Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print Vanguard VIF Equity Income Release date as of 2024-03-31. Data on page is subject to change. Snapshot Ratings & Risk Portfolio Nuts & Bolts

Morningstar Report Overall Morningstar Rating™ What is this? As of 2024-03-31 Out of 1118 Large Value Funds Morningstar® Style Box™ What is this? As of 2023-12-31 Total Fund Assets ($ Mil) 2,078.39 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 85.2 Non-U.S. Stocks 10.8 Bonds 0.0 Cash 4.0 Other 0.0 Data through 2023-12-31 Morningstar Equity Sectors % of Stocks Cyclical 31.57 Basic Materials 4.59 Consumer Cyclical 3.96 Financial Services 20.66 Real Estate 2.36 Sensitive 31.54 Communication Services 1.64 Energy 10.62 Industrials 10.44 Technology 8.84 Defensive 36.89 Consumer Defensive 13.50 Healthcare 15.25 Utilities 8.14 Data through 2023-12-31 Holding Status Total Number of Stock Holdings 170 Total Number of Bond Holdings 0 % of Net Assets in Top 10 Holdings 22.71 Turnover % (as of 2023-12-31) 48.00 30 Day SEC Yield % 2.79 Top Holdings Sector P/E % of Net Assets JPMorgan Chase & Co 12.34 3.93 Merck & Co Inc 942.50 2.78 Johnson & Johnson 30.42 2.57 ConocoPhillips 14.05 2.25 Pfizer Inc 75.00 2.12 EOG Resources Inc 9.83 2.05 Cisco Systems Inc 15.17 1.93 Broadcom Inc 49.25 1.79 Procter & Gamble Co 27.18 1.71 Qualcomm Inc 24.15 1.58 Data through 2023-12-31

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) As a portfolio manager on the Value Team, Matt manages equity assets on behalf of clients, drawing on research from Wellington’s investment platform. He also conducts fundamental analysis for the team, focusing on the consumer, and real estate industries. He is based out of Wellington’s Radnor, Pennsylvania, office. Matt joined Wellington Management in 2004 after he earned his BA in economics from the University of Pennsylvania (2004). Additionally, he holds the Chartered Financial Analyst designation and is a member of the CFA Society of Philadelphia and the CFA Institute. Investment Advisor(s) Vanguard Group Inc Wellington Management Company LLP Issuer Vanguard Subadvisor(s) ---

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