VANGUARD SPECIALIZED PORTFOLIOS
                             PROSPECTUS SUPPLEMENT

                                 AUGUST 4, 1995

The values of foreign securities held by the Portfolios are typically
determined as of the close of trading of foreign securities in their
respective markets. If events which materially affect the value of a
Portfolio's investments occur after the close of the securities markets on
which such securities are primarily traded, those investments will be
priced at "fair value." See the section entitled "The Share Price of the
Portfolio."

                                                                            PSSF



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