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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PUBLIC STORAGE</name>
        <lei>254900GLQZAD4N7N5Q19</lei>
        <title>Public Storage</title>
        <cusip>74460W669</cusip>
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          <isin value="US74460W6690"/>
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        <balance>367355.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>AGNC INVESTMENT CORP</name>
        <lei>5TRACI5HRMELWV32OF39</lei>
        <title>AGNC Investment Corp</title>
        <cusip>00123Q872</cusip>
        <identifiers>
          <isin value="US00123Q8722"/>
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        <balance>704097.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="77841.00000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Southern Co/The</name>
        <lei>549300FC3G3YU2FBZD92</lei>
        <title>Southern Co/The</title>
        <cusip>842587404</cusip>
        <identifiers>
          <isin value="US8425874042"/>
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        <balance>551032.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="407021.00000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Entergy Arkansas LLC</name>
        <lei>549300A0I5ONUIFMLP35</lei>
        <title>Entergy Arkansas LLC</title>
        <cusip>29364D100</cusip>
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          <isin value="US29364D1000"/>
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        <balance>502051.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>State Street Global Advisors</name>
        <lei>5493008BJIBKQ5KTIF74</lei>
        <title>State Street Navigator Securities Lending Government Money Market Portfolio</title>
        <cusip>857492706</cusip>
        <identifiers>
          <isin value="US8574927062"/>
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        <balance>34836394.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="34836394.00000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>PUBLIC STORAGE</name>
        <lei>254900GLQZAD4N7N5Q19</lei>
        <title>Public Storage</title>
        <cusip>74460W594</cusip>
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          <isin value="US74460W5940"/>
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        <balance>316904.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NEXTERA ENERGY INC</name>
        <lei>254900RHL9MEUS5NKX63</lei>
        <title>NextEra Energy Inc</title>
        <cusip>65339F119</cusip>
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          <isin value="US65339F1194"/>
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        <balance>918387.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PUBLIC STORAGE</name>
        <lei>254900GLQZAD4N7N5Q19</lei>
        <title>Public Storage</title>
        <cusip>74460W461</cusip>
        <identifiers>
          <isin value="US74460W4612"/>
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        <balance>739362.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Spire Inc</name>
        <lei>549300NXSY15DRY2R511</lei>
        <title>Spire Inc</title>
        <cusip>84857L309</cusip>
        <identifiers>
          <isin value="US84857L3096"/>
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        <balance>306129.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7221583.11000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="33026.00000000"/>
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      <invstOrSec>
        <name>Kimco Realty Corp</name>
        <lei>254900ARY41P4V1JL861</lei>
        <title>Kimco Realty Corp</title>
        <cusip>49446R711</cusip>
        <identifiers>
          <isin value="US49446R7118"/>
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        <balance>320333.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6390643.35000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BROOKFIELD BRP HOLDINGS</name>
        <lei>549300NSPD7QJ50GZW26</lei>
        <title>Brookfield BRP Holdings Canada Inc</title>
        <cusip>11259P109</cusip>
        <identifiers>
          <isin value="US11259P1093"/>
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        <balance>428581.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6750150.75000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ALBEMARLE CORP</name>
        <lei>HDBLS2Q6GV1LSKQPBS54</lei>
        <title>Albemarle Corp</title>
        <cusip>012653200</cusip>
        <identifiers>
          <isin value="US0126532003"/>
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        <balance>1408191.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>45202931.10000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AGNC INVESTMENT CORP</name>
        <lei>5TRACI5HRMELWV32OF39</lei>
        <title>AGNC Investment Corp</title>
        <cusip>00123Q807</cusip>
        <identifiers>
          <isin value="US00123Q8078"/>
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        <balance>492868.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>12518847.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SCE TRUST VIII</name>
        <lei>N/A</lei>
        <title>SCE Trust VIII</title>
        <cusip>80620A208</cusip>
        <identifiers>
          <isin value="US80620A2087"/>
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        <balance>428581.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TENN VALLEY AUTHORITY</name>
        <lei>549300HE1ISW43LNKM54</lei>
        <title>Tennessee Valley Authority</title>
        <cusip>880591300</cusip>
        <identifiers>
          <isin value="US8805913006"/>
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        <balance>314088.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CMS Energy Corp</name>
        <lei>549300IA9XFBAGNIBW29</lei>
        <title>CMS Energy Corp</title>
        <cusip>125896845</cusip>
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          <isin value="US1258968452"/>
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        <balance>771445.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DTE Energy Co</name>
        <lei>549300IX8SD6XXD71I78</lei>
        <title>DTE Energy Co</title>
        <cusip>233331859</cusip>
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          <isin value="US2333318598"/>
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        <balance>489805.00000000</balance>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>US CELLULAR CORP</name>
        <lei>549300B164AZXESI6E03</lei>
        <title>United States Cellular Corp</title>
        <cusip>911684801</cusip>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PUBLIC STORAGE</name>
        <lei>254900GLQZAD4N7N5Q19</lei>
        <title>Public Storage</title>
        <cusip>74460W644</cusip>
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          <isin value="US74460W6443"/>
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        <balance>348986.00000000</balance>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Digital Realty Trust Inc</name>
        <lei>549300HKCZ31D08NEI41</lei>
        <title>Digital Realty Trust Inc</title>
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          <isin value="US2538688225"/>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Vornado Realty Trust</name>
        <lei>N/A</lei>
        <title>Vornado Realty Trust</title>
        <cusip>929042828</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CHS Inc</name>
        <lei>XEIEFTLYDQ1MZ6TZV015</lei>
        <title>CHS Inc</title>
        <cusip>12542R308</cusip>
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        <balance>656952.00000000</balance>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>FORD MOTOR COMPANY</name>
        <lei>20S05OYHG0MQM4VUIC57</lei>
        <title>Ford Motor Co</title>
        <cusip>345370811</cusip>
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        <balance>734709.00000000</balance>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>RITHM CAPITAL CORP</name>
        <lei>549300WNTHGEO5LP2G31</lei>
        <title>Rithm Capital Corp</title>
        <cusip>64828T706</cusip>
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          <isin value="US64828T7063"/>
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        <balance>569400.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>13631436.00000000</valUSD>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Qwest Corp</name>
        <lei>549300R2L4N683OO1509</lei>
        <title>Qwest Corp</title>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MICROSTRATEGY INC</name>
        <lei>549300WQTWEJUEHXQX21</lei>
        <title>MicroStrategy Inc</title>
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          <isin value="US5949728795"/>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CHS Inc</name>
        <lei>XEIEFTLYDQ1MZ6TZV015</lei>
        <title>CHS Inc</title>
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          <isin value="US12542R5063"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SOUTHERN CO</name>
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          <isin value="US8425878837"/>
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        <assetCat>EP</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NEXTERA ENERGY CAPITAL</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NextEra Energy Capital Holdings Inc</title>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NEXTERA ENERGY INC</name>
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          <isCashCollateral>N</isCashCollateral>
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        <name>FRANKLIN BSP REALTY TRST</name>
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        <title>Franklin BSP Realty Trust Inc</title>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>RITHM CAPITAL CORP</name>
        <lei>549300WNTHGEO5LP2G31</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>NGL Energy Partners LP</name>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TELEPHONE &amp; DATA SYS</name>
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          <isin value="US8794337878"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BOEING CO/THE</name>
        <lei>RVHJWBXLJ1RFUBSY1F30</lei>
        <title>Boeing Co/The</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MICROSTRATEGY INC</name>
        <lei>549300WQTWEJUEHXQX21</lei>
        <title>MicroStrategy Inc</title>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DIGITALBRIDGE GROUP INC</name>
        <lei>549300XG87L902AGBO89</lei>
        <title>DigitalBridge Group Inc</title>
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        <name>Entergy Louisiana LLC</name>
        <lei>0V5453U14HDZO63CGH17</lei>
        <title>Entergy Louisiana LLC</title>
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        <name>PUBLIC STORAGE</name>
        <lei>254900GLQZAD4N7N5Q19</lei>
        <title>Public Storage</title>
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        <name>TWO HARBORS INV CORP</name>
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        <title>Two Harbors Investment Corp</title>
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        <name>SOUTHERN CO</name>
        <lei>549300FC3G3YU2FBZD92</lei>
        <title>Southern Co/The</title>
        <cusip>842587800</cusip>
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        <name>CHS Inc</name>
        <lei>XEIEFTLYDQ1MZ6TZV015</lei>
        <title>CHS Inc</title>
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        <name>CHART INDUSTRIES INC</name>
        <lei>EM7QGKC1GYOF3LSZSL80</lei>
        <title>Chart Industries Inc</title>
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        <name>Duke Energy Corp</name>
        <lei>I1BZKREC126H0VB1BL91</lei>
        <title>Duke Energy Corp</title>
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        <name>CHS Inc</name>
        <lei>XEIEFTLYDQ1MZ6TZV015</lei>
        <title>CHS Inc</title>
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        <name>BROOKFIELD BRP HOLDINGS</name>
        <lei>549300NSPD7QJ50GZW26</lei>
        <title>Brookfield BRP Holdings Canada Inc</title>
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        <name>SCE TRUST VII</name>
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        <title>SCE Trust VII</title>
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        <name>PENNYMAC MTGE INVESTMENT</name>
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        <title>PennyMac Mortgage Investment Trust</title>
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        <assetCat>EP</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Entergy Mississippi LLC</name>
        <lei>54930043I78H35DVVW89</lei>
        <title>Entergy Mississippi LLC</title>
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          <isin value="US29364N1081"/>
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        <balance>318374.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>NEXTERA ENERGY INC</name>
        <lei>254900RHL9MEUS5NKX63</lei>
        <title>NextEra Energy Inc</title>
        <cusip>65339F663</cusip>
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          <isin value="US65339F6631"/>
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        <balance>1224514.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Vornado Realty Trust</name>
        <lei>N/A</lei>
        <title>Vornado Realty Trust</title>
        <cusip>929042844</cusip>
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          <isin value="US9290428443"/>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Georgia Power Co</name>
        <lei>D981X4Z4RWS7PDMJUZ03</lei>
        <title>Georgia Power Co</title>
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          <isin value="US3733344408"/>
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        <balance>330619.00000000</balance>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PG&amp;E CORP</name>
        <lei>8YQ2GSDWYZXO2EDN3511</lei>
        <title>PG&amp;E Corp</title>
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          <isin value="US69331C3060"/>
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        <balance>985734.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AT&amp;T INC</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T Inc</title>
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          <isin value="US00206R5081"/>
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        <balance>1469418.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>KKR REAL ESTATE FIN</name>
        <lei>549300K23AYZDZ2REL62</lei>
        <title>KKR Real Estate Finance Trust Inc</title>
        <cusip>48251K209</cusip>
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          <isin value="US48251K2096"/>
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        <balance>401395.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <loanByFundCondition isLoanByFund="Y" loanVal="58580.00000000"/>
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      <invstOrSec>
        <name>DIVERSIFIED HEALTHCARE T</name>
        <lei>N/A</lei>
        <title>Diversified Healthcare Trust</title>
        <cusip>25525P206</cusip>
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          <isin value="US25525P2065"/>
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        <balance>427981.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ANNALY CAPITAL MGMT</name>
        <lei>2DTL0G3FPRYUT58TI025</lei>
        <title>Annaly Capital Management Inc</title>
        <cusip>035710870</cusip>
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          <isin value="US0357108705"/>
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        <balance>881651.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SCE Trust VI</name>
        <lei>N/A</lei>
        <title>SCE Trust VI</title>
        <cusip>78410V200</cusip>
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          <isin value="US78410V2007"/>
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        <balance>581645.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9306320.00000000</valUSD>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MICROSTRATEGY INC</name>
        <lei>549300WQTWEJUEHXQX21</lei>
        <title>MicroStrategy Inc</title>
        <cusip>594972887</cusip>
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          <isin value="US5949728878"/>
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        <balance>316112.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <loanByFundCondition isLoanByFund="Y" loanVal="11399142.00000000"/>
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      <invstOrSec>
        <name>Chimera Investment Corp</name>
        <lei>2JBBQFJOL123LOUBE657</lei>
        <title>Chimera Investment Corp</title>
        <cusip>16934Q505</cusip>
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          <isin value="US16934Q5053"/>
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        <balance>318374.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7185701.18000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>VORNADO REALTY TRUST</name>
        <lei>N/A</lei>
        <title>Vornado Realty Trust</title>
        <cusip>929042810</cusip>
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          <isin value="US9290428104"/>
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        <balance>367355.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NEXTERA ENERGY CAPITAL</name>
        <lei>UMI46YPGBLUE4VGNNT48</lei>
        <title>NextEra Energy Capital Holdings Inc</title>
        <cusip>65339K837</cusip>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BIP BERMUDA HOLDINGS I</name>
        <lei>549300Y8SLOLKXX0MZ44</lei>
        <title>BIP Bermuda Holdings I Ltd</title>
        <cusip>05554M100</cusip>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HUDSON PACIFIC PROPERTIE</name>
        <lei>N/A</lei>
        <title>Hudson Pacific Properties Inc</title>
        <cusip>444097307</cusip>
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        <balance>520419.00000000</balance>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>RLJ Lodging Trust</name>
        <lei>N/A</lei>
        <title>RLJ Lodging Trust</title>
        <cusip>74965L200</cusip>
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          <isin value="US74965L2007"/>
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        <balance>394294.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DIGITALBRIDGE GROUP INC</name>
        <lei>549300XG87L902AGBO89</lei>
        <title>DigitalBridge Group Inc</title>
        <cusip>25401T405</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>BROOKFIELD PROP PFD LP</name>
        <lei>254900N07TR905Y0G344</lei>
        <title>Brookfield Property Preferred LP</title>
        <cusip>000000000</cusip>
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        <assetCat>EP</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>UNITED STATES CELLULAR C</name>
        <lei>549300B164AZXESI6E03</lei>
        <title>United States Cellular Corp</title>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>US CELLULAR CORP</name>
        <lei>549300B164AZXESI6E03</lei>
        <title>United States Cellular Corp</title>
        <cusip>911684884</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>PUBLIC STORAGE</name>
        <lei>254900GLQZAD4N7N5Q19</lei>
        <title>Public Storage</title>
        <cusip>74460W420</cusip>
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        <balance>532664.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MICROCHIP TECHNOLOGY INC</name>
        <lei>5493007PTFULNYZJ1R12</lei>
        <title>Microchip Technology Inc</title>
        <cusip>595017302</cusip>
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        <balance>909202.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>60589221.28000000</valUSD>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>QVC INC</name>
        <lei>549300WBLU5NKPX5X472</lei>
        <title>QVC Inc</title>
        <cusip>747262400</cusip>
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        </identifiers>
        <balance>612503.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6063779.70000000</valUSD>
        <pctVal>0.339160902436</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</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>MFA FINANCIAL INC</name>
        <lei>YW72IMH2RRC8Z1TGLG58</lei>
        <title>MFA Financial Inc</title>
        <cusip>55272X508</cusip>
        <identifiers>
          <isin value="US55272X5086"/>
        </identifiers>
        <balance>336742.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7920171.84000000</valUSD>
        <pctVal>0.442993110173</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FORD MOTOR COMPANY</name>
        <lei>20S05OYHG0MQM4VUIC57</lei>
        <title>Ford Motor Co</title>
        <cusip>345370845</cusip>
        <identifiers>
          <isin value="US3453708451"/>
        </identifiers>
        <balance>918387.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19267759.26000000</valUSD>
        <pctVal>1.077689319511</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</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>SCE Trust IV</name>
        <lei>N/A</lei>
        <title>SCE Trust IV</title>
        <cusip>78409G206</cusip>
        <identifiers>
          <isin value="US78409G2066"/>
        </identifiers>
        <balance>397968.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8970198.72000000</valUSD>
        <pctVal>0.501723486576</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</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>Qwest Corp</name>
        <lei>549300R2L4N683OO1509</lei>
        <title>Qwest Corp</title>
        <cusip>74913G873</cusip>
        <identifiers>
          <isin value="US74913G8731"/>
        </identifiers>
        <balance>808179.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14684612.43000000</valUSD>
        <pctVal>0.821343559644</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</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>RITHM CAPITAL CORP</name>
        <lei>549300WNTHGEO5LP2G31</lei>
        <title>Rithm Capital Corp</title>
        <cusip>64828T508</cusip>
        <identifiers>
          <isin value="US64828T5083"/>
        </identifiers>
        <balance>486868.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11928266.00000000</valUSD>
        <pctVal>0.667174874619</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FORD MOTOR COMPANY</name>
        <lei>20S05OYHG0MQM4VUIC57</lei>
        <title>Ford Motor Co</title>
        <cusip>345370837</cusip>
        <identifiers>
          <isin value="US3453708378"/>
        </identifiers>
        <balance>979611.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20366112.69000000</valUSD>
        <pctVal>1.139122709070</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</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>Pitney Bowes Inc</name>
        <lei>549300N2O26NW4ST6W55</lei>
        <title>Pitney Bowes Inc</title>
        <cusip>724479506</cusip>
        <identifiers>
          <isin value="US7244795065"/>
        </identifiers>
        <balance>520419.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9700610.16000000</valUSD>
        <pctVal>0.542577049105</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</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>SCE Trust V</name>
        <lei>N/A</lei>
        <title>SCE Trust V</title>
        <cusip>78409W201</cusip>
        <identifiers>
          <isin value="US78409W2017"/>
        </identifiers>
        <balance>367355.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8375694.00000000</valUSD>
        <pctVal>0.468471494037</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</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>BRIGHTSPRING HEALTH SERV</name>
        <lei>N/A</lei>
        <title>BrightSpring Health Services Inc</title>
        <cusip>10950A205</cusip>
        <identifiers>
          <isin value="US10950A2050"/>
        </identifiers>
        <balance>244903.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20216742.65000000</valUSD>
        <pctVal>1.130768105165</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</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>QVC GROUP INC</name>
        <lei>549300PSXEKU4PHLCR04</lei>
        <title>QVC Group Inc</title>
        <cusip>74915M308</cusip>
        <identifiers>
          <isin value="US74915M3088"/>
        </identifiers>
        <balance>389336.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2674738.32000000</valUSD>
        <pctVal>0.149604159002</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="69881.64000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DIVERSIFIED HEALTHCARE T</name>
        <lei>N/A</lei>
        <title>Diversified Healthcare Trust</title>
        <cusip>25525P305</cusip>
        <identifiers>
          <isin value="US25525P3055"/>
        </identifiers>
        <balance>306129.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5063373.66000000</valUSD>
        <pctVal>0.283205931755</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="26464.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALGONQUIN PWR &amp; UTILITY</name>
        <lei>549300K5VIUTJXQL7X75</lei>
        <title>Algonquin Power &amp; Utilities Corp</title>
        <cusip>015857808</cusip>
        <identifiers>
          <isin value="US0158578080"/>
        </identifiers>
        <balance>428581.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10783097.96000000</valUSD>
        <pctVal>0.603123038124</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHS Inc</name>
        <lei>XEIEFTLYDQ1MZ6TZV015</lei>
        <title>CHS Inc</title>
        <cusip>12542R803</cusip>
        <identifiers>
          <isin value="US12542R8034"/>
        </identifiers>
        <balance>633686.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15994234.64000000</valUSD>
        <pctVal>0.894593689525</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="610808.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ANNALY CAPITAL MGMT</name>
        <lei>2DTL0G3FPRYUT58TI025</lei>
        <title>Annaly Capital Management Inc</title>
        <cusip>035710847</cusip>
        <identifiers>
          <isin value="US0357108473"/>
        </identifiers>
        <balance>541847.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13649125.93000000</valUSD>
        <pctVal>0.763426459555</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="65494.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chimera Investment Corp</name>
        <lei>2JBBQFJOL123LOUBE657</lei>
        <title>Chimera Investment Corp</title>
        <cusip>16934Q406</cusip>
        <identifiers>
          <isin value="US16934Q4064"/>
        </identifiers>
        <balance>397968.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9718378.56000000</valUSD>
        <pctVal>0.543570875873</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="368742.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PUBLIC STORAGE</name>
        <lei>254900GLQZAD4N7N5Q19</lei>
        <title>Public Storage</title>
        <cusip>74460W552</cusip>
        <identifiers>
          <isin value="US74460W5528"/>
        </identifiers>
        <balance>691851.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12633199.26000000</valUSD>
        <pctVal>0.706603384962</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VORNADO REALTY TRUST</name>
        <lei>N/A</lei>
        <title>Vornado Realty Trust</title>
        <cusip>929042794</cusip>
        <identifiers>
          <isin value="US9290427940"/>
        </identifiers>
        <balance>367355.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5289912.00000000</valUSD>
        <pctVal>0.295876733076</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>



      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-07-24</ncom:dateSigned>
      <ncom:nameOfApplicant>VanEck ETF Trust</ncom:nameOfApplicant>
      <ncom:signature>James Parker</ncom:signature>
      <ncom:signerName>James Parker</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
