Vanguard Specialized Funds - Vanguard Real Estate ETF Stock

Vanguard REIT VIPERs Index Fund operates as an open-end investment company. The Fund principally invests in stocks of real estate investment trusts.

Investment Portfolio

The Fund’s major holdings as of July 31, 2005 included Simon Property Group, Inc. REIT; Equity Office Properties Trust REIT; Equity Residential REIT; General Growth Properties Inc. REIT; Vornado Realty Trust REIT; Archstone-Smith Trust REIT; ProLogis REIT; Boston Properties, Inc. REIT; Avalonbay Communities, Inc. REIT; and Kimco Realty Corp. REIT.

The primary sectors of investment included Retail, Office, Apartments, Industrial, Diversified, Health Care, and Hotels.

Investment Advisor

The Vanguard Group, Inc., through its Quantitative Equity Group, serves as the investment advisor for the Fund.

History

Vanguard REIT VIPERs Index Fund was founded in 2004.