# EDGAR Filing Document

**Accession Number:** 0001742912
**File Stem:** 0001999371-26-012251
**Filing Date:** 2026-6
**Character Count:** 250851
**Document Hash:** 88984745aa93e1c490cd63896c5d71c6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-012251.hdr.sgml**: 20260605

**ACCESSION NUMBER**: 0001999371-26-012251

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260605

**DATE AS OF CHANGE**: 20260605

**EFFECTIVENESS DATE**: 20260605

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Tidal Trust I
- **CENTRAL INDEX KEY:** 0001742912

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23377
- **FILM NUMBER:** 261069967

**BUSINESS ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET, SUITE 700
- **CITY:** MILWAUKEE,
- **STATE:** WI
- **BUSINESS PHONE:** 844-986-7676

**MAIL ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET, SUITE 700
- **CITY:** MILWAUKEE,
- **STATE:** WI

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Tidal ETF Trust
- **DATE OF NAME CHANGE:** 20180606

## Series and Classes Contracts Data

### Gotham Enhanced 500 ETF (Series ID: S000069980)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000222846 | Gotham Enhanced 500 ETF | GSPY            |

### Gotham 1000 Value ETF (Series ID: S000076475)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000236401 | Gotham 1000 Value ETF | GVLU            |

### Gotham Short Strategies ETF (Series ID: S000082296)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000245586 | Gotham Short Strategies ETF | SHRT            |

?xml version='1.0' encoding='ASCII'? 05-27-2026_proofs

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>(811-23377)</u>**

**<u>Tidal Trust I</u>**

(Exact name of registrant as specified in charter)

**<u>234 West Florida Street, Suite 700</u>**

**<u>Milwaukee, Wisconsin 53204</u>**

(Address of principal executive offices) (Zip code)

**<u>Eric W. Falkeis</u>**

**<u>Tidal Trust I 234 West Florida Street, Suite 700</u>**

**<u>Milwaukee, Wisconsin 53204</u>**

(Name and address of agent for service)

**<u>(844) 986-7700</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>September 30</u>**

Date of reporting period: **<u>March 31, 2026</u>**

**<u>Item 1. Reports to Stockholders.</u>**

Gotham 1000 Value ETF Tailored Shareholder Report

semi-annual shareholder reportMarch 31, 2026<br> **Gotham 1000 Value ETF**<br> Ticker: GVLU (Listed on NYSE Arca, Inc.)<br>

This semi-annual shareholder report contains important information about the Gotham 1000 Value ETF (the "Fund") for the period October 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.gothametfs.com/gvlu. You can also request this information by contacting us at (855) 998-4779 or by writing the Fund at Gotham 1000 Value ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

**What were the Fund costs for the past six months? (based on a hypothetical $10,000 investment)**

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment\*** |
| Gotham 1000 Value ETF | $26 | 0.50% |

---

\* Costs paid as a percentage of a $10,000 investment is an annualized figure.

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| Fund Size (Thousands) | $213799 |
| Number of Holdings | 495 |
| Net Advisory Fee Paid | $514387 |
| Portfolio Turnover Rate | 102% |

---

**Sector Breakdown - Investments (% of total net assets)**

![bar](qes1yer1mot2e00p.jpg)

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **(% of total net assets)** |
| Occidental Petroleum Corp. | 0.6 |
| California Resources Corp. | 0.6 |
| Bristol-Myers Squibb Co. | 0.6 |
| APA Corp. | 0.6 |
| Devon Energy Corp. | 0.5 |
| Rogers Communications, Inc. | 0.5 |
| Alkermes PLC | 0.5 |
| Allstate Corp. | 0.5 |
| Dollar General Corp. | 0.5 |
| White Mountains Insurance Group Ltd. | 0.5 |

---

**For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.gothametfs.com/gvlu.**

**Householding**

Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

Gotham Enhanced 500 ETF Tailored Shareholder Report

semi-annual Shareholder Report March 31, 2026<br> **Gotham Enhanced 500 ETF**<br> Ticker: GSPY (Listed on NYSE Arca, Inc.)<br>

This semi-annual shareholder report contains important information about the Gotham Enhanced 500 ETF (the "Fund") for the period October 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.gothametfs.com/gspy. You can also request this information by contacting us at (855) 998-4779 or by writing the Fund at Gotham Enhanced 500 ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

**What were the Fund costs for the past six months?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment\*** |
| Gotham Enhanced 500 ETF | $25 | 0.50% |

---

\* Costs paid as a percentage of a $10,000 investment is an annualized figure.

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| Fund Size (Thousands) | $625141 |
| Number of Holdings | 502 |
| Net Advisory Fee Paid | $1607491 |
| Portfolio Turnover Rate | 77% |

---

**Sector Breakdown - Investments**

(% of total net assets)

![bar](qes4tz2n1mot2mckn.jpg)

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **(% of total net assets)** |
| NVIDIA Corp. | 7.0 |
| Apple, Inc. | 6.9 |
| Microsoft Corp. | 5.6 |
| Alphabet, Inc. - Class A | 4.8 |
| Amazon.com, Inc. | 4.5 |
| Meta Platforms, Inc. - Class A | 2.9 |
| Broadcom, Inc. | 1.8 |
| Berkshire Hathaway, Inc. - Class B | 1.7 |
| Micron Technology, Inc. | 1.6 |
| Tesla, Inc. | 1.4 |

---

**For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.gothametfs.com/gspy.**

**Householding**

Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

Gotham Short Strategies ETF Tailored Shareholder Report

semi-annual Shareholder Report March 31, 2026<br> **Gotham Short Strategies ETF**<br> Ticker: SHRT (Listed on NYSE Arca, Inc.)<br>

This semi-annual shareholder report contains important information about the Gotham Short Strategies ETF (the "Fund") for the period October 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.gothametfs.com/shrt. You can also request this information by contacting us at (855) 998-4779 or by writing the Fund at Gotham Short Strategies ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

**What were the Fund costs for the past six months?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment\*** |
| Gotham Short Strategies ETF | $67 | 1.35% |

---

\* Costs paid as a percentage of a $10,000 investment is an annualized figure.

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| Fund Size (Thousands) | $18076 |
| Number of Holdings | 624 |
| Total Advisory Fee Paid | $100601 |
| Portfolio Turnover Rate | 402% |

---

**Sector Breakdown - Investments**

(% of total net assets)

![bar](qesmfl1moue1pwa.jpg)

**What did the Fund invest in?**

(as of March 31, 2026)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **(% of total net assets)** |
| Canadian Natural Resources Ltd. | 1.7 |
| Micron Technology, Inc. | 1.7 |
| DuPont de Nemours, Inc. | 1.6 |
| Kinross Gold Corp. | 1.6 |
| Skyworks Solutions, Inc. | 1.5 |
| First Solar, Inc. | 1.5 |
| General Motors Co. | 1.5 |
| Okta, Inc. | 1.5 |
| Accenture PLC | 1.5 |
| CNX Resources Corp. | 1.4 |

---

**For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.gothametfs.com/shrt.**

**Householding**

Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

**<u>Item 2. Code of Ethics.</u>**

Not applicable for semi-annual reports.

**<u>Item 3. Audit Committee Financial Expert.</u>**

Not applicable for semi-annual reports.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

Not applicable for semi-annual reports.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable for semi-annual reports.

**<u>Item 6. Investments.</u>**

(a) Schedule of Investments is included within the financial statements filed under Item 7 of this Form.

(b) Not applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](gothamfin001.jpg)

**Financial Statements**

**March 31, 2026 (Unaudited)**

**Tidal Trust I**

• Gotham 1000 Value ETF \| GVLU \| NYSE Arca, Inc. <br> • Gotham Enhanced 500 ETF \| GSPY \| NYSE Arca, Inc <br> • Gotham Short Strategies ETF \| SHRT \| NYSE Arca, Inc.

**Gotham ETFs**

**Table of Contents**

---

| | |
|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Page** |
| [Schedule of Investments – Gotham 1000 Value ETF](#gothamfina001) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| [Schedule of Investments – Gotham Enhanced 500 ETF](#gothamfina002) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| [Schedule of Investments – Gotham Short Strategies ETF](#gothamfina003) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 |
| [Schedule of Total Return Swap Contracts – Gotham Short Strategies ETF](#gothamfina004) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 |
| [Statements of Assets and Liabilities](#gothamfina005) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 |
| [Statements of Operations](#gothamfina006) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 |
| [Statements of Changes in Net Assets](#gothamfina007) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 |
| [Financial Highlights – Gotham 1000 Value ETF](#gothamfina008) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 |
| [Financial Highlights – Gotham Enhanced 500 ETF](#gothamfina009) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 |
| [Financial Highlights – Gotham Short Strategies ETF](#gothamfina010) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 |
| [Notes to Financial Statements](#gothamfina011) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 |

---

**Gotham 1000 Value ETF**

**Schedule of Investments** 

**March 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**COMMON STOCKS - 99.8%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banking - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank OZK <sup>(a)</sup> | 3604 | $165388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercorp Financial Services, Inc. | 20 | 1004 |
|  |  | 166392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Discretionary Products - 7.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aptiv PLC <sup>(b)</sup> | 5767 | 400461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Armstrong World Industries, Inc. | 328 | 54054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BorgWarner, Inc. | 13680 | 742277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BRP, Inc. | 8577 | 615914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brunswick Corp. | 616 | 44820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Champion Homes, Inc.<sup>(b)</sup> | 4362 | 324402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbia Sportswear Co.<sup>(a)</sup> | 8598 | 471256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crocs, Inc.<sup>(a)(b)</sup> | 9715 | 806539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deckers Outdoor Corp.<sup>(b)</sup> | 8103 | 811029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Co. | 81887 | 944976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortune Brands Innovations, Inc. | 13519 | 526835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garrett Motion, Inc. | 21903 | 397978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors Co. | 12806 | 954047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gentex Corp. | 38742 | 846513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Griffon Corp. | 3703 | 269134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harley-Davidson, Inc. | 27224 | 550469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hasbro, Inc. | 967 | 90511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kontoor Brands, Inc.<sup>(a)</sup> | 7377 | 518529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LCI Industries | 45 | 5534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lear Corp. | 4075 | 493401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Levi Strauss & Co. - Class A<sup>(a)</sup> | 21966 | 406151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magna International, Inc. | 15591 | 870134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Masco Corp.<sup>(a)</sup> | 7058 | 426091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mattel, Inc.<sup>(b)</sup> | 41255 | 599435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mohawk Industries, Inc.<sup>(b)</sup> | 4545 | 447501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polaris, Inc. | 12899 | 702996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PVH Corp. | 7060 | 492506 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| Ralph Lauren Corp. - Class A | 6.0 | 2064 |
| SharkNinja, Inc.<sup>(a)(b)</sup> | 1483.0 | 157050 |
| Tapestry, Inc. | 41.0 | 5786 |
| VF Corp. | 25044.0 | 425498 |
| Visteon Corp. | 6575.0 | 599048 |
| Whirlpool Corp.<sup>(a)</sup> | 9736.0 | 524965 |
| YETI Holdings, Inc.<sup>(b)</sup> | 244.0 | 8928 |
|  |  | 15536832 |
| **Consumer Discretionary Services - 2.7%** |  |  |
| Adtalem Global Education, Inc. <sup>(b)</sup> | 6139.0 | 707520 |
| Boyd Gaming Corp.<sup>(a)</sup> | 5070.0 | 416652 |
| Bright Horizons Family Solutions, Inc.<sup>(b)</sup> | 7740.0 | 635686 |
| Brightstar Lottery | 15872.0 | 202209 |
| Brinker International, Inc.<sup>(b)</sup> | 4231.0 | 604060 |
| Caesars Entertainment, Inc.<sup>(b)</sup> | 17555.0 | 463979 |
| Choice Hotels International, Inc.<sup>(a)</sup> | 4288.0 | 443808 |
| Churchill Downs, Inc. | 6953.0 | 624588 |
| Domino's Pizza, Inc.<sup>(a)</sup> | 892.0 | 320041 |
| Graham Holdings Co. - Class B | 22.0 | 23260 |
| Grand Canyon Education, Inc.<sup>(b)</sup> | 2654.0 | 451260 |
| Las Vegas Sands Corp. | 4047.0 | 218052 |
| Planet Fitness, Inc. - Class A<sup>(b)</sup> | 969.0 | 72074 |
| Red Rock Resorts, Inc. - Class A | 790.0 | 42154 |
| Restaurant Brands International, Inc. | 3720.0 | 274908 |
| Wyndham Hotels & Resorts, Inc. | 3213.0 | 260992 |
| Wynn Resorts Ltd. | 9.0 | 914 |
|  |  | 5762157 |
| **Consumer Staple Products - 9.2%** |  |  |
| Altria Group, Inc. | 13881.0 | 916007 |
| BellRing Brands, Inc.<sup>(b)</sup> | 30354.0 | 488396 |
| Boston Beer Co., Inc. - Class A<sup>(b)</sup> | 1135.0 | 261504 |
| Brown-Forman Corp. - Class B<sup>(a)</sup> | 23622.0 | 624566 |
| Cal-Maine Foods, Inc.<sup>(a)</sup> | 13105.0 | 1037261 |
| Campbell's Co.<sup>(a)</sup> | 44000.0 | 979880 |
| Church & Dwight Co., Inc. | 3850.0 | 359282 |
| Clorox Co. | 3750.0 | 388613 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| Coca-Cola Consolidated, Inc. | 1851 | 354911 |
| Colgate-Palmolive Co. | 2081.0 | 177364 |
| Conagra Brands, Inc. | 47559.0 | 747627 |
| Constellation Brands, Inc. - Class A | 6282.0 | 942300 |
| Coty, Inc. - Class A<sup>(b)</sup> | 120116.0 | 241433 |
| Estee Lauder Cos., Inc. - Class A | 567.0 | 40694 |
| General Mills, Inc. | 20502.0 | 763084 |
| Hershey Co. | 169.0 | 35133 |
| Hormel Foods Corp. | 11596.0 | 262649 |
| Ingredion, Inc. | 5034.0 | 567130 |
| Interparfums, Inc. | 1099.0 | 99833 |
| J.M. Smucker Co. | 10226.0 | 986195 |
| Kenvue, Inc. | 19403.0 | 334508 |
| Keurig Dr Pepper, Inc.<sup>(a)</sup> | 17554.0 | 462197 |
| Kimberly-Clark Corp. | 6616.0 | 638246 |
| Kraft Heinz Co. | 38589.0 | 867867 |
| Lamb Weston Holdings, Inc. | 24538.0 | 1036976 |
| Marzetti Co. | 1974.0 | 273063 |
| McCormick & Co., Inc. | 368.0 | 18562 |
| Molson Coors Beverage Co. - Class B | 20896.0 | 899782 |
| National Beverage Corp.<sup>(b)</sup> | 16579.0 | 557883 |
| PepsiCo, Inc. | 2115.0 | 328438 |
| Pilgrim's Pride Corp.<sup>(a)</sup> | 26163.0 | 987915 |
| Prestige Consumer Healthcare, Inc.<sup>(b)</sup> | 2744.0 | 162637 |
| Primo Brands Corp.<sup>(a)</sup> | 13882.0 | 261398 |
| Procter & Gamble Co. | 1139.0 | 164517 |
| Reynolds Consumer Products, Inc. | 32343.0 | 685025 |
| Smithfield Foods, Inc. | 23188.0 | 648568 |
| Tyson Foods, Inc. - Class A<sup>(a)</sup> | 15398.0 | 986550 |
|  |  | 19587994 |
| **Financial Services - 4.5%** |  |  |
| Block, Inc. - Class A <sup>(b)</sup> | 6593.0 | 396767 |
| Cboe Global Markets, Inc. | 517.0 | 145313 |
| Corpay, Inc.<sup>(b)</sup> | 943.0 | 274404 |
| Enact Holdings, Inc. | 1185.0 | 48360 |
| Equifax, Inc. | 819.0 | 147477 |
| Euronet Worldwide, Inc.<sup>(b)</sup> | 3329.0 | 220946 |
| FactSet Research Systems, Inc. | 759.0 | 164695 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| Fidelity National Financial, Inc. | 17106.0 | 793376 |
| First American Financial Corp. | 15206.0 | 916770 |
| Fiserv, Inc.<sup>(b)</sup> | 16695.0 | 931581 |
| Global Payments, Inc. | 8298.0 | 558455 |
| Intercontinental Exchange, Inc. | 1397.0 | 219720 |
| Jack Henry & Associates, Inc.<sup>(a)</sup> | 2689.0 | 424970 |
| MarketAxess Holdings, Inc. | 4223.0 | 696711 |
| MGIC Investment Corp. | 7.0 | 184 |
| Morningstar, Inc. | 5113.0 | 864353 |
| Paymentus Holdings, Inc. - Class A<sup>(b)</sup> | 832.0 | 21133 |
| PayPal Holdings, Inc. | 21698.0 | 981400 |
| S&P Global, Inc. | 875.0 | 372172 |
| Shift4 Payments, Inc. - Class A<sup>(a)(b)</sup> | 4638.0 | 202820 |
| Tradeweb Markets, Inc. - Class A | 3538.0 | 416281 |
| Verisk Analytics, Inc. - Class A | 1407.0 | 266978 |
| Western Union Co.<sup>(a)</sup> | 22504.0 | 196460 |
| WEX, Inc.<sup>(b)</sup> | 2846.0 | 435552 |
|  |  | 9696878 |
| **Health Care - 11.1%** |  |  |
| Abbott Laboratories | 471.0 | 48358 |
| Align Technology, Inc.<sup>(b)</sup> | 3791.0 | 649891 |
| Alkermes PLC<sup>(b)</sup> | 31161.0 | 1101853 |
| Avantor, Inc.<sup>(b)</sup> | 23540.0 | 184554 |
| Bausch Health Cos., Inc.<sup>(b)</sup> | 53593.0 | 289402 |
| Baxter International, Inc. | 28935.0 | 486108 |
| Becton Dickinson & Co. | 605.0 | 95124 |
| Biogen, Inc.<sup>(b)</sup> | 3146.0 | 576756 |
| BioMarin Pharmaceutical, Inc.<sup>(b)</sup> | 10396.0 | 587270 |
| Bio-Rad Laboratories, Inc. - Class A<sup>(a)(b)</sup> | 3096.0 | 863010 |
| Bristol-Myers Squibb Co. | 19855.0 | 1204206 |
| Brookdale Senior Living, Inc.<sup>(b)</sup> | 33583.0 | 459416 |
| Catalyst Pharmaceuticals, Inc.<sup>(b)</sup> | 24425.0 | 604763 |
| Cencora, Inc. | 301.0 | 94556 |
| Centene Corp.<sup>(b)</sup> | 20.0 | 655 |
| Charles River Laboratories International, Inc.<sup>(b)</sup> | 1085.0 | 187163 |
| Chemed Corp. | 1662.0 | 627804 |
| Cigna Group | 3344.0 | 892012 |
| Concentra Group Holdings Parent, Inc. | 12733.0 | 273123 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| CorVel Corp.<sup>(b)</sup> | 1932 | 105584 |
| CVS Health Corp. | 7054 | 506618 |
| DaVita, Inc.<sup>(a)(b)</sup> | 5507 | 846371 |
| Elevance Health, Inc. | 1551 | 454055 |
| Envista Holdings Corp.<sup>(b)</sup> | 6719 | 170461 |
| Exelixis, Inc.<sup>(b)</sup> | 22372 | 959535 |
| GE HealthCare Technologies, Inc. | 1889 | 134459 |
| Gilead Sciences, Inc. | 1028 | 143272 |
| Globus Medical, Inc. - Class A<sup>(b)</sup> | 3054 | 263133 |
| Haemonetics Corp.<sup>(b)</sup> | 9108 | 513327 |
| Halozyme Therapeutics, Inc.<sup>(a)(b)</sup> | 9699 | 626846 |
| HCA Healthcare, Inc. | 860 | 406986 |
| HealthEquity, Inc.<sup>(b)</sup> | 1872 | 156443 |
| Humana, Inc. | 1313 | 227661 |
| ICU Medical, Inc.<sup>(b)</sup> | 3315 | 428132 |
| Illumina, Inc.<sup>(b)</sup> | 16 | 1972 |
| Incyte Corp.<sup>(b)</sup> | 9570 | 900728 |
| Indivior Pharmaceuticals, Inc.<sup>(b)</sup> | 16226 | 494569 |
| Jazz Pharmaceuticals PLC<sup>(b)</sup> | 2460 | 465063 |
| Lantheus Holdings, Inc.<sup>(b)</sup> | 9023 | 684395 |
| Masimo Corp.<sup>(b)</sup> | 5129 | 912295 |
| Medpace Holdings, Inc.<sup>(b)</sup> | 2 | 960 |
| Merck & Co., Inc. | 25 | 3007 |
| Neurocrine Biosciences, Inc.<sup>(b)</sup> | 1441 | 189837 |
| Option Care Health, Inc.<sup>(b)</sup> | 2525 | 67973 |
| Pfizer, Inc. | 22949 | 644408 |
| PTC Therapeutics, Inc.<sup>(b)</sup> | 4 | 273 |
| Quest Diagnostics, Inc. | 1927 | 377654 |
| Regeneron Pharmaceuticals, Inc. | 491 | 379366 |
| ResMed, Inc. | 1130 | 253662 |
| Solventum Corp.<sup>(b)</sup> | 12744 | 832183 |
| Sotera Health Co.<sup>(b)</sup> | 12807 | 183652 |
| Stryker Corp. | 677 | 222455 |
| Tenet Healthcare Corp.<sup>(b)</sup> | 3412 | 643879 |
| UnitedHealth Group, Inc. | 494 | 133672 |
| Universal Health Services, Inc. - Class B | 3676 | 657894 |
| Viatris, Inc. | 20 | 270 |
| Zimmer Biomet Holdings, Inc.<sup>(a)</sup> | 1414 | 127854 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| Zoetis, Inc. - Class A | 3033 | 358531 |
|  |  | 23705459 |
| **Industrial Products - 4.6%** |  |  |
| A.O. Smith Corp. | 9181.0 | 605395 |
| AGCO Corp. | 3030.0 | 351086 |
| Allegion PLC | 960.0 | 139478 |
| Allison Transmission Holdings, Inc. | 2353.0 | 275442 |
| Atkore, Inc. | 819.0 | 48247 |
| ATS Corp.<sup>(b)</sup> | 5293.0 | 149263 |
| AZZ, Inc. | 50.0 | 6257 |
| Badger Meter, Inc. | 429.0 | 65358 |
| Cactus, Inc. - Class A | 7637.0 | 361765 |
| Crane Co. | 1250.0 | 213750 |
| ESCO Technologies, Inc. | 2336.0 | 657280 |
| Flowserve Corp. | 5506.0 | 404746 |
| Fortive Corp. | 5012.0 | 277063 |
| Gates Industrial Corp. PLC<sup>(b)</sup> | 4137.0 | 93538 |
| Generac Holdings, Inc.<sup>(b)</sup> | 12.0 | 2344 |
| Graco, Inc. | 1636.0 | 138487 |
| Itron, Inc.<sup>(b)</sup> | 7095.0 | 635925 |
| L3Harris Technologies, Inc. | 22.0 | 7593 |
| Littelfuse, Inc. | 92.0 | 31220 |
| Lockheed Martin Corp. | 324.0 | 195822 |
| Middleby Corp.<sup>(b)</sup> | 2061.0 | 273247 |
| Moog, Inc. - Class A | 11.0 | 3219 |
| MSA Safety, Inc. | 10.0 | 1640 |
| Mueller Industries, Inc. | 762.0 | 84430 |
| Mueller Water Products, Inc. - Class A | 9958.0 | 273745 |
| nVent Electric PLC | 10.0 | 1183 |
| Oshkosh Corp. | 3770.0 | 554982 |
| Otis Worldwide Corp. | 4277.0 | 329671 |
| Ralliant Corp. | 2540.0 | 105639 |
| Sensata Technologies Holding PLC | 11766.0 | 414399 |
| Snap-on, Inc. | 64.0 | 23246 |
| Stanley Black & Decker, Inc. | 7240.0 | 514474 |
| Terex Corp. | 10055.0 | 594251 |
| Textron, Inc. | 4683.0 | 410043 |
| Timken Co. | 2798.0 | 281395 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| Toro Co. | 6033 | 563724 |
| Veralto Corp. | 2138.0 | 189042 |
| Vertiv Holdings Co. - Class A | 20.0 | 5012 |
| Vontier Corp. | 11794.0 | 418333 |
| Watts Water Technologies, Inc. - Class A<sup>(a)</sup> | 15.0 | 4354 |
| Xylem, Inc. | 560.0 | 66920 |
|  |  | 9773008 |
| **Industrial Services - 5.9%** |  |  |
| ADT, Inc. | 126197.0 | 829114 |
| AECOM | 6153.0 | 521897 |
| Automatic Data Processing, Inc. | 2682.0 | 544929 |
| Brink's Co. | 1474.0 | 152751 |
| C.H. Robinson Worldwide, Inc.<sup>(a)</sup> | 67.0 | 11127 |
| Clean Harbors, Inc.<sup>(b)</sup> | 269.0 | 77130 |
| Core & Main, Inc. - Class A<sup>(b)</sup> | 3385.0 | 167219 |
| Delta Air Lines, Inc. | 748.0 | 49727 |
| Dycom Industries, Inc.<sup>(b)</sup> | 553.0 | 187367 |
| EMCOR Group, Inc. | 6.0 | 4430 |
| Everus Construction Group, Inc.<sup>(b)</sup> | 10.0 | 1181 |
| Expeditors International of Washington, Inc. | 43.0 | 6159 |
| Exponent, Inc. | 359.0 | 23425 |
| FedEx Corp. | 17.0 | 6055 |
| Fluor Corp.<sup>(b)</sup> | 13671.0 | 637752 |
| Frontdoor, Inc.<sup>(b)</sup> | 11139.0 | 588807 |
| FTI Consulting, Inc.<sup>(b)</sup> | 3297.0 | 582811 |
| GXO Logistics, Inc.<sup>(b)</sup> | 6548.0 | 339514 |
| IES Holdings, Inc.<sup>(b)</sup> | 8.0 | 3812 |
| Installed Building Products, Inc. | 13.0 | 3447 |
| J.B. Hunt Transport Services, Inc. | 1867.0 | 395617 |
| Jacobs Solutions, Inc. | 115.0 | 14637 |
| Kirby Corp.<sup>(b)</sup> | 2775.0 | 368742 |
| Korn Ferry | 11693.0 | 736074 |
| Matson, Inc. | 2.0 | 328 |
| MYR Group, Inc.<sup>(b)</sup> | 2478.0 | 699589 |
| Paychex, Inc. | 6093.0 | 561287 |
| Primoris Services Corp. | 18.0 | 2575 |
| RB Global, Inc. | 7.0 | 671 |
| Resideo Technologies, Inc.<sup>(b)</sup> | 15.0 | 506 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| Rush Enterprises, Inc. - Class A<sup>(a)</sup> | 9183 | 607088 |
| Ryder System, Inc. | 2758.0 | 564590 |
| Schneider National, Inc. - Class B<sup>(a)</sup> | 17623.0 | 464542 |
| SiteOne Landscape Supply, Inc.<sup>(b)</sup> | 899.0 | 119666 |
| SkyWest, Inc.<sup>(b)</sup> | 226.0 | 20754 |
| Stantec, Inc. | 5896.0 | 509414 |
| Sterling Infrastructure, Inc.<sup>(b)</sup> | 21.0 | 8553 |
| Tetra Tech, Inc.<sup>(a)</sup> | 12379.0 | 372855 |
| TFI International, Inc. | 7660.0 | 832106 |
| Thomson Reuters Corp. | 2417.0 | 217482 |
| Tutor Perini Corp. | 6144.0 | 474255 |
| United Parcel Service, Inc. - Class B | 5392.0 | 530465 |
| United Rentals, Inc. | 6.0 | 4371 |
| WESCO International, Inc. | 19.0 | 5199 |
| WillScot Holdings Corp.<sup>(a)</sup> | 15799.0 | 274271 |
|  |  | 12524291 |
| **Insurance - 13.3%** |  |  |
| Allstate Corp. | 5213.0 | 1080863 |
| American Financial Group, Inc. | 3639.0 | 464737 |
| Aon PLC - Class A | 2095.0 | 676224 |
| Arch Capital Group Ltd.<sup>(b)</sup> | 9759.0 | 936766 |
| Assurant, Inc. | 3103.0 | 675864 |
| Assured Guaranty Ltd. | 10239.0 | 834274 |
| Axis Capital Holdings Ltd. | 9653.0 | 978911 |
| Brighthouse Financial, Inc.<sup>(b)</sup> | 6735.0 | 403292 |
| Brown & Brown, Inc. | 7763.0 | 506225 |
| Chubb Ltd. | 1958.0 | 638171 |
| CNA Financial Corp. | 14898.0 | 684116 |
| Erie Indemnity Co. - Class A | 2303.0 | 578767 |
| Everest Group Ltd. | 2834.0 | 926293 |
| F&G Annuities & Life, Inc. | 26708.0 | 676247 |
| Globe Life, Inc. | 5453.0 | 758894 |
| Hanover Insurance Group, Inc. | 5930.0 | 1027966 |
| Hartford Financial Services Group, Inc. | 4977.0 | 673040 |
| Kinsale Capital Group, Inc. | 2452.0 | 837750 |
| Lincoln National Corp. | 23721.0 | 842095 |
| Loews Corp. | 3831.0 | 408921 |
| Markel Group, Inc.<sup>(b)</sup> | 215.0 | 411525 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| Marsh & McLennan Cos., Inc. | 2939 | 509770 |
| Mercury General Corp. | 10681.0 | 941530 |
| MetLife, Inc. | 7247.0 | 512508 |
| Old Republic International Corp. | 16482.0 | 657632 |
| Palomar Holdings, Inc.<sup>(b)</sup> | 5388.0 | 643866 |
| Primerica, Inc. | 2958.0 | 740920 |
| Progressive Corp. | 5137.0 | 1018359 |
| Prudential Financial, Inc. | 9341.0 | 912522 |
| Reinsurance Group of America, Inc. | 3421.0 | 698431 |
| RenaissanceRe Holdings Ltd.<sup>(a)</sup> | 2955.0 | 878315 |
| RLI Corp. | 11874.0 | 677293 |
| Ryan Specialty Holdings, Inc. - Class A<sup>(a)</sup> | 22518.0 | 759757 |
| Selective Insurance Group, Inc. | 12557.0 | 946672 |
| Sun Life Financial, Inc. | 8557.0 | 535326 |
| Travelers Cos., Inc. | 3006.0 | 876790 |
| W.R. Berkley Corp. | 7918.0 | 524805 |
| White Mountains Insurance Group Ltd. | 478.0 | 1050147 |
| Willis Towers Watson PLC | 1577.0 | 458434 |
|  |  | 28364018 |
| **Materials - 7.3%** |  |  |
| Advanced Drainage Systems, Inc. | 1729.0 | 237098 |
| Agnico Eagle Mines Ltd. | 1926.0 | 390939 |
| Alcoa Corp. | 6615.0 | 438773 |
| Amrize Ltd.<sup>(b)</sup> | 7176.0 | 401999 |
| Aura Minerals, Inc. | 11.0 | 898 |
| Avery Dennison Corp.<sup>(a)</sup> | 2158.0 | 372643 |
| Avient Corp. | 17230.0 | 625449 |
| Axalta Coating Systems Ltd.<sup>(b)</sup> | 24860.0 | 688622 |
| Barrick Mining Corp. | 20.0 | 816 |
| Cabot Corp. | 9917.0 | 746849 |
| Carlisle Cos., Inc. | 659.0 | 219856 |
| Celanese Corp. | 8306.0 | 546286 |
| CF Industries Holdings, Inc. | 3641.0 | 472747 |
| Corteva, Inc. | 8058.0 | 674535 |
| Crown Holdings, Inc. | 5209.0 | 522202 |
| DuPont de Nemours, Inc. | 17719.0 | 811530 |
| Eastman Chemical Co. | 4078.0 | 311233 |
| Element Solutions, Inc.<sup>(a)</sup> | 57.0 | 1946 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| Fortuna Mining Corp.<sup>(b)</sup> | 87994.0 | 873780 |
| HB Fuller Co. | 1229.0 | 75805 |
| IAMGOLD Corp.<sup>(b)</sup> | 30998.0 | 583382 |
| Kinross Gold Corp. | 32690.0 | 997699 |
| NewMarket Corp. | 519.0 | 332653 |
| Newmont Corp. | 7475.0 | 809169 |
| Nutrien Ltd. | 3953.0 | 298293 |
| Owens Corning<sup>(a)</sup> | 6585.0 | 712629 |
| Pan American Silver Corp. | 5746.0 | 313904 |
| Perimeter Solutions, Inc.<sup>(b)</sup> | 18368.0 | 448547 |
| Qnity Electronics, Inc. | 18.0 | 2077 |
| RPM International, Inc. | 1028.0 | 102183 |
| Sealed Air Corp. | 7651.0 | 321724 |
| Silgan Holdings, Inc.<sup>(a)</sup> | 18937.0 | 734756 |
| Simpson Manufacturing Co., Inc. | 830.0 | 142445 |
| Smurfit WestRock PLC | 2862.0 | 114051 |
| Sonoco Products Co.<sup>(a)</sup> | 18546.0 | 1003153 |
| Southern Copper Corp. | 9.0 | 1548 |
| SSR Mining, Inc.<sup>(b)</sup> | 2357.0 | 69296 |
| Titan America SA | 4918.0 | 73672 |
| UFP Industries, Inc. | 1057.0 | 97371 |
|  |  | 15572558 |
| **Media - 3.6%** |  |  |
| Booking Holdings, Inc. | 148.0 | 623127 |
| CarGurus, Inc. - Class A<sup>(b)</sup> | 16609.0 | 565536 |
| Charter Communications, Inc. - Class A<sup>(a)(b)</sup> | 1212.0 | 261647 |
| Comcast Corp. - Class A | 20634.0 | 592402 |
| Expedia Group, Inc. - Class A | 1303.0 | 300850 |
| GoDaddy, Inc. - Class A<sup>(b)</sup> | 9792.0 | 809505 |
| Maplebear, Inc.<sup>(a)(b)</sup> | 12013.0 | 450007 |
| Match Group, Inc. | 26171.0 | 803711 |
| New York Times Co. - Class A | 110.0 | 9210 |
| News Corp. - Class A | 32271.0 | 804516 |
| Nexstar Media Group, Inc. - Class A | 183.0 | 33092 |
| Omnicom Group, Inc. | 5842.0 | 439961 |
| Sirius XM Holdings, Inc. | 29851.0 | 688961 |
| Uber Technologies, Inc.<sup>(b)</sup> | 808.0 | 58119 |
| Versant Media Group, Inc. - Class A | 15732.0 | 582399 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| Warner Music Group Corp. - Class A | 27568.0 | 704087 |
|  |  | 7727130 |
| **Oil & Gas - 10.1%** |  |  |
| Antero Midstream Corp. | 24698.0 | 563114 |
| APA Corp. | 28057.0 | 1190739 |
| Baker Hughes Co. | 28.0 | 1709 |
| Baytex Energy Corp.<sup>(b)</sup> | 170659.0 | 762846 |
| California Resources Corp. | 17730.0 | 1227271 |
| Cenovus Energy, Inc. | 14.0 | 371 |
| Cheniere Energy, Inc. | 1641.0 | 465650 |
| CNX Resources Corp.<sup>(b)</sup> | 6573.0 | 253389 |
| ConocoPhillips | 7546.0 | 996072 |
| Devon Energy Corp. | 22934.0 | 1154039 |
| Expand Energy Corp. | 9209.0 | 1010964 |
| Exxon Mobil Corp. | 327.0 | 55479 |
| Gulfport Energy Corp.<sup>(b)</sup> | 1028.0 | 217494 |
| Halliburton Co. | 11811.0 | 460511 |
| HF Sinclair Corp.<sup>(a)</sup> | 6462.0 | 403164 |
| Imperial Oil Ltd. | 520.0 | 68026 |
| Kodiak Gas Services, Inc. | 12514.0 | 729817 |
| Magnolia Oil & Gas Corp. - Class A | 23112.0 | 729646 |
| Murphy USA, Inc.<sup>(a)</sup> | 694.0 | 342815 |
| Noble Corp. PLC | 19307.0 | 947395 |
| NOV, Inc. | 43224.0 | 813043 |
| Occidental Petroleum Corp. | 19041.0 | 1237665 |
| Oceaneering International, Inc.<sup>(b)</sup> | 16096.0 | 570925 |
| Ovintiv, Inc.<sup>(a)</sup> | 13741.0 | 815666 |
| Par Pacific Holdings, Inc.<sup>(b)</sup> | 8338.0 | 522292 |
| Patterson-UTI Energy, Inc.<sup>(a)</sup> | 65720.0 | 711748 |
| Pembina Pipeline Corp. | 21146.0 | 946495 |
| Range Resources Corp.<sup>(a)</sup> | 747.0 | 33750 |
| SLB NV | 179.0 | 9199 |
| SM Energy Co. | 15200.0 | 473936 |
| Suncor Energy, Inc. | 10871.0 | 718682 |
| TechnipFMC PLC | 76.0 | 5254 |
| Tidewater, Inc.<sup>(a)(b)</sup> | 9751.0 | 814696 |
| Transocean Ltd.<sup>(a)(b)</sup> | 157983.0 | 1047427 |
| Valaris Ltd.<sup>(a)(b)</sup> | 8867.0 | 869321 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| Valero Energy Corp. | 1041 | 257210 |
| Weatherford International PLC | 2295.0 | 217061 |
|  |  | 21644881 |
| **Real Estate - 0.7%** |  |  |
| Colliers International Group, Inc. <sup>(a)</sup> | 2391.0 | 255574 |
| Cushman & Wakefield Ltd.<sup>(b)</sup> | 26738.0 | 327808 |
| FirstService Corp.<sup>(b)</sup> | 176.0 | 24453 |
| Jones Lang LaSalle, Inc.<sup>(b)</sup> | 1231.0 | 374618 |
| Rayonier, Inc. - REIT | 25656.0 | 529027 |
|  |  | 1511480 |
| **Renewable Energy - 0.5%** |  |  |
| EnerSys | 2109.0 | 366375 |
| First Solar, Inc.<sup>(b)</sup> | 3650.0 | 719999 |
| Nextpower, Inc. - Class A<sup>(b)</sup> | 14.0 | 1688 |
|  |  | 1088062 |
| **Retail & Wholesale - Discretionary - 4.6%** |  |  |
| Abercrombie & Fitch Co. <sup>(b)</sup> | 9202.0 | 840787 |
| Academy Sports & Outdoors, Inc. | 36.0 | 2032 |
| Advance Auto Parts, Inc. | 8601.0 | 453703 |
| American Eagle Outfitters, Inc. | 1723.0 | 28774 |
| AutoNation, Inc.<sup>(b)</sup> | 477.0 | 93139 |
| Bath & Body Works, Inc. | 40118.0 | 749003 |
| Best Buy Co., Inc. | 11759.0 | 754928 |
| Buckle, Inc. | 345.0 | 17374 |
| CarMax, Inc.<sup>(b)</sup> | 10516.0 | 437255 |
| Copart, Inc.<sup>(b)</sup> | 9999.0 | 331967 |
| Dillard's, Inc. - Class A | 553.0 | 316377 |
| Etsy, Inc.<sup>(b)</sup> | 5543.0 | 277039 |
| Gap, Inc. | 20377.0 | 493123 |
| Genuine Parts Co. | 5136.0 | 543132 |
| Lithia Motors, Inc.<sup>(a)</sup> | 1242.0 | 310152 |
| LKQ Corp. | 30060.0 | 882862 |
| Lululemon Athletica, Inc.<sup>(b)</sup> | 5691.0 | 871292 |
| Macy's, Inc. | 40010.0 | 723781 |
| Pool Corp. | 294.0 | 59485 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| Ross Stores, Inc. | 12.0 | 2600 |
| Signet Jewelers Ltd.<sup>(a)</sup> | 7517.0 | 636239 |
| Ulta Beauty, Inc.<sup>(b)</sup> | 679.0 | 354920 |
| Urban Outfitters, Inc.<sup>(a)(b)</sup> | 6623.0 | 419567 |
| Victoria's Secret & Co.<sup>(b)</sup> | 7214.0 | 334441 |
|  |  | 9933972 |
| **Retail & Wholesale - Staples - 1.5%** |  |  |
| Dollar General Corp. | 8870.0 | 1053135 |
| Dollar Tree, Inc.<sup>(b)</sup> | 7989.0 | 874876 |
| Five Below, Inc.<sup>(b)</sup> | 25.0 | 5712 |
| Kroger Co. | 5941.0 | 429891 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(b)</sup> | 2784.0 | 256239 |
| PriceSmart, Inc.<sup>(a)</sup> | 18.0 | 2709 |
| Sprouts Farmers Market, Inc.<sup>(b)</sup> | 1485.0 | 114538 |
| Sysco Corp. | 1089.0 | 77679 |
| Target Corp.<sup>(a)</sup> | 3941.0 | 477649 |
| US Foods Holding Corp.<sup>(a)(b)</sup> | 6.0 | 553 |
|  |  | 3292981 |
| **Software & Tech Services - 8.0%** |  |  |
| Accenture PLC - Class A | 4395.0 | 871485 |
| ACI Worldwide, Inc.<sup>(b)</sup> | 12745.0 | 522672 |
| Adobe, Inc.<sup>(b)</sup> | 3623.0 | 880679 |
| Amdocs Ltd.<sup>(a)</sup> | 13834.0 | 902807 |
| Blackbaud, Inc.<sup>(b)</sup> | 5688.0 | 219614 |
| Booz Allen Hamilton Holding Corp. - Class A | 12750.0 | 994882 |
| CDW Corp. | 3601.0 | 435793 |
| CGI, Inc. | 13337.0 | 974935 |
| Cognizant Technology Solutions Corp. - Class A | 12858.0 | 788838 |
| Doximity, Inc. - Class A<sup>(b)</sup> | 2297.0 | 53520 |
| Dropbox, Inc. - Class A<sup>(b)</sup> | 31729.0 | 720883 |
| EPAM Systems, Inc.<sup>(a)(b)</sup> | 6034.0 | 817004 |
| Gartner, Inc.<sup>(b)</sup> | 5823.0 | 922014 |
| Gen Digital, Inc. | 36406.0 | 685525 |
| KBR, Inc. | 19440.0 | 716558 |
| Kyndryl Holdings, Inc.<sup>(b)</sup> | 27635.0 | 362571 |
| Leidos Holdings, Inc. | 4268.0 | 663759 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| Maximus, Inc. | 7948 | 509467 |
| Open Text Corp.<sup>(a)</sup> | 33019.0 | 734343 |
| PTC, Inc.<sup>(b)</sup> | 4319.0 | 615414 |
| Qualys, Inc.<sup>(b)</sup> | 8795.0 | 772641 |
| Roper Technologies, Inc. | 709.0 | 250887 |
| Salesforce, Inc. | 556.0 | 103788 |
| Science Applications International Corp. | 8390.0 | 796379 |
| SS&C Technologies Holdings, Inc. | 8197.0 | 553871 |
| Teradata Corp.<sup>(b)</sup> | 2001.0 | 51286 |
| Veeva Systems, Inc. - Class A<sup>(b)</sup> | 681.0 | 119624 |
| Waystar Holding Corp.<sup>(a)(b)</sup> | 9421.0 | 227140 |
| Zoom Communications, Inc. - Class A<sup>(b)</sup> | 10610.0 | 852938 |
|  |  | 17121317 |
| **Tech Hardware & Semiconductors - 2.9%** |  |  |
| Avnet, Inc. | 454.0 | 27976 |
| Axcelis Technologies, Inc.<sup>(b)</sup> | 3.0 | 279 |
| Cirrus Logic, Inc.<sup>(a)(b)</sup> | 4839.0 | 699816 |
| CommScope Holding Co., Inc.<sup>(b)</sup> | 17931.0 | 326344 |
| Dell Technologies, Inc. - Class C | 1985.0 | 325798 |
| F5, Inc.<sup>(b)</sup> | 319.0 | 92296 |
| GlobalFoundries, Inc.<sup>(b)</sup> | 670.0 | 29802 |
| HP, Inc. | 38013.0 | 730230 |
| Ingram Micro Holding Corp. | 20531.0 | 478578 |
| InterDigital, Inc.<sup>(a)</sup> | 564.0 | 170328 |
| IPG Photonics Corp.<sup>(b)</sup> | 65.0 | 7448 |
| MKS, Inc.<sup>(a)</sup> | 22.0 | 5056 |
| NCR Atleos Corp.<sup>(b)</sup> | 5659.0 | 246619 |
| NetApp, Inc. | 3377.0 | 345771 |
| ON Semiconductor Corp.<sup>(b)</sup> | 8046.0 | 498208 |
| Onto Innovation, Inc.<sup>(b)</sup> | 5.0 | 1025 |
| Qorvo, Inc.<sup>(b)</sup> | 1402.0 | 108515 |
| QUALCOMM, Inc. | 4837.0 | 622909 |
| Seagate Technology Holdings PLC | 17.0 | 6660 |
| Skyworks Solutions, Inc. | 12102.0 | 648062 |
| TD SYNNEX Corp. | 4557.0 | 768811 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zebra Technologies, Corp. - Class A<sup>(b)</sup> | 421 | 88023 |
|  |  | 6228554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications - 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Array Digital Infrastructure, Inc. <sup>(a)</sup> | 13978 | 644945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc. | 8775 | 254387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rogers Communications, Inc. | 28855 | 1109475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telus Corp.<sup>(a)</sup> | 43470 | 557720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | 644 | 135259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 9468 | 475294 |
|  |  | 3177080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Utilities - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Algonquin Power & Utilities Corp. <sup>(a)</sup> | 107474 | 659890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Infrastructure Corp. | 747 | 29522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emera, Inc.<sup>(b)</sup> | 4535 | 235231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MDU Resources Group, Inc. | 689 | 14276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Talen Energy Corp.<sup>(b)</sup> | 27 | 8619 |
|  |  | 947538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS (Cost $212,893,204)** |  | 213362582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SHORT-TERM INVESTMENTS - 11.2%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investments Purchased with Proceeds from Securities Lending - 11.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mount Vernon Liquid Assets Portfolio, LLC, 3.74%<sup>(c)</sup> | 23595600 | 23595600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Money Market Funds - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 3.59%<sup>(c)</sup> | 324906 | 324906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT-TERM INVESTMENTS (Cost $23,920,506)** |  | 23920506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS - 111.0% (Cost $236,813,710)** |  | 237283088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities in Excess of Other Assets - (11.0)% |  | (23484480) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL NET ASSETS - 100.0%** |  | $213798608 |

---

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

PLC Public Limited Company

REIT Real Estate Investment Trust

(a) All or a portion of this security is on loan as of March 31, 2026. The total market value of these securities was $23,378,586 which represented 11.0% of net assets.

(b) Non-income producing security.

(c) The rate shown represents the 7-day
 annualized effective yield as of March 31, 2026.

The accompanying notes are an integral part of these financial statements.

**Gotham Enhanced 500 ETF**

**Schedule of Investments**

**March 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**COMMON STOCKS - 99.9%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banking - 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | 76679 | $3738101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. | 18361 | 2082321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | 4497 | 269685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 1907 | 88599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | 12885 | 201650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 28393 | 8352085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KeyCorp | 6601 | 132350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M&T Bank Corp. | 469 | 96952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. | 4105 | 854210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regions Financial Corp. | 9110 | 237953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corp. | 13257 | 609424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Bancorp | 16307 | 848127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 9698 | 772058 |
|  |  | 18283515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Discretionary Products - 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aptiv PLC <sup>(a)</sup> | 7446 | 517050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.R. Horton, Inc. | 908 | 124596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deckers Outdoor Corp.<sup>(a)</sup> | 4028 | 403163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Co. | 104654 | 1207707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors Co. | 23777 | 1771386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hasbro, Inc. | 3684 | 344822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lennar Corp. - Class A<sup>(b)</sup> | 902 | 78330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Masco Corp.<sup>(b)</sup> | 5382 | 324911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nike, Inc. - Class B | 5369 | 283591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVR, Inc.<sup>(a)</sup> | 11 | 72488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PulteGroup, Inc. | 597 | 70213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ralph Lauren Corp. - Class A | 1586 | 545568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tapestry, Inc. | 5312 | 749576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc.<sup>(a)</sup> | 22838 | 8490027 |
|  |  | 14983428 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Discretionary Services - 0.8%** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carnival Corp. | 5065 | 131082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc. - Class A<sup>(a)</sup> | 4827 | 154512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | 361 | 70771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domino's Pizza, Inc.<sup>(b)</sup> | 104 | 37314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | 722 | 219546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | 17784 | 958202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.<sup>(a)(b)</sup> | 736 | 112247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marriott International, Inc. - Class A | 986 | 322491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corp. | 5285 | 1642525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MGM Resorts International<sup>(a)</sup> | 1199 | 44375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 1318 | 24647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd.<sup>(b)</sup> | 1011 | 278207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starbucks Corp. | 4156 | 372336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TKO Group Holdings, Inc. - Class A | 243 | 49001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wynn Resorts Ltd. | 375 | 38081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | 1012 | 157346 |
|  |  | 4612683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Staple Products - 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altria Group, Inc. | 44008 | 2904088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brown-Forman Corp. - Class B<sup>(b)</sup> | 1756 | 46429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Campbell's Co.<sup>(b)</sup> | 7794 | 173572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Church & Dwight Co., Inc. | 876 | 81748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clorox Co. | 3185 | 330062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Co. | 57363 | 4362456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 21047 | 1793836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conagra Brands, Inc. | 12751 | 200446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Brands, Inc. - Class A | 4837 | 725550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Estee Lauder Cos., Inc. - Class A | 9512 | 682676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Mills, Inc. | 14430 | 537085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hershey Co. | 627 | 130347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hormel Foods Corp. | 14469 | 327723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.M. Smucker Co. | 2807 | 270707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kenvue, Inc. | 50437 | 869534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | 36463 | 960071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | 8846 | 853374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kraft Heinz Co. | 37050 | 833254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McCormick & Co., Inc. | 985 | 49683 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Molson Coors Beverage Co. - Class B | 5281 | 227400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mondelez International, Inc. - Class A<sup>(b)</sup> | 4783.0 | 275692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monster Beverage Corp.<sup>(a)</sup> | 5242.0 | 379835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 34336.0 | 5332037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 5706.0 | 943430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 33640.0 | 4858962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tyson Foods, Inc. - Class A<sup>(b)</sup> | 9478.0 | 607255 |
|  |  | 28757252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Services - 6.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Co. | 7207.0 | 2179973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | 966.0 | 429290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | 6044.0 | 673422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares Management Corp. | 2297.0 | 250603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 7275.0 | 863033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackrock, Inc. | 1628.0 | 1565664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone, Inc. | 7872.0 | 905201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Block, Inc. - Class A<sup>(a)(b)</sup> | 2242.0 | 134924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | 3015.0 | 489877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 6552.0 | 1195281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | 2749.0 | 772661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 18453.0 | 1734213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CME Group, Inc. - Class A | 1124.0 | 331973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coinbase Global, Inc. - Class A<sup>(a)</sup> | 977.0 | 170594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corpay, Inc.<sup>(a)</sup> | 1829.0 | 532221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equifax, Inc. | 378.0 | 68066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | 995.0 | 215905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair Isaac Corp.<sup>(a)</sup> | 74.0 | 78998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | 13619.0 | 638867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiserv, Inc.<sup>(a)</sup> | 15806.0 | 881975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franklin Resources, Inc. | 14377.0 | 339585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Payments, Inc. | 868.0 | 58416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | 3229.0 | 2731702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interactive Brokers Group, Inc. - Class A | 4715.0 | 316235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 2102.0 | 330603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco Ltd. | 4650.0 | 112949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc.<sup>(b)</sup> | 261.0 | 41248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR & Co., Inc. | 9565.0 | 884763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | 9410.0 | 4701801 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moody's Corp. | 650.0 | 283563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 16643.0 | 2738939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSCI, Inc. - Class A | 244.0 | 131518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nasdaq, Inc. | 13058.0 | 1108494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern Trust Corp. | 1948.0 | 271882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PayPal Holdings, Inc. | 27092.0 | 1225371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | 1819.0 | 263373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robinhood Markets, Inc. - Class A<sup>(a)</sup> | 9584.0 | 664171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P Global, Inc. | 7426.0 | 3158575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Corp. | 2925.0 | 370188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synchrony Financial | 1288.0 | 87610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | 2924.0 | 263569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. - Class A | 3662.0 | 694865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 27358.0 | 8268682 |
|  |  | 43160843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care - 9.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | 18290.0 | 1877834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. | 5558.0 | 1208809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | 1031.0 | 117513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Align Technology, Inc.<sup>(a)</sup> | 1881.0 | 322460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amgen, Inc. | 3524.0 | 1239919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baxter International, Inc. | 13457.0 | 226078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Becton Dickinson & Co.<sup>(b)</sup> | 1048.0 | 164777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Biogen, Inc.<sup>(a)</sup> | 3845.0 | 704904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bio-Techne Corp. | 452.0 | 23622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corp.<sup>(a)</sup> | 13867.0 | 870154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 53504.0 | 3245018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | 6207.0 | 1311601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | 715.0 | 224610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centene Corp.<sup>(a)</sup> | 1828.0 | 59849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc.<sup>(a)</sup> | 181.0 | 31223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cigna Group | 6977.0 | 1861115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cooper Cos., Inc.<sup>(a)</sup> | 567.0 | 40541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp. | 19156.0 | 1375784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danaher Corp. | 7440.0 | 1410624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DaVita, Inc.<sup>(a)(b)</sup> | 1971.0 | 302923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dexcom, Inc.<sup>(a)</sup> | 1231.0 | 77307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp.<sup>(a)</sup> | 2101.0 | 168248 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 811.0 | 237420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 2968.0 | 2729877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | 12219.0 | 869748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 32656.0 | 4551267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | 5908.0 | 2795902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Henry Schein, Inc.<sup>(a)</sup> | 429.0 | 31617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Humana, Inc. | 435.0 | 75425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.<sup>(a)</sup> | 252.0 | 141596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incyte Corp.<sup>(a)</sup> | 5203.0 | 489706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insulet Corp.<sup>(a)</sup> | 212.0 | 44486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.<sup>(a)</sup> | 1116.0 | 514465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc.<sup>(a)</sup> | 2796.0 | 476830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 17179.0 | 4199235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Labcorp Holdings, Inc. | 302.0 | 80577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McKesson Corp. | 451.0 | 390277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medtronic PLC | 21328.0 | 1848071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 33998.0 | 4089619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc.<sup>(a)</sup> | 60.0 | 75672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moderna, Inc.<sup>(a)</sup> | 1434.0 | 72847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pfizer, Inc. | 149428.0 | 4195938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | 2890.0 | 566382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | 398.0 | 307511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ResMed, Inc.<sup>(b)</sup> | 3834.0 | 860656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revvity, Inc. | 363.0 | 31803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solventum Corp.<sup>(a)</sup> | 4522.0 | 295287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STERIS PLC | 308.0 | 68108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stryker Corp. | 1193.0 | 392008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 1182.0 | 580989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 23826.0 | 6447077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Universal Health Services, Inc. - Class B | 1636.0 | 292795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 795.0 | 354999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viatris, Inc. | 30289.0 | 409204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waters Corp.<sup>(a)</sup> | 216.0 | 64325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West Pharmaceutical Services, Inc. | 225.0 | 56394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc.<sup>(b)</sup> | 744.0 | 67273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zoetis, Inc. - Class A | 11172.0 | 1320642 |
|  |  | 56890941 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial Products - 7.4%** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M Co. | 1660 | 241082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.O. Smith Corp. | 3734 | 246220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allegion PLC<sup>(b)</sup> | 2262 | 328646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMETEK, Inc. | 6039 | 1294520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amphenol Corp. | 32905 | 4157547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc.<sup>(a)</sup> | 252 | 107022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing Co.<sup>(a)</sup> | 2459 | 489415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carrier Global Corp. | 2703 | 152206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caterpillar, Inc. | 9153 | 6484534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cummins, Inc. | 3700 | 1990674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deere & Co.<sup>(b)</sup> | 1930 | 1087169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dover Corp. | 3566 | 743333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton Corp. PLC | 1214 | 434211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerson Electric Co. | 2051 | 268722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortive Corp. | 1364 | 75402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GE Aerospace | 3834 | 1087974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GE Vernova, Inc. | 848 | 740219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generac Holdings, Inc.<sup>(a)</sup> | 181 | 35355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Dynamics Corp. | 7113 | 2441324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honeywell International, Inc. | 16710 | 3776961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | 1466 | 337854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hubbell, Inc. | 243 | 119250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntington Ingalls Industries, Inc.<sup>(b)</sup> | 142 | 53946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDEX Corp. | 592 | 112214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc.<sup>(b)</sup> | 9057 | 2357446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | 1438 | 115213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson Controls International PLC | 16085 | 2106331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keysight Technologies, Inc.<sup>(a)</sup> | 2506 | 707619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 751 | 259208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lennox International, Inc. | 125 | 58016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 6023 | 3640241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nordson Corp. | 1464 | 389512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | 1490 | 1016538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | 10211 | 787064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PACCAR, Inc. | 1644 | 189882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | 463 | 414496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pentair PLC | 3095 | 269605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | 465 | 166879 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RTX Corp. | 4231 | 816160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snap-on, Inc. | 1364.0 | 495432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc. | 4112.0 | 292199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TE Connectivity PLC | 7719.0 | 1613425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Textron, Inc. | 4778.0 | 418362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trane Technologies PLC | 695.0 | 289634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | 177.0 | 205136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trimble, Inc.<sup>(a)(b)</sup> | 897.0 | 58511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veralto Corp. | 6624.0 | 585694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertiv Holdings Co. - Class A | 1201.0 | 300947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | 4495.0 | 1123345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xylem, Inc. | 6489.0 | 775435 |
|  |  | 46258130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial Services - 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | 10896.0 | 2213849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.H. Robinson Worldwide, Inc.<sup>(b)</sup> | 3103.0 | 515315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cintas Corp. | 1253.0 | 211933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | 129.0 | 177890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSX Corp. | 6808.0 | 279468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | 17132.0 | 1138935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | 1186.0 | 875636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc.<sup>(b)</sup> | 3520.0 | 504170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fastenal Co. | 3663.0 | 169963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FedEx Corp. | 6296.0 | 2242509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.B. Hunt Transport Services, Inc. | 2476.0 | 524664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jacobs Solutions, Inc. | 3126.0 | 397877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 821.0 | 235627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | 659.0 | 128769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paychex, Inc. | 9575.0 | 882049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc. | 469.0 | 257490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic Services, Inc. - Class A | 979.0 | 214421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rollins, Inc. | 1513.0 | 80809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southwest Airlines Co.<sup>(b)</sup> | 1617.0 | 60751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Union Pacific Corp. | 14794.0 | 3589320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc.<sup>(a)</sup> | 1011.0 | 93083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Parcel Service, Inc. - Class B | 22304.0 | 2194268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Rentals, Inc.<sup>(b)</sup> | 194.0 | 141341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W.W. Grainger, Inc. | 149.0 | 162531 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waste Management, Inc. | 1256 | 288616 |
|  |  | 17581284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance - 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aflac, Inc. | 1610.0 | 176633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allstate Corp. | 814.0 | 168775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American International Group, Inc. | 1973.0 | 148468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aon PLC - Class A | 789.0 | 254673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arch Capital Group Ltd.<sup>(a)</sup> | 1120.0 | 107509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co. | 942.0 | 204018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assurant, Inc. | 154.0 | 33543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | 22714.0 | 10884549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 8864.0 | 578022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chubb Ltd. | 1434.0 | 467384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | 569.0 | 89532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Erie Indemnity Co. - Class A | 188.0 | 47246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Everest Group Ltd. | 118.0 | 38568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Globe Life, Inc. | 248.0 | 34514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hartford Financial Services Group, Inc. | 4404.0 | 595553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loews Corp. | 5432.0 | 579812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | 13074.0 | 2267685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MetLife, Inc. | 2046.0 | 144693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Financial Group, Inc. | 5701.0 | 513717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progressive Corp. | 2146.0 | 425423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | 1284.0 | 125434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travelers Cos., Inc. | 672.0 | 196009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W.R. Berkley Corp. | 1159.0 | 76819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | 2557.0 | 743320 |
|  |  | 18901899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Materials - 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Products and Chemicals, Inc. | 805.0 | 233844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albemarle Corp. | 363.0 | 65169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amcor PLC | 1517.0 | 60301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avery Dennison Corp.<sup>(b)</sup> | 850.0 | 146778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ball Corp. | 8395.0 | 496228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | 4193.0 | 544419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corteva, Inc. | 17653.0 | 1477733 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRH PLC | 2081 | 218755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dow, Inc.<sup>(b)</sup> | 2510.0 | 104542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | 10843.0 | 496609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ecolab, Inc. | 883.0 | 234896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 4502.0 | 264628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc.<sup>(b)</sup> | 935.0 | 67834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Paper Co.<sup>(b)</sup> | 1578.0 | 56335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Linde PLC | 1501.0 | 744136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LyondellBasell Industries NV - Class A | 1181.0 | 95141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | 186.0 | 109494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mosaic Co. | 1152.0 | 29376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newmont Corp. | 28622.0 | 3098332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nucor Corp. | 719.0 | 121583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Packaging Corp. of America | 275.0 | 58361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPG Industries, Inc.<sup>(b)</sup> | 5875.0 | 627920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qnity Electronics, Inc. | 648.0 | 74766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | 800.0 | 256440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smurfit WestRock PLC | 1919.0 | 76472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | 450.0 | 81000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vulcan Materials Co.<sup>(b)</sup> | 407.0 | 110826 |
|  |  | 9951918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media - 10.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbnb, Inc. - Class A <sup>(a)</sup> | 2229.0 | 281478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 104877.0 | 30158430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AppLovin Corp. - Class A<sup>(a)</sup> | 1243.0 | 494714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | 846.0 | 3561931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charter Communications, Inc. - Class A<sup>(a)(b)</sup> | 3655.0 | 789041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comcast Corp. - Class A | 101181.0 | 2904907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DoorDash, Inc. - Class A<sup>(a)</sup> | 1352.0 | 203003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | 2620.0 | 534139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expedia Group, Inc. - Class A | 3218.0 | 743004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fox Corp. - Class A | 2025.0 | 118260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GoDaddy, Inc. - Class A<sup>(a)</sup> | 3751.0 | 310095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 31897.0 | 18249231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc.<sup>(a)</sup> | 15483.0 | 1488690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;News Corp. - Class A | 15115.0 | 376817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Omnicom Group, Inc.<sup>(b)</sup> | 8226.0 | 619500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paramount Skydance Corp. - Class B | 3950.0 | 35629 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.<sup>(a)</sup> | 1935 | 382163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade Desk, Inc. - Class A<sup>(a)</sup> | 1577.0 | 35782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies, Inc.<sup>(a)</sup> | 7586.0 | 545661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VeriSign, Inc. | 338.0 | 83946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Co. | 46548.0 | 4486296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warner Bros Discovery, Inc.<sup>(a)</sup> | 26056.0 | 715498 |
|  |  | 67118215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil & Gas - 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APA Corp. | 9334.0 | 396135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baker Hughes Co. | 25937.0 | 1583454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | 17302.0 | 3579784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | 32268.0 | 4259376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | 2496.0 | 87709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Devon Energy Corp. | 16497.0 | 830129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy, Inc.<sup>(b)</sup> | 953.0 | 188494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 2011.0 | 290730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT Corp. | 2232.0 | 142044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expand Energy Corp. | 6270.0 | 688321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 39324.0 | 6671710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halliburton Co. | 23775.0 | 926987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 6992.0 | 234442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 922.0 | 225134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 21658.0 | 1407770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc. | 2314.0 | 209162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phillips 66 | 1256.0 | 228818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SLB NV | 5625.0 | 289069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corp.<sup>(a)</sup> | 663.0 | 166234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Pacific Land Corp.<sup>(b)</sup> | 243.0 | 115318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valero Energy Corp. | 8023.0 | 1982323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams Cos., Inc. | 3834.0 | 279039 |
|  |  | 24782182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Real Estate - 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. - REIT | 607.0 | 28177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Tower Corp. - REIT | 1688.0 | 291315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. - REIT | 501.0 | 81838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BXP, Inc. - REIT | 448.0 | 23251 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Camden Property Trust - REIT | 349.0 | 34083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CBRE Group, Inc. - Class A<sup>(a)</sup> | 922.0 | 124894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoStar Group, Inc.<sup>(a)(b)</sup> | 1553.0 | 62648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Castle, Inc. - REIT | 1591.0 | 129364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. - REIT | 1065.0 | 191924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equinix, Inc. - REIT | 308.0 | 301914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Residential - REIT | 1421.0 | 84052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. - REIT | 227.0 | 54934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. - REIT | 787.0 | 103199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Realty Investment Trust - REIT | 2256.0 | 239610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. - REIT | 2378.0 | 39071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. - REIT | 4805.0 | 92064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invitation Homes, Inc. - REIT | 2294.0 | 57006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain, Inc. - REIT | 924.0 | 94377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kimco Realty Corp. - REIT | 2505.0 | 56287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. - REIT | 368.0 | 44940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prologis, Inc. - REIT | 18700.0 | 2471766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Storage - REIT | 550.0 | 148984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realty Income Corp. - REIT | 24548.0 | 1501847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regency Centers Corp. - REIT | 4811.0 | 364000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBA Communications Corp. - Class A - REIT | 324.0 | 55764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group, Inc. - REIT | 8702.0 | 1623184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UDR, Inc. - REIT | 1089.0 | 36787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ventas, Inc. - REIT | 12473.0 | 1020042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VICI Properties, Inc. - REIT | 3362.0 | 91850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Welltower, Inc. - REIT | 18320.0 | 3622047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weyerhaeuser Co. - REIT | 2631.0 | 64275 |
|  |  | 13135494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Renewable Energy - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Solar, Inc.<sup>(a)</sup> | 2814.0 | 555090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail & Wholesale - Discretionary - 6.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>(a)</sup> | 135523.0 | 28225375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoZone, Inc.<sup>(a)</sup> | 56.0 | 189156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bath & Body Works, Inc. | 5808.0 | 108435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Best Buy Co., Inc. | 6558.0 | 421024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Builders FirstSource, Inc.<sup>(a)</sup> | 406.0 | 33426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carvana Co. - Class A<sup>(a)</sup> | 521.0 | 163792 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copart, Inc.<sup>(a)</sup> | 25306.0 | 840159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;eBay, Inc. | 11188.0 | 1018332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genuine Parts Co. | 3609.0 | 381652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. | 3619.0 | 1190253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | 1755.0 | 414671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.<sup>(a)</sup> | 3256.0 | 498494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.<sup>(a)</sup> | 2683.0 | 247668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool Corp. | 136.0 | 27517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ross Stores, Inc. | 8552.0 | 1852620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TJX Cos., Inc. | 11617.0 | 1855235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tractor Supply Co. | 1582.0 | 71664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.<sup>(a)</sup> | 1164.0 | 608434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | 888.0 | 161909 |
|  |  | 38309816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail & Wholesale - Staples - 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | 1769.0 | 128589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge Global SA | 597.0 | 75938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 1394.0 | 1389024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollar General Corp. | 5773.0 | 685428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollar Tree, Inc.<sup>(a)</sup> | 5213.0 | 570876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kroger Co. | 2016.0 | 145878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sysco Corp. | 7295.0 | 520352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target Corp.<sup>(b)</sup> | 1656.0 | 200707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | 25065.0 | 3115078 |
|  |  | 6831870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software & Tech Services - 8.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accenture PLC - Class A | 16737.0 | 3318780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adobe, Inc.<sup>(a)</sup> | 11629.0 | 2826777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Akamai Technologies, Inc.<sup>(a)</sup> | 452.0 | 51912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Autodesk, Inc.<sup>(a)</sup> | 665.0 | 159201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.<sup>(a)</sup> | 852.0 | 236745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW Corp. | 3394.0 | 410742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp. - Class A | 13055.0 | 800924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CrowdStrike Holdings, Inc. - Class A<sup>(a)</sup> | 792.0 | 309205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Datadog, Inc. - Class A<sup>(a)</sup> | 1082.0 | 127730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EPAM Systems, Inc.<sup>(a)(b)</sup> | 1474.0 | 199580 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortinet, Inc.<sup>(a)</sup> | 2438 | 199233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gartner, Inc.<sup>(a)</sup> | 2266.0 | 358798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gen Digital, Inc. | 19568.0 | 368465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corp. | 3078.0 | 746076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuit, Inc. | 2518.0 | 1088733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | 3402.0 | 529079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 93821.0 | 34729720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp. | 10400.0 | 1529944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 8920.0 | 1304818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.<sup>(a)</sup> | 2209.0 | 354147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PTC, Inc.<sup>(a)</sup> | 3185.0 | 453831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 2873.0 | 1016640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce, Inc. | 3393.0 | 633371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ServiceNow, Inc.<sup>(a)</sup> | 3299.0 | 344911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synopsys, Inc.<sup>(a)</sup> | 601.0 | 238285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tyler Technologies, Inc.<sup>(a)</sup> | 130.0 | 44509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Workday, Inc. - Class A<sup>(a)</sup> | 949.0 | 123294 |
|  |  | 52505450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tech Hardware & Semiconductors - 23.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. <sup>(a)</sup> | 5967.0 | 1213867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 9624.0 | 3061779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 170003.0 | 43145061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Materials, Inc. | 2906.0 | 993242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arista Networks, Inc.<sup>(a)</sup> | 3948.0 | 484735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 35599.0 | 11018247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ciena Corp.<sup>(a)</sup> | 435.0 | 168880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 103918.0 | 8062998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coherent Corp.<sup>(a)</sup> | 588.0 | 140067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corning, Inc. | 2529.0 | 343868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dell Technologies, Inc. - Class C | 18960.0 | 3111905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F5, Inc.<sup>(a)</sup> | 1496.0 | 432838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garmin Ltd. | 707.0 | 164031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | 35010.0 | 833588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HP, Inc. | 29577.0 | 568174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intel Corp.<sup>(a)</sup> | 15672.0 | 691605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jabil, Inc. | 2866.0 | 761296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KLA Corp. | 481.0 | 708229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | 14630.0 | 3125846 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc.<sup>(a)</sup> | 224.0 | 157418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | 1881.0 | 121531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 29621.0 | 10007159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | 148.0 | 161816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | 584.0 | 253438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NetApp, Inc. | 5191.0 | 531507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 251192.0 | 43807885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NXP Semiconductors NV | 6639.0 | 1306954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ON Semiconductor Corp.<sup>(a)</sup> | 10403.0 | 644154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 28228.0 | 3635202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sandisk Corp.<sup>(a)</sup> | 545.0 | 346260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seagate Technology Holdings PLC | 685.0 | 268356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc.<sup>(b)</sup> | 4300.0 | 230265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Super Micro Computer, Inc.<sup>(a)(b)</sup> | 2299.0 | 52348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teledyne Technologies, Inc.<sup>(a)</sup> | 145.0 | 87726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teradyne, Inc. | 483.0 | 143190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 2846.0 | 552522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Digital Corp. | 8925.0 | 2414123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zebra Technologies, Corp. - Class A<sup>(a)</sup><br>| 1344.0 | 281004 |
|  |  | 144033114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications - 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc. | 25688.0 | 744695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EchoStar Corp. - Class A<sup>(a)(b)</sup> | 904.0 | 105831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | 29128.0 | 6117754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 110921.0 | 5568234 |
|  |  | 12536514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Utilities - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AES Corp. | 2525.0 | 35577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alliant Energy Corp.<sup>(b)</sup> | 913.0 | 65517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ameren Corp. | 965.0 | 106073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | 1693.0 | 221918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Water Works Co., Inc. | 588.0 | 80021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atmos Energy Corp. | 519.0 | 95870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. | 2042.0 | 88133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMS Energy Corp. | 1010.0 | 78356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | 1126.0 | 127441 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Energy Corp. | 1138 | 317786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | 3162 | 195475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTE Energy Co. | 793 | 115952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Corp. | 2436 | 318970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edison International | 1441 | 105452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entergy Corp. | 1419 | 159439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evergy, Inc. | 755 | 61850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eversource Energy | 1332 | 92281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exelon Corp. | 3703 | 181521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstEnergy Corp. | 2159 | 109375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 7365 | 684061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NiSource, Inc. | 1503 | 70130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc. | 725 | 105951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG&E Corp. | 22994 | 404005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. | 369 | 37177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPL Corp. | 2324 | 88777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. | 1564 | 126606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sempra | 2050 | 199198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Co. | 3517 | 339461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Corp. | 2075 | 311935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | 1072 | 124105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | 2124 | 168730 |
|  |  | 5217143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS (Cost $628,826,409)** |  | 624406781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SHORT-TERM INVESTMENTS - 1.5%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investments Purchased with Proceeds from Securities Lending - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mount Vernon Liquid Assets Portfolio, LLC, 3.74%<sup>(c)</sup> | 8911937 | 8911937 |

---

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Money Market Funds - 0.1%** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 3.59%<sup>(c)</sup> | 726054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT-TERM INVESTMENTS (Cost $9,637,991)** | 9637991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS - 101.4% (Cost $638,464,400)** | 634044772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities in Excess of Other Assets - (1.4)% | (8904224) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL NET ASSETS - 100.0%** | $625140548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Percentages are stated as a percent of net assets. |  |

---

PLC Public Limited Company <br> REIT Real Estate Investment Trust

(a) Non-income producing security.

(b) All or a portion of this security is on loan as of
 March 31, 2026. The total market value of these securities was $8,827,498 which represented 1.4% of net assets.

(c) The rate shown represents the 7-day annualized effective
 yield as of March 31, 2026.

The accompanying notes are an integral part of these financial statements.

**Gotham Short Strategies ETF**

**Schedule of Investments**

**March 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**COMMON STOCKS - 89.2%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Discretionary Products - 5.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Armstrong World Industries, Inc. | 19 | $3131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BorgWarner, Inc. | 2542 | 137929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BRP, Inc. | 743 | 53355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Champion Homes, Inc.<sup>(a)</sup> | 527 | 39193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors Co. | 3621 | 269764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gentex Corp. | 1659 | 36249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magna International, Inc. | 193 | 10771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Masco Corp. | 121 | 7305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SharkNinja, Inc.<sup>(a)</sup> | 1643 | 173994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Somnigroup International, Inc. | 2 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tapestry, Inc. | 1556 | 219567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VF Corp. | 2011 | 34167 |
|  |  | 985573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Discretionary Services - 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc. - Class A <sup>(a)</sup> | 1267 | 40557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | 242 | 86827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyatt Hotels Corp. - Class A | 759 | 109137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Planet Fitness, Inc. - Class A<sup>(a)</sup> | 533 | 39644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viking Holdings Ltd.<sup>(a)</sup> | 1662 | 122124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wingstop, Inc. | 756 | 117157 |
|  |  | 515446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Staple Products - 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Church & Dwight Co., Inc. | 243 | 22677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clorox Co. | 404 | 41866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Co. | 1034 | 78636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | 5 | 959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Estee Lauder Cos., Inc. - Class A | 1224 | 87846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hormel Foods Corp. | 400 | 9060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.M. Smucker Co. | 1442 | 139066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Primo Brands Corp. | 2940 | 55360 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reynolds Consumer Products, Inc. | 265.0 | 5613 |
|  |  | 441083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Services - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Circle Internet Group, Inc. - Class A <sup>(a)</sup> | 1021.0 | 97414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equifax, Inc. | 87.0 | 15666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. - Class A | 50.0 | 9487 |
|  |  | 122567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care - 8.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Align Technology, Inc. <sup>(a)</sup> | 831.0 | 142458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | 240.0 | 79409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arrowhead Pharmaceuticals, Inc.<sup>(a)</sup> | 2196.0 | 137689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bio-Rad Laboratories, Inc. - Class A<sup>(a)</sup> | 22.0 | 6132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bio-Techne Corp. | 7.0 | 366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dexcom, Inc.<sup>(a)</sup> | 127.0 | 7976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encompass Health Corp. | 27.0 | 2612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exelixis, Inc.<sup>(a)</sup> | 2891.0 | 123995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 50.0 | 6968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HealthEquity, Inc.<sup>(a)</sup> | 136.0 | 11366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Henry Schein, Inc.<sup>(a)</sup> | 93.0 | 6854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incyte Corp.<sup>(a)</sup> | 1265.0 | 119062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insulet Corp.<sup>(a)</sup> | 25.0 | 5246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McKesson Corp. | 138.0 | 119420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medtronic PLC | 39.0 | 3379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ResMed, Inc. | 682.0 | 153095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roivant Sciences Ltd<sup>(a)</sup> | 870.0 | 24099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scholar Rock Holding Corp.<sup>(a)</sup> | 18.0 | 885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solventum Corp.<sup>(a)</sup> | 1909.0 | 124658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stryker Corp. | 629.0 | 206683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenet Healthcare Corp.<sup>(a)</sup> | 886.0 | 167197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransMedics Group, Inc.<sup>(a)</sup> | 334.0 | 33203 |
|  |  | 1482752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial Products - 6.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.O. Smith Corp. | 376.0 | 24793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAR Corp.<sup>(a)</sup> | 78.0 | 8538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGCO Corp. | 28.0 | 3244 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amphenol Corp. | 67.0 | 8465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAE, Inc.<sup>(a)</sup> | 150.0 | 3908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cognex Corp. | 283.0 | 13864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crane Co. | 517.0 | 88407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flowserve Corp. | 2079.0 | 152827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gates Industrial Corp. PLC<sup>(a)</sup> | 787.0 | 17794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Graco, Inc. | 3.0 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson Controls International PLC | 960.0 | 125712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 396.0 | 239338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moog, Inc. - Class A | 22.0 | 6438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSA Safety, Inc. | 6.0 | 984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | 58.0 | 4471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regal Rexnord Corp. | 2.0 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StandardAero, Inc.<sup>(a)</sup> | 3392.0 | 87615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc. | 3162.0 | 224692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Textron, Inc. | 836.0 | 73200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toro Co. | 4.0 | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vontier Corp. | 4.0 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions Corp. | 2507.0 | 112414 |
|  |  | 1197849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial Services - 7.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AECOM | 149.0 | 12638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APi Group Corp.<sup>(a)</sup> | 3946.0 | 159892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | 317.0 | 64408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.H. Robinson Worldwide, Inc. | 890.0 | 147802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Pacific Kansas City Ltd. | 911.0 | 71659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core & Main, Inc. - Class A<sup>(a)</sup> | 614.0 | 30332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fluor Corp.<sup>(a)</sup> | 2438.0 | 113733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GFL Environmental, Inc. | 9.0 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GXO Logistics, Inc.<sup>(a)</sup> | 2414.0 | 125166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Installed Building Products, Inc. | 81.0 | 21477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.B. Hunt Transport Services, Inc. | 779.0 | 165070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jacobs Solutions, Inc. | 754.0 | 95969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paychex, Inc. | 288.0 | 26531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ryder System, Inc. | 158.0 | 32344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SiteOne Landscape Supply, Inc.<sup>(a)</sup> | 1036.0 | 137902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stantec, Inc. | 499.0 | 43114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tetra Tech, Inc. | 625.0 | 18825 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomson Reuters Corp. | 15.0 | 1350 |
|  |  | 1268587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Materials - 18.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Drainage Systems, Inc. | 1552.0 | 212826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agnico Eagle Mines Ltd. | 1146.0 | 232615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alamos Gold, Inc. | 3763.0 | 167190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albemarle Corp. | 641.0 | 115079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amrize Ltd.<sup>(a)</sup> | 2393.0 | 134056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axalta Coating Systems Ltd.<sup>(a)</sup> | 667.0 | 18476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ball Corp. | 233.0 | 13773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. | 87.0 | 29025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coeur Mining, Inc.<sup>(a)</sup> | 678.0 | 12726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | 6156.0 | 281945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ecolab, Inc. | 85.0 | 22612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Majestic Silver Corp. | 1376.0 | 29556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hecla Mining Co. | 10866.0 | 202433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IAMGOLD Corp.<sup>(a)</sup> | 12635.0 | 237791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinross Gold Corp. | 9234.0 | 281822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newmont Corp. | 2354.0 | 254820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pan American Silver Corp. | 4406.0 | 240700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RPM International, Inc. | 137.0 | 13618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silgan Holdings, Inc. | 1539.0 | 59713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simpson Manufacturing Co., Inc. | 297.0 | 50971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sonoco Products Co. | 2013.0 | 108883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Copper Corp. | 1194.0 | 205440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SSR Mining, Inc.<sup>(a)</sup> | 4759.0 | 139914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teck Resources Ltd. | 4139.0 | 214193 |
|  |  | 3280177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AppLovin Corp. - Class A <sup>(a)</sup> | 10.0 | 3980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | 6.0 | 25262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GoDaddy, Inc. - Class A<sup>(a)</sup> | 1637.0 | 135331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maplebear, Inc.<sup>(a)</sup> | 91.0 | 3409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Match Group, Inc. | 862.0 | 26472 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warner Music Group Corp. - Class A | 2191 | 55958 |
|  |  | 250412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil & Gas - 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archrock, Inc. | 11.0 | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Natural Resources Ltd. | 6310.0 | 307486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CNX Resources Corp.<sup>(a)</sup> | 6628.0 | 255509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | 308.0 | 40656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge, Inc. | 584.0 | 31618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expand Energy Corp. | 2.0 | 220 |
|  |  | 635872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Renewable Energy - 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EnerSys | 267.0 | 46383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Solar, Inc.<sup>(a)</sup> | 1375.0 | 271233 |
|  |  | 317616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail & Wholesale - Discretionary - 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chewy, Inc. - Class A <sup>(a)</sup> | 310.0 | 8370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copart, Inc.<sup>(a)</sup> | 2392.0 | 79414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ferguson Enterprises, Inc. | 831.0 | 193839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Inc. - Class A<sup>(a)</sup> | 1577.0 | 80112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LKQ Corp. | 2731.0 | 80209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.<sup>(a)</sup> | 211.0 | 32304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macy's, Inc. | 2163.0 | 39129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.<sup>(a)</sup> | 83.0 | 43385 |
|  |  | 556762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail & Wholesale - Staples - 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | 165.0 | 120097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollar General Corp. | 1608.0 | 190918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollar Tree, Inc.<sup>(a)</sup> | 2188.0 | 239608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Five Below, Inc.<sup>(a)</sup> | 54.0 | 12338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 526.0 | 48413 |
|  |  | 611374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software & Tech Services - 12.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accenture PLC - Class A | 1340.0 | 265709 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adobe, Inc.<sup>(a)</sup> | 451.0 | 109629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amdocs Ltd. | 382.0 | 24929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Autodesk, Inc.<sup>(a)</sup> | 361.0 | 86423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bentley Systems, Inc. - Class B | 290.0 | 10185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CGI, Inc. | 381.0 | 27851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Descartes Systems Group, Inc.<sup>(a)</sup> | 1086.0 | 77714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DocuSign, Inc.<sup>(a)</sup> | 641.0 | 30390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dropbox, Inc. - Class A<sup>(a)</sup> | 896.0 | 20357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duolingo, Inc. - Class A<sup>(a)</sup> | 173.0 | 17053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EPAM Systems, Inc.<sup>(a)</sup> | 1036.0 | 140274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fastly, Inc. - Class A<sup>(a)</sup> | 1309.0 | 38040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gen Digital, Inc. | 616.0 | 11599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guidewire Software, Inc.<sup>(a)</sup> | 725.0 | 108431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuit, Inc. | 107.0 | 46265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KBR, Inc. | 127.0 | 4681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nutanix, Inc. - Class A<sup>(a)</sup> | 3648.0 | 138660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Okta, Inc. - Class A<sup>(a)</sup> | 3380.0 | 266040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open Text Corp. | 538.0 | 11965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PTC, Inc.<sup>(a)</sup> | 1321.0 | 188229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q2 Holdings, Inc.<sup>(a)</sup> | 549.0 | 25968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qualys, Inc.<sup>(a)</sup> | 809.0 | 71071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce, Inc. | 178.0 | 33227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Science Applications International Corp. | 144.0 | 13669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc. | 1170.0 | 79057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synopsys, Inc.<sup>(a)</sup> | 10.0 | 3965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UiPath, Inc. - Class A<sup>(a)</sup> | 11274.0 | 125141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veeva Systems, Inc. - Class A<sup>(a)</sup> | 415.0 | 72899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waystar Holding Corp.<sup>(a)</sup> | 2079.0 | 50125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Workday, Inc. - Class A<sup>(a)</sup> | 1132.0 | 147069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zoom Communications, Inc. - Class A<sup>(a)</sup> | 181.0 | 14551 |
|  |  | 2261166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tech Hardware & Semiconductors - 10.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allegro MicroSystems, Inc. <sup>(a)</sup> | 6126.0 | 193153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 162.0 | 51539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arista Networks, Inc.<sup>(a)</sup> | 255.0 | 31309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cirrus Logic, Inc.<sup>(a)</sup> | 150.0 | 21693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credo Technology Group Holding Ltd.<sup>(a)</sup> | 1582.0 | 148502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ingram Micro Holding Corp. | 1222.0 | 28485 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InterDigital, Inc. | 20 | 6040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | 616 | 131615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc.<sup>(a)</sup> | 12 | 8433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 899 | 303718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ON Semiconductor Corp.<sup>(a)</sup> | 3924 | 242974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qorvo, Inc.<sup>(a)</sup> | 413 | 31966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sandisk Corp.<sup>(a)</sup> | 361 | 229358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semtech Corp.<sup>(a)</sup> | 471 | 36215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silicon Laboratories, Inc.<sup>(a)</sup> | 287 | 59739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | 5185 | 277657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Super Micro Computer, Inc.<sup>(a)</sup> | 4282 | 97501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TD SYNNEX Corp. | 119 | 20076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vicor Corp.<sup>(a)</sup> | 6 | 966 |
|  |  | 1920939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Array Digital Infrastructure, Inc. | 254 | 11720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EchoStar Corp. - Class A<sup>(a)</sup> | 1350 | 158044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rogers Communications, Inc. | 1558 | 59905 |
|  |  | 229669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Utilities - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edison International | 432 | 31614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emera, Inc.<sup>(a)</sup> | 6 | 311 |
|  |  | 31925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS (Cost $16,970,095)** |  | 16109769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SHORT-TERM INVESTMENTS - 2.7%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Money Market Funds - 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 3.59%<sup>(b)</sup> | 495598 | 495598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT-TERM INVESTMENTS (Cost $495,598)** |  | 495598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS - 91.9% (Cost $17,465,693)** |  | 16605367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Assets in Excess of Liabilities - 8.1% |  | 1470727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL NET ASSETS - 100.0%** |  | $18076094 |

---

The accompanying notes are an integral part of these financial statements.

Percentages are stated as a percent of net assets.

PLC Public Limited Company

(a) Non-income producing security.

(b) The rate shown represents the 7-day annualized effective
 yield as of March 31, 2026.

The accompanying notes are an integral part of these financial statements.

**Gotham Short Strategies ETF**

**Schedule of Total Return Swap Contracts**

**March 31, 2026 (Unaudited)**

**TOTAL RETURN SWAPS - (0.5)%**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Reference Entity** | <br>**Counterparty** | <br>**Pay/ Receive<br> Reference Entity** | <br>**Financing Rate** | <br>**Payment<br> Frequency** | <br>**Maturity Date** |<br>**Notional Value** | **Value /**<br>**Unrealized<br> Appreciation<br> (Depreciation)** |
| A. O. Smith Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | $2704 | $12 |
| AAR Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 985 | (39) |
| Accenture PLC | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 30140 | (6517) |
| Adobe, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 20176 | (150) |
| Advanced Drainage Systems, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 21529 | (2253) |
| Advanced Drainage Systems, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 3154 | (264) |
| AECOM | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 1527 | (35) |
| AGCO Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 463 | 17 |
| Agnico Eagle Mines Ltd. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 25575 | 1301 |
| Alamos Gold, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 18483 | (503) |
| Align Technology, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 2914 | 43 |
| Allegro MicroSystems, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 21440 | (3634) |
| Alnylam Pharmaceuticals, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 8603 | 209 |
| Amdocs Ltd. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 2806 | (184) |
| Amphenol Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 884 | (24) |
| Amrize Ltd. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 14453 | 19 |
| Analog Devices, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 5408 | 125 |
| API Group Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 17424 | (753) |
| AppLovin Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 398 | 4 |
| Archrock, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 35 | 0 |
| Arista Networks, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 3438 | 43 |
| Armstrong World Industries, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 330 | (3) |
| Arrowhead Pharmaceuticals, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 1442 | (58) |
| Autodesk, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 2633 | 26 |
| Axalta Coating Systems Ltd. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 2078 | (373) |
| Ball Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 1655 | (64) |
| Bentley Systems, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 1159 | (22) |
| Bio-Rad Laboratories, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 3066 | 82 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Bio-Techne Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 2299 | 46 |
| Booking Holdings, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 4210 | 135 |
| BorgWarner, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 15247 | 180 |
| BRP, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 2657 | 66 |
| BRP, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 3303 | 406 |
| CAE, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 469 | (63) |
| Canadian Natural Resources Ltd. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 34160 | (146) |
| Canadian Pacific Kansas City Ltd. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 8102 | 244 |
| Carlisle Cos., Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 3003 | (50) |
| Casey's General Stores, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 13829 | 958 |
| CGI, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 3070 | (246) |
| CH Robinson Worldwide, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 15943 | (555) |
| Champion Homes, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 4537 | (608) |
| Chipotle Mexican Grill, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 4577 | (179) |
| Church & Dwight Co., Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 1960 | (9) |
| Circle Internet Group, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 10877 | 5 |
| Cirrus Logic, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 6797 | 359 |
| Clorox Co. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 4767 | 40 |
| CNX Resources Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 23130 | 69 |
| CNX Resources Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 4626 | 512 |
| Coca-Cola Co. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 8670 | (104) |
| Coca-Cola Consolidated, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 192 | 12 |
| Coeur Mining, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 1370 | (356) |
| Cognex Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 1323 | 8 |
| ConocoPhillips | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 6336 | 721 |
| Copart, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 8732 | 13 |
| Core & Main, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 4792 | 66 |
| Crane Co. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 4617 | (175) |
| Credo Technology Group Holding Ltd. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 16615 | (2394) |
| Dexcom, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 1130 | 3 |
| Docusign, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 3366 | 20 |
| Dollar General Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 21134 | (2777) |
| Dollar Tree, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 26939 | (1207) |
| Domino's Pizza, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 9329 | (696) |
| Dropbox, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 2295 | 13 |
| Duolingo, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 1577 | (7) |
| DuPont de Nemours, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 15068 | (1228) |
| EchoStar Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 17561 | 473 |
| Ecolab, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 2660 | 73 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Edison International | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 5415 | 68 |
| Elevance Health, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 878 | (166) |
| Emera, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 52 | (1) |
| Enbridge, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 6551 | 110 |
| Encompass Health Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 193 | (3) |
| EnerSys | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 6254 | 190 |
| EPAM Systems, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 15029 | (2553) |
| Equifax, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 1621 | 60 |
| Estee Lauder Cos., Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 9761 | (10) |
| Exelixis, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 14282 | 373 |
| Expand Energy Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 1098 | 26 |
| Fastly, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 4214 | 53 |
| Ferguson Enterprises, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 21693 | (693) |
| First Majestic Silver Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 13060 | (4168) |
| First Solar, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 30575 | (27) |
| Five Below, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 1371 | (34) |
| Floor & Decor Holdings, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 8788 | (2293) |
| Flowserve Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 16907 | (468) |
| Fluor Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 14415 | 537 |
| Gates Industrial Corp. PLC | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 1877 | 1 |
| Gen Digital, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 1224 | 17 |
| General Motors Co. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 29800 | (4262) |
| Gentex Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 4567 | (56) |
| GFL Environmental, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 83 | 4 |
| Gilead Sciences, Inc. | Morgan Stanley | Receive | EFFR + 0.00% | Termination | 11/14/2030 | 836 | 20 |
| GoDaddy, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 16451 | (5187) |
| Graphic Packaging Holding Co. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/08/2029 | 11312 | (18094) |
| Guidewire Software, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 11815 | (818) |
| GXO Logistics, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 14414 | (1523) |
| HealthEquity, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 1170 | 40 |
| Hecla Mining Co. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 22412 | (1792) |
| Henry Schein, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 663 | (96) |
| Hormel Foods Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 1019 | (18) |
| Hyatt Hotels Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 11791 | (1564) |
| IAMGOLD Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 26555 | (3138) |
| Incyte Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 14024 | (349) |
| Ingram Micro Holding Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 2867 | 68 |
| Installed Building Products, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 2386 | 16 |
| Insulet Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 630 | 4 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| InterDigital, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 604 | (4) |
| Intuit, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 5189 | 188 |
| J. M. Smucker Co. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 15334 | (1970) |
| Jacobs Solutions, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 11201 | (728) |
| JB Hunt Transport Services, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 18223 | 481 |
| Johnson Controls International PLC | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 15583 | (368) |
| KBR, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 479 | 0 |
| Kinross Gold Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 31283 | (1910) |
| Lam Research Corp. | Morgan Stanley | Receive | EFFR + 0.00% | Termination | 11/14/2030 | 14743 | 545 |
| LKQ Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 9075 | (892) |
| Lockheed Martin Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 26593 | (869) |
| Lululemon Athletica, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 3368 | 98 |
| Lumentum Holdings, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 703 | 318 |
| Macy's, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 4034 | (82) |
| Magna International, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 1060 | 58 |
| Maplebear, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 375 | 10 |
| Masco Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 664 | (34) |
| Match Group, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 8537 | (328) |
| McKesson Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 13846 | (27) |
| Medtronic PLC | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 260 | (13) |
| Micron Technology, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 34122 | (8662) |
| Moog, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 293 | 3 |
| MSA Safety, Inc. | Morgan Stanley | Receive | 0.00% | Termination | 11/14/2030 | 164 | 2 |
| Newmont Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 28037 | 403 |
| Nutanix, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 16572 | (685) |
| Okta, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 2519 | (425) |
| Okta, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 28021 | (512) |
| Ollie's Bargain Outlet Holdings, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 5062 | (344) |
| ON Semiconductor Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 26935 | (271) |
| Open Text Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 1668 | (327) |
| Otis Worldwide Corp. | Morgan Stanley | Receive | EFFR + 0.50% | Termination | 11/14/2030 | 617 | 4 |
| Pan American Silver Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 26987 | 1799 |
| Paychex, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 2856 | 0 |
| Planet Fitness, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 4463 | (1000) |
| Primo Brands Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 5988 | (68) |
| PTC, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 11399 | (4816) |
| PTC, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 8977 | (893) |
| Q2 Holdings, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/09/2030 | 142 | (74) |
| Q2 Holdings, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 3831 | (1952) |

---

The accompanying notes are an integral part of these financial statements.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Qorvo, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 5650 | (118) |
| Qualys, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 7731 | (3891) |
| ResMed, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 16836 | (250) |
| Reynolds Consumer Products, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 657 | (52) |
| Rogers Communications, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 6729 | 234 |
| Roivant Sciences Ltd. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 2742 | (167) |
| RPM International, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 1789 | (22) |
| Ryder System, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 4299 | (246) |
| Salesforce, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 3733 | 22 |
| Sandisk Corp. | Morgan Stanley | Receive | EFFR + 0.00% | Termination | 11/14/2030 | 26049 | 1333 |
| Science Applications International Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 1424 | (26) |
| Semtech Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 4152 | 21 |
| SharkNinja, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 19380 | (2040) |
| Silgan Holdings, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 6130 | (1388) |
| Silicon Laboratories, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 7077 | 103 |
| Simpson Manufacturing Co., Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 5492 | (477) |
| SiteOne Landscape Supply, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 15175 | (1337) |
| Skyworks Solutions, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 31113 | (3572) |
| Solventum Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 1828 | (249) |
| Solventum Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 12080 | (2623) |
| Sonoco Products Co. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 12387 | (174) |
| Southern Copper Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 23228 | 898 |
| SS&C Technologies Holdings, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 8717 | (505) |
| SSR Mining, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 15347 | 543 |
| StandardAero, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 9996 | (657) |
| Stanley Black & Decker, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 24445 | (4089) |
| Stantec, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 4666 | (350) |
| Stryker Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 23330 | (2047) |
| Super Micro Computer, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 10770 | 534 |
| Synopsys, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 1189 | (88) |
| Tapestry, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 24976 | (1554) |
| TD SYNNEX Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 8436 | 738 |
| Teck Resources Ltd. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 23753 | (124) |
| Tenet Healthcare Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 17927 | (3416) |
| Tetra Tech, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 2229 | (27) |
| Textron, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 8143 | (68) |
| Thomson Reuters Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 90 | (1) |
| Toro Co. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 3364 | 409 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| TransMedics Group, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 497.0 | (124) |
| TransMedics Group, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 4175.0 | (1336) |
| UiPath, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 13820.0 | (933) |
| Ulta Beauty, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 4182.0 | (774) |
| Veeva Systems, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 8256.0 | (63) |
| Verisk Analytics, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 949.0 | 22 |
| VF Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 3993.0 | (559) |
| Viking Holdings Ltd. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 14108.0 | 523 |
| Vontier Corp. | Morgan Stanley | Receive | 0.00% | Termination | 11/14/2030 | 71.0 | 0 |
| Warner Music Group Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 6487.0 | (654) |
| Waystar Holding Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 5714.0 | (1253) |
| Wingstop, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 13172.0 | (3836) |
| Workday, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 16240.0 | (1380) |
| Zoom Communications, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 21866.0 | (406) |
| Zurn Elkay Water Solutions Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/14/2030 | 12286.0 | (365) |
|  |  |  |  |  |  |  | (124305) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Reference Entity** | <br>**Counterparty** | <br>**Pay/ Receive<br> Reference Entity** | <br>**Financing Rate** | <br>**Payment<br> Frequency** | <br>**Maturity Date** |<br> **Notional Value** | **Value /**<br>**Unrealized<br> Appreciation<br> (Depreciation)** |
| Acushnet Holdings Corp. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (18322) | 108 |
| ADT, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (1472) | (5) |
| Advanced Micro Devices, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (197531) | 550 |
| AeroVironment, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (18305) | 4341 |
| AES Corp. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (276277) | 1241 |
| Akamai Technologies, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (552314) | (63970) |
| Albertsons Cos., Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (279252) | (509) |
| Amazon.com, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (446323) | 500 |
| Amentum Holdings, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (80405) | 13408 |
| American Airlines Group, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (34035) | 175 |
| American Water Works Co., Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (317090) | (6299) |
| Applied Digital Corp. | Morgan Stanley | Pay | EFFR + 0.00% | Termination | 11/11/2030 | (20298) | (2171) |
| AptarGroup, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (153996) | 678 |
| Aramark | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (73337) | 221 |
| Archer Aviation, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (7584) | 3053 |
| Archer Aviation, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 05/09/2030 | (8246) | 4067 |
| Archer-Daniels-Midland Co. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (19990) | (39) |

---

The accompanying notes are an integral part of these financial statements.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Argan, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (364916) | (92541) |
| Arrow Electronics, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (188154) | (34533) |
| Arrow Electronics, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 05/09/2030 | (18930) | (4214) |
| Atlassian Corp. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (45250) | 3139 |
| Avantor, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (138204) | 19167 |
| BCE, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (363506) | (6879) |
| BCE, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 05/09/2030 | (20747) | (1754) |
| BJ's Wholesale Club Holdings, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (363563) | (2934) |
| Black Hills Corp. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (5483) | 300 |
| Bloom Energy Corp. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (208384) | 8567 |
| Brady Corp. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (2518) | 464 |
| Brown-Forman Corp. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (18138) | 455 |
| Builders FirstSource, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (143584) | 35237 |
| Bunge Global SA | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (181133) | (45410) |
| Bunge Global SA | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 05/09/2030 | (124402) | (30979) |
| BWX Technologies, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (350291) | (1842) |
| Carnival Corp. | Morgan Stanley | Pay | 0.00% | Termination | 11/11/2030 | (8463) | (86) |
| Carpenter Technology Corp. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (59517) | (100) |
| Carrier Global Corp. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (68923) | 10828 |
| Cavco Industries, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (25183) | 5106 |
| Celanese Corp. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (372916) | (63135) |
| Celsius Holdings, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (288452) | 85178 |
| Cenovus Energy, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (407740) | (58968) |
| Centene Corp. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (308902) | 71714 |
| Centrus Energy Corp. | Morgan Stanley | Pay | EFFR + (0.54%) | Termination | 11/11/2030 | (11457) | 2573 |
| Century Aluminum Co. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (184052) | (17306) |
| Chart Industries, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (345893) | 387 |
| Chord Energy Corp. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (123981) | (20803) |
| Ciena Corp. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (73375) | 1245 |
| Cisco Systems, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (129498) | 6097 |
| Clearway Energy, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (15677) | (263) |
| CMS Energy Corp. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (29015) | (1317) |
| Coherent Corp. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (487854) | (43099) |
| Commercial Metals Co. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (54427) | (1205) |
| Consolidated Edison, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (428273) | (5324) |
| Corcept Therapeutics, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (13947) | (536) |
| Core Scientific, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (18610) | 741 |
| CoreWeave, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (567003) | (10826) |
| Costco Wholesale Corp. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (183343) | (868) |

---

The accompanying notes are an integral part of these financial statements.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Crescent Energy Co. | Morgan Stanley | Pay | 0.00% | Termination | 11/11/2030 | (1660) | (3) |
| CRH PLC | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (286347) | 37424 |
| CSW Industrials, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (17719) | 1634 |
| Cytokinetics, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (269176) | (15352) |
| Darling Ingredients, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (866) | (74) |
| Dick's Sporting Goods, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (68212) | 4779 |
| DigitalOcean Holdings, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (28822) | (8325) |
| Donaldson Co., Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (67132) | 4315 |
| Dow, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (22741) | (7055) |
| Duke Energy Corp. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (71624) | (3690) |
| Dutch Bros, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (76953) | (27) |
| D-Wave Quantum, Inc. | Morgan Stanley | Pay | EFFR + (0.54%) | Termination | 11/11/2030 | (19322) | 7333 |
| Eaton Corp. PLC | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (13591) | 108 |
| Elastic NV | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (74985) | 30778 |
| Electronic Arts, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (354122) | (6449) |
| Element Solutions, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (9081) | (156) |
| Elevance Health, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (878) | 250 |
| Enphase Energy, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (145153) | 2615 |
| Enpro, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (39853) | 1939 |
| Entergy Corp. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (20225) | (1307) |
| EOG Resources, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (234637) | (54944) |
| EQT Corp. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (183920) | (10359) |
| ESAB Corp. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (30448) | 10922 |
| Essential Utilities, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (29800) | (107) |
| Evergy, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (265011) | 2555 |
| Eversource Energy | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (209780) | 15121 |
| Exelon Corp. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (329169) | (4603) |
| Exxon Mobil Corp. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (385807) | (70572) |
| Fabrinet | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (398441) | (36240) |
| Federal Signal Corp. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (114412) | 2994 |
| Figma, Inc. | Morgan Stanley | Pay | 0.00% | Termination | 11/11/2030 | (4059) | (5) |
| Fox Corp. | Morgan Stanley | Pay | EFFR + (0.26%) | Termination | 11/11/2030 | (26806) | 158 |
| Franklin Electric Co., Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (1014) | 192 |
| GATX Corp. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (24416) | 733 |
| Generac Holdings, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (42973) | (5104) |
| Gildan Activewear, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (325386) | 45120 |
| GitLab, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (66500) | 44783 |
| Graham Holdings Co. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (24317) | 3 |
| Granite Construction, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (24456) | 1553 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Graphic Packaging Holding Co. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 05/09/2030 | (11312) | 12838 |
| Halliburton Co. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (3977) | (214) |
| Herc Holdings, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (12742) | 6456 |
| Hewlett Packard Enterprise Co. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (36739) | 156 |
| HF Sinclair Corp. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (2184) | (1) |
| Hims & Hers Health, Inc. | Morgan Stanley | Pay | EFFR + (0.45%) | Termination | 05/09/2030 | (6456) | 7096 |
| Hims & Hers Health, Inc. | Morgan Stanley | Pay | EFFR + (0.45%) | Termination | 11/11/2030 | (13619) | 4581 |
| Home Depot, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (152605) | 17523 |
| Hubbell, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (6380) | 29 |
| IDACORP, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 05/09/2030 | (27164) | (3892) |
| IES Holdings, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (38118) | (166) |
| Imperial Oil Ltd. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (785) | (22) |
| Ionis Pharmaceuticals, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (71861) | (79) |
| James Hardie Industries PLC | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (13485) | (700) |
| JBT Marel Corp. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (42964) | 2732 |
| Johnson & Johnson | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (40821) | (231) |
| Karman Holdings, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (18972) | (179) |
| KLA Corp. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (58896) | 1982 |
| Kratos Defense & Security Solutions, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (218017) | 16447 |
| L3Harris Technologies, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (286129) | 15794 |
| Lantheus Holdings, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (33753) | 1404 |
| Lennox International, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (262698) | 30212 |
| Life Time Group Holdings, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (60750) | 2948 |
| Linde PLC | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (401566) | (22228) |
| Live Nation Entertainment, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (34772) | 1355 |
| Louisiana-Pacific Corp. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (289181) | 39152 |
| Louisiana-Pacific Corp. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 05/09/2030 | (5456) | 393 |
| Lumen Technologies, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (260972) | 6940 |
| Lyft, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (50700) | 337 |
| LyondellBasell Industries NV | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (333760) | (41640) |
| MACOM Technology Solutions Holdings, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (68175) | 6799 |
| Marvell Technology, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (381243) | (28087) |
| MasTec, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (205270) | (71009) |
| MasTec, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 05/09/2030 | (382549) | (164343) |
| Matador Resources Co. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (67287) | (8566) |
| Matson, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (20984) | 35 |
| McCormick & Co., Inc. | Morgan Stanley | Pay | 0.00% | Termination | 11/11/2030 | (32483) | 141 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| MDU Resources Group, Inc. | Morgan Stanley | Pay | 0.00% | Termination | 11/11/2030 | (4248) | (20) |
| Mercury Systems, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (23331) | 4576 |
| Meritage Homes Corp. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (4824) | 404 |
| Modine Manufacturing Co. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 05/09/2030 | (7151) | (2213) |
| Modine Manufacturing Co. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (270454) | (63193) |
| Molina Healthcare, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (480546) | 86898 |
| Monolithic Power Systems, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (22960) | (180) |
| Mosaic Co. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (457852) | 22009 |
| MP Materials Corp. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (18580) | 3271 |
| Murphy Oil Corp. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (13612) | (2710) |
| Murphy USA, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (33590) | (1382) |
| National Fuel Gas Co. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (38524) | 280 |
| Netflix, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (102496) | (1741) |
| New Jersey Resources Corp. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (57831) | (7578) |
| New York Times Co. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (3852) | 20 |
| NewMarket Corp. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (109602) | (2727) |
| Norwegian Cruise Line Holdings Ltd. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (371980) | 30548 |
| Novanta, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (16890) | 2093 |
| NRG Energy, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (376164) | 49853 |
| Nuvalent, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (10655) | (453) |
| nVent Electric PLC | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (111775) | 2010 |
| Oklo, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (19291) | 2627 |
| Onto Innovation, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (1230) | 35 |
| Oracle Corp. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (506794) | 119124 |
| Ormat Technologies, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (20705) | (516) |
| OSI Systems, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (17524) | 1711 |
| Ovintiv, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (2196) | (256) |
| Owens Corning | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (10930) | (175) |
| Permian Resources Corp. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (158578) | (20541) |
| Phillips 66 | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (28967) | (4111) |
| Pinnacle West Capital Corp. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (21258) | (146) |
| Pool Corp. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (45120) | 3918 |
| Post Holdings, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (186944) | 883 |
| PPL Corp. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (143517) | (346) |
| Primoris Services Corp. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (429) | (1) |
| Protagonist Therapeutics, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (123950) | (16596) |
| PTC Therapeutics, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (15193) | (451) |
| Quanta Services, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (307451) | (15575) |
| QuantumScape Corp. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (31434) | 21936 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| QXO, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (18585) | 3322 |
| Reliance, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (68078) | 2710 |
| Repligen Corp. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (164948) | 6607 |
| Republic Services, Inc. | Morgan Stanley | Pay | 0.00% | Termination | 11/11/2030 | (8323) | 1 |
| Restaurant Brands International, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (192953) | (75) |
| Rhythm Pharmaceuticals, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (45224) | 396 |
| Rigetti Computing, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (18968) | 12813 |
| ROBLOX Corp. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (219736) | 84808 |
| Ross Stores, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (20147) | (299) |
| Royal Gold, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (370028) | 9138 |
| Rubrik, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (99360) | (788) |
| SailPoint, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (40025) | (2420) |
| Sanmina Corp. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (314247) | 29000 |
| Sealed Air Corp. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (35070) | (108) |
| Sempra | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (53346) | (2068) |
| Service Corp. International | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (49754) | (241) |
| SLB Ltd. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (32735) | (814) |
| Snap, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (271198) | 17246 |
| Southern Co. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (29053) | (112) |
| Southwest Gas Holdings, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (10862) | (603) |
| Southwest Gas Holdings, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 05/09/2030 | (93157) | (13782) |
| Sprouts Farmers Market, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (91322) | 5616 |
| SPX Technologies, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (86374) | 6546 |
| Sterling Infrastructure, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (72901) | 3718 |
| Summit Therapeutics, Inc. | Morgan Stanley | Pay | EFFR + (0.74%) | Termination | 11/11/2030 | (10466) | (1527) |
| Summit Therapeutics, Inc. | Morgan Stanley | Pay | EFFR + (0.74%) | Termination | 05/09/2030 | (12191) | 3047 |
| Sunrun, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (7946) | 3267 |
| Talen Energy Corp. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (280922) | 13539 |
| Targa Resources Corp. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (256748) | (8852) |
| Teleflex, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (76311) | 183 |
| Tempus AI, Inc. | Morgan Stanley | Pay | EFFR + (0.74%) | Termination | 05/09/2030 | (8094) | 6190 |
| Tempus AI, Inc. | Morgan Stanley | Pay | EFFR + (0.74%) | Termination | 11/11/2030 | (10808) | 2614 |
| Terawulf, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (19394) | (2394) |
| Tesla, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (32342) | 3748 |
| Thor Industries, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (33634) | 1547 |
| TKO Group Holdings, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (11494) | 896 |
| TopBuild Corp. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (78691) | 4580 |
| TTM Technologies, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (172141) | 11569 |
| U-Haul Holding Co. | Morgan Stanley | Pay | EFFR + (0.79%) | Termination | 11/11/2030 | (48) | 2 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| United Therapeutics Corp. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (211694) | (24788) |
| Unity Software, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (58229) | (8204) |
| Valaris Ltd. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (4804) | (279) |
| Valmont Industries, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (45551) | 6075 |
| Valvoline, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (5153) | 441 |
| VeriSign, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (248) | 4 |
| Vertex, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 05/09/2030 | (3793) | 5192 |
| Viasat, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (133232) | 3127 |
| Vistra Corp. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (390708) | 37529 |
| Walmart, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (342019) | 2635 |
| Waste Connections, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (305062) | 7805 |
| Waters Corp. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (3871) | 62 |
| WESCO International, Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (309738) | 12599 |
| West Fraser Timber Co. Ltd. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (10316) | 57 |
| Wheaton Precious Metals Corp. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (44674) | (1077) |
| Williams Cos., Inc. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (91121) | (5660) |
| Wynn Resorts Ltd. | Morgan Stanley | Pay | EFFR + (0.25%) | Termination | 11/11/2030 | (10053) | 77 |
|  |  |  |  |  |  |  | 32455 |
| **Net Unrealized Appreciation (Depreciation)** |  |  |  |  |  |  | $(91850) |

---

---

| | |
|:---|:---|
| EFFR | Effective Federal Funds Rate was 3.64% as of March 31, 2026. |
| PLC | Public Limited Company |

---

The accompanying notes are an integral part of these financial statements.

**Statements of Assets and Liabilities**

**March 31, 2026 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Gotham 1000 Value** <br> **ETF** | **Gotham Enhanced 500** <br> **ETF** | **Gotham Short** <br> **Strategies ETF** |
| **ASSETS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at value (cost $236,813,710, $638,464,400 and $17,465,693) (Note 2) | $237283088 | $634044772 | $16605367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold | 1987364 | 2374246 | 325379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for fund shares sold | 1242395 |  | 187322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable | 192566 | 361512 | 6689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend tax reclaim receivable | 7941 | 6556 | 562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security lending income receivable (Note 6) | 5227 | 1514 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | 802 |  | 1583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash |  | 14321 | 1612184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at value |  |  | 439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap premiums paid (Note 2) |  |  | 110619 |
| **Total assets** | 240719383 | 636802921 | 18850144 |
| **LIABILITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable upon return of securities loaned (value included in investments $23,378,586, $8,827,498 and –) (Note 6) | 23595600 | 8911937 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased | 2005660 | 2479619 | 606540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to custodian | 1229157 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to adviser (Note 4) | 90358 | 270817 | 20225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for swap contracts (Note 2) |  |  | 55435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on swap contracts (Note 2) |  |  | 91850 |
| **Total liabilities** | 26920775 | 11662373 | 774050 |
| **NET ASSETS** | $213798608 | $625140548 | $18076094 |
| **NET ASSETS CONSISTS OF:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital | $197651882 | $556549260 | $35207931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings/(accumulated losses) | 16146726 | 68591288 | (17131837) |
| **Total Net Assets** | $213798608 | $625140548 | $18076094 |
| Net assets | $213798608 | $625140548 | $18076094 |
| Shares issued and outstanding<sup>(a)</sup> | 8450000 | 17650000 | 2442414 |
| Net asset value per share | $25.30 | $35.42 | $7.40 |

---

(a) Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

**Statements of Operations**

**For the Period Ended** 

**March 31, 2026**

**(Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Gotham 1000 Value ETF** | **Gotham Enhanced 500 ETF** | **Gotham Short Strategies ETF** |
| **INVESTMENT INCOME:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $2118765 | $4266761 | $80783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Dividend withholding taxes | (51021) | (1149) | (1282) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Issuance fees | (34) | (56) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 5363 | 12762 | 14048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities lending income (Note 6) | 41665 | 10856 |  |
| **Total investment income** | 2114738 | 4289174 | 93547 |
| **EXPENSES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fee (Note 4) | 668703 | 2089738 | 100601 |
| **Total expenses** | 668703 | 2089738 | 100601 |
| Expense Reimbursement By Adviser (Note 4) | (154316) | (482247) |  |
| Net expenses | 514387 | 1607491 | 100601 |
| **NET INVESTMENT INCOME (LOSS)** | 1600351 | 2681683 | (7054) |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (1818675) | 8038520 | 1684643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions | 23532768 | 80596241 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts |  |  | (1896578) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions |  |  | (21) |
| **Net realized gain (loss)** | 21714093 | 88634761 | (211956) |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (12708516) | (94122615) | (923866) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations |  |  | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts |  |  | 806988 |
| **Net change in unrealized appreciation (depreciation)** | (12708516) | (94122615) | (116888) |
| Net realized and unrealized gain (loss) | 9005577 | (5487854) | (328844) |
| **NET INCREASE (DECREASE) IN** |  |  |  |
| **NET ASSETS RESULTING FROM** |  |  |  |
| **OPERATIONS** | $10605928 | $(2806171) | $(335898) |

---

The accompanying notes are an integral part of these financial statements.

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gotham 1000 Value ETF** | **Gotham 1000 Value ETF** | **Gotham Enhanced 500 ETF** | **Gotham Enhanced 500 ETF** |
|  | **Period Ended <br> March 31, 2026 <br> (Unaudited)** | **Year Ended <br> September 30, 2025** | **Period Ended <br> March 31, 2026 <br> (Unaudited)** | **Year Ended <br> September 30, 2025** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $1600351 | $2804624 | $2681683 | $4835558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 21714093 | 15361074 | 88634761 | 78780435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (12708516) | (6719473) | (94122615) | 4145497 |
| Net increase (decrease) in net assets resulting from operations | 10605928 | 11446225 | (2806171) | 87761490 |
| **DISTRIBUTIONS TO** |  |  |  |  |
| **SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions to shareholders | (12618241) | (5134636) | (16728998) | (4292739) |
| Total distributions to shareholders | (12618241) | (5134636) | (16728998) | (4292739) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | 75071732 | 72161110 | 202797483 | 209790703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (66824980) | (35677120) | (196269432) | (146595895) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF transaction fees (Note 9) |  |  |  | 251 |
| Net increase (decrease) in net assets from |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;capital transactions | 8246752 | 36483990 | 6528051 | 63195059 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 6234439 | 42795579 | (13007118) | 146663810 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of the period | 207564169 | 164768590 | 638147666 | 491483856 |
| End of the period | $213798608 | $207564169 | $625140548 | $638147666 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | 2900000 | 2950000 | 5500000 | 6150000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (2600000) | (1450000) | (5275000) | (4300000) |
| Total increase (decrease) in shares outstanding | 300000 | 1500000 | 225000 | 1850000 |

---

The accompanying notes are an integral part of these financial statements.

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Gotham Short Strategies ETF** | **Gotham Short Strategies ETF** |
|  | **Period Ended March 31,**<br> **2026 (Unaudited)** | **Year Ended**<br> September 30, 2025** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $(7054) | $1266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (211956) | 11144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (116888) | (1067361) |
| Net increase (decrease) in net assets resulting from operations | (335898) | (1054951) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions to shareholders | (8801) | (88870) |
| Total distributions to shareholders | (8801) | (88870) |
| **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | 6044330 | 6970995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (364020) | (4975083) |
| Net increase (decrease) in net assets from capital transactions | 5680310 | 1995912 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 5335611 | 852092 |
| **NET ASSETS:** |  |  |
| Beginning of the period | 12740483 | 11888391 |
| End of the period | $18076094 | $12740483 |
| **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | 800000 | 900000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (50000) | (625000) |
| Total increase (decrease) in shares outstanding | 750000 | 275000 |

---

The accompanying notes are an integral part of these financial statements.

**Financial Highlights** 

**For a share outstanding throughout the periods presented**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Gotham 1000 Value ETF** | **Gotham 1000 Value ETF** | **Gotham 1000 Value ETF** | **Gotham 1000 Value ETF** | **Gotham 1000 Value ETF** |
|  | **Period Ended**<br>**March 31, 2026**<br>**(Unaudited)** | **Year Ended**<br>**September 30,**<br>**2025** | **Year Ended**<br>**September 30,**<br>**2024** | **Year Ended**<br>**September 30,**<br>**2023** | **Period Ended**<br>**September 30,**<br>**2022<sup>(a)</sup>** |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of period | $25.47 | $24.78 | $20.05 | $16.68 | $20.00 |
| **INVESTMENTS** |  |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)<sup>(b)</sup> | 0.20 | 0.37 | 0.34 | 0.35 | 0.13 |
| Net realized and unrealized gain |  |  |  |  |  |
| (loss) on investments<sup>(c)</sup> | 1.22 | 1.00 | 4.74 | 3.20 | (3.45) |
| Total from investment operations | 1.42 | 1.37 | 5.08 | 3.55 | (3.32) |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | (0.78) | (0.47) | (0.35) | (0.18) |  |
| Net realized gains | (0.81) | (0.21) |  |  |  |
| Total distributions | (1.59) | (0.68) | (0.35) | (0.18) |  |
| Net asset value, end of period | $25.30 | $25.47 | $24.78 | $20.05 | $16.68 |
| **TOTAL RETURN<sup>(d)</sup>** | 5.71% | 5.62% | 25.56% | 21.37% | (16.58)% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $213799 | $207564 | $164769 | $136353 | $33368 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before Investment Advisory Fees waived<sup>(e)</sup> | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After Investment Advisory Fees waived<sup>(e)</sup> | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
| Ratio of net investment income to average net assets<sup>(e)</sup> | 1.56% | 1.52% | 1.52% | 1.78% | 2.22% |
| Portfolio turnover rate<sup>(d)(f)</sup> | 102% | 210% | 199% | 155% | 52% |

---

(a) Inception
 date of the Fund was June 7, 2022.

(b) Net
 investment income per share has been calculated based on average shares outstanding during the periods.

(c) Realized and
 unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share
 for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for
 the periods.

(d) Not
 annualized for periods less than one year.

(e) Annualized
 for periods less than one year.

(f) Portfolio
 turnover rate excludes in-kind transactions, if any.

The accompanying notes are an integral part of these financial statements.

**Financial Highlights** 

**For a share outstanding throughout the periods presented**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Gotham Enhanced 500 ETF** | **Gotham Enhanced 500 ETF** | **Gotham Enhanced 500 ETF** | **Gotham Enhanced 500 ETF** | **Gotham Enhanced 500 ETF** | **Gotham Enhanced 500 ETF** |
|  | **Period Ended**<br>**March 31, 2026**<br>**(Unaudited)** | **Year Ended**<br>**September 30,**<br>**2025** | **Year Ended**<br>**September 30,**<br>**2024** | **Year Ended**<br>**September 30,**<br>**2023** | **Year Ended**<br>**September 30,**<br>**2022** | **Period Ended**<br>**September 30,**<br>**2021<sup>(a)</sup>** |
| **PER SHARE DATA:** |  |  |  |  |  |  |
| Net asset value, beginning of period | $36.62 | $31.56 | $23.72 | $19.68 | $23.10 | $20.00 |
| **INVESTMENTS OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(b)</sup> | 0.15 | 0.30 | 0.30 | 0.30 | 0.28 | 0.19 |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | (0.39) | 5.03 | 7.82 | 4.00 | (3.64) | 2.91 |
| Total from investment operations | (0.24) | 5.33 | 8.12 | 4.30 | (3.36) | 3.10 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | (0.95) | (0.27) | (0.28) | (0.26) | (0.06) |  |
| Net realized gains | (0.01) |  |  |  |  |  |
| Total distributions | (0.96) | (0.27) | (0.28) | (0.26) | (0.06) |  |
| ETF transaction fees per share |  | 0.00 <sup>(d)</sup> | 0.00 <sup>(d)</sup> |  |  |  |
| Net asset value, end of period | $35.42 | $36.62 | $31.56 | $23.72 | $19.68 | $23.10 |
| **TOTAL RETURN<sup>(e)</sup>** | (0.76)% | 17.01% | 34.47% | 22.01% | (14.62)% | 15.53% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $625141 | $638148 | $491484 | $293490 | $262264 | $87799 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before Investment Advisory Fees waived<sup>(f)</sup> | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After Investment Advisory Fees waived<sup>(f)</sup> | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
| Ratio of net investment income to average net assets<sup>(f)</sup> | 0.83% | 0.90% | 1.08% | 1.17% | 1.05% | 9.20% |
| Portfolio turnover rate<sup>(e)(g)</sup> | 77% | 135% | 144% | 134% | 59% | 36% |

---

(a) Inception
 date of the Fund was December 28, 2020.

(b) Net
 investment income per share has been calculated based on average shares outstanding during the periods.

(c) Realized and
 unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share
 for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for
 the periods.

(d) Amount
 represents less than $0.005 per share.

(e) Not
 annualized for periods less than one year.

(f) Annualized
 for periods less than one year.

(g) Portfolio
 turnover rate excludes in-kind transactions, if any.

The accompanying notes are an integral part of these financial statements.

**Financial Highlights** 

**For a share outstanding throughout the periods presented**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Gotham Short Strategies ETF** | **Gotham Short Strategies ETF** | **Gotham Short Strategies ETF** | **Gotham Short Strategies ETF** | **Gotham Short Strategies ETF** | **Gotham Short Strategies ETF** |
|  | **Period Ended**<br>**March 31, 2026**<br>**(Unaudited)** | **Year Ended**<br>**September 30,**<br>**2025** | **Year Ended**<br>**September 30,**<br>**2024<sup>(a)</sup>** | **Year Ended**<br>**September 30,**<br>**2023** | **Year Ended**<br>**September 30,**<br>**2022** | **Year Ended**<br>**September 30,**<br>**2021** |
| **PER SHARE DATA:** |  |  |  |  |  |  |
| Net asset value, beginning of period | $7.53 | $8.39 | $8.30 | $9.02 | $5.90 | $7.42 |
| **INVESTMENTS OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(b)</sup> | 0.00 <sup>(c)</sup> | 0.00 <sup>(c)</sup> | 0.06 | 0.00 <sup>(c)</sup> | 0.01 | (0.02) |
| Net realized and unrealized gain (loss) on investments<sup>(d)</sup> | (0.12) | (0.80) | 0.05 | (0.72) | 3.22 | (1.50) |
| Total from investment operations | (0.12) | (0.80) | 0.11 | (0.72) | 3.23 | (1.52) |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | (0.01) | (0.06) | (0.02) |  | (0.12) | 0.00 <sup>(c)</sup> |
| Total distributions | (0.01) | (0.06) | (0.02) |  | (0.12) | 0.00 <sup>(c)</sup> |
| Redemption fee per share |  |  |  | 0.00 <sup>(c)</sup> | 0.01 | 0.00 <sup>(c)</sup> |
| Net asset value, end of period | $7.40 | $7.53 | $8.39 | $8.30 | $9.02 | $5.90 |
| **TOTAL RETURN<sup>(e)</sup>** | (1.63)% | (9.47)% | 1.29% | (7.98)% | 55.96% | (20.47)% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $18076 | $12740 | $11888 | $19125 | $18739 | $1520 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment<sup>(f)</sup> | 1.35% | 1.35% | 1.61% | 2.23% | 3.52% | 2.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment<sup>(f)</sup> | 1.35% | 1.35% | 1.35% | 1.35% | 1.35% | 1.35% |
| Ratio of net investment income to average net assets<sup>(f)</sup> | (0.09)% | 0.01% | 0.74% | 0.05% | 0.09% | (0.25)% |
| Portfolio turnover rate<sup>(e)(g)</sup> | 402% | 685% | 538% | 670% | 717% | 459% |

---

(a) Prior
 to November 6, 2023, the Fund operated as a traditional, open-end mutual fund and series of FundVantage Trust. See Note 1.

(b) Net
 investment income (loss) per share has been calculated based on average shares outstanding during the periods.

(c) Amount
 represents less than $0.005 per share.

(d) Realized and
 unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share
 for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for
 the periods.

(e) Not
 annualized for periods less than one year.

(f) Annualized
 for periods less than one year.

(g) Portfolio
 turnover rate excludes in-kind transactions, if any.

The accompanying notes are an integral part of these financial statements.

**NOTE 1 - ORGANIZATION**

The Gotham 1000 Value ETF, Gotham Enhanced 500 ETF and Gotham Short Strategies ETF are each diversified series of shares (each, a "Fund," and collectively, the "Funds") of beneficial interest of Tidal Trust I (the "Trust"). The Trust was organized as a Delaware statutory trust on June 4, 2018 and is registered with the Securities and Exchange Commission (the "SEC") under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company and the offering of each Fund's shares ("Shares") is registered under the Securities Act of 1933, as amended. The Trust is governed by the Board of Trustees (the "Board"). Tidal Investments LLC ("Tidal Investments" or the "Adviser"), a Tidal Financial Group company, serves as investment adviser to the Funds and Gotham Asset Management, LLC ("Gotham" or the "Sub-Adviser") serves as investment sub-adviser to the Funds. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 "Financial Services—Investment Companies."

The Gotham 1000 Value ETF commenced operations on June 7, 2022, the Gotham Enhanced 500 ETF commenced operations on December 28, 2020 and the Gotham Short Strategies ETF commenced operations on January 31, 2008. Effective November 6, 2023, the Gotham Short Strategies Fund (the "Predecessor Fund"), a mutual fund and series of FundVantage Trust, was converted into an exchange-traded fund through the reorganization of the Predecessor Fund into the Gotham Short Strategies ETF, a newly created corresponding series of the Trust with substantially similar investment objectives and substantially similar principal investment strategies as the Predecessor Fund. The Gotham Short Strategies ETF has adopted the accounting history and performance of the Predecessor Fund. For financial reporting purposes, assets received and shares issued by the Gotham Short Strategies ETF were recorded at fair value; however, the cost basis of the investments received from the Predecessor Fund was carried forward to align ongoing reporting of the Gotham Short Strategies ETF realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The investment objective of each of the Gotham 1000 Value ETF and the Gotham Enhanced 500 ETF is to seek long-term capital appreciation. The investment objective of the Gotham Short Strategies ETF is to seek long-term capital appreciation and to provide positive returns in down markets.

**NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP").

**Security Valuation -** Equity securities, which may include Real Estate Investment Trusts ("REITs"), Business Development Companies ("BDCs"), and Master Limited Partnerships ("MLPs"), listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on the Nasdaq Stock Market, LLC (the "NASDAQ")), including securities traded over-the-counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded on the valuation date (or at approximately 4:00 p.m. EST if a security's primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price or mean between the most recent quoted bid and ask prices for long and short positions. For a security that trades on multiple exchanges, the primary exchange will generally be considered the exchange on which the security is generally most actively traded. For securities traded on the NASDAQ, the NASDAQ Official Closing Price will be used. Prices of securities traded on the securities exchange will be obtained from recognized independent pricing agents each day that the Funds are open for business.

Swap contracts, such as credit default swaps, total return swaps, interest rate swaps, currency swaps and swaptions, are priced by an approved independent pricing service. The independent pricing service will include unadjusted exchange close prices but may also provide prices with observable market data inputs in an evaluated valuation methodology.

Investments in money market mutual funds are valued at each underlying fund's published net asset value ("NAV") per share as of the valuation time. Each underlying money market fund calculates NAV using the amortized cost method (which approximates fair value) as permitted by Rule 2a-7 under the 1940 Act.

Under Rule 2a-5 of the 1940 Act, a fair value will be determined for securities for which quotations are not readily available by the Valuation Designee (as defined in Rule 2a-5) in accordance with the Pricing and Valuation Policy and Fair Value Procedures, as applicable, of the Adviser, subject to oversight by the Board. When a security is "fair valued," consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the Adviser's Pricing and Valuation Policy and Fair Value Procedures, as applicable. Fair value pricing is an inherently subjective process, and no single standard exists for determining fair value. Different funds could reasonably arrive at different values for the same security. The use of fair value pricing by a Fund may cause the NAV of its shares to differ significantly from the NAV that would be calculated without regard to such considerations.

As described above, the Funds utilize various methods to measure the fair value of their investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following is a summary of the inputs used to value each Fund's investments as of March 31, 2026:

**Gotham 1000 Value ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $213362582 | $— | $— | $213362582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments Purchased with Collateral from Securities Lending<sup>(a)</sup> |  |  |  | 23595600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 324906 |  |  | 324906 |
| **Total Investments** | $213687488 | $— | $— | $237283088 |

---

**Gotham Enhanced 500 ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $624406781 | $— | $— | $624406781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments Purchased with Collateral from Securities Lending<sup>(a)</sup> |  |  |  | 8911937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 726054 |  |  | 726054 |
| **Total Investments** | $625132835 | $— | $— | $634044772 |

---

**Gotham Short Strategies ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| **Investments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $16109769 | $— | $— | $16109769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 495598 |  |  | 495598 |
| **Total Investments** | $16605367 | $— | $— | $16605367 |
| **Other Financial Instruments:<sup>(b)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Return Swaps |  | 1348280 |  | 1348280 |
| **Total Other Financial Instruments** | $— | $1348280 | $— | $1348280 |
| **Liabilities:** |  |  |  |  |
| **Other Financial Instruments:<sup>(b)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Return Swaps |  | (1440130) |  | (1440130) |
| **Total Other Financial Instruments** | $— | $(1440130) | $— | $(1440130) |

---

Refer to the Schedules of Investments for further disaggregation of investment categories.

(a) Certain investments that are measured at fair value using the net asset value per Share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedules of Investments.

(b) The fair value of the Fund's other financial instruments represents the net unrealized appreciation (depreciation) as of March 31, 2026.

**Derivative Instruments.** Total return swaps are a swap agreement in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying asset, which includes both the income it generates and any capital gains. The Gotham Short Strategies ETF will generally enter into swap agreements on a net basis, which means the two payment streams that are to be made by the Fund and its counterparty with respect to a particular swap agreement are netted out, with the Fund receiving or paying, as the case may be, only the net difference in the two payments. The Fund's obligations (or rights) under a swap agreement that is entered into on a net basis will generally be the net amount to be paid or received under the agreement based on the relative values of the obligations of each party upon termination of the agreement or at set valuation dates. The Fund will accrue its obligations under a swap agreement daily (offset by any amounts the counterparty owes the Fund). If the swap agreement does not provide for that type of netting, the full amount of the Fund's obligations will be accrued on a daily basis.

The Fund has adopted financial reporting rules and regulations that require enhanced disclosure regarding derivatives and hedging activity intending to improve financial reporting of derivative instruments by enabling investors to understand how an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity's results of operations and financial position. The following tables show the effects of derivative instruments on the Gotham Short Strategies ETF's financial statements.

For the period ended March 31, 2026, the Gotham Short Strategies ETF's monthly average notional value is described below:

---

| | | |
|:---|:---|:---|
|  | **Total Return Swaps Purchased** | **Total Return Swaps Written** |
| **Gotham Short Strategies ETF** | $1081268 | $(11104993) |

---

*Statements of Assets and Liabilities*

Fair value of derivative instruments as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Fund:** | **Instrument:**<br> **Equity Risk** | **Balance Sheet Location:**<br> **Unrealized appreciation**<br> **on Swap Contracts** | **Instrument:**<br> **Equity Risk** | **Balance Sheet Location:**<br> **Unrealized depreciation**<br> **on Swap Contracts** |
| **Gotham Short Strategies ETF** | Total Return Swaps | $1348280 | Total Return Swaps | $(1440130) |

---

*Statements of Operations*

The effect of derivative instruments on the Statements of Operations for the period ended March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Realized** | **Realized** | **Change in Unrealized** | **Change in Unrealized** |
| **Fund:** | **Instrument:<br> Equity Risk** | **Balance Sheet Location:**<br> **Net realized gain (loss)**<br> **from Swap contracts** | **Instrument:<br> Equity Risk** | **Balance Sheet Location:**<br> **Net change in unrealized**<br> **appreciation (depreciation)**<br> **on Swap contracts** |
| **Gotham Short Strategies ETF** | Total Return Swaps | $(1896578) | Total Return Swaps | $806988 |

---

**Federal Income Taxes -** Each Fund has elected to be taxed as a regulated investment company ("RIC") and intends to distribute substantially all taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code of 1986, as amended (the "Code") applicable to RICs. Therefore, no provision for federal income taxes or excise taxes has been made.

In order to avoid imposition of the excise tax applicable to RICs, the Funds intend to declare as dividends in each calendar year, at least 98% of their net investment income (earned during the calendar year) and at least 98.2% of their net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts, if any, from prior years. As a RIC, each Fund is subject to a 4% excise tax that is imposed if a Fund does not distribute by the end of any calendar year at least the sum of (i) 98% of its ordinary income (not taking into account any capital gain or loss) for the calendar year and (ii) 98.2% of its capital gain in excess of its capital loss (adjusted for certain ordinary losses) for a one-year period generally ending on October 31 of the calendar year (unless an election is made to use the Funds' fiscal year). The Funds generally intend to distribute income and capital gains in the manner necessary to minimize (but not necessarily eliminate) the imposition of such excise tax. The Funds may retain income or capital gains and pay excise tax when it is determined that doing so is in the best interest of shareholders. Management evaluates the costs of the excise tax relative to the benefits of retaining income and capital gains, including that such undistributed amounts (net of the excise tax paid) remain available for investment by the Funds and are available to supplement future distributions. Tax expense is disclosed in the Statements of Operations, if applicable.

As of March 31, 2026, the Funds did not have any tax positions that did not meet the threshold of being sustained by the applicable tax authority. Generally, tax authorities can examine all the tax returns filed for the last three years. The Funds identify their major tax jurisdiction as U.S. Federal and the Commonwealth of Delaware; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expense in the Statements of Operations.

**Securities Transactions and Investment Income -** Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Discounts/premiums on debt securities purchased are accreted/amortized over the life of the respective securities using the effective interest method. Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis. Other non-cash dividends are recognized as investment income at the fair value of the property received. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and rates. If a Fund's distributions exceed its earnings and profits, all or a portion of the distributions made for a taxable year may be recharacterized as a return of capital to shareholders. A return of capital distribution will generally not be taxable but will reduce each shareholder's cost basis in a Fund and result in a higher capital gain or lower capital loss when the Shares of a Fund on which the distribution was received are sold. After a shareholder's basis in the Shares has been reduced to zero, distributions in excess of earnings and profits will be treated as a gain from the sale of the shareholder's Shares.

**Real Estate Investment Trusts ("REITs").** A REIT is a corporation or business trust (that would otherwise be taxed as a corporation) which meets the definitional requirements of the Code. The Code permits a qualifying REIT to deduct from taxable income the dividends paid, thereby effectively eliminating corporate level federal income tax. To meet the definitional requirements of the Code, a REIT must, among other things: invest substantially all of its assets in interests in real estate (including mortgages and other REITs), cash and government securities; derive most of its income from rents from real property or interest on loans secured by mortgages on real property; and, in general, distribute annually 90% or more of its taxable income (other than net capital gains) to shareholders.

The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

The Funds report net realized foreign exchange gains or losses that arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at period end, resulting from changes in exchange rates.

**Distributions to Shareholders -** Distributions to shareholders from net investment income, if any, for the Fund are declared and paid annually. Distributions to shareholders from net realized gains on securities, if any, for the Fund normally are declared and paid at least annually. Distributions are recorded on the ex-dividend date.

**Use of Estimates -** The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**Share Valuation -** The NAV per Share of each Fund is calculated by dividing the sum of the value of the securities held by a Fund, plus cash or other assets, minus all liabilities by the total number of Shares outstanding for each Fund, rounded to the nearest cent. Fund Shares will not be priced on the days on which the New York Stock Exchange ("NYSE") is closed for trading.

**Foreign Currency -** Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions.

**Guarantees and Indemnifications -** In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

**Illiquid Securities -** Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a Board-approved Liquidity Risk Management Program (the "Program") that requires, among other things, that each Fund limit its illiquid investments that are assets to no more than 15% of the value of the Fund's net assets. An illiquid investment is any security that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. If a Fund should be in a position where the value of illiquid investments held by a Fund exceeds 15% of the Fund's net assets, the Fund will take such steps as set forth in the Program.

**Derivatives Transactions -** Pursuant to Rule 18f-4 under the 1940 Act, the SEC imposes limits on the amount of derivatives a fund can enter into, eliminates the asset segregation and cover framework arising from prior SEC guidance for covering derivatives and certain financial instruments currently used by funds to comply with Section 18 of the 1940 Act and treats derivatives as senior securities. Under Rule 18f-4, a fund's derivatives exposure is limited through a value-at-risk test. Funds whose use of derivatives is more than a limited specified exposure amount are required to establish and maintain a comprehensive derivatives risk management program, subject to oversight by a fund's board of trustees, and appoint a derivatives risk manager. The Funds have implemented a Rule 18f-4 Derivative Risk Management Program that complies with Rule 18f-4.

**NOTE 3 - PRINCIPAL INVESTMENT RISKS**

**Counterparty Risk (SHRT ETF Only).** Swaps and certain other derivative contracts entered into by the Fund involve exposure to counterparty credit risk, since contract performance depends in part on the financial condition of the counterparty. Relying on a counterparty exposes the Fund to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Fund to suffer a loss. If a counterparty defaults on its payment obligations to the Fund, this default will cause the value of an investment in the Fund to decrease. In addition, to the extent the Fund deals with a limited number of counterparties, it will be more susceptible to the credit risks associated with those counterparties. The Fund is neither restricted from dealing with any particular counterparty nor from concentrating any or all of its transactions with one counterparty. The ability of the Fund to transact business with any one or number of counterparties and the absence of a regulated market to facilitate settlement may increase the potential for losses by the Fund.

**Database Errors Risk.** The investment strategies used by the Sub-Adviser rely on proprietary databases and third-party data sources. Data entries made by the Sub-Adviser's team of financial analysts or third parties may contain errors, as may the database systems used to store such data. Any errors in the underlying data sources, data entry or databases may result in the Funds acquiring or selling investments based on incorrect information.

**Derivatives Risk (SHRT ETF Only).** The Fund obtains portfolio exposure through the use of swap(s) referenced to a basket of short and/or long equity security positions selected by the Sub-Adviser. In general, with a derivative, the Fund will be exposed to additional risks that are separate from those associated with short sales. In general, a derivative contract such as a swap typically involves leverage (i.e., it provides exposure to potential gain or loss from a change in the market price of a security or group of securities in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative contract). Swap agreements can be highly volatile, illiquid and difficult to value, and changes in the value of such instruments held by the Fund may not correlate with the underlying instrument or reference assets, or the Fund's other investments. Although the value of swap agreements depends largely upon price movements in the underlying instrument or reference asset, there are additional risks associated with swap agreements that are possibly greater than the risks associated with investing directly in the underlying instruments or reference assets, including illiquidity risk, leveraging risk and counterparty credit risk. Any swap will be based on a notional amount agreed upon by the Sub-Adviser and a counterparty. The Sub-Adviser will retain the ability to adjust the notional exposure of the swap at its discretion, as well as the composition of the reference short securities basket. Generally, the fees and expenses of a swap are based on the notional value of the swap. The value of the swap typically includes a deduction for fees of the counterparty as well as costs typically associated with short sales of securities, such as dividend and interests expenses. As a result, the Fund's return from such instrument will be net of such costs and expenses and any such costs and expenses will reduce the Fund's return on the swap. A small position in swap agreements could have a potentially large impact on the Fund's performance. Trading restrictions or limitations may be imposed by an exchange, and government regulations may restrict trading in swap agreements or any other derivative.

**Equity Market Risk.** The equity securities held in the Funds' portfolios may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Funds invest. Common stocks, such as those primarily held by the Funds, are generally exposed to greater risk than other types of securities, such as preferred stocks and debt obligations, because common stockholders generally have inferior rights to receive payment from issuers.

**Exchange Traded Fund ("ETF") Risks.**

● **Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.** The Funds have a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Funds (known as "Authorized Participants" or "APs"). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

● **Cash Redemption Risk (SHRT ETF Only).** The Fund's investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., swap agreements that cannot be broken up beyond certain minimum sizes needed for transfer and settlement). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.

● **Costs of Buying or Selling Shares.** Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.

● **Shares May Trade at Prices Other Than NAV.** As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Funds' NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.

● **Trading.** Although Shares are listed on a national securities exchange, such as the NYSE Arca, Inc. (the "Exchange"), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Funds' underlying portfolio holdings, which can be significantly less liquid than Shares. Also, in stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Funds' underlying portfolio holdings. These adverse effects on liquidity for Shares, in turn, could lead to wider bid-ask spreads and differences between the market price of Shares and the underlying value of those Shares.

**General Market Risk**. Securities markets and individual securities may increase or decrease in value. Security prices may fluctuate widely over short or extended periods in response to market or economic news and conditions, and securities markets also tend to move in cycles. If there is a general decline in the securities markets, it is possible your investment may lose value regardless of the individual results of the companies in which the Funds invest. The magnitude of up and down price or market fluctuations over time is sometimes referred to as "volatility", and it can be significant. In addition, different asset classes and geographic markets may experience periods of significant correlation with each other. As a result of this correlation, the securities and markets in which the Funds invest may experience volatility due to market, economic, political or social events and conditions that may not readily appear to directly relate to such securities, the securities' issuer or the markets in which they trade.

**High Portfolio Turnover Risk**. The Funds may actively and frequently trade all or a significant portion of the securities in their portfolios. A high portfolio turnover rate increases transaction costs, which may increase the Funds' expenses. Frequent trading may also cause adverse tax consequences for investors in the Funds due to an increase in short-term capital gains.

**Leverage Risk (SHRT ETF Only).** The Fund utilizes leverage in its investment program. The use of leverage allows the Fund to make additional investments, thereby increasing its exposure to assets, such that its total assets may be greater than its capital. However, leverage also magnifies the volatility of changes in the value of the Fund's portfolio. The effect of the use of leverage by the Fund in a market that moves adversely to its investments could result in substantial losses to the Fund, which would be greater than if the Fund were not leveraged.

**Liquidity Risk (SHRT ETF Only).** The Fund is subject to liquidity risk primarily due to its investments in derivatives. Investments in illiquid securities or derivative instruments involve the risk that the Fund may be unable to sell the security or derivative instrument or sell it at a reasonable price.

**Management Risk.** The Funds are actively-managed and may not meet their investment objectives based on the Sub-Adviser's success or failure to implement investment strategies for the Funds. In addition, as actively-managed funds, the Funds' investment exposure to individual securities will not match those of the Index and the Funds' performance may not correlate with the performance of the Index.

**Market Capitalization Risk.**

● **Large-Cap Securities Risk.** The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. Large-capitalization companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.

● **Mid-Capitalization Investing Risk (GVLU ETF Only).** The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large-capitalization companies. The securities of mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large-capitalization stocks or the stock market as a whole.

● **Small- and Mid-Cap Capitalization Investing (SHRT ETF Only).** In addition to large cap securities, the Fund also invests in small and mid-cap companies. Investments in small and mid-cap companies may be riskier than investments in larger, more established companies. The securities of smaller companies may trade less frequently and in smaller volumes, and as a result, may be less liquid than securities of larger companies. In addition, smaller companies may be more vulnerable to economic, market and industry changes. As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short-term. Because smaller companies may have limited product lines, markets or financial resources or may depend on a few key employees, they may be more susceptible to particular economic events or competitive factors than large capitalization companies.

**OTC Trading Risk (SHRT ETF Only).** Certain of the derivatives in which the Fund invests may be traded (and privately negotiated) in the "over-the-counter" or "OTC" market. While the OTC derivatives market is the primary trading venue for many derivatives, it is largely unregulated. As a result and similar to other privately negotiated contracts, the Fund is subject to counterparty credit risk with respect to such derivative contracts.

**Sector Risk (GSPY ETF and GVLU ETF Only)**. At times the Funds may increase the relative emphasis of their investments in a particular sector or group of industries. The prices of securities of issuers in a particular sector may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, or other events that affect that industry or sector more than securities of issuers in other industries and sectors. To the extent that the Funds increase the relative emphasis of their investments in a particular industry or sector, the value of Shares may fluctuate in response to events affecting that industry or sector.

**Short Sale Risk (SHRT ETF Only).** Short selling a security involves selling a borrowed security with the expectation that the value of that security will decline so that the security may be purchased at a lower price when returning the borrowed security. The risk for loss on short selling is greater than the original value of the securities sold short because the price of the borrowed security may rise, thereby increasing the price at which the security must be purchased. Any such loss is increased by the amount of premium or interest the Fund must pay to the lender of the security. Likewise, any gain will be decreased by the amount of premium or interest the Fund must pay to the lender of the security. Although the Fund's gain is limited to the price at which it sold the security short, its potential loss is limited only by the maximum attainable price of the security, less the price at which the security was sold and may, theoretically, be unlimited. Government actions also may affect the Fund's ability to engage in short selling. In addition, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing and margin account maintenance costs associated with the Fund's open short positions. These types of short sales expenses (sometimes referred to as the "negative cost of carry") negatively impact the performance of the Fund since these expenses tend to cause the Fund to lose money on a short sale even in instances where the price of the underlying security sold short does not change over the duration of the short sale. The Fund may not be able to borrow a security that it needs to deliver or it may not be able to close out a short position at an acceptable price and may have to sell long positions earlier than it had expected.

**Systems Risk.** The Funds depend on the Sub-Adviser to develop and implement appropriate systems to provide sub-advisory services. The Sub-Adviser relies extensively on computer programs and systems to implement and monitor the Funds' investment strategies. As a result, there is a risk of human or technological errors affecting the portfolio construction process and order origination, including errors in programming (e.g., "bugs" and classic coding errors), modeling, design, translational errors and compatibility issues with data sets and among systems. There can be no guarantee that such defects or issues will be identified in time to avoid a material adverse effect on the Funds.

**Value Style Risk.** The Sub-Adviser buys securities, on behalf of the Funds, that it believes are undervalued. Investing in "value" stocks presents the risk that the stocks may never reach what the Sub-Adviser believes are their full market values, either because the market fails to recognize what the Sub-Adviser considers to be the companies' true business values or because the Sub-Adviser misjudges those values. In addition, value stocks may fall out of favor with investors and underperform other stocks (such as growth stocks) during given periods. The Funds' performance may be negatively affected if the Sub-Adviser determines (or otherwise needs) to sell a value stock before the market recognizes the stock's full value.

**NOTE 4 - COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS**

The Adviser serves as investment adviser to the Funds pursuant to an investment advisory agreement between the Adviser and the Trust, on behalf of the Funds (the "Advisory Agreement"), and, pursuant to the Advisory Agreement, provides investment advice to the Funds and oversees the day-to -day operations of the Funds, subject to the direction and oversight of the Board. The Adviser is also responsible for trading portfolio securities for the Gotham Enhanced 500 ETF and the Gotham 1000 Value ETF, including selecting broker -dealers to execute purchase and sales transactions, subject to the supervision of the Board. With respect to the Gotham Short Strategies ETF, the Adviser is responsible for any trading of portfolio securities that may be required in connection with the issuance or redemption of Creation Units for the Fund, including selecting broker-dealers to execute purchase and sales transactions. The Adviser has, however, delegated trading authority in connection with the day-to-day management of the Gotham Short Strategies ETF's portfolio to the Sub-Adviser, including selecting broker-dealers to execute purchase and sales transactions.

Pursuant to the Advisory Agreement, each Fund pays the Adviser a unitary management fee (the "Investment Advisory Fee") based on the average daily net assets of each Fund as follows:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Investment Advisory Fee** | **Investment Advisory Fee After **Waiver** |
| &nbsp;&nbsp;Gotham 1000 Value ETF | 0.65% | 0.50% |
| &nbsp;&nbsp;Gotham Enhanced 500 ETF | 0.65% | 0.50% |
| &nbsp;&nbsp;Gotham Short Strategies ETF | 1.35% | 1.35% |

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The Adviser has contractually agreed to a reduced Investment Advisory Fee for the Gotham 1000 Value ETF and the Gotham Enhanced 500 ETF to 0.50% until at least January 31, 2027 (the "Fee Waiver Agreements") . The Fee Waiver Agreements may be terminated only by, or with the consent of, the Board. Any waived Investment Advisory Fees are not able to be recouped by the Adviser under the Fee Waiver Agreements.

Out of each Investment Advisory Fee, the Adviser is obligated to pay or arrange for the payment of substantially all expenses of the Funds, including the cost of sub-advisory, transfer agency, custody, fund administration, and all other related services necessary for the Funds to operate. Under the Advisory Agreement, the Adviser has agreed to pay, or require the Sub-Adviser to pay, all expenses incurred by the Funds except for interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution fees and expenses paid by the Funds under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act (collectively, "Excluded Expenses") . The Investment Advisory Fees incurred are paid monthly to the Adviser. Investment Advisory Fees for the periods ended March 31, 2026 are disclosed in the Statements of Operations.

The Sub-Adviser serves as investment sub- adviser to the Funds, pursuant to a sub-advisory agreement between the Adviser and the Sub-Adviser with respect to each Fund (the "Sub-Advisory Agreement"). Pursuant to the Sub-Advisory Agreement, the Sub-Adviser is responsible for the day-to-day management of the Funds' portfolios, including determining the securities purchased and sold by the Funds, subject to the supervision of the Adviser and the Board. The Adviser may retain responsibility for trading portfolio securities for the Gotham Short Strategies ETF or may delegate such authority to the Sub-Adviser. The Sub-Adviser currently exercises trading authority in connection with the day-to-day management of the Gotham Short Strategies ETF's portfolio, including selecting broker-dealers to execute purchase and sale transactions; however, trading authority related to the issuance or redemption of creation units is currently being exercised by the Adviser. If the Adviser determines to retain trading authority, the Sub-Adviser will no longer trade the Gotham Short Strategies ETF's portfolio securities. The Sub-Adviser is paid a fee by the Adviser, which is calculated daily and paid monthly, at an annual rate of 0.50% of each Fund's average daily net assets for the Gotham Enhanced 500 ETF and Gotham 1000 Value ETF and 1.20% of average daily net assets for the Gotham Short Strategies ETF.

Under the Sub-Advisory Agreement, the Sub-Adviser has agreed to assume the Adviser's obligation to pay all expenses incurred by the Funds except for the sub- advisory fee payable to the Sub-Adviser and Excluded Expenses. Such expenses incurred by the Funds and paid by the Sub-Adviser include fees charged by Tidal (defined below), which is an affiliate of the Adviser. For assuming the payment obligations for the Funds, the Adviser has agreed to pay the Sub-Adviser the profits, if any, generated by each Fund's Investment Advisory Fee, less a contractual fee retained by the Adviser.

Tidal ETF Services LLC ("Tidal"), a Tidal Financial Group company and an affiliate of the Adviser, serves as the Funds' administrator and, in that capacity, performs various administrative and management services for the Funds. Tidal coordinates the payment of Fund-related expenses and manages the Trust's relationships with its various service providers. As compensation for the services it provides, Tidal receives a fee based on each Fund's average daily net assets, subject to a minimum annual fee. Tidal also is entitled to certain out-of-pocket expenses for the services mentioned above.

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services"), serves as the Funds' fund accountant and transfer agent. In those capacities, Fund Services performs various accounting and transfer agency services for the Funds. U.S. Bank N.A. (the "Custodian"), an affiliate of Fund Services, serves as the Funds' custodian. The Custodian acts as the securities lending agent (the "Securities Lending Agent") for the Gotham Enhanced 500 ETF and Gotham 1000 Value ETF.

Foreside Fund Services, LLC (the "Distributor") acts as the Funds' principal underwriter in a continuous public offering of each Fund's Shares.

Certain officers and a trustee of the Trust are affiliated with the Adviser. Neither the affiliated trustee nor the Trust's officers receive compensation from the Funds.

For the Predecessor Fund, prior to its reorganization into the Trust, the investment adviser, custodian, fund administrator and transfer agent, and principal underwriter were Gotham Asset Management, LLC, The Bank of New York Mellon, BNY Mellon Investment Servicing (US) Inc., and Foreside Funds Distributors LLC, respectively.

**NOTE 5 - SEGMENT REPORTING**

In accordance with the FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), each Fund has evaluated their business activities and determined that they each operate as a single reportable segment.

Each Fund's investment activities are managed by the Principal Financial Officer, which serves as the Chief Operating Decision Maker ("CODM"). The Principal Financial Officer is responsible for assessing each Fund's financial performance and allocating resources. In making these assessments, the Principal Financial Officer evaluates each Fund's financial results on an aggregated basis, rather than by separate segments. As such, the Funds do not allocate operating expenses or assets to multiple segments, and accordingly, no additional segment disclosures are required. There were no intra-entity sales or transfers during the reporting period.

The Funds primarily generate income through dividends, interest, and realized/unrealized gains on their investment portfolios. Expenses incurred, including management fees, Fund operating expenses, and transaction costs, are considered general Fund-level expenses and are not allocated to specific segments or business lines.

Management has determined that the Funds do not meet the criteria for disaggregated segment reporting under ASU 2023-07 and will continue to evaluate its reporting requirements in accordance with applicable accounting standards

**NOTE 6 - SECURITIES LENDING SEGMENT REPORTING**

The Gotham 1000 Value ETF and the Gotham Enhanced 500 ETF may each lend up to 33 1/3% of the value of the securities in its portfolio to brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending program administered by the Securities Lending Agent. The securities lending agreement requires that loans are collateralized at all times in an amount equal to at least the market value of the securities loaned by the Gotham 1000 Value ETF and Gotham Enhanced 500 ETF. The Gotham 1000 Value ETF and Gotham Enhanced 500 ETF receive compensation in the form of fees and earned interest on the cash collateral. Due to timing issues of when a security is recalled from loan, the financial statements may differ in presentation. The amount of fees depends on a number of factors including the type of security and length of the loan. The Gotham 1000 Value ETF and Gotham Enhanced 500 ETF continue to receive interest payments or dividends on the securities loaned during the borrowing period. Gain or loss in the value of securities loaned that may occur during the term of the loan will be for the account of each Fund. The Gotham 1000 Value ETF and Gotham Enhanced 500 ETF have the right under the terms of the securities lending agreements to recall the securities from the borrower on demand. The Gotham Short Strategies ETF does not currently participate in securities lending.

As of March 31, 2026, the market value of the securities on loan and payable on collateral received for securities lending were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Market Value of Securities on Loan** | **Payable on Collateral Received** | **Percentage of Net Assets of Securities on Loan** |
| **Gotham 1000 Value ETF** | $23378586 | $23595600 | 11.0% |
| **Gotham Enhanced 500 ETF** | $8827498 | $8911937 | 1.4% |

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As of March 31, 2026, the Funds had loaned securities and received cash collateral for the loans. The cash collateral is invested in the Mount Vernon Liquid Assets Portfolio, LLC of which the investment objective is to seek to maximize income to the extent consistent with the preservation of capital and liquidity and maintain a stable NAV of $1.00. Although risk is mitigated by the collateral, the Funds could experience a delay in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities. In addition, the Funds bear the risk of loss associated with the investment of cash collateral received.

During the period ended March 31, 2026, the Funds loaned securities that were collateralized by cash. The cash collateral received was invested in the Mount Vernon Liquid Assets Portfolio, LLC as listed in each Fund's Schedule of Investments. Securities lending income is disclosed in the Funds' Statements of Operations. The Funds are not subject to a master netting agreement with respect to each Funds' participation in securities lending; therefore, no additional disclosures regarding netting arrangements are required.

**NOTE 7 - PURCHASES AND SALES OF SECURITIES**

For the period ended March 31, 2026, the cost of purchases and proceeds from the sales or maturities of securities, excluding short-term investments, U.S. government securities, and in-kind transactions were:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Purchases** | **Sales** |
| &nbsp;&nbsp;Gotham 1000 Value ETF | $210825392 | $219399176 |
| &nbsp;&nbsp;Gotham Enhanced 500 ETF | 498701078 | 507254027 |
| &nbsp;&nbsp;Gotham Short Strategies ETF | 56221683 | 51928877 |

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For the period ended March 31, 2026, there were no purchases or sales of long-term U.S. government securities.

For the period ended March 31, 2026, in-kind transactions associated with creations and redemptions for the Funds were:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Purchases** | **Sales** |
| &nbsp;&nbsp;Gotham 1000 Value ETF | $70750656 | $64966669 |
| &nbsp;&nbsp;Gotham Enhanced 500 ETF | 188265786 | 187216011 |
| &nbsp;&nbsp;Gotham Short Strategies ETF |  |  |

---

**NOTE 8 - INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The tax character of distributions paid during the periods ended March 31, 2026 and the prior fiscal year ended September 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Distributions paid from:** | **March 31,<br> 2026** | **September 30,<br> 2025** |
| **Gotham 1000 Value ETF** |  |  |
| Ordinary Income | $6216662 | $3553968 |
| Long-Term Capital Gains | 6401579 | 1580668 |
| **Gotham Enhanced 500 ETF** |  |  |
| Ordinary Income | $16473933 | $4292739 |
| Long-Term Capital Gains | 255065 |  |
| **Gotham Short Strategies ETF** |  |  |
| Ordinary Income | $8801 | $88870 |

---

As of the most recent fiscal year ended September 30, 2025, the components of distributable earnings/(accumulated losses) on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Gotham 1000 Value ETF** | **Gotham Enhanced 500 ETF** | **Gotham Short Strategies ETF** |
| Cost of investments<sup>(a)</sup> | $221165917 | $569584255 | $11748447 |
| Gross tax unrealized appreciation | 21540965 | 104683201 | 868908 |
| Gross tax unrealized depreciation | (14712850) | (30692524) | (1919635) |
| Net tax unrealized appreciation (depreciation) | 6828115 | 73990677 | (1050727) |
| Undistributed ordinary income (loss) | 5031120 | 13880868 |  |
| Undistributed long-term capital gain (loss) | 6299804 | 254912 |  |
| Total distributable earnings | 11330924 | 14135780 |  |
| Other accumulated gain (loss) |  |  | (15736411) |
| Total distributable earnings/(accumulated losses) | $18159039 | $88126457 | $(16787138) |

---

a)&nbsp;&nbsp;&nbsp;&nbsp; The difference between book and tax-basis cost of investments was attributable primarily to the treatment of wash sales.

Net capital losses incurred after October 31 (post-October losses) and net investment losses incurred after December 31 (late-year losses), and within the taxable year, may be elected to be deferred to the first business day of each Fund's next taxable year. For the most recent fiscal year ended September 30, 2025, the Funds have not elected to defer any post-October or late-year losses.

For the most recent fiscal year ended September 30, 2025, the Gotham Short Strategies ETF had short-term capital loss carryovers of $15,764,641, which do not expire.

**NOTE 9 - SHARES TRANSACTIONS**

Shares of the Funds are listed and traded on the Exchange. Market prices for the Shares may be different from their NAV. The Funds issue and redeem shares on a continuous basis at NAV, generally in large blocks of Shares, called Creation Units. Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, Shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, Shares are not redeemable securities of the Funds. Creation Units may only be purchased or redeemed by Authorized Participants. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the Shares directly from the Funds. Rather, most retail investors may purchase Shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

Each Fund currently offers one class of Shares, which have no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed transaction fee for each Fund is $500, payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Funds' Custodian has determined to waive some or all of the costs associated with the order or another party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units and Redemption Units of up to a maximum of 2% of the value of the Creation Units and Redemption Units subject to the transaction. Variable fees are imposed to compensate the Funds for transaction costs associated with the cash transactions. Variable fees received by the Funds, if any, are disclosed in the capital shares transactions section of the Statements of Changes in Net Assets. The Funds may issue an unlimited number of Shares of beneficial interest, with no par value. All Shares of the Funds have equal rights and privileges.

**NOTE 10 - RECENT MARKET EVENTS**

U.S. and international markets have experienced and may continue to experience significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including uncertainty regarding inflation and central banks' interest rate changes, the possibility of a national or global recession, trade tensions and tariffs, political events, armed conflict, war, and geopolitical conflict. These developments, as well as other events, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets, despite government efforts to address market disruptions. As a result, the risk environment remains elevated.

**NOTE 11 - SUBSEQUENT EVENTS**

In preparing these financial statements, management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. Management has determined that there are no subsequent events that would need to be recognized or disclosed in the Funds' financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7(a) of this Form."

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

There have been no changes in or disagreements with the Funds' accountants.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

There were no matters submitted to a vote of shareholders during the period covered by the report.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

See Item 7(a). Under the Investment Advisory Agreement, in exchange for a single unitary management fee from each Fund, the Adviser has agreed to pay all expenses incurred by the Funds, including Trustee compensation, except for certain excluded expenses.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

Not applicable.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

Not Applicable.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's President/Principal Executive Officer and Treasurer/Principal Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

(a) Not Applicable

(b) Not Applicable

**<u>Item 19. Exhibits.</u>**

*(a)* (1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Filed herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed.

Not applicable.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](ex99-cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not applicable.

 

*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](ex99-906cert.htm)

 

 

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) Tidal Trust I

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Eric W. Falkeis |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Eric W. Falkeis, President/Principal Executive Officer |

---

Date <u>June 3, 2026</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Eric W. Falkeis |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Eric W. Falkeis, President/Principal Executive Officer |

---

Date <u>June 3, 2026</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Aaron J. Perkovich |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Aaron J. Perkovich, Treasurer/Principal Financial Officer |

---

Date <u>June 3, 2026</u>

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Cert

[Tidal Trust I N-CSRS](gotham-ncsrs_033126.htm)

 **EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Eric W. Falkeis, certify that:

1. I have reviewed this report on Form N-CSR of Tidal Trust I;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | June 3, 2026 | /s/ Eric W. Falkeis |
| | | Eric W. Falkeis<br> President/Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Aaron J. Perkovich, certify that:

1. I have reviewed this report on Form N-CSR of Tidal Trust I;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | June 3, 2026 | /s/ Aaron J. Perkovich |
| | | Aaron J Perkovich<br> Treasurer/Principal Financial Officer |

---

## Exhibit 99.906

[Tidal Trust I N-CSRS](gotham-ncsrs_033126.htm)

**EX.99.906.CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Tidal Trust I, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Tidal Trust I for the period ended March 31, 2026 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Tidal Trust I for the stated period.

---

| | | | |
|:---|:---|:---|:---|
| /s/ Eric W. Falkeis | /s/ Eric W. Falkeis | /s/ Aaron J. Perkovich | /s/ Aaron J. Perkovich |
| Eric W. Falkeis<br> President/Principal Executive Officer,<br> Tidal Trust I | Eric W. Falkeis<br> President/Principal Executive Officer,<br> Tidal Trust I | Aaron J. Perkovich<br> Treasurer/Principal Financial Officer,<br> Tidal Trust I | Aaron J. Perkovich<br> Treasurer/Principal Financial Officer,<br> Tidal Trust I |
| Dated: | June 3, 2026 | Dated: | June 3, 2026 |

---

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Tidal Trust I for purposes of Section 18 of the Securities Exchange Act of 1934.