<PAGE> PAGE 1
000 A000000 07/31/95
000 C000000 734383
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 VANGUARD SPECIALIZED PORTFOLIOS, INC.
001 B000000 811-3916
001 C000000 6106691000
002 A000000 100 VANGUARD BOULEVARD
002 B000000 MALVERN
002 C000000 PA
002 D010000 19355
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 4
007 C010100 1
007 C020100 ENERGY PORTFOLIO
007 C030100 N
007 C010200 2
007 C020200 HEALTH CARE PORTFOLIO
007 C030200 N
007 C010300 3
007 C020300 GOLD AND PRECIOUS METALS PORTFOLIO
007 C030300 N
007 C010400 4
007 C010500 5
007 C010600 6
007 C020600 UTILITIES INCOME PORTFOLIO
007 C030600 N
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 90
019 C00AA00 VANGUARDGR
020 A000001 FRANK RUSSELL SECURITIES, INC.
020 B000001 91-0604934
020 C000001 212
020 A000002 SALOMON BROTHERS
020 B000002 13-3082694
020 C000002 118
020 A000003 BEAR STEARNS & CO. INC.
<PAGE> PAGE 2
020 B000003 13-3299429
020 C000003 60
020 A000004 MORGAN STANLEY & CO., INC.
020 B000004 13-2655998
020 C000004 59
020 A000005 INSTINET CORPORATION
020 B000005 13-5650440
020 C000005 57
020 A000006 NATWEST SECURITIES CORPORATION
020 B000006 13-3312778
020 C000006 52
020 A000007 LEHMAN BROTHERS INC.
020 B000007 13-2518466
020 C000007 51
020 A000008 SMITH BARNEY INC.
020 B000008 13-1912900
020 C000008 47
020 A000009 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
020 B000009 13-2741729
020 C000009 44
020 A000010 UBS SECURITIES INC.
020 B000010 13-2932996
020 C000010 41
021 000000 1321
022 A000001 THE VANGUARD GROUP, INC./POOLED CASH ACCT.
022 B000001 23-1945930
022 C000001 16115857
022 D000001 0
022 A000002 NATIONAL HEALTH LABORATORIES HOLDINGS
022 C000002 0
022 D000002 15943
022 A000003 SMITH BARNEY INC.
022 B000003 13-1912900
022 C000003 3531
022 D000003 7876
022 A000004 LABORATORY CORP. OF AMERICA
022 C000004 9865
022 D000004 0
022 A000005 GOLDMAN SACHS & CO.
022 B000005 13-5108880
022 C000005 8664
022 D000005 592
022 A000006 MARION MERRELL DOW, INC.
022 C000006 0
022 D000006 8960
022 A000007 VANGUARD MARKETING CORPORATION
022 B000007 23-2019846
022 C000007 8947
022 D000007 0
022 A000008 HERZOG, HEINE, GEDULD, INC.
022 B000008 13-1955436
<PAGE> PAGE 3
022 C000008 3859
022 D000008 4763
022 A000009 MORGAN STANLEY & CO., INC.
022 B000009 13-2655998
022 C000009 5270
022 D000009 1372
022 A000010 BEAR STEARNS & CO., INC.
022 B000010 13-3299429
022 C000010 4810
022 D000010 249
023 C000000 16197310
023 D000000 56031
062 A00AA00 N
062 B00AA00 0.0
062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 0.0
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 0.0
062 M00AA00 0.0
062 N00AA00 0.0
062 O00AA00 0.0
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
077 A000000 N
078 000000 N
028 A010100 10316
028 A020100 0
028 A030100 0
028 A040100 9872
028 B010100 16481
028 B020100 887
028 B030100 0
028 B040100 8803
028 C010100 20611
028 C020100 0
028 C030100 0
028 C040100 9881
028 D010100 22262
028 D020100 0
028 D030100 0
028 D040100 13079
028 E010100 14274
028 E020100 0
028 E030100 0
<PAGE> PAGE 4
028 E040100 18687
028 F010100 14912
028 F020100 0
028 F030100 0
028 F040100 22020
028 G010100 98856
028 G020100 887
028 G030100 0
028 G040100 82342
028 H000100 0
037 000100 Y
038 000100 218
039 000100 N
040 000100 N
071 A000100 64750
071 B000100 76992
071 C000100 479662
071 D000100 13
072 A000100 6
072 B000100 639
072 C000100 4903
072 D000100 0
072 E000100 0
072 F000100 331
072 G000100 498
072 H000100 0
072 I000100 386
072 J000100 55
072 K000100 0
072 L000100 24
072 M000100 1
072 N000100 0
072 O000100 19
072 P000100 0
072 Q000100 0
072 R000100 3
072 S000100 0
072 T000100 52
072 U000100 0
072 V000100 5
072 W000100 6
072 X000100 1380
072 Y000100 0
072 Z000100 4162
072AA000100 10212
072BB000100 4484
072CC010100 72972
072CC020100 0
072DD010100 0
072DD020100 0
072EE000100 949
<PAGE> PAGE 5
073 A010100 0.0000
073 A020100 0.0000
073 B000100 0.0300
073 C000100 0.0000
074 A000100 37
074 B000100 35526
074 C000100 0
074 D000100 0
074 E000100 0
074 F000100 491751
074 G000100 0
074 H000100 0
074 I000100 70
074 J000100 9242
074 K000100 0
074 L000100 1200
074 M000100 0
074 N000100 537826
074 O000100 3678
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 1942
074 S000100 0
074 T000100 532206
074 U010100 32459
074 U020100 0
074 V010100 16.40
074 V020100 0.00
074 W000100 0.0000
074 X000100 37111
074 Y000100 0
075 A000100 0
075 B000100 501409
076 000100 0.00
028 A010200 44999
028 A020200 0
028 A030200 0
028 A040200 5393
028 B010200 43631
028 B020200 1937
028 B030200 0
028 B040200 15453
028 C010200 41516
028 C020200 0
028 C030200 0
028 C040200 15110
028 D010200 30912
028 D020200 0
<PAGE> PAGE 6
028 D030200 0
028 D040200 25878
028 E010200 33894
028 E020200 0
028 E030200 0
028 E040200 12442
028 F010200 28539
028 F020200 0
028 F030200 0
028 F040200 14068
028 G010200 223491
028 G020200 1937
028 G030200 0
028 G040200 88344
028 H000200 0
037 000200 Y
038 000200 231
039 000200 N
040 000200 N
070 A010200 Y
070 A020200 Y
070 B010200 Y
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 Y
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 Y
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 Y
070 H020200 N
070 I010200 Y
070 I020200 Y
070 J010200 Y
070 J020200 Y
070 K010200 Y
070 K020200 N
070 L010200 Y
070 L020200 Y
070 M010200 Y
070 M020200 N
070 N010200 Y
070 N020200 Y
070 O010200 N
070 O020200 N
070 P010200 N
070 P020200 N
<PAGE> PAGE 7
070 Q010200 N
070 Q020200 N
071 A000200 204092
071 B000200 89881
071 C000200 848584
071 D000200 11
072 A000200 6
072 B000200 2134
072 C000200 7814
072 D000200 0
072 E000200 0
072 F000200 602
072 G000200 596
072 H000200 0
072 I000200 738
072 J000200 60
072 K000200 0
072 L000200 39
072 M000200 2
072 N000200 0
072 O000200 34
072 P000200 0
072 Q000200 0
072 R000200 3
072 S000200 0
072 T000200 72
072 U000200 0
072 V000200 14
072 W000200 11
072 X000200 2171
072 Y000200 0
072 Z000200 7777
072AA000200 29032
072BB000200 3429
072CC010200 121989
072CC020200 0
072DD010200 449
072DD020200 0
072EE000200 1572
073 A010200 0.0200
073 A020200 0.0000
073 B000200 0.0700
073 C000200 0.0000
074 A000200 0
074 B000200 78716
074 C000200 0
074 D000200 0
074 E000200 0
074 F000200 980285
074 G000200 0
074 H000200 0
<PAGE> PAGE 8
074 I000200 132
074 J000200 0
074 K000200 0
074 L000200 22578
074 M000200 0
074 N000200 1081711
074 O000200 0
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 20565
074 S000200 0
074 T000200 1061146
074 U010200 24302
074 U020200 0
074 V010200 43.66
074 V020200 0.00
074 W000200 0.0000
074 X000200 76858
074 Y000200 0
075 A000200 0
075 B000200 914533
076 000200 0.00
028 A010300 11747
028 A020300 0
028 A030300 0
028 A040300 16652
028 B010300 25119
028 B020300 458
028 B030300 0
028 B040300 14143
028 C010300 20596
028 C020300 0
028 C030300 0
028 C040300 14650
028 D010300 17115
028 D020300 0
028 D030300 0
028 D040300 14372
028 E010300 11599
028 E020300 0
028 E030300 0
028 E040300 15669
028 F010300 7751
028 F020300 0
028 F030300 0
028 F040300 16738
028 G010300 93927
028 G020300 458
<PAGE> PAGE 9
028 G030300 0
028 G040300 92224
028 H000300 0
037 000300 Y
038 000300 318
039 000300 N
040 000300 N
071 A000300 20410
071 B000300 12719
071 C000300 560491
071 D000300 2
072 A000300 6
072 B000300 653
072 C000300 4971
072 D000300 0
072 E000300 0
072 F000300 532
072 G000300 439
072 H000300 0
072 I000300 487
072 J000300 65
072 K000300 0
072 L000300 32
072 M000300 1
072 N000300 0
072 O000300 23
072 P000300 0
072 Q000300 0
072 R000300 3
072 S000300 0
072 T000300 65
072 U000300 0
072 V000300 5
072 W000300 7
072 X000300 1659
072 Y000300 0
072 Z000300 3965
072AA000300 3801
072BB000300 1718
072CC010300 85565
072CC020300 0
072DD010300 500
072DD020300 0
072EE000300 0
073 A010300 0.0100
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 0
074 B000300 14277
074 C000300 0
<PAGE> PAGE 10
074 D000300 2129
074 E000300 0
074 F000300 572585
074 G000300 0
074 H000300 0
074 I000300 35376
074 J000300 0
074 K000300 0
074 L000300 16484
074 M000300 0
074 N000300 640851
074 O000300 0
074 P000300 0
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 16490
074 S000300 0
074 T000300 624361
074 U010300 49768
074 U020300 0
074 V010300 12.55
074 V020300 0.00
074 W000300 0.0000
074 X000300 45353
074 Y000300 0
075 A000300 0
075 B000300 581490
076 000300 0.00
028 A010600 29164
028 A020600 0
028 A030600 0
028 A040600 9943
028 B010600 10187
028 B020600 7673
028 B030600 0
028 B040600 22832
028 C010600 6894
028 C020600 0
028 C030600 0
028 C040600 15547
028 D010600 10178
028 D020600 0
028 D030600 0
028 D040600 13945
028 E010600 12135
028 E020600 5930
028 E030600 0
028 E040600 12957
028 F010600 8964
<PAGE> PAGE 11
028 F020600 0
028 F030600 0
028 F040600 17248
028 G010600 77522
028 G020600 13603
028 G030600 0
028 G040600 92472
028 H000600 0
070 A010600 Y
070 A020600 Y
070 B010600 Y
070 B020600 N
070 C010600 N
070 C020600 N
070 D010600 Y
070 D020600 N
070 E010600 N
070 E020600 N
070 F010600 Y
070 F020600 N
070 G010600 Y
070 G020600 N
070 H010600 Y
070 H020600 N
070 I010600 Y
070 I020600 N
070 J010600 Y
070 J020600 N
070 K010600 Y
070 K020600 N
070 L010600 Y
070 L020600 Y
070 M010600 Y
070 M020600 N
070 N010600 Y
070 N020600 Y
070 O010600 Y
070 O020600 N
070 P010600 N
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 N
070 R020600 N
071 A000600 100836
071 B000600 97666
071 C000600 602567
071 D000600 16
072 A000600 6
072 B000600 4969
072 C000600 12370
<PAGE> PAGE 12
072 D000600 0
072 E000600 0
072 F000600 393
072 G000600 486
072 H000600 0
072 I000600 501
072 J000600 19
072 K000600 0
072 L000600 37
072 M000600 1
072 N000600 0
072 O000600 27
072 P000600 0
072 Q000600 0
072 R000600 3
072 S000600 0
072 T000600 75
072 U000600 0
072 V000600 12
072 W000600 8
072 X000600 1562
072 Y000600 0
072 Z000600 15777
072AA000600 4488
072BB000600 11377
072CC010600 53590
072CC020600 0
072DD010600 17312
072DD020600 0
072EE000600 0
073 A010600 0.3000
073 A020600 0.0000
073 B000600 0.0000
073 C000600 0.0000
074 A000600 140
074 B000600 4350
074 C000600 0
074 D000600 132179
074 E000600 0
074 F000600 486894
074 G000600 0
074 H000600 0
074 I000600 84
074 J000600 11344
074 K000600 0
074 L000600 15800
074 M000600 0
074 N000600 650791
074 O000600 3157
074 P000600 0
074 Q000600 0
<PAGE> PAGE 13
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 11229
074 S000600 0
074 T000600 636405
074 U010600 56791
074 U020600 0
074 V010600 11.21
074 V020600 0.00
074 W000600 0.0000
074 X000600 47291
074 Y000600 0
075 A000600 0
075 B000600 620337
076 000600 0.00
SIGNATURE GARY P. SOURA
TITLE
<TABLE> <S> <C>
<ARTICLE> 6
<RESTATED>
<CIK> 0000734383
<NAME> VANGUARD SPECIALIZED PORTFOLIOS, INC.
<SERIES>
<NUMBER> 001
<NAME> ENERGY PORTFOLIO
<MULTIPLIER> 1,000
<CURRENCY> US
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JAN-31-1996
<PERIOD-START> FEB-01-1995
<PERIOD-END> JUL-31-1995
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 490728
<INVESTMENTS-AT-VALUE> 527277
<RECEIVABLES> 10442
<ASSETS-OTHER> 107
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 537826
<PAYABLE-FOR-SECURITIES> 3678
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1942
<TOTAL-LIABILITIES> 5620
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 485915
<SHARES-COMMON-STOCK> 32459
<SHARES-COMMON-PRIOR> 31334
<ACCUMULATED-NII-CURRENT> 4401
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5341
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 36549
<NET-ASSETS> 532206
<DIVIDEND-INCOME> 4903
<INTEREST-INCOME> 639
<OTHER-INCOME> 0
<EXPENSES-NET> 1380
<NET-INVESTMENT-INCOME> 4162
<REALIZED-GAINS-CURRENT> 5728
<APPREC-INCREASE-CURRENT> 72972
<NET-CHANGE-FROM-OPS> 82862
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 949
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6314
<NUMBER-OF-SHARES-REDEEMED> 5248
<SHARES-REINVESTED> 60
<NET-CHANGE-IN-ASSETS> 99314
<ACCUMULATED-NII-PRIOR> 239
<ACCUMULATED-GAINS-PRIOR> 562
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 331
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1380
<AVERAGE-NET-ASSETS> 501409
<PER-SHARE-NAV-BEGIN> 13.82
<PER-SHARE-NII> 0.13
<PER-SHARE-GAIN-APPREC> 2.48
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.03
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.40
<EXPENSE-RATIO> 0.55
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<RESTATED>
<CIK> 0000734383
<NAME> VANGUARD SPECIALIZED PORTFOLIOS, INC.
<SERIES>
<NUMBER> 002
<NAME> HEALTH CARE PORTFOLIO
<MULTIPLIER> 1,000
<CURRENCY> US
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JAN-31-1996
<PERIOD-START> FEB-01-1995
<PERIOD-END> JUL-31-1995
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 708939
<INVESTMENTS-AT-VALUE> 980285
<RECEIVABLES> 22578
<ASSETS-OTHER> 132
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1081711
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 20565
<TOTAL-LIABILITIES> 20565
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 756485
<SHARES-COMMON-STOCK> 24302
<SHARES-COMMON-PRIOR> 20823
<ACCUMULATED-NII-CURRENT> 7656
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 25520
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 271485
<NET-ASSETS> 1061146
<DIVIDEND-INCOME> 7814
<INTEREST-INCOME> 2134
<OTHER-INCOME> 0
<EXPENSES-NET> 2171
<NET-INVESTMENT-INCOME> 7777
<REALIZED-GAINS-CURRENT> 25603
<APPREC-INCREASE-CURRENT> 121989
<NET-CHANGE-FROM-OPS> 155369
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 449
<DISTRIBUTIONS-OF-GAINS> 1572
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5658
<NUMBER-OF-SHARES-REDEEMED> 2229
<SHARES-REINVESTED> 50
<NET-CHANGE-IN-ASSETS> 290432
<ACCUMULATED-NII-PRIOR> 328
<ACCUMULATED-GAINS-PRIOR> 1489
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 602
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2171
<AVERAGE-NET-ASSETS> 914533
<PER-SHARE-NAV-BEGIN> 37.01
<PER-SHARE-NII> 0.31
<PER-SHARE-GAIN-APPREC> 6.43
<PER-SHARE-DIVIDEND> 0.02
<PER-SHARE-DISTRIBUTIONS> 0.07
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 43.66
<EXPENSE-RATIO> 0.48
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<RESTATED>
<CIK> 0000734383
<NAME> VANGUARD SPECIALIZED PORTFOLIOS, INC.
<SERIES>
<NUMBER> 003
<NAME> GOLD AND PRECIOUS METALS PORTFOLIO
<MULTIPLIER> 1,000
<CURRENCY> US
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JAN-31-1996
<PERIOD-START> FEB-01-1995
<PERIOD-END> JUL-31-1995
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 541999
<INVESTMENTS-AT-VALUE> 624288
<RECEIVABLES> 16484
<ASSETS-OTHER> 79
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 640851
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 16490
<TOTAL-LIABILITIES> 16490
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 560158
<SHARES-COMMON-STOCK> 49768
<SHARES-COMMON-PRIOR> 49590
<ACCUMULATED-NII-CURRENT> 828
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (18914)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 82289
<NET-ASSETS> 624361
<DIVIDEND-INCOME> 4971
<INTEREST-INCOME> 653
<OTHER-INCOME> 0
<EXPENSES-NET> 1659
<NET-INVESTMENT-INCOME> 3965
<REALIZED-GAINS-CURRENT> 2083
<APPREC-INCREASE-CURRENT> 85565
<NET-CHANGE-FROM-OPS> 91613
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 500
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8077
<NUMBER-OF-SHARES-REDEEMED> 7940
<SHARES-REINVESTED> 41
<NET-CHANGE-IN-ASSETS> 93274
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (20997)
<OVERDISTRIB-NII-PRIOR> 2637
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 532
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1659
<AVERAGE-NET-ASSETS> 581490
<PER-SHARE-NAV-BEGIN> 10.71
<PER-SHARE-NII> 0.08
<PER-SHARE-GAIN-APPREC> 1.77
<PER-SHARE-DIVIDEND> 0.01
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.55
<EXPENSE-RATIO> 0.57
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<RESTATED>
<CIK> 0000734383
<NAME> VANGUARD SPECIALIZED PORTFOLIOS, INC.
<SERIES>
<NUMBER> 006
<NAME> UTILITIES INCOME PORTFOLIO
<MULTIPLIER> 1,000
<CURRENCY> US
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JAN-31-1996
<PERIOD-START> FEB-01-1995
<PERIOD-END> JUL-31-1995
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 603499
<INVESTMENTS-AT-VALUE> 623423
<RECEIVABLES> 27144
<ASSETS-OTHER> 224
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 650791
<PAYABLE-FOR-SECURITIES> 3157
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 11229
<TOTAL-LIABILITIES> 14386
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 640219
<SHARES-COMMON-STOCK> 56791
<SHARES-COMMON-PRIOR> 56879
<ACCUMULATED-NII-CURRENT> 7648
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (31386)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 19924
<NET-ASSETS> 636405
<DIVIDEND-INCOME> 12370
<INTEREST-INCOME> 4969
<OTHER-INCOME> 0
<EXPENSES-NET> 1562
<NET-INVESTMENT-INCOME> 15777
<REALIZED-GAINS-CURRENT> (6889)
<APPREC-INCREASE-CURRENT> 53590
<NET-CHANGE-FROM-OPS> 62478
<EQUALIZATION> (22)
<DISTRIBUTIONS-OF-INCOME> 17312
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7346
<NUMBER-OF-SHARES-REDEEMED> 8721
<SHARES-REINVESTED> 1287
<NET-CHANGE-IN-ASSETS> 43797
<ACCUMULATED-NII-PRIOR> 9205
<ACCUMULATED-GAINS-PRIOR> (24497)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 393
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1562
<AVERAGE-NET-ASSETS> 620337
<PER-SHARE-NAV-BEGIN> 10.42
<PER-SHARE-NII> 0.28
<PER-SHARE-GAIN-APPREC> 0.81
<PER-SHARE-DIVIDEND> 0.30
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.21
<EXPENSE-RATIO> 0.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>