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VANGUARD SPECIALIZED PORTFOLIOS, INC.
UTILITIES INCOME PORTFOLIO
Prospectus Supplement
March 24, 1997
Effective March 31, 1997, Earl E. McEvoy, Senior Vice President of Wellington
Management Company, LLP, will assume responsibility for the fixed-income
investments of Vanguard Specialized Portfolios -- Utilities Income Portfolio.
Mr. McEvoy has more than 18 years of investment experience with Wellington
Management Company, LLP. He currently serves as portfolio manager for the High
Yield Corporate and Long-Term Corporate Portfolios of Vanguard Fixed Income
Securities Fund, Vanguard Preferred Stock Fund, and Vanguard/Wellesley Income
Fund.
Mr. McEvoy replaces Paul D. Kaplan, also a Senior Vice President of
Wellington Management Company, LLP, who will continue to serve as portfolio
manager for Vanguard Fixed Income Securities Fund -- GNMA Portfolio and the
fixed-income investments of Vanguard/Wellington Fund.
Mark J. Beckwith remains the Utilities Income Portfolio's primary portfolio
manager, with responsibility for the Portfolio's equity holdings, which
constitute approximately 80% of the Portfolio's assets.
PS57
