<PAGE> PAGE 1
000 B000000 01/31/97
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
020 A000001 FRANK RUSSELL SECURITIES, INC.
020 B000001 91-0604934
020 C000001 456
020 A000002 BEAR, STEARNS & CO. INC.
020 B000002 13-3299429
020 C000002 403
020 A000003 CS FIRST BOSTON CORPORATION
020 B000003 13-5659485
020 C000003 212
<PAGE> PAGE 2
020 A000004 GOLDMAN SACHS & CO.
020 B000004 13-5108880
020 C000004 210
020 A000005 SALOMON BROTHERS INC.
020 B000005 13-3082694
020 C000005 209
020 A000006 UBS SECURITIES LLC
020 B000006 13-3873456
020 C000006 153
020 A000007 PAINEWEBBER INCORPORATED
020 B000007 13-2638166
020 C000007 147
020 A000008 NATWEST SECURITIES CORPORATION
020 B000008 13-3312778
020 C000008 145
020 A000009 NATWEST SECURITIES - SYDNEY
020 C000009 125
020 A000010 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
020 B000010 13-2741729
020 C000010 124
021 000000 4807
022 A000001 THE VANGUARD GROUP, INC./POOLED CASH ACCT.
022 B000001 23-1945930
022 C000001 83552188
022 D000001 0
022 A000002 MEDISENSE INC.
022 C000002 0
022 D000002 43425
022 A000003 GENETICS INSTITUTE INC.
022 C000003 0
022 D000003 26942
022 A000004 MORGAN STANLEY & CO., INC.
022 B000004 13-2655998
022 C000004 14547
022 D000004 0
022 A000005 GOLDMAN SACHS & CO.
022 B000005 13-5108880
022 C000005 12711
022 D000005 975
022 A000006 ANDERSON EXPLORATION LTD.
022 C000006 13294
022 D000006 0
022 A000007 HOME OIL CO. LTD.
022 C000007 0
022 D000007 13143
022 A000008 SMITH BARNEY INC.
022 B000008 13-1912900
022 C000008 6100
022 D000008 5970
022 A000009 HERZOG, HEINE, GEDULD, INC.
022 B000009 13-1955436
<PAGE> PAGE 3
022 C000009 6463
022 D000009 3437
022 A000010 CS FIRST BOSTON CORPORATION
022 B000010 13-5659485
022 C000010 8448
022 D000010 1338
023 C000000 83680554
023 D000000 135972
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 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 N
078 000000 N
080 A00AA00 ICI MUTUAL INSURANCE COMPANY
080 C00AA00 200000
081 A00AA00 Y
081 B00AA00 110
082 A00AA00 N
<PAGE> PAGE 4
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
028 A010100 20059
028 A020100 0
028 A030100 0
028 A040100 6611
028 B010100 38526
028 B020100 0
028 B030100 0
028 B040100 7413
028 C010100 54490
028 C020100 0
028 C030100 0
028 C040100 9085
028 D010100 30373
028 D020100 0
028 D030100 0
028 D040100 14586
028 E010100 31058
028 E020100 21860
028 E030100 0
028 E040100 16295
028 F010100 125452
028 F020100 1
028 F030100 0
028 F040100 17517
028 G010100 299958
028 G020100 21861
028 G030100 0
028 G040100 71507
028 H000100 0
037 000100 Y
038 000100 518
039 000100 N
040 000100 N
071 A000100 325918
071 B000100 95373
071 C000100 628936
071 D000100 15
072 A000100 12
072 B000100 2344
072 C000100 9329
072 D000100 0
072 E000100 0
072 F000100 644
072 G000100 765
<PAGE> PAGE 5
072 H000100 0
072 I000100 828
072 J000100 134
072 K000100 0
072 L000100 56
072 M000100 2
072 N000100 0
072 O000100 48
072 P000100 0
072 Q000100 0
072 R000100 6
072 S000100 0
072 T000100 136
072 U000100 0
072 V000100 11
072 W000100 0
072 X000100 2630
072 Y000100 31
072 Z000100 9074
072AA000100 26555
072BB000100 2622
072CC010100 191764
072CC020100 0
072DD010100 8648
072DD020100 0
072EE000100 14413
073 A010100 0.2400
073 A020100 0.0000
073 B000100 0.4000
073 C000100 0.0000
074 A000100 0
074 B000100 112723
074 C000100 0
074 D000100 0
074 E000100 6750
074 F000100 920386
074 G000100 0
074 H000100 0
074 I000100 75
074 J000100 0
074 K000100 0
074 L000100 11143
074 M000100 0
074 N000100 1051077
074 O000100 53366
074 P000100 285
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 7977
<PAGE> PAGE 6
074 S000100 0
074 T000100 989449
074 U010100 42215
074 U020100 0
074 V010100 23.44
074 V020100 0.00
074 W000100 0.0000
074 X000100 50167
074 Y000100 0
075 A000100 0
075 B000100 669536
076 000100 0.00
028 A010200 75107
028 A020200 0
028 A030200 0
028 A040200 16391
028 B010200 72871
028 B020200 0
028 B030200 0
028 B040200 14027
028 C010200 90068
028 C020200 0
028 C030200 0
028 C040200 29615
028 D010200 66140
028 D020200 0
028 D030200 0
028 D040200 33646
028 E010200 69793
028 E020200 68364
028 E030200 0
028 E040200 31842
028 F010200 133466
028 F020200 0
028 F030200 0
028 F040200 56276
028 G010200 507445
028 G020200 68364
028 G030200 0
028 G040200 181797
028 H000200 0
037 000200 Y
038 000200 1273
039 000200 N
040 000200 N
071 A000200 809920
071 B000200 136015
071 C000200 1989166
071 D000200 7
072 A000200 12
072 B000200 14067
<PAGE> PAGE 7
072 C000200 25834
072 D000200 0
072 E000200 0
072 F000200 2157
072 G000200 2186
072 H000200 0
072 I000200 3099
072 J000200 265
072 K000200 0
072 L000200 128
072 M000200 7
072 N000200 0
072 O000200 161
072 P000200 0
072 Q000200 0
072 R000200 8
072 S000200 0
072 T000200 456
072 U000200 0
072 V000200 40
072 W000200 0
072 X000200 8507
072 Y000200 179
072 Z000200 31573
072AA000200 77478
072BB000200 3649
072CC010200 331271
072CC020200 0
072DD010200 31986
072DD020200 0
072EE000200 53604
073 A010200 0.7400
073 A020200 0.0000
073 B000200 1.2900
073 C000200 0.0000
074 A000200 0
074 B000200 295575
074 C000200 0
074 D000200 0
074 E000200 0
074 F000200 2587882
074 G000200 0
074 H000200 0
074 I000200 234
074 J000200 1760
074 K000200 0
074 L000200 27112
074 M000200 0
074 N000200 2912563
074 O000200 45245
074 P000200 464
<PAGE> PAGE 8
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 20778
074 S000200 0
074 T000200 2846076
074 U010200 46925
074 U020200 0
074 V010200 60.65
074 V020200 0.00
074 W000200 0.0000
074 X000200 168067
074 Y000200 0
075 A000200 0
075 B000200 2234326
076 000200 0.00
028 A010300 8336
028 A020300 0
028 A030300 0
028 A040300 9230
028 B010300 5264
028 B020300 0
028 B030300 0
028 B040300 12557
028 C010300 7787
028 C020300 0
028 C030300 0
028 C040300 16925
028 D010300 10303
028 D020300 0
028 D030300 0
028 D040300 16980
028 E010300 10411
028 E020300 5902
028 E030300 0
028 E040300 23485
028 F010300 14509
028 F020300 0
028 F030300 0
028 F040300 19182
028 G010300 56610
028 G020300 5902
028 G030300 0
028 G040300 98359
028 H000300 0
037 000300 Y
038 000300 731
039 000300 N
040 000300 N
071 A000300 105710
<PAGE> PAGE 9
071 B000300 151299
071 C000300 567614
071 D000300 19
072 A000300 12
072 B000300 1114
072 C000300 8072
072 D000300 0
072 E000300 0
072 F000300 1054
072 G000300 623
072 H000300 0
072 I000300 859
072 J000300 132
072 K000300 0
072 L000300 70
072 M000300 2
072 N000300 0
072 O000300 43
072 P000300 0
072 Q000300 0
072 R000300 6
072 S000300 0
072 T000300 127
072 U000300 0
072 V000300 10
072 W000300 0
072 X000300 2926
072 Y000300 0
072 Z000300 6260
072AA000300 34134
072BB000300 38740
072CC010300 0
072CC020300 129994
072DD010300 9170
072DD020300 0
072EE000300 3261
073 A010300 0.2100
073 A020300 0.0000
073 B000300 0.0700
073 C000300 0.0000
074 A000300 0
074 B000300 17451
074 C000300 0
074 D000300 0
074 E000300 0
074 F000300 419811
074 G000300 0
074 H000300 0
074 I000300 26527
074 J000300 0
074 K000300 0
<PAGE> PAGE 10
074 L000300 35745
074 M000300 0
074 N000300 499534
074 O000300 0
074 P000300 327
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 36698
074 S000300 0
074 T000300 462509
074 U010300 42259
074 U020300 0
074 V010300 10.94
074 V020300 0.00
074 W000300 0.0000
074 X000300 36093
074 Y000300 0
075 A000300 0
075 B000300 582732
076 000300 0.00
028 A010600 4614
028 A020600 0
028 A030600 0
028 A040600 12308
028 B010600 4195
028 B020600 5462
028 B030600 0
028 B040600 14917
028 C010600 5533
028 C020600 0
028 C030600 0
028 C040600 24565
028 D010600 19803
028 D020600 0
028 D030600 0
028 D040600 16730
028 E010600 9430
028 E020600 6620
028 E030600 0
028 E040600 16524
028 F010600 10919
028 F020600 0
028 F030600 0
028 F040600 34639
028 G010600 54494
028 G020600 12082
028 G030600 0
028 G040600 119683
028 H000600 0
<PAGE> PAGE 11
071 A000600 255439
071 B000600 384296
071 C000600 671121
071 D000600 38
072 A000600 12
072 B000600 9467
072 C000600 24810
072 D000600 0
072 E000600 0
072 F000600 542
072 G000600 891
072 H000600 0
072 I000600 991
072 J000600 38
072 K000600 0
072 L000600 74
072 M000600 2
072 N000600 0
072 O000600 50
072 P000600 0
072 Q000600 0
072 R000600 6
072 S000600 0
072 T000600 145
072 U000600 0
072 V000600 11
072 W000600 0
072 X000600 2750
072 Y000600 151
072 Z000600 31678
072AA000600 34968
072BB000600 15765
072CC010600 0
072CC020600 19820
072DD010600 30454
072DD020600 0
072EE000600 1026
073 A010600 0.5600
073 A020600 0.0000
073 B000600 0.0200
073 C000600 0.0000
074 A000600 0
074 B000600 8477
074 C000600 0
074 D000600 126016
074 E000600 0
074 F000600 504340
074 G000600 0
074 H000600 0
074 I000600 58
074 J000600 4308
<PAGE> PAGE 12
074 K000600 0
074 L000600 5494
074 M000600 0
074 N000600 648693
074 O000600 2731
074 P000600 343
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 1765
074 S000600 0
074 T000600 643854
074 U010600 49804
074 U020600 0
074 V010600 12.93
074 V020600 0.00
074 W000600 0.0000
074 X000600 40984
074 Y000600 0
075 A000600 0
075 B000600 684593
076 000600 0.00
028 A010700 31024
028 A020700 0
028 A030700 0
028 A040700 714
028 B010700 34866
028 B020700 1418
028 B030700 0
028 B040700 603
028 C010700 59359
028 C020700 2
028 C030700 0
028 C040700 1115
028 D010700 56521
028 D020700 0
028 D030700 0
028 D040700 648
028 E010700 103909
028 E020700 6743
028 E030700 0
028 E040700 1284
028 F010700 187527
028 F020700 3
028 F030700 0
028 F040700 3994
028 G010700 473206
028 G020700 8166
028 G030700 0
028 G040700 8358
<PAGE> PAGE 13
028 H000700 0
037 000700 Y
038 000700 68
039 000700 N
040 000700 N
071 A000700 577392
071 B000700 478
071 C000700 223458
071 D000700 0
072 A000700 9
072 B000700 382
072 C000700 9276
072 D000700 0
072 E000700 0
072 F000700 5
072 G000700 355
072 H000700 0
072 I000700 178
072 J000700 22
072 K000700 0
072 L000700 0
072 M000700 0
072 N000700 0
072 O000700 10
072 P000700 0
072 Q000700 0
072 R000700 6
072 S000700 0
072 T000700 16
072 U000700 0
072 V000700 4
072 W000700 0
072 X000700 596
072 Y000700 0
072 Z000700 9062
072AA000700 221
072BB000700 76
072CC010700 63296
072CC020700 0
072DD010700 9094
072DD020700 0
072EE000700 145
073 A010700 0.3410
073 A020700 0.0000
073 B000700 0.0050
073 C000700 0.0140
074 A000700 0
074 B000700 16611
074 C000700 0
074 D000700 0
074 E000700 0
<PAGE> PAGE 14
074 F000700 638477
074 G000700 0
074 H000700 0
074 I000700 41
074 J000700 0
074 K000700 0
074 L000700 11804
074 M000700 0
074 N000700 666933
074 O000700 11693
074 P000700 32
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 540
074 S000700 0
074 T000700 654668
074 U010700 51804
074 U020700 0
074 V010700 12.64
074 V020700 0.00
074 W000700 0.0000
074 X000700 30129
074 Y000700 0
075 A000700 0
075 B000700 229132
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> YEAR
<FISCAL-YEAR-END> JAN-31-1997
<PERIOD-START> FEB-01-1996
<PERIOD-END> JAN-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 779613
<INVESTMENTS-AT-VALUE> 1039859
<RECEIVABLES> 11143
<ASSETS-OTHER> 75
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1051077
<PAYABLE-FOR-SECURITIES> 53366
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8262
<TOTAL-LIABILITIES> 61628
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 719732
<SHARES-COMMON-STOCK> 42215
<SHARES-COMMON-PRIOR> 29372
<ACCUMULATED-NII-CURRENT> 388
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 9083
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 260246
<NET-ASSETS> 989449
<DIVIDEND-INCOME> 9329
<INTEREST-INCOME> 2344
<OTHER-INCOME> 0
<EXPENSES-NET> 2599
<NET-INVESTMENT-INCOME> 9074
<REALIZED-GAINS-CURRENT> 23933
<APPREC-INCREASE-CURRENT> 191764
<NET-CHANGE-FROM-OPS> 224771
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 8648
<DISTRIBUTIONS-OF-GAINS> 14413
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 19911
<NUMBER-OF-SHARES-REDEEMED> 8060
<SHARES-REINVESTED> 992
<NET-CHANGE-IN-ASSETS> 484402
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 39
<OVERDIST-NET-GAINS-PRIOR> 436
<GROSS-ADVISORY-FEES> 644
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2630
<AVERAGE-NET-ASSETS> 669536
<PER-SHARE-NAV-BEGIN> 17.19
<PER-SHARE-NII> 0.25
<PER-SHARE-GAIN-APPREC> 6.64
<PER-SHARE-DIVIDEND> 0.24
<PER-SHARE-DISTRIBUTIONS> 0.40
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 23.44
<EXPENSE-RATIO> 0.39
<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> HEALTH CARE PORTFOLIO
<MULTIPLIER> 1,000
<CURRENCY> US
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JAN-31-1997
<PERIOD-START> FEB-01-1996
<PERIOD-END> JAN-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 2023697
<INVESTMENTS-AT-VALUE> 2883457
<RECEIVABLES> 28872
<ASSETS-OTHER> 234
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2912563
<PAYABLE-FOR-SECURITIES> 45245
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 21242
<TOTAL-LIABILITIES> 66487
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1952628
<SHARES-COMMON-STOCK> 46925
<SHARES-COMMON-PRIOR> 31747
<ACCUMULATED-NII-CURRENT> 1342
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 32378
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 859728
<NET-ASSETS> 2846076
<DIVIDEND-INCOME> 25834
<INTEREST-INCOME> 14067
<OTHER-INCOME> 0
<EXPENSES-NET> 8328
<NET-INVESTMENT-INCOME> 31573
<REALIZED-GAINS-CURRENT> 73829
<APPREC-INCREASE-CURRENT> 331271
<NET-CHANGE-FROM-OPS> 436673
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 31986
<DISTRIBUTIONS-OF-GAINS> 53604
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 20050
<NUMBER-OF-SHARES-REDEEMED> 6324
<SHARES-REINVESTED> 1452
<NET-CHANGE-IN-ASSETS> 1192435
<ACCUMULATED-NII-PRIOR> 1805
<ACCUMULATED-GAINS-PRIOR> 12103
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2157
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8507
<AVERAGE-NET-ASSETS> 2234326
<PER-SHARE-NAV-BEGIN> 52.08
<PER-SHARE-NII> 0.71
<PER-SHARE-GAIN-APPREC> 9.88
<PER-SHARE-DIVIDEND> 0.74
<PER-SHARE-DISTRIBUTIONS> 1.29
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 60.65
<EXPENSE-RATIO> 0.38
<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> YEAR
<FISCAL-YEAR-END> JAN-31-1997
<PERIOD-START> FEB-01-1996
<PERIOD-END> JAN-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 462213
<INVESTMENTS-AT-VALUE> 463745
<RECEIVABLES> 35745
<ASSETS-OTHER> 44
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 499534
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 37025
<TOTAL-LIABILITIES> 37025
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 470865
<SHARES-COMMON-STOCK> 42259
<SHARES-COMMON-PRIOR> 46071
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 5276
<ACCUMULATED-NET-GAINS> (4612)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1532
<NET-ASSETS> 462509
<DIVIDEND-INCOME> 8072
<INTEREST-INCOME> 1114
<OTHER-INCOME> 0
<EXPENSES-NET> 2926
<NET-INVESTMENT-INCOME> 6260
<REALIZED-GAINS-CURRENT> (4606)
<APPREC-INCREASE-CURRENT> (129994)
<NET-CHANGE-FROM-OPS> (128340)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 9170
<DISTRIBUTIONS-OF-GAINS> 3261
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 13263
<NUMBER-OF-SHARES-REDEEMED> 17991
<SHARES-REINVESTED> 916
<NET-CHANGE-IN-ASSETS> (185791)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 3267
<OVERDISTRIB-NII-PRIOR> 2378
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1054
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2926
<AVERAGE-NET-ASSETS> 582732
<PER-SHARE-NAV-BEGIN> 14.07
<PER-SHARE-NII> 0.13
<PER-SHARE-GAIN-APPREC> (2.98)
<PER-SHARE-DIVIDEND> 0.21
<PER-SHARE-DISTRIBUTIONS> 0.07
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.94
<EXPENSE-RATIO> 0.50
<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> YEAR
<FISCAL-YEAR-END> JAN-31-1997
<PERIOD-START> FEB-01-1996
<PERIOD-END> JAN-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 555372
<INVESTMENTS-AT-VALUE> 638833
<RECEIVABLES> 9802
<ASSETS-OTHER> 58
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 648693
<PAYABLE-FOR-SECURITIES> 2731
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2108
<TOTAL-LIABILITIES> 4839
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 554284
<SHARES-COMMON-STOCK> 49804
<SHARES-COMMON-PRIOR> 60791
<ACCUMULATED-NII-CURRENT> 8994
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2885)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 83461
<NET-ASSETS> 643854
<DIVIDEND-INCOME> 24810
<INTEREST-INCOME> 9467
<OTHER-INCOME> 0
<EXPENSES-NET> 2599
<NET-INVESTMENT-INCOME> 31678
<REALIZED-GAINS-CURRENT> 19203
<APPREC-INCREASE-CURRENT> (19820)
<NET-CHANGE-FROM-OPS> 31061
<EQUALIZATION> (1909)
<DISTRIBUTIONS-OF-INCOME> 30454
<DISTRIBUTIONS-OF-GAINS> 1026
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8741
<NUMBER-OF-SHARES-REDEEMED> 21789
<SHARES-REINVESTED> 2062
<NET-CHANGE-IN-ASSETS> (136887)
<ACCUMULATED-NII-PRIOR> 9679
<ACCUMULATED-GAINS-PRIOR> (21062)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 542
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2750
<AVERAGE-NET-ASSETS> 684593
<PER-SHARE-NAV-BEGIN> 12.84
<PER-SHARE-NII> 0.58
<PER-SHARE-GAIN-APPREC> 0.09
<PER-SHARE-DIVIDEND> 0.56
<PER-SHARE-DISTRIBUTIONS> 0.02
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.93
<EXPENSE-RATIO> 0.40
<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> OTHER
<FISCAL-YEAR-END> JAN-31-1997
<PERIOD-START> MAY-18-1996
<PERIOD-END> JAN-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 591792
<INVESTMENTS-AT-VALUE> 655088
<RECEIVABLES> 11804
<ASSETS-OTHER> 41
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 669933
<PAYABLE-FOR-SECURITIES> 11693
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 572
<TOTAL-LIABILITIES> 12265
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 591404
<SHARES-COMMON-STOCK> 51804
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 32
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 63296
<NET-ASSETS> 654668
<DIVIDEND-INCOME> 9276
<INTEREST-INCOME> 382
<OTHER-INCOME> 0
<EXPENSES-NET> 596
<NET-INVESTMENT-INCOME> 9062
<REALIZED-GAINS-CURRENT> 145
<APPREC-INCREASE-CURRENT> 63296
<NET-CHANGE-FROM-OPS> 72503
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 9094
<DISTRIBUTIONS-OF-GAINS> 145
<DISTRIBUTIONS-OTHER> 371
<NUMBER-OF-SHARES-SOLD> 51889
<NUMBER-OF-SHARES-REDEEMED> 780
<SHARES-REINVESTED> 695
<NET-CHANGE-IN-ASSETS> 654668
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 596
<AVERAGE-NET-ASSETS> 229132
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.341
<PER-SHARE-GAIN-APPREC> 2.659
<PER-SHARE-DIVIDEND> 0.341
<PER-SHARE-DISTRIBUTIONS> 0.005
<RETURNS-OF-CAPITAL> 0.014
<PER-SHARE-NAV-END> 12.64
<EXPENSE-RATIO> 0.36
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>