VANGUARD BALANCED INDEX FUND INC, 497, 2000-10-02

VANGUARD BALANCED INDEX FUND INC
497, 2000-10-02

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                            [THE VANGUARD GROUP LOGO]

                         VANGUARD(R) BALANCED INDEX FUND
               SUPPLEMENT TO THE PROSPECTUS DATED OCTOBER 2, 2000

AN IMPORTANT MESSAGE ABOUT ADMIRAL(TM) SHARES
The Fund will begin  offering its Admiral  Shares on November 13, 2000. Any Fund
purchases  prior to this date will be for Investor  Shares.  Once Admiral Shares
are available, Fund accounts meeting the minimum balance and tenure requirements
will be eligible for tax-free conversion to Admiral Shares.

For  more  information  on  Vanguard's  Admiral  program,  including  conversion
details, please contact us at 1-800-662-7447.








(C)2000 The Vanguard Group, Inc. All rights reserved.               PS02N 102000
Vanguard Marketing Corporation, Distributor.