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VANGUARD VARIABLE INSURANCE FUND
SUPPLEMENT TO THE PROSPECTUS DATED DECEMBER 29, 1998
ADDITIONS TO INVESTMENT MANAGEMENT TEAMS
SMALL COMPANY GROWTH PORTFOLIO
Gary C. Hatton, CFA, co-manages the Portfolio's assets. Mr. Hatton serves as
Executive Vice President of Granahan Investment Management, Inc. (Granahan), and
has 17 years' experience in investment management. He joined Granahan in 1985,
and its portfolio management team in 1996. He received a B.S. from the
University of Rhode Island and an M.S. from the University of Wisconsin.
Jane M. White also co-manages the Portfolio's assets. Ms. White serves as
Executive Vice President of Granahan, and has 19 years' experience in investment
management. She joined Granahan in 1985, and its portfolio management team in
1996. She received a B.A. from Boston University.
GROWTH PORTFOLIO
John S. Cole co-manages the Portfolio's assets. Mr. Cole serves as Principal of
Lincoln Capital Management Company (Lincoln), and has 7 years' experience in
investment management. He joined Lincoln in 1997 as a portfolio manager. He
received a B.S. from Bentley College and an M.B.A. from the University of Notre
Dame.
(C) 1999 The Vanguard Group, Inc. All rights reserved. PS64N-12/30/1999
Vanguard Marketing Corporation, Distributor.
