VANGUARD VARIABLE INSURANCE FUND
NSAR-B, 1997-11-21
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<PAGE>      PAGE  1
000 B000000 09/30/97
000 C000000 0000857490
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 VANGUARD VARIABLE INSURANCE FUND
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002 A000000 100 VANGUARD BOULEVARD
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003  000000 N
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007 C030100 N
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007 C020200 HIGH-GRADE BOND PORTFOLIO
007 C030200 N
007 C010300  3
007 C020300 EQUITY INDEX PORTFOLIO
007 C030300 N
007 C010400  4
007 C020400 BALANCED PORTFOLIO
007 C030400 N
007 C010500  5
007 C020500 EQUITY INCOME PORTFOLIO
007 C030500 N
007 C010600  6
007 C020600 GROWTH PORTFOLIO
007 C030600 N
007 C010700  7
007 C020700 INTERNATIONAL PORTFOLIO
007 C030700 N
007 C010800  8
007 C020800 HIGH YIELD BOND PORTFOLIO
007 C030800 N
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007 C020900 SMALL COMPANY GROWTH PORTFOLIO
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014 A00AA01 VANGUARD MARKETING CORPORATION
<PAGE>      PAGE  2
014 B00AA01 8-21570
020 A000001 JAMES CAPEL SECURITIES/LONDON
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020 A000002 FRANK RUSSELL SECURITIES INC.
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020 A000003 MERRILL LYNCH PIERCE FENNER & SMITH
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<PAGE>      PAGE  3
022 A000006 CS FIRST BOSTON CORP.
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022 A000007 MORGAN STANLEY & CO., INC.
022 B000007 13-2655998
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022 A000008 CHASE SECURITIES INC.
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<PAGE>      PAGE  5
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
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<PAGE>      PAGE  8
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<PAGE>      PAGE  9
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<PAGE>      PAGE  10
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<PAGE>      PAGE  11
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<PAGE>      PAGE  13
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<PAGE>      PAGE  14
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<PAGE>      PAGE  16
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<PAGE>      PAGE  17
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<PAGE>      PAGE  19
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SIGNATURE   GARY P. SOURA                                
TITLE       MANAGER             
 


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<EXPENSES-NET>                                     725
<NET-INVESTMENT-INCOME>                           6170
<REALIZED-GAINS-CURRENT>                          5925
<APPREC-INCREASE-CURRENT>                        51449
<NET-CHANGE-FROM-OPS>                            63544
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                         1585
<DISTRIBUTIONS-OF-GAINS>                          1796
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                           6672
<NUMBER-OF-SHARES-REDEEMED>                       2626
<SHARES-REINVESTED>                                244
<NET-CHANGE-IN-ASSETS>                          129020
<ACCUMULATED-NII-PRIOR>                           1559
<ACCUMULATED-GAINS-PRIOR>                         1836
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<INTEREST-EXPENSE>                                   0
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<AVERAGE-NET-ASSETS>                            198667
<PER-SHARE-NAV-BEGIN>                            13.71
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<PER-SHARE-GAIN-APPREC>                           4.69
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<PER-SHARE-NAV-END>                              18.50
<EXPENSE-RATIO>                                   0.37
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<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000857490
<NAME> VANGUARD VARIABLE INSURANCE FUND
<SERIES>
   <NUMBER> 06
   <NAME> GROWTH PORTFOLIO
<MULTIPLIER> 1,000
<CURRENCY> US
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          SEP-30-1997
<PERIOD-START>                             OCT-01-1996
<PERIOD-END>                               SEP-30-1997
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                           312839
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<RECEIVABLES>                                     1571
<ASSETS-OTHER>                                      31
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<TOTAL-ASSETS>                                  460986
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          667
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<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        297548
<SHARES-COMMON-STOCK>                            21397
<SHARES-COMMON-PRIOR>                            15679
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<ACCUMULATED-NET-GAINS>                          12190
<OVERDISTRIBUTION-GAINS>                             0
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<NET-ASSETS>                                    460319
<DIVIDEND-INCOME>                                 4668
<INTEREST-INCOME>                                  949
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<NET-INVESTMENT-INCOME>                           4179
<REALIZED-GAINS-CURRENT>                         12234
<APPREC-INCREASE-CURRENT>                        75855
<NET-CHANGE-FROM-OPS>                            92268
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                         2913
<DISTRIBUTIONS-OF-GAINS>                         11246
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                           9841
<NUMBER-OF-SHARES-REDEEMED>                       4969
<SHARES-REINVESTED>                                846
<NET-CHANGE-IN-ASSETS>                          184717
<ACCUMULATED-NII-PRIOR>                           2770
<ACCUMULATED-GAINS-PRIOR>                        11202
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<EXPENSE-RATIO>                                   0.38
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000857490
<NAME> VANGUARD VARIABLE INSURANCE FUND
<SERIES>
   <NUMBER> 07
   <NAME> INTERNATIONAL PORTFOLIO
<MULTIPLIER> 1,000
<CURRENCY> US
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          SEP-30-1997
<PERIOD-START>                             OCT-01-1996
<PERIOD-END>                               SEP-30-1997
<EXCHANGE-RATE>                                      1
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<NUMBER-OF-SHARES-REDEEMED>                       4189
<SHARES-REINVESTED>                                489
<NET-CHANGE-IN-ASSETS>                           84594
<ACCUMULATED-NII-PRIOR>                           1672
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<EXPENSE-RATIO>                                   0.46
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000857490
<NAME> VANGUARD VARIABLE INSURANCE FUND
<SERIES>
   <NUMBER> 08
   <NAME> HIGH YIELD BOND PORTFOLIO
<MULTIPLIER> 1,000
<CURRENCY> US
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          SEP-30-1997
<PERIOD-START>                             OCT-01-1996
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<DISTRIBUTIONS-OF-GAINS>                            25
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<NET-CHANGE-IN-ASSETS>                           62642
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<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    159
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<PER-SHARE-NAV-BEGIN>                            10.15
<PER-SHARE-NII>                                  0.922
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<EXPENSE-RATIO>                                   0.31
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000857490
<NAME> VANGUARD VARIABLE INSURANCE FUND
<SERIES>
   <NUMBER> 09
   <NAME> SMALL COMPANY GROWTH PORTFOLIO
<MULTIPLIER> 1,000
<CURRENCY> US
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          SEP-30-1997
<PERIOD-START>                             OCT-01-1996
<PERIOD-END>                               SEP-30-1997
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<EXPENSE-RATIO>                                   0.39
<AVG-DEBT-OUTSTANDING>                               0
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</TABLE>


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