# EDGAR Filing Document

**Accession Number:** 0000734383
**File Stem:** 0001752724-25-163057
**Filing Date:** 2025-6
**Character Count:** 31413
**Document Hash:** 8ba0327706ecd2c37aca6223dc201ca1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-163057.hdr.sgml**: 20250630

**ACCESSION NUMBER**: 0001752724-25-163057

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250630

**DATE AS OF CHANGE**: 20250630

**PERIOD START**: 20260131

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VANGUARD SPECIALIZED FUNDS
- **CENTRAL INDEX KEY:** 0000734383

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03916
- **FILM NUMBER:** 251090652

**BUSINESS ADDRESS:**
- **STREET 1:** PO BOX 2600
- **STREET 2:** V26
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482
- **BUSINESS PHONE:** 6106691000

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 2600
- **STREET 2:** V26
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VANGUARD SPECIALIZED FUNDS/
- **DATE OF NAME CHANGE:** 20011121

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VANGUARD SPECIALIZED PORTFOLIOS INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Vanguard Energy Fund (Series ID: S000002921)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000008005 | Investor Shares | VGENX           |
| C000008006 | Admiral Shares  | VGELX           |

## Nport-Ex

Vanguard<sup>®</sup> Energy Fund

#### Schedule of Investments (unaudited)
As of April 30, 2025

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 | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
| **Common Stocks (99.2%)** | **Common Stocks (99.2%)** | **Common Stocks (99.2%)** |
| **Brazil (0.9%)** | **Brazil (0.9%)** | **Brazil (0.9%)** |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro SA | 8951425 | &nbsp;&nbsp;&nbsp;&nbsp; 50553 |
| **Canada (0.4%)** | **Canada (0.4%)** | **Canada (0.4%)** |
| &nbsp;&nbsp;&nbsp;Cameco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;474437 | &nbsp;&nbsp;&nbsp;&nbsp; 21421 |
| **France (10.6%)** | **France (10.6%)** | **France (10.6%)** |
| &nbsp;&nbsp;&nbsp;Engie SA (XPAR) | 12335948 | &nbsp;&nbsp;&nbsp;&nbsp; 254963 |
| &nbsp;&nbsp;&nbsp;TotalEnergies SE | 3676373 | &nbsp;&nbsp;&nbsp;&nbsp; 209389 |
| &nbsp;&nbsp;&nbsp;TotalEnergies SE ADR | 2303402 | &nbsp;&nbsp;&nbsp;&nbsp; 130948 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **595300** |
| **Germany (2.8%)** | **Germany (2.8%)** | **Germany (2.8%)** |
| &nbsp;&nbsp;&nbsp;E.ON SE | 7563695 | &nbsp;&nbsp;&nbsp;&nbsp; 132286 |
| &nbsp;&nbsp;&nbsp;RWE AG | &nbsp;&nbsp;&nbsp;&nbsp;656506 | &nbsp;&nbsp;&nbsp;&nbsp; 25495 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **157781** |
| **India (1.2%)** | **India (1.2%)** | **India (1.2%)** |
| &nbsp;&nbsp;&nbsp;Power Grid Corp. of India Ltd. | 18008687 | &nbsp;&nbsp;&nbsp;&nbsp; 65406 |
| **Italy (3.6%)** | **Italy (3.6%)** | **Italy (3.6%)** |
| &nbsp;&nbsp;&nbsp;Enel SpA | 16155914 | &nbsp;&nbsp;&nbsp;&nbsp; 140055 |
| &nbsp;&nbsp;&nbsp;Tenaris SA ADR | 1799628 | &nbsp;&nbsp;&nbsp;&nbsp; 59910 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **199965** |
| **Japan (0.9%)** | **Japan (0.9%)** | **Japan (0.9%)** |
| &nbsp;&nbsp;&nbsp;Kansai Electric Power Co. Inc. | 4325357 | &nbsp;&nbsp;&nbsp;&nbsp; 53290 |
| **Luxembourg (0.2%)** | **Luxembourg (0.2%)** | **Luxembourg (0.2%)** |
| &nbsp;&nbsp;&nbsp;Tenaris SA | &nbsp;&nbsp;&nbsp;&nbsp;712511 | &nbsp;&nbsp;&nbsp;&nbsp; 11881 |
| **Norway (1.4%)** | **Norway (1.4%)** | **Norway (1.4%)** |
| &nbsp;&nbsp;&nbsp;Equinor ASA | 2033180 | &nbsp;&nbsp;&nbsp;&nbsp; 46022 |
| &nbsp;&nbsp;&nbsp;Equinor ASA ADR | 1446369 | &nbsp;&nbsp;&nbsp;&nbsp; 32240 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **78262** |
| **Russia (0.0%)** | **Russia (0.0%)** | **Russia (0.0%)** |
| &nbsp;&nbsp;&nbsp;LUKOIL PJSC ADR | 1423477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Spain (3.6%)** | **Spain (3.6%)** | **Spain (3.6%)** |
| &nbsp;&nbsp;&nbsp;Iberdrola SA (XMAD) | 11166954 | &nbsp;&nbsp;&nbsp;&nbsp; 201294 |
| **United Kingdom (12.3%)** | **United Kingdom (12.3%)** | **United Kingdom (12.3%)** |
| &nbsp;&nbsp;&nbsp;Shell plc (XLON) | 8961453 | &nbsp;&nbsp;&nbsp;&nbsp; 289202 |
| &nbsp;&nbsp;&nbsp;Shell plc ADR | 3293997 | &nbsp;&nbsp;&nbsp;&nbsp; 212397 |
| &nbsp;&nbsp;&nbsp;National Grid plc | 12561785 | &nbsp;&nbsp;&nbsp;&nbsp; 181318 |
| &nbsp;&nbsp;&nbsp;Anglo American plc | &nbsp;&nbsp;&nbsp;&nbsp;429637 | &nbsp;&nbsp;&nbsp;&nbsp; 11728 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **694645** |
| **United States (61.3%)** | **United States (61.3%)** | **United States (61.3%)** |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 4441900 | &nbsp;&nbsp;&nbsp;&nbsp; 469198 |
| &nbsp;&nbsp;&nbsp;Williams Cos. Inc. | 4370883 | &nbsp;&nbsp;&nbsp;&nbsp; 256003 |
| &nbsp;&nbsp;&nbsp;Sempra | 3050004 | &nbsp;&nbsp;&nbsp;&nbsp; 226524 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 1852474 | &nbsp;&nbsp;&nbsp;&nbsp; 226039 |
| &nbsp;&nbsp;&nbsp;Southern Co. | 2422657 | &nbsp;&nbsp;&nbsp;&nbsp; 222618 |
| &nbsp;&nbsp;&nbsp;American Electric Power Co. Inc. | 1997335 | &nbsp;&nbsp;&nbsp;&nbsp; 216391 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 1521417 | &nbsp;&nbsp;&nbsp;&nbsp; 209058 |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | 1283006 | &nbsp;&nbsp;&nbsp;&nbsp; 174566 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;992387 | &nbsp;&nbsp;&nbsp;&nbsp; 169599 |
| &nbsp;&nbsp;&nbsp;NextEra Energy Inc. | 2411123 | &nbsp;&nbsp;&nbsp;&nbsp; 161256 |
| &nbsp;&nbsp;&nbsp;ONEOK Inc. | 1850454 | &nbsp;&nbsp;&nbsp;&nbsp; 152033 |
| &nbsp;&nbsp;&nbsp;Dominion Energy Inc. | 2549906 | &nbsp;&nbsp;&nbsp;&nbsp; 138664 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | 2946307 | &nbsp;&nbsp;&nbsp;&nbsp; 138182 |
| &nbsp;&nbsp;&nbsp;EQT Corp. | 2620936 | &nbsp;&nbsp;&nbsp;&nbsp; 129579 |

---

------

Vanguard<sup>®</sup> Energy Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
|  | &nbsp;&nbsp;&nbsp;Expand Energy Corp. | 1230842 | &nbsp;&nbsp;&nbsp;&nbsp; 127884 |
|  | &nbsp;&nbsp;&nbsp;Coterra Energy Inc. | 4849595 | &nbsp;&nbsp;&nbsp;&nbsp; 119106 |
|  | &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;712162 | &nbsp;&nbsp;&nbsp;&nbsp; 114394 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Antero Resources Corp. | 1914236 | &nbsp;&nbsp;&nbsp;&nbsp; 66673 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;First Solar Inc. | &nbsp;&nbsp;&nbsp;&nbsp;499066 | &nbsp;&nbsp;&nbsp;&nbsp; 62792 |
|  | &nbsp;&nbsp;&nbsp;Hess Corp. | &nbsp;&nbsp;&nbsp;&nbsp;371931 | &nbsp;&nbsp;&nbsp;&nbsp; 47998 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NEXTracker Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;559320 | &nbsp;&nbsp;&nbsp;&nbsp; 22714 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**3451271** |
| **Total Common Stocks (Cost $4,582,482)** | **Total Common Stocks (Cost $4,582,482)** | **Total Common Stocks (Cost $4,582,482)** | &nbsp;&nbsp;&nbsp;&nbsp;**5581069** |
| **Temporary Cash Investments (0.9%)** | **Temporary Cash Investments (0.9%)** | **Temporary Cash Investments (0.9%)** | **Temporary Cash Investments (0.9%)** |
| **Money Market Fund (0.0%)** | **Money Market Fund (0.0%)** | **Money Market Fund (0.0%)** | **Money Market Fund (0.0%)** |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.350% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611 | &nbsp;&nbsp;&nbsp;&nbsp; 61 |
|  |  | Face<br> Amount<br> ($000) |  |
| **Repurchase Agreement (0.9%)** | **Repurchase Agreement (0.9%)** | **Repurchase Agreement (0.9%)** | **Repurchase Agreement (0.9%)** |
|  | &nbsp;&nbsp;&nbsp;NatWest Markets plc, 4.360%, 5/1/25<br> (Dated 4/30/25, Repurchase Value $48,706, collateralized by U.S. Treasury Obligations 2.250%–4.250%, 3/31/26–2/15/28, with a value of $49,674) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48700 | &nbsp;&nbsp;&nbsp;&nbsp; 48700 |
| **Total Temporary Cash Investments (Cost $48,761)** | **Total Temporary Cash Investments (Cost $48,761)** | **Total Temporary Cash Investments (Cost $48,761)** | &nbsp;&nbsp;&nbsp;&nbsp;**48761** |
| **Total Investments (100.1%) (Cost $4,631,243)** | **Total Investments (100.1%) (Cost $4,631,243)** | **Total Investments (100.1%) (Cost $4,631,243)** | &nbsp;&nbsp;&nbsp;&nbsp;**5629830** |
| **Other Assets and Liabilities—Net (-0.1%)** | **Other Assets and Liabilities—Net (-0.1%)** | **Other Assets and Liabilities—Net (-0.1%)** | &nbsp;&nbsp;&nbsp;&nbsp;**(3063)** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**5626767** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | 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.

------

Vanguard<sup>®</sup> Energy Fund

#### 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, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Common Stocks—North and South America | 3523245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;3523245 |
| Common Stocks—Other | &nbsp;&nbsp;&nbsp;&nbsp;435495 | &nbsp;&nbsp;&nbsp;1622329 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2057824 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48700 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48761 |
| Total | 3958801 | &nbsp;&nbsp;&nbsp;1671029 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;5629830 |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** VANGUARD SPECIALIZED FUNDS

- **b. Investment Company Act file number:** 811-03916

- **c. CIK number of Registrant:** 0000734383

- **d. LEI of Registrant:** 549300OM0CLBHZ9MZW59

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 Vanguard Boulevard

  - **City:** Malvern

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19355

  - **Telephone number:** 610-669-1000

**Item A.2. Information about the Series.**

- **a. Name of Series:** VANGUARD ENERGY FUND

- **b. EDGAR series identifier (if any):** S000002921

- **c. LEI of Series:** VL4LNU346I18Y2T57X03

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-01-31

- **b. Date as of which information is reported:** 2025-04-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $5641288919.18

**Total Liabilities:** $12352298.06

**Net Assets:** $5628936621.12

**Cash Not Reported:** $5350032.32

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000008005 | 2.29%                | 5.42%                | -4.74%               |
| Class ID C000008006 | 2.30%                | 5.44%                | -4.75%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $12272738.60             | $88018432.65                               |
| Month 2  | $30207207.77             | $266858228.81                              |
| Month 3  | $-1726295.94             | $-302709361.13                             |

### Schedule of Portfolio Investments

| Name                                              | Title                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Power Grid Corp of India Ltd                      | POWER GRID CORP                | CUSIP: N/A<br>LEI: 3358009SHWZ3DZEQ4Z56       | Long             | EC               | CORP              | IN        |  18008687 | NS      | $65406428.04  | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Duke Energy Corp                                  | DUKE ENERGY CORP               | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |   1852474 | NS      | $226038877.48 | 4.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co/The                                   | SOUTHERN CO                    | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |   2422657 | NS      | $222617951.73 | 3.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                                         | SHELL PLC-ADR                  | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | US        |   3293997 | NS      | $212396926.56 | 3.77%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corp                                          | EQT CORP                       | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |   2620936 | NS      | $129579075.84 | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEOK Inc                                         | ONEOK INC                      | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |   1850454 | NS      | $152033300.64 | 2.70%             |  |  |  | No            |                  1 | On Loan: No      |
| RBS Securities, Inc.                              | RBS TRIPARTY TREASUR           | CUSIP: N/A<br>LEI: ZE2ZWJ5BTIQJ8M0C6K34       | Long             | RA               | CORP              | US        |  48700000 | PA      | $48700000.00  | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| NextEra Energy Inc                                | NEXTERA ENERGY                 | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |   2411123 | NS      | $161255906.24 | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Engie SA                                          | ENGIE                          | CUSIP: N/A<br>LEI: LAXUQCHT4FH58LRZDY46       | Long             | EC               | CORP              | FR        |  12335948 | NS      | $254963482.25 | 4.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Antero Resources Corp                             | ANTERO RESOURCES               | CUSIP: 03674X106<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | EC               | CORP              | US        |   1914236 | NS      | $66672839.88  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| American Electric Power Co Inc                    | AMERICAN ELECTRI               | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |   1997335 | NS      | $216391273.90 | 3.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Cmt Funds-Vanguard Market Liquidity Fund | Vanguard Market Liquidity Fund | CUSIP: N/A<br>LEI: 1I6HV0TLSTR3A4XQ6L78       | Long             | STIV             | CORP              | US        |       611 | NS      | $61050.89     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Sempra                                            | SEMPRA                         | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |   3050004 | NS      | $226523797.08 | 4.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Energy Inc                               | DOMINION ENERGY                | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |   2549906 | NS      | $138663888.28 | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTracker Inc                                    | NEXTRACKER-CL A                | CUSIP: 65290E101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    559320 | NS      | $22713985.20  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Hess Corp                                         | HESS CORP                      | CUSIP: 42809H107<br>LEI: UASVRYNXNK17ULIGK870 | Long             | EC               | CORP              | US        |    371931 | NS      | $47997695.55  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Iberdrola SA                                      | IBERDROLA SA                   | CUSIP: N/A<br>LEI: 5QK37QC7NWOJ8D7WVQ45       | Long             | EC               | CORP              | ES        |  11166954 | NS      | $201293881.47 | 3.58%             |  |  |  | No            |                  2 | On Loan: No      |
| RWE AG                                            | RWE AG                         | CUSIP: N/A<br>LEI: 529900GB7KCA94ACC940       | Long             | EC               | CORP              | DE        |    656506 | NS      | $25494850.70  | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Tenaris SA                                        | TENARIS SA                     | CUSIP: N/A<br>LEI: 549300Y7C05BKC4HZB40       | Long             | EC               | CORP              | IT        |    712511 | NS      | $11881076.47  | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| TotalEnergies SE                                  | TOTALENER-SP ADR               | CUSIP: N/A<br>LEI: 529900S21EQ1BO4ESM68       | Long             | EC               | CORP              | US        |   2303402 | NS      | $130948403.70 | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| LUKOIL PJSC                                       | LUKOIL PJSC-ADR                | CUSIP: N/A<br>LEI: 549300LCJ1UJXHYBWI24       | Long             | EC               | CORP              | GB        |   1423477 | NS      | $14.23        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Shell PLC                                         | SHELL PLC                      | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | GB        |   8961453 | NS      | $289201744.07 | 5.14%             |  |  |  | No            |                  2 | On Loan: No      |
| TotalEnergies SE                                  | TOTALENERGIES SE               | CUSIP: N/A<br>LEI: 529900S21EQ1BO4ESM68       | Long             | EC               | CORP              | FR        |   3676373 | NS      | $209388556.41 | 3.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Williams Cos Inc/The                              | WILLIAMS COS INC               | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |   4370883 | NS      | $256002617.31 | 4.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corp                           | MARATHON PETROLE               | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |   1521417 | NS      | $209057909.97 | 3.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro SA                            | PETROBRAS                      | CUSIP: N/A<br>LEI: 5493000J801JZRCMFE49       | Long             | EC               | CORP              | BR        |   8951425 | NS      | $50552526.59  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy Inc                                | COTERRA ENERGY I               | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |   4849595 | NS      | $119106053.20 | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp                                  | EXXON MOBIL CORP               | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |   4441900 | NS      | $469197897.00 | 8.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Enel SpA                                          | ENEL SPA                       | CUSIP: N/A<br>LEI: WOCMU6HCI0OJWNPRZS33       | Long             | EC               | CORP              | IT        |  16155914 | NS      | $140055184.68 | 2.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Chevron Corp                                      | CHEVRON CORP                   | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1324103 | NS      | $180157454.18 | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Atmos Energy Corp                                 | ATMOS ENERGY                   | CUSIP: 049560105<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | EC               | CORP              | US        |    712162 | NS      | $114394582.06 | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Corp                              | TARGA RESOURCES                | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |    992387 | NS      | $169598938.30 | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Kansai Electric Power Co Inc/The                  | KANSAI ELEC PWR                | CUSIP: N/A<br>LEI: 353800PFUKP5ONPJNZ86       | Long             | EC               | CORP              | JP        |   4325357 | NS      | $53290285.48  | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Equinor ASA                                       | EQUINOR ASA-ADR                | CUSIP: N/A<br>LEI: OW6OFBNCKXC4US5C7523       | Long             | EC               | CORP              | US        |   1446369 | NS      | $32239565.01  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglo American PLC                                | ANGLO AMER PLC                 | CUSIP: N/A<br>LEI: 549300S9XF92D1X8ME43       | Long             | EC               | CORP              | GB        |    429637 | NS      | $11728395.11  | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| E.ON SE                                           | E.ON SE                        | CUSIP: N/A<br>LEI: Q9MAIUP40P25UFBFG033       | Long             | EC               | CORP              | DE        |   7563695 | NS      | $132285930.51 | 2.35%             |  |  |  | No            |                  2 | On Loan: No      |
| First Solar Inc                                   | FIRST SOLAR INC                | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |    457352 | NS      | $57544028.64  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinor ASA                                       | EQUINOR ASA                    | CUSIP: N/A<br>LEI: OW6OFBNCKXC4US5C7523       | Long             | EC               | CORP              | NO        |   2033180 | NS      | $46022299.04  | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Cameco Corp                                       | CAMECO CORP                    | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | US        |    474437 | NS      | $21420830.55  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp                                       | EXELON CORP                    | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |   2946307 | NS      | $138181798.30 | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| National Grid PLC                                 | NATIONAL GRID PL               | CUSIP: N/A<br>LEI: 8R95QZMKZLJX5Q2XR704       | Long             | EC               | CORP              | GB        |  12561785 | NS      | $181318068.57 | 3.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Expand Energy Corp                                | EXPAND ENERGY CO               | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |   1230842 | NS      | $127884483.80 | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenaris SA                                        | TENARIS-ADR                    | CUSIP: N/A<br>LEI: 549300Y7C05BKC4HZB40       | Long             | EC               | CORP              | US        |   1799628 | NS      | $59909616.12  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-30

**Name of Applicant:** VANGUARD SPECIALIZED FUNDS

**Signature:** Ashley Grim

**Name of Signer:** Ashley Grim

**Title:** Treasurer