Vanguard Energy Fund 

Summary Prospectus 

May 26, 2011 

Investor Shares for Participants 

Vanguard Energy Fund Investor Shares (VGENX) 

The Fund’s statutory Prospectus and Statement of Additional Information dated 

May 26, 2011, are incorporated into and made part of this Summary Prospectus 

by reference. 

Before you invest, you may want to review the Fund’s Prospectus, which 

contains more information about the Fund and its risks. You can find 

the Fund’s Prospectus and other information about the Fund online at 

www.vanguard.com/prospectus. You can also get this information at 

no cost by calling 800-523-1188 or by sending an e-mail request to 

online@vanguard.com. 

The Securities and Exchange Commission (SEC) has not approved or disapproved these securities or 

passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense. 

Investment Objective
The Fund seeks to provide long-term capital appreciation.

Fees and Expenses
The following table describes the fees and expenses you may pay if you buy and hold
Investor Shares of the Fund.

Shareholder Fees
(Fees paid directly from your investment)

Sales Charge (Load) Imposed on Purchases	None
Purchase Fee	None
Sales Charge (Load) Imposed on Reinvested Dividends	None
Redemption Fee (on shares held less than one year)	1%

Annual Fund Operating Expenses
(Expenses that you pay each year as a percentage of the value of your investment)

Management Expenses	0.31%
12b-1 Distribution Fee	None
Other Expenses	0.03%
Total Annual Fund Operating Expenses	0.34%

Example

The following example is intended to help you compare the cost of investing in the
Fund’s Investor Shares with the cost of investing in other mutual funds. It illustrates
the hypothetical expenses that you would incur over various periods if you invest
$10,000 in the Fund’s shares. This example assumes that the Shares provide a return
of 5% a year and that operating expenses remain as stated in the preceding table. The
results apply whether or not you redeem your investment at the end of the given
period. Although your actual costs may be higher or lower, based on these
assumptions your costs would be:

1 Year	3 Years	5 Years	10 Years
$35	$109	$191	$431

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate
higher transaction costs and may result in higher taxes when Fund shares are held in
a taxable account. These costs, which are not reflected in annual fund operating
expenses or in the previous expense example, reduce the Fund’s performance. During
the most recent fiscal year, the Fund’s portfolio turnover rate was 31%.

Primary Investment Strategies
The Fund invests at least 80% of its assets in the common stocks of companies
principally engaged in activities in the energy industry, such as production and
transmission of energy or energy fuels; the making of component products for such
activities; energy research; and energy conservation. The Fund may invest up to 100%
of its assets in foreign stocks. The Fund uses multiple investment advisors to manage
its portfolio.

Primary Risks
An investment in the Fund could lose money over short or even long periods. You should
expect the Fund’s share price and total return to fluctuate within a wide range, like the
fluctuations of global stock markets. The Fund’s performance could be hurt by:

• Industry concentration risk, which is the chance that there will be overall problems
affecting a particular industry. Because the Fund normally invests at least 80% of its
assets in the common stocks of companies principally engaged in activities in the
energy industry, the Fund’s performance largely depends—for better or for worse—on
the overall condition of the energy industry. The energy industry could be adversely
affected by energy prices, supply-and-demand for energy resources, and various
political, regulatory, and economic factors.

• Stock market risk, which is the chance that stock prices overall will decline. Stock
markets tend to move in cycles, with periods of rising prices and periods of falling
prices. In addition, investments in foreign stocks can be riskier than U.S. stock
investments. The prices of foreign stocks and the prices of U.S. stocks have, at times,
moved in opposite directions.

• Manager risk, which is the chance that poor security selection will cause the Fund to
underperform relevant benchmarks or other funds with a similar investment objective.

• Country risk, which is the chance that world events—such as political upheaval,
financial troubles, or natural disasters—will adversely affect the value of securities
issued by companies in foreign countries.

• Currency risk, which is the chance that the value of a foreign investment, measured in
U.S. dollars, will decrease because of unfavorable changes in currency exchange rates.

2

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed
by the Federal Deposit Insurance Corporation or any other government agency.

Annual Total Returns
The following bar chart and table are intended to help you understand the risks of
investing in the Fund. The bar chart shows how the performance of the Fund‘s
Investor Shares has varied from one calendar year to another over the periods shown.
The table shows how the average annual total returns compare with those of relevant
market indexes and a comparative benchmark, which have investment characteristics
similar to those of the Fund. MSCI ACWI (All Country World Index) Energy Index
returns are adjusted for withholding taxes applicable to Luxembourg holding
companies. Returns for the Global Natural Resources Funds Average are derived from
data provided by Lipper Inc. Keep in mind that the Fund’s past performance does not
indicate how the Fund will perform in the future. Updated performance information is
available on our website at vanguard.com/performance or by calling Vanguard toll-free
at 800-662-7447.

Annual Total Returns — Vanguard Energy Fund Investor Shares¹

1 The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2011, was 15.26%.

During the periods shown in the bar chart, the highest return for a calendar quarter
was 22.01% (quarter ended September 30, 2005), and the lowest return for a quarter
was –30.47% (quarter ended September 30, 2008).

3

Average Annual Total Returns for Periods Ended December 31, 2010

	1 Year	5 Years	10 Years
Vanguard Energy Fund Investor Shares	13.43%	8.01%	14.17%
Comparative Benchmarks
MSCI ACWI Energy Index
(reflects no deduction for fees or expenses)	11.51%	6.68%	10.18%
Standard & Poor's Energy Sector Index
(reflects no deduction for fees or expenses)	20.46	8.31	9.95
Spliced Energy Index
(reflects no deduction for fees or expenses)	16.48	7.59	9.58
Global Natural Resources Funds Average	13.18	6.08	12.14

Investment Advisors
Wellington Management Company, LLP

The Vanguard Group, Inc.

Portfolio Managers

Karl E. Bandtel, Senior Vice President and Equity Portfolio Manager of Wellington
Management. He has managed a portion of the Fund since 2002.

James D. Troyer, CFA, Principal of Vanguard. He has managed a portion of the Fund
since 2006.

Tax Information
The Fund’s distributions will be reinvested in additional Fund shares and accumulate on
a tax-deferred basis if you are investing through an employer-sponsored retirement or
savings plan. You will not owe taxes on these distributions until you begin withdrawals
from the plan. You should consult your plan administrator, your plan’s Summary Plan
Description, or your tax advisor about the tax consequences of plan withdrawals.

Payments to Financial Intermediaries
The Fund and its investment advisors do not pay financial intermediaries for sales of
Fund shares.

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Vanguard Energy Fund Investor Shares—Fund Number 51

CFA® is a trademark owned by CFA Institute.
© 2011 The Vanguard Group, Inc. All rights reserved.
Vanguard Marketing Corporation, Distributor.
	SPI 051 052011