Moderate 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 (34.8%)
	Vanguard Variable Insurance Funds—Equity Index Portfolio	3,047,658	203,065
	Vanguard Extended Market Index Fund Admiral Shares	219,398	28,691
			231,756
International Stock Fund (24.5%)
	Vanguard Total International Stock Index Fund Admiral Shares	4,880,426	162,714
U.S. Bond Fund (28.5%)
	Vanguard Variable Insurance Funds—Total Bond Market Index Portfolio	18,287,685	189,643
International Bond Fund (12.2%)
	Vanguard Total International Bond Index Fund Admiral Shares	4,179,753	81,380
Total Investment Companies (Cost $630,608)			665,493
Temporary Cash Investments (0.0%)
Money Market Fund (0.0%)
1	Vanguard Market Liquidity Fund, 4.342% (Cost $—)	2	—
Total Investments (100.0%) (Cost $630,608)			665,493
Other Assets and Liabilities—Net (0.0%)			(26)
Net Assets (100%)			665,467

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	33,215	102	1,757	892	(3,761)	102	—	28,691
Vanguard Market Liquidity Fund	1	NA1	NA1	—	—	2	—	—
Vanguard Total International Bond Index Fund	82,762	997	1,708	7	(678)	504	—	81,380
Vanguard Total International Stock Index Fund	154,001	1,365	699	135	7,912	483	—	162,714
Vanguard Variable Insurance Funds—Equity Index Portfolio	217,048	9,352	7,376	3,253	(19,212)	2,396	4,617	203,065
Vanguard Variable Insurance Funds—Total Bond Market Index Portfolio	191,622	8,133	8,664	279	(1,727)	6,533	—	189,643
Total	678,649	19,949	20,204	4,566	(17,466)	10,020	4,617	665,493

1 Not applicable—purchases and sales are for temporary cash investment purposes.