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        <lei>N/A</lei>
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          <isin value="US9508101014"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BANK OZK</name>
        <lei>549300VYK2WBD7SST478</lei>
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          <isin value="US06417N1037"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FIRST FINANCIAL BANCORP</name>
        <lei>549300D3F5B3EZMY7P77</lei>
        <title>FIRST FINANCIAL BANCORP COM</title>
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          <isin value="US3202091092"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>EASTERN BANKSHARES INC</name>
        <lei>549300J245MBQU3DO403</lei>
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          <isin value="US27627N1054"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MERRILL LYNCH, PIERCE, FENNER &amp; SMITH INCORPORATED</name>
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        <fairValLevel>2</fairValLevel>
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          <transCat>Repurchase</transCat>
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              <invstCat>UST</invstCat>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HANCOCK WHITNEY CORP</name>
        <lei>549300GRNBWY8HIICT41</lei>
        <title>HANCOCK WHITNEY CORP COM</title>
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          <isin value="US4101201097"/>
          <ticker value="HWC"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>EAST WEST BANCORP INC</name>
        <lei>254900O4X656YXFOYB11</lei>
        <title>EAST WEST BANCORP INC COM</title>
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          <isin value="US27579R1041"/>
          <ticker value="EWBC"/>
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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>REGIONS FINANCIAL CORP</name>
        <lei>CW05CS5KW59QTC0DG824</lei>
        <title>REGIONS FINANCIAL CORP COM</title>
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          <isin value="US7591EP1005"/>
          <ticker value="RF"/>
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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>GRUPO FINANCIERO GALICIA SA</name>
        <lei>5299008H3AXIXV5G3C23</lei>
        <title>GRUPO FINANCIERO GALICIA SA SPONSORED ADR</title>
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          <isin value="US3999091008"/>
          <ticker value="GGAL"/>
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        <balance>1894.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>AR</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CATHAY GENERAL BANCORP</name>
        <lei>549300K1SLJ8C97H5L68</lei>
        <title>CATHAY GENERAL BANCORP COM</title>
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          <isin value="US1491501045"/>
          <ticker value="CATY"/>
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        <balance>1436.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>89017.64000000</valUSD>
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        <assetCat>EC</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>PNC FINANCIAL SERVICES GROUP INC (THE)</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
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        <cusip>693475105</cusip>
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          <isin value="US6934751057"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</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>HDFC BANK LTD</name>
        <lei>335800ZQ6I4E2JXENC50</lei>
        <title>HDFC BANK LTD SPONSORED ADS</title>
        <cusip>40415F101</cusip>
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          <isin value="US40415F1012"/>
          <ticker value="HDB"/>
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        <balance>8701.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>224746.83000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CAPITAL ONE FINANCIAL CORP</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>CAPITAL ONE FINANCIAL CORP COM</title>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>INDEPENDENT BANK CORP (MASSACHUSETTS)</name>
        <lei>549300C5K3W8THR3GE10</lei>
        <title>INDEPENDENT BANK CORP (MASSACHUSETTS) COM</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BANCORP INC (THE)</name>
        <lei>894500FP2ICT1B019Y71</lei>
        <title>BANCORP INC (THE) COM</title>
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          <ticker value="TBBK"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>COMMERCE BANCSHARES INC (MO)</name>
        <lei>N/A</lei>
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          <isin value="US2005251036"/>
          <ticker value="CBSH"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>FIRST HAWAIIAN INC</name>
        <lei>5493002DJSH46F5OLV06</lei>
        <title>FIRST HAWAIIAN INC COM</title>
        <cusip>32051X108</cusip>
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          <isin value="US32051X1081"/>
          <ticker value="FHB"/>
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        <fairValLevel>1</fairValLevel>
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        <name>UNITED BANKSHARES INC</name>
        <lei>5299005O3BAMJ9Z92V62</lei>
        <title>UNITED BANKSHARES INC COM</title>
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          <ticker value="UBSI"/>
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        <fairValLevel>1</fairValLevel>
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        <name>BANK OF NOVA SCOTIA (THE)</name>
        <lei>L3I9ZG2KFGXZ61BMYR72</lei>
        <title>BANK OF NOVA SCOTIA (THE) COM</title>
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        <fairValLevel>1</fairValLevel>
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        <name>CITIZENS FINANCIAL GROUP INC</name>
        <lei>2138004JDDA4ZQUPFW65</lei>
        <title>CITIZENS FINANCIAL GROUP INC COM</title>
        <cusip>174610105</cusip>
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          <ticker value="CFG"/>
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        <fairValLevel>1</fairValLevel>
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        <name>WINTRUST FINANCIAL CORP</name>
        <lei>Q774KI4AW80FHFW33O61</lei>
        <title>WINTRUST FINANCIAL CORP COM</title>
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        <fairValLevel>1</fairValLevel>
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        <name>WESTERN ALLIANCE BANCORP</name>
        <lei>5493003VJXZ5JXT9S762</lei>
        <title>WESTERN ALLIANCE BANCORP COM</title>
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          <ticker value="WAL"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PROSPERITY BANCSHARES INC</name>
        <lei>N/A</lei>
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        <cusip>743606105</cusip>
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          <isin value="US7436061052"/>
          <ticker value="PB"/>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PINNACLE FINANCIAL PARTNERS INC</name>
        <lei>N/A</lei>
        <title>PINNACLE FINANCIAL PARTNERS INC COM</title>
        <cusip>72348N109</cusip>
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          <isin value="US72348N1090"/>
          <ticker value="PNFP"/>
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        <balance>1733.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>174825.04000000</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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      <invstOrSec>
        <name>F.N.B. CORP (PENNSYLVANIA)</name>
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          <isin value="US3025201019"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</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>WAFD INC</name>
        <lei>N/A</lei>
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          <isin value="US9388241096"/>
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        <balance>1961.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BOK FINANCIAL CORP</name>
        <lei>GRI2NT5QHYW751NMR949</lei>
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          <isin value="US05561Q2012"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BARCLAYS PLC</name>
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        <title>BARCLAYS PLC ADR</title>
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          <isin value="US06738E2046"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BANK OF AMERICA CORP</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
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          <ticker value="BAC"/>
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        <curCd>USD</curCd>
        <valUSD>549287.20000000</valUSD>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HUNTINGTON BANCSHARES INC</name>
        <lei>549300XTVCVV9I7B5T19</lei>
        <title>HUNTINGTON BANCSHARES INC COM</title>
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          <isin value="US4461501045"/>
          <ticker value="HBAN"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>STATE STREET CORP</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
        <title>STATE STREET CORP COM</title>
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          <isin value="US8574771031"/>
          <ticker value="STT"/>
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        <curCd>USD</curCd>
        <valUSD>296630.40000000</valUSD>
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        <assetCat>EC</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>M&amp;T BANK CORP</name>
        <lei>549300WYXDDBYRASEG81</lei>
        <title>M&amp;T BANK CORP COM</title>
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          <isin value="US55261F1049"/>
          <ticker value="MTB"/>
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        <balance>1110.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>264191.10000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>CVB FINANCIAL CORP</name>
        <lei>N/A</lei>
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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>FIRST CITIZENS BANCSHARES INC</name>
        <lei>549300N3Z00ZHE2XC526</lei>
        <title>FIRST CITIZENS BANCSHARES INC CL A</title>
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        <fairValLevel>1</fairValLevel>
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        <name>SIMMONS FIRST NATIONAL CORP</name>
        <lei>549300IVR5AJKUVOGN05</lei>
        <title>SIMMONS FIRST NATIONAL CORP CL A $1 PAR</title>
        <cusip>828730200</cusip>
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        <curCd>USD</curCd>
        <valUSD>79705.35000000</valUSD>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>PATHWARD FINANCIAL INC</name>
        <lei>5493004X52BH1NBLW813</lei>
        <title>PATHWARD FINANCIAL INC COM</title>
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        <fairValLevel>1</fairValLevel>
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        <name>ING GROEP NV</name>
        <lei>549300NYKK9MWM7GGW15</lei>
        <title>ING GROEP NV SPONSORED ADR</title>
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        <fairValLevel>1</fairValLevel>
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        <name>CANADIAN IMPERIAL BANK OF COMMERCE</name>
        <lei>2IGI19DL77OX0HC3ZE78</lei>
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          <ticker value="CM"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>ROYAL BANK OF CANADA</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
        <title>Government Long Bond 1.2x Strategy Fund</title>
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        <fairValLevel>1</fairValLevel>
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        <name>POPULAR INC</name>
        <lei>5493008CARDZMVQ3LO89</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>FIRST FINANCIAL BANKSHARES INC (TEXAS)</name>
        <lei>549300XN3GTGOENGNV49</lei>
        <title>FIRST FINANCIAL BANKSHARES INC (TEXAS) COM</title>
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        <fairValLevel>1</fairValLevel>
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        <name>UMB FINANCIAL CORP</name>
        <lei>549300MGEH3N3CUCV828</lei>
        <title>UMB FINANCIAL CORP COM</title>
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        <fairValLevel>1</fairValLevel>
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        <name>NU HOLDINGS LTD</name>
        <lei>5493002DG1RHWK9W2X27</lei>
        <title>NU HOLDINGS LTD ORD SHS CL A</title>
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        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>VALLEY NATIONAL BANCORP</name>
        <lei>549300ET52S1UBIB9762</lei>
        <title>VALLEY NATIONAL BANCORP COM</title>
        <cusip>919794107</cusip>
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          <ticker value="VLY"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>WEBSTER FINANCIAL CORP</name>
        <lei>KMRURHT0VWKYS6Z5KU67</lei>
        <title>WEBSTER FINANCIAL CORP COM</title>
        <cusip>947890109</cusip>
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          <ticker value="WBS"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SOUTHSTATE BANK CORP</name>
        <lei>N/A</lei>
        <title>SOUTHSTATE BANK CORP COM</title>
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          <isin value="US84472E1029"/>
          <ticker value="SSB"/>
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        <balance>1383.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>138161.70000000</valUSD>
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        <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>US BANCORP</name>
        <lei>N1GZ7BBF3NP8GI976H15</lei>
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        <cusip>902973304</cusip>
        <identifiers>
          <isin value="US9029733048"/>
          <ticker value="USB"/>
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        <balance>7223.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>436269.20000000</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>INTERNATIONAL BANCSHARES CORP</name>
        <lei>549300Y16R531AU8TX77</lei>
        <title>INTERNATIONAL BANCSHARES CORP COM</title>
        <cusip>459044103</cusip>
        <identifiers>
          <isin value="US4590441030"/>
          <ticker value="IBOC"/>
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        <balance>1205.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>91519.75000000</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>FLAGSTAR BANK NA</name>
        <lei>SS1TRMSN6BRNMOREEV51</lei>
        <title>FLAGSTAR BANK NA COM NEW</title>
        <cusip>649445400</cusip>
        <identifiers>
          <isin value="US6494454001"/>
          <ticker value="FLG"/>
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        <balance>5928.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>88564.32000000</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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BANC OF CALIFORNIA INC</name>
        <lei>549300ZKWUJDP6LJ1X87</lei>
        <title>BANC OF CALIFORNIA INC COM</title>
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          <isin value="US05990K1060"/>
          <ticker value="BANC"/>
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        <balance>3798.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>77593.14000000</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>ZIONS BANCORP NA</name>
        <lei>8WH0EE09O9V05QJZ3V89</lei>
        <title>ZIONS BANCORP NA COM</title>
        <cusip>989701107</cusip>
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          <isin value="US9897011071"/>
          <ticker value="ZION"/>
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        <balance>2048.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>141701.12000000</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>FIFTH THIRD BANCORP</name>
        <lei>THRNG6BD57P9QWTQLG42</lei>
        <title>FIFTH THIRD BANCORP COM</title>
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          <isin value="US3167731005"/>
          <ticker value="FITB"/>
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        <balance>5714.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>322098.18000000</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>JP MORGAN CHASE &amp; COMPANY</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
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        <cusip>46625H100</cusip>
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          <isin value="US46625H1005"/>
          <ticker value="JPM"/>
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        <balance>1714.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>561043.62000000</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>KEYCORP</name>
        <lei>RKPI3RZGV1V1FJTH5T61</lei>
        <title>KEYCORP COM</title>
        <cusip>493267108</cusip>
        <identifiers>
          <isin value="US4932671088"/>
          <ticker value="KEY"/>
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        <balance>9623.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>221810.15000000</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>CITIGROUP INC</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>CITIGROUP INC COM NEW</title>
        <cusip>172967424</cusip>
        <identifiers>
          <isin value="US1729674242"/>
          <ticker value="C"/>
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        <balance>3875.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>542345.00000000</valUSD>
        <pctVal>3.891140361811</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>BANCO BRADESCO SA</name>
        <lei>549300CTUU1RFXHQJE44</lei>
        <title>BANCO BRADESCO SA SP ADR PFD NEW</title>
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        <identifiers>
          <isin value="US0594603039"/>
          <ticker value="BBD"/>
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        <balance>27573.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>95678.31000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FULTON FINANCIAL CORP</name>
        <lei>5493005QLZ6O1BNC0C11</lei>
        <title>FULTON FINANCIAL CORP COM</title>
        <cusip>360271100</cusip>
        <identifiers>
          <isin value="US3602711000"/>
          <ticker value="FULT"/>
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        <balance>3982.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>96324.58000000</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>TORONTO DOMINION BANK (THE)</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>TORONTO DOMINION BANK (THE) COM NEW</title>
        <cusip>891160509</cusip>
        <identifiers>
          <isin value="CA8911605092"/>
          <ticker value="TD"/>
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        <balance>1565.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>190037.95000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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        <name>SEACOAST BANKING CORP OF FLORIDA</name>
        <lei>549300V6IC06XYQYPG88</lei>
        <title>SEACOAST BANKING CORP OF FLORIDA COM NEW</title>
        <cusip>811707801</cusip>
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          <isin value="US8117078019"/>
          <ticker value="SBCF"/>
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        <balance>2416.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>80332.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isNonCashCollateral>N</isNonCashCollateral>
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        <name>TEXAS CAPITAL BANCSHARES INC</name>
        <lei>549300466Q2SXRX0YM48</lei>
        <title>TEXAS CAPITAL BANCSHARES INC COM</title>
        <cusip>88224Q107</cusip>
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          <isin value="US88224Q1076"/>
          <ticker value="TCBI"/>
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        <balance>801.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>82711.26000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>CULLEN/FROST BANKERS INC</name>
        <lei>529900V2E9G9AY665O34</lei>
        <title>CULLEN/FROST BANKERS INC COM</title>
        <cusip>229899109</cusip>
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          <isin value="US2298991090"/>
          <ticker value="CFR"/>
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        <balance>884.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>136595.68000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ITAU UNIBANCO HOLDING SA</name>
        <lei>5493002W2IVG62O3ZJ94</lei>
        <title>ITAU UNIBANCO HOLDING SA SPON ADR REP PFD</title>
        <cusip>465562106</cusip>
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          <ticker value="ITUB"/>
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        <balance>21154.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>COLUMBIA BANKING SYSTEM INC</name>
        <lei>254900CTRJTQZ3BJ2V17</lei>
        <title>COLUMBIA BANKING SYSTEM INC COM</title>
        <cusip>197236102</cusip>
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          <isin value="US1972361026"/>
          <ticker value="COLB"/>
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        <balance>4251.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>136244.55000000</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>DEUTSCHE BANK AG</name>
        <lei>7LTWFZYICNSX8D621K86</lei>
        <title>DEUTSCHE BANK AG NPV(REGD)</title>
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          <ticker value="DB"/>
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        <curCd>USD</curCd>
        <valUSD>122548.80000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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        <name>FIRST HORIZON CORP</name>
        <lei>TF3RXI1ZB1TQ30H9JV10</lei>
        <title>FIRST HORIZON CORP COM</title>
        <cusip>320517105</cusip>
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          <isin value="US3205171057"/>
          <ticker value="FHN"/>
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        <curCd>USD</curCd>
        <valUSD>154122.04000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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        <name>ASSOCIATED BANC-CORP</name>
        <lei>549300N3CIN473IW5094</lei>
        <title>ASSOCIATED BANC-CORP COM</title>
        <cusip>045487105</cusip>
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          <isin value="US0454871056"/>
          <ticker value="ASB"/>
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        <curCd>USD</curCd>
        <valUSD>93756.19000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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        <name>NORTHERN TRUST CORP</name>
        <lei>549300GLF98S992BC502</lei>
        <title>NORTHERN TRUST CORP COM</title>
        <cusip>665859104</cusip>
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          <isin value="US6658591044"/>
          <ticker value="NTRS"/>
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        <balance>1411.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>245288.24000000</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>FIRST INTERSTATE BANCSYSTEM INC</name>
        <lei>549300WRWYTYX0RCNJ43</lei>
        <title>FIRST INTERSTATE BANCSYSTEM INC COM</title>
        <cusip>32055Y201</cusip>
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          <isin value="US32055Y2019"/>
          <ticker value="FIBK"/>
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        <balance>2077.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>80089.12000000</valUSD>
        <pctVal>0.574612114749</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>WELLS FARGO &amp; COMPANY</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>WELLS FARGO &amp; COMPANY COM</title>
        <cusip>949746101</cusip>
        <identifiers>
          <isin value="US9497461015"/>
          <ticker value="WFC"/>
        </identifiers>
        <balance>6431.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>531457.84000000</valUSD>
        <pctVal>3.813028702808</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>MITSUBISHI UFJ FINANCIAL GROUP INC</name>
        <lei>353800V2V8PUY9TK3E06</lei>
        <title>MITSUBISHI UFJ FINANCIAL GROUP INC SPONSORED ADS</title>
        <cusip>606822104</cusip>
        <identifiers>
          <isin value="US6068221042"/>
          <ticker value="MUFG"/>
        </identifiers>
        <balance>5598.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>111344.22000000</valUSD>
        <pctVal>0.798856795022</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ICICI BANK LTD</name>
        <lei>R7RX8ER1V4666J8D1I38</lei>
        <title>ICICI BANK LTD ADR</title>
        <cusip>45104G104</cusip>
        <identifiers>
          <isin value="US45104G1040"/>
          <ticker value="IBN"/>
        </identifiers>
        <balance>7429.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>215663.87000000</valUSD>
        <pctVal>1.547314696625</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <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"/>
        </identifiers>
        <balance>6818.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>339672.76000000</valUSD>
        <pctVal>2.437036178527</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>HSBC HOLDINGS PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC HOLDINGS PLC SPON ADR NEW</title>
        <cusip>404280406</cusip>
        <identifiers>
          <isin value="US4042804066"/>
          <ticker value="HSBC"/>
        </identifiers>
        <balance>1492.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>141874.28000000</valUSD>
        <pctVal>1.017899560631</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK OF NEW YORK MELLON CORP (THE)</name>
        <lei>WFLLPEPC7FZXENRZV188</lei>
        <title>BANK OF NEW YORK MELLON CORP (THE) COM</title>
        <cusip>064058100</cusip>
        <identifiers>
          <isin value="US0640581007"/>
          <ticker value="BK"/>
        </identifiers>
        <balance>3015.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>435999.15000000</valUSD>
        <pctVal>3.128145166416</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>WSFS FINANCIAL CORP</name>
        <lei>549300SU7VQHD6QRG886</lei>
        <title>WSFS FINANCIAL CORP COM</title>
        <cusip>929328102</cusip>
        <identifiers>
          <isin value="US9293281021"/>
          <ticker value="WSFS"/>
        </identifiers>
        <balance>1151.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>88316.23000000</valUSD>
        <pctVal>0.633638822439</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>2026-08-25</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>
  <documents>XXXX</documents>
</edgarSubmission>
