Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print Vanguard VIF Diversified Val Release date as of 2024-11-30. Data on page is subject to change. Snapshot Ratings & Risk Portfolio Nuts & Bolts

Morningstar Report Overall Morningstar Rating™ What is this? As of 2024-11-30 Out of 1093 Large Value Funds Morningstar® Style Box™ What is this? As of 2024-09-30 Total Fund Assets ($ Mil) 1,422.22 View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy   The investment seeks to provide long-term capital appreciation and income. The Portfolio invests mainly in large- and mid-capitalization companies whose stocks are considered by the advisor to be undervalued. Undervalued stocks are generally those that are out of favor with investors and that the advisor believes are trading at prices that are below average in relation to measures such as earnings and book value. These stocks often have above-average dividend yields.

Morningstar Category: Large Value Large-value portfolios invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Value is defined based on low valuations (low price ratios and high dividend yields) and slow growth (low growth rates for earnings, sales, book value, and cash flow).

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 89.7 Non-U.S. Stocks 4.6 Bonds 0.0 Cash 5.7 Other 0.0 Data through 2024-09-30 Morningstar Equity Sectors % of Stocks Cyclical 32.82 Basic Materials 0.57 Consumer Cyclical 10.68 Financial Services 19.80 Real Estate 1.77 Sensitive 44.99 Communication Services 5.56 Energy 7.70 Industrials 9.33 Technology 22.40 Defensive 22.19 Consumer Defensive 5.59 Healthcare 15.07 Utilities 1.53 Data through 2024-09-30 Holding Status Total Number of Stock Holdings 123 Total Number of Bond Holdings 0 % of Net Assets in Top 10 Holdings 27.16 Turnover % (as of 2023-12-31) 19.00 30 Day SEC Yield % 1.52 Top Holdings Sector P/E % of Net Assets Microsoft Corp 34.97 5.26 Amazon.com Inc 44.42 4.17 Alphabet Inc Class A 22.41 3.36 Apple Inc 39.03 3.32 Bank of America Corp 17.21 2.08 Intercontinental Exchange Inc 38.23 2.06 Visa Inc Class A 32.38 1.93 UnitedHealth Group Inc 39.67 1.86 Medtronic PLC 26.46 1.58 Citigroup Inc 20.19 1.54 Data through 2024-09-30

Principal Risks    Loss of Money, Not FDIC Insured, Market/Market Volatility, Equity Securities, Management Show Risk Definitions

Other Information Inception Date: 1999-02-08 Portfolio Manager(s) Scott McBride   (2019-12-16) Scott McBride serves as CEO and portfolio manager on the Large Cap Fundamental Value, Large Cap Diversified Value, Global Value and Focused Global Value portfolios. He covers technology companies and is a member of the consumer, technology, healthcare and financial sector teams. Prior to joining the firm in 2001, Mr. McBride was an associate consultant with Deloitte Consulting and worked as an investment marketing analyst with Fidelity Investments. Mr. McBride, a CFA charterholder, received his BA in Economics from Georgetown University and MBA from Columbia University. Henry Ross Seiden   (2022-02-25) Ross Seiden is a Director and Portfolio Manager/Analyst on various US equity strategies. He is also responsible for research coverage of companies in the healthcare sector. Ross began working in the investment field in 2006. Prior to joining Lazard in 2010, he was an Equity Research Associate covering the financials sector at Credit Suisse. Ross has a BBA in Finance and Accounting from the Ross School of Business at the University of Michigan. George H. Davis   (2019-12-16) George Davis serves as Executive Chairman and portfolio manager on the Large Cap Fundamental Value and Large Cap Diversified Value portfolios. He is a member of the capital goods and financials sector teams. Prior to joining the firm in 1988, Mr. Davis was an assistant to the senior partner of RCM Capital Management. He began his career in equity research with internships at Cramer, Rosenthal & McGlynn and Fidelity Management & Research. Mr. Davis received his BA in Economics and History and MBA from Stanford University. Andrew D. Lacey   (2019-12-16) Andrew Lacey is a Managing Director and a Portfolio Manager/Analyst on various US equity strategies as well as Global Equity Select. He began working in the investment field upon joining the firm in 1995 as a Research Analyst covering the technology sector. Andrew has an MBA from Columbia University and a BA (Hons) from the College of Social Studies, Wesleyan University. Prior to joining Lazard, Andrew was a teacher at the Pingry School and Buckingham Browne & Nichols for five years. He continues to be involved in education as a board member for KIPP New Jersey and Link Education Partners. Investment Advisor(s) Lazard Asset Management LLC Hotchkis & Wiley Capital Management LLC Issuer Vanguard Subadvisor(s) ---

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