Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print Vanguard VIF International 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 380 Foreign Large Growth Funds Morningstar® Style Box™ What is this? As of 2024-09-30 Total Fund Assets ($ Mil) 3,022.95 View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy   The investment seeks to provide long-term capital appreciation. The Portfolio invests predominantly in the stocks of companies located outside the United States and is expected to diversify its assets in countries across developed and emerging markets. In selecting stocks, its advisors evaluate foreign markets around the world and choose large-, mid-, and small-capitalization companies considered to have above-average growth potential. The Portfolio uses multiple investment advisors.

Morningstar Category: Foreign Large Growth Foreign large-growth portfolios focus on high-priced growth stocks, mainly outside of the United States. Most of these portfolios divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These portfolios primarily invest in stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex-Japan). Growth is defined based on fast growth (high growth rates for earnings, sales, book value, and cash flow) and high valuations (high price ratios and low dividend yields). These portfolios typically will have less than 20% of assets invested in U.S. stocks.

Investment Risks Foreign Securities Funds/Emerging Market Funds: Risks include, but are not limited to, currency risk, political risk, and risk associated with varying accounting standards. Investing in emerging markets may accentuate these risks.

Portfolio Profile Asset Allocation % of Net Assets U.S. Stocks 16.2 Non-U.S. Stocks 79.4 Bonds 0.0 Cash 3.5 Other 0.9 Data through 2024-09-30 Morningstar Equity Sectors % of Stocks Cyclical 33.58 Basic Materials 0.63 Consumer Cyclical 23.02 Financial Services 9.93 Real Estate 0.00 Sensitive 49.02 Communication Services 7.61 Energy 1.62 Industrials 12.94 Technology 26.85 Defensive 17.41 Consumer Defensive 4.39 Healthcare 12.17 Utilities 0.85 Data through 2024-09-30 Morningstar World Regions % Fund Americas 26.2 North America 19.0 Latin America 7.2 Greater Europe 42.8 United Kingdom 8.3 Europe Developed 34.4 Europe Emerging 0.0 Africa/Middle East 0.2 Greater Asia 31.0 Japan 6.9 Australasia 1.8 Asia Developed 9.5 Asia Emerging 12.9 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 31.23 Turnover % (as of 2023-12-31) 15.00 30 Day SEC Yield % --- Top Holdings Sector Country % of Net Assets Taiwan Semiconductor Manufacturing Co Ltd Taiwan 5.59 MercadoLibre Inc Brazil 4.76 Spotify Technology SA United States 3.94 ASML Holding NV Netherlands 3.18 Adyen NV Netherlands 3.14 Meituan Class B China 2.29 Atlas Copco AB Class A Sweden 2.21 Coupang Inc Ordinary Shares - Class A United States 2.10 BYD Co Ltd Class H China 2.02 Ferrari NV Italy 2.00 Data through 2024-09-30

Principal Risks    Currency, Emerging Markets, Loss of Money, Not FDIC Insured, Country or Region, Market/Market Volatility, Equity Securities, Management Show Risk Definitions

Other Information Inception Date: 1994-06-03 Portfolio Manager(s) Thomas Coutts   (2016-12-22) Thomas Coutts, Partner of Baillie Gifford & Co., which is the 100% owner of Baillie Gifford. He has worked in investment management with Baillie Gifford since 1999, has managed investment portfolios since 2001, and has co-managed a portion of the Portfolio since December 2016. Education: B.A., Trinity College, Oxford. Simon Webber   (2009-12-22) Simon joined Schroders in 1999 as an analyst on the Global Technology and US teams, before becoming a Global Sector Specialist for the consumer discretionary and telecom sectors. Currently, he is also a portfolio manager on the Global Equity team. In 2006, Simon began to develop the philosophy and investment universe behind the Schroder Global Climate Change strategy, and has co-managed the fund since launch. Lawrence Burns   (2020-12-22) Lawrence Burns joined Baillie Gifford in 2009 and became a Partner of Baillie Gifford & Co. in 2020. He is a portfolio manager in the Manager's strategies that focus on transformative growth companies. Mr. Burns has been a member of the International Growth Portfolio Construction Group since October 2012 and took over as Deputy Chair in July 2019. Mr. Burns is also a co-manager of the International Concentrated Growth Strategy. He has also spent time working in both the Emerging Markets and U.K. Equity Departments. Mr. Burns graduated BA in Geography from the University of Cambridge in 2009. Mr. Burns has been a member of the team since 2012. James Gautrey   (2020-12-22) James R. Gautrey, CFA, Portfolio Manager at Schroders. He has worked in investment management for Schroders since 2001, has managed assets since 2014, and has co-managed a portion of the Portfolio since December 2020. Education: B.Sc., University College London. Investment Advisor(s) Baillie Gifford Overseas Limited Schroder Investment Management North America Inc. Issuer Vanguard Subadvisor(s) ---

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