VANGUARD VARIABLE INSURANCE FUND
497, 1996-06-04
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                       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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