Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print Vanguard VIF Equity Index Release date as of 2024-10-31. Data on page is subject to change. Snapshot Ratings & Risk Portfolio Nuts & Bolts

Morningstar Report Overall Morningstar Rating™ What is this? As of 2024-10-31 Out of 1288 Large Blend Funds Morningstar® Style Box™ What is this? As of 2024-10-31 Total Fund Assets ($ Mil) 11,164.54 View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy   The investment seeks to track the performance of the Standard & Poor’s 500 Index that measures the investment return of large-capitalization stocks. The Portfolio employs an indexing investment approach designed to track the performance of the Standard & Poor's 500 Index, a widely recognized benchmark of U.S. stock market performance that is dominated by the stocks of large U.S. companies. The advisor attempts to replicate the index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index. It is non-diversified.

Morningstar Category: Large Blend Large-blend portfolios are fairly representative of the overall US stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the US equity market are defined as large cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate. These portfolios tend to invest across the spectrum of US industries, and owing to their broad exposure, the portfolios' returns are often similar to those of the S&P 500 Index.

Investment Risks Non-Diversified Funds: Funds that invest more of their assets in a single issuer involve additional risks, including share price fluctuations, because of the increased concentration of investments.

Portfolio Profile Asset Allocation % of Net Assets U.S. Stocks 99.3 Non-U.S. Stocks 0.6 Bonds 0.0 Cash 0.2 Other 0.0 Data through 2024-10-31 Morningstar Equity Sectors % of Stocks Cyclical 27.32 Basic Materials 1.93 Consumer Cyclical 10.21 Financial Services 12.90 Real Estate 2.28 Sensitive 53.04 Communication Services 9.11 Energy 3.37 Industrials 7.55 Technology 33.01 Defensive 19.64 Consumer Defensive 5.76 Healthcare 11.18 Utilities 2.70 Data through 2024-10-31 Holding Status Total Number of Stock Holdings 503 Total Number of Bond Holdings 0 % of Net Assets in Top 10 Holdings 34.88 Turnover % (as of 2023-12-31) 5.00 30 Day SEC Yield % 1.13 Top Holdings Sector P/E % of Net Assets Apple Inc 37.16 7.11 NVIDIA Corp 62.24 6.76 Microsoft Corp 33.55 6.25 Amazon.com Inc 39.83 3.60 Meta Platforms Inc Class A 26.79 2.57 Alphabet Inc Class A 22.69 2.08 Alphabet Inc Class C 22.90 1.72 Berkshire Hathaway Inc Class B 14.33 1.71 Broadcom Inc 137.13 1.64 Tesla Inc 68.45 1.44 Data through 2024-10-31

Principal Risks    Loss of Money, Not FDIC Insured, Nondiversification, Index Correlation/Tracking Error, Market/Market Volatility, Equity Securities, Industry and Sector Investing, Management Show Risk Definitions

Other Information Inception Date: 1991-04-29 Portfolio Manager(s) Michelle Louie   (2017-11-30) Michelle Louie, CFA, Portfolio Manager at Vanguard. She has been with Vanguard since 2010, has worked in investment management since 2011. Education: B.S., The American University; M.B.A., Georgia Institute of Technology. Aurélie Denis   (2023-08-04) Aurélie Denis, CFA, Portfolio Manager at Vanguard. She has been with Vanguard since 2016, has worked in investment management since 2017, has managed investment portfolios since 2023, and has co-managed the Fund since February 2023. Education: B.S., Pennsylvania State University. Investment Advisor(s) Vanguard Group Inc Issuer Vanguard Subadvisor(s) ---

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