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        <name>The Hartford Insurance Group Inc.</name>
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        <name>International Paper Co.</name>
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        <name>Walt Disney Company</name>
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        <name>Consolidated Edison, Inc.</name>
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        <name>Tyson Foods, Inc.</name>
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        <name>Textron Inc.</name>
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        <name>SLB LTD</name>
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        <name>Exxon Mobil Corp.</name>
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        <name>Alexandria Real Estate Equities, Inc.</name>
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        <name>Block Inc</name>
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        <title>Block Inc CL A</title>
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        <name>LyondellBasell Industries NV</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>FedEx Corporation</name>
        <lei>549300E707U7WNPZN687</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MGM Resorts International</name>
        <lei>54930066VBP7DZEGGJ87</lei>
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          <isin value="US5529531015"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Pinnacle West Capital Corp.</name>
        <lei>TWSEY0NEDUDCKS27AH81</lei>
        <title>Pinnacle West Capital Corp. COM</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>State Street Corp.</name>
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        <title>State Street Corp. COM</title>
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          <isin value="US8574771031"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Ball Corporation</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Invesco Ltd</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Pfizer Inc.</name>
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        <name>Chubb Ltd. Switzerland</name>
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        <name>CVS Health Corp</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Southwest Airlines Co.</name>
        <lei>UDTZ87G0STFETI6HGH41</lei>
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        <name>Regions Financial Corporation</name>
        <lei>CW05CS5KW59QTC0DG824</lei>
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        <name>J.P. MORGAN SECURITIES LLC</name>
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        <name>Sysco Corporation</name>
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        <name>Everest Group Ltd</name>
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        <name>General Motors Company</name>
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        <title>General Motors Company COM</title>
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        <name>Fifth Third Bancorp</name>
        <lei>THRNG6BD57P9QWTQLG42</lei>
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        <name>Fiserv Inc.</name>
        <lei>GI7UBEJLXYLGR2C7GV83</lei>
        <title>Fiserv Inc. COM</title>
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        <name>Cencora Inc</name>
        <lei>AI8GXW8LG5WK7E9UD086</lei>
        <title>Cencora Inc COM</title>
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        <name>Paramount Skydance Corp.</name>
        <lei>529900B6VAJG54Y9QF02</lei>
        <title>Paramount Skydance Corp. COM CL B</title>
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        <name>Principal Financial Group Inc.</name>
        <lei>CUMYEZJOAF02RYZ1JJ85</lei>
        <title>Principal Financial Group Inc. COM</title>
        <cusip>74251V102</cusip>
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          <ticker value="PFG"/>
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        <name>The Cigna Group</name>
        <lei>549300VIWYMSIGT1U456</lei>
        <title>The Cigna Group COM</title>
        <cusip>125523100</cusip>
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          <ticker value="CI"/>
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        <invCountry>US</invCountry>
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        <name>Comcast Corporation</name>
        <lei>51M0QTTNCGUN7KFCFZ59</lei>
        <title>Comcast Corporation CL A</title>
        <cusip>20030N101</cusip>
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          <ticker value="CMCSA"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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      </invstOrSec>
      <invstOrSec>
        <name>Hormel Foods Corp</name>
        <lei>MSD54751OJP1FS2ND863</lei>
        <title>Hormel Foods Corp COM</title>
        <cusip>440452100</cusip>
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          <isin value="US4404521001"/>
          <ticker value="HRL"/>
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        <balance>29405.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Verizon Communications Inc.</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>Verizon Communications Inc. COM</title>
        <cusip>92343V104</cusip>
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          <isin value="US92343V1044"/>
          <ticker value="VZ"/>
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        <balance>15692.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>787738.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Biogen Inc</name>
        <lei>W8J5WZB5IY3K0NDQT671</lei>
        <title>Biogen Inc COM</title>
        <cusip>09062X103</cusip>
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          <isin value="US09062X1037"/>
          <ticker value="BIIB"/>
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        <balance>2466.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Stanley Black &amp; Decker, Inc.</name>
        <lei>549300DJ09SMTO561131</lei>
        <title>Stanley Black &amp; Decker, Inc. COM</title>
        <cusip>854502101</cusip>
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          <isin value="US8545021011"/>
          <ticker value="SWK"/>
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        <balance>14885.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Edison International</name>
        <lei>549300I7ROF15MAEVP56</lei>
        <title>Edison International COM</title>
        <cusip>281020107</cusip>
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          <isin value="US2810201077"/>
          <ticker value="EIX"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Centene Corp.</name>
        <lei>549300Z7JJ4TQSQGT333</lei>
        <title>Centene Corp. COM</title>
        <cusip>15135B101</cusip>
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          <isin value="US15135B1017"/>
          <ticker value="CNC"/>
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        <balance>47641.00000000</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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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Global Payments Inc</name>
        <lei>549300NOMHGVQBX6S778</lei>
        <title>Global Payments Inc COM</title>
        <cusip>37940X102</cusip>
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          <isin value="US37940X1028"/>
          <ticker value="GPN"/>
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        <balance>15368.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>United Airlines Holdings Inc</name>
        <lei>98450079DA0B78DD6764</lei>
        <title>United Airlines Holdings Inc COM</title>
        <cusip>910047109</cusip>
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          <isin value="US9100471096"/>
          <ticker value="UAL"/>
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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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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ford Motor Company</name>
        <lei>20S05OYHG0MQM4VUIC57</lei>
        <title>Ford Motor Company COM</title>
        <cusip>345370860</cusip>
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          <isin value="US3453708600"/>
          <ticker value="F"/>
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        <balance>161232.00000000</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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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>American International Group Inc.</name>
        <lei>ODVCVCQG2BP6VHV36M30</lei>
        <title>American International Group Inc. COM NEW</title>
        <cusip>026874784</cusip>
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          <isin value="US0268747849"/>
          <ticker value="AIG"/>
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        <balance>11586.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>871846.50000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Genuine Parts Co</name>
        <lei>549300D46DQVEU651W04</lei>
        <title>Genuine Parts Co COM</title>
        <cusip>372460105</cusip>
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          <isin value="US3724601055"/>
          <ticker value="GPC"/>
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        <balance>3583.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>378902.25000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Arch Capital Group Ltd.</name>
        <lei>549300AYR4P8AFKDCE43</lei>
        <title>Arch Capital Group Ltd. COM USD0.01</title>
        <cusip>000000000</cusip>
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          <isin value="BMG0450A1053"/>
          <ticker value="ACGL"/>
          <other otherDesc="SEDOL" value="2740542"/>
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        <balance>6159.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>591202.41000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>D.R. Horton, Inc.</name>
        <lei>529900ZIUEYVSB8QDD25</lei>
        <title>D.R. Horton, Inc. COM</title>
        <cusip>23331A109</cusip>
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          <isin value="US23331A1097"/>
          <ticker value="DHI"/>
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        <curCd>USD</curCd>
        <valUSD>395879.70000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Omnicom Group Inc</name>
        <lei>HKUPACFHSSASQK8HLS17</lei>
        <title>Omnicom Group Inc COM</title>
        <cusip>681919106</cusip>
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          <ticker value="OMC"/>
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        <curCd>USD</curCd>
        <valUSD>501489.29000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Amcor PLC</name>
        <lei>549300GSODGFCDQ3DI89</lei>
        <title>Amcor PLC COM NEW</title>
        <cusip>000000000</cusip>
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          <ticker value="AMCR"/>
          <other otherDesc="SEDOL" value="BV7DQ55"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Eversource Energy</name>
        <lei>SJ7XXD41SQU3ZNWUJ746</lei>
        <title>Eversource Energy COM</title>
        <cusip>30040W108</cusip>
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          <ticker value="ES"/>
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        <balance>6839.00000000</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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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Delta Air Lines Inc.</name>
        <lei>Q2CCMS6R0AS67HJMBN42</lei>
        <title>Delta Air Lines Inc. COM NEW</title>
        <cusip>247361702</cusip>
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          <isin value="US2473617023"/>
          <ticker value="DAL"/>
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        <balance>12262.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>ConocoPhillips</name>
        <lei>WPTL2Z3FIYTHSP5V2253</lei>
        <title>ConocoPhillips COM</title>
        <cusip>20825C104</cusip>
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          <ticker value="COP"/>
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        <balance>4792.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>632544.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Vici Properties Inc</name>
        <lei>254900RKH6RY9KCJQH63</lei>
        <title>Vici Properties Inc COM</title>
        <cusip>925652109</cusip>
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          <isin value="US9256521090"/>
          <ticker value="VICI"/>
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        <balance>21230.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>580003.60000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MetLife Inc.</name>
        <lei>C4BXATY60WC6XEOZDX54</lei>
        <title>MetLife Inc. COM</title>
        <cusip>59156R108</cusip>
        <identifiers>
          <isin value="US59156R1086"/>
          <ticker value="MET"/>
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        <balance>11171.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>790013.12000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HP Inc</name>
        <lei>WHKXQACZ14C5XRO8LW03</lei>
        <title>HP Inc COM</title>
        <cusip>40434L105</cusip>
        <identifiers>
          <isin value="US40434L1052"/>
          <ticker value="HPQ"/>
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        <balance>32991.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>633757.11000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CHEVRON CORP</name>
        <lei>N/A</lei>
        <title>Chevron Corp. COM</title>
        <cusip>166764100</cusip>
        <identifiers>
          <isin value="US1667641005"/>
          <ticker value="CVX"/>
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        <balance>3502.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>724563.80000000</valUSD>
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        <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>
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      <invstOrSec>
        <name>Marathon Petroleum Corp.</name>
        <lei>3BNYRYQHD39K4LCKQF12</lei>
        <title>Marathon Petroleum Corp. COM</title>
        <cusip>56585A102</cusip>
        <identifiers>
          <isin value="US56585A1025"/>
          <ticker value="MPC"/>
        </identifiers>
        <balance>5278.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1288782.04000000</valUSD>
        <pctVal>2.147964285778</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>
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      </invstOrSec>
      <invstOrSec>
        <name>News Corporation</name>
        <lei>549300ITS31QK8VRBQ14</lei>
        <title>News Corporation CL A</title>
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      <invstOrSec>
        <name>Universal Health Services, Inc.</name>
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      <invstOrSec>
        <name>PULTEGROUP INC</name>
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      <invstOrSec>
        <name>Occidental Petroleum Corp.</name>
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        <name>Prudential Financial, Inc.</name>
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        <name>Exelon Corp.</name>
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        <name>Charter Communications, Inc.</name>
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        <name>Best Buy Co Inc.</name>
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        <name>The Kroger Co.</name>
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        <name>Target Corp.</name>
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        <name>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
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        <name>Assurant Inc.</name>
        <lei>H3F39CAXWQRVWURFXL38</lei>
        <title>Assurant Inc. COM</title>
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        <name>The Allstate Corporation</name>
        <lei>OBT0W1ED8G0NWVOLOJ77</lei>
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        <name>International Flavors &amp; Fragrances Inc.</name>
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        <name>The Kraft Heinz Co.</name>
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        <name>Elevance Health Inc.</name>
        <lei>8MYN82XMYQH89CTMTH67</lei>
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        <name>M&amp;T Bank Corporation</name>
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        <name>Coterra Energy Inc</name>
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        <name>Dollar General Corporation</name>
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      <invstOrSec>
        <name>PNC Financial Services Group Inc.</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
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        <name>Zimmer Biomet Holdings Inc</name>
        <lei>2P2YLDVPES3BXQ1FRB91</lei>
        <title>Zimmer Biomet Holdings Inc COM</title>
        <cusip>98956P102</cusip>
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      <invstOrSec>
        <name>Humana Inc.</name>
        <lei>529900YLDW34GJAO4J06</lei>
        <title>Humana Inc. COM</title>
        <cusip>444859102</cusip>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Lennar Corp.</name>
        <lei>529900G61XVRLX5TJX09</lei>
        <title>Lennar Corp. CL A</title>
        <cusip>526057104</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Builders Firstsource, Inc.</name>
        <lei>549300W0SKP6L3H7DP63</lei>
        <title>Builders Firstsource, Inc. COM</title>
        <cusip>12008R107</cusip>
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          <ticker value="BLDR"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <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>Molson Coors Beverage Company</name>
        <lei>54930073LBBH6ZCBE225</lei>
        <title>Molson Coors Beverage Company CL B</title>
        <cusip>60871R209</cusip>
        <identifiers>
          <isin value="US60871R2094"/>
          <ticker value="TAP"/>
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        <balance>20893.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>899652.58000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>The Campbells Co.</name>
        <lei>5493007JDSMX8Z5Z1902</lei>
        <title>The Campbells Co. COM</title>
        <cusip>134429109</cusip>
        <identifiers>
          <isin value="US1344291091"/>
          <ticker value="CPB"/>
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        <balance>20566.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>458004.82000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</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>
      <invstOrSec>
        <name>Phillips 66</name>
        <lei>5493005JBO5YSIGK1814</lei>
        <title>Phillips 66 COM</title>
        <cusip>718546104</cusip>
        <identifiers>
          <isin value="US7185461040"/>
          <ticker value="PSX"/>
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        <balance>8878.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1617394.04000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</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>
      <invstOrSec>
        <name>Smurfit WestRock plc</name>
        <lei>635400EGSEOPDW2EXS14</lei>
        <title>Smurfit WestRock plc COM USD0.001</title>
        <cusip>000000000</cusip>
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          <isin value="IE00028FXN24"/>
          <ticker value="SW"/>
          <other otherDesc="SEDOL" value="BRK49M5"/>
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        <balance>40033.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1595315.05000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>UnitedHealth Group Inc.</name>
        <lei>549300GHBMY8T5GXDE41</lei>
        <title>UnitedHealth Group Inc. COM</title>
        <cusip>91324P102</cusip>
        <identifiers>
          <isin value="US91324P1021"/>
          <ticker value="UNH"/>
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        <balance>1898.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>513579.82000000</valUSD>
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        <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>
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      </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"/>
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        <balance>14304.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>376624.32000000</valUSD>
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        <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>
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      <invstOrSec>
        <name>AT&amp;T Inc</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T Inc COM</title>
        <cusip>00206R102</cusip>
        <identifiers>
          <isin value="US00206R1023"/>
          <ticker value="T"/>
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        <balance>22421.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>649984.79000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <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>AES Corp.</name>
        <lei>2NUNNB7D43COUIRE5295</lei>
        <title>AES Corp. COM</title>
        <cusip>00130H105</cusip>
        <identifiers>
          <isin value="US00130H1059"/>
          <ticker value="AES"/>
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        <balance>44111.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>621523.99000000</valUSD>
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        <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>
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      <invstOrSec>
        <name>Truist Financial Corp.</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>Truist Financial Corp. COM</title>
        <cusip>89832Q109</cusip>
        <identifiers>
          <isin value="US89832Q1094"/>
          <ticker value="TFC"/>
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        <balance>16026.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>736715.22000000</valUSD>
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        <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>
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      <invstOrSec>
        <name>Travelers Companies, Inc.</name>
        <lei>549300Y650407RU8B149</lei>
        <title>Travelers Companies, Inc. COM</title>
        <cusip>89417E109</cusip>
        <identifiers>
          <isin value="US89417E1091"/>
          <ticker value="TRV"/>
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        <balance>1622.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>473104.96000000</valUSD>
        <pctVal>0.788506144533</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>
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      <invstOrSec>
        <name>Citizens Financial Group Inc</name>
        <lei>2138004JDDA4ZQUPFW65</lei>
        <title>Citizens Financial Group Inc COM</title>
        <cusip>174610105</cusip>
        <identifiers>
          <isin value="US1746101054"/>
          <ticker value="CFG"/>
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        <balance>13563.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>813373.11000000</valUSD>
        <pctVal>1.355618201579</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>
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      <invstOrSec>
        <name>The Mosaic Company</name>
        <lei>2YD5STGSJNMUB7H76907</lei>
        <title>The Mosaic Company COM</title>
        <cusip>61945C103</cusip>
        <identifiers>
          <isin value="US61945C1036"/>
          <ticker value="MOS"/>
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        <balance>82736.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2109768.00000000</valUSD>
        <pctVal>3.516270536543</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>
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      <invstOrSec>
        <name>Huntington Bancshares Incorporated</name>
        <lei>549300XTVCVV9I7B5T19</lei>
        <title>Huntington Bancshares Incorporated COM</title>
        <cusip>446150104</cusip>
        <identifiers>
          <isin value="US4461501045"/>
          <ticker value="HBAN"/>
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        <balance>34373.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>537937.45000000</valUSD>
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        <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>
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      <invstOrSec>
        <name>Valero Energy Corp.</name>
        <lei>549300XTO5VR8SKV1V74</lei>
        <title>Valero Energy Corp. COM</title>
        <cusip>91913Y100</cusip>
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          <isin value="US91913Y1001"/>
          <ticker value="VLO"/>
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        <balance>6157.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1521271.56000000</valUSD>
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        <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>
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      <invstOrSec>
        <name>Cardinal Health, Inc.</name>
        <lei>CCU46N3GJMF4OK4N7U60</lei>
        <title>Cardinal Health, Inc. COM</title>
        <cusip>14149Y108</cusip>
        <identifiers>
          <isin value="US14149Y1082"/>
          <ticker value="CAH"/>
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        <balance>5375.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1135791.25000000</valUSD>
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        <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>
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      <invstOrSec>
        <name>Baxter International, Inc.</name>
        <lei>J5OIVXX3P24RJRW5CK77</lei>
        <title>Baxter International, Inc. COM</title>
        <cusip>071813109</cusip>
        <identifiers>
          <isin value="US0718131099"/>
          <ticker value="BAX"/>
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        <balance>44013.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>739418.40000000</valUSD>
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        <assetCat>EC</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>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc. COM NEW</title>
        <cusip>172967424</cusip>
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          <isin value="US1729674242"/>
          <ticker value="C"/>
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        <balance>7872.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>892763.52000000</valUSD>
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        <assetCat>EC</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>Archer-Daniels-Midland Co.</name>
        <lei>549300LO13MQ9HYSTR83</lei>
        <title>Archer-Daniels-Midland Co. COM</title>
        <cusip>039483102</cusip>
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          <isin value="US0394831020"/>
          <ticker value="ADM"/>
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        <balance>32398.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2355010.62000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Bunge Global SA</name>
        <lei>254900IVXSV9K0B7PO26</lei>
        <title>Bunge Global SA COM SHS</title>
        <cusip>000000000</cusip>
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          <isin value="CH1300646267"/>
          <ticker value="BG"/>
          <other otherDesc="SEDOL" value="BQ6BPG9"/>
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        <balance>23051.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2932087.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Aptiv PLC</name>
        <lei>N/A</lei>
        <title>Aptiv PLC COM SHS</title>
        <cusip>000000000</cusip>
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          <isin value="JE00BTDN8H13"/>
          <ticker value="APTV"/>
          <other otherDesc="SEDOL" value="BTDN8H1"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>U.S. Bancorp.</name>
        <lei>N1GZ7BBF3NP8GI976H15</lei>
        <title>U.S. Bancorp. COM NEW</title>
        <cusip>902973304</cusip>
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          <isin value="US9029733048"/>
          <ticker value="USB"/>
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        <balance>9829.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>511206.29000000</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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      <invstOrSec>
        <name>Devon Energy Corporation</name>
        <lei>54930042348RKR3ZPN35</lei>
        <title>Devon Energy Corporation COM</title>
        <cusip>25179M103</cusip>
        <identifiers>
          <isin value="US25179M1036"/>
          <ticker value="DVN"/>
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        <balance>16507.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>830632.24000000</valUSD>
        <pctVal>1.384383340829</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>
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      </invstOrSec>
      <invstOrSec>
        <name>News Corporation</name>
        <lei>549300ITS31QK8VRBQ14</lei>
        <title>News Corporation CL B</title>
        <cusip>65249B208</cusip>
        <identifiers>
          <isin value="US65249B2088"/>
          <ticker value="NWS"/>
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        <balance>3904.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>111303.04000000</valUSD>
        <pctVal>0.185504567412</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>Hewlett Packard Enterprise Co.</name>
        <lei>549300BX44RGX6ANDV88</lei>
        <title>Hewlett Packard Enterprise Co. COM</title>
        <cusip>42824C109</cusip>
        <identifiers>
          <isin value="US42824C1099"/>
          <ticker value="HPE"/>
        </identifiers>
        <balance>40542.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>965305.02000000</valUSD>
        <pctVal>1.608837370082</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>PG&amp;E Corporation</name>
        <lei>8YQ2GSDWYZXO2EDN3511</lei>
        <title>PG&amp;E Corporation COM</title>
        <cusip>69331C108</cusip>
        <identifiers>
          <isin value="US69331C1080"/>
          <ticker value="PCG"/>
        </identifiers>
        <balance>55702.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>978684.14000000</valUSD>
        <pctVal>1.631135843403</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>Conagra Brands Inc</name>
        <lei>54930035UDEIH090K650</lei>
        <title>Conagra Brands Inc COM</title>
        <cusip>205887102</cusip>
        <identifiers>
          <isin value="US2058871029"/>
          <ticker value="CAG"/>
        </identifiers>
        <balance>82154.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1291460.88000000</valUSD>
        <pctVal>2.152429007096</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-06-01</ncom:dateSigned>
      <ncom:nameOfApplicant>Rydex Series Funds</ncom:nameOfApplicant>
      <ncom:signature>James Howley</ncom:signature>
      <ncom:signerName>James Howley</ncom:signerName>
      <ncom:title>Chief Financial Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
