Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print Vanguard VIF Balanced 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 686 Moderate Allocation Funds Morningstar® Style Box™ What is this? As of 2023-12-31 As of 2023-12-31 Total Fund Assets ($ Mil) 3,381 View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy   The investment seeks to provide long-term capital appreciation and reasonable current income. The Portfolio invests 60% to 70% of its assets in dividend-paying and, to a lesser extent, non-dividend-paying common stocks of established large companies. The remaining 30% to 40% of the Portfolio's assets are invested mainly in fixed income securities that the advisor believes will generate a moderate level of current income. These securities include investment-grade corporate bonds, with some exposure to U.S. Treasury and government agency bonds, and mortgage-backed securities.

Morningstar Category: Moderate 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 moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%.

Investment Risks There are no additional fund specific investment risks (e.g. liquidity risk, currency risk, foreign investment risk, etc.) associated with this fund beyond the normal risks generally associated with investing in a mutual fund.

Portfolio Profile Asset Allocation % of Net Assets U.S. Stocks 57.2 Non-U.S. Stocks 7.8 Bonds 33.4 Cash 1.6 Other 0.0 Data through 2023-12-31 Morningstar Equity Sectors % of Stocks Cyclical 27.74 Basic Materials 2.82 Consumer Cyclical 11.10 Financial Services 12.60 Real Estate 1.22 Sensitive 48.82 Communication Services 8.85 Energy 6.42 Industrials 7.01 Technology 26.54 Defensive 23.43 Consumer Defensive 5.12 Healthcare 15.08 Utilities 3.23 Data through 2023-12-31 Morningstar Fixed-Income Sectors % Fund Government 20.51 Corporate 63.13 Securitized 7.35 Municipal 4.57 Cash & Equivalents 4.45 Derivative 0.00 Data through 2023-12-31 Credit Analysis % Bonds AAA 28.09 AA 10.40 A 44.84 BBB 16.64 BB 0.01 B 0.00 Below B 0.01 Not Rated 0.01 Data through 2023-12-31 Holding Status Total Number of Stock Holdings 77 Total Number of Bond Holdings 1255 % of Net Assets in Top 10 Holdings 24.15 Turnover % (as of 2023-12-31) 40.00 30 Day SEC Yield % 2.62 Top Holdings Sector Country Maturity Date Market Value ($000) % of Net Assets Microsoft Corp USA --- 170,500 5.24 Alphabet Inc Class A USA --- 125,698 3.86 Apple Inc USA --- 103,855 3.19 Amazon.com Inc USA --- 86,079 2.65 Meta Platforms Inc Class A USA --- 61,414 1.89 Progressive Corp USA --- 54,074 1.66 UnitedHealth Group Inc USA --- 50,824 1.56 Shell PLC GBR --- 44,787 1.38 Procter & Gamble Co USA --- 44,639 1.37 JPMorgan Chase & Co USA --- 43,999 1.35 Data through 2023-12-31

Principal Risks    Credit and Counterparty, Prepayment (Call), Loss of Money, Not FDIC Insured, Income, Interest Rate, Market/Market Volatility, Equity Securities, Restricted/Illiquid Securities, Fixed-Income Securities, Management Show Risk Definitions

Other Information Inception Date: 1991-05-23 Portfolio Manager(s) Daniel J. Pozen   (2019-03-28) Daniel J. Pozen, Senior Managing Director and Equity Portfolio Manager of Wellington Management. He has worked in investment management since 1999, has been with Wellington Management since 2006. Education: B.A., Williams College; M.B.A., Dartmouth College (Tuck). Loren L. Moran   (2017-01-27) Loren L. Moran, CFA, Senior Managing Director and Fixed Income Portfolio Manager of Wellington Management, has been a portfolio manager for the fixed income portion of the Fund since 2017 and securities analysis for the fixed income portion of the Fund since 2014. She has worked in investment management since 2001, has been with Wellington Management since 2014. Education: B.S., Georgetown University. Investment Advisor(s) Wellington Management Company LLP Issuer Vanguard Subadvisor(s) ---

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