Fund Description: Vanguard Real Estate ETF, formerly Vanguard REIT ETF, formerly Vanguard REIT VIPERs, is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the Vanguard Specialized Funds, an open-end investment management company. INVESTMENT OBJECTIVE: The Vanguard REIT ETF seeks to provide investment returns that closely correspond to the price and yield performance of the MSCI US IMI Real Estate 25/50 Transition Index, formerly the MSCI US REIT Index. INDEX DESCRIPTION: The MSCI US IMI Real Estate 25/50 Transition Index will increase exposure to certain specialized REITs and real estate management and development companies. FUND STRATEGY: The Fund employs a passive management or indexing investment approach designed to track the performance of the Index. As its primary indexing strategy, the Fund attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the Index, holding each stock in approximately the same proportion as its weighting in the Index. The Fund may use a sampling strategy if regulatory constraints or other considerations prevent it from replicating the Index. FUND MANAGEMENT: The Vanguard Group, Inc. serves as investment advisor to the Fund.