Vanguard Variable Insurance Fund Diversified Value Portfolio ...

performance does not indicate how the Portfolio will perform in the future. Updated
performance information is available on our website for Financial Advisors at
advisors.vanguard.com or by calling Vanguard toll-free at 800-522-5555.
Annual Total Returns — Diversified Value Portfolio
60%
40%
20%
0%
-20%
-40%
-60%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
-14.24
31.12
During the periods shown in the bar chart, the highest return for a calendar quarter
was 19.79% (quarter ended June 30, 2003), and the lowest return for a quarter was
–20.32% (quarter ended December 31, 2008).
Average Annual Total Returns for Periods Ended December 31, 2011
Investment Advisor
Barrow, Hanley, Mewhinney & Strauss, LLC
Portfolio Manager
20.46
7.61
18.88
1 Year 5 Years 10 Years
Diversified Value Portfolio 3.92% –0.87% 5.19%
Russell 1000 Value Index
(reflects no deduction for fees or expenses) 0.39% –2.64% 3.89%
James P. Barrow, Founding Partner of Barrow, Hanley. He has managed the Portfolio
since its inception in 1999.
Tax Information
The tax consequences of your investment in the Portfolio depend on the provisions of
the annuity or life insurance program through which you invest. For more information
on taxes, please refer to the prospectus of the annuity or life insurance program
through which Portfolio shares are offered.
Payments to Financial Intermediaries
The Portfolio and its investment advisor do not pay financial intermediaries for sales of
Portfolio shares.
3.93
-36.14
26.92
9.33
3.92
3