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      </invstOrSec>
      <invstOrSec>
        <name>Oneok Inc.</name>
        <lei>2T3D6M0JSY48PSZI1Q41</lei>
        <title>Oneok Inc. COM</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Bank of Hawaii Corp.</name>
        <lei>5493006Q8BQ8AD8M2U33</lei>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>Spire Inc</name>
        <lei>549300NXSY15DRY2R511</lei>
        <title>Spire Inc COM</title>
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      <invstOrSec>
        <name>U.S. Bancorp.</name>
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        <name>Mid-America Apartment Communities, Inc.</name>
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        <title>Mid-America Apartment Communities, Inc. COM</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Portland General Electric Company</name>
        <lei>GJOUP9M7C39GLSK9R870</lei>
        <title>Portland General Electric Company COM NEW</title>
        <cusip>736508847</cusip>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Ameren Corp.</name>
        <lei>XRZQ5S7HYJFPHJ78L959</lei>
        <title>Ameren Corp. COM</title>
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          <isin value="US0236081024"/>
          <ticker value="AEE"/>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CHICAGO MERCANTILE EXCHANGE INC.</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
        <title>E-mini S&amp;P 500 Futures, Jun-2026,ETH</title>
        <cusip>000000000</cusip>
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          <ticker value="ESM6"/>
          <other otherDesc="FIGI" value="BBG01HZQ8HS9"/>
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        <balance>15.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-87859.74000000</valUSD>
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        <fairValLevel>1</fairValLevel>
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          <futrDeriv derivCat="FUT">
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            <payOffProf>Long</payOffProf>
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                <issuerName>STANDARD &amp; POORS'S 500</issuerName>
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                  <ticker value="SPX"/>
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      <invstOrSec>
        <name>Medtronic PLC</name>
        <lei>549300GX3ZBSQWUXY261</lei>
        <title>Medtronic PLC USD0.0001</title>
        <cusip>000000000</cusip>
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          <ticker value="MDT"/>
          <other otherDesc="SEDOL" value="BTN1Y11"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

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        <name>GLOBAL SHIP LEASE INC</name>
        <lei>254900GLZ0J5N8UZM071</lei>
        <title>Global Ship Lease Inc. COM CL A</title>
        <cusip>000000000</cusip>
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          <ticker value="GSL"/>
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        <invCountry>MH</invCountry>

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        <name>United Bankshares Inc</name>
        <lei>5299005O3BAMJ9Z92V62</lei>
        <title>United Bankshares Inc COM</title>
        <cusip>909907107</cusip>
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          <isin value="US9099071071"/>
          <ticker value="UBSI"/>
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        <invCountry>US</invCountry>
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        <name>Alliant Energy Corporation</name>
        <lei>5493009ML300G373MZ12</lei>
        <title>Alliant Energy Corporation COM</title>
        <cusip>018802108</cusip>
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          <isin value="US0188021085"/>
          <ticker value="LNT"/>
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        <balance>70810.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Gaming and Leisure Properties Inc</name>
        <lei>5493006GWRDBCZYWTM57</lei>
        <title>Gaming and Leisure Properties Inc COM</title>
        <cusip>36467J108</cusip>
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          <isin value="US36467J1088"/>
          <ticker value="GLPI"/>
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      <invstOrSec>
        <name>CVB FINANCIAL CORP</name>
        <lei>N/A</lei>
        <title>CVB Financial COM</title>
        <cusip>126600105</cusip>
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          <isin value="US1266001056"/>
          <ticker value="CVBF"/>
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      <invstOrSec>
        <name>McDonald's Corp.</name>
        <lei>UE2136O97NLB5BYP9H04</lei>
        <title>McDonald's Corp. COM</title>
        <cusip>580135101</cusip>
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          <isin value="US5801351017"/>
          <ticker value="MCD"/>
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        <name>Lockheed Martin Corporation</name>
        <lei>DPRBOZP0K5RM2YE8UU08</lei>
        <title>Lockheed Martin Corporation COM</title>
        <cusip>539830109</cusip>
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          <isin value="US5398301094"/>
          <ticker value="LMT"/>
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        <name>National Health Investors, Inc.</name>
        <lei>549300ZPKZIG6DKDEC02</lei>
        <title>National Health Investors, Inc. COM</title>
        <cusip>63633D104</cusip>
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          <ticker value="NHI"/>
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        <name>Agree Realty Corp</name>
        <lei>98450090H010B37OEB68</lei>
        <title>Agree Realty Corp COM</title>
        <cusip>008492100</cusip>
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          <isin value="US0084921008"/>
          <ticker value="ADC"/>
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        <name>Fulton Financial Corporation</name>
        <lei>5493005QLZ6O1BNC0C11</lei>
        <title>Fulton Financial Corporation COM</title>
        <cusip>360271100</cusip>
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          <isin value="US3602711000"/>
          <ticker value="FULT"/>
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        <balance>48739.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <name>DT Midstream Inc</name>
        <lei>N/A</lei>
        <title>DT Midstream Inc COMMON STOCK</title>
        <cusip>23345M107</cusip>
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          <isin value="US23345M1071"/>
          <ticker value="DTM"/>
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        <balance>24874.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3349781.58000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Getty Realty Corp</name>
        <lei>2549000P1W5SFJWCNP90</lei>
        <title>Getty Realty Corp COM</title>
        <cusip>374297109</cusip>
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          <isin value="US3742971092"/>
          <ticker value="GTY"/>
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        <balance>15375.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>488925.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Essex Property Trust, Inc.</name>
        <lei>549300TR2H2VEFX0NC60</lei>
        <title>Essex Property Trust, Inc. COM</title>
        <cusip>297178105</cusip>
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          <isin value="US2971781057"/>
          <ticker value="ESS"/>
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        <balance>16106.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3897652.00000000</valUSD>
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        <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>
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        <name>Hershey Co. (The)</name>
        <lei>21X2CX66SU2BR6QTAD08</lei>
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        <name>NNN REIT Inc</name>
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      <invstOrSec>
        <name>Entergy Corporation</name>
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      <invstOrSec>
        <name>Verizon Communications Inc.</name>
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      <invstOrSec>
        <name>Essential Utilities Inc</name>
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      <invstOrSec>
        <name>INTERNATIONAL SEAWAYS INC</name>
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        <name>COPT Defense Properties</name>
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        <name>Northwest Natural Holding Company</name>
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        <name>STAG Industrial, Inc.</name>
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        <name>Johnson &amp; Johnson</name>
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        <name>Cisco Systems, Inc.</name>
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        <name>Universal Corporation</name>
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        <name>Sysco Corporation</name>
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        <name>Preferred Bank</name>
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        <name>First Interstate Bancsystem Inc.</name>
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        <name>The Procter &amp; Gamble Co.</name>
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        <name>Avista Corporation</name>
        <lei>Q0IK63NITJD6RJ47SW96</lei>
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        <name>Provident Financial Services Inc.</name>
        <lei>529900JOSO3SXEDVE477</lei>
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        <name>Essential Properties Realty Trust Inc.</name>
        <lei>2549009LXQLVYCGLZO50</lei>
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        <name>LXP Industrial Trust</name>
        <lei>549300S4MH2ICXDBFV43</lei>
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        <name>First Merchants Corporation</name>
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        <name>Black Hills Corporation</name>
        <lei>3MGELCRSTNSAMJ962671</lei>
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        <name>Realty Income Corporation</name>
        <lei>549300CUWDAUZSH43859</lei>
        <title>Realty Income Corporation COM</title>
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        <name>Easterly Government Properties Inc</name>
        <lei>549300ERMCEFC6S8HL77</lei>
        <title>Easterly Government Properties Inc COM SHS</title>
        <cusip>27616P301</cusip>
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          <ticker value="DEA"/>
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        <name>Regency Centers Corp.</name>
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        <name>Phillips Edison &amp; Co Inc</name>
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        <name>Vici Properties Inc</name>
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        <name>CNA Financial Corporation</name>
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        <name>Omega Healthcare Investors, Inc.</name>
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        <name>CHEVRON CORP</name>
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        <name>Fidelity National Financial, Inc.</name>
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        <name>NiSource Inc.</name>
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        <name>Exelon Corp.</name>
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        <name>EPR Properties</name>
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        <title>EPR Properties COM SH BEN INT</title>
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        <name>MSC Industrial Direct Co Inc.</name>
        <lei>0XVKH0LN6YGOWO2EGO17</lei>
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        <name>First Financial Bancorp.</name>
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        <name>Consolidated Edison, Inc.</name>
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        <title>Consolidated Edison, Inc. COM</title>
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        <name>The Western Union Company</name>
        <lei>28ID94QU1140NC23S047</lei>
        <title>The Western Union Company COM</title>
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        <name>Short-Term Invts T</name>
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        <name>NBT Bancorp Inc</name>
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        <name>Coca-Cola Co (The)</name>
        <lei>UWJKFUJFZ02DKWI3RY53</lei>
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        <name>DTE Energy Co.</name>
        <lei>549300IX8SD6XXD71I78</lei>
        <title>DTE Energy Co. COM</title>
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        <name>Duke Energy Corp</name>
        <lei>I1BZKREC126H0VB1BL91</lei>
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        <name>Highwoods Properties, Inc.</name>
        <lei>ZIIGTYKL9T0X3HLTDX53</lei>
        <title>Highwoods Properties, Inc. COM</title>
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        <name>American Electric Power Co, Inc.</name>
        <lei>1B4S6S7G0TW5EE83BO58</lei>
        <title>American Electric Power Co, Inc. COM</title>
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        <name>NorthWestern Energy Group Inc</name>
        <lei>254900N1WG46G1VMDM34</lei>
        <title>NorthWestern Energy Group Inc COM NEW</title>
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        <name>CUBESMART</name>
        <lei>N/A</lei>
        <title>CubeSmart (Maryland) COM</title>
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        <name>Broadstone Net Lease Inc</name>
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        <name>Packaging Corporation of America</name>
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        <name>Mondelez International Inc.</name>
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        <name>Apple Hospitality Reit Inc</name>
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        <name>Healthpeak Properties Inc</name>
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        <name>First Hawaiian Inc.</name>
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        <name>Four Corners Property Trust Inc.</name>
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        <name>Federated Hermes Inc</name>
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        <name>ONE Gas, Inc.</name>
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        <name>New Jersey Resources Corp.</name>
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        <name>Park Hotels &amp; Resorts Inc.</name>
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        <name>General Mills, Inc.</name>
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        <name>Paychex Inc</name>
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        <name>Kimco Realty Corporation</name>
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        <name>Brixmor Property Group Inc</name>
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        <name>Evergy Inc</name>
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        <name>American Financial Group, Inc.</name>
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        <name>Ladder Capital Corporation</name>
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        <name>Eastgroup Properties, Inc.</name>
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        <name>Home Depot Inc.</name>
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        <name>First Commonwealth Financial Corp PA</name>
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        <name>Equity Residential</name>
        <lei>5493008RACSH5EP3PI59</lei>
        <title>Equity Residential SH BEN INT</title>
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        <name>Illinois Tool Works Inc.</name>
        <lei>76NA4I14SZCFAYMNSV04</lei>
        <title>Illinois Tool Works Inc. COM</title>
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        <name>OGE Energy Corporation</name>
        <lei>CE5OG6JPOZMDSA0LAQ19</lei>
        <title>OGE Energy Corporation COM</title>
        <cusip>670837103</cusip>
        <identifiers>
          <isin value="US6708371033"/>
          <ticker value="OGE"/>
        </identifiers>
        <balance>47411.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2273831.56000000</valUSD>
        <pctVal>0.373746512558</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>Host Hotels &amp; Resorts Inc</name>
        <lei>N6EL63S0K3PB1YFTDI24</lei>
        <title>Host Hotels &amp; Resorts Inc COM</title>
        <cusip>44107P104</cusip>
        <identifiers>
          <isin value="US44107P1049"/>
          <ticker value="HST"/>
        </identifiers>
        <balance>271947.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5210504.52000000</valUSD>
        <pctVal>0.856443338757</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>FirstEnergy Corp.</name>
        <lei>549300SVYJS666PQJH88</lei>
        <title>FirstEnergy Corp. COM</title>
        <cusip>337932107</cusip>
        <identifiers>
          <isin value="US3379321074"/>
          <ticker value="FE"/>
        </identifiers>
        <balance>136787.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6929629.42000000</valUSD>
        <pctVal>1.139013493614</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>Omnicom Group Inc</name>
        <lei>HKUPACFHSSASQK8HLS17</lei>
        <title>Omnicom Group Inc COM</title>
        <cusip>681919106</cusip>
        <identifiers>
          <isin value="US6819191064"/>
          <ticker value="OMC"/>
        </identifiers>
        <balance>65251.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4914052.81000000</valUSD>
        <pctVal>0.807715985904</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>Price T Rowe Group Inc.</name>
        <lei>549300SIV6FPS9Y7IH33</lei>
        <title>Price T Rowe Group Inc. COM</title>
        <cusip>74144T108</cusip>
        <identifiers>
          <isin value="US74144T1088"/>
          <ticker value="TROW"/>
        </identifiers>
        <balance>73299.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6607171.86000000</valUSD>
        <pctVal>1.086011595576</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>Kimberly-Clark Corporation</name>
        <lei>MP3J6QPYPGN75NVW2S34</lei>
        <title>Kimberly-Clark Corporation COM</title>
        <cusip>494368103</cusip>
        <identifiers>
          <isin value="US4943681035"/>
          <ticker value="KMB"/>
        </identifiers>
        <balance>90338.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8714906.86000000</valUSD>
        <pctVal>1.432457048927</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>PNC Financial Services Group Inc.</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
        <title>PNC Financial Services Group Inc. COM</title>
        <cusip>693475105</cusip>
        <identifiers>
          <isin value="US6934751057"/>
          <ticker value="PNC"/>
        </identifiers>
        <balance>56672.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11792876.48000000</valUSD>
        <pctVal>1.938378609465</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>Keurig Dr Pepper Inc</name>
        <lei>DYTQ8KRTKO7Y2BVU5K74</lei>
        <title>Keurig Dr Pepper Inc COM</title>
        <cusip>49271V100</cusip>
        <identifiers>
          <isin value="US49271V1008"/>
          <ticker value="KDP"/>
        </identifiers>
        <balance>402640.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10601511.20000000</valUSD>
        <pctVal>1.742555565043</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>Community Financial System Inc</name>
        <lei>5299008N6YHE6GCP1E80</lei>
        <title>Community Financial System Inc COM</title>
        <cusip>203607106</cusip>
        <identifiers>
          <isin value="US2036071064"/>
          <ticker value="CBU"/>
        </identifiers>
        <balance>8561.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>502102.65000000</valUSD>
        <pctVal>0.082529910167</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>Xcel Energy Inc</name>
        <lei>LGJNMI9GH8XIDG5RCM61</lei>
        <title>Xcel Energy Inc COM</title>
        <cusip>98389B100</cusip>
        <identifiers>
          <isin value="US98389B1008"/>
          <ticker value="XEL"/>
        </identifiers>
        <balance>128102.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10176422.88000000</valUSD>
        <pctVal>1.672684392558</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>Darden Restaurants, Inc.</name>
        <lei>CY1NFSCCB5GUXC7WZC70</lei>
        <title>Darden Restaurants, Inc. COM</title>
        <cusip>237194105</cusip>
        <identifiers>
          <isin value="US2371941053"/>
          <ticker value="DRI"/>
        </identifiers>
        <balance>48262.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9461282.48000000</valUSD>
        <pctVal>1.555137765450</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>Altria Group, Inc.</name>
        <lei>XSGZFLO9YTNO9VCQV219</lei>
        <title>Altria Group, Inc. COM</title>
        <cusip>02209S103</cusip>
        <identifiers>
          <isin value="US02209S1033"/>
          <ticker value="MO"/>
        </identifiers>
        <balance>247207.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16313189.93000000</valUSD>
        <pctVal>2.681376207584</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>WEC Energy Group Inc.</name>
        <lei>549300IGLYTZUK3PVP70</lei>
        <title>WEC Energy Group Inc. COM</title>
        <cusip>92939U106</cusip>
        <identifiers>
          <isin value="US92939U1060"/>
          <ticker value="WEC"/>
        </identifiers>
        <balance>74749.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8653691.73000000</valUSD>
        <pctVal>1.422395203645</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>Southern Co.</name>
        <lei>549300FC3G3YU2FBZD92</lei>
        <title>Southern Co. COM</title>
        <cusip>842587107</cusip>
        <identifiers>
          <isin value="US8425871071"/>
          <ticker value="SO"/>
        </identifiers>
        <balance>157413.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15193502.76000000</valUSD>
        <pctVal>2.497334793829</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>Pinnacle West Capital Corp.</name>
        <lei>TWSEY0NEDUDCKS27AH81</lei>
        <title>Pinnacle West Capital Corp. COM</title>
        <cusip>723484101</cusip>
        <identifiers>
          <isin value="US7234841010"/>
          <ticker value="PNW"/>
        </identifiers>
        <balance>44277.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4460907.75000000</valUSD>
        <pctVal>0.733233166315</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>Tanger Inc.</name>
        <lei>UKEW8YSXE4Y581KYOL30</lei>
        <title>Tanger Inc. COM</title>
        <cusip>875465106</cusip>
        <identifiers>
          <isin value="US8754651060"/>
          <ticker value="SKT"/>
        </identifiers>
        <balance>36595.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1243498.10000000</valUSD>
        <pctVal>0.204392043115</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>Diamondback Energy Inc</name>
        <lei>549300R22LSX6OHWEN64</lei>
        <title>Diamondback Energy Inc COM</title>
        <cusip>25278X109</cusip>
        <identifiers>
          <isin value="US25278X1090"/>
          <ticker value="FANG"/>
        </identifiers>
        <balance>36565.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7232191.35000000</valUSD>
        <pctVal>1.188745174782</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>
    <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>2026-05-21</ncom:dateSigned>
      <ncom:nameOfApplicant>Legg Mason ETF Investment Trust</ncom:nameOfApplicant>
      <ncom:signature>Christopher Berarducci</ncom:signature>
      <ncom:signerName>Christopher Berarducci</ncom:signerName>
      <ncom:title>Principal Financial Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
