VANGUARD TAX MANAGED FUND INC
497, 1995-06-22
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                        VANGUARD TAX-MANAGED FUND, INC.
                             PROSPECTUS SUPPLEMENT

                                 JUNE 23, 1995

The Fund's 1994 Annual Report to Shareholders is incorporated by reference
into the Fund s Prospectus. It may be obtained without charge by writing to
the Fund or by calling our Investor Information Department at 1-800-662-
7447.

                                                         PSST



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