Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print Vanguard VIF Small Co Gr Release date as of 2022-05-31. Data on page is subject to change. Snapshot Ratings & Risk Portfolio Nuts & Bolts

Morningstar Report Overall Morningstar Rating™ What is this? As of 2022-05-31 Out of 585 Small Growth Funds Morningstar® Style Box™ What is this? As of 2022-03-31 Total Fund Assets ($ Mil) 1,472.31 View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy   The investment seeks to provide long-term capital appreciation. Under normal circumstances the Portfolio invests at least 80% of its assets primarily in common stocks of small companies. These companies tend to be unseasoned but are considered by the Portfolio's advisors to have superior growth potential. Also, these companies often provide little or no dividend income. It uses multiple investment advisors.

Morningstar Category: Small Growth Small-growth portfolios focus on faster-growing companies whose shares are at the lower end of the market-capitalization range. These portfolios tend to favor companies in up-and-coming industries or young firms in their early growth stages. Because these businesses are fast-growing and often richly valued, their stocks tend to be volatile. Stocks in the bottom 10% of the capitalization of the U.S. equity market are defined as small cap. 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).

Investment Risks Small Cap Funds: Smaller companies typically have higher risk of failure, and are not as well established as larger blue-chip companies. Historically, the smaller company stocks have experienced a greater degree of market volatility than the overall market average.

Portfolio Profile Asset Allocation % of Net Assets U.S. Stocks 91.9 Non-U.S. Stocks 3.0 Bonds 0.0 Cash 5.1 Other 0.0 Data through 2022-03-31 Morningstar Equity Sectors % of Stocks Cyclical 23.46 Basic Materials 2.24 Consumer Cyclical 14.90 Financial Services 4.75 Real Estate 1.57 Sensitive 52.04 Communication Services 4.49 Energy 1.53 Industrials 17.61 Technology 28.41 Defensive 24.51 Consumer Defensive 2.80 Healthcare 21.52 Utilities 0.19 Data through 2022-03-31 Holding Status Total Number of Stock Holdings 550 Total Number of Bond Holdings 0 % of Net Assets in Top 10 Holdings 13.16 Turnover % (as of 2021-12-31) 57.00 30 Day SEC Yield % 0.25 Top Holdings Sector P/E % of Net Assets ON Semiconductor Corp 18.67 1.67 Skechers USA Inc Class A 8.09 1.39 Matson Inc 3.24 1.38 Steris PLC 92.02 1.38 Sensata Technologies Holding PLC 23.09 1.32 Zendesk Inc --- 1.30 Ziff Davis Inc 9.47 1.28 Frontdoor Inc 16.95 1.25 Ritchie Bros Auctioneers Inc --- 1.12 Sally Beauty Holdings Inc 6.62 1.07 Data through 2022-03-31

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

Other Information Inception Date: 1996-06-03 Portfolio Manager(s) Chad Meade   (2016-01-25) Mr. Meade, Partner and Portfolio Manager of ArrowMark Partners. He has worked in investment management since 1998, has managed investment portfolios since 2006, joined Arrowpoint Asset Management, LLC in May 2013. Mr. Prior to joining Arrowpoint, Mr. Meade served as an Equity Research Analyst, Co-Portfolio Manager and Executive Vice President AT Janus Capital (2001-2013). Prior to joining Janus Capital, he was a financial analyst for Goldman Sachs’ global investment research team. Chad graduated summa cum laude from Virginia Tech with a bachelor’s degree in Finance and was a member of the Omicron Delta Kappa Honor Society. Brian A. Schaub   (2016-01-25) Mr. Schaub, Partner and Portfolio Manager of ArrowMark Partners, He has worked in investment management since 2000, has managed investment portfolios since 2006, has been with ArrowMark Partners since 2013, and has co-managed a portion of the Portfolio since 2016. Brian graduated cum laude from Williams College with a bachelor’s degree in Economics and won the Arthur B. Graves, Class of 1858, Essay Prize in Economics for his work on Dell Computer. He holds the Chartered Financial Analyst designation. Cesar Orosco   (2021-02-26) CFA, Ph.D., Senior Portfolio Manager at Vanguard. He has been with Vanguard since April 2020, has worked in investment management since 2004, has managed investment portfolios since 2004, and has co-managed a portion of the Fund since February 2021. Education: B.S., Universidad de Lima; Ph.D., University of Pennsylvania. Investment Advisor(s) ArrowMark Colorado Holdings, LLC (ArrowMark Partners) Vanguard Group Inc Issuer Vanguard Subadvisor(s) ---

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