The performance data shown represent past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, so that investors' shares, when sold, may be worth more or less than their original cost. See performance data current to the most recent month-end, which may be higher or lower than that cited.
|Asset Allocation as of 05/31/2016
|Fund Characteristics as of 05/31/2016
| ||VLIP-Balanced Portfolio||Composite Stock/Bond Index (VVIF)*|
|Turnover Rate (Fiscal Year End December)||45.3%||—|
|Total Net Assets||—||—|
|Equity Characteristics as of 05/31/2016
|Fixed-Income Characteristics as of 05/31/2016
|Equity Sector Diversification as of 05/31/2016
| ||VLIP-Balanced Portfolio||Composite Stock/Bond Index (VVIF) *|
Sector categories are based on the Global Industry Classification Standard system.
|Month End Ten Largest Holdings as of 05/31/2016
|1||Wells Fargo & Co.|
|3||Merck & Co. Inc.|
|5||Verizon Communications Inc.|
|6||JPMorgan Chase & Co.|
|Ten largest holdings = 17.7% of total net assets|
|Ten largest holdings = 27.2% of equities||
Quarter-end top ten holdings with weighting
|Distribution By Issuer (% of bonds) as of 05/31/2016
| ||VLIP-Balanced Portfolio|
|Distribution By Credit Quality** (% of bonds) as of 05/31/2016
* Made up of two unmanaged benchmarks, weighted 65% S&P 500 Index and 35% Barclays U.S. Credit A or Better Bond Index.
| ||VLIP-Balanced Portfolio|
** Vanguard managed taxable index bond funds, balanced funds, ETFs, and annuity portfolios: Credit-quality ratings for each issue are obtained from Barclays using ratings derived from Moody's Investors Service (Moody's), Fitch Ratings (Fitch), and Standard & Poor's (S&P). When ratings from all three agencies are available, the median rating is used. When ratings are available from two of the agencies, the lower rating is used. When one rating is available, that rating is used. Vanguard managed taxable non-index bond funds, municipal bond funds, balanced funds and annuity portfolios; Wellington Management Company managed bond funds, balanced funds and annuity portfolios: Credit-quality ratings for each issue are obtained from Moody's and S&P, and the higher rating for each issue is used. Oaktree Capital Management managed fund: Credit quality ratings are obtained from S&P. Vanguard taxable money market funds: Credit-quality ratings for each issuer are obtained from Moody's and S&P. Issuer long-term ratings are mapped to each issue, and the lower rating is used. Unrated securities are determined to be of comparable quality to a rated security in accordance with SEC Rule 2a-7 under the Investment Company Act of 1940. Vanguard municipal money market funds: Short-term credit-quality ratings for each issuer are obtained from Moody's, S&P, and Fitch. A rating is assigned to each issue based on the following priority order: Moody's, S&P, Fitch. Unrated securities are determined to be of comparable quality to a rated security in accordance with SEC Rule 2a-7 under the Investment Company Act of 1940.