# EDGAR Filing Document

**Accession Number:** 0001722388
**File Stem:** 0001999371-26-007984
**Filing Date:** 2026-4
**Character Count:** 159586
**Document Hash:** 75918daf016cfd2a3d5d7483bcca904a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-007984.hdr.sgml**: 20260409

**ACCESSION NUMBER**: 0001999371-26-007984

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260409

**DATE AS OF CHANGE**: 20260409

**EFFECTIVENESS DATE**: 20260409

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Tidal Trust III
- **CENTRAL INDEX KEY:** 0001722388

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23312
- **FILM NUMBER:** 26851552

**BUSINESS ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET, SUITE 700
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53204
- **BUSINESS PHONE:** 4694428424

**MAIL ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET, SUITE 700
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53204

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Impact Shares Trust I
- **DATE OF NAME CHANGE:** 20180319

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Impact Shares Funds I Trust
- **DATE OF NAME CHANGE:** 20171113

## Series and Classes Contracts Data

### Intech S&P Large Cap Diversified Alpha ETF (Series ID: S000090660)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000257940 | Intech S&P Large Cap Diversified Alpha ETF | LGDX            |

### Intech S&P Small-Mid Cap Diversified Alpha ETF (Series ID: S000090661)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000257941 | Intech S&P Small-Mid Cap Diversified Alpha ETF | SMDX            |

?xml version='1.0' encoding='ASCII'? intech_tsr

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>(811-23312)</u>**

**<u>Tidal Trust III</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 III 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>January 31</u>**

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

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

Intech S&P Large Cap Diversified Alpha ETF Tailored Shareholder Report

**annual shareholder reportJanuary 31, 2026**

#### Intech S&P Large Cap Diversified Alpha ETF
TICKER: LGDX (Listed on NYSE Arca, Inc.)

This annual shareholder report contains important information about the Intech S&P Large Cap Diversified Alpha ETF (the "Fund") for the period February 27, 2025 (the Fund's "Inception") to January 31, 2026. You can find additional information about the Fund at www.IntechETFs.com. You can also request this information by contacting us at (833) 933-2083 or by writing to Intech S&P Large Cap Diversified Alpha ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### What were the Fund costs since inception?
(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** |
| Intech S&P Large Cap Diversified Alpha ETF | $25 | 0.25% |

---

Costs paid as a percentage of investment are annualized.

#### Cumulative Performance
(Initial Investment of $10,000)

![line](qes4fvqn51mmdrg2iz.jpg)

#### Annual Performance

---

| | |
|:---|:---|
| **Returns for the Period Ended January 31, 2026** | **Since Inception**<br> **2/27/25** |
| **Intech SP Large Cap Diversified Alpha ETF -<br>at NAV** | 16.06% |
| **S&P 500<sup>®</sup> Total Return Index** | 19.77% |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.**

Visit www.IntechETFs.com for more recent performance information.

#### How did the Fund perform in the past year ?
The S&P 500 Index rose 19.77% from February 27, 2025, through January 31, 2026, and market leadership remained concentrated in AI-oriented growth stocks, while quality and smaller-cap stocks lagged. The communication services and information technology sectors performed best in the S&P 500 Index during this period; conversely, the real estate and consumer staples sectors performed worst.

#### What Factors Influenced Performance?
Since inception on February 27, 2025, through January 31, 2026, the Fund returned 16.06%, compared with 19.77% for its benchmark, the S&P 500 Index, and underperformed its benchmark by 3.71% over the period. Stock selection in the industrials and consumer staples sectors contributed positively to relative performance, while stock selection in the information technology and communication services sectors detracted. The three largest stock contributors were General Motors Company (consumer discretionary), Berkshire Hathaway Inc. Class B (financials), and Visa Inc. Class A (financials); conversely, the three largest stock detractors were Fiserv, Inc. (financials), Oracle Corporation (information technology), and Microsoft Corporation (information technology).

Intech S&P Large Cap Diversified Alpha ETF Tailored Shareholder Report

#### Key Fund Statistics
(as of January 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Thousands)** | $132599 |
| **Number of Holdings** | 218 |
| **Total Advisory Fee** | $231254 |
| **Portfolio Turnover Rate** | 117% |

---

#### What did the Fund invest in?
(as of January 31, 2026)

#### Security Type - Investments
(% of Total Net Assets)

![bar](qes4fvqn51mmds6vbv.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>| (% of Total Net Assets)<br>|

---

---

| | |
|:---|:---|
| **NVIDIA Corp.** | 8.5 |
| **Microsoft Corp.** | 6.6 |
| **Apple, Inc.** | 5.2 |
| **Meta Platforms, Inc. - Class A** | 4.3 |
| **Broadcom, Inc.** | 3.3 |
| **Amazon.com, Inc.** | 3.3 |
| **Alphabet, Inc. - Class A** | 2.2 |
| **Cisco Systems, Inc.** | 2.0 |
| **Tesla, Inc.** | 1.9 |
| **Alphabet, Inc. - Class C** | 1.8 |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.IntechETFs.com .

#### How Has the Fund Changed?
Effective February 27, 2025, the Intech U.S. Enhanced Plus Fund LLC reorganized into the Intech S&P Large Cap Diversified Alpha ETF. For financial reporting purposes, assets received, and shares issued by the LGDX ETF were recorded at fair value; however, the cost basis of the investments received from the Predecessor Fund were carried forward to align ongoing reporting of the Acquiring Fund realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

#### Changes in and Disagreements with Accountants
In connection with the reorganization on February 27, 2025, the Tidal Trust III Audit Committee approved the decision to appoint Tait, Weller & Baker as the Fund's independent registered public accounting firm.

#### 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.

**Intech S&P Small-Mid Cap Diversified Alpha ETF** Tailored Shareholder Report

**annual Shareholder Report January 31, 2026**

#### Intech S&P Small-Mid Cap Diversified Alpha ETF
TICKER: SMDX (Listed on NYSE Arca, Inc.)

This annual shareholder report contains important information about the Intech S&P Small-Mid Cap Diversified Alpha ETF (the "Fund") for the period February 27, 2025 (the Fund's "Inception") to January 31, 2026. You can find additional information about the Fund at www.IntechETFs.com. You can also request this information by contacting us at (833) 933-2083 or by writing to Intech S&P Small-Mid Cap Diversified Alpha ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### What were the Fund costs since inception?
(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** |
| Intech S&P Small-Mid Cap Diversified Alpha ETF | $36 | 0.35% |

---

Costs paid as a percentage of investment are annualized.

#### Cumulative Performance
(Initial Investment of $10,000)

![line](qesqvaf1mmdrf48y.jpg)

#### Annual Performance

---

| | |
|:---|:---|
| **Returns for the Period Ended January 31, 2026** | **Since Inception**<br> **2/27/25** |
| **Intech S&P Small-Mid Cap**<br> **Diversified Alpha ETF - at NAV** | 19.87% |
| **S&P 1000 Total Return Index** | 14.60% |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.**

Visit www.IntechETFs.com for more recent performance information.

#### How did the Fund perform in the past year ?
The S&P 1000 Index rose 14.60% from February 27, 2025, through January 31, 2026, amid improved breadth across mid- and small-cap stocks, including strength in higher momentum and value-oriented stocks, while quality stocks lagged. The information technology and industrials sectors performed best in the S&P 1000 Index during this period; conversely, the consumer staples and consumer discretionary sectors performed worst.

#### What Factors Influenced Performance?
Since inception on February 27, 2025, through January 31, 2026, the Fund returned 19.87%, compared with 14.60% for its benchmark, the S&P 1000 Index, and outperformed its benchmark by 5.28% over the period. Stock selection in the industrials and consumer discretionary sectors contributed positively to relative performance, while stock selection in the consumer staples and energy sectors detracted. The three largest stock contributors were Ciena Corporation (information technology), EMCOR Group, Inc. (industrials), and Dycom Industries, Inc. (industrials); conversely, the three largest stock detractors were Commvault Systems, Inc. (information technology), Kratos Defense & Security Solutions, Inc. (industrials), and EchoStar Corporation Class A (communication services).

**Intech S&P Small-Mid Cap Diversified Alpha ETF** Tailored Shareholder Report

#### Key Fund Statistics
(as of January 31, 2026)

---

| | |
|:---|:---|
| **Fund Size (Thousands)** | $116778 |
| **Number of Holdings** | 529 |
| **Total Advisory Fee** | $266848 |
| **Portfolio Turnover Rate** | 166% |

---

#### What did the Fund invest in?
(as of January 31, 2026)

#### Security Type - Investments
(% of Total Net Assets)

![bar](qesjnmqzrf1mmdnjb40.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>| (% of Total Net Assets)<br>|

---

---

| | |
|:---|:---|
| **Ciena Corp.** | 1.8 |
| **Jones Lang LaSalle, Inc.** | 1.5 |
| **East West Bancorp, Inc.** | 1.2 |
| **Lumentum Holdings, Inc.** | 1.2 |
| **Tenet Healthcare Corp.** | 1.1 |
| **Universal Display Corp.** | 1.0 |
| **US Foods Holding Corp.** | 1.0 |
| **nVent Electric PLC** | 1.0 |
| **EPR Properties - REIT** | 1.0 |
| **Lamar Advertising Co. - Class A - REIT** | 1.0 |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.IntechETFs.com .

#### 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>**

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

*A copy of the registrant's Code of Ethics is filed herewith.*

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

The registrant's Board of Trustees of the Trust has determined that there is at least one audit committee financial expert serving on its audit committee. Ms. Monica Byrd is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

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

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for the fiscal year. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no "Other services" provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

**Intech S&P Large Cap Diversified Alpha ETF** 

---

| | | |
|:---|:---|:---|
| | FYE 1/31/2026 | FYE 1/31/2025 |
| (a) Audit Fees | $11000 | N/A |
| (b) Audit-Related Fees | N/A | N/A |
| (c) Tax Fees | $3000 | N/A |
| (d) All Other Fees | N/A | N/A |

---

**Intech S&P Small-Mid Cap Diversified Alpha ETF** 

---

| | | |
|:---|:---|:---|
| | FYE 1/31/2026 | FYE 1/31/2025 |
| (a) Audit Fees | $11000 | N/A |
| (b) Audit-Related Fees | N/A | N/A |
| (c) Tax Fees | $3000 | N/A |
| (d) All Other Fees | N/A | N/A |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Tait Weller & Baker LLP applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 1/31/2026 | FYE 1/31/2025 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

 

<u>Non-Audit Related Fees</u> <u>FYE 1/31/2026</u> <u>FYE 1/31/2025</u> <br> Registrant N/A N/A <br> <u>Registrant's Investment Adviser</u> <u>N/A</u> <u>N/A</u>

(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

(i) The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

(j) The registrant is not a foreign issuer.

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

(a) The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the "Act") and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The independent members of the committee are as follows: Monica Byrd, Lawrence Jules, Ethan Powell and Pamela Cryton.

(b) Not applicable

**<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) ![](intechfin001.jpg)

**Financial Statements**

**January 31, 2026**

**Tidal Trust III**

Intech S&P Large Cap Diversified Alpha ETF \| LGDX \| NYSE Arca, Inc. <br> Intech S&P Small-Mid Cap Diversified Alpha ETF \| SMDX \| NYSE Arca, Inc.

**Intech ETFs** 

**Table of Contents**

---

| | |
|:---|:---|
| | **Page** |
| Schedules of Investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Intech S&P Large Cap Diversified Alpha ETF](#intechfina001) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Intech S&P Small-Mid Cap Diversified Alpha ETF](#intechfina002) | 7 |
| [Statements of Assets and Liabilities](#intechfina003) | 20 |
| [Statements of Operations](#intechfina004) | 21 |
| [Statements of Changes in Net Assets](#intechfina005) | 22 |
| [Financial Highlights](#intechfina006) | 23 |
| [Notes to Financial Statements](#intechfina007) | 25 |
| [Report of Independent Registered Public Accounting Firm](#intechfina008) | 35 |
| [Additional Information](#intechfina009) | 36 |

---

**Intech S&P Large Cap Diversified Alpha ETF** 

**Schedule of Investments**

**January 31, 2026**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**COMMON STOCKS - 99.7%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banking - 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | 4335 | $230622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. | 13518 | 1564168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 4300 | 1315327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. | 59 | 13175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Bancorp | 1678 | 94153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 4342 | 392907 |
|  |  | 3610352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Discretionary Products - 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aptiv PLC<sup>(a)</sup> | 1624 | 123018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors Co. | 15686 | 1317624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hasbro, Inc. | 1352 | 120747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nike, Inc. - Class B | 394 | 24353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PulteGroup, Inc. | 208 | 26019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ralph Lauren Corp. - Class A | 464 | 163982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tapestry, Inc. | 4228 | 536576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc.<sup>(a)</sup> | 5728 | 2465388 |
|  |  | 4777707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Discretionary Services - 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carnival Corp. | 13530 | 406171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | 5988 | 315747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | 1983 | 643781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starbucks Corp. | 782 | 71905 |
|  |  | 1437604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Staple Products - 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altria Group, Inc. | 3416 | 211758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Co. | 86 | 6434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 12101 | 1092599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Estee Lauder Cos., Inc. - Class A | 1053 | 121390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 3345 | 513892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 12495 | 2242103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 139 | 21096 |
|  |  | 4209272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Services - 6.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Co. | 2940 | 1035380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 3019 | 362039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackrock, Inc. | 45 | 50352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 898 | 196599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | 974 | 258168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 15226 | 1582286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CME Group, Inc. - Class A | 1413 | 408442 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coinbase Global, Inc. - Class A<sup>(a)</sup> | 504.0 | $98149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | 2662.0 | 147076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiserv, Inc.<sup>(a)</sup> | 6518.0 | 415392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Payments, Inc. | 587.0 | 42111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | 1772.0 | 1657547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 2297.0 | 399173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | 788.0 | 141218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR & Co., Inc. | 191.0 | 21824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | 1217.0 | 655707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moody's Corp. | 173.0 | 89192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 1024.0 | 187187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSCI, Inc. - Class A | 119.0 | 72497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nasdaq, Inc. | 1638.0 | 158706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern Trust Corp. | 580.0 | 86669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PayPal Holdings, Inc. | 4517.0 | 238001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robinhood Markets, Inc. - Class A<sup>(a)</sup> | 282.0 | 28053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P Global, Inc. | 141.0 | 74418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Corp. | 385.0 | 50381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synchrony Financial | 6921.0 | 502672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 31.0 | 9977 |
|  |  | 8969216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care - 9.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories, ADR | 1434.0 | 156736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. | 41.0 | 9143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amgen, Inc. | 1087.0 | 371624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corp.<sup>(a)</sup> | 2064.0 | 193046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 25276.0 | 1391444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | 5001.0 | 1074615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | 227.0 | 81543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cigna Group | 6.0 | 1645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp. | 1783.0 | 132869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dexcom, Inc.<sup>(a)</sup> | 1304.0 | 95244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp.<sup>(a)</sup> | 279.0 | 22699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 40.0 | 13830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 1899.0 | 1969548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 5519.0 | 783422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | 1086.0 | 530261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.<sup>(a)</sup> | 1304.0 | 874280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incyte Corp.<sup>(a)</sup> | 2763.0 | 276493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insulet Corp.<sup>(a)</sup> | 1122.0 | 287019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.<sup>(a)</sup> | 1278.0 | 644393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 817.0 | 185663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McKesson Corp. | 626.0 | 520337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medtronic PLC | 238.0 | 24505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 56.0 | 6175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pfizer, Inc. | 451.0 | 11924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | 96.0 | 71179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ResMed, Inc. | 1060.0 | 273809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STERIS PLC | 570.0 | 149682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 1782.0 | 511309 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Universal Health Services, Inc. - Class B | 753.0 | $151549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 394.0 | 185141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zoetis, Inc. - Class A | 10369.0 | 1294259 |
|  |  | 12295386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial Products - 6.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M Co. | 7667.0 | 1174278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amphenol Corp. | 28.0 | 4034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc.<sup>(a)</sup> | 118.0 | 57062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caterpillar, Inc. | 207.0 | 136074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerson Electric Co. | 185.0 | 27188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GE Aerospace | 3784.0 | 1160893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GE Vernova, Inc. | 1242.0 | 902152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Dynamics Corp. | 591.0 | 207494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honeywell International, Inc. | 866.0 | 197032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | 1954.0 | 406588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson Controls International PLC | 1053.0 | 125581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keysight Technologies, Inc.<sup>(a)</sup> | 3062.0 | 662402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 663.0 | 227310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 2548.0 | 1615993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | 1539.0 | 1065388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RTX Corp. | 2376.0 | 477410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | 10.0 | 14275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veralto Corp. | 158.0 | 15639 |
|  |  | 8476793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial Services - 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.H. Robinson Worldwide, Inc. | 576.0 | 112291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cintas Corp. | 54.0 | 10335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | 7697.0 | 507155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | 643.0 | 463429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FedEx Corp. | 587.0 | 189161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jacobs Solutions, Inc. | 1503.0 | 203296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc.<sup>(a)</sup> | 3246.0 | 332131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Parcel Service, Inc. - Class B | 771.0 | 81896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Rentals, Inc. | 434.0 | 339414 |
|  |  | 2239108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance - 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allstate Corp. | 4787.0 | 952565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aon PLC - Class A | 2758.0 | 964307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assurant, Inc. | 243.0 | 57866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | 44.0 | 21143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chubb Ltd. | 39.0 | 12073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progressive Corp. | 1913.0 | 397904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travelers Cos., Inc. | 3836.0 | 1091380 |
|  |  | 3497238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Materials - 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | 3423.0 | 319126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corteva, Inc. | 15816.0 | 1151405 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Linde PLC | 1240 | $566643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newmont Corp. | 1646.0 | 184928 |
|  |  | 2222102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media - 13.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbnb, Inc. - Class A<sup>(a)</sup> | 229.0 | 29626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 8497.0 | 2871986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class C | 6996.0 | 2368356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | 253.0 | 1265466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comcast Corp. - Class A | 10051.0 | 299017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DoorDash, Inc. - Class A<sup>(a)</sup> | 3082.0 | 630639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expedia Group, Inc. - Class A | 576.0 | 152548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fox Corp. - Class A | 2918.0 | 212372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fox Corp. - Class B | 1171.0 | 76782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Match Group, Inc. | 5301.0 | 165126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 7889.0 | 5652468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc.<sup>(a)</sup> | 23131.0 | 1931207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.<sup>(a)</sup> | 233.0 | 51330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade Desk, Inc. - Class A<sup>(a)</sup> | 2268.0 | 68788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies, Inc.<sup>(a)</sup> | 10453.0 | 836763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Co. | 6472.0 | 730042 |
|  |  | 17342516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil & Gas - 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baker Hughes Co. | 3364.0 | 188519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 7815.0 | 876296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expand Energy Corp. | 445.0 | 50022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 111.0 | 15695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 2399.0 | 73146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 233.0 | 41052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc. | 11731.0 | 928978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corp. | 1418.0 | 284990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams Cos., Inc. | 1570.0 | 105598 |
|  |  | 2564296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Real Estate - 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Tower Corp. - REIT | 5653.0 | 1013470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CBRE Group, Inc. - Class A<sup>(a)</sup> | 7242.0 | 1233530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equinix, Inc. - REIT | 274.0 | 224935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain, Inc. - REIT | 3838.0 | 353595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBA Communications Corp. - Class A - REIT | 1554.0 | 286107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VICI Properties, Inc. - REIT | 12391.0 | 347939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Welltower, Inc. - REIT | 64.0 | 12055 |
|  |  | 3471631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Renewable Energy - 0.0%<sup>(b)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Solar, Inc.<sup>(a)</sup> | 106.0 | 23905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail & Wholesale - Discretionary - 4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc.<sup>(a)</sup> | 18111.0 | 4333962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoZone, Inc.<sup>(a)</sup> | 27.0 | 100016 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Best Buy Co., Inc. | 3000 | $195300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;eBay, Inc. | 1123.0 | 102440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genuine Parts Co. | 1755.0 | 243927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. | 22.0 | 8241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.<sup>(a)</sup> | 4380.0 | 431036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ross Stores, Inc. | 361.0 | 68103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TJX Cos., Inc. | 1915.0 | 286886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tractor Supply Co. | 1350.0 | 68688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.<sup>(a)</sup> | 178.0 | 115230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | 2557.0 | 523290 |
|  |  | 6477119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail & Wholesale - Staples - 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge Global SA | 1775.0 | 202137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 456.0 | 428754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollar General Corp. | 1820.0 | 261043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kroger Co. | 5404.0 | 339641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sysco Corp. | 8681.0 | 727902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target Corp. | 386.0 | 40711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | 7245.0 | 863169 |
|  |  | 2863357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software & Tech Services - 11.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accenture PLC - Class A | 52.0 | 13709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adobe, Inc.<sup>(a)</sup> | 5087.0 | 1491763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corp. | 2152.0 | 660018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuit, Inc. | 1474.0 | 735408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | 368.0 | 69287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 20297.0 | 8733596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp. | 8367.0 | 1377041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 9461.0 | 1386888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.<sup>(a)</sup> | 16.0 | 2832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce, Inc. | 1983.0 | 420971 |
|  |  | 14891513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tech Hardware & Semiconductors - 22.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.<sup>(a)</sup> | 3436.0 | 813404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 65.0 | 20207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 26719.0 | 6933046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arista Networks, Inc.<sup>(a)</sup> | 2496.0 | 353783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 13251.0 | 4390056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 34067.0 | 2668127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corning, Inc. | 5482.0 | 566017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dell Technologies, Inc. - Class C | 2134.0 | 244215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intel Corp.<sup>(a)</sup> | 456.0 | 21190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 1880.0 | 779974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | 36.0 | 40469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | 1668.0 | 671437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NetApp, Inc. | 3779.0 | 364107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 59193.0 | 11313558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 2286.0 | 346535 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seagate Technology Holdings PLC | 575 | $234422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | 1477 | 82358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Digital Corp. | 413 | 103345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zebra Technologies, Corp. - Class A<sup>(a)</sup> | 171 | 40182 |
|  |  | 29986432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications - 0.0%<sup>(b)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc. | 379 | 9934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 256 | 11397 |
|  |  | 21331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Utilities - 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | 303 | 36292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. | 2344 | 93033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | 2037 | 217205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Energy Corp. | 284 | 79713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Corp. | 6080 | 737808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evergy, Inc. | 482 | 36984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exelon Corp. | 1943 | 87008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstEnergy Corp. | 1132 | 53589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG&E Corp. | 56980 | 878632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. | 302 | 28255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Co. | 763 | 68143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Corp. | 2577 | 408068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | 407 | 30956 |
|  |  | 2755686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS (Cost $113,021,168)** |  | 132132564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SHORT-TERM INVESTMENTS - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Money Market Funds - 0.3%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 3.61%<sup>(c)</sup> | 431089 | 431089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT-TERM INVESTMENTS (Cost $431,089)** |  | 431089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS - 100.0% (Cost $113,452,257)** |  | $132563653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Assets in Excess of Liabilities - 0.0%<sup>(b)</sup> |  | 35786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL NET ASSETS - 100.0%** |  | $132599439 |

---

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

PLC Public Limited Company

REIT Real Estate Investment Trust

(a) Non-income producing security.

(b) Does not round to 0.1% or (0.1)%,
 as applicable.

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

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

**Intech S&P Small-Mid Cap Diversified Alpha ETF**

**Schedule of Investments**

**January 31, 2026**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**COMMON STOCKS - 99.7%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banking - 6.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ameris Bancorp | 954 | $76911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Associated Banc-Corp | 2125 | 57927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axos Financial, Inc.<sup>(a)</sup> | 520 | 51475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banc of California, Inc. | 17618 | 352008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bancorp, Inc.<sup>(a)</sup> | 1511 | 89814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank OZK | 2380 | 113193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BankUnited, Inc. | 3971 | 188503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banner Corp. | 506 | 31291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cadence Bank | 2586 | 108896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cullen/Frost Bankers, Inc. | 487 | 67118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customers Bancorp, Inc.<sup>(a)</sup> | 8108 | 640694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVB Financial Corp. | 2332 | 45964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | 12404 | 1419514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First BanCorp, Inc. | 3988 | 88215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Commonwealth Financial Corp. | 9926 | 178966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Financial Bancorp | 3065 | 88088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Hawaiian, Inc. | 2118 | 56233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Horizon Corp. | 13873 | 339750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNB Corp. | 14634 | 256827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fulton Financial Corp. | 1653 | 34134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | 885 | 60888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hanmi Financial Corp. | 1890 | 50217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home BancShares, Inc. | 1182 | 34160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independent Bank Corp. | 310 | 25042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Bancshares Corp. | 570 | 39695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Bank Holdings Corp. - Class A | 873 | 35077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OFG Bancorp | 12611 | 508223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pathward Financial, Inc. | 5283 | 477002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Financial Partners Inc | 2870 | 272908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provident Financial Services, Inc. | 8512 | 188456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seacoast Banking Corp. of Florida | 804 | 26886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simmons First National Corp. - Class A | 2393 | 48650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Capital Bancshares, Inc.<sup>(a)</sup> | 650 | 65761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TrustCo Bank Corp. NY | 1385 | 60109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustmark Corp. | 809 | 34399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Community Banks, Inc. | 1863 | 64143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valley National Bancorp | 23578 | 293782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Webster Financial Corp. | 2168 | 142589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Alliance Bancorp | 2161 | 192653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | 604 | 89084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WSFS Financial Corp. | 2039 | 131984 |
|  |  | 7127229 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Biotechnology - 0.1%** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcus Biosciences, Inc.<sup>(a)</sup> | 4095 | $86159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Discretionary Products - 7.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acushnet Holdings Corp. | 2314 | 224319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Axle & Manufacturing Holdings, Inc.<sup>(a)</sup> | 27555 | 219613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Woodmark Corp.<sup>(a)</sup> | 413 | 24528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Armstrong World Industries, Inc. | 360 | 66146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Autoliv, Inc. | 6009 | 728531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BorgWarner, Inc. | 4253 | 201635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capri Holdings Ltd.<sup>(a)</sup> | 1579 | 35638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cavco Industries, Inc.<sup>(a)</sup> | 117 | 57566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crocs, Inc.<sup>(a)</sup> | 1722 | 144510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dana, Inc. | 14815 | 428154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dorman Products, Inc.<sup>(a)</sup> | 863 | 107185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fox Factory Holding Corp.<sup>(a)</sup> | 1913 | 35199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gentex Corp. | 2224 | 51174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gentherm, Inc.<sup>(a)</sup> | 3000 | 95880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Green Brick Partners Inc<sup>(a)</sup> | 400 | 27756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Griffon Corp. | 1421 | 115740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HNI Corp. | 9922 | 474172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interface, Inc. | 16499 | 519224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kontoor Brands, Inc. | 9457 | 564867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LCI Industries | 1466 | 215048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leggett & Platt, Inc. | 1881 | 21951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M/I Homes, Inc.<sup>(a)</sup> | 324 | 43319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mattel, Inc.<sup>(a)</sup> | 8575 | 179132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meritage Homes Corp. | 1219 | 84733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MillerKnoll, Inc. | 12409 | 249173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phinia, Inc. | 9064 | 645085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polaris, Inc. | 1879 | 119955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PVH Corp. | 3102 | 193441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scotts Miracle-Gro Co. | 7889 | 506632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Somnigroup International, Inc. | 4791 | 420889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steven Madden Ltd. | 3464 | 152000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp. - Class A<sup>(a)</sup> | 813 | 49552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toll Brothers, Inc. | 3203 | 462801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Topgolf Callaway Brands Corp.<sup>(a)</sup> | 19705 | 282767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visteon Corp. | 3350 | 304381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wolverine World Wide, Inc. | 2579 | 45700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XPEL, Inc.<sup>(a)</sup> | 239 | 12311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YETI Holdings, Inc.<sup>(a)</sup> | 7239 | 330895 |
|  |  | 8441602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Discretionary Services - 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adtalem Global Education, Inc.<sup>(a)</sup> | 442 | 45769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boyd Gaming Corp. | 3550 | 300117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brinker International, Inc.<sup>(a)</sup> | 462 | 72867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Churchill Downs, Inc. | 3790 | 372784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cinemark Holdings, Inc. | 5995 | 141962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dave & Buster's Entertainment, Inc.<sup>(a)</sup> | 5046 | 94713 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Graham Holdings Co. - Class B | 10.0 | $11666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matthews International Corp. - Class A | 6246.0 | 164207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penn Entertainment, Inc.<sup>(a)</sup> | 2243.0 | 28800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perdoceo Education Corp. | 1381.0 | 44234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Planet Fitness, Inc. - Class A<sup>(a)</sup> | 2961.0 | 269570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PROG Holdings, Inc. | 9969.0 | 323394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Corp. International | 2172.0 | 174694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shake Shack, Inc. - Class A<sup>(a)</sup> | 4072.0 | 360657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. - Class A | 762.0 | 137053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travel + Leisure Co. | 2387.0 | 165992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upbound Group, Inc. | 11389.0 | 215252 |
|  |  | 2923731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Staple Products - 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BellRing Brands, Inc.<sup>(a)</sup> | 18025.0 | 448282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boston Beer Co., Inc. - Class A<sup>(a)</sup> | 517.0 | 110442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cal-Maine Foods, Inc. | 5828.0 | 486813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celsius Holdings, Inc.<sup>(a)</sup> | 2257.0 | 118447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | 1798.0 | 273404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Darling Ingredients, Inc.<sup>(a)</sup> | 358.0 | 16346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ingredion, Inc. | 1712.0 | 202187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interparfums, Inc. | 265.0 | 25856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Universal Corp. | 6746.0 | 381756 |
|  |  | 2063533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Services - 6.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acadian Asset Management, Inc. | 761.0 | 42175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Managers Group, Inc. | 537.0 | 168129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ally Financial, Inc. | 10344.0 | 437344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annaly Capital Management, Inc. - REIT | 23128.0 | 532175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Commercial Real Estate Finance, Inc. - REIT | 3639.0 | 39338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BGC Group, Inc. - Class A | 51499.0 | 469156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Mortgage Trust, Inc. - REIT | 5112.0 | 98406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bread Financial Holdings, Inc. | 10629.0 | 771028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ellington Financial, Inc. - REIT | 3255.0 | 41827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encore Capital Group, Inc.<sup>(a)</sup> | 1244.0 | 68669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enova International, Inc.<sup>(a)</sup> | 3012.0 | 497492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essent Group Ltd. | 1825.0 | 114829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Euronet Worldwide, Inc.<sup>(a)</sup> | 962.0 | 69706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evercore, Inc. - Class A | 365.0 | 128944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EZCORP, Inc. - Class A<sup>(a)</sup> | 13336.0 | 286057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes, Inc. - Class B | 798.0 | 42517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. | 1830.0 | 99534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Financial Corp. | 7685.0 | 485538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franklin BSP Realty Trust, Inc. - REIT | 12757.0 | 130887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hamilton Lane, Inc. - Class A | 1849.0 | 261153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc. - Class A | 615.0 | 103517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Janus Henderson Group PLC | 5166.0 | 248640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JM Smucker Co. | 8853.0 | 541626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Real Estate Finance Trust, Inc. - REIT | 3454.0 | 28599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MGIC Investment Corp. | 3253.0 | 87571 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Mortgage Trust, Inc. - REIT | 10070.0 | $80560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PennyMac Mortgage Investment Trust - REIT | 18893.0 | 223504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Piper Sandler Cos. | 99.0 | 34289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radian Group, Inc. | 3235.0 | 106431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redwood Trust, Inc. - REIT | 5558.0 | 30458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEI Investments Co. | 2983.0 | 262057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shift4 Payments, Inc. - Class A<sup>(a)</sup> | 1181.0 | 69726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SLM Corp. | 11865.0 | 322135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stewart Information Services Corp. | 623.0 | 42009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stifel Financial Corp. | 887.0 | 109367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group, Inc.<sup>(a)</sup> | 325.0 | 36484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Two Harbors Investment Corp. - REIT | 1348.0 | 15462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEX, Inc.<sup>(a)</sup> | 755.0 | 116194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;World Acceptance Corp.<sup>(a)</sup> | 773.0 | 93726 |
|  |  | 7337259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care - 10.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADMA Biologics, Inc.<sup>(a)</sup> | 3214.0 | 55602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alkermes PLC<sup>(a)</sup> | 5502.0 | 186463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amphastar Pharmaceuticals, Inc.<sup>(a)</sup> | 4561.0 | 120821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ANI Pharmaceuticals, Inc.<sup>(a)</sup> | 1255.0 | 102722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arrowhead Pharmaceuticals, Inc.<sup>(a)</sup> | 3189.0 | 221093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Artivion, Inc.<sup>(a)</sup> | 2844.0 | 115950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avanos Medical, Inc.<sup>(a)</sup> | 4830.0 | 64336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BioLife Solutions, Inc.<sup>(a)</sup> | 899.0 | 19598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> | 4452.0 | 108184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemed Corp. | 153.0 | 65353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collegium Pharmaceutical, Inc.<sup>(a)</sup> | 6539.0 | 300271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CONMED Corp. | 1560.0 | 59888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corcept Therapeutics, Inc.<sup>(a)</sup> | 1794.0 | 71527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cytokinetics, Inc.<sup>(a)</sup> | 1146.0 | 72416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dentsply Sirona, Inc. | 7696.0 | 95969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dynavax Technologies Corp.<sup>(a)</sup> | 8314.0 | 128742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Embecta Corp. | 3711.0 | 39374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encompass Health Corp. | 10021.0 | 947285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Envista Holdings Corp.<sup>(a)</sup> | 11702.0 | 274646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exelixis, Inc.<sup>(a)</sup> | 17573.0 | 726819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glaukos Corp.<sup>(a)</sup> | 1842.0 | 219898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Globus Medical, Inc. - Class A<sup>(a)</sup> | 910.0 | 82519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Haemonetics Corp.<sup>(a)</sup> | 350.0 | 23331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc.<sup>(a)</sup> | 8795.0 | 630690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harmony Biosciences Holdings Inc<sup>(a)</sup> | 6983.0 | 255019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HealthEquity, Inc.<sup>(a)</sup> | 1277.0 | 109401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICU Medical, Inc.<sup>(a)</sup> | 220.0 | 32978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innoviva, Inc.<sup>(a)</sup> | 15364.0 | 307280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inspire Medical Systems, Inc.<sup>(a)</sup> | 1439.0 | 109047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals PLC<sup>(a)</sup> | 2327.0 | 382768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc.<sup>(a)</sup> | 1734.0 | 116039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LeMaitre Vascular, Inc. | 570.0 | 48433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals Inc<sup>(a)</sup> | 182.0 | 34962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LivaNova PLC<sup>(a)</sup> | 1113.0 | 73135 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Masimo Corp.<sup>(a)</sup> | 2822 | $387545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medpace Holdings, Inc.<sup>(a)</sup> | 1596.0 | 929638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merit Medical Systems, Inc.<sup>(a)</sup> | 1233.0 | 99984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Myriad Genetics, Inc.<sup>(a)</sup> | 13245.0 | 74437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neogen Corp<sup>(a)</sup> | 9000.0 | 91980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc.<sup>(a)</sup> | 4040.0 | 549682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Option Care Health, Inc.<sup>(a)</sup> | 3283.0 | 111622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organon & Co. | 11084.0 | 94657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacira BioSciences, Inc.<sup>(a)</sup> | 8005.0 | 164423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penumbra, Inc.<sup>(a)</sup> | 491.0 | 175862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phibro Animal Health Corp. - Class A | 836.0 | 33565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Protagonist Therapeutics Inc<sup>(a)</sup> | 357.0 | 29203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RadNet, Inc.<sup>(a)</sup> | 1129.0 | 79143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repligen Corp.<sup>(a)</sup> | 584.0 | 87232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Select Medical Holdings Corp. | 2551.0 | 38393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STAAR Surgical Co.<sup>(a)</sup> | 1977.0 | 37464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals, Inc.<sup>(a)</sup> | 1552.0 | 74744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tandem Diabetes Care, Inc.<sup>(a)</sup> | 1295.0 | 25758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenet Healthcare Corp.<sup>(a)</sup> | 6705.0 | 1269122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TG Therapeutics, Inc.<sup>(a)</sup> | 5935.0 | 174667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransMedics Group, Inc.<sup>(a)</sup> | 148.0 | 19828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Therapeutics Corp.<sup>(a)</sup> | 2028.0 | 952126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vericel Corp.<sup>(a)</sup> | 3288.0 | 118302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xencor, Inc.<sup>(a)</sup> | 3381.0 | 40876 |
|  |  | 11862812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial Products - 9.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAR Corp.<sup>(a)</sup> | 6775.0 | 717540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acuity Brands, Inc. | 3192.0 | 987094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc. | 249.0 | 63585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGCO Corp. | 983.0 | 111482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alamo Group, Inc. | 61.0 | 11914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astec Industries, Inc. | 889.0 | 43312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ATI, Inc.<sup>(a)</sup> | 263.0 | 31639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Badger Meter, Inc. | 549.0 | 80472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belden, Inc. | 943.0 | 110812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BWX Technologies, Inc. | 1925.0 | 395453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chart Industries, Inc.<sup>(a)</sup> | 938.0 | 194485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cognex Corp. | 12548.0 | 486110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | 841.0 | 552276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Donaldson Co., Inc. | 909.0 | 92663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enerpac Tool Group Corp. | 487.0 | 19655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enpro, Inc. | 245.0 | 58501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Esab Corp. | 1342.0 | 162516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ESCO Technologies, Inc. | 341.0 | 77806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Signal Corp. | 1058.0 | 114359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flowserve Corp. | 4525.0 | 353629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franklin Electric Co., Inc. | 1432.0 | 142656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Graco, Inc. | 3390.0 | 296049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greenbrier Cos., Inc. | 1036.0 | 52235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hayward Holdings, Inc.<sup>(a)</sup> | 16634.0 | 268473 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hillenbrand, Inc. | 558.0 | $17806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Itron, Inc.<sup>(a)</sup> | 8532.0 | 845351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ITT, Inc. | 1261.0 | 229880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JBT Marel Corp. | 1451.0 | 228257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kennametal, Inc. | 3620.0 | 124492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lincoln Electric Holdings, Inc. | 547.0 | 145146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lindsay Corp. | 276.0 | 34575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercury Systems, Inc.<sup>(a)</sup> | 984.0 | 92378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Middleby Corp.<sup>(a)</sup> | 783.0 | 115234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moog, Inc. - Class A | 812.0 | 247944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mueller Water Products, Inc. - Class A | 5479.0 | 148317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;nVent Electric PLC | 10706.0 | 1201856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oshkosh Corp. | 1104.0 | 158777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OSI Systems, Inc.<sup>(a)</sup> | 99.0 | 24764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Powell Industries, Inc. | 121.0 | 53674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regal Rexnord Corp. | 1588.0 | 256462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sensata Technologies Holding PLC | 8162.0 | 282324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tennant Co. | 641.0 | 48774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terex Corp. | 1142.0 | 65094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Timken Co. | 288.0 | 26839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toro Co. | 1543.0 | 141184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valmont Industries, Inc. | 806.0 | 359121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vontier Corp. | 1529.0 | 57337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watts Water Technologies, Inc. - Class A | 88.0 | 26339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woodward, Inc. | 1517.0 | 482163 |
|  |  | 10838804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial Services - 7.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABM Industries, Inc. | 762.0 | 35082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AECOM | 8414.0 | 811362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allegiant Travel Co.<sup>(a)</sup> | 1845.0 | 163522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ArcBest Corp. | 588.0 | 53049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcosa, Inc. | 1965.0 | 224934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brady Corp. - Class A | 6730.0 | 581943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brink's Co. | 420.0 | 53357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clean Harbors, Inc.<sup>(a)</sup> | 624.0 | 162184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core & Main, Inc. - Class A<sup>(a)</sup> | 1345.0 | 71769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSG Systems International, Inc. | 1654.0 | 131906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deluxe Corp. | 1960.0 | 51744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dycom Industries, Inc.<sup>(a)</sup> | 426.0 | 155230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enviri Corp.<sup>(a)</sup> | 4201.0 | 79483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Everus Construction Group, Inc.<sup>(a)</sup> | 722.0 | 63890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fluor Corp.<sup>(a)</sup> | 2860.0 | 132103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Air Corp. - Class A<sup>(a)</sup> | 813.0 | 22666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frontdoor, Inc.<sup>(a)</sup> | 2941.0 | 173843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Granite Construction, Inc. | 7792.0 | 940806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GXO Logistics, Inc.<sup>(a)</sup> | 605.0 | 34237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H&R Block, Inc. | 3470.0 | 136891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Express, Inc. | 3464.0 | 34952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hub Group, Inc. - Class A | 1198.0 | 57001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Installed Building Products, Inc. | 285.0 | 82120 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JetBlue Airways Corp.<sup>(a)</sup> | 10854.0 | $52859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kirby Corp.<sup>(a)</sup> | 1767.0 | 207905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Korn Ferry | 1068.0 | 74194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MasTec, Inc.<sup>(a)</sup> | 1947.0 | 468215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matson, Inc. | 602.0 | 96501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSC Industrial Direct Co., Inc. - Class A | 859.0 | 72448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MYR Group, Inc.<sup>(a)</sup> | 309.0 | 77262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RB Global, Inc. | 2614.0 | 296872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ryder System, Inc. | 2834.0 | 542088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saia, Inc.<sup>(a)</sup> | 264.0 | 88406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SkyWest, Inc.<sup>(a)</sup> | 4601.0 | 444089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tetra Tech, Inc. | 7718.0 | 290660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watsco, Inc. | 2116.0 | 817728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WESCO International, Inc. | 109.0 | 31548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XPO, Inc.<sup>(a)</sup> | 4053.0 | 600290 |
|  |  | 8415139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance - 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Financial Group, Inc. | 949.0 | 123626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMERISAFE, Inc. | 926.0 | 34827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assured Guaranty Ltd. | 2275.0 | 193034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CNO Financial Group, Inc. | 4329.0 | 182034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employers Holdings, Inc. | 5144.0 | 224381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | 6821.0 | 316494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genworth Financial, Inc. - Class A<sup>(a)</sup> | 11949.0 | 99655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hanover Insurance Group, Inc. | 2149.0 | 374227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCI Group, Inc. | 863.0 | 136932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Horace Mann Educators Corp. | 5462.0 | 244752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jackson Financial, Inc. - Class A | 1492.0 | 177429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kemper Corp. | 7995.0 | 315083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinsale Capital Group, Inc. | 739.0 | 292555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NMI Holdings, Inc.<sup>(a)</sup> | 759.0 | 29389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Old Republic International Corp. | 19794.0 | 775331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palomar Holdings, Inc.<sup>(a)</sup> | 262.0 | 32381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Primerica, Inc. | 826.0 | 217271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc. | 1522.0 | 308586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd. | 430.0 | 121131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc. | 2203.0 | 185228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Fire Group, Inc. | 2547.0 | 91539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unum Group | 6664.0 | 506264 |
|  |  | 4982149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Materials - 5.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Drainage Systems, Inc. | 802.0 | 121936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AptarGroup, Inc. | 8521.0 | 1064699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axalta Coating Systems Ltd.<sup>(a)</sup> | 3659.0 | 122869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balchem Corp. | 630.0 | 107207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boise Cascade Co. | 635.0 | 51314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cabot Corp. | 937.0 | 67642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. | 1820.0 | 620420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | 559.0 | 177667 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Century Aluminum Co.<sup>(a)</sup> | 171 | $7751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc.<sup>(a)</sup> | 8828 | 121473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Metals Co. | 7974 | 612961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Holdings, Inc. | 898 | 94003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eagle Materials, Inc. | 535 | 109038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FMC Corp. | 5190 | 82002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ingevity Corp.<sup>(a)</sup> | 1145 | 75330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innospec, Inc. | 2658 | 217212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Koppers Holdings, Inc. | 808 | 23804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana-Pacific Corp. | 1341 | 112295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materion Corp. | 3277 | 453144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NewMarket Corp. | 151 | 101289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O-I Glass, Inc.<sup>(a)</sup> | 1877 | 28681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owens Corning | 1241 | 148721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peabody Energy Corp. | 3691 | 130145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quaker Chemical Corp. | 443 | 68107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reliance, Inc. | 2213 | 729184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rogers Corp.<sup>(a)</sup> | 3817 | 371165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RPM International, Inc. | 4275 | 457254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simpson Manufacturing Co., Inc. | 157 | 27754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sonoco Products Co. | 3283 | 157584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SunCoke Energy, Inc. | 25116 | 197412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sylvamo Corp. | 545 | 26672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WD-40 Co. | 573 | 132495 |
|  |  | 6819230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maplebear, Inc.<sup>(a)</sup> | 5772 | 214487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Times Co. - Class A | 4203 | 308122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TripAdvisor, Inc. - Class A<sup>(a)</sup> | 22534 | 299477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warner Music Group Corp. - Class A | 10662 | 319647 |
|  |  | 1141733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil & Gas - 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antero Midstream Corp. | 51924 | 977210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antero Resources Corp.<sup>(a)</sup> | 4868 | 177049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archrock, Inc. | 3786 | 112028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CNX Resources Corp.<sup>(a)</sup> | 9447 | 366544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crescent Energy Co. | 6635 | 64824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DNOW, Inc.<sup>(a)</sup> | 22920 | 348155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DT Midstream, Inc. | 1473 | 185627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Helmerich & Payne, Inc. | 809 | 27409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HF Sinclair Corp. | 6892 | 358315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Murphy Oil Corp. | 2547 | 76639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Murphy USA, Inc. | 317 | 133936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oceaneering International, Inc.<sup>(a)</sup> | 21458 | 645886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ovintiv, Inc. | 11799 | 512902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par Pacific Holdings, Inc.<sup>(a)</sup> | 686 | 25890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Patterson-UTI Energy, Inc. | 25241 | 190065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PBF Energy, Inc. - Class A | 683 | 22853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Range Resources Corp. | 3290 | 124526 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RPC, Inc. | 7149 | $47541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SM Energy Co. | 28800.0 | 560734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weatherford International PLC | 293.0 | 27565 |
|  |  | 4985698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Real Estate - 7.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acadia Realty Trust - REIT | 1072.0 | 21451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brixmor Property Group, Inc. - REIT | 7065.0 | 189271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cousins Properties, Inc. - REIT | 19919.0 | 502756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cushman & Wakefield Ltd.<sup>(a)</sup> | 42768.0 | 703106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DiamondRock Hospitality Co. - REIT | 24057.0 | 220843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Douglas Emmett, Inc. - REIT | 2571.0 | 27150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EPR Properties - REIT | 20911.0 | 1134213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essential Properties Realty Trust, Inc. - REIT | 1161.0 | 35248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;eXp World Holdings, Inc. | 12873.0 | 116372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. - REIT | 2039.0 | 118323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gaming and Leisure Properties, Inc. - REIT | 3296.0 | 147496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Net Lease, Inc. - REIT | 4356.0 | 41208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Healthcare Realty Trust, Inc. - REIT | 7458.0 | 125220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Highwoods Properties, Inc. - REIT | 1659.0 | 42885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independence Realty Trust, Inc. - REIT | 2061.0 | 34419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innovative Industrial Properties, Inc. - Class A - REIT | 342.0 | 16525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JBG SMITH Properties - REIT | 1917.0 | 32282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc.<sup>(a)</sup> | 4767.0 | 1706157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kilroy Realty Corp. - REIT | 3102.0 | 106957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kite Realty Group Trust - REIT | 2481.0 | 58279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lamar Advertising Co. - Class A - REIT | 8657.0 | 1110780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LTC Properties, Inc. - REIT | 785.0 | 28629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LXP Industrial Trust - REIT | 639.0 | 31662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medical Properties Trust, Inc. - REIT | 7903.0 | 39673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Millrose Properties, Inc. - Class A - REIT | 6655.0 | 198319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Storage Affiliates Trust - REIT | 1420.0 | 45170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NNN REIT, Inc. - REIT | 646.0 | 26919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Omega Healthcare Investors, Inc. - REIT | 16953.0 | 743898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outfront Media, Inc. - REIT | 13996.0 | 340383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Park Hotels & Resorts, Inc. - REIT | 8427.0 | 92107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pebblebrook Hotel Trust - REIT | 2917.0 | 33312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rexford Industrial Realty, Inc. - REIT | 1376.0 | 55769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sabra Health Care REIT, Inc. - REIT | 7702.0 | 144258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summit Hotel Properties, Inc. - REIT | 13564.0 | 59953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunstone Hotel Investors, Inc. - REIT | 14258.0 | 125043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tanger, Inc. - REIT | 1089.0 | 35632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vornado Realty Trust - REIT | 3223.0 | 102749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whitestone REIT - Class B - REIT | 5385.0 | 76682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xenia Hotels & Resorts, Inc. - REIT | 5094.0 | 75136 |
|  |  | 8746235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Renewable Energy - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EnerSys | 2568.0 | 462728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nextpower, Inc. - Class A<sup>(a)</sup> | 1571.0 | 183948 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunrun, Inc.<sup>(a)</sup> | 18250.0 | $346750 |
|  |  | 993426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail & Wholesale - Discretionary - 5.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abercrombie & Fitch Co.<sup>(a)</sup> | 2591.0 | 252959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Academy Sports & Outdoors, Inc. | 463.0 | 25470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Eagle Outfitters, Inc. | 7015.0 | 163520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoNation, Inc.<sup>(a)</sup> | 1161.0 | 237982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avis Budget Group, Inc.<sup>(a)</sup> | 1466.0 | 168575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc.<sup>(a)</sup> | 995.0 | 177588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buckle, Inc. | 7641.0 | 361419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burlington Stores, Inc.<sup>(a)</sup> | 884.0 | 261540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chewy, Inc. - Class A<sup>(a)</sup> | 10842.0 | 315611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | 2457.0 | 496314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ePlus, Inc. | 404.0 | 34667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ethan Allen Interiors, Inc. | 1054.0 | 24168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstCash Holdings, Inc. | 972.0 | 165726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GameStop Corp. - Class A<sup>(a)</sup> | 2902.0 | 69300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gap, Inc. | 21367.0 | 597849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G-III Apparel Group Ltd. | 1755.0 | 51509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Group 1 Automotive, Inc. | 505.0 | 178901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hertz Global Holdings, Inc.<sup>(a)</sup> | 14069.0 | 68938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kohl's Corp. | 4854.0 | 84799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;La-Z-Boy, Inc. | 9267.0 | 337412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liquidity Services, Inc.<sup>(a)</sup> | 4104.0 | 131328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lithia Motors, Inc. | 631.0 | 204091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macy's, Inc. | 15337.0 | 307047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Vision Holdings, Inc.<sup>(a)</sup> | 10214.0 | 269139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OPENLANE, Inc.<sup>(a)</sup> | 13852.0 | 416114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RH(a) | 63.0 | 12526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signet Jewelers Ltd. | 2683.0 | 247560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Urban Outfitters, Inc.<sup>(a)</sup> | 6165.0 | 436790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valvoline, Inc.<sup>(a)</sup> | 445.0 | 14560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victoria's Secret & Co.<sup>(a)</sup> | 2001.0 | 109075 |
|  |  | 6222477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail & Wholesale - Staples - 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 3666.0 | 338885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | 1333.0 | 808465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Five Below, Inc.<sup>(a)</sup> | 1255.0 | 240508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 672.0 | 74128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Food Group Co.<sup>(a)</sup> | 305.0 | 29112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc.<sup>(a)</sup> | 4946.0 | 350721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Natural Foods, Inc.<sup>(a)</sup> | 10776.0 | 401191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Foods Holding Corp.<sup>(a)</sup> | 14466.0 | 1209647 |
|  |  | 3452657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software & Tech Services - 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adeia, Inc. | 14496.0 | 262233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amentum Holdings, Inc.<sup>(a)</sup> | 2939.0 | 105157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CACI International, Inc. - Class A<sup>(a)</sup> | 447.0 | 277399 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calix, Inc.<sup>(a)</sup> | 6945 | $310233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Secure, Inc. - Class A | 4472.0 | 145877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commvault Systems, Inc.<sup>(a)</sup> | 4467.0 | 382822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concentrix Corp. | 1448.0 | 54083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DocuSign, Inc.<sup>(a)</sup> | 3896.0 | 204696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DoubleVerify Holdings, Inc.<sup>(a)</sup> | 23542.0 | 254724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Doximity, Inc. - Class A<sup>(a)</sup> | 6768.0 | 253597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dropbox, Inc. - Class A<sup>(a)</sup> | 2492.0 | 63496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duolingo, Inc. - Class A<sup>(a)</sup> | 1246.0 | 167039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dynatrace, Inc.<sup>(a)</sup> | 1676.0 | 63839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genpact Ltd. | 2059.0 | 90802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guidewire Software, Inc.<sup>(a)</sup> | 1002.0 | 141042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insight Enterprises, Inc.<sup>(a)</sup> | 1029.0 | 86457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kyndryl Holdings, Inc.<sup>(a)</sup> | 8888.0 | 204424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manhattan Associates, Inc.<sup>(a)</sup> | 3111.0 | 469792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximus, Inc. | 2378.0 | 224578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paylocity Holding Corp.<sup>(a)</sup> | 227.0 | 30640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pitney Bowes, Inc. | 5629.0 | 58710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Science Applications International Corp. | 364.0 | 37041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPS Commerce, Inc.<sup>(a)</sup> | 325.0 | 29009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waystar Holding Corp.<sup>(a)</sup> | 3837.0 | 101911 |
|  |  | 4019601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tech Hardware & Semiconductors - 10.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allegro MicroSystems, Inc.<sup>(a)</sup> | 1153.0 | 42557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amkor Technology, Inc. | 478.0 | 23102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arlo Technologies, Inc.<sup>(a)</sup> | 1198.0 | 15203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arrow Electronics, Inc.<sup>(a)</sup> | 1507.0 | 199662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avnet, Inc. | 1319.0 | 82292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axcelis Technologies, Inc.<sup>(a)</sup> | 1508.0 | 132810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benchmark Electronics, Inc. | 4469.0 | 233014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ciena Corp.<sup>(a)</sup> | 8425.0 | 2121499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cirrus Logic, Inc.<sup>(a)</sup> | 1381.0 | 179999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coherent Corp.<sup>(a)</sup> | 4237.0 | 899007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crane NXT Co. | 875.0 | 44205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CTS Corp. | 2475.0 | 127240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extreme Networks, Inc.<sup>(a)</sup> | 12900.0 | 188082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fabrinet<sup>(a)</sup> | 89.0 | 43560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FormFactor, Inc.<sup>(a)</sup> | 1714.0 | 120820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harmonic, Inc.<sup>(a)</sup> | 36247.0 | 352321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impinj, Inc.<sup>(a)</sup> | 539.0 | 74436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InterDigital, Inc. | 1821.0 | 594447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IPG Photonics Corp.<sup>(a)</sup> | 6039.0 | 558064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knowles Corp.<sup>(a)</sup> | 1235.0 | 29936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lattice Semiconductor Corp.<sup>(a)</sup> | 1344.0 | 108219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc.<sup>(a)</sup> | 3455.0 | 1353807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MaxLinear, Inc. - Class A<sup>(a)</sup> | 533.0 | 9248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MKS, Inc. | 136.0 | 32016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NetScout Systems, Inc.<sup>(a)</sup> | 2658.0 | 73919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Photronics, Inc.<sup>(a)</sup> | 1674.0 | 57870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plexus Corp.<sup>(a)</sup> | 192.0 | 38271 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pure Storage, Inc. - Class A<sup>(a)</sup> | 14239 | $990180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rambus, Inc.<sup>(a)</sup> | 4245 | 483208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanmina Corp.<sup>(a)</sup> | 2044 | 289594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semtech Corp.<sup>(a)</sup> | 436 | 34771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silicon Laboratories, Inc.<sup>(a)</sup> | 2487 | 354273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SiTime Corp.<sup>(a)</sup> | 590 | 214235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sonos, Inc.<sup>(a)</sup> | 3762 | 53985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synaptics, Inc.<sup>(a)</sup> | 1690 | 139442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TD SYNNEX Corp. | 1528 | 242448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TTM Technologies, Inc.<sup>(a)</sup> | 2914 | 286155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Universal Display Corp. | 10556 | 1212040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viavi Solutions, Inc.<sup>(a)</sup> | 4762 | 116478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vicor Corp.<sup>(a)</sup> | 1215 | 191569 |
|  |  | 12343984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lumen Technologies, Inc.<sup>(a)</sup> | 41721 | 367979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telephone and Data Systems, Inc. | 3652 | 164815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uniti Group, Inc.<sup>(a)</sup> | 2176 | 18104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viasat, Inc.<sup>(a)</sup> | 3910 | 176615 |
|  |  | 727513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Utilities - 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avista Corp. | 1094 | 45171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearway Energy, Inc. - Class A | 1485 | 50148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearway Energy, Inc. - Class C | 2486 | 89869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Fuel Gas Co. | 1031 | 86346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Resources Corp. | 1020 | 50470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northwest Natural Holding Co. | 985 | 45862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OGE Energy Corp. | 647 | 28261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONE Gas, Inc. | 530 | 42167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ormat Technologies, Inc. | 7418 | 926805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spire, Inc. | 2541 | 214689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TXNM Energy, Inc. | 4108 | 242043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UGI Corp. | 26864 | 1077515 |
|  |  | 2899346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS (Cost $104,781,623)** |  | 116430317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SHORT-TERM INVESTMENTS - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Money Market Funds - 0.3%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 3.61%<sup>(b)</sup> | 337056 | 337056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT-TERM INVESTMENTS (Cost $337,056)** |  | 337056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS - 100.0% (Cost $105,118,679)** |  | $116767373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Assets in Excess of Liabilities - 0.0%<sup>(c)</sup> |  | 10742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL NET ASSETS - 100.0%** |  | $116778115 |

---

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) Non-income producing security.

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

(c) Does not round to 0.1% or (0.1)%, as applicable.

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

**Statements of Assets and Liabilities**

**January 31, 2026**

---

| | | |
|:---|:---|:---|
|  | **Intech S&P Large <br> Cap Diversified**<br>**Alpha ETF** | **Intech S&P Small-Mid <br> Cap Diversified**<br> **Alpha ETF** |
| **ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at value (cost $113,452,257 and $105,118,679) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Note 2) | $132563653 | $116767373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable | 62683 | 44731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | 1188 | 890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend tax reclaim receivable | 21 | – |
| **Total assets** | 132627545 | 116812994 |
| **LIABILITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to adviser (Note 5) | 28106 | 34879 |
| **Total liabilities** | 28106 | 34879 |
| **NET ASSETS** | $132599439 | $116778115 |
| **NET ASSETS CONSISTS OF:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital | $114784158 | $107033939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings/(accumulated losses) | 17815281 | 9744176 |
| **Total Net Assets** | $132599439 | $116778115 |
| Net assets | $132599439 | $116778115 |
| Shares issued and outstanding<sup>(a)</sup> | 5741944 | 4900000 |
| Net asset value per share | $23.09 | $23.83 |

---

(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 January 31, 2026**

---

| | | |
|:---|:---|:---|
|  | **Intech S&P Large**<br>**Cap Diversified**<br>**Alpha ETF<sup>(a)</sup>** | **Intech S&P Small-Mid**<br>**Cap Diversified**<br>**Alpha ETF<sup>(b)</sup>** |
| **INVESTMENT INCOME:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $993786 | $1039873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Dividend withholding taxes |  | (3152) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Issuance fees | (1) | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 13664 | 12306 |
| **Total investment income** | 1007449 | 1049014 |
| **EXPENSES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fee (Note 5) | 231254 | 266848 |
| **Total expenses** | 231254 | 266848 |
| **NET INVESTMENT INCOME (LOSS)** | 776195 | 782166 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (1474057) | (2620637) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions | 2931612 | 8152989 |
| **Net realized gain (loss)** | 1457555 | 5532352 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 14077719 <sup>(c)</sup> | 11648694 |
| **Net change in unrealized appreciation (depreciation)** | 14077719 | 11648694 |
| Net realized and unrealized gain (loss) | 15534734 | 17181046 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $16310929 | $17963212 |

---

(a) Effective February 27, 2025, the Intech U.S. Enhanced Plus Fund
 LLC reorganized into the Intech S&P Large Cap Diversified Alpha ETF. (See Note 3 in Notes to Financial Statements)

(b) Inception date of the Fund was February 27, 2025.

(c) Change in unrealized appreciation (depreciation) does not include
 net unrealized appreciation (depreciation) of $5,034,217 in connection with securities received in connection with the 351 exchange, See
 Note 3 in the Notes to Financial Statements.

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

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Intech S&P Large**<br>**Cap Diversified**<br>**Alpha ETF<sup>(a)</sup>** | **Intech S&P Small-Mid**<br>**Cap Diversified**<br>**Alpha ETF<sup>(b)</sup>** |
|  | **Period Ended**<br>**January 31, 2026** | **Period Ended**<br>**January 31, 2026** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $776195 | $782166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 1457555 | 5532352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 14077179 | 11648694 |
| Net increase (decrease) in net assets resulting from operations | 16310929 | 17963212 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions to shareholders | (680131) | (672923) |
| Total distributions to shareholders | (680131) | (672923) |
| **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | 129808496 <sup>(a)</sup> | 134661620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (12839855) | (35173794) |
| Net increase (decrease) in net assets from capital transactions | 116968641 | 99487826 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 132599439 | 116778115 |
| **NET ASSETS:** |  |  |
| Beginning of the period | – | – |
| End of the period | $132599439 | $116778115 |
| **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | 6341944 | 6480000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (600000) | (1580000) |
| Total increase (decrease) in shares outstanding | 5741944 | 4900000 |

---

(a) Effective February 27, 2025, the Intech U.S. Enhanced Plus Fund
 LLC reorganized into the Intech S&P Large Cap Diversified Alpha ETF. (See Note 3 in Notes to Financial Statements)

(b) Inception date of the Fund was February 27, 2025.

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

**Financial Highlights**

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

---

| | |
|:---|:---|
|  | **Intech SP Large**<br>**Cap Diversified**<br>**Alpha ETF** |
|  | **Period Ended**<br>**January 31, 2026 <sup>(a)</sup>** |
| **PER SHARE DATA:** |  |
| Net asset value, beginning of period | $20.00 |
| **INVESTMENTS OPERATIONS:** |  |
| Net investment income (loss)<sup>(b)</sup> | 0.17 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 3.04 |
| Total from investment operations | 3.21 |
| **LESS DISTRIBUTIONS FROM:** |  |
| Net investment income | (0.12) |
| Total distributions | (0.12) |
| Net asset value, end of period | $23.09 |
| **TOTAL RETURN** | 16.06% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |
| Net assets, end of period (in thousands) | $132599 |
| Ratio of expenses to average net assets<sup>(d)</sup> | 0.25% |
| Ratio of net investment income to average net assets<sup>(d)</sup> | 0.84% |
| Portfolio turnover rate<sup>(e)(f)</sup> | 117% |

---

(a) Effective February 27, 2025, the Intech U.S. Enhanced Plus Fund
 LLC reorganized into the Intech S&P Large Cap Diversified Alpha ETF. (See Note 3 in Notes to Financial Statements)

(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) Annualized for periods less than one year.

(e) Not 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 period presented**

---

| | |
|:---|:---|
|  | **Intech SP Small-Mid**<br>**Cap Diversified**<br>**Alpha ETF** |
|  | **Period Ended January**<br>**31, 2026<sup>(a)</sup>** |
| **PER SHARE DATA:** |  |
| Net asset value, beginning of period | $20.00 |
| **INVESTMENTS OPERATIONS:** |  |
| Net investment income (loss)<sup>(b)</sup> | 0.21 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 3.76 |
| Total from investment operations | 3.97 |
| **LESS DISTRIBUTIONS FROM:** |  |
| Net investment income | (0.14) |
| Total distributions | (0.14) |
| Net asset value, end of period | $23.83 |
| **TOTAL RETURN<sup>(d)</sup>** | 19.87% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |
| Net assets, end of period (in thousands) | $116778 |
| Ratio of expenses to average net assets<sup>(e)</sup> | 0.35% |
| Ratio of net investment income to average net assets<sup>(e)</sup> | 1.03% |
| Portfolio turnover rate<sup>(d)(f)</sup> | 166% |

---

(a) Inception date of the Fund was February 27, 2025.

(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.

Notes to Financial Statements

January 31, 2026

**ORGANIZATION**

The Intech S&P Large Cap Diversified Alpha ETF and the Intech S&P Small-Mid Cap Diversified Alpha ETF, (each, a "Fund," and collectively, the "Funds") are each a diversified series of shares of beneficial interest of Tidal Trust III (the "Trust"). The Trust was organized as a Delaware statutory trust on May 19, 2016 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 its 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 Intech Investment Management LLC (the "Sub-Adviser") serves as sub-adviser. 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." Both Funds commenced operations on February 27, 2025.

The investment objective for both Funds is seek long-term capital appreciation.

**NOTE 1 - 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 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 ("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 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.

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.

Notes to Financial Statements

January 31, 2026

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 January 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Intech S&P Large Cap Diversified Alpha ETF** | | | | |
|  |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
| &nbsp;&nbsp;&nbsp;**Assets:** | | | | |
| &nbsp;&nbsp;&nbsp;**Investments:** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $132132564 | $– | $– | $132132564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 431089 | – | – | 431089 |
| &nbsp;&nbsp;&nbsp;**Total Investments** | $132563653 | $– | $– | $132563653 |
| **Intech S&P Small-Mid Cap Diversified Alpha ETF** |  |  |  |  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;**Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Investments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $116430317 | $– | $– | $116430317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 337056 | – | – | 337056 |
| &nbsp;&nbsp;&nbsp;**Total Investments** | $116767373 | $– | $– | $116767373 |

---

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

Notes to Financial Statements

January 31, 2026

**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 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 January 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.

**Distributions to Shareholders -** Distributions to shareholders from net investment income, if any, for the Funds are declared and paid annually. Distributions to shareholders from net realized gains on securities, if any, for the Funds 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 the 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.

Notes to Financial Statements

January 31, 2026

**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.

**Reclassification of Capital Accounts.** U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV per Share. These differences are primarily due to redemptions in kind. For the period ended January 31, 2026, the following adjustments were made:

---

| | | |
|:---|:---|:---|
| **Fund** | **Paid-In<br> Capital** | **Total distributable earnings/(accumulated<br> losses)** |
| Intech S&P Large Cap Diversified Alpha ETF | $2849734 | $(2849734) |
| Intech S&P Small-Mid Cap Diversified Alpha ETF | 7546113 | (7546113) |

---

**NOTE 2 - REORGANIZATION APPROVAL**

At a meeting held on February 24, 2025, the Board discussed the reorganization between the Trust, on behalf of the Intech S&P Large Cap Diversified Alpha ETF and Intech U.S. Enhanced Plus Fund LLC (the "Predecessor Account").

The Reorganization provided for the transfer of all the assets of the Predecessor Account to the Intech S&P Large Cap Diversified Alpha ETF (the "Acquiring Fund"). For financial reporting purposes, assets received, and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Predecessor Account was carried forward to align ongoing reporting of the Acquiring Fund realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The Acquiring Fund was created to carry out the reorganization and have substantially similar investment objectives and substantially similar principal investment strategies as the Predecessor Account. Costs incurred by the Fund in connection with the reorganization were paid by the Sub-Adviser. The reorganization of the Intech S&P Large Cap Diversified Alpha ETF was effective after the close of business on February 27, 2025.

Notes to Financial Statements

January 31, 2026

The following table illustrates the specifics of the reorganization of the Predecessor Accounts into the Intech S&P Large Cap Diversified Alpha ETF:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Predecessor Accounts** | **Shares**<br>**Issued to**<br>**Limited**<br>**Partners of**<br>**Predecessor**<br>**Accounts** | <br>**Predecessor**<br>**Accounts**<br>**Cost** | <br>**Predecessor**<br>**Accounts**<br>**Market**<br>**Value** | <br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)**<br>**of Predecessor**<br>**Accounts** | <br>**Tax Status** <br>**of Transfer** |
| Intech U.S. Enhanced Plus Fund LLC | 871944 | $12404663 | $17438880 | $5034217 | Non-taxable |

---

**NOTE 3 - PRINCIPAL INVESTMENT RISKS**

**Equity Market Risk.** Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from specific issuers. The equity securities held in a Fund's portfolio 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.

**Index Concentration Risk.** To the extent that an Index becomes concentrated in a few large issuers, the Funds may be unable to achieve similar weights in these positions due to a Fund's status as a diversified Fund. This could impact the Funds' ability to achieve their investment objectives.

**Market Capitalization Risk.**

**Large-Capitalization Investing.** 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.** 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. Some medium capitalization companies have limited product lines, markets, financial resources, and management personnel and tend to concentrate on fewer geographical markets relative to large-capitalization companies.

As with any investment, there is a risk that you could lose all or a portion of your principal investment in the Funds. The Funds are subject to the above principal risks, as well as other principal risks which may adversely affect each Fund's NAV, trading price, yield, total return and/or ability to meet their objectives. For more information about the risks of investing in the Funds, see the section in each Fund's Prospectus titled "Additional Information About the Fund — Principal Investment Risks."

**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 Funds, including selecting broker-dealers to execute purchase and sale transactions. The Adviser provides oversight of the Sub-Adviser and review of the Sub-Adviser's performance.

Notes to Financial Statements

January 31, 2026

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:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | **Investment Advisory Fee** |
| &nbsp;&nbsp;Intech S&P Large Cap Diversified Alpha ETF | 0.25% |
| &nbsp;&nbsp;Intech S&P Small-Mid Cap Diversified Alpha ETF | 0.35% |

---

Out of the Investment Advisory Fees, 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, 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") and the Investment Advisory Fee payable to the Adviser. The Investment Advisory Fees incurred are paid monthly to the Adviser. Investment Advisory Fees for the period ended January 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 the Funds (the "Sub-Advisory Agreement"). Pursuant to the Sub-Advisory Agreement, the Sub-Adviser is responsible for the day-to -day management of each Fund's portfolio, including determining the securities purchased and sold by the Funds, subject to the supervision of the Adviser and the Board. The Sub-Adviser is paid a fee by the Adviser, which is calculated daily and paid monthly, at an annual rate of 0.04% of each Fund's average daily net assets. The Sub-Adviser has agreed to assume the Adviser's obligation to pay all expenses incurred by the Funds, except for Excluded Expenses. For assuming the payment obligation, the Adviser has agreed to pay to the Sub -Adviser the profits, if any, generated by the Funds' Investment Advisory Fees, less a contractual fee retained by the Adviser. 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.

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. Tidal prepares various federal and state regulatory filings, reports and returns for the Funds, including regulatory compliance monitoring and financial reporting; prepares reports and materials to be supplied to the Board; and monitors the activities of the Funds' custodian.

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.

Notes to Financial Statements

January 31, 2026

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

The Board has adopted a Distribution (Rule 12b-1) Plan (the "Plan") pursuant to Rule 12b- 1 under the 1940 Act. In accordance with the Plan, the Funds are authorized to pay an amount up to 0.25% of their average daily net assets each year to pay distribution fees for the sale and distribution of its Shares. No Rule 12b-1 fees are currently paid by the Funds, and there are no plans to impose these fees. However, in the event Rule 12b-1 fees are charged in the future, because the fees are paid out each Fund's assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than certain other types of sales charges.

**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 - PURCHASES AND SALES OF SECURITIES**

For the period ended January 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 as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Purchases** | **Sales** |
| &nbsp;&nbsp;Intech S&P Large Cap Diversified Alpha ETF | $115822136 | $113655289 |
| &nbsp;&nbsp;Intech S&P Small-Mid Cap Diversified Alpha ETF | 134493789 | 130960741 |

---

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

Notes to Financial Statements

January 31, 2026

For the period ended, in-kind transactions associated with creations and redemptions for the Funds were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Purchases** | **Sales** |
| &nbsp;&nbsp;Intech S&P Large Cap Diversified Alpha ETF | $107787070 | $10764054 |
| &nbsp;&nbsp;Intech S&P Small-Mid Cap Diversified Alpha ETF | 129475487 | 33600645 |

---

**NOTE 7 - INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The tax character of distributions paid during the period ended January 31, 2026 were as follows:

---

| | | |
|:---|:---|:---|
| **Distributions paid from:** | **Intech S&P Large <br> Cap Diversified <br> Alpha ETF** | **Intech S&P Small-Mid <br> Cap Diversified <br> Alpha ETF** |
| Ordinary Income | $680131 | $672923 |
| Tax Exempt Income |  |  |

---

As of the fiscal period ended January 31, 2026, the components of distributable earnings/(accumulated losses) on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
|  | **Intech S&P Large**<br> **Cap Diversified**<br> **Alpha ETF** | **Intech S&P Small-Mid**<br> **Cap Diversified <br> Alpha ETF** |
| Cost of investments(a) | $114651463 | $107141797 |
| Gross tax unrealized appreciation | 21857480 | 13018936 |
| Gross tax unrealized depreciation | (3945290) | (3393360) |
| Net tax unrealized appreciation (depreciation) | 17912190 | 9625576 |
| Undistributed ordinary income (loss) | 96065 | 109231 |
| Undistributed long-term capital gain (loss) | – | 9369 |
| Total distributable earnings | 96065 | 118600 |
| Other accumulated gain (loss) | (192974) | – |
| Total distributable earnings/(accumulated losses) | $17815281 | $9744176 |

---

(a) The difference between book and
 tax-basis unrealized appreciation is primarily due to wash sale adjustments.

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. As of the fiscal period ended January 31, 2026, the Funds had not elected to defer any post-October or late-year losses.

As of January 31, 2026, the Funds had long-term and short-term capital loss carryovers of the following, which do not expire.

---

| | | |
|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** |
| Intech S&P Large Cap Diversified Alpha ETF | $113359 | $79615 |

---

Notes to Financial Statements

January 31, 2026

---

| | | |
|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** |
| Intech S&P Small-Mid Cap Diversified Alpha ETF |  |  |

---

**NOTE 8 - SHARES TRANSACTIONS**

Shares of the Funds are listed and traded on the NYSE Arca, Inc. 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 offer 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 is $500 for the Intech S&P Large Cap Diversified Alpha ETF and $750 for the Intech S&P Small-Mid Cap Diversified Alpha ETF, 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 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 9 - 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. The Adviser and Sub-Adviser will monitor developments and seek to manage the Funds in a manner consistent with achieving each Fund's investment objective, but there can be no assurance that they will be successful in doing so.

**NOTE 10 - NEW ACCOUTING PRONOUNCEMENTS**

In December 2023, the Financial Accounting Standards Board ("FASB") issued ASU No. 2023- 09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which enhances the transparency and decision usefulness of income tax disclosures. The amendments are effective for annual periods beginning after December 15, 2024. The Funds have adopted ASU 2023-09, which did not have a material impact on the Funds' financial statements or disclosures.

Notes to Financial Statements

January 31, 2026

**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.

![](intechfin002.jpg)

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**To the Shareholders of**

**Intech S&P Large Cap Diversified Alpha ETF and**

**Intech S&P Small-Mid Cap Diversified Alpha ETF**

**The Board of Trustees of**

**Tidal Trust III**

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of Intech S&P Large Cap Diversified Alpha ETF and Intech S&P Small-Mid Cap Diversified Alpha ETF (collectively the "Funds"), each a series of Tidal Trust III (the "Trust"), including the schedules of investments, as of January 31, 2026, the related statements of operations, the statements of changes in net assets and the financial highlights for the period February 27, 2025 (commencement of operations) through January 31, 2026, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of January 31, 2026, and the results of their operations, the changes in their net assets and the financial highlights for the period February 27, 2025 (commencement of operations) through January 31, 2026, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2025.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of January 31, 2026 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

---

| |
|:---|
| ![](intechfin003.jpg) |
| **TAIT, WELLER & BAKER LLP** |

---

**Philadelphia, Pennsylvania**

**March 30, 2026**

Additional Information (Unaudited) Intech ETFs

January 31, 2026

&nbsp;&nbsp;**QUALIFIED DIVIDEND INCOME/DIVIDENDS RECEIVED DEDUCTION**

For the fiscal year ended January 31, 2026, certain dividends paid by the Fund may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003 and the Tax Cuts and Jobs Act of 2017. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

---

| | |
|:---|:---|
| Intech S&P Large Cap Diversified Alpha ETF | 100.00% |
| Intech S&P Small-Mid Cap Diversified Alpha ETF | 100.00% |

---

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended January 31, 2026, was as follows:

---

| | |
|:---|:---|
| Intech S&P Large Cap Diversified Alpha ETF | 100.00% |
| Intech S&P Small-Mid Cap Diversified Alpha ETF | 100.00% |

---

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distribution under Internal Revenue Section 871(k)(2)(c) for the fiscal year ended January 31, 2026, was as follows:

---

| | |
|:---|:---|
| Intech S&P Large Cap Diversified Alpha ETF | 0.00% |
| Intech S&P Small-Mid Cap Diversified Alpha ETF | 0.00% |

---

&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 Fund's 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 Fund, 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>**

(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.

(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.](ex99-coe.htm)

&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.](ex99-906.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.

(Registrant) Tidal Trust III

---

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

---

Date <u>April 9, 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; Eric W. Falkeis, President/Principal Executive Officer |

---

Date <u>April 9, 2026</u>

---

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

---

Date <u>April 9, 2026</u>

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

## Ex-99.Code

[Tidal Trust III N-CSR](intech-ncsr_013126.htm)

**Exhibit 99.CODE ETH**

**TIDAL TRUST III**

<u>Purposes of the Code</u>

The reputation and integrity of Impact Shares Trust I (the "Trust") are valuable assets that are vital to the Trust's success. Each officer and employee of the Trust, including each of the Trust's senior financial officers ("SFOs"), is responsible for conducting the Trust's business in a manner that demonstrates a commitment to the highest standards of integrity. SFOs include the principal executive officer, the principal financial officer, comptroller (or principal accounting officer), and any person who performs a similar function.

The Trust has adopted a code of ethics pursuant Rule 17j-1 under the Investment Company Act of 1940, as amended ("Code of Ethics"). The Trust's Rule 17j-1 Code of Ethics is designed to prevent certain conflicts of interest that may arise when officers, employees, or trustees know about present or future Trust transactions, have the power to influence those transactions; and engage in securities transactions in their personal account(s).

The Trust has chosen to adopt a senior financial officer code of ethics ("SFO Code") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;● Honest and ethical conduct, including the ethical handling of actual or apparent conflicts
of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;● Full, fair, accurate, timely and understandable disclosure in reports and documents that
the Trust files with, or submits to, the U.S. Securities and Exchange Commission, and in other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;● Compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;● The prompt internal reporting of violations of the SFO Code to an appropriate person or persons
identified in the SFO Code; and

&nbsp;&nbsp;&nbsp;&nbsp;● Accountability for adherence to the SFO Code.

This SFO Code should be read in conjunction with the Trust's other policy statements, including its Code of Ethics and its Disclosure Controls and Procedures.

<u>Principles for the Handling of Financial Information</u> 

The Trust has adopted the following principles to govern the manner in which SFOs perform their duties. Persons subject to these guidelines include the principal executive officer, the principal financial officer, comptroller (or principal accounting officer), and any Trust officer or employee who performs a similar function or who participates in the preparation of any part of the Trust's financial statements. Specifically, persons subject to this SFO Code shall:

&nbsp;&nbsp;&nbsp;&nbsp;● Act with honesty and integrity

&nbsp;&nbsp;&nbsp;&nbsp;● Avoid actual or apparent conflicts of interest with the Trust in personal and professional
relationships

&nbsp;&nbsp;&nbsp;&nbsp;● Provide information to the Trust's employees and service providers (adviser, sub, administrator,
administrator, outside auditor, outside counsel, custodian, etc..) that is accurate, complete, objective, relevant, timely, and understandable

&nbsp;&nbsp;&nbsp;&nbsp;● Endeavor to ensure full, fair, timely, accurate, and understandable
disclosure in the Trust's periodic reports

&nbsp;&nbsp;&nbsp;&nbsp;● Comply with the federal securities laws and other applicable
laws and rules, such as the Internal Revenue Code

&nbsp;&nbsp;&nbsp;&nbsp;● Act in good faith, responsibly, and with due care, competence
and diligence, without misrepresenting material facts or subordinating independent judgment to another end

&nbsp;&nbsp;&nbsp;&nbsp;● Respect the confidentiality of information acquired in
the course of their work, except where disclosure is expressly permitted or is otherwise legally mandated

&nbsp;&nbsp;&nbsp;&nbsp;● Record (or participate in the recording of) entries in
the Trust's books and records that are accurate

&nbsp;&nbsp;&nbsp;&nbsp;● Refrain from using confidential information for personal
advantage

<u>Violations of the SFO Code</u>

Any action that directly or indirectly contravenes one or more of the Principles outlined above shall be treated as a violation of this SFO Code unless good cause for such apparent contravention is found to exist.

Dishonest or unethical conduct or conduct that is illegal will constitute a per se violation of this SFO Code, regardless of whether this Code refers to that particular conduct.

A violation of this SFO Code may result in disciplinary action, up to and including termination of employment. The Trust must and will report all suspected criminal violations to the appropriate authorities for possible prosecution, and will investigate, address and report as appropriate, non-criminal violations.

<u>Enforcement of the SFO Code</u>

Violations

All persons subject to this SFO Code who observe, learn of, or, in good faith, suspect a current or threatened violation of the SFO Code must immediately report the violation in writing to the Compliance Officer, another member of the Trust's senior management, or to the Audit Committee of the Board. An example of a possible SFO Code violation is the preparation and filing of financial disclosure that omits material facts, or that is accurate but is written in a way that obscures its meaning.

Disclosures

All persons subject to this SFO Code shall file a letter (a "Disclosure Letter") regarding any transaction or relationship that reasonably appears to involve an actual or apparent conflict of interest with the Trust within ten days of becoming aware of such transaction or relationship. A Disclosure Letter should be prepared regarding these transactions or relationships whether you are involved or have only observed the transaction or relationship. All Disclosure Letters shall be submitted to the compliance officer, or if it is not possible to disclose the matter to the compliance officer, then the Disclosure Letter shall be submitted to another member of the Trust's senior management or to the Audit Committee of the Board of Trustees.

An executive officer of the Trust or the Audit Committee will review all Disclosure Letters and determine whether further action is warranted. All determinations will be documented in writing and will be maintained by the compliance officer or other appropriate officers of the Trust.

Outside Service Providers

Because service providers to the Trust, such as the sub-administrator, administrator, outside accounting firm, and custodian, provide much of the work relating to the Trust's financial statements, you should be alert for actions by service providers that may be illegal, or that could be viewed as dishonest or unethical conduct. You should report these actions to the compliance officer even if you know, or think, that the service provider has its own code of ethics covering persons who are Trust SFOs or employees.

Non-Retaliation Policy

SFOs who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated confidentially to the extent possible.

<u>Annual Certification</u>

SFOs will receive training on the contents and importance of this SFO Code and related policies and the manner in which violations must be reported and how Disclosure Letters must be submitted. Each SFO will be asked to certify on an annual basis that he/she is in full compliance with the SFO Code and any related policy statements.

<u>Questions about the Code</u>

The Trust's Board of Trustees has designated the Trust's Chief Compliance Officer to be the compliance officer for purposes of implementing and administering this SFO Code. Any questions about this SFO Code should be directed to the compliance officer.

## Ex-99.Cert

[Tidal Trust III N-CSR](intech-ncsr_013126.htm)

**Exhibit 99.CERT**

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

I, Eric W. Falkeis, certify that:

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

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: <u>April 9, 2026</u> | /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 III;

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: <u>April 9, 2026</u> | /s/ Aaron J. Perkovich |
|  | Aaron J. Perkovich |
|  | Treasurer/Principal Financial Officer |

---

## Exhibit 99.906

[Tidal Trust III N-CSR](intech-ncsr_013126.htm)

**Exhibit 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 III, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Tidal Trust III for the period covered in this report 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 III for the stated period.

---

| | | | |
|:---|:---|:---|:---|
| /s/ Eric W. Falkeis | /s/ Eric W. Falkeis | /s/ Aaron J. Perkovich | /s/ Aaron J. Perkovich |
| <br> Eric W. Falkeis<br> President/Principal Executive Officer,<br> Tidal Trust III | <br> Eric W. Falkeis<br> President/Principal Executive Officer,<br> Tidal Trust III | <br> Aaron J. Perkovich<br> Treasurer/Principal Financial Officer,<br> Tidal Trust III | <br> Aaron J. Perkovich<br> Treasurer/Principal Financial Officer,<br> Tidal Trust III |
| Dated: | April 9, 2026 | Dated: | April 9, 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 III for purposes of Section 18 of the Securities Exchange Act of 1934.