# EDGAR Filing Document

**Accession Number:** 0001537140
**File Stem:** 0000910472-26-003424
**Filing Date:** 2026-2
**Character Count:** 185440
**Document Hash:** 4a124f684c528d9e1fb7f338572a812a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-003424.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0000910472-26-003424

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**PERIOD START**: 20260930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NORTHERN LIGHTS FUND TRUST III
- **CENTRAL INDEX KEY:** 0001537140

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22655
- **FILM NUMBER:** 26699650

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 631-470-2621

**MAIL ADDRESS:**
- **STREET 1:** 17605 WRIGHT STREET
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68130

## Series and Classes Contracts Data

### Counterpoint Tactical Equity Fund (Series ID: S000051248)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000161620 | Counterpoint Tactical Equity Fund Class A Shares | CPAEX           |
| C000161621 | Counterpoint Tactical Equity Fund Class C Shares | CPCEX           |
| C000161622 | Counterpoint Tactical Equity Fund Class I Shares | CPIEX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **COUNTERPOINT TACTICAL INCOME FUND** | **COUNTERPOINT TACTICAL INCOME FUND** | **COUNTERPOINT TACTICAL INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 33.9%** |  |
|  | **FIXED INCOME - 33.9%** |  |
| 120200 | Counterpoint High Yield Trend ETF<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; $2610636 |
| 12614505 | iShares Broad USD High Yield Corporate Bond ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 471719415 |
| 2769196 | iShares iBoxx $ High Yield Corporate Bond ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 223280273 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $685,847,039)** | &nbsp;&nbsp; 697610324 |
|  | **OPEN END FUNDS — 48.3%** |  |
|  | **FIXED INCOME - 48.3%** |  |
| 1000 | BlackRock Floating Rate Income Portfolio, Institutional Class | &nbsp;&nbsp;&nbsp; 9540 |
| 5000 | BlackRock High Yield Portfolio, Institutional Class | &nbsp;&nbsp;&nbsp; 36102 |
| 6076823 | BrandywineGLOBAL Corporate Credit Fund, Class IS | &nbsp;&nbsp;&nbsp; 63685108 |
| 9653 | BrandywineGLOBAL Corporate Credit Fund, Class I | &nbsp;&nbsp;&nbsp; 101255 |
| 8841684 | BrandywineGLOBAL High Yield Fund, Class I | &nbsp;&nbsp;&nbsp; 89654672 |
| 31495420 | Eaton Vance Income Fund of Boston, Institutional Class | &nbsp;&nbsp;&nbsp; 166610772 |
| 11468 | Federated Hermes Institutional High Yield Bond, Class IS | &nbsp;&nbsp;&nbsp; 103555 |
| 1000 | Fidelity Advisor Floating Rate High Income Fund, Class I | &nbsp;&nbsp;&nbsp; 9100 |
| 13038 | Fidelity High Income Fund, Class I | &nbsp;&nbsp;&nbsp; 105608 |
| 9315750 | Fidelity High Income Fund, Class Z | &nbsp;&nbsp;&nbsp; 75364421 |
| 1000 | Goldman Sachs High Yield Floating Rate Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 8570 |
| 11112149 | Ivy High Income Fund, Class I | &nbsp;&nbsp;&nbsp; 66228408 |
| 26172449 | JPMorgan High Yield Fund, Class I | &nbsp;&nbsp;&nbsp; 172476439 |
| 1808 | Lord Abbett Floating Rate Fund, Class I | &nbsp;&nbsp;&nbsp; 14609 |
| 1000 | Lord Abbett High Yield Fund, Class I | &nbsp;&nbsp;&nbsp; 6410 |
| 1000 | MainStay MacKay High Yield Corporate Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 5210 |
| 1000 | Nuveen High Yield Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 8920 |
| 5000 | PGIM High Yield Fund, Class Z | &nbsp;&nbsp;&nbsp; 24298 |
| 5000 | PIMCO High Yield Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 40903 |
| 24815759 | Principal High Yield Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 166513744 |
| 30947460 | T Rowe Price High Yield Fund, Inc., Class I | &nbsp;&nbsp;&nbsp; 185994232 |
| 605000 | Transamerica High Yield Bond, Class I | &nbsp;&nbsp;&nbsp; 4991248 |
|  | **TOTAL OPEN END FUNDS (Cost $969,058,622)** | &nbsp;&nbsp; 991993124 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **COUNTERPOINT TACTICAL INCOME FUND** | **COUNTERPOINT TACTICAL INCOME FUND** | **COUNTERPOINT TACTICAL INCOME FUND** | **COUNTERPOINT TACTICAL INCOME FUND** | **COUNTERPOINT TACTICAL INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 12.6%** |  |  |  |
|  | **U.S. TREASURY BILLS** — **12.6%** |  |  |  |
| 75000000 | United States Treasury Bill<sup>(c)</sup> | 3.6300 | &nbsp;&nbsp;&nbsp;03/05/26 | $74544494 |
| 35000000 | United States Treasury Bill<sup>(a),(c),(f)</sup> | 3.6400 | &nbsp;&nbsp;&nbsp;03/19/26 | 34740391 |
| 150000000 | United States Treasury Note | 3.6250 | &nbsp;&nbsp;&nbsp;08/31/27 | 150357421 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $259,494,826)** |  |  | 259642306 |
| **Shares** |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 29.2%** |  |  |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 27.0%** |  |  |  |
| 191014223 | BlackRock Liquidity FedFund, Institutional Class, 3.78%<sup>(d),(e)</sup> |  |  | &nbsp;&nbsp;&nbsp; 191014223 |
| 70000000 | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 3.80%<sup>(d),(e)</sup> |  |  | &nbsp;&nbsp;&nbsp; 70000000 |
| 200000000 | Fidelity Investments Money Market Government Portfolio, Class I, 3.79%<sup>(d),(e)</sup> |  |  | &nbsp;&nbsp;&nbsp; 200000000 |
| 70000000 | Invesco Government & Agency Portfolio, Institutional Class, 3.79%<sup>(d),(e)</sup> |  |  | &nbsp;&nbsp;&nbsp; 70000000 |
| 25000000 | RBC BlueBay US Government Money Market Fund, Institutional Class, 3.80%<sup>(d),(e)</sup> |  |  | &nbsp;&nbsp;&nbsp; 25000000 |
|  | **TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $556,014,223)** | **TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $556,014,223)** |  | &nbsp;&nbsp; 556014223 |
|  | **MONEY MARKET FUNDS – 2.2%** |  |  |  |
| 38195984 | Goldman Sachs Financial Square Government Fund, Class FST, 3.67%<sup>(e)</sup> |  |  | &nbsp;&nbsp;&nbsp; 38195984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6412010 | Goldman Sachs Financial Square Treasury Instruments Fund, Capital Shares, 3.48%<sup>(e)</sup> |  |  | &nbsp;&nbsp;&nbsp; 6412010 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $44,607,994)** |  |  | &nbsp;&nbsp;&nbsp; 44607994 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $600,622,217)** | **TOTAL SHORT-TERM INVESTMENTS (Cost $600,622,217)** |  | 600622217 |
|  | **TOTAL INVESTMENTS – 124.0% (Cost $2,515,022,704)** |  |  | &nbsp;&nbsp;&nbsp; $2549867971 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (24.0)%** |  |  | &nbsp;&nbsp; (493955369) |
|  | **NET ASSETS - 100.0%** |  |  | &nbsp;&nbsp; $2055912602 |

---

ETF - Exchange-Traded Fund <br>

<sup>(a)</sup> All or a portion of the security is on loan. The total fair value of the securities on loan as of December 31, 2025 was $612,623,817.

<sup>(b)</sup> Affiliated investment.

<sup>(c)</sup> Zero coupon bond. Rate shown is discount rate.

<sup>(d)</sup> Security was purchased with cash received as collateral for securities on loan at December 31, 2025. Total collateral had a value of $556,014,223 at December 31, 2025. Additional non-cash collateral received from the borrower not disclosed in the Schedule of Investments had a fair value of $70,145,890.

<sup>(e)</sup> Rate disclosed is the seven day effective yield as of December 31, 2025.

<sup>(f)</sup> All or a portion of this security is pledged as collateral. As of December 31, 2025, the fair value of the pledged portion is $6,948,078.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPOINT TACTICAL INCOME FUND** | **COUNTERPOINT TACTICAL INCOME FUND** | **COUNTERPOINT TACTICAL INCOME FUND** | **COUNTERPOINT TACTICAL INCOME FUND** | **COUNTERPOINT TACTICAL INCOME FUND** | **COUNTERPOINT TACTICAL INCOME FUND** | **COUNTERPOINT TACTICAL INCOME FUND** | **COUNTERPOINT TACTICAL INCOME FUND** | **COUNTERPOINT TACTICAL INCOME FUND** | **COUNTERPOINT TACTICAL INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **CREDIT DEFAULT SWAP** |  |  |  |  |  |  |  |  |  |
|  |  | **Payement** | **Buy/Sell** | **Fixed Rate** | **Maturity** | **Notional** | **Premiums** | **Fair** | **Unrealized** |
| **Description** | **Counterparty** | **Frequency** | **Protection** | **Received** | **Date** | **Amount** | **Paid (Received)** | **Value\*** | **Appreciation** |
| CDX North American High Yield Index Version 1, Series 45 \*\* | Wells Fargo | Quarterly | Sell | 5.00% | 12/20/2030 | $348000000 | $25303160 | $27098644 | $1795484 |
| \* Includes interest receivable. | \* Includes interest receivable. | \* Includes interest receivable. | \* Includes interest receivable. | \* Includes interest receivable. | \* Includes interest receivable. | \* Includes interest receivable. |  |  |  |
| \*\* The underlying holdings of this security can be found at https://www.spglobal.com/spdji/en/documents/index-news-and-announcements/CDX.NA.HY.45-V1.pdf | \*\* The underlying holdings of this security can be found at https://www.spglobal.com/spdji/en/documents/index-news-and-announcements/CDX.NA.HY.45-V1.pdf | \*\* The underlying holdings of this security can be found at https://www.spglobal.com/spdji/en/documents/index-news-and-announcements/CDX.NA.HY.45-V1.pdf | \*\* The underlying holdings of this security can be found at https://www.spglobal.com/spdji/en/documents/index-news-and-announcements/CDX.NA.HY.45-V1.pdf | \*\* The underlying holdings of this security can be found at https://www.spglobal.com/spdji/en/documents/index-news-and-announcements/CDX.NA.HY.45-V1.pdf | \*\* The underlying holdings of this security can be found at https://www.spglobal.com/spdji/en/documents/index-news-and-announcements/CDX.NA.HY.45-V1.pdf |  |  |  |  |

---

---

| | | |
|:---|:---|:---|
| **COUNTERPOINT TACTICAL EQUITY FUND** | **COUNTERPOINT TACTICAL EQUITY FUND** | **COUNTERPOINT TACTICAL EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 26.8%** |  |
|  | **ADVERTISING & MARKETING - 0.1%** |  |
| 21342 | MNTN, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $254823 |
| 13211 | Trade Desk, Inc. (The), Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 501490 |
|  |  | &nbsp;&nbsp; 756313 |
|  | **AEROSPACE & DEFENSE - 0.8%** |  |
| 2085 | AeroVironment, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 504341 |
| 33040 | Amprius Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 260686 |
| 4360 | ATI, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 500354 |
| 875 | Elbit Systems Ltd.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 505496 |
| 3899 | Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp; 799373 |
| 639 | Lockheed Martin Corporation, Class B | &nbsp;&nbsp;&nbsp; 309065 |
| 1227 | Moog, Inc., Class A | &nbsp;&nbsp;&nbsp; 298836 |
| 552 | Northrop Grumman Corporation | &nbsp;&nbsp;&nbsp; 314756 |
| 1673 | Woodward, Inc. | &nbsp;&nbsp;&nbsp; 505781 |
|  |  | &nbsp;&nbsp; 3998688 |
|  | **APPAREL & TEXTILE PRODUCTS - 0.2%** |  |
| 20779 | Capri Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 507009 |
| 12057 | Steven Madden Ltd. | &nbsp;&nbsp;&nbsp; 502053 |
| 2459 | Tapestry, Inc. | &nbsp;&nbsp;&nbsp; 314186 |
|  |  | &nbsp;&nbsp; 1323248 |
|  | **ASSET MANAGEMENT - 0.3%** |  |
| 625 | Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp; 306462 |
| 7207 | Icahn Enterprises, L.P. | &nbsp;&nbsp;&nbsp; 54413 |
| 1410 | LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp; 503609 |
| 2516 | Robinhood Markets, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 284560 |
| 4785 | Victory Capital Holdings, Inc. | &nbsp;&nbsp;&nbsp; 301886 |
|  |  | &nbsp;&nbsp; 1450930 |
|  | **AUTOMOTIVE - 0.7%** |  |
| 26520 | Adient PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 508388 |
| 79022 | American Axle & Manufacturing Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 506531 |
| 13146 | Dana, Inc. | &nbsp;&nbsp;&nbsp; 312349 |
| 28970 | Garrett Motion, Inc. | &nbsp;&nbsp;&nbsp; 504947 |
| 9941 | General Motors Company | &nbsp;&nbsp;&nbsp; 808402 |
| 108012 | Microvast Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 302434 |

---

---

| | | |
|:---|:---|:---|
| **COUNTERPOINT TACTICAL EQUITY FUND** | **COUNTERPOINT TACTICAL EQUITY FUND** | **COUNTERPOINT TACTICAL EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 26.8% (Continued)** |  |
|  | **AUTOMOTIVE - 0.7% (Continued)** |  |
| 25483 | Rivian Automotive, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $502270 |
|  |  | &nbsp;&nbsp; 3445321 |
|  | **BANKING - 0.4%** |  |
| 10632 | Beacon Financial Corporation | &nbsp;&nbsp;&nbsp; 280366 |
| 138 | First Citizens BancShares, Inc., Class A | &nbsp;&nbsp;&nbsp; 296172 |
| 12150 | First Horizon Corporation | &nbsp;&nbsp;&nbsp; 290385 |
| 7616 | First Merchants Corporation | &nbsp;&nbsp;&nbsp; 285448 |
| 1416 | M&T Bank Corporation | &nbsp;&nbsp;&nbsp; 285296 |
| 3121 | Wells Fargo & Company | &nbsp;&nbsp;&nbsp; 290877 |
| 5126 | WSFS Financial Corporation | &nbsp;&nbsp;&nbsp; 283160 |
|  |  | &nbsp;&nbsp; 2011704 |
|  | **BEVERAGES - 0.1%** |  |
| 1782 | Coca-Cola Consolidated, Inc. | &nbsp;&nbsp;&nbsp; 273181 |
| 20737 | MGP Ingredients, Inc. | &nbsp;&nbsp;&nbsp; 503909 |
|  |  | &nbsp;&nbsp; 777090 |
|  | **BIOTECH & PHARMA - 0.2%** |  |
| 5453 | Bristol-Myers Squibb Company | &nbsp;&nbsp;&nbsp; 294135 |
| 2963 | Jazz Pharmaceuticals PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 503710 |
| 23318 | Roivant Sciences Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 506000 |
|  |  | &nbsp;&nbsp; 1303845 |
|  | **CABLE & SATELLITE - 0.1%** |  |
| 9817 | Comcast Corporation, Class A | &nbsp;&nbsp;&nbsp; 293430 |
| 45226 | Liberty Global Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 503818 |
|  |  | &nbsp;&nbsp; 797248 |
|  | **CHEMICALS - 0.6%** |  |
| 58764 | FMC Corporation | &nbsp;&nbsp;&nbsp; 815057 |
| 32992 | LSB Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 280432 |
| 23756 | Mativ Holdings, Inc. | &nbsp;&nbsp;&nbsp; 288635 |
| 18131 | Perimeter Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 499146 |
| 3911 | Qnity Electronics, Inc. | &nbsp;&nbsp;&nbsp; 319333 |
| 186215 | Tronox Holdings PLC, Class A | &nbsp;&nbsp;&nbsp; 776517 |
|  |  | &nbsp;&nbsp; 2979120 |

---

---

| | | |
|:---|:---|:---|
| **COUNTERPOINT TACTICAL EQUITY FUND** | **COUNTERPOINT TACTICAL EQUITY FUND** | **COUNTERPOINT TACTICAL EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 26.8% (Continued)** |  |
|  | **COMMERCIAL SUPPORT SERVICES - 0.6%** |  |
| 50815 | AMN Healthcare Services, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $800844 |
| 27944 | Enviri Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 500756 |
| 20969 | Insperity, Inc. | &nbsp;&nbsp;&nbsp; 811920 |
| 16765 | ManpowerGroup, Inc. | &nbsp;&nbsp;&nbsp; 498423 |
| 1377 | Republic Services, Inc. | &nbsp;&nbsp;&nbsp; 291828 |
|  |  | &nbsp;&nbsp; 2903771 |
|  | **CONSUMER SERVICES - 0.4%** |  |
| 4869 | Adtalem Global Education, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 503795 |
| 68329 | Coursera, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 502901 |
| 30567 | NIQ Global Intelligence PLC<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 504050 |
| 7761 | Stride, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 503922 |
|  |  | &nbsp;&nbsp; 2014668 |
|  | **CONTAINERS & PACKAGING - 0.1%** |  |
| 2379 | AptarGroup, Inc. | &nbsp;&nbsp;&nbsp; 290143 |
|  | **E-COMMERCE DISCRETIONARY - 0.2%** |  |
| 2184 | Amazon.com, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 504111 |
| 62048 | Stitch Fix, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 325752 |
|  |  | &nbsp;&nbsp; 829863 |
|  | **ELECTRIC UTILITIES - 0.4%** |  |
| 3671 | MGE Energy, Inc. | &nbsp;&nbsp;&nbsp; 287880 |
| 5085 | NRG Energy, Inc. | &nbsp;&nbsp;&nbsp; 809735 |
| 1798 | Vistra Corporation | &nbsp;&nbsp;&nbsp; 290071 |
| 83511 | XPLR Infrastructure, L.P.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 835110 |
|  |  | &nbsp;&nbsp; 2222796 |
|  | **ELECTRICAL EQUIPMENT - 0.7%** |  |
| 3715 | Amphenol Corporation, Class A | &nbsp;&nbsp;&nbsp; 502045 |
| 2628 | Belden, Inc. | &nbsp;&nbsp;&nbsp; 306293 |
| 4680 | Camtek Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 497695 |
| 769 | GE Vernova, Inc. | &nbsp;&nbsp;&nbsp; 502595 |
| 5738 | Nextpower, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 499837 |
| 2498 | SPX Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 499750 |
| 2202 | TE Connectivity PLC | &nbsp;&nbsp;&nbsp; 500977 |

---

---

| | | |
|:---|:---|:---|
| **COUNTERPOINT TACTICAL EQUITY FUND** | **COUNTERPOINT TACTICAL EQUITY FUND** | **COUNTERPOINT TACTICAL EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 26.8% (Continued)** |  |
|  | **ELECTRICAL EQUIPMENT - 0.7% (Continued)** |  |
| 759 | Trane Technologies PLC | &nbsp;&nbsp;&nbsp; $295403 |
|  |  | &nbsp;&nbsp; 3604595 |
|  | **ENGINEERING & CONSTRUCTION - 0.4%** |  |
| 537 | Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp; 501177 |
| 1472 | Dycom Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 497389 |
| 5844 | Everus Construction Group, Inc.<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 500013 |
| 33573 | IHS Holding Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 250455 |
| 4096 | Primoris Services Corporation | &nbsp;&nbsp;&nbsp; 508476 |
|  |  | &nbsp;&nbsp; 2257510 |
|  | **ENTERTAINMENT CONTENT - 0.2%** |  |
| 10057 | ROBLOX Corporation, Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 814919 |
|  | **FOOD - 0.4%** |  |
| 18771 | BellRing Brands, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 501749 |
| 19665 | Dole PLC | &nbsp;&nbsp;&nbsp; 294778 |
| 39573 | Herbalife Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 510095 |
| 125633 | Krispy Kreme, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 505045 |
| 14558 | Simply Good Foods Company (The)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 292325 |
|  |  | &nbsp;&nbsp; 2103992 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS - 0.2%** |  |
| 54410 | Magnera Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 823768 |
| 3105 | UFP Industries, Inc. | &nbsp;&nbsp;&nbsp; 282710 |
|  |  | &nbsp;&nbsp; 1106478 |
|  | **GAS & WATER UTILITIES - 0.2%** |  |
| 6469 | Brookfield Infrastructure Corporation, Class A | &nbsp;&nbsp;&nbsp; 293693 |
| 3623 | National Fuel Gas Company<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 290057 |
| 25172 | WaterBridge Infrastructure, LLC, Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 503692 |
|  |  | &nbsp;&nbsp; 1087442 |
|  | **HEALTH CARE FACILITIES & SERVICES - 1.3%** |  |
| 55521 | Acadia Healthcare Company, Inc.<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 787843 |
| 26977 | Ardent Health Partners, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 238207 |
| 61692 | Aveanna Healthcare Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 504024 |
| 13402 | BrightSpring Health Services Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 501905 |
| 47103 | Brookdale Senior Living, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 508241 |

---

---

| | | |
|:---|:---|:---|
| **COUNTERPOINT TACTICAL EQUITY FUND** | **COUNTERPOINT TACTICAL EQUITY FUND** | **COUNTERPOINT TACTICAL EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 26.8% (Continued)** |  |
|  | **HEALTH CARE FACILITIES & SERVICES - 1.3% (Continued)** |  |
| 1485 | Cencora, Inc. | &nbsp;&nbsp;&nbsp; $501559 |
| 19799 | Centene Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 814728 |
| 2775 | Encompass Health Corporation | &nbsp;&nbsp;&nbsp; 294539 |
| 19250 | Fulgent Genetics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 505698 |
| 108364 | GoodRx Holdings, Inc.<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 293666 |
| 361 | McKesson Corporation | &nbsp;&nbsp;&nbsp; 296125 |
| 23334 | Pediatrix Medical Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 499114 |
| 115452 | Teladoc Health, Inc.<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 808164 |
|  |  | &nbsp;&nbsp; 6553813 |
|  | **HOME CONSTRUCTION - 0.2%** |  |
| 3952 | Griffon Corporation | &nbsp;&nbsp;&nbsp; 291065 |
| 2811 | Mohawk Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 307242 |
| 4872 | Taylor Morrison Home Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 286815 |
|  |  | &nbsp;&nbsp; 885122 |
|  | **HOUSEHOLD PRODUCTS - 0.3%** |  |
| 10617 | Central Garden & Pet Company, Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 309910 |
| 3759 | Colgate-Palmolive Company | &nbsp;&nbsp;&nbsp; 297036 |
| 257220 | Coty, Inc., Class A<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 792238 |
|  |  | &nbsp;&nbsp; 1399184 |
|  | **INDUSTRIAL INTERMEDIATE PROD - 0.1%** |  |
| 5657 | Worthington Enterprises, Inc. | &nbsp;&nbsp;&nbsp; 291731 |
|  | **INDUSTRIAL SUPPORT SERVICES - 0.3%** |  |
| 1 | API Group Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 38 |
| 51305 | Custom Truck One Source, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 295517 |
| 19965 | NPK International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 237983 |
| 381 | United Rentals, Inc. | &nbsp;&nbsp;&nbsp; 308351 |
| 2034 | WESCO International, Inc. | &nbsp;&nbsp;&nbsp; 497598 |
|  |  | &nbsp;&nbsp; 1339487 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 0.2%** |  |
| 7788 | Interactive Brokers Group, Inc., Class A | &nbsp;&nbsp;&nbsp; 500846 |

---

---

| | | |
|:---|:---|:---|
| **COUNTERPOINT TACTICAL EQUITY FUND** | **COUNTERPOINT TACTICAL EQUITY FUND** | **COUNTERPOINT TACTICAL EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 26.8% (Continued)** |  |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 0.2% (Continued)** |  |
| 13116 | Marex Group PLC | &nbsp;&nbsp;&nbsp; $503130 |
|  |  | &nbsp;&nbsp; 1003976 |
|  | **INSURANCE - 0.7%** |  |
| 3262 | Assured Guaranty Ltd. | &nbsp;&nbsp;&nbsp; 293156 |
| 9380 | Corebridge Financial, Inc. | &nbsp;&nbsp;&nbsp; 282995 |
| 6298 | Equitable Holdings, Inc. | &nbsp;&nbsp;&nbsp; 300100 |
| 33357 | Genworth Financial, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 301214 |
| 8721 | Heritage Insurance Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 255176 |
| 2793 | Jackson Financial, Inc. | &nbsp;&nbsp;&nbsp; 297873 |
| 7174 | Kemper Corporation | &nbsp;&nbsp;&nbsp; 290834 |
| 11355 | Lincoln National Corporation | &nbsp;&nbsp;&nbsp; 505638 |
| 3563 | MetLife, Inc. | &nbsp;&nbsp;&nbsp; 281263 |
| 41891 | Slide Insurance Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 816038 |
| 7265 | Universal Insurance Holdings, Inc. | &nbsp;&nbsp;&nbsp; 245557 |
|  |  | &nbsp;&nbsp; 3869844 |
|  | **INTERNET MEDIA & SERVICES - 0.6%** |  |
| 1608 | Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp; 503304 |
| 55 | Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp; 294543 |
| 1777 | Expedia Group, Inc. | &nbsp;&nbsp;&nbsp; 503442 |
| 60578 | Marqeta, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 287746 |
| 761 | Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp; 502328 |
| 49638 | Opendoor Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 289390 |
| 2839 | Roku, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 308003 |
| 25573 | Upwork, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 506856 |
|  |  | &nbsp;&nbsp; 3195612 |
|  | **LEISURE FACILITIES & SERVICES - 1.2%** |  |
| 26219 | Accel Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 299159 |
| 81509 | Bloomin' Brands, Inc. | &nbsp;&nbsp;&nbsp; 502911 |
| 3613 | Boyd Gaming Corporation | &nbsp;&nbsp;&nbsp; 307972 |
| 31718 | Dave & Buster's Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 514149 |
| 8245 | Dutch Bros, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 504759 |
| 1028 | Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp; 295293 |
| 12414 | Las Vegas Sands Corporation | &nbsp;&nbsp;&nbsp; 808026 |

---

---

| | | |
|:---|:---|:---|
| **COUNTERPOINT TACTICAL EQUITY FUND** | **COUNTERPOINT TACTICAL EQUITY FUND** | **COUNTERPOINT TACTICAL EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 26.8% (Continued)** |  |
|  | **LEISURE FACILITIES & SERVICES - 1.2% (Continued)** |  |
| 10888 | Life Time Group Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $289403 |
| 2044 | Live Nation Entertainment, Inc.<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 291270 |
| 34222 | Penn Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 504775 |
| 33642 | Six Flags Entertainment Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 516068 |
| 13033 | Sportradar Group A.G.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 309794 |
| 42612 | Super Group SGHC Ltd. | &nbsp;&nbsp;&nbsp; 509213 |
| 74476 | Sweetgreen, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 503458 |
|  |  | &nbsp;&nbsp; 6156250 |
|  | **LEISURE PRODUCTS - 0.3%** |  |
| 42468 | Callaway Golf Company<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 495602 |
| 7960 | Polaris, Inc. | &nbsp;&nbsp;&nbsp; 503470 |
| 12379 | Winnebago Industries, Inc. | &nbsp;&nbsp;&nbsp; 501597 |
|  |  | &nbsp;&nbsp; 1500669 |
|  | **MACHINERY - 0.5%** |  |
| 8410 | CECO Environmental Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 503338 |
| 8444 | Enerpac Tool Group Corporation<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 322899 |
| 3212 | Franklin Electric Company, Inc. | &nbsp;&nbsp;&nbsp; 306842 |
| 1294 | Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;&nbsp; 310094 |
| 2940 | Pentair PLC | &nbsp;&nbsp;&nbsp; 306172 |
| 909 | Snap-on, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 313241 |
| 5201 | Symbotic, Inc.<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 309460 |
|  |  | &nbsp;&nbsp; 2372046 |
|  | **MEDICAL EQUIPMENT & DEVICES - 1.1%** |  |
| 476 | ABIOMED, Inc. - CVR<sup>(a),(k)</sup> | &nbsp;&nbsp;&nbsp; 486 |
| 48083 | Avanos Medical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 539972 |
| 5280 | Boston Scientific Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 503448 |
| 12952 | Castle Biosciences, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 503833 |
| 6295 | Haemonetics Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 504544 |
| 5488 | Inspire Medical Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 506158 |
| 1035 | Insulet Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 294188 |
| 40267 | Integra LifeSciences Holdings Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 500116 |
| 2950 | Medtronic PLC | &nbsp;&nbsp;&nbsp; 283377 |
| 38605 | Novocure Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 499163 |
| 1233 | ResMed, Inc. | &nbsp;&nbsp;&nbsp; 296993 |

---

---

| | | |
|:---|:---|:---|
| **COUNTERPOINT TACTICAL EQUITY FUND** | **COUNTERPOINT TACTICAL EQUITY FUND** | **COUNTERPOINT TACTICAL EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 26.8% (Continued)** |  |
|  | **MEDICAL EQUIPMENT & DEVICES - 1.1% (Continued)** |  |
| 17460 | Tactile Systems Technology, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $506340 |
| 22858 | Tandem Diabetes Care, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 502419 |
|  |  | &nbsp;&nbsp; 5441037 |
|  | **METALS & MINING - 1.2%** |  |
| 9436 | Alcoa Corporation | &nbsp;&nbsp;&nbsp; 501429 |
| 5496 | Cameco Corporation | &nbsp;&nbsp;&nbsp; 502829 |
| 1208 | Centrus Energy Corporation, Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 293254 |
| 25762 | Compass Minerals International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 505966 |
| 20666 | Energy Fuels Inc<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 300484 |
| 108592 | Ferroglobe PLC | &nbsp;&nbsp;&nbsp; 503867 |
| 14851 | Gold.com, Inc. | &nbsp;&nbsp;&nbsp; 505677 |
| 5853 | MP Materials Corporation<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 295694 |
| 5020 | Newmont Corporation | &nbsp;&nbsp;&nbsp; 501247 |
| 55954 | NioCorp Developments Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 296556 |
| 17042 | Peabody Energy Corporation | &nbsp;&nbsp;&nbsp; 506147 |
| 63933 | United States Antimony Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 320944 |
| 65863 | USA Rare Earth, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 783769 |
| 5761 | Warrior Met Coal, Inc. | &nbsp;&nbsp;&nbsp; 507947 |
|  |  | &nbsp;&nbsp; 6325810 |
|  | **MORTGAGE FINANCE - 0.1%** |  |
| 29684 | MFA Financial, Inc. | &nbsp;&nbsp;&nbsp; 276358 |
|  | **OIL & GAS PRODUCERS - 1.0%** |  |
| 10239 | Delek US Holdings, Inc. | &nbsp;&nbsp;&nbsp; 303689 |
| 17639 | Diversified Energy Co. | &nbsp;&nbsp;&nbsp; 255413 |
| 2853 | EOG Resources, Inc. | &nbsp;&nbsp;&nbsp; 299594 |
| 11403 | Excelerate Energy, Inc., Class A | &nbsp;&nbsp;&nbsp; 319854 |
| 62926 | Granite Ridge Resources, Inc. | &nbsp;&nbsp;&nbsp; 295752 |
| 71419 | HighPeak Energy, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 338526 |
| 14300 | Par Pacific Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 502502 |
| 30168 | PBF Energy, Inc., Class A | &nbsp;&nbsp;&nbsp; 818155 |
| 36093 | Permian Resources Corporation | &nbsp;&nbsp;&nbsp; 506385 |
| 72635 | Talos Energy, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 800437 |

---

---

| | | |
|:---|:---|:---|
| **COUNTERPOINT TACTICAL EQUITY FUND** | **COUNTERPOINT TACTICAL EQUITY FUND** | **COUNTERPOINT TACTICAL EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 26.8% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 1.0% (Continued)** |  |
| 1636 | Targa Resources Corporation | &nbsp;&nbsp;&nbsp; $301842 |
| 5006 | Williams Companies, Inc. (The) | &nbsp;&nbsp;&nbsp; 300911 |
|  |  | &nbsp;&nbsp; 5043060 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 0.5%** |  |
| 12224 | Archrock, Inc. | &nbsp;&nbsp;&nbsp; 318068 |
| 47320 | Helix Energy Solutions Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 296696 |
| 9382 | Nabors Industries Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 509443 |
| 32549 | National Energy Services Reunited Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 509717 |
| 87919 | ProPetro Holding Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 836111 |
|  |  | &nbsp;&nbsp; 2470035 |
|  | **PUBLISHING & BROADCASTING - 0.2%** |  |
| 68366 | iHeartMedia, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 284403 |
| 33025 | Sinclair, Inc. | &nbsp;&nbsp;&nbsp; 505282 |
| 49311 | USA TODAY Company, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 253952 |
|  |  | &nbsp;&nbsp; 1043637 |
|  | **REAL ESTATE SERVICES - 0.1%** |  |
| 140851 | Real Brokerage, Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 514106 |
|  | **RENEWABLE ENERGY - 0.3%** |  |
| 2108 | EnerSys | &nbsp;&nbsp;&nbsp; 309349 |
| 1922 | First Solar, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 502084 |
| 15627 | Fluence Energy, Inc.<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 309102 |
| 52003 | Green Plains, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 509630 |
|  |  | &nbsp;&nbsp; 1630165 |
|  | **RETAIL - CONSUMER STAPLES - 0.3%** |  |
| 14967 | BBB Foods, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 499748 |
| 340 | Costco Wholesale Corporation | &nbsp;&nbsp;&nbsp; 293196 |
| 4089 | Dollar Tree, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 502989 |
| 12308 | Natural Grocers by Vitamin Cottage, Inc. | &nbsp;&nbsp;&nbsp; 308315 |
| 6302 | Sprouts Farmers Market, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 502080 |
|  |  | &nbsp;&nbsp; 2106328 |
|  | **RETAIL - DISCRETIONARY - 1.0%** |  |
| 12820 | Advance Auto Parts, Inc. | &nbsp;&nbsp;&nbsp; 503826 |
| 18976 | American Eagle Outfitters, Inc. | &nbsp;&nbsp;&nbsp; 500397 |

---

---

| | | |
|:---|:---|:---|
| **COUNTERPOINT TACTICAL EQUITY FUND** | **COUNTERPOINT TACTICAL EQUITY FUND** | **COUNTERPOINT TACTICAL EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 26.8% (Continued)** |  |
|  | **RETAIL - DISCRETIONARY - 1.0% (Continued)** |  |
| 649 | Carvana Company<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $273891 |
| 19755 | Gap, Inc. (The) | &nbsp;&nbsp;&nbsp; 505728 |
| 38559 | Kohl's Corporation | &nbsp;&nbsp;&nbsp; 786990 |
| 23041 | Macy's, Inc. | &nbsp;&nbsp;&nbsp; 508054 |
| 3373 | O'Reilly Automotive, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 307651 |
| 35262 | Sally Beauty Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 502836 |
| 4883 | Sonic Automotive, Inc., Class A | &nbsp;&nbsp;&nbsp; 302062 |
| 10352 | Urban Outfitters, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 779092 |
| 5590 | Victoria's Secret & Company<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 302810 |
|  |  | &nbsp;&nbsp; 5273337 |
|  | **SEMICONDUCTORS - 0.8%** |  |
| 1846 | Analog Devices, Inc. | &nbsp;&nbsp;&nbsp; 500635 |
| 1452 | Broadcom, Inc. | &nbsp;&nbsp;&nbsp; 502536 |
| 2920 | MACOM Technology Solutions Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 500138 |
| 1943 | MKS, Inc. | &nbsp;&nbsp;&nbsp; 310491 |
| 2675 | NVIDIA Corporation | &nbsp;&nbsp;&nbsp; 498888 |
| 9329 | Photronics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 298528 |
| 2932 | QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp; 501519 |
| 4686 | Skyworks Solutions, Inc. | &nbsp;&nbsp;&nbsp; 297139 |
| 2576 | Teradyne, Inc. | &nbsp;&nbsp;&nbsp; 498611 |
|  |  | &nbsp;&nbsp; 3908485 |
|  | **SOFTWARE - 2.3%** |  |
| 1781 | Atlassian Corporation, Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 288771 |
| 1699 | Autodesk, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 502921 |
| 37348 | C3.ai, Inc., Class A<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 503451 |
| 14308 | Clear Secure, Inc., Class A | &nbsp;&nbsp;&nbsp; 501925 |
| 3685 | Datadog, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 501123 |
| 11565 | Digi International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 500649 |
| 58134 | Digital Turbine, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 290670 |
| 2872 | Duolingo, Inc.<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 504036 |
| 3735 | Fortinet, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 296596 |
| 17504 | Hinge Health, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 813062 |
| 25842 | Ibotta, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 587389 |

---

---

| | | |
|:---|:---|:---|
| **COUNTERPOINT TACTICAL EQUITY FUND** | **COUNTERPOINT TACTICAL EQUITY FUND** | **COUNTERPOINT TACTICAL EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 26.8% (Continued)** |  |
|  | **SOFTWARE - 2.3% (Continued)** |  |
| 7857 | JFrog Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $490748 |
| 22107 | Lightspeed Commerce, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 267053 |
| 30771 | McGraw Hill, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 507721 |
| 28478 | Mobileye Global, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 297310 |
| 3438 | Monday.com Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 507311 |
| 729 | MongoDB, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 305954 |
| 32162 | Omada Health, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 507516 |
| 2567 | Oracle Corporation | &nbsp;&nbsp;&nbsp; 500334 |
| 35212 | Oscar Health, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 505996 |
| 10084 | Paymentus Holdings, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 318554 |
| 29932 | Phreesia, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 506449 |
| 28706 | Quantum Computing, Inc.<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 294524 |
| 1940 | ServiceNow, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 297189 |
| 29018 | SoundHound AI, Inc., Class A<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 289309 |
| 71170 | Sprout Social, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 802086 |
| 79725 | VTEX<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 299766 |
|  |  | &nbsp;&nbsp; 11988413 |
|  | **SPECIALTY FINANCE - 0.4%** |  |
| 25763 | EZCORP, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 500317 |
| 5164 | Fidelity National Financial, Inc. | &nbsp;&nbsp;&nbsp; 281903 |
| 1754 | GATX Corporation | &nbsp;&nbsp;&nbsp; 297478 |
| 26647 | LendingClub Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 504694 |
| 28937 | PRA Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 511897 |
| 64946 | UWM Holdings Corporation | &nbsp;&nbsp;&nbsp; 284463 |
|  |  | &nbsp;&nbsp; 2380752 |
|  | **STEEL - 0.2%** |  |
| 1594 | Carpenter Technology Corporation | &nbsp;&nbsp;&nbsp; 501855 |
| 38226 | Cleveland-Cliffs, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 507641 |
| 22935 | Mechel PJSC - ADR<sup>(a),(k)</sup> | &nbsp;&nbsp;&nbsp; – |
|  |  | &nbsp;&nbsp; 1009496 |
|  | **TECHNOLOGY HARDWARE - 1.5%** |  |
| 16156 | A10 Networks, Inc. | &nbsp;&nbsp;&nbsp; 285800 |
| 6231 | Avnet, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 299586 |
| 5717 | Corning, Inc. | &nbsp;&nbsp;&nbsp; 500581 |

---

---

| | | |
|:---|:---|:---|
| **COUNTERPOINT TACTICAL EQUITY FUND** | **COUNTERPOINT TACTICAL EQUITY FUND** | **COUNTERPOINT TACTICAL EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 26.8% (Continued)** |  |
|  | **TECHNOLOGY HARDWARE - 1.5% (Continued)** |  |
| 50629 | Corsair Gaming, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $300736 |
| 2049 | Credo Technology Group Holding Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 294831 |
| 2513 | Dell Technologies, Inc., Class C | &nbsp;&nbsp;&nbsp; 316336 |
| 18738 | Extreme Networks, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 311988 |
| 8254 | Flex Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 498707 |
| 13188 | HP, Inc. | &nbsp;&nbsp;&nbsp; 293829 |
| 11422 | Ingram Micro Holding Corporation | &nbsp;&nbsp;&nbsp; 243745 |
| 1559 | InterDigital, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 496354 |
| 1352 | Jabil, Inc. | &nbsp;&nbsp;&nbsp; 308283 |
| 2658 | NetApp, Inc. | &nbsp;&nbsp;&nbsp; 284645 |
| 12622 | NETGEAR, Inc.<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 309618 |
| 3305 | Sanmina Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 495981 |
| 45437 | Sonos, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 797875 |
| 58852 | Stratasys Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 510835 |
| 27921 | Viavi Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 497552 |
| 17246 | Vistance Networks, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 312670 |
| 1624 | Western Digital Corporation | &nbsp;&nbsp;&nbsp; 279766 |
|  |  | &nbsp;&nbsp; 7639718 |
|  | **TECHNOLOGY SERVICES - 1.2%** |  |
| 31406 | Chime Financial, Inc.<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 790489 |
| 19560 | Core Scientific, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 284794 |
| 35560 | Dlocal Ltd. | &nbsp;&nbsp;&nbsp; 502818 |
| 12056 | Fiserv, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 809802 |
| 7589 | Globant S.A.<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 496093 |
| 26136 | GPGI, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 503902 |
| 20725 | Green Dot Corporation, Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 265487 |
| 42924 | Hive Digital Technologies Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 110744 |
| 10002 | Insight Enterprises, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 814863 |
| 506 | Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp; 288865 |
| 4888 | PayPal Holdings, Inc. | &nbsp;&nbsp;&nbsp; 285361 |
| 48498 | TaskUS, Inc., Class A<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 571791 |
| 14085 | Toast, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 500158 |
|  |  | &nbsp;&nbsp; 6225167 |

---

---

| | | |
|:---|:---|:---|
| **COUNTERPOINT TACTICAL EQUITY FUND** | **COUNTERPOINT TACTICAL EQUITY FUND** | **COUNTERPOINT TACTICAL EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 26.8% (Continued)** |  |
|  | **TELECOMMUNICATIONS - 0.1%** |  |
| 12199 | AT&T, Inc. | &nbsp;&nbsp;&nbsp; $303023 |
|  | **TRANSPORTATION & LOGISTICS - 1.2%** |  |
| 52764 | CMB Tech N.V. | &nbsp;&nbsp;&nbsp; 509173 |
| 16268 | Costamare, Inc. | &nbsp;&nbsp;&nbsp; 256872 |
| 8158 | CSX Corporation | &nbsp;&nbsp;&nbsp; 295728 |
| 2534 | Danaos Corporation<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 238652 |
| 41679 | DHT Holdings, Inc. | &nbsp;&nbsp;&nbsp; 508901 |
| 20198 | Forward Air Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 504950 |
| 23259 | Frontline PLC | &nbsp;&nbsp;&nbsp; 507511 |
| 14402 | Global Ship Lease, Inc., Class A | &nbsp;&nbsp;&nbsp; 504646 |
| 2370 | Matson, Inc. | &nbsp;&nbsp;&nbsp; 292814 |
| 15454 | Navios Maritime Partners, L.P. | &nbsp;&nbsp;&nbsp; 810253 |
| 15122 | Okeanis Eco Tankers Corporation | &nbsp;&nbsp;&nbsp; 511728 |
| 1631 | Ryder System, Inc. | &nbsp;&nbsp;&nbsp; 312157 |
| 2936 | SkyWest, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 294804 |
| 28084 | Teekay Corporation Ltd. | &nbsp;&nbsp;&nbsp; 253599 |
| 9737 | Tsakos Energy Navigation Ltd. | &nbsp;&nbsp;&nbsp; 218304 |
| 39950 | ZIM Integrated Shipping Services Ltd.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 848138 |
|  |  | &nbsp;&nbsp; 6868230 |
|  | **WHOLESALE - CONSUMER STAPLES - 0.3%** |  |
| 8068 | Chefs' Warehouse, Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 502878 |
| 24276 | United Natural Foods, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 817373 |
| 3843 | US Foods Holding Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 289455 |
|  |  | &nbsp;&nbsp; 1609706 |
|  | **TOTAL COMMON STOCKS (Cost $137,705,250)** | &nbsp;&nbsp; 138704281 |
|  | **EXCHANGE-TRADED FUNDS — 22.6%** |  |
|  | **EQUITY - 22.6%** |  |
| 1471116 | Counterpoint Quantitative Equity ETF<sup>(b),(c)</sup> | &nbsp;&nbsp;&nbsp; 58991751 |
| 84341 | iShares Core S&P 500 ETF | &nbsp;&nbsp;&nbsp; 57768525 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $98,502,437)** | &nbsp;&nbsp; 116760276 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **COUNTERPOINT TACTICAL EQUITY FUND** | **COUNTERPOINT TACTICAL EQUITY FUND** | **COUNTERPOINT TACTICAL EQUITY FUND** | **COUNTERPOINT TACTICAL EQUITY FUND** | **COUNTERPOINT TACTICAL EQUITY FUND** | **COUNTERPOINT TACTICAL EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Principal Amount ($)** |  |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 24.9%** | **U.S. GOVERNMENT & AGENCIES — 24.9%** |  |  |  |
|  | **U.S. TREASURY BILLS** — **24.9%** | **U.S. TREASURY BILLS** — **24.9%** |  |  |  |
| 50000000 | United States Treasury Bill<sup>(b),(d),(j)</sup> |  | 3.8500 | &nbsp;&nbsp;&nbsp;01/02/26 | $50000000 |
| 50000000 | United States Treasury Bill<sup>(d),(j)</sup> |  | 3.6350 | &nbsp;&nbsp;&nbsp;06/04/26 | 49261279 |
| 30000000 | United States Treasury Bill<sup>(d),(j)</sup> |  | 3.6600 | &nbsp;&nbsp;&nbsp;09/03/26 | 29321235 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $128,521,275)** |  |  |  | 128582514 |
| **Shares** |  | **Expiration Date** | **Exercise Price** |  |  |
|  | **WARRANT — 0.0%<sup>(e)</sup>** | **WARRANT — 0.0%<sup>(e)</sup>** |  |  |  |
|  | **E-COMMERCE DISCRETIONARY - 0.0% <sup>(e)</sup>** | **E-COMMERCE DISCRETIONARY - 0.0% <sup>(e)</sup>** |  |  |  |
| 9696 | Bed Bath & Beyond, Inc. | 10/08/2026 | $15.50 |  | &nbsp;&nbsp;&nbsp; 6400 |
|  | **INTERNET MEDIA & SERVICES - 0.0% <sup>(e)</sup>** | **INTERNET MEDIA & SERVICES - 0.0% <sup>(e)</sup>** |  |  |  |
| 2100 | Opendoor Technologies, Inc. Series A Warrants | 11/23/2026 | 9.00 |  | &nbsp;&nbsp;&nbsp; 1889 |
| 2100 | Opendoor Technologies, Inc. Series K Warrants | 11/23/2026 | 13.00 |  | &nbsp;&nbsp;&nbsp; 1093 |
| 2100 | Opendoor Technologies, Inc. Series Z Warrants | 11/23/2026 | 17.00 |  | &nbsp;&nbsp;&nbsp; 839 |
|  |  |  |  |  | &nbsp;&nbsp; 3821 |
|  | **TOTAL WARRANT (Cost $38,941)** | **TOTAL WARRANT (Cost $38,941)** |  |  | &nbsp;&nbsp; 10221 |
|  | **SHORT-TERM INVESTMENTS — 17.9%** | **SHORT-TERM INVESTMENTS — 17.9%** |  |  |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 2.7%** | **COLLATERAL FOR SECURITIES LOANED - 2.7%** |  |  |  |
| 5523672 | BlackRock Liquidity FedFund, Institutional Class, 3.78%<sup>(f),(g)</sup> |  |  |  | &nbsp;&nbsp;&nbsp; 5523672 |
| 4415646 | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 3.80%<sup>(f),(g)</sup> | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 3.80%<sup>(f),(g)</sup> |  |  | &nbsp;&nbsp;&nbsp; 4415646 |
| 4155034 | Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Class, 3.81%<sup>(f),(g)</sup> | Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Class, 3.81%<sup>(f),(g)</sup> |  |  | &nbsp;&nbsp;&nbsp; 4155034 |
|  | **TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $14,094,352)** | **TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $14,094,352)** | **TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $14,094,352)** |  | &nbsp;&nbsp; 14094352 |
|  | **MONEY MARKET FUNDS - 15.2%** | **MONEY MARKET FUNDS - 15.2%** |  |  |  |
| 78671640 | Fidelity Treasury Portfolio, Class I, 3.66% (Cost $78,671,640)<sup>(f)</sup> |  |  |  | &nbsp;&nbsp;&nbsp; 78671640 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $92,765,992)** | **TOTAL SHORT-TERM INVESTMENTS (Cost $92,765,992)** | **TOTAL SHORT-TERM INVESTMENTS (Cost $92,765,992)** |  | 92765992 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPOINT TACTICAL EQUITY FUND** | **COUNTERPOINT TACTICAL EQUITY FUND** | **COUNTERPOINT TACTICAL EQUITY FUND** | **COUNTERPOINT TACTICAL EQUITY FUND** | **COUNTERPOINT TACTICAL EQUITY FUND** | **COUNTERPOINT TACTICAL EQUITY FUND** | **COUNTERPOINT TACTICAL EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Contracts<sup>(h)</sup>** |  |  |  |  |  |  |
|  | **FUTURE OPTIONS PURCHASED - 0.0% <sup>(e)</sup>** | **Counterparty** | **Expiration Date** | **Exercise Price** | **Notional Value** | **Fair Value** |
|  | **PUT OPTIONS PURCHASED - 0.0%<sup>(e)</sup>** | **PUT OPTIONS PURCHASED - 0.0%<sup>(e)</sup>** | **PUT OPTIONS PURCHASED - 0.0%<sup>(e)</sup>** |  |  |  |
| 630 | S&P Emini 1st Week Future | Goldman Sachs | 01/02/2026 | $6600 | &nbsp;&nbsp;&nbsp; $217113750 | &nbsp;&nbsp;&nbsp; $4725 |
|  | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $2,796,923) | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $2,796,923) | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $2,796,923) | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $2,796,923) |  |  |
|  | **TOTAL INVESTMENTS - 92.2% (Cost $460,330,818)** | **TOTAL INVESTMENTS - 92.2% (Cost $460,330,818)** | **TOTAL INVESTMENTS - 92.2% (Cost $460,330,818)** |  |  | &nbsp;&nbsp;&nbsp; $476828009 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 7.8%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 7.8%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 7.8%** |  |  | &nbsp;&nbsp; 40128571 |
|  | **NET ASSETS - 100.0%** |  |  |  |  | &nbsp;&nbsp; $516956580 |
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |  |  |  |  |
| **Number of Contracts** | **Open Long Futures Contracts** | **Counterparty** | **Long/Short** | **Expiration** | **Notional Amount<sup>(i)</sup>** | **Value and Unrealized Depreciation** |
| 132 | CME E-Mini Standard & Poor's 500 Index Future | Goldman Sachs | Long | 03/23/2026 | &nbsp;&nbsp;&nbsp; $45490500 | &nbsp;&nbsp;&nbsp; $(5170) |
|  | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** |  |  |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| A.G. | - Aktiengesellschaft |
| CVR | - Contingent Value Right |
| ETF | - Exchange-Traded Fund |
| LLC | - Limited Liability Company |
| L.P. | - Limited Partnership |
| Ltd. | - Limited Company |
| N.V. | - Naamioze Vennootschap |
| PJSC | - Public Joint-Stock Company |
| PLC | - Public Limited Company |
| S.A. | - Société Anonyme |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of the security is on loan. The total fair value of the securities on loan as of December 31, 2025 was $49,410,034.

<sup>(c)</sup> Affiliated investment.

<sup>(d)</sup> Zero coupon bond. Rate shown is discount rate.

<sup>(e)</sup> Percentage rounds to less than 0.1%.

<sup>(f)</sup> Security was purchased with cash received as collateral for securities on loan at December 31, 2025. Total collateral had a value of $14,094,352 at December 31, 2025. Additional non-cash collateral received from the borrower not disclosed in the Schedule of Investments had a fair value of $42,762,898.

<sup>(g)</sup> Rate disclosed is the seven day effective yield as of December 31, 2025.

<sup>(h)</sup> Each contract is equivalent to one futures contract.

<sup>(i)</sup> The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Fund's futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund.

<sup>(j)</sup> All or a portion of this security is pledged as collateral for total return swaps. As of December 31, 2025, the fair value of the pledged portion is $80,715,484.

<sup>(k)</sup> The fair value of this security has been determined in good faith pursuant to valuation policies established by the Board of Trustees.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPOINT TACTICAL EQUITY FUND** | **COUNTERPOINT TACTICAL EQUITY FUND** | **COUNTERPOINT TACTICAL EQUITY FUND** | **COUNTERPOINT TACTICAL EQUITY FUND** | **COUNTERPOINT TACTICAL EQUITY FUND** | **COUNTERPOINT TACTICAL EQUITY FUND** | **COUNTERPOINT TACTICAL EQUITY FUND** | **COUNTERPOINT TACTICAL EQUITY FUND** | **COUNTERPOINT TACTICAL EQUITY FUND** | **COUNTERPOINT TACTICAL EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **TOTAL RETURN SWAPS** |  |  |  |  |  |  |  |  |  |
|  | **Payment** |  |  |  | **Number Of** | **Maturity** | **Notional** | **Upfront** | **Unrealized** |
| **Description/Received** | **Frequency** | **Currency** | **Rate Paid\*** | **Counterparty** | **Contracts** | **Date** | **Amount** | **Payments/Receipts** | **Appreciation/(Depreciation)** |
| JP Morgan International Long/Short Index Basket\*\* | Maturity | USD | 0.99% | JP Morgan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579900 | 1/21/2027 | $66652289 | $- | $667149 |
| JP Morgan International Long/Short Index Basket 2\*\* | Maturity | USD | 1.17% | JP Morgan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001400 | 1/21/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107396677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1692836 |
| JP Morgan International Long/Short Index Basket 3\*\* | Maturity | USD | 1.02% | JP Morgan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989300 | 1/21/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107361764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1260408 |
| JP Morgan International Long/Short Index Basket 4\*\* | Maturity | USD | 0.79% | JP Morgan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385000 | 1/21/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37613652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(642410) |
| JP Morgan U.S. Long/Short Index Basket\*\* | Maturity | USD | 0.99% | JP Morgan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299000 | 1/21/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25987335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224530 |
| JP Morgan U.S. Long/Short Index Basket 2\*\* | Maturity | USD | 0.98% | JP Morgan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392600 | 1/21/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35793351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56229) |
| JP Morgan U.S. Long/Short Index Basket 3\*\* | Maturity | USD | 1.00% | JP Morgan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349000 | 1/21/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32120971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1441080) |
| Morgan Stanley International Counterpoint Index | Maturity | USD | 1.34% | Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523000 | 4/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51703594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(580345) |
| Morgan Stanley U.S. Counterpoint Index | Maturity | USD | 1.12% | Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305500 | 4/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30059321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1339969 |
| SPDR S&P 500 ETF TRUST | Monthly | USD | OBFR + 0.40% | JP Morgan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370370 | 6/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237749077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15281402 |
|  |  |  |  |  |  |  |  |  | $17746230 |
|  | **Payment** |  |  |  | **Number Of** | **Maturity** | **Notional** | **Upfront** | **Unrealized** |
| **Description/Paid** | **Frequency** | **Currency** | **Rate Received\*** | **Counterparty** | **Contracts** | **Date** | **Amount** | **Payments/Receipts** | **Appreciation/(Depreciation)** |
| JP Morgan U.S. Short Index Basket\*\* | Maturity | USD | OBFR - 0.72% | JP Morgan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697486 | 1/21/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52402146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $1247522 |
| JP Morgan U.S. Short Index Basket 2\*\* | Maturity | USD | OBFR - 0.18% | JP Morgan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070326 | 1/21/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80304228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(783180) |
|  |  |  |  |  |  |  |  |  | $464342 |
|  |  |  |  |  |  |  |  |  | $18210572 |
| OBFR - Overnight Bank Funding Rate |  |  |  |  |  |  |  |  |  |
| \* Rate shown is the all in weighted rate as of December 31, 2025. |  |  |  |  |  |  |  |  |  |
| \*\* The underlying holdings of this security can be found at https://counterpointfunds.com/tactical-equity-fund/ | \*\* The underlying holdings of this security can be found at https://counterpointfunds.com/tactical-equity-fund/ | \*\* The underlying holdings of this security can be found at https://counterpointfunds.com/tactical-equity-fund/ | \*\* The underlying holdings of this security can be found at https://counterpointfunds.com/tactical-equity-fund/ |  |  |  |  |  |  |

---

---

| | | |
|:---|:---|:---|
| **COUNTERPOINT TACTICAL MUNICIPAL FUND** | **COUNTERPOINT TACTICAL MUNICIPAL FUND** | **COUNTERPOINT TACTICAL MUNICIPAL FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 7.8%** |  |
|  | **FIXED INCOME - 7.8%** |  |
| 441820 | VanEck High Yield Muni ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $22585838 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $22,057,269)** |  |
|  | **OPEN END FUNDS — 90.8%** |  |
|  | **FIXED INCOME - 90.8%** |  |
| 291416 | AB High Income Municipal Portfolio, Advisor Class | &nbsp;&nbsp;&nbsp; 2995759 |
| 100 | American Century High-Yield Municipal Fund, Class I | &nbsp;&nbsp;&nbsp; 873 |
| 100 | American High-Income Municipal Bond Fund, Class F-3 | &nbsp;&nbsp;&nbsp; 1532 |
| 100 | Delaware National High-Yield Municipal Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 979 |
| 100 | Eaton Vance High Yield Municipal Income Fund, Class I | &nbsp;&nbsp;&nbsp; 806 |
| 100 | Franklin High Yield Tax-Free Income Fund, Advisor Class | &nbsp;&nbsp;&nbsp; 892 |
| 862343 | Goldman Sachs High Yield Municipal Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 7821449 |
| 100 | Invesco AMT-Free Municipal Fund, Class Y | &nbsp;&nbsp;&nbsp; 672 |
| 12790218 | Invesco High Yield Municipal Fund, Class Y | &nbsp;&nbsp;&nbsp; 106286711 |
| 1098054 | Invesco Rochester Municipal Opportunities Fund, Class Y | &nbsp;&nbsp;&nbsp; 7225195 |
| 1344359 | Nuveen High Yield Municipal Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 19224327 |
| 100 | PGIM Muni High Income Fund, Class Z | &nbsp;&nbsp;&nbsp; 935 |
| 10288372 | PIMCO High Yield Municipal Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 86216559 |
| 3561871 | Russell Tax Exempt High Yield Bond Fund, Class S | &nbsp;&nbsp;&nbsp; 34514531 |
| 100 | T Rowe Price Tax-Free High Yield Fund, Inc., Class I | &nbsp;&nbsp;&nbsp; 1109 |
|  | **TOTAL OPEN END FUNDS (Cost $258,818,385)** | &nbsp;&nbsp; 264292329 |
|  | **SHORT-TERM INVESTMENTS — 7.9%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 7.9%** |  |
| 6216185 | BlackRock Liquidity FedFund, Institutional Class, 3.78%<sup>(b),(c)</sup> | &nbsp;&nbsp;&nbsp; 6216185 |
| 11826125 | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 3.80%<sup>(b),(c)</sup> | &nbsp;&nbsp;&nbsp; 11826125 |

---

---

| | | |
|:---|:---|:---|
| **COUNTERPOINT TACTICAL MUNICIPAL FUND** | **COUNTERPOINT TACTICAL MUNICIPAL FUND** | **COUNTERPOINT TACTICAL MUNICIPAL FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 7.9% (Continued)** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 7.9% (Continued)** |  |
| 5000000 | Invesco Government & Agency Portfolio, Institutional Class, 3.79%<sup>(b),(c)</sup> | &nbsp;&nbsp;&nbsp; $5000000 |
|  | **TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $23,042,310)** | &nbsp;&nbsp; 23042310 |
|  | **TOTAL INVESTMENTS - 106.5% (Cost $303,917,964)** | &nbsp;&nbsp;&nbsp; $309920477 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (6.5)%** | &nbsp;&nbsp; (18911767) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $291008710 |

---

ETF - Exchange-Traded Fund

<sup>(a)</sup> All or a portion of the security is on loan. The total fair value of the securities on loan as of December 31, 2025 was $22,584,816.

<sup>(b)</sup> Security was purchased with cash received as collateral for securities on loan at December 31, 2025. Total collateral had a value of $23,042,310 at December 31, 2025.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of December 31, 2025.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** NORTHERN LIGHTS FUND TRUST III

- **b. Investment Company Act file number:** 811-22655

- **c. CIK number of Registrant:** 0001537140

- **d. LEI of Registrant:** 549300PPUECJSQFBYV98

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 225 PICTORIA DRIVE

  - **City:** CINCINNATI

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

  - **Telephone number:** 631-470-2600

**Item A.2. Information about the Series.**

- **a. Name of Series:** Counterpoint Tactical Equity Fund

- **b. EDGAR series identifier (if any):** S000051248

- **c. LEI of Series:** 549300NNOS65VHRUYC83

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $1436427777.54

**Total Liabilities:** $919469689.32

**Net Assets:** $516958088.22

**Cash Not Reported:** $36847690.97

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000161620 | 1.30%                | -1.87%               | 0.36%                |
| Class ID C000161621 | 1.26%                | -1.92%               | 0.31%                |
| Class ID C000161622 | 1.31%                | -1.82%               | 0.41%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $113460.12               | $4935058.30                                |
| Month 2  | $1563297.21              | $-1926571.42                               |
| Month 3  | $7848057.80              | $-7472223.59                               |

**Designated Index Information**

- **Index Name:** S&P 500 (TR)

- **Index Identifier:** 500TR

### Schedule of Portfolio Investments

| Name                                        | Title                         | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| AMN Healthcare Services Inc                 | AMN HEALTHCARE                | CUSIP: 001744101<br>LEI: 529900W3ARRTCNFH2I39 | Long             | EC               | CORP              | US        |     50815 | NS      | $800844.40    | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| Gold.com Inc.                               | GOLD.COM INC                  | CUSIP: 00181T107<br>LEI: XP6XYFDZQGKLUMOFGT37 | Long             | EC               | CORP              | US        |     14851 | NS      | $505676.55    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| API Group Corp                              | API GROUP CORP                | CUSIP: 00187Y100<br>LEI: 213800NZT1VX6PZ7BT53 | Long             | EC               | CORP              | US        |         1 | NS      | $38.26        | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| AT&T Inc                                    | AT&T INC                      | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |     12199 | NS      | $303023.16    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| A10 Networks Inc                            | A10 NETWORKS INC              | CUSIP: 002121101<br>LEI: 549300UQD4IWUML81Q35 | Long             | EC               | CORP              | US        |     16156 | NS      | $285799.64    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Acadia Healthcare Company, Inc.             | ACADIA HEALTHCAR              | CUSIP: 00404A109<br>LEI: 5493005CW985Y9D0NC11 | Long             | EC               | CORP              | US        |     55521 | NS      | $787842.99    | 0.15%             |  |  |  | No            | 1                  | On Loan: —       |
| Accel Entertainment Inc                     | ACCEL ENTERTAINMENT INC       | CUSIP: 00436Q106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26219 | NS      | $299158.79    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Adtalem Global Education Inc                | ADTALEM GLOBAL E              | CUSIP: 00737L103<br>LEI: 549300Z467EZLMODV621 | Long             | EC               | CORP              | US        |      4869 | NS      | $503795.43    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Advance Auto Parts Inc.                     | ADVANCE AUTO PAR              | CUSIP: 00751Y106<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | EC               | CORP              | US        |     12820 | NS      | $503826.00    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| AeroVironment, Inc.                         | AEROVIRONMENT IN              | CUSIP: 008073108<br>LEI: 529900PGHVI29YLZ6221 | Long             | EC               | CORP              | US        |      2085 | NS      | $504340.65    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Alcoa Corporation                           | ALCOA CORP                    | CUSIP: 013872106<br>LEI: 549300T12EZ1F6PWWU29 | Long             | EC               | CORP              | US        |      9436 | NS      | $501429.04    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| ATI Inc                                     | ATI INC                       | CUSIP: 01741R102<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | EC               | CORP              | US        |      4360 | NS      | $500353.60    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Alphabet Inc.                               | ALPHABET INC-A                | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      1608 | NS      | $503304.00    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Amazon.com, Inc.                            | AMAZON.COM INC                | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      2184 | NS      | $504110.88    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| American Axle & Manufacturing Holdings Inc. | AMER AXLE & MFG               | CUSIP: 024061103<br>LEI: 254900SMQY98VFKNCC32 | Long             | EC               | CORP              | US        |     79022 | NS      | $506531.02    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| American Eagle Outfitters Inc.              | AMER EAGLE OUTF               | CUSIP: 02553E106<br>LEI: 5299001Z9HXK01DHW793 | Long             | EC               | CORP              | US        |     18976 | NS      | $500397.12    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Cencora Inc                                 | CENCORA INC                   | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |      1485 | NS      | $501558.75    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Ameriprise Financial, Inc.                  | AMERIPRISE FINAN              | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |       625 | NS      | $306462.50    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Amphenol Corporation                        | AMPHENOL CORP-A               | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |      3715 | NS      | $502045.10    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Amprius Technologies Inc.                   | AMPRIUS TECHNOLO              | CUSIP: 03214Q108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33040 | NS      | $260685.60    | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Analog Devices Inc.                         | ANALOG DEVICES                | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |      1846 | NS      | $500635.20    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Aptargroup Inc.                             | APTARGROUP INC                | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |      2379 | NS      | $290142.84    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Archrock Inc                                | ARCHROCK INC                  | CUSIP: 03957W106<br>LEI: 549300K3RIHMHDVFTL28 | Long             | EC               | CORP              | US        |     12224 | NS      | $318068.48    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Ardent Health Inc.                          | ARDENT HEALTH IN              | CUSIP: 03980N107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26977 | NS      | $238206.91    | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Atlassian Corporation                       | ATLASSIAN CORP-A              | CUSIP: 049468101<br>LEI: 549300V7ZY5P02D2MY38 | Long             | EC               | CORP              | US        |      1781 | NS      | $288771.34    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Autodesk Inc                                | AUTODESK INC                  | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |      1699 | NS      | $502920.99    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Avanos Medical Inc                          | AVANOS MEDICAL I              | CUSIP: 05350V106<br>LEI: 549300YCXWOM7NEWMQ58 | Long             | EC               | CORP              | US        |     48083 | NS      | $539972.09    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Aveanna Healthcare Holdings Inc             | AVEANNA HEALTHCA              | CUSIP: 05356F105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     61692 | NS      | $504023.64    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Avnet, Inc.                                 | AVNET INC                     | CUSIP: 053807103<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | EC               | CORP              | US        |      6231 | NS      | $299586.48    | 0.06%             |  |  |  | No            | 1                  | On Loan: —       |
| Bed Bath & Beyond Inc.                      | BED BATH & BEYON              | CUSIP: 075896159<br>LEI: 549300ACR0DL9U7EI710 | Long             | DO               | CORP              | US        |      9696 | NS      | $6399.36      | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| Belden Inc.                                 | BELDEN INC                    | CUSIP: 077454106<br>LEI: 68BKYO1JC791TTJHUE82 | Long             | EC               | CORP              | US        |      2628 | NS      | $306293.40    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| BellRing Intermediate Holdings Inc.         | BELLRING BRANDS               | CUSIP: 07831C103<br>LEI: 549300S3BOK5CMTS8054 | Long             | EC               | CORP              | US        |     18771 | NS      | $501748.83    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Beacon Financial Corp.                      | BEACON FINANCIAL              | CUSIP: 084680107<br>LEI: 549300AS2OC6UMMBNO37 | Long             | EC               | CORP              | US        |     10632 | NS      | $280365.84    | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                         | TFDXX LEX BLACKROCK FED FUND  | CUSIP: 09248U700<br>LEI: N/A                  | Long             | STIV             |  | US        |         0 | NS      | $0.00         | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Bloomin Brands Inc                          | BLOOMIN' BRANDS               | CUSIP: 094235108<br>LEI: E1UJ2GO305B5FXGV7N04 | Long             | EC               | CORP              | US        |     81509 | NS      | $502910.53    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Booking Holdings Inc                        | BOOKING HOLDINGS              | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |        55 | NS      | $294543.15    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Boston Scientific Corporation               | BOSTON SCIENTIFC              | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |      5280 | NS      | $503448.00    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Boyd Gaming Corporation                     | BOYD GAMING CORP              | CUSIP: 103304101<br>LEI: 254900787YGRYS2A1Z35 | Long             | EC               | CORP              | US        |      3613 | NS      | $307972.12    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| BrightSpring Health Services Inc.           | BRIGHTSPRING HEA              | CUSIP: 10950A106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13402 | NS      | $501904.90    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Bristol-Myers Squibb Company                | BRISTOL-MYER SQB              | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |      5453 | NS      | $294134.82    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Broadcom Inc                                | BROADCOM INC                  | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      1452 | NS      | $502537.20    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Brookdale Senior Living Inc.                | BROOKDALE SR                  | CUSIP: 112463104<br>LEI: LH7MQB13NWY7CJ9VC445 | Long             | EC               | CORP              | US        |     47103 | NS      | $508241.37    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Brookfield Infrastructure Corporation       | BROOKFIELD INFRA              | CUSIP: 11276H106<br>LEI: 254900YTMKBFJAKUBO55 | Long             | EC               | CORP              | CA        |      6469 | NS      | $293692.60    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| C3.ai Inc                                   | C3.AI INC-A                   | CUSIP: 12468P104<br>LEI: 549300YDLK0YQO5B1V80 | Long             | EC               | CORP              | US        |     37348 | NS      | $503451.04    | 0.10%             |  |  |  | No            | 1                  | On Loan: —       |
| CECO Environmental Corp.                    | CECO ENVIRONMNTL              | CUSIP: 125141101<br>LEI: 5493002CZCTL4HGLIY91 | Long             | EC               | CORP              | US        |      8410 | NS      | $503338.50    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| CSX Corporation                             | CSX CORP                      | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |      8158 | NS      | $295727.50    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Topgolf Callaway Brands Corp                | TOPGOLF CALLAWAY              | CUSIP: 131193104<br>LEI: 5493005UB0KFRKBPCU72 | Long             | EC               | CORP              | US        |     42468 | NS      | $495601.56    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Cameco Corporation                          | CAMECO CORP                   | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |      5496 | NS      | $502829.04    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Carpenter Technology Corporation            | CARPENTER TECH                | CUSIP: 144285103<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | EC               | CORP              | US        |      1594 | NS      | $501854.96    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Carvana Co                                  | CARVANA CO                    | CUSIP: 146869102<br>LEI: 5493003WEAK2PJ5WS063 | Long             | EC               | CORP              | US        |       649 | NS      | $273890.98    | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Castle Biosciences Inc                      | CASTLE BIOSCIENC              | CUSIP: 14843C105<br>LEI: 2549007M2Q4HLR1XD252 | Long             | EC               | CORP              | US        |     12952 | NS      | $503832.80    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Centene Corp.                               | CENTENE CORP                  | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |     19799 | NS      | $814728.85    | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| Central Garden & Pet Company                | CENTRAL GARDEN-A              | CUSIP: 153527205<br>LEI: 5493004DVZLD37DJ0H83 | Long             | EC               | CORP              | US        |     10617 | NS      | $309910.23    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Centrus Energy Corp.                        | CENTRUS ENERGY-A              | CUSIP: 15643U104<br>LEI: 549300G6VDK9G8276661 | Long             | EC               | CORP              | US        |      1208 | NS      | $293254.08    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Chefs Warehouse Inc.                        | CHEFS WAREHOUSE               | CUSIP: 163086101<br>LEI: 549300JYEDC8C547E980 | Long             | EC               | CORP              | US        |      8068 | NS      | $502878.44    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Chime Financial Inc.                        | CHIME FINANCI-A               | CUSIP: 16935C109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31406 | NS      | $790489.02    | 0.15%             |  |  |  | No            | 1                  | On Loan: —       |
| Clear Secure Inc                            | CLEAR SECURE I-A              | CUSIP: 18467V109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14308 | NS      | $501924.64    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Cleveland-Cliffs Inc                        | CLEVELAND-CLIFFS              | CUSIP: 185899101<br>LEI: 549300TM2WLI2BJMDD86 | Long             | EC               | CORP              | US        |     38226 | NS      | $507641.28    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Coca-Cola Consolidated Inc                  | COCA-COLA CONSOL              | CUSIP: 191098102<br>LEI: 57VG5X0E00X0QJU7CQ58 | Long             | EC               | CORP              | US        |      1782 | NS      | $273180.60    | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Colgate-Palmolive Co.                       | COLGATE-PALMOLIV              | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |      3759 | NS      | $297036.18    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Comfort Systems USA Inc.                    | COMFORT SYSTEMS               | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |       537 | NS      | $501176.73    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| OPTION ISSUER                               | S&P Emini 1st Wee Jan26P      | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |       630 | NC      | $4725.00      | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| Comcast Corporation                         | COMCAST CORP-A                | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |      9817 | NS      | $293430.13    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| CommScope Holding Co Inc.                   | COMMSCOPE HOLDIN              | CUSIP: 20337X109<br>LEI: 254900AW4CEPCQWSRI58 | Long             | EC               | CORP              | US        |     17246 | NS      | $312669.98    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Compass Minerals International Inc.         | COMPASS MINERALS              | CUSIP: 20451N101<br>LEI: 2549008X9G8XP7YJGC47 | Long             | EC               | CORP              | US        |     25762 | NS      | $505965.68    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Composecure Inc                             | COMPOSECURE IN-A              | CUSIP: 20459V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26136 | NS      | $503902.08    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Corebridge Financial Inc.                   | COREBRIDGE FINAN              | CUSIP: 21871X109<br>LEI: 549300XY1661QCIA7J65 | Long             | EC               | CORP              | US        |      9380 | NS      | $282994.60    | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Core Scientific Inc                         | CORE SCIENTIFIC               | CUSIP: 21874A106<br>LEI: 5299003RGB2LAZ65RK73 | Long             | EC               | CORP              | US        |     19560 | NS      | $284793.60    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Corning Incorporated                        | CORNING INC                   | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               | CORP              | US        |      5717 | NS      | $500580.52    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Corsair Gaming Inc                          | CORSAIR GAMING I              | CUSIP: 22041X102<br>LEI: 549300Y7YT18L8G0H525 | Long             | EC               | CORP              | US        |     50629 | NS      | $300736.26    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Costco Wholesale Corporation                | COSTCO WHOLESALE              | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |       340 | NS      | $293195.60    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Coty Inc.                                   | COTY INC-CL A                 | CUSIP: 222070203<br>LEI: 549300BO9IWPF3S48F93 | Long             | EC               | CORP              | US        |    257220 | NS      | $792237.60    | 0.15%             |  |  |  | No            | 1                  | On Loan: —       |
| Coursera Inc                                | COURSERA                      | CUSIP: 22266M104<br>LEI: 984500573CA1QB7DAC30 | Long             | EC               | CORP              | US        |     68329 | NS      | $502901.44    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Custom Truck One Source Inc                 | CUSTOM TRUCK ONE              | CUSIP: 23204X103<br>LEI: 2549008QOVAS9KBZ4E50 | Long             | EC               | CORP              | US        |     51305 | NS      | $295516.80    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Dana Inc.                                   | DANA INC                      | CUSIP: 235825205<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | EC               | CORP              | US        |     13146 | NS      | $312348.96    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Datadog Inc                                 | DATADOG INC-A                 | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Long             | EC               | CORP              | US        |      3685 | NS      | $501123.15    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Dave & Buster's Entertainment Inc           | DAVE & BUSTER'S               | CUSIP: 238337109<br>LEI: 529900WTVU85QZLYHR86 | Long             | EC               | CORP              | US        |     31718 | NS      | $514148.78    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Delek US Holdings Inc.                      | DELEK US HOLDING              | CUSIP: 24665A103<br>LEI: 5493003O53JMENV1N385 | Long             | EC               | CORP              | US        |     10239 | NS      | $303688.74    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Dell Technologies Inc                       | DELL TECHN-C                  | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |      2513 | NS      | $316336.44    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Digi International Inc.                     | DIGI INTL INC                 | CUSIP: 253798102<br>LEI: 529900KG656HGROI4N27 | Long             | EC               | CORP              | US        |     11565 | NS      | $500648.85    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Digital Turbine, Inc.                       | DIGITAL TURBINE               | CUSIP: 25400W102<br>LEI: 549300D0WZR1VI2QGB24 | Long             | EC               | CORP              | US        |     58134 | NS      | $290670.00    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Diversified Energy Co.                      | DIVERSIFIED ENER              | CUSIP: 25520W107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17639 | NS      | $255412.72    | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Dollar Tree Inc                             | DOLLAR TREE INC               | CUSIP: 256746108<br>LEI: 549300PMSTQITB1WHR43 | Long             | EC               | CORP              | US        |      4089 | NS      | $502987.89    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                         | DREYFUS TREASURY & AGENCY LEX | CUSIP: 261908107<br>LEI: N/A                  | Long             | STIV             |  | US        |         0 | NS      | $0.00         | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Duolingo Inc                                | DUOLINGO                      | CUSIP: 26603R106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2872 | NS      | $504036.00    | 0.10%             |  |  |  | No            | 1                  | On Loan: —       |
| Dutch Bros Inc                              | DUTCH BROS INC-A              | CUSIP: 26701L100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8245 | NS      | $504758.90    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Dycom Industries, Inc.                      | DYCOM INDS                    | CUSIP: 267475101<br>LEI: 549300F56EKTHQI3WT60 | Long             | EC               | CORP              | US        |      1472 | NS      | $497388.80    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| EOG Resources Inc.                          | EOG RESOURCES                 | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |      2853 | NS      | $299593.53    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Encompass Health Corporation                | ENCOMPASS HEALTH              | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |      2775 | NS      | $294538.50    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Energy Fuels Inc.                           | ENERGY FUELS INC              | CUSIP: 292671708<br>LEI: 529900P0GCATXMGK8I62 | Long             | EC               | CORP              | CA        |     20666 | NS      | $300483.64    | 0.06%             |  |  |  | No            | 1                  | On Loan: —       |
| EnerSys                                     | ENERSYS                       | CUSIP: 29275Y102<br>LEI: 7ZS3DE5PN30BYUJFWP05 | Long             | EC               | CORP              | US        |      2108 | NS      | $309349.00    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Enerpac Tool Group Corp                     | ENERPAC TOOL GRO              | CUSIP: 292765104<br>LEI: IZW37BPZKUJE1QXGB081 | Long             | EC               | CORP              | US        |      8444 | NS      | $322898.56    | 0.06%             |  |  |  | No            | 1                  | On Loan: —       |
| Equitable Holdings Inc                      | EQUITABLE HOLDIN              | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               | CORP              | US        |      6298 | NS      | $300099.70    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Everus Construction Group Inc.              | EVERUS CONSTRUCT              | CUSIP: 300426103<br>LEI: 2549006JMMHR0KILT425 | Long             | EC               | CORP              | US        |      5844 | NS      | $500012.64    | 0.10%             |  |  |  | No            | 1                  | On Loan: —       |
| Excelerate Energy Inc.                      | EXCELERATE ENE-A              | CUSIP: 30069T101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11403 | NS      | $319854.15    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Expedia Group Inc                           | EXPEDIA GROUP IN              | CUSIP: 30212P303<br>LEI: CI7MUJI4USF3V0NJ1H64 | Long             | EC               | CORP              | US        |      1777 | NS      | $503441.87    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Extreme Networks Inc.                       | EXTREME NETWORKS              | CUSIP: 30226D106<br>LEI: 549300WRECW11X94UB57 | Long             | EC               | CORP              | US        |     18738 | NS      | $311987.70    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| EZCORP Inc.                                 | EZCORP INC-A                  | CUSIP: 302301106<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | EC               | CORP              | US        |     25763 | NS      | $500317.46    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| FMC Corp.                                   | FMC CORP                      | CUSIP: 302491303<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | EC               | CORP              | US        |     58764 | NS      | $815056.68    | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| Meta Platforms Inc                          | META PLATFORMS-A              | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |       761 | NS      | $502328.49    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Fidelity Colchester Street Trust            | FID-TRSY PT-I                 | CUSIP: 316175504<br>LEI: 549300SHPEJB1OPRCV46 | Long             | STIV             | RF                | US        |  78671640 | PA      | $78671640.13  | 15.22%            |  |  |  | No            | 1                  | On Loan: No      |
| Fidelity National Financial, Inc.           | FIDELITY NATIONA              | CUSIP: 31620R303<br>LEI: 549300CAZYIH39SYQ287 | Long             | EC               | CORP              | US        |      5164 | NS      | $281902.76    | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| First Citizens BancShares Inc (Delaware)    | FIRST CITIZENS-A              | CUSIP: 31946M103<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EC               | CORP              | US        |       138 | NS      | $296172.84    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| First Horizon Corporation                   | FIRST HORIZON CO              | CUSIP: 320517105<br>LEI: TF3RXI1ZB1TQ30H9JV10 | Long             | EC               | CORP              | US        |     12150 | NS      | $290385.00    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| First Merchants Corporation                 | FIRST MERCHANTS               | CUSIP: 320817109<br>LEI: TZTBT0OTGQ2FEK6XMX94 | Long             | EC               | CORP              | US        |      7616 | NS      | $285447.68    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| First Solar Inc                             | FIRST SOLAR INC               | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |      1922 | NS      | $502084.06    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Fiserv Inc.                                 | FISERV INC                    | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |     12056 | NS      | $809801.52    | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| Fluence Energy Inc                          | FLUENCE ENERGY I              | CUSIP: 34379V103<br>LEI: 25490043LHZ97BT5PP29 | Long             | EC               | CORP              | US        |     15627 | NS      | $309102.06    | 0.06%             |  |  |  | No            | 1                  | On Loan: —       |
| Fortinet Inc                                | FORTINET INC                  | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |      3735 | NS      | $296596.35    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Forward Air Corp.                           | FORWARD AIR CORP              | CUSIP: 34986A104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20198 | NS      | $504950.00    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Franklin Electric Co Inc                    | FRANKLIN ELEC CO              | CUSIP: 353514102<br>LEI: RR6AURIKMXUE4Q24G284 | Long             | EC               | CORP              | US        |      3212 | NS      | $306842.36    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Fulgent Genetics Inc                        | FULGENT GENETICS              | CUSIP: 359664109<br>LEI: 549300CL6P01M68QJ404 | Long             | EC               | CORP              | US        |     19250 | NS      | $505697.50    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| GATX Corporation                            | GATX CORP                     | CUSIP: 361448103<br>LEI: 549300IHYHCQP2PIR591 | Long             | EC               | CORP              | US        |      1754 | NS      | $297478.40    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| USA Today Co. Inc.                          | USA TODAY CO INC              | CUSIP: 36472T109<br>LEI: 549300JQ2PU0RI3ZBA32 | Long             | EC               | CORP              | US        |     49311 | NS      | $253951.65    | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| The Gap Inc.                                | GAP INC/THE                   | CUSIP: 364760108<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | EC               | CORP              | US        |     19755 | NS      | $505728.00    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Garrett Motion Inc                          | GARRETT MOTION INC            | CUSIP: 366505105<br>LEI: 549300LS5WT7EMBNV724 | Long             | EC               | CORP              | US        |     28970 | NS      | $504947.10    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| GE Vernova Inc.                             | GE VERNOVA INC                | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |       769 | NS      | $502595.33    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| General Motors Company                      | GENERAL MOTORS C              | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |      9941 | NS      | $808402.12    | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| Genworth Financial Inc.                     | GENWORTH FINANCI              | CUSIP: 37247D106<br>LEI: 549300EMCG286BDNKJ33 | Long             | EC               | CORP              | US        |     33357 | NS      | $301213.71    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| GoodRx Holdings Inc                         | GOODRX HOLDIN-A               | CUSIP: 38246G108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    108364 | NS      | $293666.44    | 0.06%             |  |  |  | No            | 1                  | On Loan: —       |
| Granite Ridge Resources Inc                 | GRANITE RIDGE RE              | CUSIP: 387432107<br>LEI: 254900CAHJQKOQ1YZC67 | Long             | EC               | CORP              | US        |     62926 | NS      | $295752.20    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Green Dot Corp                              | GREEN DOT CORP-A              | CUSIP: 39304D102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20725 | NS      | $265487.25    | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Green Plains Inc.                           | GREEN PLAINS INC              | CUSIP: 393222104<br>LEI: VJ5WLTHARBSDR14KIZ98 | Long             | EC               | CORP              | US        |     52003 | NS      | $509629.40    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Griffon Corp                                | GRIFFON CORP                  | CUSIP: 398433102<br>LEI: 5493000C2SGNC7ZN3242 | Long             | EC               | CORP              | US        |      3952 | NS      | $291064.80    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| HP Inc                                      | HP INC                        | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | EC               | CORP              | US        |     13188 | NS      | $293828.64    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Haemonetics Corp                            | HAEMONETICS CORP              | CUSIP: 405024100<br>LEI: 549300ZEL6TXZS6F5F95 | Long             | EC               | CORP              | US        |      6295 | NS      | $504544.25    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Enviri Corp.                                | ENVIRI CORP                   | CUSIP: 415864107<br>LEI: KAO98FK89NPNNPQGUZ43 | Long             | EC               | CORP              | US        |     27944 | NS      | $500756.48    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Helix Energy Solutions Group, Inc.          | HELIX ENERGY SOL              | CUSIP: 42330P107<br>LEI: 416AP2JOUTCWEGSOZW41 | Long             | EC               | CORP              | US        |     47320 | NS      | $296696.40    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Heritage Insurance Holdings Inc             | HERITAGE INSURAN              | CUSIP: 42727J102<br>LEI: 9845008CCYDD87F66B45 | Long             | EC               | CORP              | US        |      8721 | NS      | $255176.46    | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| HighPeak Energy Inc                         | HIGHPEAK ENERGY               | CUSIP: 43114Q105<br>LEI: 549300J4RNCV140DUY76 | Long             | EC               | CORP              | US        |     71419 | NS      | $338526.06    | 0.07%             |  |  |  | No            | 1                  | On Loan: —       |
| Hilton Worldwide Holdings Inc               | HILTON WORLDWIDE              | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |      1028 | NS      | $295293.00    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Hinge Health, Inc.                          | HINGE HEALTH-A                | CUSIP: 433313103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17504 | NS      | $813060.80    | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| Hive Digital Technologies Ltd               | HIVE DIGITAL TEC              | CUSIP: 433921103<br>LEI: 5493004QCZ1QBI9FS784 | Long             | EC               | CORP              | CA        |     42924 | NS      | $110743.92    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Howmet Aerospace Inc                        | HOWMET AEROSPACE              | CUSIP: 443201108<br>LEI: 549300HO5WFZUT5N2T22 | Long             | EC               | CORP              | US        |      3899 | NS      | $799372.98    | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| Ibotta Inc.                                 | IBOTTA INC-CL A               | CUSIP: 451051106<br>LEI: 54930026OZD4IQ7YR615 | Long             | EC               | CORP              | US        |     25842 | NS      | $587388.66    | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Icahn Enterprises LP                        | ICAHN ENTERPRISE              | CUSIP: 451100101<br>LEI: 549300T0G4GS0SINS786 | Long             | EC               | CORP              | US        |      7207 | NS      | $54412.85     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| iHeartMedia Inc                             | IHEARTMEDIA-CL A              | CUSIP: 45174J509<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     68366 | NS      | $284402.56    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Ingram Micro Holding Corporation            | INGRAM MICRO HOL              | CUSIP: 457152106<br>LEI: 9845008639BC538AB065 | Long             | EC               | CORP              | US        |     11422 | NS      | $243745.48    | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Insight Enterprises Inc.                    | INSIGHT ENTERPRI              | CUSIP: 45765U103<br>LEI: 529900S8991TYW6YP792 | Long             | EC               | CORP              | US        |     10002 | NS      | $814862.94    | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| Inspire Medical Systems Inc                 | INSPIRE MEDICAL               | CUSIP: 457730109<br>LEI: 549300XQQCQ7HCJKTW25 | Long             | EC               | CORP              | US        |      5488 | NS      | $506158.24    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Insperity Inc                               | INSPERITY INC                 | CUSIP: 45778Q107<br>LEI: 5299000Q0KW7HY5DB751 | Long             | EC               | CORP              | US        |     20969 | NS      | $811919.68    | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| Insulet Corporation                         | INSULET CORP                  | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Long             | EC               | CORP              | US        |      1035 | NS      | $294188.40    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Integra LifeSciences Holdings Corporation   | INTEGRA LIFESCIE              | CUSIP: 457985208<br>LEI: WB7IJCYY8YFTENS4O147 | Long             | EC               | CORP              | US        |     40267 | NS      | $500116.14    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Interactive Brokers Group Inc               | INTERACTIVE BROK              | CUSIP: 45841N107<br>LEI: 5493004DT6DCDUZNDM53 | Long             | EC               | CORP              | US        |      7788 | NS      | $500846.28    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| InterDigital, Inc.                          | INTERDIGITAL INC              | CUSIP: 45867G101<br>LEI: 529900HQAUTC3VI47G64 | Long             | EC               | CORP              | US        |      1559 | NS      | $496354.42    | 0.10%             |  |  |  | No            | 1                  | On Loan: —       |
| iShares Trust                               | ISHARES-C S&P500              | CUSIP: 464287200<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     84341 | NS      | $57768524.54  | 11.17%            |  |  |  | No            | 1                  | On Loan: No      |
| Jabil Inc                                   | JABIL INC                     | CUSIP: 466313103<br>LEI: 5493000CGCQY2OQU7669 | Long             | EC               | CORP              | US        |      1352 | NS      | $308283.04    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Jackson Financial Inc                       | JACKSON FI-A                  | CUSIP: 46817M107<br>LEI: 213800WXW2KG1N4CO374 | Long             | EC               | CORP              | US        |      2793 | NS      | $297873.45    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Kemper Corporation                          | KEMPER CORP                   | CUSIP: 488401100<br>LEI: 549300FNI1JKTRY2PV09 | Long             | EC               | CORP              | US        |      7174 | NS      | $290833.96    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Kohl's Corp.                                | KOHLS CORP                    | CUSIP: 500255104<br>LEI: 549300JF6LPRTRJ0FH50 | Long             | EC               | CORP              | US        |     38559 | NS      | $786989.19    | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| Krispy Kreme Inc                            | KRISPY KREME INC              | CUSIP: 50101L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    125633 | NS      | $505044.66    | 0.10%             |  |  |  | No            | 1                  | On Loan: —       |
| LPL Financial Holdings Inc.                 | LPL FINANCIAL HO              | CUSIP: 50212V100<br>LEI: 549300XROQ4Y8G2L7682 | Long             | EC               | CORP              | US        |      1410 | NS      | $503609.70    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| LSB Industries Inc                          | LSB INDUS INC                 | CUSIP: 502160104<br>LEI: 5493001H215A0HG0MI71 | Long             | EC               | CORP              | US        |     32992 | NS      | $280432.00    | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Las Vegas Sands Corp                        | LAS VEGAS SANDS               | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               | CORP              | US        |     12414 | NS      | $808027.26    | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| Lending Club Corporation                    | LENDINGCLUB CORP              | CUSIP: 52603A208<br>LEI: 549300YC50YO7Y1OJR92 | Long             | EC               | CORP              | US        |     26647 | NS      | $504694.18    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Life Time Group Holdings Inc                | LIFE TIME GROUP               | CUSIP: 53190C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10888 | NS      | $289403.04    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Lightspeed Commerce Inc                     | LIGHTSPEED COMME              | CUSIP: 53229C107<br>LEI: 254900T8MDWRTGMFZ257 | Long             | EC               | CORP              | CA        |     22107 | NS      | $267052.56    | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Lincoln Electric Holdings Inc.              | LINCOLN ELECTRIC              | CUSIP: 533900106<br>LEI: BIMGBY40SIN95O01BN93 | Long             | EC               | CORP              | US        |      1294 | NS      | $310094.16    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Lincoln National Corp.                      | LINCOLN NATL CRP              | CUSIP: 534187109<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | EC               | CORP              | US        |     11355 | NS      | $505638.15    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Live Nation Entertainment, Inc.             | LIVE NATION ENTE              | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |      2044 | NS      | $291270.00    | 0.06%             |  |  |  | No            | 1                  | On Loan: —       |
| Lockheed Martin Corporation                 | LOCKHEED MARTIN               | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |       639 | NS      | $309065.13    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| M&T Bank Corporation                        | M&T BANK CORP                 | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Long             | EC               | CORP              | US        |      1416 | NS      | $285295.68    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| MFA Financial Inc.                          | MFA FINANCIAL                 | CUSIP: 55272X607<br>LEI: YW72IMH2RRC8Z1TGLG58 | Long             | EC               | CORP              | US        |     29684 | NS      | $276358.04    | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| MGE Energy Inc.                             | MGE ENERGY INC                | CUSIP: 55277P104<br>LEI: 549300BYWGHSXX2TEO67 | Long             | EC               | CORP              | US        |      3671 | NS      | $287879.82    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| MGP Ingredients Inc.                        | MGP INGREDIENTS               | CUSIP: 55303J106<br>LEI: 2549006OMHFVZ4MS8538 | Long             | EC               | CORP              | US        |     20737 | NS      | $503909.10    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| MKS Inc.                                    | MKS INC                       | CUSIP: 55306N104<br>LEI: 549300KEQATBHAGVF505 | Long             | EC               | CORP              | US        |      1943 | NS      | $310491.40    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| MNTN Inc.                                   | MNTN INC-A                    | CUSIP: 55318A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21342 | NS      | $254823.48    | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| MP Materials Corp                           | MP MATERIALS COR              | CUSIP: 553368101<br>LEI: 89450063PHPS61USMT84 | Long             | EC               | CORP              | US        |      5853 | NS      | $295693.56    | 0.06%             |  |  |  | No            | 1                  | On Loan: —       |
| MACOM Technology Solutions Holdings Inc.    | MACOM TECHNOLOGY              | CUSIP: 55405Y100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2920 | NS      | $500137.60    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Macy's, Inc.                                | MACY'S INC                    | CUSIP: 55616P104<br>LEI: 529900NZQ81TIOW3CW52 | Long             | EC               | CORP              | US        |     23041 | NS      | $508054.05    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Madden(Steven)Ltd.                          | STEVEN MADDEN                 | CUSIP: 556269108<br>LEI: 549300Z9GZ7GYJWSGF43 | Long             | EC               | CORP              | US        |     12057 | NS      | $502053.48    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Magnera Corp.                               | MAGNERA CORP                  | CUSIP: 55939A107<br>LEI: 549300LDQLQBT38QDY28 | Long             | EC               | CORP              | US        |     54410 | NS      | $823767.40    | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| ManpowerGroup Inc.                          | MANPOWERGROUP IN              | CUSIP: 56418H100<br>LEI: ERO1WSFOSR0JJ6CRQ987 | Long             | EC               | CORP              | US        |     16765 | NS      | $498423.45    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Marqeta Inc                                 | MARQETA INC-A                 | CUSIP: 57142B104<br>LEI: 254900UZARK0FMZGZE18 | Long             | EC               | CORP              | US        |     60578 | NS      | $287745.50    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| MasterCard Incorporated                     | MASTERCARD INC-A              | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |       506 | NS      | $288865.28    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Matson Inc                                  | MATSON INC                    | CUSIP: 57686G105<br>LEI: 549300OI5H3Y0I9I4I12 | Long             | EC               | CORP              | US        |      2370 | NS      | $292813.50    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Mcgraw Hill Inc.                            | MCGRAW HILL INC               | CUSIP: 580907103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30771 | NS      | $507721.50    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Mckesson Corp.                              | MCKESSON CORP                 | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |       361 | NS      | $296124.69    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Mechel Public Joint Stock Company           | MECHEL-SPON ADR               | CUSIP: 583840608<br>LEI: 253400C9GSPBSKERRP65 | Long             | EC               | CORP              | RU        |     22935 | NS      | $0.00         | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| Pediatrix Medical Group Inc                 | PEDIATRIX MEDICA              | CUSIP: 58502B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23334 | NS      | $499114.26    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| MetLife Inc.                                | METLIFE INC                   | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |      3563 | NS      | $281263.22    | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Microvast Holdings Inc.                     | MICROVAST HOLDIN              | CUSIP: 59516C106<br>LEI: 549300J4UX9OMHSTKS35 | Long             | EC               | CORP              | US        |    108012 | NS      | $302433.60    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Mobileye Global Inc                         | MOBILEYE GLOBA-A              | CUSIP: 60741F104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28478 | NS      | $297310.32    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Mohawk Industries, Inc.                     | MOHAWK INDS                   | CUSIP: 608190104<br>LEI: 549300JI1115MG3Q6322 | Long             | EC               | CORP              | US        |      2811 | NS      | $307242.30    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| MongoDB Inc.                                | MONGODB INC                   | CUSIP: 60937P106<br>LEI: 549300TPTG69WKWE1Z37 | Long             | EC               | CORP              | US        |       729 | NS      | $305954.01    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Moog Inc.                                   | MOOG INC-CLASS A              | CUSIP: 615394202<br>LEI: 549300WM2I4U7OBAHG07 | Long             | EC               | CORP              | US        |      1227 | NS      | $298835.85    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                         | MS GOVT US LEX                | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             |  | US        |         0 | NS      | $0.00         | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| NRG Energy, Inc.                            | NRG ENERGY                    | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |      5085 | NS      | $809735.40    | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| National Fuel Gas Company                   | NATL FUEL GAS CO              | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |      3623 | NS      | $290057.38    | 0.06%             |  |  |  | No            | 1                  | On Loan: —       |
| Natural Grocers By Vitamin Cottage Inc.     | NATURAL GROCERS               | CUSIP: 63888U108<br>LEI: 529900P4OTXDGBUS3O87 | Long             | EC               | CORP              | US        |     12308 | NS      | $308315.40    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| NetApp Inc.                                 | NETAPP INC                    | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |      2658 | NS      | $284645.22    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Netgear Inc                                 | NETGEAR INC                   | CUSIP: 64111Q104<br>LEI: 54930067KX3UNRHDWA78 | Long             | EC               | CORP              | US        |     12622 | NS      | $309617.66    | 0.06%             |  |  |  | No            | 1                  | On Loan: —       |
| Newmont Corporation                         | NEWMONT CORP                  | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |      5020 | NS      | $501247.00    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| NPK International Inc.                      | NPK INTERNATIONA              | CUSIP: 651718504<br>LEI: 54930073OHWDQW4DJN26 | Long             | EC               | CORP              | US        |     19965 | NS      | $237982.80    | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Nextpower Inc.                              | NEXTRACKER-CL A               | CUSIP: 65290E101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5738 | NS      | $499837.18    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| XPLR Infrastructure LP                      | XPLR INFRASTRUCT              | CUSIP: 65341B106<br>LEI: 5493008F4ZOQFNG3WN54 | Long             | EC               | CORP              | US        |     83511 | NS      | $835110.00    | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| Niocorp Developments Ltd                    | NIOCORP DEVELOPM              | CUSIP: 654484609<br>LEI: 5299001QL26XJPOD3A17 | Long             | EC               | CORP              | CA        |     55954 | NS      | $296556.20    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Northern Lights Fund Trust III              | COUNTERP QUAN EQ              | CUSIP: 66538R540<br>LEI: 549300PPUECJSQFBYV98 | Long             | EC               | RF                | US        |   1471116 | NS      | $58991751.60  | 11.41%            |  |  |  | No            | 1                  | On Loan: —       |
| Northrop Grumman Corporation                | NORTHROP GRUMMAN              | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |       552 | NS      | $314755.92    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| NVIDIA Corp.                                | NVIDIA CORP                   | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |      2675 | NS      | $498887.50    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| O'Reilly Automotive Inc.                    | O'REILLY AUTOMOT              | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |      3373 | NS      | $307651.33    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Omada Health Inc.                           | OMADA HEALTH INC              | CUSIP: 68170A108<br>LEI: 5299008WYNYU33NFKF88 | Long             | EC               | CORP              | US        |     32162 | NS      | $507516.36    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Opendoor Technologies Inc.                  | OPENDOOR TECHNOL              | CUSIP: 683712103<br>LEI: 254900KX11YZ4HV5BQ47 | Long             | EC               | CORP              | US        |     49638 | NS      | $289389.54    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Opendoor Technologies Inc.                  | OPENDOOR TECH-26 SER K        | CUSIP: 683712129<br>LEI: 254900KX11YZ4HV5BQ47 | Long             | DO               | CORP              | US        |      2100 | NS      | $1890.00      | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| Opendoor Technologies Inc.                  | OPENDOOR TECH-26 SER A        | CUSIP: 683712137<br>LEI: 254900KX11YZ4HV5BQ47 | Long             | DO               | CORP              | US        |      2100 | NS      | $1092.63      | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| Opendoor Technologies Inc.                  | OPENDOOR TECH-26 SER Z        | CUSIP: 683712145<br>LEI: 254900KX11YZ4HV5BQ47 | Long             | DO               | CORP              | US        |      2100 | NS      | $838.74       | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| Oracle Corp.                                | ORACLE CORP                   | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      2567 | NS      | $500333.97    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Oscar Health Inc                            | OSCAR HEALTH -A               | CUSIP: 687793109<br>LEI: 254900AE8KDLFDOPKZ19 | Long             | EC               | CORP              | US        |     35212 | NS      | $505996.44    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| PBF Energy Inc                              | PBF ENERGY INC-A              | CUSIP: 69318G106<br>LEI: 2549003PBEDCSZMZIY02 | Long             | EC               | CORP              | US        |     30168 | NS      | $818156.16    | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| PRA Group Inc.                              | PRA GROUP INC                 | CUSIP: 69354N106<br>LEI: 549300Q5HW3JSSB86K27 | Long             | EC               | CORP              | US        |     28937 | NS      | $511895.53    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Par Pacific Holdings, Inc.                  | PAR PACIFIC HOLD              | CUSIP: 69888T207<br>LEI: 549300BTNS7MHSHRLR55 | Long             | EC               | CORP              | US        |     14300 | NS      | $502502.00    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Paymentus Holdings Inc                      | PAYMENTUS HOLD-A              | CUSIP: 70439P108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10084 | NS      | $318553.56    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Paypal Holdings Inc.                        | PAYPAL HOLDINGS               | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |      4888 | NS      | $285361.44    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Peabody Energy Corp.                        | PEABODY ENERGY                | CUSIP: 704551100<br>LEI: EJCO258LNNVSKAR2JX59 | Long             | EC               | CORP              | US        |     17042 | NS      | $506147.40    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| PENN Entertainment Inc                      | PENN ENTERTAINME              | CUSIP: 707569109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     34222 | NS      | $504774.50    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Perimeter Solutions Inc.                    | PERIMETER SOLUTI              | CUSIP: 71385M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18131 | NS      | $499146.43    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Permian Resources Corp                      | PERMIAN RESOURCE              | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Long             | EC               | CORP              | US        |     36093 | NS      | $506384.79    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Photronics Inc.                             | PHOTRONICS INC                | CUSIP: 719405102<br>LEI: 549300OK5JVNIBNY6F63 | Long             | EC               | CORP              | US        |      9329 | NS      | $298528.00    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Phreesia Inc                                | PHREESIA INC                  | CUSIP: 71944F106<br>LEI: 5493000HHF8NU4QOCG53 | Long             | EC               | CORP              | US        |     29932 | NS      | $506449.44    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Polaris Inc.                                | POLARIS INC                   | CUSIP: 731068102<br>LEI: 549300QJSN8UVWN1EI78 | Long             | EC               | CORP              | US        |      7960 | NS      | $503470.00    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Primoris Services Corp.                     | PRIMORIS SERVICE              | CUSIP: 74164F103<br>LEI: 549300UF3OLBJ8D5K349 | Long             | EC               | CORP              | US        |      4096 | NS      | $508477.44    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| ProPetro Holding Corp.                      | PROPETRO HOLDING              | CUSIP: 74347M108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     87919 | NS      | $836109.69    | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| Qnity Electronics Inc.                      | QNITY ELECTRONIC              | CUSIP: 74743L100<br>LEI: 254900RSUG4J9TFFZX53 | Long             | EC               | CORP              | US        |      3911 | NS      | $319333.15    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| QUALCOMM Inc.                               | QUALCOMM INC                  | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |      2932 | NS      | $501518.60    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Quantum Computing Inc                       | QUANTUM COMPUTIN              | CUSIP: 74766W108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28706 | NS      | $294523.56    | 0.06%             |  |  |  | No            | 1                  | On Loan: —       |
| The Real Brokerage Inc                      | REAL BROKERAGE I              | CUSIP: 75585H206<br>LEI: 254900X7DGVQ8SUIC387 | Long             | EC               | CORP              | CA        |    140851 | NS      | $514106.15    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Republic Services, Inc.                     | REPUBLIC SVCS                 | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |      1377 | NS      | $291827.61    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| ResMed Inc.                                 | RESMED INC                    | CUSIP: 761152107<br>LEI: 529900T3QE5253CCXF22 | Long             | EC               | CORP              | US        |      1233 | NS      | $296992.71    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Rivian Automotive Inc                       | RIVIAN AUTOMOT-A              | CUSIP: 76954A103<br>LEI: 25490004LNKJ84MFYY24 | Long             | EC               | CORP              | US        |     25483 | NS      | $502269.93    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Robinhood Markets Inc                       | ROBINHOOD MARK-A              | CUSIP: 770700102<br>LEI: 213800FS5AO3YWIE6F63 | Long             | EC               | CORP              | US        |      2516 | NS      | $284559.60    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Roblox Corporation                          | ROBLOX CORP - A               | CUSIP: 771049103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10057 | NS      | $814918.71    | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| Roku Inc                                    | ROKU INC                      | CUSIP: 77543R102<br>LEI: 549300KR6ITU0YIR1T71 | Long             | EC               | CORP              | US        |      2839 | NS      | $308003.11    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Ryder System, Inc.                          | RYDER SYSTEM INC              | CUSIP: 783549108<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | EC               | CORP              | US        |      1631 | NS      | $312157.09    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| SPX Technologies, Inc.                      | SPX TECHNOLOGIES              | CUSIP: 78473E103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2498 | NS      | $499749.88    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Sally Beauty Holdings Inc.                  | SALLY BEAUTY HOL              | CUSIP: 79546E104<br>LEI: 529900VXW6E8ONDIQ271 | Long             | EC               | CORP              | US        |     35262 | NS      | $502836.12    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Sanmina Corp                                | SANMINA CORP                  | CUSIP: 801056102<br>LEI: X5K24XLM8QYRXF00EB42 | Long             | EC               | CORP              | US        |      3305 | NS      | $495981.35    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Mativ Holdings Inc                          | MATIV INC                     | CUSIP: 808541106<br>LEI: 549300Z1FU4IDULG1R21 | Long             | EC               | CORP              | US        |     23756 | NS      | $288635.40    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Servicenow Inc                              | SERVICENOW INC                | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |      1940 | NS      | $297188.60    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Simply Good Foods Company                   | SIMPLY GOOD FOOD              | CUSIP: 82900L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14558 | NS      | $292324.64    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Sinclair Inc.                               | SINCLAIR INC                  | CUSIP: 829242106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33025 | NS      | $505282.50    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Six Flags Entertainment Corp.               | SIX FLAGS ENTERT              | CUSIP: 83001C108<br>LEI: 529900AS2CYWYFHRS781 | Long             | EC               | CORP              | US        |     33642 | NS      | $516068.28    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Skywest Inc                                 | SKYWEST INC                   | CUSIP: 830879102<br>LEI: 529900UYS2KGS6Z42P09 | Long             | EC               | CORP              | US        |      2936 | NS      | $294803.76    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Skyworks Solutions, Inc.                    | SKYWORKS SOLUTIO              | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | EC               | CORP              | US        |      4686 | NS      | $297139.26    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Slide Insurance Holdings Inc.               | SLIDE INSURANCE               | CUSIP: 831349105<br>LEI: 2549004LDWZTPC69SX47 | Long             | EC               | CORP              | US        |     41891 | NS      | $816036.68    | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| Snap-On Incorporated                        | SNAP-ON INC                   | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               | CORP              | US        |       909 | NS      | $313241.40    | 0.06%             |  |  |  | No            | 1                  | On Loan: —       |
| Sonic Automotive, Inc.                      | SONIC AUTOMOTI-A              | CUSIP: 83545G102<br>LEI: 549300NTLRGJ2JCBZU03 | Long             | EC               | CORP              | US        |      4883 | NS      | $302062.38    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Sonos Inc                                   | SONOS INC                     | CUSIP: 83570H108<br>LEI: 549300WEPU6075I77M08 | Long             | EC               | CORP              | US        |     45437 | NS      | $797873.72    | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| SoundHound AI Inc                           | SOUNDHOUND AI-A               | CUSIP: 836100107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29018 | NS      | $289309.46    | 0.06%             |  |  |  | No            | 1                  | On Loan: —       |
| Sprouts Farmers Markets Inc                 | SPROUTS FARMERS               | CUSIP: 85208M102<br>LEI: 529900P8F4G77Q52XE24 | Long             | EC               | CORP              | US        |      6302 | NS      | $502080.34    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Sprout Social Inc.                          | SPROUT SOCIAL-A               | CUSIP: 85209W109<br>LEI: 254900QE3QH8EBRDOB65 | Long             | EC               | CORP              | US        |     71170 | NS      | $802085.90    | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| Stitch Fix Inc                              | STITCH FIX INC-A              | CUSIP: 860897107<br>LEI: 549300TNHOVBOJZIYE72 | Long             | EC               | CORP              | US        |     62048 | NS      | $325752.00    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Stride Inc                                  | STRIDE INC                    | CUSIP: 86333M108<br>LEI: 254900BRWS3AFONWU277 | Long             | EC               | CORP              | US        |      7761 | NS      | $503921.73    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Sweetgreen Inc                              | SWEETGREEN INC-A              | CUSIP: 87043Q108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     74476 | NS      | $503457.76    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Symbotic Inc                                | SYMBOTIC INC                  | CUSIP: 87151X101<br>LEI: 529900UN9QT55OG9I235 | Long             | EC               | CORP              | US        |      5201 | NS      | $309459.50    | 0.06%             |  |  |  | No            | 1                  | On Loan: —       |
| Tactile Systems Technology Inc.             | TACTILE SYSTEMS               | CUSIP: 87357P100<br>LEI: 54930069VDTITHOTKJ98 | Long             | EC               | CORP              | US        |     17460 | NS      | $506340.00    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Talos Energy Inc                            | TALOS ENERGY INC              | CUSIP: 87484T108<br>LEI: 549300OKFHZ84SFJFT95 | Long             | EC               | CORP              | US        |     72635 | NS      | $800437.70    | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| Tandem Diabetes Care Inc                    | TANDEM DIABETES               | CUSIP: 875372203<br>LEI: 549300JEPFOD0K4D3I05 | Long             | EC               | CORP              | US        |     22858 | NS      | $502418.84    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Tapestry Inc                                | TAPESTRY INC                  | CUSIP: 876030107<br>LEI: 549300LJNVY5SW3VTN33 | Long             | EC               | CORP              | US        |      2459 | NS      | $314186.43    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Targa Resources Corp.                       | TARGA RESOURCES               | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |      1636 | NS      | $301842.00    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| TaskUs Inc                                  | TASKUS INC-A                  | CUSIP: 87652V109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     48498 | NS      | $571791.42    | 0.11%             |  |  |  | No            | 1                  | On Loan: —       |
| Taylor Morrison Home Corp                   | TAYLOR MORRISON               | CUSIP: 87724P106<br>LEI: 5299009UDLLGLKOOJE30 | Long             | EC               | CORP              | US        |      4872 | NS      | $286814.64    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Teladoc Health Inc                          | TELADOC HEALTH I              | CUSIP: 87918A105<br>LEI: 549300I2PVFBC9MFAC61 | Long             | EC               | CORP              | US        |    115452 | NS      | $808164.00    | 0.16%             |  |  |  | No            | 1                  | On Loan: —       |
| Teradyne Inc.                               | TERADYNE INC                  | CUSIP: 880770102<br>LEI: C3X4YJ278QNZHRJULN75 | Long             | EC               | CORP              | US        |      2576 | NS      | $498610.56    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| The Trade Desk Inc                          | TRADE DESK INC-A              | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Long             | EC               | CORP              | US        |     13211 | NS      | $501489.56    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Toast Inc                                   | TOAST INC-A                   | CUSIP: 888787108<br>LEI: 549300TN1PZNLCD4I551 | Long             | EC               | CORP              | US        |     14085 | NS      | $500158.35    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| UFP Industries Inc                          | UFP INDUSTRIES I              | CUSIP: 90278Q108<br>LEI: 5493007KB485C9OV5572 | Long             | EC               | CORP              | US        |      3105 | NS      | $282710.25    | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| United Natural Foods, Inc.                  | UNITED NATURAL                | CUSIP: 911163103<br>LEI: 549300GKGW6WPZ282D40 | Long             | EC               | CORP              | US        |     24276 | NS      | $817372.92    | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| United Rentals, Inc.                        | UNITED RENTALS                | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |       381 | NS      | $308350.92    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| United States Antimony Corp                 | US ANTIMONY CORP              | CUSIP: 911549103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     63933 | NS      | $320943.66    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| US Foods Holding Corp                       | US FOODS HOLDING              | CUSIP: 912008109<br>LEI: 549300UGOZSO64CFPR97 | Long             | EC               | CORP              | US        |      3843 | NS      | $289454.76    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| United States Treasury Bills                | B 01/02/26                    | CUSIP: 912797RA7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  50000000 | PA      | $50000000.00  | 9.67%             | 2026-01-02      | Fixed         | 0.00%                 | No            | 2                  | On Loan: —       |
| United States Treasury Bills                | B 09/03/26                    | CUSIP: 912797RS8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  30000000 | PA      | $29321235.30  | 5.67%             | 2026-09-03      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| United States Treasury Bills                | B 06/04/26                    | CUSIP: 912797SX6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  50000000 | PA      | $49261279.00  | 9.53%             | 2026-06-04      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| Universal Insurance Holdings Inc            | UNIVERSAL INSURA              | CUSIP: 91359V107<br>LEI: 529900GGAZ6WVUCWQM46 | Long             | EC               | CORP              | US        |      7265 | NS      | $245557.00    | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Upwork Inc                                  | UPWORK INC                    | CUSIP: 91688F104<br>LEI: 5493004QJ6WWBXVE2S70 | Long             | EC               | CORP              | US        |     25573 | NS      | $506856.86    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Urban Outfitters Inc.                       | URBAN OUTFITTER               | CUSIP: 917047102<br>LEI: 549300N3DUFR5U6NRN38 | Long             | EC               | CORP              | US        |     10352 | NS      | $779091.52    | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| USA Rare Earth Inc.                         | USA RARE EARTH I              | CUSIP: 91733P107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     65863 | NS      | $783769.70    | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| UWM Holdings Corp                           | UWM HOLDINGS COR              | CUSIP: 91823B109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     64946 | NS      | $284463.48    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Viavi Solutions Inc                         | VIAVI SOLUTIONS               | CUSIP: 925550105<br>LEI: 5493006K3E3N1QOBF092 | Long             | EC               | CORP              | US        |     27921 | NS      | $497552.22    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Victorias Secret and Co                     | VICTORIA'S SECRE              | CUSIP: 926400102<br>LEI: 5493006T3O70U3UWVF17 | Long             | EC               | CORP              | US        |      5590 | NS      | $302810.30    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Victory Capital Holdings, Inc.              | VICTORY CAPITA-A              | CUSIP: 92645B103<br>LEI: 549300BN5LH2CIPPHS71 | Long             | EC               | CORP              | US        |      4785 | NS      | $301885.65    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Vistra Corp                                 | VISTRA CORP                   | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |      1798 | NS      | $290071.34    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| WSFS Financial Corporation                  | WSFS FINANCIAL                | CUSIP: 929328102<br>LEI: 549300SU7VQHD6QRG886 | Long             | EC               | CORP              | US        |      5126 | NS      | $283160.24    | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Warrior Met Coal Inc                        | WARRIOR MET COAL              | CUSIP: 93627C101<br>LEI: 549300152B1S9YKBYV79 | Long             | EC               | CORP              | US        |      5761 | NS      | $507947.37    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Waterbridge Infrastructure LLC              | WATERBRIDGE IN-A              | CUSIP: 940923105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25172 | NS      | $503691.72    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Wells Fargo & Co.                           | WELLS FARGO & CO              | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |      3121 | NS      | $290877.20    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Wesco International, Inc.                   | WESCO INTL                    | CUSIP: 95082P105<br>LEI: 529900TXOGREY3WNJ434 | Long             | EC               | CORP              | US        |      2034 | NS      | $497597.76    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Western Digital Corp.                       | WESTERN DIGITAL               | CUSIP: 958102105<br>LEI: 549300QQXOOYEF89IC56 | Long             | EC               | CORP              | US        |      1624 | NS      | $279766.48    | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Williams Companies Inc. (The)               | WILLIAMS COS INC              | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |      5006 | NS      | $300910.66    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Winnebago Industries Inc.                   | WINNEBAGO INDS                | CUSIP: 974637100<br>LEI: 549300B7OYKYJLTE3G11 | Long             | EC               | CORP              | US        |     12379 | NS      | $501597.08    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Woodward Inc.                               | WOODWARD INC                  | CUSIP: 980745103<br>LEI: YPYKXXTR8TFDH54ZMB45 | Long             | EC               | CORP              | US        |      1673 | NS      | $505781.36    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Worthington Enterprises Inc                 | WORTHINGTON ENTE              | CUSIP: 981811102<br>LEI: 1WRCIANKYOIK6KYE5E82 | Long             | EC               | CORP              | US        |      5657 | NS      | $291731.49    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| ABIOMED, INC.                               | ABIOMED INC -CVR              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       476 | NS      | $485.52       | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| CMB.TECH NV                                 | CMB TECH NV                   | CUSIP: B38564108<br>LEI: 549300D80RYON74MEJ03 | Long             | EC               | CORP              | BE        |     52764 | NS      | $509172.60    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Okeanis Eco Tankers Corp                    | OKEANIS ECO TANK              | CUSIP: Y64177101<br>LEI: 213800U35RCYXTKVEM65 | Long             | EC               | CORP              | MH        |     15122 | NS      | $511728.48    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE                 | S&P500 EMINI FUT  Mar26       | CUSIP: N/A<br>LEI: SNZ2OJLFK8MNNCLQOF39       | Long             | DE               | CORP              | US        |       132 | NC      | $-5170.00     | -0.00%            |  |  |  | No            | 1                  | On Loan: No      |
| Adient PLC                                  | ADIENT PLC                    | CUSIP: G0084W101<br>LEI: 5493002QLDY8O75RTR78 | Long             | EC               | CORP              | IE        |     26520 | NS      | $508388.40    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Assured Guaranty Ltd.                       | ASSURED GUARANTY              | CUSIP: G0585R106<br>LEI: 549300BBOQUJEPH87M14 | Long             | EC               | CORP              | BM        |      3262 | NS      | $293155.94    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| BBB Foods Inc                               | BBB FOODS INC-A               | CUSIP: G0896C103<br>LEI: N/A                  | Long             | EC               | CORP              | VG        |     14967 | NS      | $499748.13    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Capri Holdings Ltd.                         | CAPRI HOLDINGS L              | CUSIP: G1890L107<br>LEI: 549300LPG8W0H1OX3A26 | Long             | EC               | CORP              | VG        |     20779 | NS      | $507007.60    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Credo Technology Group Holding Ltd          | CREDO TECHNOLOGY              | CUSIP: G25457105<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |      2049 | NS      | $294830.61    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Dole PLC                                    | DOLE PLC                      | CUSIP: G27907107<br>LEI: 635400JUG5XJXOPPJJ47 | Long             | EC               | CORP              | IE        |     19665 | NS      | $294778.35    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| DLocal Limited                              | DLOCAL LTD                    | CUSIP: G29018101<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     35560 | NS      | $502818.40    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Ferroglobe PLC                              | FERROGLOBE PLC                | CUSIP: G33856108<br>LEI: 2138005GCFJACFTZUD90 | Long             | EC               | CORP              | GB        |    108592 | NS      | $503866.88    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Herbalife Ltd.                              | HERBALIFE LTD                 | CUSIP: G4412G101<br>LEI: 549300BA7TYPBSZZIA41 | Long             | EC               | CORP              | KY        |     39573 | NS      | $510095.97    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Ihs Holding Limited                         | IHS HOLDING LTD               | CUSIP: G4701H109<br>LEI: 213800CLGMKL63VKTD94 | Long             | EC               | CORP              | KY        |     33573 | NS      | $250454.58    | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Jazz Pharmaceuticals PLC                    | JAZZ PHARMACEUTI              | CUSIP: G50871105<br>LEI: 635400GAUMJCLEZRRV50 | Long             | EC               | CORP              | IE        |      2963 | NS      | $503710.00    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Medtronic PLC                               | MEDTRONIC PLC                 | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |      2950 | NS      | $283377.00    | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Marex Group Plc                             | MAREX GROUP PLC               | CUSIP: G5S37H101<br>LEI: 549300DWX0SVICJAL507 | Long             | EC               | CORP              | GB        |     13116 | NS      | $503129.76    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Liberty Global Ltd.                         | LIBERTY GLOBAL-A              | CUSIP: G61188101<br>LEI: 213800HRMKKTYH7SKA24 | Long             | EC               | CORP              | BM        |     45226 | NS      | $503817.64    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Nabors Industries, Ltd.                     | NABORS INDS LTD               | CUSIP: G6359F137<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |      9382 | NS      | $509442.60    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| NIQ Global Intelligence PLC                 | NIQ GLOBAL INTEL              | CUSIP: G63755105<br>LEI: 529900Z0P0XAM4O3H416 | Long             | EC               | CORP              | IE        |     30567 | NS      | $504049.83    | 0.10%             |  |  |  | No            | 1                  | On Loan: —       |
| National Energy Services Reunited Corp.     | NATIONAL ENERGY               | CUSIP: G6375R107<br>LEI: N/A                  | Long             | EC               | CORP              | VG        |     32549 | NS      | $509717.34    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Novocure Ltd                                | NOVOCURE LTD                  | CUSIP: G6674U108<br>LEI: 213800YPP55UMHWA4826 | Long             | EC               | CORP              | JE        |     38605 | NS      | $499162.65    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Roivant Sciences Ltd                        | ROIVANT SCIENCES              | CUSIP: G76279101<br>LEI: 549300DL466NY5J6U724 | Long             | EC               | CORP              | BM        |     23318 | NS      | $506000.60    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Pentair PLC                                 | PENTAIR PLC                   | CUSIP: G7S00T104<br>LEI: 549300EVR9D56WPSRP15 | Long             | EC               | CORP              | IE        |      2940 | NS      | $306171.60    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Super Group Sghc Limited                    | SUPER GROUP SGHC              | CUSIP: G8588X103<br>LEI: N/A                  | Long             | EC               | CORP              | GG        |     42612 | NS      | $509213.40    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| TE Connectivity PLC                         | TE CONNECTIVITY               | CUSIP: G87052109<br>LEI: 6367003TB6K484NFHE54 | Long             | EC               | CORP              | IE        |      2202 | NS      | $500977.02    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Teekay Corporation Ltd.                     | TEEKAY CORP LTD               | CUSIP: G8726T105<br>LEI: YHKQM2RIPKZYOZ6RVZ46 | Long             | EC               | CORP              | BM        |     28084 | NS      | $253598.52    | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Trane Technologies PLC                      | TRANE TECHNOLOGI              | CUSIP: G8994E103<br>LEI: 549300BURLR9SLYY2705 | Long             | EC               | CORP              | IE        |       759 | NS      | $295402.80    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Tronox Holdings PLC                         | TRONOX HOLDING                | CUSIP: G9087Q102<br>LEI: 549300NRVC84SGJSXV06 | Long             | EC               | CORP              | GB        |    186215 | NS      | $776516.55    | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| Tsakos Energy Navigation Ltd.               | TSAKOS ENERGY NA              | CUSIP: G9108L173<br>LEI: 549300IFUTS62LRRCU54 | Long             | EC               | CORP              | BM        |      9737 | NS      | $218303.54    | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Vtex                                        | VTEX -CLASS A                 | CUSIP: G9470A102<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     79725 | NS      | $299766.00    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Sportradar Group AG                         | SPORTRADAR GROUP              | CUSIP: H8088L103<br>LEI: 549300H1P33YOAT7Z533 | Long             | EC               | CORP              | CH        |     13033 | NS      | $309794.41    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                         | JCP1MILS INDEX                | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | US        |    385000 | NS      | $-642409.66   | -0.12%            |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                         | JCP1MULS INDEX                | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | US        |    334000 | NS      | $-1441081.91  | -0.28%            |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                         | JPCPILS1 INDEX                | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | US        |    579900 | NS      | $667148.90    | 0.13%             |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                         | JPCPILS2 INDEX                | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | US        |   1001400 | NS      | $1692835.67   | 0.33%             |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                         | JPCPILS3 INDEX                | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | US        |    989300 | NS      | $1260407.82   | 0.24%             |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                         | JPCPULS1 INDEX                | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | US        |    299000 | NS      | $224530.17    | 0.04%             |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                         | JPCPULS2 INDEX                | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | US        |    383600 | NS      | $-54719.12    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                         | CP TE - JPCPUSHA IND          | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | US        |    697486 | NS      | $1247521.81   | 0.24%             |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                         | CP TE - JPCPUSHB IND          | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | US        |   1070326 | NS      | $-783180.00   | -0.15%            |  |  |  | No            | 2                  | On Loan: No      |
| Globant S.A                                 | GLOBANT SA                    | CUSIP: L44385109<br>LEI: 2221008DCMSPYS42DS88 | Long             | EC               | CORP              | LU        |      7589 | NS      | $496092.93    | 0.10%             |  |  |  | No            | 1                  | On Loan: —       |
| Camtek Limited                              | CAMTEK LTD                    | CUSIP: M20791105<br>LEI: 5493000H80W07HCKGS43 | Long             | EC               | CORP              | IL        |      4680 | NS      | $497694.60    | 0.10%             |  |  |  | No            | 1                  | On Loan: —       |
| Elbit Systems Ltd                           | ELBIT SYSTEMS                 | CUSIP: M3760D101<br>LEI: 529900Q9CB1REUMZSS32 | Long             | EC               | CORP              | IL        |       875 | NS      | $505496.25    | 0.10%             |  |  |  | No            | 1                  | On Loan: —       |
| Frontline Plc                               | FRONTLINE PLC                 | CUSIP: M46528101<br>LEI: 5493004BCIKYU1YL3H63 | Long             | EC               | CORP              | CY        |     23259 | NS      | $507511.38    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| JFrog Ltd                                   | JFROG LTD                     | CUSIP: M6191J100<br>LEI: 2549002N8E00AY49G567 | Long             | EC               | CORP              | IL        |      7857 | NS      | $490748.22    | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Monday.Com Limited                          | MONDAY.COM LTD                | CUSIP: M7S64H106<br>LEI: 984500MDAFVD86E3B328 | Long             | EC               | CORP              | IL        |      3438 | NS      | $507311.28    | 0.10%             |  |  |  | No            | 1                  | On Loan: —       |
| Stratasys Ltd                               | STRATASYS LTD                 | CUSIP: M85548101<br>LEI: 529900MU215GIP9SZ741 | Long             | EC               | CORP              | IL        |     58852 | NS      | $510835.36    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| ZIM Integrated Shipping Services Ltd        | ZIM INTEGRATED S              | CUSIP: M9T951109<br>LEI: 21380089EIJRELKAIL21 | Long             | EC               | CORP              | IL        |     39950 | NS      | $848138.50    | 0.16%             |  |  |  | No            | 1                  | On Loan: —       |
| N/A                                         | MSCPIN1 INDEX                 | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | US        |    523000 | NS      | $-580344.44   | -0.11%            |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                         | MSCPUS1 INDEX                 | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | US        |    305500 | NS      | $1339969.20   | 0.26%             |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                         | SPDR SP 500 ETF LONG          | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | US        |    370370 | NS      | $14813633.67  | 2.87%             |  |  |  | No            | 2                  | On Loan: No      |
| Costamare Inc.                              | COSTAMARE INC                 | CUSIP: Y1771G102<br>LEI: 5299003L6NPTZ25LN818 | Long             | EC               | CORP              | MH        |     16268 | NS      | $256871.72    | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Danaos Corp.                                | DANAOS CORP                   | CUSIP: Y1968P121<br>LEI: 734IM3DNDNT36T7YTD24 | Long             | EC               | CORP              | MH        |      2534 | NS      | $238652.12    | 0.05%             |  |  |  | No            | 1                  | On Loan: —       |
| DHT Holdings Inc.                           | DHT HOLDINGS INC              | CUSIP: Y2065G121<br>LEI: 549300SMD6IVZYT74K40 | Long             | EC               | CORP              | MH        |     41679 | NS      | $508900.59    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Flex Ltd.                                   | FLEX LTD                      | CUSIP: Y2573F102<br>LEI: 549300EAQH74YHD07T53 | Long             | EC               | CORP              | SG        |      8254 | NS      | $498706.68    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Global Ship Lease Inc.                      | GLOBAL SHIP-CL A              | CUSIP: Y27183600<br>LEI: 254900GLZ0J5N8UZM071 | Long             | EC               | CORP              | MH        |     14402 | NS      | $504646.08    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Navios Maritime Partners LP                 | NAVIOS MARITIME               | CUSIP: Y62267409<br>LEI: 213800185NOIXCLYX335 | Long             | EC               | CORP              | MH        |     15454 | NS      | $810253.22    | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |

### Signature

**Date Signed:** 2026-01-28

**Name of Applicant:** NORTHERN LIGHTS FUND TRUST III

**Signature:** Rich Gleason

**Name of Signer:** Rich Gleason

**Title:** Treasurer