Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print Vanguard VIF Capital Growth 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 1293 Large Blend Funds Morningstar® Style Box™ What is this? As of 2023-12-31 Total Fund Assets ($ Mil) 1,932.1 View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy   The investment seeks to provide long-term capital appreciation. The Portfolio invests in stocks considered to have above-average earnings growth potential that is not reflected in their current market prices. It consists predominantly of large- and mid-capitalization stocks.

Morningstar Category: Large Blend Large-blend portfolios are fairly representative of the overall US stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the US equity market are defined as large cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate. These portfolios tend to invest across the spectrum of US industries, and owing to their broad exposure, the portfolios' returns are often similar to those of the S&P 500 Index.

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 83.1 Non-U.S. Stocks 12.4 Bonds 0.0 Cash 4.5 Other 0.0 Data through 2023-12-31 Morningstar Equity Sectors % of Stocks Cyclical 16.62 Basic Materials 1.30 Consumer Cyclical 8.90 Financial Services 6.42 Real Estate 0.00 Sensitive 51.82 Communication Services 5.45 Energy 2.10 Industrials 12.56 Technology 31.71 Defensive 31.56 Consumer Defensive 0.22 Healthcare 31.34 Utilities 0.00 Data through 2023-12-31 Holding Status Total Number of Stock Holdings 111 Total Number of Bond Holdings 0 % of Net Assets in Top 10 Holdings 39.10 Turnover % (as of 2023-12-31) 4.00 30 Day SEC Yield % 1.04 Top Holdings Sector P/E % of Net Assets Eli Lilly and Co 134.13 10.80 Amgen Inc 22.76 3.63 Adobe Inc 48.19 3.57 Biogen Inc 27.06 3.35 Microsoft Corp 38.04 3.27 Intel Corp 110.43 3.24 FedEx Corp 16.72 2.99 KLA Corp 35.37 2.92 Micron Technology Inc --- 2.74 Texas Instruments Inc 24.64 2.59 Data through 2023-12-31

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

Other Information Inception Date: 2002-12-03 Portfolio Manager(s) M. Mohsin Ansari   (2007-12-31) M. Mohsin Ansari, Executive Vice President of PRIMECAP Management Company. He has worked in investment management and has been with PRIMECAP since 2000, has managed assets since 2007. Mr. Ansari joined PRIMECAP Management Company in July 2000. From 1994 to 1998, he worked at Weyerhaeuser Company on various assignments ranging from managing capital projects to coordinating production at mills. In 1999, he was an Associate at Andersen Consulting. Mr. Ansari graduated from Colgate University with a bachelor’s degree in Physics and from Washington University with a bachelor’s degree in Chemical Engineering. He also has an M.B.A. from the Harvard Graduate School of Business Administration. James M. Marchetti   (2015-04-30) James Marchetti, Executive Vice President of PRIMECAP. He has worked in investment management and has been with PRIMECAP since 2005, has managed assets since 2014. In 2004, he worked as a product analyst in Fidelity's Strategic Investments group. From 1996 to 2003, he ran the software division of IntelliSense, a start-up acquired by Corning Inc. in 2001. Mr. Marchetti holds an MBA degree from MIT-Sloan and a bachelor's degree in Chemical Engineering, also from MIT, where he completed a thesis focused on recombinant protein recovery and purification techniques. Alfred W. Mordecai   (2002-12-03) Alfred W. Mordecai, Vice Chairman of PRIMECAP Management Company. Mr. Mordecai joined PRIMECAP Management Company in August 1997. In 1996, he was an associate at McKinsey and Company. From 1990 to 1995, he worked as a nuclear engineer and program manager for the Naval Nuclear Propulsion Directorate, a joint U.S. Navy and Department of Energy organization. Mr. Mordecai graduated with a degree in Mechanical Engineering from Duke University. He has a master’s degree in Systems Engineering from Virginia Polytechnic Institute and State University and is a graduate of the Harvard Graduate School of Business Administration. Theo A. Kolokotrones   (2002-12-03) Theo A. Kolokotrones, Chairman of PRIMECAP Management Company. He has worked in investment management since 1970, has managed assets since 1979, has been with PRIMECAP since 1983. He co-founded PRIMECAP Management Company in September 1983. He is the lead manager of Vanguard Capital Opportunity and Odyssey Aggressive Growth fund. Previously, Kolokotrones spent six years at Capital Research Company, most recently as Senior Vice President. He has held portfolio management responsibilities since 1979. From 1970 to 1977, Kolokotrones was Vice President and Senior Financial Analyst at Smith Barney, Harris Upham and Company in New York. Education: B.A., University of Chicago; M.B.A., Harvard Business School. Joel P. Fried   (2002-12-03) Joel P. Fried, President of PRIMECAP Management Company. He has worked in investment management since 1985, has been with PRIMECAP since 1986, has co-managed the Master Fund since its inception in 2002 and has managed assets since 1987. Prior to joining PRIMECAP, he spent one year as a financial analyst with Hughes Investment Management Company, a wholly-owned subsidiary of Hughes Aircraft. Mr. Fried received his undergraduate degree in Economic Systems/Science from the University of California, Los Angeles and is a graduate of UCLA Anderson School of Management. Investment Advisor(s) PRIMECAP Management Company Issuer Vanguard Subadvisor(s) ---

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