VANGUARD BOND INDEX FUND INC, 497, 1998-08-26

VANGUARD BOND INDEX FUND INC
497, 1998-08-26

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                            VANGUARD BOND INDEX FUND
                           --SHORT-TERM BOND PORTFOLIO
                           --LONG-TERM BOND PORTFOLIO
                          VANGUARD BALANCED INDEX FUND
                              PROSPECTUS SUPPLEMENT

                                 AUGUST 26, 1998

PORTFOLIO MANAGER

Christopher W. Alwine has succeeded  Kenneth E. Volpert as portfolio manager for
the Short-Term  Bond and Long-Term Bond  Portfolios of Vanguard Bond Index Fund.
He also  replaced  Mr.  Volpert as  portfolio  manager  for the bond  portion of
Vanguard Balanced Index Fund.

A member of Vanguard  Fixed Income Group since 1991,  Mr. Alwine has  previously
served as a bond trader and an assistant  portfolio  manager.  He is a Chartered
Financial  Analyst,  and holds a B.B.A.  from Temple University and an M.S. from
Drexel University.

Mr. Volpert continues to manage Vanguard Bond Index Fund's Intermediate-Term
Bond and Total Bond Market  Portfolios,  as well as Vanguard Variable  Insurance
Fund's High-Grade Bond Portfolio.

                                                                            PSPM