Vanguard® Variable Insurance Fund - Diversified …

1 vanguard Variable Insurance fund - Diversified value PortfolioRelease ValueInvestment Objective & StrategyThe investment seeks to provide long-term capital appreciation and income. The portfolio invests mainly in large- and mid-size companies whose stocks are considered by the advisor to be undervalued. Undervalued stocks are generally those that are out of favor with investors and that the advisor believes are trading at prices that are below average in relation to such measures as earnings and book value . These stocks often have above-average dividend and RiskVolatilityas of 09-30-18 LowModerateHighInvestmentCategoryRisk Measures as of 09-30-18 Port AvgRel S&P 500 Rel Cat3 Yr Std Yr RisksLoss of Money, Not FDIC Insured, Market/Market Volatility,Equity Securities, Management, portfolio DiversificationImportant InformationMorningstar Investment Profiles must be accompaniedby Morningstar Disclosure and Glossary. Funds or their affiliates may pay compensation to Voya affiliates offering a fund .

2 Such compensation may be paid outof distribution, service and/or 12b-1 fees that are deducted fromthe fund 's assets, and/or may be paid directly by the fund 'saffiliates. Any fees deducted from fund assets are discussed inthe fund 's prospectus and disclosed in the fund fact these fees are paid on an on-going basis, over timethese fees will increase the cost of your investment and maycost you more than paying other types of sales charges. Ifoffered through a retirement program, additional fees andexpenses may be charged under that program. NOT A FDIC INSURED. NOT INSURED BY ANY FEDERALGOVERNMENT AGENCY. NOT GUARANTEED BY THEINSTITUTION. MAY GO DOWN IN AnalysisComposition as of 06-30-18% Style Box as of 06-30-18% Mkt CapLargeMidSmallValue Blend 10 Holdings as of 06-30-18% AssetsJPMorgan Chase & Fargo & Technologies 's Companies Products & Chemicals Petroleum Scripts Holding General Equity Sectors as of 06-30-18% Fundh Basic Consumer Financial Real Communication Consumer Prosp Exp of fund assetsNet Prosp Exp of fund assetsManagement Fee(s) Inception Date02-08-99 Total fund Assets ($mil)1, Turnover Ratio % Family NameVanguardWaiver DataTypeExp.

3 Date%.. portfolio Manager(s)Jeff Fahrenbruch, CFA. Since Ganucheau, CFA. Since Hanley Mewhinney &Strauss 2018 Morningstar, Inc., Morningstar Investment Profiles 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) maynot be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any useof information. Past performance is no guarantee of future performance. Visit our investment website at (10/18)CN0207-39981-0320D