VANGUARD SPECIALIZED PORTFOLIOS INC
497, 1994-03-16
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<PAGE>   1
 
                        VANGUARD SPECIALIZED PORTFOLIOS
                             PROSPECTUS SUPPLEMENT
 
                                 MARCH 18, 1994
 
In preparation for the planned reorganization of the Technology and Service    
Economy Portfolios of VSP, the Portfolios will no longer accept new
purchases of shares beginning on April 15, 1994.

                                                                   PSSP


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