NPORT-EX 2 vg_conservativeallocport.htm
Conservative Allocation Portfolio
Schedule of Investments (unaudited)
As of March 31, 2025
The portfolio files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The portfolio’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
          Shares Market
Value
($000)
Investment Companies (100.0%)
U.S. Stock Funds (23.0%)
  Vanguard Variable Insurance Funds—Equity Index Portfolio 1,442,128 96,089
  Vanguard Extended Market Index Fund Admiral Shares 101,737 13,304
            109,393
International Stock Fund (16.1%)
  Vanguard Total International Stock Index Fund Admiral Shares 2,302,820 76,776
U.S. Bond Fund (42.8%)
  Vanguard Variable Insurance Funds—Total Bond Market Index Portfolio 19,627,793 203,540
International Bond Fund (18.1%)
  Vanguard Total International Bond Index Fund Admiral Shares 4,425,670 86,168
Total Investment Companies (Cost $495,415) 475,877
Temporary Cash Investments (0.1%)
Money Market Fund (0.1%)
1 Vanguard Market Liquidity Fund, 4.342% (Cost $338) 3,383 338
Total Investments (100.1%) (Cost $495,753)   476,215
Other Assets and Liabilities—Net (-0.1%)   (322)
Net Assets (100%)   475,893
Cost is in $000.
1 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
A.  Security Valuation: Investments are valued at the net asset value of each underlying Vanguard fund determined as of the close of the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date.
B.  Various inputs may be used to determine the value of the portfolio’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the portfolio’s own assumptions used to determine the fair value of investments). Any investments valued with significant unobservable inputs are noted on the Schedule of Investments.
At March 31, 2025, 100% of the market value of the portfolio's investments was determined based on Level 1 inputs.
C.  Transactions during the period in affiliated underlying Vanguard funds were as follows:
    Current Period Transactions  
  Dec. 31, 2024
Market Value
($000) 		Purchases
at Cost
($000) 		Proceeds
from
Securities
Sold
($000) 		Realized
Net Gain
(Loss)
($000) 		Change in
Unrealized
App. (Dep.)
($000) 		Income
($000) 		Capital Gain
Distributions
Received
($000) 		Mar. 31, 2025
Market Value
($000)
Vanguard Extended Market Index Fund 15,679 232 1,296 620 (1,931) 47 — 13,304
Vanguard Market Liquidity Fund — NA1 NA1 — — 1 — 338
Vanguard Total International Bond Index Fund 85,439 1,699 263 (1) (706) 529 — 86,168
Vanguard Total International Stock Index Fund 72,098 3,705 2,922 490 3,405 228 — 76,776
Vanguard Variable Insurance Funds—Equity Index Portfolio 97,619 7,634 1,576 658 (8,246) 1,130 2,178 96,089
Vanguard Variable Insurance Funds—Total Bond Market Index Portfolio 198,143 11,013 3,975 95 (1,736) 7,004 — 203,540
Total 468,978 24,283 10,032 1,862 (9,214) 8,939 2,178 476,215
1 Not applicable—purchases and sales are for temporary cash investment purposes.