LEGG MASON SMALL-CAP QUALITY VALUE ETF

Schedule of investments (unaudited) October 31, 2019

SECURITY	SHARES		VALUE
COMMON STOCKS - 99.5%
COMMUNICATION SERVICES - 5.0%
Diversified Telecommunication Services - 1.2%
Cogent Communications Holdings Inc.		1,048	$	61,455
Frontier Communications Corp.		92,436		84,117	*
Total Diversified Telecommunication Services				145,572
Entertainment - 0.3%
Sciplay Corp., Class A Shares		3,226		31,196	*
Interactive Media & Services - 0.9%
Cars.com Inc.		6,484		73,334	*
Eventbrite Inc., Class A Shares		2,185		39,286	*
Total Interactive Media & Services				112,620
Media - 2.6%
AMC Networks Inc., Class A Shares		1,364		59,402	*
Gannett Co. Inc.		6,653		72,185
Lee Enterprises Inc.		19,263		34,866	*
MSG Networks Inc., Class A Shares		2,864		46,425	*
National CineMedia Inc.		8,123		68,193
Xcel Brands Inc.		13,782		23,705	*
Total Media				304,776
TOTAL COMMUNICATION SERVICES				594,164
CONSUMER DISCRETIONARY - 13.7%
Auto Components - 0.4%
Superior Industries International Inc.		16,894		43,924
Distributors - 0.7%
Core-Mark Holding Co. Inc.		2,652		80,939
Diversified Consumer Services - 1.1%
American Public Education Inc.		1,638		35,577	*
K12 Inc.		1,935		38,294	*
WW International Inc.		1,590		55,443	*
Total Diversified Consumer Services				129,314
Hotels, Restaurants & Leisure - 1.9%
Brinker International Inc.		1,601		71,165
Cheesecake Factory Inc.		1,584		66,195
Jack in the Box Inc.		622		52,260
Ruth’s Hospitality Group Inc.		2,034		41,860
Total Hotels, Restaurants & Leisure				231,480
Household Durables - 2.2%
Ethan Allen Interiors Inc.		2,856		56,292
La-Z-Boy Inc.		1,842		65,409
Meritage Homes Corp.		1,031		74,325	*
Sonos Inc.		2,959		38,704	*
Turtle Beach Corp.		3,069		33,391	*
Total Household Durables				268,121

See Notes to Schedule of Investments.

1

Legg Mason Small-Cap Quality Value ETF 2019 Quarterly Report

LEGG MASON SMALL-CAP QUALITY VALUE ETF

Schedule of investments (unaudited) (cont’d) October 31, 2019

SECURITY	SHARES		VALUE
Internet & Direct Marketing Retail - 2.2%
PetMed Express Inc.		2,502	$	58,584
Revolve Group Inc.		1,343		27,881	*
Shutterstock Inc.		1,484		60,221	*
Stamps.com Inc.		728		61,465	*
Stitch Fix Inc., Class A Shares		2,235		51,092	*
Total Internet & Direct Marketing Retail				259,243
Leisure Products - 0.7%
Malibu Boats Inc., Class A Shares		1,313		42,830	*
MasterCraft Boat Holdings Inc.		2,625		41,344	*
Total Leisure Products				84,174
Specialty Retail - 3.4%
Buckle Inc.		3,238		67,739
Michaels Cos. Inc.		7,143		62,358	*
Sally Beauty Holdings Inc.		4,412		68,386	*
Sleep Number Corp.		1,119		53,846	*
Tilly’s Inc., Class A Shares		4,587		47,063
Urban Outfitters Inc.		2,750		78,925	*
Winmark Corp.		147		26,460
Total Specialty Retail				404,777
Textiles, Apparel & Luxury Goods - 1.1%
Culp Inc.		2,355		36,432
Movado Group Inc.		2,032		52,933
Vera Bradley Inc.		4,167		44,837	*
Total Textiles, Apparel & Luxury Goods				134,202
TOTAL CONSUMER DISCRETIONARY				1,636,174
CONSUMER STAPLES - 2.5%
Beverages - 0.5%
National Beverage Corp.		1,433		62,995
Personal Products - 0.7%
Lifevantage Corp.		2,062		27,961	*
USANA Health Sciences Inc.		696		51,580	*
Total Personal Products				79,541

See Notes to Schedule of Investments.

2

Legg Mason Small-Cap Quality Value ETF 2019 Quarterly Report

LEGG MASON SMALL-CAP QUALITY VALUE ETF

Schedule of investments (unaudited) (cont’d) October 31, 2019

SECURITY	SHARES		VALUE
Tobacco - 1.3%
Universal Corp.		1,269	$	69,541
Vector Group Ltd.		6,604		80,569
Total Tobacco				150,110
TOTAL CONSUMER STAPLES				292,646
ENERGY - 6.1%
Energy Equipment & Services - 2.0%
Cactus Inc., Class A Shares		1,567		46,571	*
Era Group Inc.		3,670		35,489	*
Liberty Oilfield Services Inc., Class A Shares		4,349		40,054
Matrix Service Co.		2,398		44,987	*
Select Energy Services Inc., Class A Shares		5,762		43,791	*
Solaris Oilfield Infrastructure Inc., Class A Shares		2,592		27,579
Total Energy Equipment & Services				238,471
Oil, Gas & Consumable Fuels - 4.1%
Antero Resources Corp.		24,677		61,692	*
Arch Coal Inc., Class A Shares		805		63,506
Bonanza Creek Energy Inc.		2,024		36,068	*
CONSOL Energy Inc.		4,057		53,674	*
Contura Energy Inc.		2,074		47,578	*
Evolution Petroleum Corp.		5,682		31,933
Falcon Minerals Corp.		7,730		47,617
NACCO Industries Inc., Class A Shares		837		42,268
Peabody Energy Corp.		5,361		56,451
REX American Resources Corp.		543		43,940	*
Total Oil, Gas & Consumable Fuels				484,727
TOTAL ENERGY				723,198
FINANCIALS - 18.1%
Banks - 7.0%
Bancorp Inc.		4,240		46,216	*
Cathay General Bancorp		2,214		78,752
First Choice Bancorp		1,722		38,504
First Financial Corp.		1,164		51,064
First Internet Bancorp		1,612		36,657
FNCB Bancorp Inc.		3,967		29,475
Franklin Financial Services Corp.		1,013		36,255
Hanmi Financial Corp.		2,844		54,747
Hawthorn Bancshares Inc.		1,324		31,776
Heritage Commerce Corp.		3,833		46,072
Home BancShares Inc.		4,052		74,881
Parke Bancorp Inc.		1,595		38,344

See Notes to Schedule of Investments.

3

Legg Mason Small-Cap Quality Value ETF 2019 Quarterly Report

LEGG MASON SMALL-CAP QUALITY VALUE ETF

Schedule of investments (unaudited) (cont’d) October 31, 2019

SECURITY	SHARES		VALUE
Banks - (ontinued)
Preferred Bank		920	$	49,045
RBB Bancorp		1,999		40,260
South Plains Financial Inc.		2,697		45,175
TCF Financial Corp.		1,920		76,013
Texas Capital Bancshares Inc.		1,265		68,386	*
Total Banks				841,622
Capital Markets - 4.5%
Artisan Partners Asset Management Inc., Class A Shares		2,667		72,943
Cohen & Steers Inc.		1,305		85,399
Diamond Hill Investment Group Inc.		353		49,724
Houlihan Lokey Inc.		1,495		70,654
Moelis & Co., Class A Shares		2,471		88,165
Oaktree Specialty Lending Corp.		11,589		59,915
Waddell & Reed Financial Inc., Class A Shares		4,136		68,492
Westwood Holdings Group Inc.		1,558		47,098
Total Capital Markets				542,390
Consumer Finance - 0.6%
Enova International Inc.		2,812		66,054	*
Insurance - 2.8%
American Equity Investment Life Holding Co.		4,209		103,878
Employers Holdings Inc.		1,411		59,742
Investors Title Co.		271		41,111
National Western Life Group Inc., Class A Shares		251		68,423
Universal Insurance Holdings Inc.		2,094		56,768
Total Insurance				329,922
Thrifts & Mortgage Finance - 3.2%
Axos Financial Inc.		2,091		60,744	*
FS Bancorp Inc.		617		35,323
Home Bancorp Inc.		1,020		38,923
Merchants Bancorp		2,480		40,498
Mr. Cooper Group Inc.		8,609		110,195	*
NMI Holdings Inc., Class A Shares		1,874		54,815	*
Sterling Bancorp Inc.		4,316		41,822
Total Thrifts & Mortgage Finance				382,320
TOTAL FINANCIALS				2,162,308

See Notes to Schedule of Investments.

4

Legg Mason Small-Cap Quality Value ETF 2019 Quarterly Report

LEGG MASON SMALL-CAP QUALITY VALUE ETF

Schedule of investments (unaudited) (cont’d) October 31, 2019

SECURITY	SHARES		VALUE
HEALTH CARE - 15.8%
Biotechnology - 4.5%
Alector Inc.		1,860	$	31,322	*
Anika Therapeutics Inc.		637		44,838	*
Arena Pharmaceuticals Inc.		1,116		54,366	*
BioSpecifics Technologies Corp.		537		26,007	*
Eagle Pharmaceuticals Inc.		678		42,511	*
Enanta Pharmaceuticals Inc.		609		37,076	*
Genomic Health Inc.		551		36,741	*
Ligand Pharmaceuticals Inc.		578		62,892	*
Myriad Genetics Inc.		2,162		72,795	*
Principia Biopharma Inc.		719		25,388	*
Puma Biotechnology Inc.		1,749		11,893	*
Sutro Biopharma Inc.		2,851		28,595	*
Vanda Pharmaceuticals Inc.		2,529		34,167	*
Voyager Therapeutics Inc.		1,420		21,854	*
Total Biotechnology				530,445
Health Care Equipment & Supplies - 5.3%
AngioDynamics Inc.		2,453		37,531	*
Atrion Corp.		50		42,172
FONAR Corp.		1,225		24,904	*
Heska Corp.		412		33,380	*
Inogen Inc.		857		46,651	*
iRadimed Corp.		1,113		28,103	*
LeMaitre Vascular Inc.		1,010		34,946
Meridian Bioscience Inc.		4,396		43,037
Merit Medical Systems Inc.		1,788		36,931	*
Natus Medical Inc.		1,419		47,792	*
OraSure Technologies Inc.		4,572		39,045	*
Orthofix Medical Inc.		798		33,540	*
Quidel Corp.		669		38,066	*
Surmodics Inc.		629		29,884	*
Tactile Systems Technology Inc.		549		24,936	*
Utah Medical Products Inc.		318		32,585
Varex Imaging Corp.		2,108		63,261	*
Total Health Care Equipment & Supplies				636,764
Health Care Providers & Services - 2.2%
MEDNAX Inc.		3,377		74,159	*
National HealthCare Corp.		709		58,266
National Research Corp.		676		38,823
Petiq Inc.		1,305		32,259	*
Premier Inc., Class A Shares		1,871		60,957	*
Total Health Care Providers & Services				264,464
Life Sciences Tools & Services - 0.4%
Luminex Corp.		2,094		42,916

See Notes to Schedule of Investments.

5

Legg Mason Small-Cap Quality Value ETF 2019 Quarterly Report

LEGG MASON SMALL-CAP QUALITY VALUE ETF

Schedule of investments (unaudited) (cont’d) October 31, 2019

SECURITY	SHARES		VALUE
Pharmaceuticals - 3.4%
ANI Pharmaceuticals Inc.		515	$	40,227	*
Assertio Therapeutics Inc.		29,782		23,531	*
Collegium Pharmaceutical Inc.		2,481		29,772	*
Corcept Therapeutics Inc.		3,232		47,155	*
Innoviva Inc.		4,198		48,781	*
Lannett Co. Inc.		3,842		45,681	*
Pacira BioSciences Inc.		1,060		42,919	*
Phibro Animal Health Corp., Class A Shares		2,320		55,587
SIGA Technologies Inc.		4,844		26,884	*
Supernus Pharmaceuticals Inc.		1,730		48,077	*
Total Pharmaceuticals				408,614
TOTAL HEALTH CARE				1,883,203
INDUSTRIALS - 16.7%
Aerospace & Defense - 0.9%
National Presto Industries Inc.		601		51,740
Park Aerospace Corp.		3,040		51,650
Total Aerospace & Defense				103,390
Air Freight & Logistics - 0.7%
Echo Global Logistics Inc.		2,364		47,067	*
Radiant Logistics Inc.		6,900		37,191	*
Total Air Freight & Logistics				84,258
Building Products - 2.9%
Builders FirstSource Inc.		3,731		84,358	*
Continental Building Products Inc.		1,757		52,552	*
Patrick Industries Inc.		1,446		71,446	*
Quanex Building Products Corp.		2,669		51,485
Universal Forest Products Inc.		1,733		87,274
Total Building Products				347,115
Commercial Services & Supplies - 2.1%
Deluxe Corp.		1,458		75,568
Ennis Inc.		2,463		48,250
HNI Corp.		1,970		74,860
Kimball International Inc., Class B Shares		2,426		49,394
Total Commercial Services & Supplies				248,072
Construction & Engineering - 1.0%
Comfort Systems USA Inc.		1,392		70,170
Great Lakes Dredge & Dock Corp.		4,257		45,763	*
Total Construction & Engineering				115,933
Electrical Equipment - 0.4%
Encore Wire Corp.		910		51,142

See Notes to Schedule of Investments.

6

Legg Mason Small-Cap Quality Value ETF 2019 Quarterly Report

LEGG MASON SMALL-CAP QUALITY VALUE ETF

Schedule of investments (unaudited) (cont’d) October 31, 2019

SECURITY	SHARES		VALUE
Machinery - 2.3%
Commercial Vehicle Group Inc.		5,536	$	40,357	*
Hillenbrand Inc.		2,286		70,386
Mueller Industries Inc.		2,476		76,187
Omega Flex Inc.		379		35,190
Wabash National Corp.		3,983		56,798
Total Machinery				278,918
Professional Services - 2.7%
Barrett Business Services Inc.		558		48,953
BG Staffing Inc.		1,956		37,418
Heidrick & Struggles International Inc.		1,719		48,923
Kforce Inc.		1,501		61,406
Korn Ferry		1,768		64,868
TrueBlue Inc.		2,730		62,517	*
Total Professional Services				324,085
Road & Rail - 0.8%
ArcBest Corp.		1,974		57,029
Universal Logistics Holdings Inc.		2,145		40,444
Total Road & Rail				97,473
Trading Companies & Distributors - 2.9%
BMC Stock Holdings Inc.		2,526		68,177	*
GMS Inc.		2,152		64,474	*
H&E Equipment Services Inc.		1,976		67,066
Systemax Inc.		3,071		66,456
WESCO International Inc.		1,648		82,647	*
Total Trading Companies & Distributors				348,820
TOTAL INDUSTRIALS				1,999,206
INFORMATION TECHNOLOGY - 13.1%
Communications Equipment - 1.6%
Comtech Telecommunications Corp.		1,743		60,918
InterDigital Inc.		1,196		64,141
NetScout Systems Inc.		2,686		65,055	*
Total Communications Equipment				190,114
Electronic Equipment, Instruments & Components - 4.9%
AVX Corp.		4,976		76,232
Badger Meter Inc.		863		49,881
Benchmark Electronics Inc.		2,222		75,326
Insight Enterprises Inc.		1,404		86,178	*
Mesa Laboratories Inc.		142		32,341
PC Connection Inc.		1,622		79,218
TTM Technologies Inc.		5,456		63,890	*
Vishay Intertechnology Inc.		4,134		83,300
Vishay Precision Group Inc.		1,002		34,118	*
Total Electronic Equipment, Instruments & Components				580,484

See Notes to Schedule of Investments.

7

Legg Mason Small-Cap Quality Value ETF 2019 Quarterly Report

LEGG MASON SMALL-CAP QUALITY VALUE ETF

Schedule of investments (unaudited) (cont’d) October 31, 2019

SECURITY	SHARES		VALUE
IT Services - 1.8%
Cass Information Systems Inc.		749	$	42,925
CSG Systems International Inc.		1,024		59,023
NIC Inc.		2,430		57,154
Sykes Enterprises		1,816		56,105	*
Total IT Services				215,207
Semiconductors & Semiconductor Equipment - 3.3%
Cirrus Logic Inc.		1,166		79,241	*
Diodes Inc.		1,397		65,170	*
Ichor Holdings Ltd.		1,631		47,479	*
NVE Corp.		565		35,171
SMART Global Holdings Inc.		1,413		41,966	*
Synaptics Inc.		1,420		59,796	*
Ultra Clean Holdings Inc.		3,239		69,218	*
Total Semiconductors & Semiconductor Equipment				398,041
Software - 1.5%
American Software Inc., Class A Shares		2,517		40,800
GlobalSCAPE Inc.		2,317		22,475
Intelligent Systems Corp.		422		19,062	*
Progress Software Corp.		1,301		51,884
Qualys Inc.		560		47,785	*
Total Software				182,006
TOTAL INFORMATION TECHNOLOGY				1,565,852
MATERIALS - 6.2%
Chemicals - 1.6%
FutureFuel Corp.		4,733		58,358
Tredegar Corp.		2,728		54,233
Trinseo SA		1,776		75,480
Total Chemicals				188,071
Containers & Packaging - 0.6%
Myers Industries Inc.		2,737		46,337
UFP Technologies Inc.		786		32,706	*
Total Containers & Packaging				79,043
Metals & Mining - 2.6%
AK Steel Holding Corp.		25,442		60,043	*
Materion Corp.		804		45,699
Schnitzer Steel Industries Inc., Class A Shares		2,517		53,713
Warrior Met Coal Inc.		4,268		83,141
Worthington Industries Inc.		1,882		69,276
Total Metals & Mining				311,872

See Notes to Schedule of Investments.

8

Legg Mason Small-Cap Quality Value ETF 2019 Quarterly Report

LEGG MASON SMALL-CAP QUALITY VALUE ETF

Schedule of investments (unaudited) (cont’d) October 31, 2019

SECURITY				SHARES		VALUE
Paper & Forest Products - 1.4%
Domtar Corp.					2,466	$	89,738
Verso Corp., Class A Shares					5,229		76,552	*
Total Paper & Forest Products							166,290
TOTAL MATERIALS							745,276
REAL ESTATE - 1.1%
Real Estate Management & Development - 1.1%
Consolidated-Tomoka Land Co.					460		29,426
Marcus & Millichap Inc.					1,243		44,400	*
RMR Group Inc., Class A Shares					1,172		56,725
TOTAL REAL ESTATE							130,551
UTILITIES - 1.2%
Electric Utilities - 1.2%
Genie Energy Ltd., Class B Shares					4,966		36,997
Otter Tail Corp.					1,143		64,785
Spark Energy Inc., Class A Shares					4,733		45,295
TOTAL UTILITIES							147,077
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $12,250,812)							11,879,655
	RATE
SHORT-TERM INVESTMENTS - 0.5%
Dreyfus Treasury Cash Management, Institutional Class (Cost - $55,919)		1.625	%		55,919		55,919
TOTAL INVESTMENTS - 100.0% (Cost - $12,306,731)							11,935,574
Other Assets in Excess of Liabilities - 0.0%							703
TOTAL NET ASSETS - 100.0%						$	11,936,277

* Non-income producing security.

This Schedule of Investments is unaudited and is intended to provide information about the Fund’s investments as of the date of the schedule. Other information regarding the Fund is available in the Fund’s most recent annual or semi-annual shareholder report.

See Notes to Schedule of Investments.

9

Legg Mason Small-Cap Quality Value ETF 2019 Quarterly Report

Notes to Schedule of Investments (unaudited)

1. Organization and significant accounting policies

Legg Mason Small-Cap Quality Value ETF (the “Fund”) is a separate diversified investment series of Legg Mason ETF Investment Trust (the “Trust”). The Trust, a Maryland statutory trust, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

The Fund is an exchange-traded fund (“ETF”). ETFs are funds that trade like other publicly-traded securities. The Fund is designed to track an index. Similar to shares of an index mutual fund, each share of the Fund represents an ownership interest in an underlying portfolio of securities intended to track an index. Unlike shares of a mutual fund, which can be bought from and redeemed by the issuing fund by all shareholders at a price based on net asset value (“NAV”), shares of the Fund may be directly purchased from and redeemed by the Fund at NAV solely by certain large institutional investors who have entered into agreements with the Fund’s distributor (“Authorized Participants”). Also unlike shares of a mutual fund, shares of the Fund are listed on a national securities exchange and trade in the secondary market at market prices that change throughout the day.

Shares of the Fund are listed and traded at market prices on NASDAQ. The market price for the Fund’s shares may be different from the Fund’s NAV. The Fund issues and redeems shares at NAV only in blocks of a specified number of shares or multiples thereof (“Creation Units”). Only Authorized Participants may purchase or redeem Creation Units directly with the Fund at NAV. Creation Units are issued and redeemed principally in-kind (although under some circumstances its shares are created and redeemed partially for cash). Except when aggregated in Creation Units, shares of the Fund are not redeemable securities. Shareholders who are not Authorized Participants may not redeem shares directly from the Fund at NAV.

The Fund seeks to track the investment results of the Royce Small-Cap Quality Value Index (the “Underlying Index”). The Underlying Index utilizes a proprietary methodology created and sponsored by Royce & Associates, LP (“Royce”), the Fund’s subadviser.

The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”).

(a) Investment valuation. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are

10

Notes to Schedule of Investments (unaudited) (continued)

valued at the closing net asset value per share of each fund on the day of valuation. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will use the currency exchange rates, generally determined as of 4:00 p.m. (London Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/ dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund’s Board of Trustees.

The Board of Trustees is responsible for the valuation process and has delegated the supervision of the daily valuation process to the Legg Mason North Atlantic Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee, pursuant to the policies adopted by the Board of Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Board of Trustees. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board of Trustees quarterly.

11

Notes to Schedule of Investments (unaudited) (continued)

The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:

• Level 1 – quoted prices in active markets for identical investments

• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund’s assets carried at fair value:

ASSETS
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Common Stocks†	$	11,879,655		—		—	$	11,879,655
Short-Term Investments†		55,919		—		—		55,919
Total Investments	$	11,935,574		—		—	$	11,935,574

† See Schedule of Investments for additional detailed categorizations.

12