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Vanguard Variable Insurance Fund Small Company Growth Portfolio Summary Prospectus

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Academic year: 2021

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The net expense ratio reflects the total annual fund operating expenses of the Portfolio after taking into account any such fee waiver and/or expense assumption arrangements.

• because the Portfolio will concentrate at least 25% of its net assets in the group of four vice industries identified in this prospectus, the Portfolio may be subject to the risks

The Small Company Growth Portfolio of Vanguard Variable Insurance Fund is a mutual fund used solely as an investment option for annuity or life insurance contracts offered

If you would like more information about Vanguard Variable Insurance Fund Equity Income Portfolio, the following documents are available free upon request: Annual/Semiannual

responsible investment criteria that (i) focus on environmental, social, and governance (“ESG”) factors that promote and encourage sustainable solutions and (ii) reflect