Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print Vanguard VIF Equity Income Release date as of 2023-04-30. Data on page is subject to change. Snapshot Ratings & Risk Portfolio Nuts & Bolts

Morningstar Report Overall Morningstar Rating™ What is this? As of 2023-04-30 Out of 1135 Large Value Funds Morningstar® Style Box™ What is this? As of 2023-03-31 Total Fund Assets ($ Mil) 1,946.26 View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy   The investment seeks to provide an above-average level of current income and reasonable long-term capital appreciation. The Portfolio invests mainly in common stocks of mid-size and large companies whose stocks pay above-average levels of dividend income and are, in the opinion of the purchasing advisor, undervalued relative to similar stocks. In addition, the advisors generally look for companies that they believe are committed to paying dividends consistently. Under normal circumstances, it will invest at least 80% of its assets in equity securities. The Portfolio uses multiple investment advisors.

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 86.6 Non-U.S. Stocks 9.0 Bonds 0.0 Cash 4.5 Other 0.0 Data through 2023-03-31 Morningstar Equity Sectors % of Stocks Cyclical 28.63 Basic Materials 3.58 Consumer Cyclical 5.57 Financial Services 18.04 Real Estate 1.44 Sensitive 32.96 Communication Services 2.57 Energy 10.21 Industrials 10.44 Technology 9.74 Defensive 38.41 Consumer Defensive 13.63 Healthcare 17.04 Utilities 7.74 Data through 2023-03-31 Holding Status Total Number of Stock Holdings 173 Total Number of Bond Holdings 0 % of Net Assets in Top 10 Holdings 23.93 Turnover % (as of 2022-12-31) 46.00 30 Day SEC Yield % 2.65 Top Holdings Sector P/E % of Net Assets JPMorgan Chase & Co 10.19 3.14 Pfizer Inc 7.11 2.95 Johnson & Johnson 34.32 2.55 Merck & Co Inc 22.55 2.47 The Home Depot Inc 18.01 2.47 ConocoPhillips 7.06 2.25 EOG Resources Inc 9.04 2.18 Cisco Systems Inc 17.31 2.02 Eli Lilly and Co 63.68 1.96 Procter & Gamble Co 27.20 1.94 Data through 2023-03-31

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

Other Information Inception Date: 1993-06-07 Portfolio Manager(s) Sharon Hill   (2021-02-26) Hill, Senior Vice President, is head of equity quantitative research and analytics. Dr. Sharon Hill heads the firm’s equity quantitative research team in the Americas and is a member of the firm’s asset allocation committee, which is responsible for building and managing multi-asset class portfolios. Dr. Hill joined Macquarie Investment Management (MIM), which includes the former Delaware Investments, in 2000 as a senior programmer/analyst within the IT department, and then moved to the equity group as a quantitative analyst in 2002 before assuming her current position in 2004. Before joining the firm, she worked as a professor of mathematics at Rowan University and as a software developer for Bloomberg, where she focused on fixed income applications. Dr. Hill holds a bachelor’s degree, with honors, in mathematics from the City University of New York at Brooklyn College, as well as a master’s degree and Ph.D. in mathematics from the University of Connecticut. Her academic publications include work on water waves, complex spring systems, and global investments. She is a member of the Society of Quantitative Analysts and she is on the program committee of the Journal of Investment Management. Matthew C. Hand   (2021-10-05) Matthew Hand, CFA, Managing Director and Equity Research Analyst of Wellington Management, has been involved in portfolio management for the Fund since 2019 and has been involved in securities analysis for the Fund since 2004. Mr. Hand joined Wellington Management as an investment professional in 2004. Investment Advisor(s) Vanguard Group Inc Wellington Management Company LLP Issuer Vanguard Subadvisor(s) ---

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