Form 485BXT VANGUARD SPECIALIZED

Explanatory Note - Specialized

This Post-Effective Amendment No. 95 under the Securities Act of 1933, as amended (the “Securities Act”) (Amendment No. 98 under the Investment Company Act of 1940, as amended (the “1940 Act”)) to the registration statement on Form N-1A (the “Registration Statement”) of Vanguard Specialized Funds (the “Trust”) is being filed pursuant to paragraph (b)(1)(iii) of Rule 485 under the Securities Act solely for the purpose of delaying, until
May 25, 2018, the pending effective date of the Trust’s 94th Post-Effective Amendment. By way of further background:

• Post-Effective Amendment No. 94 was filed under Rule 485(a)(1) on February 1, 2018, for the purposes of: (1) changing the name of Vanguard REIT Index Fund to Vanguard Real Estate Index Fund; (2) changing the REIT Index Fund’s benchmark index; (3) disclosing a change to the REIT Index Fund’s investment objective; and (4) effecting a number of non-material editorial changes. Post-Effective Amendment No. 94 originally requested that the Amendment become effective 60 days after filing pursuant to the requirements of Rule 485(a)(1).

This Post-Effective Amendment No. 95 incorporates by reference the information contained in Parts A, B, and C of Post-Effective Amendment No. 94 to the Trust’s Registration Statement.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant hereby certifies that it meets all requirements for effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the Town of Valley Forge and the Commonwealth of Pennsylvania, on the 29th day of March, 2018.

VANGUARD SPECIALIZED FUNDS
BY: /s/ Mortimer J. Buckley*

Mortimer J. Buckley
Chief Executive Officer, President, and Trustee

Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the date indicated:

*By: /s/ Anne E. Robinson

Anne E. Robinson, pursuant to a Power of Attorney filed on January 18, 2018, see File Number 33-32216, Incorporated by Reference.

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