VANGUARD SPECIALIZED PORTFOLIOS INC, 497, 1996-02-15

VANGUARD SPECIALIZED PORTFOLIOS INC
497, 1996-02-15

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                     VANGUARD SPECIALIZED PORTFOLIOS, INC.
                           UTILITIES INCOME PORTFOLIO
                             PROSPECTUS SUPPLEMENT

                               FEBRUARY 16, 1996

Beginning February 16, 1996, Mark J. Beckwith, a Vice President of Wellington
Management Company ("WMC"), will assume responsibilities as portfolio manager
for the Utilities Income Portfolio.  Mr. Beckwith, who has served on the
Portfolio's investment team since 1995, replaces John R. Ryan, who managed the
Portfolio from its inception in 1992.  Mr. Beckwith has more than ten years
investment experience and is a graduate of Fairfield University and Stanford
University.

     Paul D. Kaplan will continue to manage the fixed-income assets of the 
Utilities Income Portfolio.

                                                                            PSVS