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Vanguard Balanced Portfolio Semiannual Report

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Vanguard Balanced Portfolio Semiannual Report Semiannual Report | June 30, 2021 Vanguard Variable Insurance Funds Balanced Portfolio Contents About Your Portfolio’s Expenses ..................... 1 Financial Statements ................................ 3 Trustees Approve Advisory Arrangement ............31 Liquidity Risk Management..........................32 About Your Portfolio’s Expenses As a shareholder of the portfolio, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a portfolio's gross income, directly reduce the investment return of the portfolio. A portfolio's expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your portfolio and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period. The accompanying table illustrates your portfolio's costs in two ways: • Based on actual portfolio return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the portfolio's actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the portfolio. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your portfolio under the heading ”Expenses Paid During Period.“ • Based on hypothetical 5% yearly return. This section is intended to help you compare your portfolio's costs with those of other mutual funds. It assumes that the portfolio had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the portfolio's actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your portfolio's costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the portfolio for buying and selling securities. The portfolio’s expense ratio does not reflect additional fees and expenses associated with the annuity or life insurance program through which you invest. The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions. You can find more information about the portfolio's expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your portfolio's current prospectus. Six Months Ended June 30, 2021 Beginning Ending Expenses Account Value Account Value Paid During Balanced Portfolio 12/31/2020 6/30/2021 Period Based on Actual Portfolio Return $1,000.00 $1,100.10 $1.04 Based on Hypothetical 5% Yearly Return 1,000.00 1,023.80 1.00 The calculations are based on expenses incurred in the most recent six-month period. The portfolio’s annualized six-month expense ratio for that period is 0.20%. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (181/365). 1 Balanced Portfolio Portfolio Allocation As of June 30, 2021 Asset-Backed/Commercial Mortgage-Backed Securities 1.1% Common Stocks 66.7 Corporate Bonds 22.3 Sovereign Bonds 0.4 Taxable Municipal Bonds 1.5 U.S. Government and Agency Obligations 8.0 The table reflects the portfolio’s investments, except for short-term investments and derivatives. The agency and mortgage-backed securities may include issues from government-sponsored enterprises; such issues are generally not backed by the full faith and credit of the U.S. government. 2 Balanced Portfolio Financial Statements (unaudited) Schedule of Investments As of June 30, 2021 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. Market Market Value• Value• Shares ($000) Shares ($000) Common Stocks (65.4%) Industrials (6.5%) Communication Services (9.0%) Raytheon Technologies Corp. 364,996 31,138 *Alphabet Inc. Class A 71,999 175,806 Deere & Co. 72,315 25,506 * Facebook Inc. Class A 301,593 104,867 Trane Technologies plc 137,571 25,332 Comcast Corp. Class A 659,517 37,606 Union Pacific Corp. 114,667 25,219 318,279 Northrop Grumman Corp. 68,872 25,030 Consumer Discretionary (6.9%) Johnson Controls McDonald's Corp. 318,638 73,602 International plc 342,107 23,479 *Amazon.com Inc. 15,771 54,255 Fortive Corp. 248,499 17,330 Home Depot Inc. 156,708 49,973 Lockheed Martin Corp. 33,788 12,784 TJX Cos. Inc. 636,870 42,938 Vinci SA 112,296 12,004 Dollar General Corp. 98,156 21,240 Schneider Electric SE 72,780 11,473 DR Horton Inc. 10,626 960 *Airbus SE 83,372 10,743 Lennar Corp. Class A 9,300 924 Illinois Tool Works Inc. 35,943 8,035 243,892 *Didi Global Inc. ADR 108,100 1,529 Consumer Staples (4.3%) 229,602 Procter & Gamble Co. 372,015 50,196 Information Technology (13.3%) Sysco Corp. 540,086 41,992 Microsoft Corp. 614,161 166,376 Nestle SA (Registered) 232,953 29,037 Apple Inc. 551,014 75,467 Coca-Cola Co. 415,472 22,481 Texas Instruments Inc. 260,699 50,132 Diageo plc 174,825 8,379 Taiwan Semiconductor Manufacturing Co. Ltd. 152,085 ADR 317,577 38,160 Energy (1.7%) Global Payments Inc. 184,898 34,676 TOTAL SE 815,306 36,935 Accenture plc Class A 64,378 18,978 Royal Dutch Shell plc Lam Research Corp. 26,508 17,249 Class A (XLON) 971,884 19,637 KLA Corp. 46,716 15,146 Royal Dutch Shell plc Class A 77,515 1,554 Cisco Systems Inc. 274,620 14,555 * salesforce.com Inc. 58,796 14,362 58,126 Fidelity National Financials (11.2%) Information Charles Schwab Corp. 1,147,895 83,578 Services Inc. 94,196 13,345 JPMorgan Chase & Co. 475,024 73,885 Marvell Technology Inc. 179,129 10,448 Bank of America Corp. 1,151,364 47,471 468,894 American Express Co. 236,815 39,129 Real Estate (0.9%) BlackRock Inc. 43,752 38,282 American Tower Corp. 88,730 23,970 Progressive Corp. 369,689 36,307 VICI Properties Inc. 237,782 7, 3 7 6 Blackstone Group Inc. 227,707 22,119 Morgan Stanley 201,738 18,497 31,346 S&P Global Inc. 44,300 18,183 Utilities (1.9%) Prudential plc 869,596 16,545 Exelon Corp. 757,254 33,554 Goldman Sachs Group Inc. 7,422 2,817 Duke Energy Corp. 336,459 33,215 396,813 66,769 Health Care (9.7%) Total Common Stocks UnitedHealth Group Inc. 116,616 46,698 (Cost $1,518,938) 2,309,946 Pfizer Inc. 1,172,969 45,934 HCA Healthcare Inc. 188,817 39,036 Becton Dickinson and Co. 156,059 37,952 Novartis AG (Registered) 378,139 34,496 Anthem Inc. 77,130 29,448 1 AstraZeneca plc ADR 482,807 28,920 Humana Inc. 57,355 25,392 Abbott Laboratories 172,551 20,004 Danaher Corp. 71,071 19,073 Baxter International Inc. 213,501 17,187 344,140 3 Balanced Portfolio Face Market Face Market Maturity Amount Value• Maturity Amount Value• Coupon Date ($000) ($000) Coupon Date ($000) ($000) U.S. Government and Agency Obligations (7.8%) U.S. Treasury Note/Bond 2.375% 5/15 /51 3,730 3,982 U.S. Government Securities (7.5%) U.S. Treasury 263,923 Note/Bond 0.125% 10/31/22 7,250 7,248 Conventional Mortgage-Backed Securities (0.0%) U.S. Treasury 3,4 Fannie Mae Pool 1.770% 1/1/36 560 559 Note/Bond 0.125% 11/30/22 2,800 2,799 3,4 Fannie Mae Pool 3.070% 2/1/25 500 536 U.S. Treasury 3,4 Freddie Mac Gold Note/Bond 0.125% 2/28/23 5,000 4,995 Pool 4.000% 9/1/41 23 U.S. Treasury 3 Ginnie Mae I Pool 7.000% 11/15/31 - 11/15/33 45 52 Note/Bond 0.125% 3/31/23 2,200 2,197 3 Ginnie Mae I Pool 8.000% 9/15 /30 36 42 U.S. Treasury 3,4 UMBS Pool 2.500% 4/1/37 - 4/1/38 1,047 1,090 Note/Bond 2.500% 3/31/23 7, 9 1 5 8,230 U.S.
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