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        <fairValLevel>1</fairValLevel>
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        <name>Shell PLC</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>NextEra Energy Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Engie SA</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>American Electric Power Co Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Vanguard Cmt Funds-Vanguard Market Liquidity Fund</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Sempra</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Dominion Energy Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>ExxonMobil Holdings Corp</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Iberdrola SA</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>CMS Energy Corp</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Tenaris SA</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>TotalEnergies SE</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>LUKOIL PJSC</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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        <name>Shell PLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>TotalEnergies SE</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Williams Cos Inc/The</name>
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        <name>Diamondback Energy Inc</name>
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        <name>Enel SpA</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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            <repurchaseCollateral>
              <principalAmt>37336900.00000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>37332046.20000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Glencore PLC</name>
        <lei>2138002658CPO9NBH955</lei>
        <title>GLENCORE PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JE00B4T3BW64"/>
        </identifiers>
        <balance>11089583.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="1.34775100"/>
        <valUSD>81678655.71000000</valUSD>
        <pctVal>1.117058854892</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Devon Energy Corp</name>
        <lei>54930042348RKR3ZPN35</lei>
        <title>DEVON ENERGY CO</title>
        <cusip>25179M103</cusip>
        <identifiers>
          <isin value="US25179M1036"/>
        </identifiers>
        <balance>5510351.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>248682140.63000000</valUSD>
        <pctVal>3.401042595885</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Targa Resources Corp</name>
        <lei>5493003QENHHS261UR94</lei>
        <title>TARGA RESOURCES</title>
        <cusip>87612G101</cusip>
        <identifiers>
          <isin value="US87612G1013"/>
        </identifiers>
        <balance>1120381.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>302917410.97000000</valUSD>
        <pctVal>4.142778468667</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kansai Electric Power Co Inc/The</name>
        <lei>353800PFUKP5ONPJNZ86</lei>
        <title>KANSAI ELEC PWR</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3228600007"/>
        </identifiers>
        <balance>5108178.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="0.00628500"/>
        <valUSD>77360676.78000000</valUSD>
        <pctVal>1.058005035298</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Equinor ASA</name>
        <lei>OW6OFBNCKXC4US5C7523</lei>
        <title>EQUINOR ASA-ADR</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US29446M1027"/>
        </identifiers>
        <balance>622430.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>25581873.00000000</valUSD>
        <pctVal>0.349864447583</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>E.ON SE</name>
        <lei>Q9MAIUP40P25UFBFG033</lei>
        <title>E.ON SE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE000ENAG999"/>
        </identifiers>
        <balance>7573211.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="1.15315000"/>
        <valUSD>163151648.02000000</valUSD>
        <pctVal>2.231305002840</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Equinor ASA</name>
        <lei>OW6OFBNCKXC4US5C7523</lei>
        <title>EQUINOR ASA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NO0010096985"/>
        </identifiers>
        <balance>1944139.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="0.10551300"/>
        <valUSD>79808670.50000000</valUSD>
        <pctVal>1.091484443570</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SSE PLC</name>
        <lei>549300KI75VYLLMSK856</lei>
        <title>SSE PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0007908733"/>
        </identifiers>
        <balance>5389181.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="1.34775100"/>
        <valUSD>170262775.06000000</valUSD>
        <pctVal>2.328558653249</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cameco Corp</name>
        <lei>N4BHALMXL3GMZKCUON55</lei>
        <title>CAMECO CORP</title>
        <cusip>13321L108</cusip>
        <identifiers>
          <isin value="CA13321L1085"/>
        </identifiers>
        <balance>453660.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>39187150.80000000</valUSD>
        <pctVal>0.535933817943</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Exelon Corp</name>
        <lei>3SOUA6IRML7435B56G12</lei>
        <title>EXELON CORP</title>
        <cusip>30161N101</cusip>
        <identifiers>
          <isin value="US30161N1019"/>
        </identifiers>
        <balance>2515096.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>115241698.72000000</valUSD>
        <pctVal>1.576075890194</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>National Grid PLC</name>
        <lei>8R95QZMKZLJX5Q2XR704</lei>
        <title>NATIONAL GRID PL</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BDR05C01"/>
        </identifiers>
        <balance>12784719.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="1.34775100"/>
        <valUSD>204630302.10000000</valUSD>
        <pctVal>2.798578024492</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vistra Corp</name>
        <lei>549300KP43CPCUJOOG15</lei>
        <title>VISTRA CORP</title>
        <cusip>92840M102</cusip>
        <identifiers>
          <isin value="US92840M1027"/>
        </identifiers>
        <balance>293794.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>43537332.86000000</valUSD>
        <pctVal>0.595428056043</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cheniere Energy Inc</name>
        <lei>MIHC87W9WTYSYZWV1J40</lei>
        <title>CHENIERE ENERGY</title>
        <cusip>16411R208</cusip>
        <identifiers>
          <isin value="US16411R2085"/>
        </identifiers>
        <balance>576887.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>152050106.59000000</valUSD>
        <pctVal>2.079477391948</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tenaris SA</name>
        <lei>549300Y7C05BKC4HZB40</lei>
        <title>TENARIS-ADR</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US88031M1099"/>
        </identifiers>
        <balance>1720815.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>98654323.95000000</valUSD>
        <pctVal>1.349222574537</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-09-28</ncom:dateSigned>
      <ncom:nameOfApplicant>VANGUARD SPECIALIZED FUNDS</ncom:nameOfApplicant>
      <ncom:signature>My Trieu-Gatt</ncom:signature>
      <ncom:signerName>My Trieu-Gatt</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
