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<PAGE> VANGUARD VARIABLE INSURANCE FUND Prospectus Supplement June 6, 1996 The paragraph on page 12 of the Vanguard Variable Insurance Fund prospectus should read as follows: Since 1991, the effective average weighted maturity of the Portfolio has ranged from a high of 13.0 years to a low of 7.4 years; it was 8.5 years on September 30, 1995. PS64A
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