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VANGUARD SPECIALIZED FUNDS
VANGUARD HEALTH CARE FUND
SUPPLEMENT TO THE PROSPECTUS DATED MAY 28, 1999
Effective December 20, 1999, Vanguard Health Care Fund will reopen to new
accounts, and will no longer impose a $25,000 additional contribution limit on
existing shareholders.
Also effective December 20, 1999, Vanguard Health Care Fund will raise
its minimum initial investment amount to $10,000. The $10,000 minimum applies to
all new accounts, except for IRAs and UGMA/UTMA accounts (which will continue to
require a $1,000 minimum initial investment).
The Fund reserves the right to further revise its initial and
additional investment policies at any time.
PS51N-12/17/1999
