VANGUARD/MORGAN GROWTH FUND
PROSPECTUS SUPPLEMENT
DECEMBER 24, 1997
Effective February 2, 1998, Husic Capital Management will cease to serve as one
of the Fund's investment advisers. Franklin Portfolio Associates and Vanguard
Core Management Group, two of the Fund's other three advisers, will assume
responsibility for the assets currently managed by Husic. The Fund's investment
objective, policies, and limitations will remain the same following this
advisory change. However, the Fund may realize modest capital gains as Franklin
and Vanguard Core Management replace stocks that Husic had purchased.
PS26
