VANGUARD SPECIALIZED PORTFOLIOS INC, 497, 1996-12-11

VANGUARD SPECIALIZED PORTFOLIOS INC
497, 1996-12-11

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<PAGE>   1
                      VANGUARD SPECIALIZED PORTFOLIOS, INC.
                        GOLD & PRECIOUS METALS PORTFOLIO
                              PROSPECTUS SUPPLEMENT

                                DECEMBER 13, 1996

Graham E. French has assumed the portfolio management  responsibilities formerly
held by David J. Hutchins for the Gold & Precious  Metals  Portfolio of Vanguard
Specialized  Portfolios,  Inc.  Mr.  French  has  served  as  a  member  of  the
Portfolio's  management  team since 1991, two years after joining M&G Investment
Management Limited,  the Portfolio's  investment adviser. He will assume his new
responsibilities immediately.