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VANGUARD/MORGAN GROWTH FUND, INC.
PROSPECTUS SUPPLEMENT
MARCH 11, 1994
On February 25, 1994, Vanguard/Morgan Growth Fund announced a change in the
proportion of the net assets of the Fund managed by each of the Fund's
investment advisers, to be completed by March 31, 1994. The portion of the
Fund's assets managed by Wellington Management Company ("Wellington
Management") will be reduced from 51% to approximately 40% of net assets. The
share of net assets managed by Franklin Portfolio Associates will be increased
from 22% to approximately 33%. The shares managed by the Fund's other two
advisers will remain unchanged: Husic Capital Management (13%) and Vanguard
Core Management (9%). Approximately 5% of the Fund's net assets is held in
cash.
In addition, the Fund announced the following portfolio manager change to be
completed prior to March 31, 1994. Robert D. Rands, 51, Senior Vice President
of Wellington Management, will assume responsibility for Wellington
Management's portion of the Fund's net assets. Mr. Rands has been associated
with Wellington Management for 16 years.
The investment objectives and policies of the Fund will remain unchanged.
PSMO
