# EDGAR Filing Document

**Accession Number:** 0001722388
**File Stem:** 0001999371-25-014665
**Filing Date:** 2025-10
**Character Count:** 147186
**Document Hash:** 4761a7fe13db416fc4d138c44509bc7e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-014665.hdr.sgml**: 20251003

**ACCESSION NUMBER**: 0001999371-25-014665

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20251003

**DATE AS OF CHANGE**: 20251003

**EFFECTIVENESS DATE**: 20251003

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23312
- **FILM NUMBER:** 251373485

**BUSINESS ADDRESS:**
- **STREET 1:** CORPORATION TRUST CENTER 1209 ORANGE ST
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19801
- **BUSINESS PHONE:** 4694428424

**MAIL ADDRESS:**
- **STREET 1:** CORPORATION TRUST CENTER 1209 ORANGE ST
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19801

**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'? Semi-Annual Report

**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 **(811-23312)**

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

(Exact name of registrant as specified in charter)

**234 West Florida Street, Suite 203 Milwaukee, Wisconsin 53204**

(Address of principal executive offices) (Zip code)

**Eric W. Falkeis Tidal Trust III 234 West Florida Street, Suite 203 Milwaukee, Wisconsin 53204**

(Name and address of agent for service)

**(844) 986-7700**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>January 31</u>**

Date of reporting period: **<u>July 31, 2025</u>**

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

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

**semi-annual Shareholder Report July 31, 2025**<br>**Intech S&P Large Cap Diversified Alpha ETF**<br>Ticker: LGDX (Listed on NYSE Arca, Inc.)<br>

This semi-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 July 31, 2025. You can find additional information about the Fund at https://www.IntechETFs.com. You can also request this information by contacting us at (833) 933-2083 or by writing to the 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 | $11 | 0.25% |

---

#### Key Fund Statistics
(as of July 31, 2025)

---

| | |
|:---|:---|
|  |  |
| **Fund Size (Thousands)** | $98916 |
| **Number of Holdings** | 240 |
| **Total Advisory Fee**  | $79476 |
| **Portfolio Turnover Rate** | 43% |

---

#### Sector Type - Investments (% of Total Net Assets)
![bar](qesjvp41mg5fzez8.jpg)

#### What did the Fund invest in?
(as of July 31, 2025)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **(% of Total Net Assets)** |
| **NVIDIA Corp.** | 7.9 |
| **Microsoft Corp.** | 5.3 |
| **Meta Platforms, Inc.** | 4.8 |
| **Amazon.com, Inc.** | 4.8 |
| **Apple, Inc.** | 4.4 |
| **Broadcom, Inc.** | 3.2 |
| **Netflix, Inc.** | 2.4 |
| **Tesla, Inc.** | 2.1 |
| **Adobe, Inc.** | 1.9 |
| **Progressive Corp.** | 1.7 |

---

#### 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.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.IntechETFs.com .
**Intech S&P Small-Mid Cap Diversified Alpha ETF** Tailored Shareholder Report

**semi-annual Shareholder Report July 31, 2025**<br>**Intech S&P Small-Mid Cap Diversified Alpha ETF**<br>Ticker: SMDX (Listed on NYSE Arca, Inc.)<br>

This semi-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 July 31, 2025. You can find additional information about the Fund at https://www.IntechETFs.com. You can also request this information by contacting us at (833) 933-2083 or by writing to the 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 | $15 | 0.35% |

---

#### Key Fund Statistics
(as of July 31, 2025)

---

| | |
|:---|:---|
|  |  |
| **Fund Size (Thousands)** | $81235 |
| **Number of Holdings** | 549 |
| **Total Advisory Fee**  | $89331 |
| **Portfolio Turnover Rate** | 61% |

---

#### Sector Type - Investments (% of Total Net Assets)
![bar](qes10igje1mg5g8vvm.jpg)

#### What did the Fund invest in?
(as of July 31, 2025)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **(% of Total Net Assets)** |
| **EMCOR Group, Inc.** | 2.5 |
| **Interactive Brokers Group, Inc.** | 1.9 |
| **Tenet Healthcare, Corp.** | 1.3 |
| **Jones Lang LaSalle, Inc.** | 1.3 |
| **Sprouts Farmers Market, Inc.** | 1.2 |
| **Jefferies Financial Group, Inc.** | 1.1 |
| **DT Midstream, Inc.** | 1.1 |
| **Universal Display Corp.** | 1.0 |
| **Exelixis, Inc.** | 1.0 |
| **Antero Resources Corp.** | 0.9 |

---

#### 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.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.IntechETFs.com .
**<u>Item 2. Code of Ethics</u>.**

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

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

(b) Not
 applicable.

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

(a) ![](intechncsrs073125001.jpg)

**Financial Statements**

**July 31, 2025**

**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:](#intechncsrs073125a001) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Intech S&P Large Cap Diversified Alpha ETF](#intechncsrs073125a002) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Intech S&P Small-Mid Cap Diversified Alpha ETF](#intechncsrs073125a003) | 8 |
| [Statements of Assets and Liabilities](#intechncsrs073125a004) | 21 |
| [Statements of Operations](#intechncsrs073125a005) | 22 |
| [Statements of Changes in Net Assets](#intechncsrs073125a006) | 23 |
| [Financial Highlights](#intechncsrs073125a007) | 24 |
| [Notes to Financial Statements](#intechncsrs073125a008) | 26 |

---

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

**Schedule of Investments**

**July 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**COMMON STOCKS - 99.6%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banking - 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | 148 | $6996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. | 224 | 20989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | 3268 | 155949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | 5507 | 90480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 1244 | 368522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KeyCorp | 6948 | 124508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M&T Bank Corp. | 258 | 48685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. | 102 | 19407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regions Financial Corp. | 2076 | 52585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 12628 | 1018196 |
|  |  | 1906317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Discretionary Products - 5.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aptiv PLC<sup>(a)</sup> | 5992 | 411291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deckers Outdoor Corp.<sup>(a)</sup> | 3655 | 388051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Co. | 21608 | 239201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors Co. | 21835 | 1164679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Masco Corp. | 3484 | 237365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nike, Inc. - Class B | 1880 | 140417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ralph Lauren Corp. - Class A | 678 | 202553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tapestry, Inc. | 2299 | 248361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc.<sup>(a)</sup> | 6838 | 2107950 |
|  |  | 5139868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Discretionary Services - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc. - Class A<sup>(a)</sup> | 16575 | 710736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corp. | 12 | 3601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 8233 | 210436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | 4 | 1271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starbucks Corp. | 55 | 4904 |
|  |  | 930948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Staple Products - 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altria Group, Inc. | 10704 | 663006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Campbell's Co. | 1717 | 54806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Co. | 136 | 9233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 13872 | 1163167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conagra Brands, Inc. | 1276 | 23300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Mills, Inc. | 356 | 17437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hershey Co. | 59 | 10982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.M. Smucker Co. | 127 | 13632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kellanova | 212 | 16924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kenvue, Inc. | 886 | 18996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lamb Weston Holdings, Inc. | 167 | 9531 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McCormick & Co., Inc. | 607.0 | $42872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Molson Coors Beverage Co. - Class B | 5919.0 | 288374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mondelez International, Inc. - Class A | 25.0 | 1617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 109.0 | 15033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 2935.0 | 481487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 124.0 | 18658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tyson Foods, Inc. - Class A | 970.0 | 50731 |
|  |  | 2899786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Services - 5.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Co. | 3349.0 | 1002389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 7894.0 | 800846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackrock, Inc. | 4.0 | 4424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | 1187.0 | 286115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 1014.0 | 99098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CME Group, Inc. - Class A | 638.0 | 177543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coinbase Global, Inc. - Class A<sup>(a)</sup> | 245.0 | 92551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | 130.0 | 52377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair Isaac Corp.<sup>(a)</sup> | 411.0 | 590492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | 1095.0 | 86954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiserv, Inc.<sup>(a)</sup> | 2098.0 | 291496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Payments, Inc. | 812.0 | 64920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | 1758.0 | 1272071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 213.0 | 39369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | 263.0 | 44661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MarketAxess Holdings, Inc. | 1208.0 | 248244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | 7.0 | 3965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 115.0 | 16383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.<sup>(a)</sup> | 525.0 | 36099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P Global, Inc. | 7.0 | 3858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synchrony Financial | 5797.0 | 403877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. - Class A | 23.0 | 6410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 435.0 | 150280 |
|  |  | 5774422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care - 8.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories, ADR | 26.0 | 3281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. | 56.0 | 10585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amgen, Inc. | 413.0 | 121876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corp.<sup>(a)</sup> | 7500.0 | 786900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 197.0 | 8532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | 474.0 | 73574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | 157.0 | 44915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centene Corp.<sup>(a)</sup> | 2125.0 | 55399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cigna Group | 268.0 | 71658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp. | 117.0 | 7266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DaVita, Inc.<sup>(a)</sup> | 184.0 | 25828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dexcom, Inc.<sup>(a)</sup> | 4110.0 | 331965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 262.0 | 74167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 1965.0 | 1454237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | 7386.0 | 526769 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 1763 | $197967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | 2195.0 | 777008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hologic, Inc.<sup>(a)</sup> | 424.0 | 28332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Humana, Inc. | 363.0 | 90703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incyte Corp.<sup>(a)</sup> | 1148.0 | 85974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.<sup>(a)</sup> | 542.0 | 260751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 22.0 | 3624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McKesson Corp. | 381.0 | 264239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medtronic PLC | 201.0 | 18138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 19134.0 | 1494748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pfizer, Inc. | 348.0 | 8105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | 159.0 | 26618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | 49.0 | 26727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ResMed, Inc. | 345.0 | 93819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solventum Corp<sup>(a)</sup> | 1677.0 | 119671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 7.0 | 3274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 3946.0 | 984764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Universal Health Services, Inc. - Class B | 1917.0 | 319085 |
|  |  | 8400499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial Products - 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M Co. | 3504.0 | 522867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc.<sup>(a)</sup> | 153.0 | 115590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caterpillar, Inc. | 1552.0 | 679807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerson Electric Co. | 31.0 | 4511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GE Vernova, Inc. | 11.0 | 7263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Electric Co. | 1056.0 | 286260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 665.0 | 279952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | 163.0 | 93987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veralto Corp. | 7430.0 | 778887 |
|  |  | 2769124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial Services - 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CH Robinson Worldwide, Inc. | 54.0 | 6227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cintas Corp. | 564.0 | 125518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | 4237.0 | 225451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FedEx Corp. | 4590.0 | 1025819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jacobs Solutions, Inc. | 2946.0 | 417949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 15.0 | 4170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc.<sup>(a)</sup> | 4145.0 | 366045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Parcel Service, Inc. - Class B | 1363.0 | 117436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Rentals, Inc. | 254.0 | 224267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waste Management, Inc. | 16.0 | 3667 |
|  |  | 2516549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance - 5.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aflac, Inc. | 2037.0 | 202396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allstate Corp. | 2316.0 | 470727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American International Group, Inc. | 571.0 | 44327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aon PLC - Class A | 1563.0 | 555975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arch Capital Group Ltd. | 2803.0 | 241226 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co. | 5.0 | $1436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assurant, Inc. | 1641.0 | 307359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | 35.0 | 16516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 3604.0 | 329297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chubb Ltd. | 47.0 | 12504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | 258.0 | 38058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Erie Indemnity Co. - Class A | 953.0 | 339497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Everest Group Ltd. | 1068.0 | 358634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Globe Life, Inc. | 708.0 | 99453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hartford Financial Services Group, Inc. | 997.0 | 124017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loews Corp. | 594.0 | 53781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progressive Corp. | 7148.0 | 1730102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travelers Cos., Inc. | 1871.0 | 486909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W.R. Berkley Corp. | 2119.0 | 145808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | 693.0 | 218856 |
|  |  | 5776878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Materials - 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Products and Chemicals, Inc. | 33.0 | 9500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ball Corp. | 4442.0 | 254349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | 5307.0 | 492649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Linde PLC | 313.0 | 144061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newmont Corp. | 1631.0 | 101285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nucor Corp. | 2262.0 | 323624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Packaging Corp. of America | 1752.0 | 339450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | 2485.0 | 316987 |
|  |  | 1981905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media - 12.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 5442.0 | 1044320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class C | 4432.0 | 854756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | 199.0 | 1095308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comcast Corp. - Class A | 7748.0 | 257466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expedia Group, Inc. - Class A | 1878.0 | 338453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fox Corp. - Class A | 4881.0 | 272165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GoDaddy, Inc. - Class A<sup>(a)</sup> | 4482.0 | 724202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Match Group, Inc. | 1298.0 | 44482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 6190.0 | 4787594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc.<sup>(a)</sup> | 2085.0 | 2417349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies, Inc.<sup>(a)</sup> | 3000.0 | 263250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VeriSign, Inc. | 1228.0 | 330172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Co. | 777.0 | 92548 |
|  |  | 12522065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil & Gas - 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APA Corp. | 2001.0 | 38599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | 24.0 | 3639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 149.0 | 17883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 13586.0 | 1516741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halliburton Co. | 905.0 | 20272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc. | 9623.0 | 790145 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corp. | 3981 | $662478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valero Energy Corp. | 760.0 | 104356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams Cos., Inc. | 7592.0 | 455140 |
|  |  | 3609253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Real Estate - 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Tower Corp. - REIT | 7.0 | 1459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CBRE Group, Inc. - Class A<sup>(a)</sup> | 8418.0 | 1311019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. - REIT | 111.0 | 19585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equinix, Inc. - REIT | 1120.0 | 879390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage Inc - REIT | 940.0 | 126299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain, Inc. - REIT | 698.0 | 67957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group, Inc. - REIT | 368.0 | 60275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ventas, Inc. - REIT | 1134.0 | 76182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Welltower, Inc. - REIT | 700.0 | 115549 |
|  |  | 2657715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail & Wholesale - Discretionary - 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc.<sup>(a)</sup> | 20102.0 | 4706079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoZone, Inc.<sup>(a)</sup> | 12.0 | 45221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CarMax, Inc.<sup>(a)</sup> | 4146.0 | 234705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copart, Inc.<sup>(a)</sup> | 2294.0 | 103987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;eBay, Inc. | 4267.0 | 391497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. | 9.0 | 3308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | 15.0 | 3354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.<sup>(a)</sup> | 174.0 | 34892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TJX Cos., Inc. | 16.0 | 1992 |
|  |  | 5525035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail & Wholesale - Staples - 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge Global SA | 2183.0 | 174116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 446.0 | 419079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollar General Corp. | 1307.0 | 137104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollar Tree, Inc. | 404.0 | 45874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kroger Co. | 3386.0 | 237359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target Corp. | 2240.0 | 225120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | 9063.0 | 887993 |
|  |  | 2126645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software & Tech Services - 13.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accenture PLC - Class A | 1218.0 | 325328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adobe, Inc.<sup>(a)</sup> | 5171.0 | 1849615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Akamai Technologies, Inc.<sup>(a)</sup> | 1365.0 | 104163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Autodesk, Inc.<sup>(a)</sup> | 14.0 | 4244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EPAM Systems, Inc.<sup>(a)</sup> | 181.0 | 28546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortinet, Inc.<sup>(a)</sup> | 14198.0 | 1418380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gartner, Inc.<sup>(a)</sup> | 71.0 | 24044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gen Digital, Inc. | 5019.0 | 148010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corp. | 1710.0 | 432887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuit, Inc. | 24.0 | 18843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | 3423.0 | 546482 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 9793 | $5224565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp. | 2305.0 | 584940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 7462.0 | 1181608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.<sup>(a)</sup> | 1875.0 | 325500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 23.0 | 12659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce, Inc. | 4545.0 | 1174110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Workday, Inc. - Class A<sup>(a)</sup> | 196.0 | 44958 |
|  |  | 13448882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tech Hardware & Semiconductors - 17.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.<sup>(a)</sup> | 55.0 | 9697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 20958.0 | 4350252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 10750.0 | 3157275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 7641.0 | 520199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corning, Inc. | 9870.0 | 624179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F5, Inc.<sup>(a)</sup> | 1421.0 | 445370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intel Corp. | 401.0 | 7940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | 3.0 | 1317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 43956.0 | 7818454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 198.0 | 29058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 19.0 | 3440 |
|  |  | 16967181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications - 0.0%<sup>(b)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc. | 303.0 | 8305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 231.0 | 9878 |
|  |  | 18183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Utilities - 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alliant Energy Corp. | 699.0 | 45442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. | 1629.0 | 63238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMS Energy Corp. | 420.0 | 30996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | 3103.0 | 321160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Energy Corp. | 342.0 | 118961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edison International | 10274.0 | 535481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evergy, Inc. | 748.0 | 52958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exelon Corp. | 508.0 | 22829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstEnergy Corp. | 695.0 | 29683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 3324.0 | 236203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NiSource, Inc. | 6379.0 | 270789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc. | 2983.0 | 498758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG&E Corp. | 47440.0 | 665109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. | 692.0 | 62709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Corp. | 2759.0 | 575362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | 132.0 | 14399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | 290.0 | 21298 |
|  |  | 3565375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS (Cost $86,118,274)** |  | 98536630 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**MONEY MARKET FUND - 0.4%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Money Market Funds - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.214%<sup>(c)</sup> | 364810 | $364810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL MONEY MARKET FUND (Cost $364,810)** |  | 364810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS - 100.0% (Cost $86,483,084)** |  | $98901440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Assets in Excess of Liabilities - 0.0%<sup>(b)</sup> |  | 14203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL NET ASSETS - 100.0%** |  | $98915643 |

---

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 July 31, 2025.

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

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

**Schedule of Investments**

**July 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**COMMON STOCKS - 99.6%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banking - 5.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ameris Bancorp | 927 | $63360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Associated Banc-Corp | 2223 | 54997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axos Financial, Inc.<sup>(a)</sup> | 1191 | 102843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banc of California, Inc. | 4669 | 67794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bancorp, Inc.<sup>(a)</sup> | 295 | 18632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank OZK | 2684 | 132321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BankUnited, Inc. | 2572 | 93801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banner Corp. | 360 | 22347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hills Bancorp, Inc. | 888 | 21880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookline Bancorp, Inc. | 10666 | 110073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cadence Bank | 1346 | 46908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Pacific Financial Corp. | 2728 | 72728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbia Banking System, Inc. | 2164 | 51503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customers Bancorp, Inc.<sup>(a)</sup> | 2192 | 139740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVB Financial Corp. | 756 | 14130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dime Community Bancshares, Inc. | 1231 | 34111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | 2803 | 281001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First BanCorp, Inc. | 29837 | 621505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Bancorp/Southern Pines NC | 308 | 15428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Commonwealth Financial Corp. | 2501 | 41292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Financial Bancorp | 842 | 20410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Horizon Corp. | 15113 | 329615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flagstar Financial, Inc. | 6975 | 78748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glacier Bancorp, Inc. | 583 | 25553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | 609 | 36369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hanmi Financial Corp. | 2379 | 54265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heritage Financial Corp. | 406 | 9151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hope Bancorp, Inc. | 4059 | 40549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independent Bank Corp. | 650 | 41308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Bank Holdings Corp. - Class A | 673 | 24941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northwest Bancshares, Inc. | 1523 | 17819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OFG Bancorp | 7482 | 318883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Premier Bancorp, Inc. | 613 | 13284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pathward Financial, Inc. | 4985 | 376991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | 1083 | 95185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seacoast Banking Corp. of Florida | 1758 | 49558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ServisFirst Bancshares, Inc. | 773 | 60796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simmons First National Corp. | 852 | 16333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stellar Bancorp, Inc. | 314 | 9272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synovus Financial Corp. | 2186 | 103267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Capital Bancshares, Inc.<sup>(a)</sup> | 1574 | 132169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tompkins Financial Corp | 330 | 21344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triumph Financial, Inc.<sup>(a)</sup> | 336 | 19058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TrustCo Bank Corp. NY | 1371 | 46011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Community Banks, Inc.<sup>(a)</sup> | 3617 | 110318 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valley National Bancorp | 16008.0 | $148394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veritex Holdings, Inc. | 605.0 | 19191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Webster Financial Corp. | 2006.0 | 115646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | 197.0 | 25212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WSFS Financial Corp. | 605.0 | 33178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zions Bancorp. NA | 635.0 | 34049 |
|  |  | 4433261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Discretionary Products - 6.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adient PLC<sup>(a)</sup> | 10863.0 | 232903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Axle & Manufacturing Holdings, Inc.<sup>(a)</sup> | 6190.0 | 27545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Woodmark Corp.<sup>(a)</sup> | 662.0 | 34828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Autoliv, Inc. | 1584.0 | 176695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cavco Industries, Inc.<sup>(a)</sup> | 162.0 | 65395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Century Communities, Inc. | 296.0 | 16662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crocs, Inc.<sup>(a)</sup> | 2109.0 | 210331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dana, Inc. | 17456.0 | 277900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dorman Products, Inc.<sup>(a)</sup> | 923.0 | 111332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gentex Corp. | 12080.0 | 319154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co.<sup>(a)</sup> | 4475.0 | 46003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Griffon Corp. | 2011.0 | 163434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hanesbrands, Inc.<sup>(a)</sup> | 22229.0 | 90917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harley-Davidson, Inc. | 1317.0 | 32043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HNI Corp. | 329.0 | 16924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interface, Inc. | 13675.0 | 281978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kontoor Brands, Inc. | 4099.0 | 228150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LCI Industries | 179.0 | 17005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LGI Homes, Inc.<sup>(a)</sup> | 337.0 | 17952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M/I Homes, Inc.<sup>(a)</sup> | 372.0 | 44711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mattel, Inc.<sup>(a)</sup> | 15170.0 | 258042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meritage Homes Corp. | 1648.0 | 110976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MillerKnoll, Inc. | 4305.0 | 81709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newell Brands, Inc. | 4440.0 | 24908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oxford Industries, Inc. | 336.0 | 12828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PVH Corp. | 7030.0 | 516143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scotts Miracle-Gro Co. | 6856.0 | 429597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skechers USA, Inc. - Class A<sup>(a)</sup> | 2190.0 | 138517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tempur Sealy International, Inc. | 1848.0 | 133758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thor Industries, Inc. | 252.0 | 22929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toll Brothers, Inc. | 2543.0 | 300989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Armour, Inc. - Class A<sup>(a)</sup> | 23739.0 | 157627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visteon Corp. | 2411.0 | 267983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Winnebago Industries, Inc. | 522.0 | 15514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wolverine World Wide, Inc. | 3306.0 | 74649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XPEL, Inc.<sup>(a)</sup> | 432.0 | 14122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YETI Holdings, Inc.<sup>(a)</sup> | 15957.0 | 586260 |
|  |  | 5558413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Discretionary Services - 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adtalem Global Education, Inc.<sup>(a)</sup> | 978.0 | 111756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bloomin' Brands, Inc. | 14723.0 | 134126 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brinker International, Inc.<sup>(a)</sup> | 905.0 | $142628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheesecake Factory, Inc. | 1597.0 | 102064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cinemark Holdings, Inc. | 1055.0 | 28348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dave & Buster's Entertainment, Inc.<sup>(a)</sup> | 7329.0 | 214300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Graham Holdings Co. - Class B | 176.0 | 167936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grand Canyon Education, Inc.<sup>(a)</sup> | 809.0 | 136422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Light & Wonder, Inc.<sup>(a)</sup> | 1047.0 | 100847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perdoceo Education Corp. | 6090.0 | 175270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Planet Fitness, Inc. - Class A<sup>(a)</sup> | 245.0 | 26752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PROG Holdings, Inc. | 9613.0 | 306078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sabre Corp.<sup>(a)</sup> | 7945.0 | 24073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Corp. International | 2181.0 | 166432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shake Shack, Inc. - Class A<sup>(a)</sup> | 1347.0 | 162098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strategic Education, Inc. | 388.0 | 28768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stride, Inc.<sup>(a)</sup> | 771.0 | 98865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. - Class A | 368.0 | 68128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upbound Group, Inc. | 12528.0 | 258515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wendy's Co. | 8541.0 | 84129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wingstop, Inc. | 1131.0 | 426772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | 300.0 | 25800 |
|  |  | 2990107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Staple Products - 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B&G Foods, Inc. | 1860.0 | 7626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BellRing Brands, Inc.<sup>(a)</sup> | 8094.0 | 441771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boston Beer Co., Inc. - Class A<sup>(a)</sup> | 25.0 | 5177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cal-Maine Foods, Inc.<sup>(a)</sup> | 6295.0 | 699626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celsius Holdings, Inc.<sup>(a)</sup> | 2345.0 | 106322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Garden & Pet Co. - Class A<sup>(a)</sup> | 846.0 | 30050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | 1588.0 | 177459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Darling Ingredients, Inc.<sup>(a)</sup> | 3567.0 | 115500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;elf Beauty, Inc.<sup>(a)</sup> | 460.0 | 55747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ingredion, Inc. | 3137.0 | 412641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interparfums, Inc. | 593.0 | 71516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marzetti Co. | 444.0 | 78925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MGP Ingredients, Inc. | 851.0 | 24066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. | 3449.0 | 163448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post Holdings, Inc.<sup>(a)</sup> | 178.0 | 18834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quanex Building Products Corp. | 1645.0 | 32045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TreeHouse Foods, Inc.<sup>(a)</sup> | 359.0 | 6900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Universal Corp. | 409.0 | 22278 |
|  |  | 2469931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Services - 7.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Managers Group, Inc. | 782.0 | 164118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Commercial Real Estate Finance, Inc. - REIT | 2455.0 | 23617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARMOUR Residential REIT, Inc. - REIT | 1240.0 | 20225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bread Financial Holdings, Inc. | 361.0 | 22129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ellington Financial, Inc. - REIT | 1064.0 | 13502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enova International, Inc.<sup>(a)</sup> | 1397.0 | 146070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essent Group Ltd. | 10358.0 | 579945 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Euronet Worldwide, Inc.<sup>(a)</sup> | 63.0 | $6122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evercore, Inc. - Class A | 1702.0 | 512540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EVERTEC, Inc. | 437.0 | 15798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EZCORP, Inc. - Class A<sup>(a)</sup> | 9701.0 | 138918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Financial Corp. | 1791.0 | 107550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HA Sustainable Infrastructure Capital, Inc. - REIT | 2593.0 | 67340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hamilton Lane, Inc. - Class A | 613.0 | 93360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interactive Brokers Group, Inc. - Class A | 24012.0 | 1574227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Janus Henderson Group PLC | 4770.0 | 206541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc. | 15077.0 | 869340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Real Estate Finance Trust, Inc. - REIT | 2806.0 | 25366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr. Cooper Group, Inc.<sup>(a)</sup> | 1740.0 | 270953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Mortgage Trust, Inc. - REIT | 2433.0 | 15401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payoneer Global, Inc.<sup>(a)</sup> | 8336.0 | 54768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ready Capital Corp. - REIT | 4282.0 | 18027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redwood Trust, Inc. - REIT | 7316.0 | 39945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEI Investments Co. | 347.0 | 30578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SLM Corp. | 8948.0 | 284546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StepStone Group, Inc. - Class A | 765.0 | 45411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stewart Information Services Corp. | 381.0 | 24738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group, Inc.<sup>(a)</sup> | 2245.0 | 218304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Two Harbors Investment Corp. - REIT | 3075.0 | 29981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virtus Investment Partners, Inc. | 91.0 | 17591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walker & Dunlop, Inc. | 1181.0 | 88587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Union Co. | 5767.0 | 46424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEX, Inc.<sup>(a)</sup> | 193.0 | 32748 |
|  |  | 5804710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care - 9.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acadia Healthcare Co., Inc.<sup>(a)</sup> | 5474.0 | 119169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AdaptHealth Corp.<sup>(a)</sup> | 5034.0 | 45155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Addus HomeCare Corp<sup>(a)</sup> | 363.0 | 38761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amphastar Pharmaceuticals, Inc.<sup>(a)</sup> | 2616.0 | 54805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ANI Pharmaceuticals, Inc.<sup>(a)</sup> | 906.0 | 57395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Artivion, Inc.<sup>(a)</sup> | 1129.0 | 34897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astrana Health, Inc.<sup>(a)</sup> | 2218.0 | 52921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BioLife Solutions, Inc.<sup>(a)</sup> | 980.0 | 20835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> | 2516.0 | 53666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certara, Inc.<sup>(a)</sup> | 1876.0 | 18460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collegium Pharmaceutical, Inc.<sup>(a)</sup> | 5996.0 | 179041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CONMED Corp. | 797.0 | 40767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CorVel Corp.<sup>(a)</sup> | 650.0 | 57590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DENTSPLY SIRONA, Inc. | 4479.0 | 64095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Embecta Corp. | 2511.0 | 25512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encompass Health Corp. | 1167.0 | 128498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exelixis, Inc.<sup>(a)</sup> | 22388.0 | 810893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glaukos Corp.<sup>(a)</sup> | 933.0 | 80322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Globus Medical, Inc. - Class A<sup>(a)</sup> | 1191.0 | 62682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Haemonetics Corp.<sup>(a)</sup> | 903.0 | 66858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc.<sup>(a)</sup> | 5729.0 | 343568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HealthEquity, Inc.<sup>(a)</sup> | 756.0 | 73332 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICU Medical, Inc.<sup>(a)</sup> | 468.0 | $60096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inspire Medical Systems, Inc.<sup>(a)</sup> | 2106.0 | 262281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integer Holdings Corp.<sup>(a)</sup> | 404.0 | 43838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals PLC<sup>(a)</sup> | 709.0 | 81273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc.<sup>(a)</sup> | 2892.0 | 205881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LeMaitre Vascular, Inc. | 620.0 | 50369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LivaNova PLC<sup>(a)</sup> | 1043.0 | 44004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Masimo Corp.<sup>(a)</sup> | 1959.0 | 301275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medpace Holdings, Inc.<sup>(a)</sup> | 761.0 | 325099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merit Medical Systems, Inc.<sup>(a)</sup> | 1226.0 | 104038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NeoGenomics, Inc.<sup>(a)</sup> | 6881.0 | 33304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc.<sup>(a)</sup> | 1136.0 | 145669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Omnicell, Inc.<sup>(a)</sup> | 3627.0 | 112473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Option Care Health, Inc.<sup>(a)</sup> | 3630.0 | 106541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pediatrix Medical Group, Inc.<sup>(a)</sup> | 2369.0 | 29020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penumbra, Inc.<sup>(a)</sup> | 2724.0 | 687183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premier, Inc. - Class A | 7022.0 | 150833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progyny, Inc.<sup>(a)</sup> | 3985.0 | 93687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QuidelOrtho Corp.<sup>(a)</sup> | 4950.0 | 113949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RadNet, Inc.<sup>(a)</sup> | 1546.0 | 84613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repligen Corp.<sup>(a)</sup> | 1879.0 | 219975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Select Medical Holdings Corp. | 8702.0 | 128703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STAAR Surgical Co.<sup>(a)</sup> | 999.0 | 17897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tandem Diabetes Care, Inc.<sup>(a)</sup> | 3223.0 | 50214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenet Healthcare Corp.<sup>(a)</sup> | 6359.0 | 1025580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransMedics Group, Inc.<sup>(a)</sup> | 2159.0 | 256856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Physical Therapy, Inc. | 430.0 | 31455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Therapeutics Corp.<sup>(a)</sup> | 1535.0 | 421665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vericel Corp.<sup>(a)</sup> | 1137.0 | 39727 |
|  |  | 7656720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial Products - 7.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAR Corp<sup>(a)</sup> | 276.0 | 20620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acuity Brands, Inc. | 1938.0 | 603396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AeroVironment, Inc.<sup>(a)</sup> | 675.0 | 180657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGCO Corp | 103.0 | 12151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alamo Group, Inc. | 434.0 | 96600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astec Industries, Inc. | 407.0 | 16142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ATI, Inc.<sup>(a)</sup> | 1692.0 | 130182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AZZ, Inc. | 576.0 | 63072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Badger Meter, Inc. | 901.0 | 170073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belden, Inc. | 318.0 | 39321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BWX Technologies, Inc. | 1377.0 | 209208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chart Industries, Inc.<sup>(a)</sup> | 493.0 | 98023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cognex Corp. | 5815.0 | 237077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crane Co. | 147.0 | 28778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | 901.0 | 441688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enerpac Tool Group Corp. | 358.0 | 13787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enpro, Inc. | 306.0 | 64997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Esab Corp. | 341.0 | 45752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ESCO Technologies, Inc. | 1424.0 | 275829 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Signal Corp. | 975.0 | $123406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flowserve Corp. | 1687.0 | 94539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franklin Electric Co., Inc. | 662.0 | 62195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gibraltar Industries, Inc.<sup>(a)</sup> | 1430.0 | 94423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Graco, Inc. | 1451.0 | 121855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greenbrier Cos., Inc. | 842.0 | 38311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hillenbrand, Inc. | 1122.0 | 23237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Itron, Inc.<sup>(a)</sup> | 2320.0 | 288933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ITT, Inc. | 923.0 | 156873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lindsay Corp. | 255.0 | 34810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Littelfuse, Inc. | 107.0 | 27534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercury Systems, Inc.<sup>(a)</sup> | 420.0 | 22088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Middleby Corp.<sup>(a)</sup> | 165.0 | 23958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moog, Inc. - Class A | 324.0 | 62720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mueller Industries, Inc. | 6364.0 | 543295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;nVent Electric PLC | 3708.0 | 290781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oshkosh Corp. | 586.0 | 74147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OSI Systems, Inc.<sup>(a)</sup> | 93.0 | 20554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proto Labs, Inc.<sup>(a)</sup> | 470.0 | 20266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regal Rexnord Corp. | 1225.0 | 187278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sensata Technologies Holding PLC | 936.0 | 28791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies, Inc.<sup>(a)</sup> | 562.0 | 102503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Titan International, Inc.<sup>(a)</sup> | 2232.0 | 18883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toro Co. | 3486.0 | 258835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valmont Industries, Inc. | 665.0 | 242027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vontier Corp. | 672.0 | 27868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woodward, Inc. | 1450.0 | 372766 |
|  |  | 6110229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial Services - 10.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABM Industries, Inc. | 2770.0 | 127780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AECOM | 5023.0 | 566293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alarm.com Holdings, Inc.<sup>(a)</sup> | 955.0 | 52172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMN Healthcare Services, Inc.<sup>(a)</sup> | 1239.0 | 22723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ArcBest Corp. | 346.0 | 25303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcosa, Inc. | 1389.0 | 119287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brady Corp. - Class A | 1239.0 | 87436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brink's Co. | 363.0 | 31704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clean Harbors, Inc.<sup>(a)</sup> | 1201.0 | 283208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | 932.0 | 655476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoreCivic, Inc. - REIT<sup>(a)</sup> | 3514.0 | 70421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSG Systems International, Inc. | 777.0 | 48531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dycom Industries, Inc.<sup>(a)</sup> | 2824.0 | 759119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | 3200.0 | 2007968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enviri Corp.<sup>(a)</sup> | 3429.0 | 30861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Everus Construction Group, Inc.<sup>(a)</sup> | 3345.0 | 248400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fluor Corp.<sup>(a)</sup> | 11924.0 | 676925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Air Corp. - Class A<sup>(a)</sup> | 1720.0 | 52271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frontdoor, Inc.<sup>(a)</sup> | 5677.0 | 332105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GEO Group, Inc. - REIT<sup>(a)</sup> | 2660.0 | 68947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Granite Construction, Inc. | 643.0 | 60744 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H&R Block, Inc. | 5320 | $289089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Healthcare Services Group, Inc.<sup>(a)</sup> | 1134.0 | 14753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heidrick & Struggles International, Inc. | 534.0 | 23779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insperity, Inc. | 675.0 | 40217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Installed Building Products, Inc. | 437.0 | 88401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kirby Corp.<sup>(a)</sup> | 293.0 | 27926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Korn Ferry | 1842.0 | 130543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MasTec, Inc.<sup>(a)</sup> | 1269.0 | 240107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matson, Inc. | 526.0 | 56166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MYR Group, Inc.<sup>(a)</sup> | 632.0 | 122292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resideo Technologies, Inc.<sup>(a)</sup> | 2859.0 | 78051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ryder System, Inc. | 678.0 | 120487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saia, Inc.<sup>(a)</sup> | 133.0 | 40198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SkyWest, Inc.<sup>(a)</sup> | 1397.0 | 161996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc.<sup>(a)</sup> | 225.0 | 60208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tetra Tech, Inc. | 1685.0 | 61907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TopBuild Corp.<sup>(a)</sup> | 229.0 | 84828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UniFirst Corp.<sup>(a)</sup> | 300.0 | 51309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verra Mobility Corp.<sup>(a)</sup> | 1107.0 | 27963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watsco, Inc. | 501.0 | 225891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;World Kinect Corp. | 2333.0 | 63621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XPO, Inc.<sup>(a)</sup> | 3187.0 | 383364 |
|  |  | 8720770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance - 6.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Financial Group, Inc. | 400.0 | 49960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMERISAFE, Inc. | 516.0 | 23107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assured Guaranty Ltd. | 7940.0 | 671565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CNO Financial Group, Inc. | 2381.0 | 87716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employers Holdings, Inc. | 691.0 | 28525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genworth Financial, Inc. - Class A<sup>(a)</sup> | 10966.0 | 86193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goosehead Insurance, Inc. - Class A | 141.0 | 12818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hanover Insurance Group, Inc. | 175.0 | 30035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCI Group, Inc. | 298.0 | 41732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Horace Mann Educators Corp. | 1149.0 | 48867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jackson Financial, Inc. | 3576.0 | 313115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kemper Corp. | 2826.0 | 174053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinsale Capital Group, Inc. | 638.0 | 281160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercury General Corp. | 136.0 | 9418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NMI Holdings, Inc.<sup>(a)</sup> | 5184.0 | 193467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Old Republic International Corp. | 11564.0 | 418270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palomar Holdings, Inc.<sup>(a)</sup> | 5359.0 | 710014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Primerica, Inc. | 721.0 | 191519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ProAssurance Corp.<sup>(a)</sup> | 764.0 | 18153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc. | 3023.0 | 581776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd. | 1420.0 | 346111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SiriusPoint Ltd.<sup>(a)</sup> | 1712.0 | 33572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trupanion, Inc.<sup>(a)</sup> | 2254.0 | 106862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unum Group | 6452.0 | 463318 |
|  |  | 4921326 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Materials - 5.9%** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Drainage Systems, Inc. | 784 | $89964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AdvanSix, Inc. | 1023 | 20583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alcoa Corp. | 1004 | 30090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alpha Metallurgical Resources, Inc.<sup>(a)</sup> | 100 | 11807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apogee Enterprises, Inc. | 1395 | 58576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avient Corp. | 1950 | 61561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axalta Coating Systems Ltd.<sup>(a)</sup> | 1295 | 36674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balchem Corp. | 2944 | 448872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boise Cascade Co. | 1590 | 133258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlisle Cos, Inc. | 1851 | 656568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | 830 | 206994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Century Aluminum Co.<sup>(a)</sup> | 2885 | 61104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Metals Co. | 645 | 33450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eagle Materials, Inc. | 818 | 183469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hawkins, Inc. | 232 | 37881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HB Fuller Co. | 724 | 40689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innospec, Inc. | 168 | 13423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kaiser Aluminum Corp. | 2060 | 159259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Koppers Holdings, Inc. | 509 | 16726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana-Pacific Corp. | 2245 | 202970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materion Corp. | 3560 | 374868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metallus, Inc.<sup>(a)</sup> | 1831 | 28930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NewMarket Corp. | 36 | 24732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O-I Glass, Inc.<sup>(a)</sup> | 1645 | 21401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olin Corp. | 1576 | 29849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owens Corning | 1176 | 163970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peabody Energy Corp. | 12575 | 203086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reliance, Inc. | 1589 | 461017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Gold, Inc. | 1266 | 191698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RPM International, Inc. | 2438 | 286246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sensient Technologies Corp. | 828 | 92976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simpson Manufacturing Co., Inc. | 626 | 112323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stepan Co. | 252 | 12794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SunCoke Energy, Inc. | 3784 | 27964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sylvamo Corp. | 456 | 21008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trex Co., Inc.<sup>(a)</sup> | 2114 | 135803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warrior Met Coal, Inc. | 369 | 18959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WD-40 Co. | 269 | 57674 |
|  |  | 4769216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Angi, Inc.<sup>(a)</sup> | 357 | 5791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CarGurus, Inc. - Class A<sup>(a)</sup> | 2161 | 70924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HealthStream, Inc. | 1666 | 43583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Times Co. - Class A | 6850 | 355447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QuinStreet, Inc.<sup>(a)</sup> | 1352 | 22186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scholastic Corp. | 693 | 17096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TripAdvisor, Inc. - Class A<sup>(a)</sup> | 18962 | 331645 |
|  |  | 846672 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil & Gas - 4.8%** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antero Midstream Corp. | 13247 | $243083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antero Resources Corp.<sup>(a)</sup> | 21980 | 767761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archrock, Inc. | 9406 | 219724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bristow Group, Inc.<sup>(a)</sup> | 3131 | 108239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CNX Resources Corp.<sup>(a)</sup> | 13525 | 409943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comstock Resources, Inc.<sup>(a)</sup> | 3801 | 67924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core Laboratories, Inc. | 1430 | 15644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DNOW, Inc.<sup>(a)</sup> | 1279 | 19901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DT Midstream, Inc. | 8396 | 862521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Helix Energy Solutions Group, Inc.<sup>(a)</sup> | 6197 | 36748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Helmerich & Payne, Inc. | 1998 | 32388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HF Sinclair Corp. | 811 | 35635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innovex International, Inc.<sup>(a)</sup> | 1147 | 18834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matador Resources Co. | 610 | 30427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Murphy Oil Corp. | 4106 | 101870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Murphy USA, Inc. | 892 | 323332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern Oil & Gas, Inc. | 704 | 19825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oceaneering International, Inc.<sup>(a)</sup> | 2312 | 50170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par Pacific Holdings, Inc.<sup>(a)</sup> | 1883 | 59089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Patterson-UTI Energy, Inc. | 13420 | 79312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PBF Energy, Inc. - Class A | 385 | 8701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ProPetro Holding Corp.<sup>(a)</sup> | 6430 | 34465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Range Resources Corp. | 2869 | 105350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RPC, Inc. | 5697 | 26491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SM Energy Co. | 3397 | 93723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Talos Energy, Inc.<sup>(a)</sup> | 4029 | 34448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vital Energy, Inc.<sup>(a)</sup> | 1931 | 36090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weatherford International PLC | 777 | 43939 |
|  |  | 3885577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Real Estate - 5.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acadia Realty Trust - REIT | 772 | 14452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Assets Trust, Inc. - REIT | 2123 | 40401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Armada Hoffler Properties, Inc. - Class A - REIT | 5861 | 40031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brandywine Realty Trust - REIT | 11665 | 46660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brixmor Property Group, Inc. - REIT | 4985 | 130258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CareTrust REIT, Inc. - REIT<sup>(a)</sup> | 14997 | 476905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centerspace - REIT | 252 | 13716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COPT Defense Properties - REIT | 578 | 15768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cousins Properties, Inc. - REIT | 3785 | 102574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cushman & Wakefield PLC<sup>(a)</sup> | 46523 | 567115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DiamondRock Hospitality Co - REIT | 2375 | 18335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Easterly Government Properties, Inc. - REIT | 1424 | 31328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EPR Properties - REIT | 1528 | 84101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity LifeStyle Properties, Inc. - REIT | 1187 | 71125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;eXp World Holdings, Inc. | 3176 | 34237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. - REIT | 2694 | 131252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Getty Realty Corp. - REIT | 1155 | 32097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Net Lease, Inc. - REIT | 8674 | 60631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Healthcare Realty Trust, Inc. - REIT | 2285 | 35098 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independence Realty Trust, Inc. - REIT | 2856 | $47895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innovative Industrial Properties, Inc. - Class A - REIT | 1532.0 | 79204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc.<sup>(a)</sup> | 3788.0 | 1024124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kilroy Realty Corp. - REIT | 2855.0 | 105235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kite Realty Group Trust - REIT | 1071.0 | 23541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lamar Advertising Co. - Class A - REIT | 540.0 | 66015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LXP Industrial Trust - REIT | 2670.0 | 20719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Storage Affiliates Trust - REIT | 1802.0 | 53087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NexPoint Residential Trust, Inc. - REIT | 1537.0 | 47924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Omega Healthcare Investors, Inc. - REIT | 12674.0 | 493019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outfront Media, Inc. - REIT | 2459.0 | 43106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Park Hotels & Resorts, Inc. - REIT | 9490.0 | 101163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PotlatchDeltic Corp. - REIT | 1430.0 | 58473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rexford Industrial Realty, Inc. - REIT | 1979.0 | 72293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sabra Health Care REIT, Inc. - REIT | 7942.0 | 143194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Safehold, Inc. - REIT | 2065.0 | 28889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SITE Centers Corp. - REIT | 7669.0 | 82595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SL Green Realty Corp - Class Common Stock - REIT | 779.0 | 44598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. Joe Co. | 514.0 | 25957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summit Hotel Properties, Inc. - REIT | 4664.0 | 24346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tanger, Inc. - REIT | 1346.0 | 40407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uniti Group, Inc. - REIT | 17210.0 | 91557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Universal Health Realty Income Trust - REIT | 217.0 | 8417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vornado Realty Trust - REIT | 3450.0 | 132549 |
|  |  | 4804391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Renewable Energy - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EnerSys | 644.0 | 59486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REX American Resources Corp.<sup>(a)</sup> | 420.0 | 21958 |
|  |  | 81444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail & Wholesale - Discretionary - 4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abercrombie & Fitch Co.<sup>(a)</sup> | 1900.0 | 182438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Academy Sports & Outdoors, Inc. | 847.0 | 43019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Eagle Outfitters, Inc. | 8598.0 | 92858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asbury Automotive Group, Inc.<sup>(a)</sup> | 38.0 | 8441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoNation, Inc.<sup>(a)</sup> | 473.0 | 91119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avis Budget Group, Inc.<sup>(a)</sup> | 901.0 | 153386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bath & Body Works, Inc. | 4963.0 | 143728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc.<sup>(a)</sup> | 676.0 | 116204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buckle, Inc. | 3237.0 | 159811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burlington Stores, Inc.<sup>(a)</sup> | 592.0 | 161592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | 3216.0 | 680216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ePlus, Inc. | 252.0 | 16325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ethan Allen Interiors, Inc. | 962.0 | 28639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstCash Holdings, Inc. | 701.0 | 93436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foot Locker, Inc.<sup>(a)</sup> | 1721.0 | 43094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GameStop Corp. - Class A<sup>(a)</sup> | 5786.0 | 129896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gap, Inc. | 9039.0 | 175899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G-III Apparel Group Ltd.<sup>(a)</sup> | 1456.0 | 34362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GMS, Inc.<sup>(a)</sup> | 926.0 | 101527 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Group 1 Automotive, Inc. | 193.0 | $79545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hertz Global Holdings, Inc.<sup>(a)</sup> | 21491.0 | 137757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;La-Z-Boy, Inc. | 2009.0 | 72264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liquidity Services, Inc.<sup>(a)</sup> | 3275.0 | 78207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lithia Motors, Inc. | 499.0 | 143712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macy's, Inc. | 7072.0 | 89319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Vision Holdings, Inc.<sup>(a)</sup> | 1989.0 | 48253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OPENLANE, Inc.<sup>(a)</sup> | 6217.0 | 153187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Patrick Industries, Inc. | 285.0 | 27713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RH(a) | 492.0 | 101165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sally Beauty Holdings, Inc.<sup>(a)</sup> | 1160.0 | 11298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signet Jewelers Ltd. | 5788.0 | 457831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Urban Outfitters, Inc.<sup>(a)</sup> | 1205.0 | 90712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valvoline, Inc.<sup>(a)</sup> | 210.0 | 7403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victoria's Secret & Co.<sup>(a)</sup> | 744.0 | 13987 |
|  |  | 3968343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail & Wholesale - Staples - 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Andersons, Inc. | 431.0 | 15482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 3753.0 | 397443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | 600.0 | 312078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Five Below, Inc.<sup>(a)</sup> | 1572.0 | 214609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grocery Outlet Holding Corp<sup>(a)</sup> | 17987.0 | 236889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hims & Hers Health, Inc. - Class A<sup>(a)</sup> | 760.0 | 50297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 852.0 | 116409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PriceSmart, Inc. | 238.0 | 25585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc.<sup>(a)</sup> | 6606.0 | 1001073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Natural Foods, Inc.<sup>(a)</sup> | 1718.0 | 47485 |
|  |  | 2417350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software & Tech Services - 6.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACI Worldwide, Inc.<sup>(a)</sup> | 712.0 | 30303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adeia, Inc. | 20797.0 | 269321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agilysys, Inc., ADR<sup>(a)</sup> | 4250.0 | 484840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BILL Holdings, Inc.<sup>(a)</sup> | 3522.0 | 150918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackbaud, Inc.<sup>(a)</sup> | 733.0 | 49419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Box, Inc. - Class A<sup>(a)</sup> | 727.0 | 23337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CACI International, Inc. - Class A<sup>(a)</sup> | 192.0 | 88429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commvault Systems, Inc.<sup>(a)</sup> | 1848.0 | 351027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concentrix Corp. | 588.0 | 30558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digi International, Inc.<sup>(a)</sup> | 523.0 | 17055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DoubleVerify Holdings, Inc.<sup>(a)</sup> | 10778.0 | 165119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Doximity, Inc. - Class A<sup>(a)</sup> | 3688.0 | 216670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dropbox, Inc. - Class A<sup>(a)</sup> | 14000.0 | 380380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duolingo, Inc. - Class A<sup>(a)</sup> | 771.0 | 267190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insight Enterprises, Inc.<sup>(a)</sup> | 858.0 | 101741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KBR, Inc. | 13135.0 | 613930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kyndryl Holdings, Inc.<sup>(a)</sup> | 8036.0 | 303520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LiveRamp Holdings, Inc.<sup>(a)</sup> | 1854.0 | 60848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manhattan Associates, Inc.<sup>(a)</sup> | 2332.0 | 512247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximus, Inc. | 5088.0 | 375800 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paylocity Holding Corp.<sup>(a)</sup> | 594.0 | $109819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progress Software Corp. | 2199.0 | 105728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qualys, Inc.<sup>(a)</sup> | 245.0 | 32602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Science Applications International Corp. | 4718.0 | 525963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPS Commerce, Inc.<sup>(a)</sup> | 357.0 | 38865 |
|  |  | 5305629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tech Hardware & Semiconductors - 6.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arlo Technologies, Inc.<sup>(a)</sup> | 1205.0 | 19521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ciena Corp.<sup>(a)</sup> | 7201.0 | 668541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cirrus Logic, Inc.<sup>(a)</sup> | 768.0 | 77345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coherent Corp.<sup>(a)</sup> | 3978.0 | 428033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crane NXT Co. | 1783.0 | 105803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extreme Networks, Inc.<sup>(a)</sup> | 6554.0 | 115744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harmonic, Inc.<sup>(a)</sup> | 28370.0 | 241429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InterDigital, Inc. | 2538.0 | 655312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lattice Semiconductor Corp.<sup>(a)</sup> | 942.0 | 46940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc.<sup>(a)</sup> | 1895.0 | 208602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NCR Voyix Corp.<sup>(a)</sup> | 1598.0 | 21765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pitney Bowes, Inc. | 7099.0 | 80645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pure Storage, Inc. - Class A<sup>(a)</sup> | 3193.0 | 190047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rambus, Inc.<sup>(a)</sup> | 1917.0 | 141724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanmina Corp.<sup>(a)</sup> | 1345.0 | 156074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semtech Corp.<sup>(a)</sup> | 442.0 | 22586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silicon Laboratories, Inc.<sup>(a)</sup> | 1157.0 | 152458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SiTime Corp.<sup>(a)</sup> | 1338.0 | 271413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sonos, Inc.<sup>(a)</sup> | 3030.0 | 32754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synaptics, Inc.<sup>(a)</sup> | 449.0 | 28152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TD SYNNEX Corp. | 1249.0 | 180343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TTM Technologies, Inc.<sup>(a)</sup> | 2888.0 | 136458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Universal Display Corp. | 5799.0 | 837375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viasat, Inc.<sup>(a)</sup> | 13177.0 | 216498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vicor Corp.<sup>(a)</sup> | 402.0 | 17865 |
|  |  | 5053427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cogent Communications Holdings, Inc. | 1279.0 | 58310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frontier Communications Parent, Inc.<sup>(a)</sup> | 1559.0 | 57278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gogo, Inc.<sup>(a)</sup> | 1732.0 | 27469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iridium Communications, Inc. | 3660.0 | 89524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lumen Technologies, Inc.<sup>(a)</sup> | 30470.0 | 135591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telephone and Data Systems, Inc. | 5034.0 | 196527 |
|  |  | 564699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Utilities - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northwest Natural Holding Co. | 460.0 | 18363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONE Gas, Inc. | 2121.0 | 154197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Otter Trail Corp. | 2325.0 | 179443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southwest Gas Holdings, Inc. | 544.0 | 42508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spire, Inc. | 1331.0 | 99120 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UGI Corp. | 1824 | $65992 |
|  |  | 559623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS (Cost $75,776,722)** |  | 80921838 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**MONEY MARKET FUND - 0.4%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Money Market Funds - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.214%<sup>(b)</sup> | 289217 | 289217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL MONEY MARKET FUND (Cost $289,217)** |  | 289217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS - 100.0% (Cost $76,065,939)** |  | $81211055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Assets in Excess of Liabilities - 0.0%<sup>(c)</sup> |  | 24101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL NET ASSETS - 100.0%** |  | $81235156 |

---

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt <br> PLC Public Limited Company

(a) Non-income
 producing security.

(b) The rate shown
 represents the 7-day annualized effective yield as of July 31, 2025.

(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**

**July 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Intech S&P Large Cap Diversified Alpha ETF** | **Intech S&P Small-Mid Cap Diversified Alpha ETF** |
| **ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at value (cost $86,483,084 and $76,065,939) (Note 2) | $98901440 | $81211055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable | 32497 | 15677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | 1537 | 1119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend tax reclaim receivable | 419 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold |  | 2871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for fund shares sold |  | 2148710 |
| **Total assets** | 98935893 | 83379432 |
| **LIABILITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to adviser (Note 5) | 20250 | 23123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased |  | 1041328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to custodian |  | 1079825 |
| **Total liabilities** | 20250 | 2144276 |
| **NET ASSETS** | $98915643 | $81235156 |
| **NET ASSETS CONSISTS OF:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital | $85700328 | $74837745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings/(accumulated losses) | 13215315 | 6397411 |
| **Total Net Assets** | $98915643 | $81235156 |
| Net assets | $98915643 | $81235156 |
| Shares issued and outstanding<sup>(a)</sup> | 4571944 | 3800000 |
| Net asset value per share | $21.64 | $21.38 |

---

(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 July 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Intech S&P Large Cap Diversified Alpha ETF<sup>(a)</sup>** | **Intech S&P Small-Mid Cap Diversified Alpha ETF<sup>(b)</sup>** |
| **INVESTMENT INCOME:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $346306 | $363301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Dividend withholding taxes |  | (1411) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Issuance fees |  | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 5298 | 4249 |
| **Total investment income** | 351604 | 366128 |
| **EXPENSES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fee (Note 5) | 79476 | 89331 |
| **Total expenses** | 79476 | 89331 |
| **NET INVESTMENT INCOME (LOSS)** | 272128 | 276797 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>(c)</sup> | (1025020) | (804662) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions-in-kind | 1549851 | 1780165 |
| **Net realized gain (loss)** | 524831 | 975498 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 7384122 | 5145116 |
| **Net change in unrealized appreciation (depreciation)** | 7384122 | 5145116 |
| Net realized and unrealized gain (loss) | 7908953 | 6120614 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $8181081 | $6397411 |

---

(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
 for the Fund was February 27, 2025.

(c) Includes realized
 gain (loss) as a result on in-kind redemptions. (See Note 7 in Notes to Financial Statements.)

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

**Statements of Changes in Net Assets (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Intech S&P Large Cap Diversified Alpha ETF<sup>(a)</sup>** | **Intech S&P Small-Mid Cap Diversified Alpha ETF<sup>(b)</sup>** |
|  | **Period Ended <br> July 31, 2025 (Unaudited)** | **Period Ended <br> July 31, 2025 (Unaudited)** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $272128 | $276797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 524831 | 975498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 7384122 | 5145116 |
| Net increase (decrease) in net assets resulting from operations | 8181081 | 6397411 |
| **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | 98091087 | 83229465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (7356525) | (8391720) |
| Net increase (decrease) in net assets from capital transactions | 90734562 | 74837745 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 98915643 | 81235156 |
| **NET ASSETS:** |  |  |
| Beginning of the period |  |  |
| End of the period | $98915643 | $81235156 |
| **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | 4921944 | 4200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (350000) | (400000) |
| Total increase (decrease) in shares outstanding | 4571944 | 3800000 |

---

(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
 for 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 S&P Large Cap Diversified Alpha ETF** |
|  | **Period Ended <br> July 31, 2025<sup>(a)</sup> (Unaudited)** |
| **PER SHARE DATA:** |  |
| Net asset value, beginning of period | $20.00 |
| **INVESTMENTS OPERATIONS:** |  |
| Net investment income (loss)<sup>(b)</sup> | 0.07 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 1.57 |
| Total from investment operations | 1.64 |
| **CAPITAL TRANSACTIONS:** |  |
| Net asset value, end of period | $21.64 |
| **TOTAL RETURN<sup>(d)</sup>** | 8.20% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |
| Net assets, end of period (in thousands) | $98916 |
| Ratio of expenses to average net assets<sup>(e)</sup> | 0.25% |
| Ratio of net investment income to average net assets<sup>(f)</sup> | 0.86% |
| Portfolio turnover rate<sup>(d)(f)</sup> | 43% |

---

(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 Statements 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.

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

**Financial Highlights**

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

---

| | |
|:---|:---|
|  | **Intech S&P Small-Mid Cap Diversified Alpha ETF** |
|  | **Period Ended <br> July 31, 2025<sup>(a)</sup> (Unaudited)** |
| **PER SHARE DATA:** |  |
| Net asset value, beginning of period | $20.00 |
| **INVESTMENTS OPERATIONS:** |  |
| Net investment income (loss)<sup>(b)</sup> | 0.09 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 1.29 |
| Total from investment operations | 1.38 |
| Net asset value, end of period | $21.38 |
| **TOTAL RETURN<sup>(d)</sup>** | 6.90% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |
| Net assets, end of period (in thousands) | $81235 |
| Ratio of expenses to average net assets<sup>(e)</sup> | 0.35% |
| Ratio of net investment income to average net assets<sup>(e)</sup> | 1.09% |
| Portfolio turnover rate<sup>(d)(f)</sup> | 61% |

---

(a) Inception date
 for 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 Statements 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.

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

Notes to Financial Statements

July 31, 2025 (Unaudited)

**NOTE 1 - ORGANIZATION**

The Intech S&P Large Cap Diversified Alpha ETF (the "Large Cap ETF") and the Intech S&P Small-Mid Cap Diversified Alpha ETF(the "Small-Mid Cap 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 2 - SIGNIFICANT ACCOUNTING POLICIES**

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

**Security Valuation -** Equity securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on The Nasdaq Stock Market, LLC (the "NASDAQ")), including securities traded over-the- counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded on the valuation date (or at approximately 4:00 p.m. EST if a security's primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price or mean between the most recent quoted bid and ask prices for long and short positions. For a security that trades on multiple exchanges, the primary exchange will generally be considered the exchange on which the security is generally most actively traded. For securities traded on 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.

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 net asset value ("NAV") of its shares to differ significantly from the NAV that would be calculated without regard to such considerations.

Notes to Financial Statements

July 31, 2025 (Unaudited)

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 July 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Large Cap ETF** | | | | |
|  |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
| **Assets:** |  |  |  |  |
| **Investments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $98536630 | $— | $— | $98536630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 364810 |  |  | 364810 |
| **Total Investments** | $98901440 | $— | $— | $98901440 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Small-Mid Cap ETF** | | | | |
|  |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
| **Assets:** |  |  |  |  |
| **Investments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $80921838 | $— | $— | $80921838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 289217 |  |  | 289217 |
| **Total Investments** | $81211055 | $— | $— | $81211055 |

---

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

**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.

Notes to Financial Statements

July 31, 2025 (Unaudited)

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 July 31, 2025, 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 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 the 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

July 31, 2025 (Unaudited)

**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.

**NOTE 3 - 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.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Predecessor Accounts** | **Shares Issued to Limited Partners of Predecessor Accounts** | **Predecessor Accounts Cost** | **Predecessor Accounts Market Value** | **Unrealized Appreciation (Depreciation) of Predecessor Accounts** | **Tax Status of Transfer** |
| Intech U.S. Enhanced Plus Fund LLC | 1995601 | $12404663 | $17438897 | $5034234 | Non-taxable |

---

**NOTE 4 - 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 a Fund invests.

Notes to Financial Statements

July 31, 2025 (Unaudited)

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

**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 5 - 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.

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:

---

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

---

Notes to Financial Statements

July 31, 2025 (Unaudited)

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 July 31, 2025 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 the Funds' 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 the Funds' 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 services for the Funds. U.S. Bank N.A. (the "Custodian"), an affiliate of Fund Services, serves as the Funds' custodian.

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.

Notes to Financial Statements

July 31, 2025 (Unaudited)

**NOTE 6 - SEGMENT REPORTING**

In accordance with the FASB Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, 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 Adviser, which serves as the Chief Operating Decision Maker ("CODM"). The Adviser is responsible for assessing each Fund's financial performance and allocating resources. In making these assessments, the Adviser 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 7 - PURCHASES AND SALES OF SECURITIES**

For the period ended July 31, 2025, 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:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Intech S&P Large Cap Diversified Alpha ETF | $32117543 | $30797125 |
| Intech S&P Small-Mid Cap Diversified Alpha ETF | $34392535 | $33917999 |

---

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Intech S&P Large Cap Diversified Alpha ETF | $78304740 | $6414643 |
| Intech S&P Small-Mid Cap Diversified Alpha ETF | $81778330 | $7448651 |

---

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

The Funds are subject to examination by U.S. taxing authorities for the tax periods since the commencement of operations. The amount and character of tax basis distributions and composition of net assets, including undistributed (accumulated) net investment income (loss), are finalized at the fiscal year-end; accordingly, tax basis balances have not been determined for the period ended July 31, 2025. Differences between the tax cost of investments and the cost noted in the Schedules of Investments will be determined at fiscal year-end. The Funds did not have any distributions for the period ended July 31, 2025.

Notes to Financial Statements

July 31, 2025 (Unaudited)

**NOTE 9 - 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.

The Funds 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 10 - RECENT MARKET EVENTS**

U.S. and international markets have experienced and may continue to experience significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including uncertainty regarding inflation and central banks' interest rate changes, the possibility of a national or global recession, trade tensions and tariffs, political events, armed conflict, war, and geopolitical conflict. These developments, as well as other events, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets, despite government efforts to address market disruptions. As a result, the risk environment remains elevated. 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 11 - SUBSEQUENT EVENTS**

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

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

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

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 Intech S&P Large cap Diversified Alpha ETF's independent registered public accounting firm.

**<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 the 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>.**

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), at a meeting held on February 24, 2025, the Board of Trustees (the "Board") of Tidal Trust III (the "Trust") considered the approval of:

● the Investment Advisory Agreement (each, an "Advisory Agreement") between Tidal Investments LLC (the "Adviser") and the Trust, on behalf of Intech S&P Large Cap Diversified Alpha ETF and Intech S&P Small-Mid Cap Diversified Alpha ETF (each an "Intech ETF" and together, the "Intech ETFs");

● an Investment Sub-Advisory Agreement (a "Sub-Advisory Agreement and together with the Advisory Agreements, the "Agreements") between the Adviser and Intech Investment Management LLC ("Intech") with respect to the Intech ETFs;

Pursuant to Section 15 of the 1940 Act, the Agreements must be approved by the vote of a majority of the Trustees who are not parties to the Agreements or "interested persons" of any party thereto, as defined in the 1940 Act (the "Independent Trustees"), cast in person at a meeting called for the purpose of voting on such approval. It was noted that in accordance with the SEC's temporary exemptive relief for in-person approvals, these approvals shall be ratified at the next in-person Board meeting.

In preparation for such meeting, the Board requested and reviewed a wide variety of information from the Adviser and each Sub-Adviser.

In reaching its decision, the Board, including the Independent Trustees, considered all factors it believed relevant, including: (i) the nature, extent and quality of the services to be provided to each Fund's shareholders by the Adviser and Sub-Advisers; (ii) the costs of the services to be provided and the profits to be realized by the Adviser and Sub-Advisers from services to be provided to the Funds, including any fall-out benefits; (iv) comparative fee and expense data for each Fund in relation to other investment companies with similar investment objectives; (v) the extent to which economies of scale would be realized as each Fund grows and whether the advisory fees for the Fund reflects these economies of scale for the benefit of the Fund; and (vi) other financial benefits to the Adviser or Sub-Advisers and their affiliates resulting from services rendered to the Funds. The Board's review included written and oral information furnished to the Board prior to and at the meeting held on February 24, 2025. Among other things, each of the Adviser and Sub-Advisers provided responses to a detailed series of questions, which included information about the Adviser's and Sub-Advisers' operations, service offerings, personnel, compliance program and financial condition. The Board then discussed the written and oral information that it received before the meeting, and the Adviser's oral presentations and any other information that the Board received at the meeting and deliberated on the renewal of the Agreements in light of this information.

The Independent Trustees were assisted throughout the contract review process by independent legal counsel. The Independent Trustees relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating the renewal of the Agreements, and the weight to be given to each such factor. The conclusions reached with respect to the Agreements were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Trustee may have placed varying emphasis on particular factors in reaching conclusions with respect to each Fund. The Independent Trustees conferred amongst themselves and independent legal counsel in executive sessions both with and without representatives of management.

**Nature, Extent and Quality of Services to be Provided.** The Trustees considered the scope of services to be provided under the Advisory Agreement and Sub-Advisory Agreements. In considering the nature, extent and quality of the services to be provided by the Adviser and Sub-Advisers; the Board reviewed the Adviser's and Sub-Advisers' compliance infrastructure and its financial strength and resources. The Board also considered the experience of the personnel of the Adviser and Sub-Advisers working with ETFs. The Board also considered other services to be provided to the Funds by the Adviser and Sub-Advisers, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to each Fund's investment restrictions, and monitoring compliance with various Fund policies and procedures and with applicable securities regulations. Based on the factors above, as well as those discussed below, the Board concluded that it was satisfied with the nature, extent and quality of the services to be provided to each Fund by the Adviser and Sub Sub-Advisers based on their experience, personnel, operations and resources.

**Historical Performance.** The Board noted that the Funds had not yet commenced operations and that therefore there was no prior performance to review. With respect to the Intech ETFs, the Board did review similarly managed account performance.

**Cost of Services Provided, Profitability and Economies of Scale.** The Board reviewed the proposed advisory fees for each Fund and compared them to the management fees and total operating expenses of its Peer Group. The Board noted that the comparisons to the total expense ratios were the most relevant comparisons, given the fact that the advisory fee for each Fund is a "unified fee."

The Board noted the importance of the fact that the proposed advisory fee for each Fund is a "unified fee," meaning that the shareholders of the Fund pay no expenses 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, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act, litigation expenses, non-routine or extraordinary expenses, and the unitary management fee payable to the Adviser. The Board also noted that the Adviser was responsible for compensating the Trust's other service providers and paying the Fund's other expenses (except as noted above) out of its own fees and resources. The Board further noted that because the Funds are new, it was difficult to estimate the profitability of each Fund to the Adviser. The Board, however, considered collateral or "fall-out" benefits that the Adviser and its affiliates may derive as a result of their relationship with the Funds.

The Board noted that because the Funds are new, it also was difficult to estimate whether the Fund would experience economies of scale. The Board noted that the Adviser will review expenses as each Fund's assets grow. The Board determined to evaluate economies of scale on an ongoing basis if the Funds achieved asset growth.

The Board also reviewed the proposed sub-advisory fee paid to each Sub-Adviser for their services. The Board considered each of these fees in light of the services being provided. The Board determined that the proposed fees reflected an appropriate allocation of the advisory fee paid to the Adviser and each Sub-Adviser given the work performed by each firm. The Board also considered that each Fund had one or more sponsors, who had agreed to assume the payment of any fund expenses above the level of the unitary fee. The Board considered that pursuant to these arrangements, if fund expenses, including a payment to the Adviser of a certain amount, fall below the level of the unitary fee, the Adviser would pay any remaining portion of the unitary fee to the respective sponsor out of its profits. The Board concluded that the proposed fees for each Fund were reasonable in light of the services rendered.

The Board also considered that the sub-advisory fees paid to the Sub-Advisers is paid out of the Adviser's unified fee and represents an arm's-length negotiation between the Adviser and the Sub-Advisers. For these reasons, the Trustees determined that the profitability to the Sub-Advisers from respective relationships with the respective Funds was not a material factor in their deliberations with respect to consideration of approval of the Sub-Advisory Agreements. The Board considered that, because these fees are paid by the Adviser out of its unified fee, any economies of scale would not benefit shareholders and, thus, were not relevant for the consideration of the approval of the sub-advisory fee.

**Conclusion.** No single factor was determinative to the decision of the Board. Based on the Board's deliberations and its evaluation of the information described above and such other matters as were deemed relevant, the Board, including the Independent Trustees, unanimously: (a) concluded that the terms of each Advisory Agreement and Sub-Advisory Agreement are fair and reasonable; (b) concluded that each of the Adviser's and Sub-Adviser's fees are reasonable in light of the services that the Adviser and Sub-Advisers will provide to each Fund; and (c) agreed to approve the Agreement for an initial term of two years.

**<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.* Not applicable

&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](ex99-cert.htm).* Filed herewith.

&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](ex99-906cert.htm) .* Furnished herewith.

**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;&nbsp;Eric W. Falkeis, <br> President/Principal Executive Officer |

---

Date <u>October 3, 2025</u>

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

---

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

---

Date <u>October 3, 2025</u>

---

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

---

Date <u>October 3, 2025</u>

## Ex-99.Cert

**[Tidal Trust III N-CSRS](intech-ncsrs_073125.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;(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;(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: | October 3, 2025 | /s/ Eric W. Falkeis |
|  |  | Eric W. Falkeis |
|  |  | President/Principal Executive Officer |

---

**EX.99.CERT**

**<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: | October 3, 2025 | /s/ Aaron J. Perkovich |
|  |  | Aaron J Perkovich |
|  |  | Treasurer/Principal Financial Officer |

---

## Exhibit 99.906

**[Tidal Trust III N-CSRS](intech-ncsrs_073125.htm)**

**EXHIBIT 99.906CERT**

**<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 by 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/ Aaron J. Perkovich |
| Eric W. Falkeis | Aaron J. Perkovich |
| President/Principal Executive Officer | Treasurer/Principal Financial Officer |
| Tidal Trust III | Tidal Trust III |

---

Dated: <u>October 3, 2025</u> Dated: <u>October 3, 2025</u>

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.