AA 10.26 A 16.88 BBB 15.11 BB 0.00 B 0.00 Below B 0.54 Not Rated 0.15 Data through 2024-02-29 Holding Status Total Number of Stock Holdings 0 Total Number of Bond Holdings 0 % of Net Assets in Top 10 Holdings 100.09 Turnover % (as of 2023-12-31) 13.00 30 Day SEC Yield % 2.79 Top Holdings Sector Country Maturity Date Market Value ($000) % of Net Assets Vanguard VIF Total Bond Mkt Idx --- USA --- 194,874 41.98 Vanguard VIF Equity Index --- USA --- 97,112 20.92 Vanguard Total Intl Bd Idx Admiral™ --- USA --- 83,206 17.93 Vanguard Total Intl Stock Index Admiral --- USA --- 74,134 15.97 Vanguard Extended Market Index Admiral --- USA --- 15,269 3.29 Data through 2024-03-31

Principal Risks    Loss of Money, Not FDIC Insured, Interest Rate, Market/Market Volatility, Equity Securities, Fixed-Income Securities, Management Show Risk Definitions

Other Information Inception Date: 2011-10-19 Portfolio Manager(s) Michael R. Roach   (2023-02-17) Michael R. Roach, CFA, Portfolio Manager. He has been with the Vanguard Group, Inc. since 1998; has worked in investment management since 2001. Education: B.S., Bloomsburg University; M.S., Drexel University. Walter Nejman   (2013-02-22) Walter Nejman, Portfolio Manager at Vanguard. He has been with Vanguard since 2005; has worked in investment management since 2008; and has co-managed the Communication Services Index, Health Care Index, Industrials Index, and Information Technology Index Funds since 2015. Education: B.A., Arcadia University; M.B.A., Villanova University. Aurélie Denis   (2023-02-17) Aurélie Denis, CFA, Portfolio Manager at Vanguard. She has been with Vanguard since 2016, has worked in investment management since 2017, has managed investment portfolios since 2023, and has co-managed the Fund since February 2023. Education: B.S., Pennsylvania State University. Roger Aliaga-Diaz   (2023-02-17) Roger A. Aliaga-Díaz, Ph.D., is a senior economist with the Investment Strategy Group at Vanguard. Mr. Aliaga-Díaz's areas of expertise are monetary policy and global financial markets. He has published studies on investment and macroeconomic issues and most recently presented his research to the board of governors of the Federal Reserve System, the American Enterprise Institute for Public Policy Research, and the American Economic Association. Before joining Vanguard in 2007, Mr. Aliaga-Díaz was a visiting professor of macroeconomics at Drexel University's LeBow College of Business. He earned his Ph.D. in economics from North Carolina State University and his B.A. in economics from Universidad Nacional de Córdoba, Argentina Investment Advisor(s) Vanguard Group Inc Issuer Vanguard Subadvisor(s) ---

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