<PAGE> PAGE 1
000 A000000 07/31/97
000 C000000 0000734383
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 5
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 C020700 REIT INDEX PORTFOLIO
007 C030700 N
007 C010800 8
007 C010900 9
007 C011000 10
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 93
019 C00AA00 VANGUARDGR
020 A000001 FRANK RUSSELL SECURITIES, INC.
020 B000001 91-0604934
020 C000001 165
020 A000002 CS FIRST BOSTON CORPORATION
020 B000002 13-5659485
<PAGE> PAGE 2
020 C000002 148
020 A000003 SALOMON BROTHERS INC.
020 B000003 13-3082694
020 C000003 128
020 A000004 HARTLEY POFNTON & CO./AUSTRALIA
020 C000004 115
020 A000005 PAINEWEBBER INCORPORATED
020 B000005 13-2638166
020 C000005 111
020 A000006 UBS SECURITIES LLC
020 B000006 13-3873456
020 C000006 109
020 A000007 BEAR, STEARNS & CO., INC.
020 B000007 13-3299429
020 C000007 102
020 A000008 J.P. MORGAN SECURITIES INC.
020 B000008 13-3224016
020 C000008 97
020 A000009 GOLDMAN SACHS & CO.
020 B000009 13-5108880
020 C000009 82
020 A000010 NATWEST SECURITIES CORPORATION
020 B000010 13-3312778
020 C000010 74
021 000000 2245
022 A000001 THE VANGUARD GROUP, INC.
022 B000001 23-1945930
022 C000001 823460
022 D000001 658755
022 A000002 HEALTHSOURCE, INC.
022 C000002 0
022 D000002 28275
022 A000003 UBS SECURITIES LLC
022 B000003 13-3873456
022 C000003 27307
022 D000003 0
022 A000004 DEUTSCHE MORGAN GRENFELL/C.J. LAWRENCE INC.
022 B000004 13-2730828
022 C000004 8562
022 D000004 16840
022 A000005 PATRIOT AMERICAN HOSPITAL REIT
022 C000005 12436
022 D000005 12436
022 A000006 LAB CORP.
022 C000006 22981
022 D000006 0
022 A000007 MERRILL LYNCH PIERCE FENNER & SMITH
022 B000007 13-5674085
022 C000007 5611
022 D000007 8635
022 A000008 MORGAN STANLEY & CO., INC.
<PAGE> PAGE 3
022 B000008 13-2655998
022 C000008 10157
022 D000008 2072
022 A000009 LEHMAN BROTHERS INC.
022 B000009 13-2518466
022 C000009 10630
022 D000009 0
022 A000010 SMITH BARNEY INC.
022 B000010 13-1912900
022 C000010 5120
022 D000010 3745
023 C000000 973633
023 D000000 781953
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 46638
028 A020100 0
028 A030100 0
028 A040100 49583
028 B010100 30828
028 B020100 9276
028 B030100 0
028 B040100 25680
028 C010100 25244
028 C020100 0
028 C030100 0
028 C040100 19519
028 D010100 24033
028 D020100 0
028 D030100 0
028 D040100 14818
028 E010100 24574
028 E020100 0
<PAGE> PAGE 4
028 E030100 0
028 E040100 22387
028 F010100 38606
028 F020100 0
028 F030100 0
028 F040100 21890
028 G010100 189923
028 G020100 9276
028 G030100 0
028 G040100 153877
028 H000100 0
037 000100 Y
038 000100 647
039 000100 N
040 000100 N
070 A010100 Y
070 A020100 Y
070 B010100 Y
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 Y
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 Y
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 Y
070 M010100 Y
070 M020100 Y
070 N010100 Y
070 N020100 Y
070 O010100 Y
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
<PAGE> PAGE 5
071 A000100 183267
071 B000100 168898
071 C000100 916873
071 D000100 18
072 A000100 6
072 B000100 1964
072 C000100 7467
072 D000100 0
072 E000100 0
072 F000100 405
072 G000100 773
072 H000100 0
072 I000100 682
072 J000100 92
072 K000100 0
072 L000100 25
072 M000100 1
072 N000100 0
072 O000100 36
072 P000100 0
072 Q000100 0
072 R000100 3
072 S000100 0
072 T000100 98
072 U000100 0
072 V000100 1
072 W000100 0
072 X000100 2116
072 Y000100 53
072 Z000100 7368
072AA000100 53189
072BB000100 1868
072CC010100 40569
072CC020100 0
072DD010100 422
072DD020100 0
072EE000100 9297
073 A010100 0.0100
073 A020100 0.0000
073 B000100 0.2200
073 C000100 0.0000
074 A000100 0
074 B000100 90687
074 C000100 0
074 D000100 0
074 E000100 6475
074 F000100 1026918
074 G000100 0
074 H000100 0
074 I000100 77
074 J000100 0
<PAGE> PAGE 6
074 K000100 0
074 L000100 4932
074 M000100 0
074 N000100 1129089
074 O000100 0
074 P000100 295
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 4484
074 S000100 0
074 T000100 1124310
074 U010100 44114
074 U020100 0
074 V010100 25.49
074 V020100 0.00
074 W000100 0.0000
074 X000100 57284
074 Y000100 0
075 A000100 0
075 B000100 984203
076 000100 0.00
028 A010200 130519
028 A020200 0
028 A030200 0
028 A040200 26509
028 B010200 103010
028 B020200 33608
028 B030200 0
028 B040200 28452
028 C010200 94465
028 C020200 0
028 C030200 0
028 C040200 39785
028 D010200 87906
028 D020200 0
028 D030200 0
028 D040200 25570
028 E010200 125265
028 E020200 0
028 E030200 0
028 E040200 20131
028 F010200 168758
028 F020200 0
028 F030200 0
028 F040200 32371
028 G010200 709923
028 G020200 33608
028 G030200 0
028 G040200 172818
<PAGE> PAGE 7
028 H000200 0
037 000200 Y
038 000200 544
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 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 N
070 L010200 Y
070 L020200 Y
070 M010200 Y
070 M020200 Y
070 N010200 Y
070 N020200 Y
070 O010200 N
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
071 A000200 423028
071 B000200 88894
071 C000200 2975664
071 D000200 3
072 A000200 6
072 B000200 9685
072 C000200 21082
072 D000200 0
072 E000200 0
072 F000200 1411
072 G000200 3225
072 H000200 0
<PAGE> PAGE 8
072 I000200 2373
072 J000200 209
072 K000200 0
072 L000200 90
072 M000200 4
072 N000200 0
072 O000200 119
072 P000200 0
072 Q000200 0
072 R000200 4
072 S000200 0
072 T000200 329
072 U000200 0
072 V000200 5
072 W000200 0
072 X000200 7769
072 Y000200 76
072 Z000200 23074
072AA000200 46261
072BB000200 1829
072CC010200 591440
072CC020200 0
072DD010200 1983
072DD020200 0
072EE000200 32732
073 A010200 0.0400
073 A020200 0.0000
073 B000200 0.6600
073 C000200 0.0000
074 A000200 0
074 B000200 499639
074 C000200 0
074 D000200 0
074 E000200 19646
074 F000200 3537340
074 G000200 0
074 H000200 0
074 I000200 281
074 J000200 0
074 K000200 0
074 L000200 75203
074 M000200 0
074 N000200 4132109
074 O000200 25398
074 P000200 910
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 64781
074 S000200 0
<PAGE> PAGE 9
074 T000200 4041020
074 U010200 55638
074 U020200 0
074 V010200 72.63
074 V020200 0.00
074 W000200 0.0000
074 X000200 209342
074 Y000200 0
075 A000200 0
075 B000200 3323792
076 000200 0.00
028 A010300 19509
028 A020300 0
028 A030300 0
028 A040300 12605
028 B010300 12414
028 B020300 396
028 B030300 0
028 B040300 13618
028 C010300 8784
028 C020300 0
028 C030300 0
028 C040300 9906
028 D010300 9233
028 D020300 0
028 D030300 0
028 D040300 10860
028 E010300 6987
028 E020300 0
028 E030300 0
028 E040300 12870
028 F010300 16715
028 F020300 0
028 F030300 0
028 F040300 16673
028 G010300 73642
028 G020300 396
028 G030300 0
028 G040300 76532
028 H000300 0
037 000300 Y
038 000300 196
039 000300 N
040 000300 N
045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.000
048 A010300 100000
048 A020300 0.300
048 B010300 150000
<PAGE> PAGE 10
048 B020300 0.200
048 C010300 250000
048 C020300 0.150
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 500000
048 K020300 0.100
070 A010300 Y
070 A020300 Y
070 B010300 Y
070 B020300 N
070 C010300 N
070 C020300 N
070 D010300 Y
070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 Y
070 F020300 N
070 G010300 Y
070 G020300 N
070 H010300 Y
070 H020300 N
070 I010300 Y
070 I020300 N
070 J010300 Y
070 J020300 Y
070 K010300 Y
070 K020300 N
070 L010300 Y
070 L020300 Y
070 M010300 Y
070 M020300 Y
070 N010300 Y
070 N020300 Y
070 O010300 Y
070 O020300 N
070 P010300 N
070 P020300 N
<PAGE> PAGE 11
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 68635
071 B000300 64157
071 C000300 440658
071 D000300 15
072 A000300 6
072 B000300 558
072 C000300 4552
072 D000300 0
072 E000300 0
072 F000300 451
072 G000300 358
072 H000300 0
072 I000300 434
072 J000300 52
072 K000300 0
072 L000300 24
072 M000300 1
072 N000300 0
072 O000300 17
072 P000300 0
072 Q000300 0
072 R000300 3
072 S000300 0
072 T000300 49
072 U000300 0
072 V000300 1
072 W000300 0
072 X000300 1390
072 Y000300 0
072 Z000300 3720
072AA000300 10930
072BB000300 21881
072CC010300 0
072CC020300 46001
072DD010300 428
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 15168
074 C000300 0
074 D000300 0
074 E000300 0
074 F000300 368672
<PAGE> PAGE 12
074 G000300 0
074 H000300 0
074 I000300 25187
074 J000300 1640
074 K000300 0
074 L000300 18793
074 M000300 0
074 N000300 429460
074 O000300 4491
074 P000300 272
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 18342
074 S000300 0
074 T000300 406355
074 U010300 41890
074 U020300 0
074 V010300 9.70
074 V020300 0.00
074 W000300 0.0000
074 X000300 34430
074 Y000300 0
075 A000300 0
075 B000300 456132
076 000300 0.00
028 A010600 7555
028 A020600 0
028 A030600 0
028 A040600 17270
028 B010600 5306
028 B020600 6935
028 B030600 0
028 B040600 18929
028 C010600 4745
028 C020600 0
028 C030600 0
028 C040600 20060
028 D010600 3325
028 D020600 0
028 D030600 0
028 D040600 13346
028 E010600 6339
028 E020600 4685
028 E030600 0
028 E040600 19031
028 F010600 4585
028 F020600 0
028 F030600 0
028 F040600 20539
<PAGE> PAGE 13
028 G010600 31855
028 G020600 11620
028 G030600 0
028 G040600 109175
028 H000600 0
071 A000600 114584
071 B000600 178221
071 C000600 595283
071 D000600 19
072 A000600 6
072 B000600 4320
072 C000600 11045
072 D000600 0
072 E000600 0
072 F000600 241
072 G000600 695
072 H000600 0
072 I000600 486
072 J000600 10
072 K000600 0
072 L000600 27
072 M000600 1
072 N000600 0
072 O000600 23
072 P000600 0
072 Q000600 0
072 R000600 3
072 S000600 0
072 T000600 63
072 U000600 0
072 V000600 1
072 W000600 0
072 X000600 1550
072 Y000600 74
072 Z000600 13889
072AA000600 13698
072BB000600 5530
072CC010600 14611
072CC020600 0
072DD010600 14622
072DD020600 0
072EE000600 0
073 A010600 0.3100
073 A020600 0.0000
073 B000600 0.0000
073 C000600 0.0000
074 A000600 0
074 B000600 4800
074 C000600 0
074 D000600 106119
074 E000600 0
<PAGE> PAGE 14
074 F000600 483366
074 G000600 0
074 H000600 0
074 I000600 45
074 J000600 3719
074 K000600 0
074 L000600 14251
074 M000600 0
074 N000600 612300
074 O000600 1798
074 P000600 306
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 10902
074 S000600 0
074 T000600 599294
074 U010600 44613
074 U020600 0
074 V010600 13.43
074 V020600 0.00
074 W000600 0.0000
074 X000600 36749
074 Y000600 0
075 A000600 0
075 B000600 609576
076 000600 0.00
028 A010700 75469
028 A020700 3
028 A030700 0
028 A040700 6214
028 B010700 74186
028 B020700 3771
028 B030700 0
028 B040700 5476
028 C010700 50816
028 C020700 0
028 C030700 0
028 C040700 16925
028 D010700 40198
028 D020700 0
028 D030700 0
028 D040700 11511
028 E010700 35398
028 E020700 11418
028 E030700 0
028 E040700 13665
028 F010700 48069
028 F020700 0
028 F030700 0
<PAGE> PAGE 15
028 F040700 9110
028 G010700 324136
028 G020700 15192
028 G030700 0
028 G040700 62901
028 H000700 0
037 000700 Y
038 000700 647
039 000700 N
040 000700 N
071 A000700 294642
071 B000700 15141
071 C000700 799377
071 D000700 2
072 A000700 6
072 B000700 480
072 C000700 26366
072 D000700 0
072 E000700 0
072 F000700 11
072 G000700 436
072 H000700 0
072 I000700 505
072 J000700 6
072 K000700 0
072 L000700 10
072 M000700 1
072 N000700 0
072 O000700 30
072 P000700 0
072 Q000700 0
072 R000700 3
072 S000700 0
072 T000700 78
072 U000700 0
072 V000700 0
072 W000700 0
072 X000700 1080
072 Y000700 0
072 Z000700 25766
072AA000700 2120
072BB000700 429
072CC010700 40666
072CC020700 0
072DD010700 17519
072DD020700 0
072EE000700 0
073 A010700 0.2600
073 A020700 0.0000
073 B000700 0.0000
073 C000700 0.0000
<PAGE> PAGE 16
074 A000700 0
074 B000700 21398
074 C000700 0
074 D000700 0
074 E000700 0
074 F000700 960063
074 G000700 0
074 H000700 0
074 I000700 68
074 J000700 0
074 K000700 0
074 L000700 5169
074 M000700 0
074 N000700 986698
074 O000700 4179
074 P000700 109
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 711
074 S000700 0
074 T000700 981699
074 U010700 73442
074 U020700 0
074 V010700 13.37
074 V020700 0.00
074 W000700 0.0000
074 X000700 46482
074 Y000700 0
075 A000700 0
075 B000700 816943
076 000700 0.00
SIGNATURE GARY P. SOURA
TITLE MANAGER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000734383
<NAME> VANGUARD SPECIALIZED PORTFOLIOS, INC.
<SERIES>
<NUMBER> 01
<NAME> ENERGY PORTFOLIO
<MULTIPLIER> 1,000
<CURRENCY> US
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JAN-31-1998
<PERIOD-START> FEB-01-1997
<PERIOD-END> JUL-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 823265
<INVESTMENTS-AT-VALUE> 1124080
<RECEIVABLES> 4932
<ASSETS-OTHER> 77
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1129089
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4779
<TOTAL-LIABILITIES> 4779
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 765054
<SHARES-COMMON-STOCK> 44114
<SHARES-COMMON-PRIOR> 42215
<ACCUMULATED-NII-CURRENT> 7328
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 51113
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 300815
<NET-ASSETS> 1124310
<DIVIDEND-INCOME> 7467
<INTEREST-INCOME> 1964
<OTHER-INCOME> 0
<EXPENSES-NET> 2063
<NET-INVESTMENT-INCOME> 7368
<REALIZED-GAINS-CURRENT> 51321
<APPREC-INCREASE-CURRENT> 40569
<NET-CHANGE-FROM-OPS> 99258
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 422
<DISTRIBUTIONS-OF-GAINS> 9297
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8366
<NUMBER-OF-SHARES-REDEEMED> 6893
<SHARES-REINVESTED> 426
<NET-CHANGE-IN-ASSETS> 134861
<ACCUMULATED-NII-PRIOR> 388
<ACCUMULATED-GAINS-PRIOR> 9083
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 405
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2116
<AVERAGE-NET-ASSETS> 984203
<PER-SHARE-NAV-BEGIN> 23.44
<PER-SHARE-NII> 0.17
<PER-SHARE-GAIN-APPREC> 2.11
<PER-SHARE-DIVIDEND> 0.01
<PER-SHARE-DISTRIBUTIONS> 0.22
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 25.49
<EXPENSE-RATIO> 0.43
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000734383
<NAME> VANGUARD SPECIALIZED PORTFOLIOS, INC.
<SERIES>
<NUMBER> 02
<NAME> NEALTH CARE PORTFOLIO
<MULTIPLIER> 1,000
<CURRENCY> US
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JAN-31-1998
<PERIOD-START> FEB-01-1997
<PERIOD-END> JUL-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 2605396
<INVESTMENTS-AT-VALUE> 4056625
<RECEIVABLES> 75203
<ASSETS-OTHER> 281
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4132109
<PAYABLE-FOR-SECURITIES> 25398
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 65691
<TOTAL-LIABILITIES> 91089
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2523341
<SHARES-COMMON-STOCK> 55638
<SHARES-COMMON-PRIOR> 46925
<ACCUMULATED-NII-CURRENT> 22484
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 44027
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1451168
<NET-ASSETS> 4041020
<DIVIDEND-INCOME> 21082
<INTEREST-INCOME> 9685
<OTHER-INCOME> 0
<EXPENSES-NET> 7693
<NET-INVESTMENT-INCOME> 23074
<REALIZED-GAINS-CURRENT> 44432
<APPREC-INCREASE-CURRENT> 591440
<NET-CHANGE-FROM-OPS> 658946
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1983
<DISTRIBUTIONS-OF-GAINS> 32732
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10871
<NUMBER-OF-SHARES-REDEEMED> 2707
<SHARES-REINVESTED> 550
<NET-CHANGE-IN-ASSETS> 1194944
<ACCUMULATED-NII-PRIOR> 1342
<ACCUMULATED-GAINS-PRIOR> 32378
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1411
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7769
<AVERAGE-NET-ASSETS> 3323792
<PER-SHARE-NAV-BEGIN> 60.65
<PER-SHARE-NII> 0.42
<PER-SHARE-GAIN-APPREC> 12.26
<PER-SHARE-DIVIDEND> 0.04
<PER-SHARE-DISTRIBUTIONS> 0.66
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 72.63
<EXPENSE-RATIO> 0.47
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000734383
<NAME> VANGUARD SPECIALIZED PORTFOLIOS, INC.
<SERIES>
<NUMBER> 03
<NAME> GOLD AND PRECIOUS METALS PORTFOLIO
<MULTIPLIER> 1,000
<CURRENCY> US
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JAN-31-1998
<PERIOD-START> FEB-01-1997
<PERIOD-END> JUL-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 453460
<INVESTMENTS-AT-VALUE> 408996
<RECEIVABLES> 20433
<ASSETS-OTHER> 31
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 429460
<PAYABLE-FOR-SECURITIES> 4491
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 18614
<TOTAL-LIABILITIES> 23105
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 468371
<SHARES-COMMON-STOCK> 41890
<SHARES-COMMON-PRIOR> 42259
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 981
<ACCUMULATED-NET-GAINS> (16566)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (44469)
<NET-ASSETS> 406355
<DIVIDEND-INCOME> 4552
<INTEREST-INCOME> 558
<OTHER-INCOME> 0
<EXPENSES-NET> 1390
<NET-INVESTMENT-INCOME> 3720
<REALIZED-GAINS-CURRENT> (10951)
<APPREC-INCREASE-CURRENT> (46001)
<NET-CHANGE-FROM-OPS> (53232)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 428
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6826
<NUMBER-OF-SHARES-REDEEMED> 7230
<SHARES-REINVESTED> 35
<NET-CHANGE-IN-ASSETS> (56154)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (4612)
<OVERDISTRIB-NII-PRIOR> 5276
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 451
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1390
<AVERAGE-NET-ASSETS> 456132
<PER-SHARE-NAV-BEGIN> 10.94
<PER-SHARE-NII> 0.09
<PER-SHARE-GAIN-APPREC> (1.32)
<PER-SHARE-DIVIDEND> 0.01
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.70
<EXPENSE-RATIO> 0.61
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000734383
<NAME> VANGUARD SPECIALIZED PORTFOLIOS, INC.
<SERIES>
<NUMBER> 06
<NAME> UTILITIES INCOME PORTFOLIO
<MULTIPLIER> 1,000
<CURRENCY> US
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JAN-31-1998
<PERIOD-START> FEB-01-1997
<PERIOD-END> JUL-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 496213
<INVESTMENTS-AT-VALUE> 594285
<RECEIVABLES> 17970
<ASSETS-OTHER> 45
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 612300
<PAYABLE-FOR-SECURITIES> 1798
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 11208
<TOTAL-LIABILITIES> 13006
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 488584
<SHARES-COMMON-STOCK> 44613
<SHARES-COMMON-PRIOR> 49804
<ACCUMULATED-NII-CURRENT> 7355
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5283
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 98072
<NET-ASSETS> 599294
<DIVIDEND-INCOME> 11045
<INTEREST-INCOME> 4320
<OTHER-INCOME> 0
<EXPENSES-NET> 1476
<NET-INVESTMENT-INCOME> 13889
<REALIZED-GAINS-CURRENT> 8168
<APPREC-INCREASE-CURRENT> 14611
<NET-CHANGE-FROM-OPS> 36668
<EQUALIZATION> (906)
<DISTRIBUTIONS-OF-INCOME> 14622
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2510
<NUMBER-OF-SHARES-REDEEMED> 8618
<SHARES-REINVESTED> 917
<NET-CHANGE-IN-ASSETS> (44560)
<ACCUMULATED-NII-PRIOR> 8994
<ACCUMULATED-GAINS-PRIOR> (2885)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 241
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7769
<AVERAGE-NET-ASSETS> 609576
<PER-SHARE-NAV-BEGIN> 12.93
<PER-SHARE-NII> 0.29
<PER-SHARE-GAIN-APPREC> 0.52
<PER-SHARE-DIVIDEND> 0.31
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.43
<EXPENSE-RATIO> 0.51
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000734383
<NAME> VANGUARD SPECIALIZED PORTFOLIOS, INC.
<SERIES>
<NUMBER> 07
<NAME> REIT INDEX PORTFOLIO
<MULTIPLIER> 1,000
<CURRENCY> US
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JAN-31-1998
<PERIOD-START> FEB-01-1997
<PERIOD-END> JUL-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 877499
<INVESTMENTS-AT-VALUE> 981461
<RECEIVABLES> 5169
<ASSETS-OTHER> 68
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 986698
<PAYABLE-FOR-SECURITIES> 4179
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 820
<TOTAL-LIABILITIES> 4999
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 867831
<SHARES-COMMON-STOCK> 73442
<SHARES-COMMON-PRIOR> 51804
<ACCUMULATED-NII-CURRENT> 8215
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1691
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 103962
<NET-ASSETS> 981699
<DIVIDEND-INCOME> 26366
<INTEREST-INCOME> 480
<OTHER-INCOME> 0
<EXPENSES-NET> 1080
<NET-INVESTMENT-INCOME> 25766
<REALIZED-GAINS-CURRENT> 1691
<APPREC-INCREASE-CURRENT> 40666
<NET-CHANGE-FROM-OPS> 68123
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 17519
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 25470
<NUMBER-OF-SHARES-REDEEMED> 5022
<SHARES-REINVESTED> 1190
<NET-CHANGE-IN-ASSETS> 327031
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 32
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 11
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1080
<AVERAGE-NET-ASSETS> 816943
<PER-SHARE-NAV-BEGIN> 12.64
<PER-SHARE-NII> 0.37
<PER-SHARE-GAIN-APPREC> 0.62
<PER-SHARE-DIVIDEND> 0.26
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.37
<EXPENSE-RATIO> 0.26
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>