Vanguard® Energy Fund
Schedule of Investments (unaudited)
As of April 30, 2024
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
| Shares | Market Value ($000) | ||
| Common Stocks (99.2%) | |||
| Brazil (1.4%) | |||
| Petroleo Brasileiro SA | 9,496,025 | 80,941 | |
| Canada (1.8%) | |||
| Cenovus Energy Inc. | 3,776,391 | 77,643 | |
| ARC Resources Ltd. | 1,545,756 | 27,992 | |
| 105,635 | |||
| China (0.3%) | |||
| China Longyuan Power Group Corp. Ltd. Class H | 22,232,000 | 15,574 | |
| France (11.1%) | |||
| TotalEnergies SE | 3,302,097 | 239,728 | |
| * | Engie SA (XPAR) | 13,086,452 | 227,189 |
| TotalEnergies SE ADR | 2,443,539 | 177,083 | |
| 644,000 | |||
| Germany (1.3%) | |||
| RWE AG | 2,148,322 | 74,838 | |
| India (1.7%) | |||
| Power Grid Corp. of India Ltd. | 27,937,331 | 100,764 | |
| Italy (2.3%) | |||
| Enel SpA | 17,138,820 | 112,644 | |
| Tenaris SA | 1,050,566 | 17,447 | |
| Tenaris SA ADR | 148,185 | 4,889 | |
| 134,980 | |||
| Japan (0.6%) | |||
| Kansai Electric Power Co. Inc. | 2,422,600 | 36,289 | |
| Russia (0.0%) | |||
| *,1 | LUKOIL PJSC ADR | 1,423,477 | — |
| Spain (2.4%) | |||
| Iberdrola SA (XMAD) | 11,310,806 | 138,688 | |
| United Kingdom (18.5%) | |||
| Shell plc (XETR) | 9,319,952 | 331,311 | |
| BP plc | 35,501,626 | 228,830 | |
| Shell plc ADR | 3,122,591 | 223,765 | |
| National Grid plc | 9,577,677 | 125,632 | |
| BP plc ADR | 3,122,510 | 121,060 | |
| Glencore plc | 7,576,456 | 44,084 | |
| 1,074,682 | |||
| United States (57.8%) | |||
| Exxon Mobil Corp. | 3,778,943 | 446,936 | |
| Phillips 66 | 1,803,163 | 258,231 | |
| Shares | Market Value ($000) | ||
| Targa Resources Corp. | 2,087,706 | 238,124 | |
| Southern Co. | 2,788,109 | 204,926 | |
| Duke Energy Corp. | 1,965,177 | 193,098 | |
| ConocoPhillips | 1,439,745 | 180,861 | |
| Williams Cos. Inc. | 4,488,785 | 172,190 | |
| Chevron Corp. | 1,061,761 | 171,230 | |
| American Electric Power Co. Inc. | 1,977,237 | 170,102 | |
| Sempra | 2,374,193 | 170,063 | |
| NextEra Energy Inc. | 2,405,074 | 161,068 | |
| Edison International | 2,063,326 | 146,620 | |
| Exelon Corp. | 3,756,472 | 141,168 | |
| Chesapeake Energy Corp. | 1,272,653 | 114,386 | |
| Schlumberger NV | 1,947,910 | 92,487 | |
| EQT Corp. | 2,290,180 | 91,813 | |
| Diamondback Energy Inc. | 442,625 | 89,025 | |
| CenterPoint Energy Inc. | 2,801,320 | 81,631 | |
| * | First Solar Inc. | 356,516 | 62,854 |
| EOG Resources Inc. | 416,759 | 55,066 | |
| * | Antero Resources Corp. | 1,164,491 | 39,604 |
| Pioneer Natural Resources Co. | 120,027 | 32,326 | |
| * | Valaris Ltd. | 413,486 | 26,901 |
| Hess Corp. | 74,272 | 11,697 | |
| 3,352,407 | |||
| Total Common Stocks (Cost $4,495,162) | 5,758,798 | ||
| Temporary Cash Investments (0.8%) | |||
| Money Market Fund (0.0%) | |||
| 2 | Vanguard Market Liquidity Fund, 5.394% | 1,365 | 137 |
| Face Amount ($000) | |||
| Repurchase Agreement (0.8%) | |||
| NatWest Markets plc, 5.310%, 5/1/24 (Dated 4/30/24, Repurchase Value $47,407,000, collateralized by U.S. Treasury Note/Bond 1.875%–4.500%, 2/15/44–5/15/52, with a value of $48,348,000) | 47,400 | 47,400 | |
| Total Temporary Cash Investments (Cost $47,536) | 47,537 | ||
| Total Investments (100.0%) (Cost $4,542,698) | 5,806,335 | ||
| Other Assets and Liabilities—Net (0.0%) | (1,982) | ||
| Net Assets (100%) | 5,804,353 | ||
| Cost is in $000. | |||
| * | Non-income-producing security. |
| 1 | Security value determined using significant unobservable inputs. |
| 2 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| ADR—American Depositary Receipt. |
A. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the valuation
designee to represent fair value and subject to oversight by the board of trustees. These procedures include obtaining quotations from an independent pricing service, monitoring news to identify significant market- or security-specific events, and evaluating changes in the values of foreign market proxies (for example, ADRs, futures contracts, or exchange-traded funds), between the time the foreign markets close and the fund’s pricing time. When fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value. Other temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services.
B. Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates obtained from an independent third party as of the fund’s pricing time on the valuation date. Realized gains (losses) and unrealized appreciation (depreciation) on investment securities include the effects of changes in exchange rates since the securities were purchased, combined with the effects of changes in security prices. Fluctuations in the value of other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses) until the assets or liabilities are settled in cash, at which time they are recorded as realized foreign currency gains (losses).
C. Repurchase Agreements: The fund enters into repurchase agreements with institutional counterparties. Securities pledged as collateral to the fund under repurchase agreements are held by a custodian bank until the agreements mature, and in the absence of a default, such collateral cannot be repledged, resold, or rehypothecated. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal. The fund further mitigates its counterparty risk by entering into repurchase agreements only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master repurchase agreements with its counterparties. The master repurchase agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any repurchase agreements with that counterparty, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund. Such action may be subject to legal proceedings, which may delay or limit the disposition of collateral.
D. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments valued with significant unobservable inputs are noted on the Schedule of Investments.
The following table summarizes the market value of the fund’s investments as of April 30, 2024, based on the inputs used to value them:
| Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
| Investments | ||||
| Assets | ||||
| Common Stocks—North and South America | 3,538,983 | — | — | 3,538,983 |
| Common Stocks—Other | 526,797 | 1,693,018 | — | 2,219,815 |
| Temporary Cash Investments | 137 | 47,400 | — | 47,537 |
| Total | 4,065,917 | 1,740,418 | — | 5,806,335 |