Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print Vanguard VIF Small Co Gr 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 552 Small Growth Funds Morningstar® Style Box™ What is this? As of 2023-12-31 Total Fund Assets ($ Mil) 1,559.51 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 90.6 Non-U.S. Stocks 3.8 Bonds 0.0 Cash 5.6 Other 0.0 Data through 2023-12-31 Morningstar Equity Sectors % of Stocks Cyclical 21.70 Basic Materials 1.96 Consumer Cyclical 13.74 Financial Services 5.25 Real Estate 0.75 Sensitive 49.91 Communication Services 4.62 Energy 2.68 Industrials 16.28 Technology 26.33 Defensive 28.40 Consumer Defensive 2.71 Healthcare 25.03 Utilities 0.66 Data through 2023-12-31 Holding Status Total Number of Stock Holdings 491 Total Number of Bond Holdings 0 % of Net Assets in Top 10 Holdings 14.34 Turnover % (as of 2023-12-31) 59.00 30 Day SEC Yield % 0.37 Top Holdings Sector P/E % of Net Assets Euronet Worldwide Inc 19.99 1.64 RB Global Inc --- 1.60 Alight Inc Class A --- 1.50 Sensata Technologies Holding PLC --- 1.46 Steris PLC 39.51 1.43 Trimble Inc 51.49 1.43 Ziff Davis Inc 70.83 1.43 Merit Medical Systems Inc 46.76 1.35 CarGurus Inc Class A 121.47 1.29 Churchill Downs Inc 22.54 1.21 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: 1996-06-03 Portfolio Manager(s) Chad Meade   (2016-01-25) Chad is a Partner and Portfolio Manager at Arrowpoint Partners and has 14 years of experience in the financial industry. He previously served as the Co-Portfolio Manager and Executive Vice President of the Janus Triton Fund (2006-2013) and the Janus Venture Fund (2010-2013). While an equity research analyst at Janus Capital (2001-2011), he focused on small and mid capitalization stocks in the healthcare and industrials sectors. 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 Brian Schaub   (2016-01-25) Brian is a Partner and Portfolio Manager at Arrowpoint Partners and has 13 years of experience in the financial industry. He previously served as the Co-Portfolio Manager and Executive Vice President of the Janus Triton Fund (2006-2013) and the Janus Venture Fund (2010-2013). During his time as an equity research analyst at Janus Capital (2000-2011), he focused on small and mid capitalization stocks in the communications sector. 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 wor 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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