# EDGAR Filing Document

**Accession Number:** 0001537140
**File Stem:** 0001752724-23-044724
**Filing Date:** 2023-2
**Character Count:** 161293
**Document Hash:** 992e1fe583adf917dd83d7002db562c3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-044724.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-044724

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NORTHERN LIGHTS FUND TRUST III
- **CENTRAL INDEX KEY:** 0001537140
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22655
- **FILM NUMBER:** 23679946

**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** | **COUNTERPOINT TACTICAL INCOME FUND** | **COUNTERPOINT TACTICAL INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  |  |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 4.5%** |  |  |  |
|  | **FIXED INCOME - 4.5%** |  |  |  |
| 1327707 | Invesco Senior Loan ETF |  |  | &nbsp;&nbsp;&nbsp; $27257824 |
| 510163 | SPDR Blackstone Senior Loan ETF |  |  | &nbsp;&nbsp;&nbsp; 20865667 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $48,759,617)** |  |  | &nbsp;&nbsp; 48123491 |
|  | **OPEN END FUNDS — 90.3%** |  |  |  |
|  | **FIXED INCOME - 90.3%** |  |  |  |
| 13383298 | BlackRock Floating Rate Income Portfolio, Institutional Class |  |  | &nbsp;&nbsp;&nbsp; 125802998 |
| 4204 | BlackRock High Yield Bond Portfolio, Institutional Class |  |  | &nbsp;&nbsp;&nbsp; 27912 |
| 25139665 | Fidelity Advisor Floating Rate High Income Fund, Class I |  |  | &nbsp;&nbsp;&nbsp; 225754190 |
| 10868723 | Goldman Sachs High Yield Floating Rate Fund, Institutional Class |  |  | &nbsp;&nbsp;&nbsp; 94014450 |
| 17109235 | JPMorgan High Yield Fund, Class I |  |  | &nbsp;&nbsp;&nbsp; 105050701 |
| 1808 | Lord Abbett Floating Rate Fund Class I, Class I |  |  | &nbsp;&nbsp;&nbsp; 14193 |
| 569120 | Lord Abbett High Yield Fund, Class I |  |  | &nbsp;&nbsp;&nbsp; 3488706 |
| 606783 | MainStay MacKay High Yield Corporate Bond Fund, Class I |  |  | &nbsp;&nbsp;&nbsp; 2979306 |
| 82057893 | PGIM High Yield Fund, Class Z |  |  | &nbsp;&nbsp;&nbsp; 373363413 |
| 3719 | PIMCO High Yield Fund, Institutional Class |  |  | &nbsp;&nbsp;&nbsp; 27929 |
| 1000 | TIAA-CREF High Yield Fund, Institutional Class |  |  | &nbsp;&nbsp;&nbsp; 8190 |
| 3990704 | Transamerica High Yield Bond, Class I |  |  | &nbsp;&nbsp;&nbsp; 30888049 |
|  | **TOTAL OPEN END FUNDS (Cost $963,935,559)** |  |  | &nbsp;&nbsp; 961420037 |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** |  |
|  | **U.S. GOVERNMENT & AGENCIES — 1.3%** |  |  |  |
|  | **U.S. TREASURY BILLS** — **1.3%** |  |  |  |
| 4000000 | United States Treasury Bill<sup>(a)(b)</sup> | 4.490 | &nbsp;&nbsp;&nbsp;02/23/23 | 3975956 |
| 5000000 | United States Treasury Bill<sup>(a)</sup> | 4.520 | &nbsp;&nbsp;&nbsp;03/14/23 | 4959433 |
| 5000000 | United States Treasury Bill<sup>(a)(b)</sup> | 4.575 | &nbsp;&nbsp;&nbsp;04/27/23 | 4929625 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $13,868,447)** |  |  | 13865014 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 2.8%** |  |
|  | **MONEY MARKET FUNDS - 2.8%** |  |
| 29625150 | Goldman Sachs Financial Square Government Fund, Class FST, 4.13% (Cost $29,625,150)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $29625150 |
|  | **TOTAL INVESTMENTS - 98.9% (Cost $1,056,188,773)** | &nbsp;&nbsp;&nbsp; $1053033692 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 1.1%** | &nbsp;&nbsp; 11634796 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $1064668488 |

---

SPDR - Standard & Poor's Depositary Receipt

<sup>(a)</sup> Zero coupon bond. Rate shown is the discount rate at time of purchase.

<sup>(b)</sup> All or a portion of this security is pledged as collateral for swaptions. The total fair value of the collateral is $8,905,581.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of December 31, 2022.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **SWAPTIONS PURCHASED** |  |  |  |  |  |  |  |  |  |
|  |  |  | **Exercise** | **Number Of** | **Expiration** | **Notional** | **Fair** | **Premiums** | **Unrealized** |
| **Description** | **Put/Call** | **Counterparty** | **Rate** | **Contracts** | **Date** | **Amount** | **Value** | **Paid** | **Appreciation/(Depreciation)** |
| CDX North Amergican High Yield Index Version 1 Series 39 Strike Payer Index Option | Put | Goldman Sachs | 98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | 1/18/2023 | $250000000 | $744688 | $5000000 | $(4255312) |
| CDX North Amergican High Yield Index Version 1 Series 39 Strike Payer Index Option | Put | JP Morgan | 98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | 1/18/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4305312) |
|  |  |  |  |  |  |  | $1489376 | $10050000 | $(8560624) |
| **SWAPTIONS WRITTEN** |  |  |  |  |  |  |  |  |  |
|  |  |  | **Exercise** | **Number Of** | **Expiration** | **Notional** | **Fair** | **Premiums** | **Unrealized** |
| **Description** | **Put/Call** | **Counterparty** | **Rate** | **Contracts** | **Date** | **Amount** | **Value** | **Received** | **Appreciation/(Depreciation)** |
| CDX North Amergican High Yield Index Version 1 Series 39 Strike Payer Index Option | Put | Goldman Sachs | 92.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | 1/18/2023 | $250000000 | $31845 | $1787500 | $1755655 |
| CDX North Amergican High Yield Index Version 1 Series 39 Strike Payer Index Option | Put | JP Morgan | 92.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | 1/18/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1962500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1930655 |
|  |  |  |  |  |  |  | $63690 | $3750000 | $3686310 |
| **CREDIT DEFAULT SWAP** |  |  |  |  |  |  |  |  |  |
|  |  | **Payement** | **Buy/Sell** | **Fixed Rate** | **Maturity** | **Notional** | **Premiums** |  | **Unrealized** |
| **Description** | **Counterparty** | **Frequency** | **Protection** | **Received** | **Date** | **Amount** | **Paid (Received)** | **Value\*** | **Depreciation** |
| CDX North American High Yield Index Version 1, Series 39 \* | Wells Fargo | Quarterly | Sell | 5.00% | 12/20/2027 | $40000000 | $271970 | $232960 | $(39010) |
| \* The underlying holdings of this security can be found at https://www.markit.com/Company/Files/DownloadFiles?CMSID=7d27961dc9d94471b3d060443c11fd7b. | \* The underlying holdings of this security can be found at https://www.markit.com/Company/Files/DownloadFiles?CMSID=7d27961dc9d94471b3d060443c11fd7b. | \* The underlying holdings of this security can be found at https://www.markit.com/Company/Files/DownloadFiles?CMSID=7d27961dc9d94471b3d060443c11fd7b. | \* The underlying holdings of this security can be found at https://www.markit.com/Company/Files/DownloadFiles?CMSID=7d27961dc9d94471b3d060443c11fd7b. | \* The underlying holdings of this security can be found at https://www.markit.com/Company/Files/DownloadFiles?CMSID=7d27961dc9d94471b3d060443c11fd7b. | \* The underlying holdings of this security can be found at https://www.markit.com/Company/Files/DownloadFiles?CMSID=7d27961dc9d94471b3d060443c11fd7b. |  |  |  |  |

---

---

| | | |
|:---|:---|:---|
| **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, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 49.0%** |  |
|  | **ADVERTISING & MARKETING - 0.2%** |  |
| 14716 | Magnite, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $155842 |
|  | **AEROSPACE & DEFENSE - 0.3%** |  |
| 11272 | Embraer S.A. - ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 123203 |
| 2456 | Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp; 96791 |
| 8073 | Triumph Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 84928 |
|  |  | &nbsp;&nbsp; 304922 |
|  | **APPAREL & TEXTILE PRODUCTS - 0.2%** |  |
| 2663 | Capri Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 152643 |
|  | **ASSET MANAGEMENT - 0.6%** |  |
| 777 | Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp; 241935 |
| 2533 | Futu Holdings Ltd. - ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 102966 |
| 2549 | Stifel Financial Corporation | &nbsp;&nbsp;&nbsp; 148785 |
|  |  | &nbsp;&nbsp; 493686 |
|  | **AUTOMOTIVE - 1.4%** |  |
| 3304 | Adient PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 114616 |
| 19707 | American Axle & Manufacturing Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 154108 |
| 7485 | Dana, Inc. | &nbsp;&nbsp;&nbsp; 113248 |
| 535 | Ferrari N.V. | &nbsp;&nbsp;&nbsp; 114608 |
| 9118 | Ford Motor Company | &nbsp;&nbsp;&nbsp; 106042 |
| 3461 | General Motors Company | &nbsp;&nbsp;&nbsp; 116428 |
| 15180 | Goodyear Tire & Rubber Company (The)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 154077 |
| 2276 | Magna International, Inc. | &nbsp;&nbsp;&nbsp; 127866 |
| 7439 | Modine Manufacturing Company<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 147739 |
| 5519 | Tata Motors Ltd. - ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 127544 |
|  |  | &nbsp;&nbsp; 1276276 |
|  | **BANKING - 2.6%** |  |
| 2401 | Ameris Bancorp | &nbsp;&nbsp;&nbsp; 113183 |
| 3650 | Atlantic Union Bankshares Corporation | &nbsp;&nbsp;&nbsp; 128261 |
| 6439 | Banco de Chile - ADR | &nbsp;&nbsp;&nbsp; 134060 |
| 3292 | Bancorp, Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 93427 |
| 4507 | Fifth Third Bancorp | &nbsp;&nbsp;&nbsp; 147875 |
| 7616 | First BanCorporation | &nbsp;&nbsp;&nbsp; 96876 |

---

---

| | | |
|:---|:---|:---|
| **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, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 49.0% (Continued)** |  |
|  | **BANKING - 2.6% (Continued)** |  |
| 4528 | First Financial Bancorp | &nbsp;&nbsp;&nbsp; $109713 |
| 15173 | Grupo Financiero Galicia S.A. - ADR | &nbsp;&nbsp;&nbsp; 147633 |
| 9397 | OFG Bancorp | &nbsp;&nbsp;&nbsp; 258981 |
| 2452 | Pathward Financial, Inc. | &nbsp;&nbsp;&nbsp; 105559 |
| 2288 | Popular, Inc. | &nbsp;&nbsp;&nbsp; 151740 |
| 4833 | Regions Financial Corporation | &nbsp;&nbsp;&nbsp; 104199 |
| 2808 | Renasant Corporation | &nbsp;&nbsp;&nbsp; 105553 |
| 6711 | Synovus Financial Corporation | &nbsp;&nbsp;&nbsp; 251998 |
| 7168 | Umpqua Holdings Corporation | &nbsp;&nbsp;&nbsp; 127949 |
| 1632 | Wintrust Financial Corporation | &nbsp;&nbsp;&nbsp; 137937 |
| 1982 | Zions Bancorp NA | &nbsp;&nbsp;&nbsp; 97435 |
|  |  | &nbsp;&nbsp; 2312379 |
|  | **BIOTECH & PHARMA - 0.2%** |  |
| 15625 | AbCellera Biologics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 158281 |
|  | **CABLE & SATELLITE - 0.4%** |  |
| 33924 | Altice USA, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 156050 |
| 19628 | Liberty Latin America Ltd., Class C<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 149173 |
|  |  | &nbsp;&nbsp; 305223 |
|  | **CHEMICALS - 1.1%** |  |
| 4107 | Axalta Coating Systems Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 104605 |
| 16635 | Ecovyst, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 147386 |
| 5197 | Element Solutions, Inc. | &nbsp;&nbsp;&nbsp; 94533 |
| 4520 | Olin Corporation | &nbsp;&nbsp;&nbsp; 239289 |
| 27909 | Rayonier Advanced Materials, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 267926 |
| 1918 | Sociedad Quimica y Minera de Chile S.A. - ADR | &nbsp;&nbsp;&nbsp; 153133 |
|  |  | &nbsp;&nbsp; 1006872 |
|  | **COMMERCIAL SUPPORT SERVICES - 0.9%** |  |
| 17602 | BrightView Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 121278 |
| 5467 | Cross Country Healthcare, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 145258 |
| 3158 | Franklin Covey Company<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 147699 |
| 2403 | Korn Ferry | &nbsp;&nbsp;&nbsp; 121640 |
| 1423 | ManpowerGroup, Inc. | &nbsp;&nbsp;&nbsp; 118408 |

---

---

| | | |
|:---|:---|:---|
| **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, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 49.0% (Continued)** |  |
|  | **COMMERCIAL SUPPORT SERVICES - 0.9% (Continued)** |  |
| 1826 | TriNet Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $123803 |
|  |  | &nbsp;&nbsp; 778086 |
|  | **CONSTRUCTION MATERIALS - 0.2%** |  |
| 4858 | Tecnoglass, Inc. | &nbsp;&nbsp;&nbsp; 149481 |
|  | **CONSUMER SERVICES - 0.3%** |  |
| 13569 | 2U, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 85078 |
| 5762 | Chegg, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 145605 |
|  |  | &nbsp;&nbsp; 230683 |
|  | **E-COMMERCE DISCRETIONARY - 0.6%** |  |
| 3180 | eBay, Inc. | &nbsp;&nbsp;&nbsp; 131875 |
| 1937 | Etsy, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 232014 |
| 172 | MercadoLibre, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 145553 |
|  |  | &nbsp;&nbsp; 509442 |
|  | **ELECTRIC UTILITIES - 0.7%** |  |
| 5180 | AES Corporation (The) | &nbsp;&nbsp;&nbsp; 148977 |
| 1089 | Constellation Energy Corporation | &nbsp;&nbsp;&nbsp; 93883 |
| 3192 | Hawaiian Electric Industries, Inc. | &nbsp;&nbsp;&nbsp; 133585 |
| 3114 | NRG Energy, Inc. | &nbsp;&nbsp;&nbsp; 99087 |
| 16346 | ReNew Energy Global PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 89903 |
|  |  | &nbsp;&nbsp; 565435 |
|  | **ELECTRICAL EQUIPMENT - 0.9%** |  |
| 1231 | Advanced Energy Industries, Inc. | &nbsp;&nbsp;&nbsp; 105595 |
| 1287 | Atkore International Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 145972 |
| 3660 | Belden, Inc. | &nbsp;&nbsp;&nbsp; 263153 |
| 3179 | Cognex Corporation | &nbsp;&nbsp;&nbsp; 149763 |
| 6615 | Kimball Electronics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 149433 |
|  |  | &nbsp;&nbsp; 813916 |
|  | **ENGINEERING & CONSTRUCTION - 0.1%** |  |
| 3899 | Sterling Infrastructure, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 127887 |
|  | **ENTERTAINMENT CONTENT - 0.3%** |  |
| 10354 | IMAX Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 151790 |

---

---

| | | |
|:---|:---|:---|
| **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, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 49.0% (Continued)** |  |
|  | **ENTERTAINMENT CONTENT - 0.3% (Continued)** |  |
| 15551 | Playtika Holding Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $132339 |
|  |  | &nbsp;&nbsp; 284129 |
|  | **FOOD - 0.2%** |  |
| 6495 | Krispy Kreme, Inc. | &nbsp;&nbsp;&nbsp; 67028 |
| 1495 | Tyson Foods, Inc., Class A | &nbsp;&nbsp;&nbsp; 93065 |
|  |  | &nbsp;&nbsp; 160093 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS - 0.2%** |  |
| 3012 | Sylvamo Corporation | &nbsp;&nbsp;&nbsp; 146353 |
|  | **GAS & WATER UTILITIES - 0.1%** |  |
| 2532 | UGI Corporation | &nbsp;&nbsp;&nbsp; 93861 |
|  | **HEALTH CARE FACILITIES & SERVICES - 1.4%** |  |
| 1286 | Amedisys, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 107432 |
| 38110 | Community Health Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 164636 |
| 2341 | Encompass Health Corporation | &nbsp;&nbsp;&nbsp; 140015 |
| 1231 | Ensign Group, Inc. (The) | &nbsp;&nbsp;&nbsp; 116465 |
| 5054 | Fulgent Genetics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 150508 |
| 580 | Laboratory Corp of America Holdings | &nbsp;&nbsp;&nbsp; 136578 |
| 327 | McKesson Corporation | &nbsp;&nbsp;&nbsp; 122664 |
| 3945 | Patterson Companies, Inc. | &nbsp;&nbsp;&nbsp; 110578 |
| 3137 | Tenet Healthcare Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 153055 |
|  |  | &nbsp;&nbsp; 1201931 |
|  | **HOME & OFFICE PRODUCTS - 0.2%** |  |
| 26413 | ACCO Brands Corporation | &nbsp;&nbsp;&nbsp; 147649 |
|  | **HOME CONSTRUCTION - 0.5%** |  |
| 6989 | Griffon Corporation | &nbsp;&nbsp;&nbsp; 250136 |
| 4879 | Taylor Morrison Home Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 148078 |
|  |  | &nbsp;&nbsp; 398214 |
|  | **HOUSEHOLD PRODUCTS - 0.1%** |  |
| 4521 | Quanex Building Products Corporation | &nbsp;&nbsp;&nbsp; 107057 |

---

---

| | | |
|:---|:---|:---|
| **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, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 49.0% (Continued)** |  |
|  | **INDUSTRIAL INTERMEDIATE PROD - 0.2%** |  |
| 15793 | Janus International Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $150349 |
|  | **INDUSTRIAL SUPPORT SERVICES - 0.6%** |  |
| 3265 | H&E Equipment Services, Inc. | &nbsp;&nbsp;&nbsp; 148231 |
| 3723 | Titan Machinery, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 147915 |
| 1822 | Triton International Ltd. | &nbsp;&nbsp;&nbsp; 125317 |
| 269 | United Rentals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 95608 |
|  |  | &nbsp;&nbsp; 517071 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 1.0%** |  |
| 2334 | Bank of New York Mellon Corporation (The) | &nbsp;&nbsp;&nbsp; 106244 |
| 39022 | BGC Partners, Inc., Class A | &nbsp;&nbsp;&nbsp; 147112 |
| 1207 | Evercore, Inc. | &nbsp;&nbsp;&nbsp; 131660 |
| 2019 | Interactive Brokers Group, Inc., Class A | &nbsp;&nbsp;&nbsp; 146075 |
| 1682 | PJT Partners, Inc., Class A | &nbsp;&nbsp;&nbsp; 123947 |
| 3158 | State Street Corporation | &nbsp;&nbsp;&nbsp; 244965 |
|  |  | &nbsp;&nbsp; 900003 |
|  | **INSURANCE - 3.1%** |  |
| 14463 | Ambac Financial Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 252235 |
| 2298 | Brighthouse Financial, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 117818 |
| 11850 | CNO Financial Group, Inc. | &nbsp;&nbsp;&nbsp; 270772 |
| 5221 | Equitable Holdings, Inc. | &nbsp;&nbsp;&nbsp; 149843 |
| 28000 | Genworth Financial, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 148120 |
| 6806 | Jackson Financial, Inc., Class A | &nbsp;&nbsp;&nbsp; 236781 |
| 4990 | Lincoln National Corporation | &nbsp;&nbsp;&nbsp; 153293 |
| 11832 | MBIA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 152041 |
| 4500 | Mercury General Corporation | &nbsp;&nbsp;&nbsp; 153900 |
| 7088 | NMI Holdings, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 148139 |
| 972 | Prudential Financial, Inc. | &nbsp;&nbsp;&nbsp; 96675 |
| 7740 | Radian Group, Inc. | &nbsp;&nbsp;&nbsp; 147602 |
| 1874 | Reinsurance Group of America, Inc. | &nbsp;&nbsp;&nbsp; 266277 |
| 6730 | Unum Group | &nbsp;&nbsp;&nbsp; 276131 |
| 2412 | Voya Financial, Inc. | &nbsp;&nbsp;&nbsp; 148314 |
|  |  | &nbsp;&nbsp; 2717941 |

---

---

| | | |
|:---|:---|:---|
| **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, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 49.0% (Continued)** |  |
|  | **INTERNET MEDIA & SERVICES - 1.5%** |  |
| 59 | Booking Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $118902 |
| 1712 | GoDaddy, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 128092 |
| 17080 | Hello Group, Inc. - ADR | &nbsp;&nbsp;&nbsp; 153379 |
| 4608 | JOYY, Inc. - ADR | &nbsp;&nbsp;&nbsp; 145567 |
| 4531 | Pinterest, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 110013 |
| 14875 | TripAdvisor, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 267452 |
| 2025 | Wix.com Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 155581 |
| 4842 | Yelp, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 132380 |
| 2861 | Zillow Group, Inc., Class C<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 92153 |
|  |  | &nbsp;&nbsp; 1303519 |
|  | **LEISURE FACILITIES & SERVICES - 2.4%** |  |
| 5899 | Bloomin' Brands, Inc. | &nbsp;&nbsp;&nbsp; 118688 |
| 4480 | Brinker International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 142957 |
| 3647 | Caesars Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 151715 |
| 5268 | Chuy's Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 149084 |
| 1336 | Cracker Barrel Old Country Store, Inc. | &nbsp;&nbsp;&nbsp; 126573 |
| 699 | Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp; 96693 |
| 4210 | Dave & Buster's Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 149202 |
| 16495 | Denny's Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 151919 |
| 17912 | Everi Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 257037 |
| 10386 | International Game Technology PLC | &nbsp;&nbsp;&nbsp; 235554 |
| 12945 | Melco Resorts & Entertainment Ltd. - ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 148868 |
| 2483 | Red Rock Resorts, Inc., Class A | &nbsp;&nbsp;&nbsp; 99345 |
| 1982 | SeaWorld Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 106057 |
| 1574 | Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp; 112242 |
| 872 | Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp; 111686 |
|  |  | &nbsp;&nbsp; 2157620 |
|  | **MACHINERY - 0.5%** |  |
| 3696 | Evoqua Water Technologies Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 146362 |
| 6321 | Terex Corporation | &nbsp;&nbsp;&nbsp; 270033 |
|  |  | &nbsp;&nbsp; 416395 |
|  | **MEDICAL EQUIPMENT & DEVICES - 0.9%** |  |
| 476 | ABIOMED, Inc. - CVR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 486 |
| 4906 | Avanos Medical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 132756 |

---

---

| | | |
|:---|:---|:---|
| **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, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 49.0% (Continued)** |  |
|  | **MEDICAL EQUIPMENT & DEVICES - 0.9% (Continued)** |  |
| 7541 | Cardiovascular Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $102708 |
| 4333 | Inmode Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 154688 |
| 33729 | ViewRay, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 151106 |
| 813 | Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;&nbsp; 103658 |
| 10678 | Zynex, Inc. | &nbsp;&nbsp;&nbsp; 148531 |
|  |  | &nbsp;&nbsp; 793933 |
|  | **METALS & MINING - 0.7%** |  |
| 21363 | Constellium S.E.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 252724 |
| 22129 | Hudbay Minerals, Inc. | &nbsp;&nbsp;&nbsp; 112194 |
| 24808 | Kinross Gold Corporation | &nbsp;&nbsp;&nbsp; 101465 |
| 17281 | SunCoke Energy, Inc. | &nbsp;&nbsp;&nbsp; 149135 |
|  |  | &nbsp;&nbsp; 615518 |
|  | **MORTGAGE FINANCE - 0.5%** |  |
| 23160 | BrightSpire Capital, Inc. | &nbsp;&nbsp;&nbsp; 144286 |
| 16557 | Chimera Investment Corporation | &nbsp;&nbsp;&nbsp; 91064 |
| 10177 | Ladder Capital Corporation | &nbsp;&nbsp;&nbsp; 102177 |
| 6467 | Two Harbors Investment Corporation | &nbsp;&nbsp;&nbsp; 101985 |
|  |  | &nbsp;&nbsp; 439512 |
|  | **OIL & GAS PRODUCERS - 2.4%** |  |
| 2960 | BP PLC - ADR | &nbsp;&nbsp;&nbsp; 103393 |
| 28882 | Clean Energy Fuels Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 150186 |
| 9674 | Crescent Energy Company | &nbsp;&nbsp;&nbsp; 115991 |
| 16639 | Crescent Point Energy Corporation | &nbsp;&nbsp;&nbsp; 118969 |
| 4886 | Delek US Holdings, Inc. | &nbsp;&nbsp;&nbsp; 131922 |
| 1261 | Denbury, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 109732 |
| 17163 | Equitrans Midstream Corporation | &nbsp;&nbsp;&nbsp; 114992 |
| 4192 | Global Partners, L.P. | &nbsp;&nbsp;&nbsp; 145756 |
| 1022 | Marathon Petroleum Corporation | &nbsp;&nbsp;&nbsp; 118951 |
| 6057 | Par Pacific Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 140825 |
| 3230 | PBF Energy, Inc., Class A | &nbsp;&nbsp;&nbsp; 131719 |
| 1429 | Targa Resources Corporation | &nbsp;&nbsp;&nbsp; 105032 |
| 3426 | TravelCenters of America, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 153416 |
| 969 | Valero Energy Corporation | &nbsp;&nbsp;&nbsp; 122927 |
| 26677 | W&T Offshore, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 148858 |

---

---

| | | |
|:---|:---|:---|
| **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, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 49.0% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 2.4% (Continued)** |  |
| 15275 | YPF S.A. - ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $140377 |
|  |  | &nbsp;&nbsp; 2053046 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 0.9%** |  |
| 28301 | Diamond Offshore Drilling, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 294331 |
| 11737 | NOW, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 149060 |
| 8849 | Oceaneering International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 154769 |
| 14820 | ProPetro Holding Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 153683 |
|  |  | &nbsp;&nbsp; 751843 |
|  | **PUBLISHING & BROADCASTING - 0.2%** |  |
| 5622 | News Corporation, Class A | &nbsp;&nbsp;&nbsp; 102320 |
| 1557 | World Wrestling Entertainment, Inc., Class A | &nbsp;&nbsp;&nbsp; 106686 |
|  |  | &nbsp;&nbsp; 209006 |
|  | **REAL ESTATE SERVICES - 0.3%** |  |
| 661 | Jones Lang LaSalle, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 105344 |
| 14441 | Newmark Group, Inc., Class A | &nbsp;&nbsp;&nbsp; 115094 |
|  |  | &nbsp;&nbsp; 220438 |
|  | **RENEWABLE ENERGY - 0.3%** |  |
| 3222 | Canadian Solar, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 99560 |
| 3642 | JinkoSolar Holding Company Ltd. - ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 148885 |
|  |  | &nbsp;&nbsp; 248445 |
|  | **RETAIL - CONSUMER STAPLES - 0.3%** |  |
| 47102 | Cia Brasileira de Distribuicao - ADR | &nbsp;&nbsp;&nbsp; 146016 |
| 3721 | SpartanNash Company | &nbsp;&nbsp;&nbsp; 112523 |
|  |  | &nbsp;&nbsp; 258539 |
|  | **RETAIL - DISCRETIONARY - 1.6%** |  |
| 1611 | Avis Budget Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 264091 |
| 3682 | Builders FirstSource, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 238888 |
| 15785 | Designer Brands, Inc., Class A | &nbsp;&nbsp;&nbsp; 154377 |
| 4233 | Hibbett, Inc. | &nbsp;&nbsp;&nbsp; 288775 |
| 2606 | Rush Enterprises, Inc., Class A | &nbsp;&nbsp;&nbsp; 136242 |
| 2203 | Signet Jewelers Ltd. | &nbsp;&nbsp;&nbsp; 149804 |
| 210 | Ulta Beauty, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 98505 |
| 2441 | Victoria's Secret & Company<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 87339 |
|  |  | &nbsp;&nbsp; 1418021 |

---

---

| | | |
|:---|:---|:---|
| **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, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 49.0% (Continued)** |  |
|  | **SEMICONDUCTORS - 2.7%** |  |
| 9911 | Amkor Technology, Inc. | &nbsp;&nbsp;&nbsp; $237667 |
| 1559 | Applied Materials, Inc. | &nbsp;&nbsp;&nbsp; 151815 |
| 1901 | Axcelis Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 150863 |
| 2014 | Cirrus Logic, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 150003 |
| 2788 | GLOBALFOUNDRIES, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 150245 |
| 15931 | Himax Technologies, Inc. - ADR | &nbsp;&nbsp;&nbsp; 98932 |
| 400 | KLA Corporation | &nbsp;&nbsp;&nbsp; 150812 |
| 2215 | Kulicke & Soffa Industries, Inc. | &nbsp;&nbsp;&nbsp; 98036 |
| 366 | Lam Research Corporation | &nbsp;&nbsp;&nbsp; 153830 |
| 2336 | Lattice Semiconductor Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 151560 |
| 9068 | Photronics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 152614 |
| 4138 | Rambus, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 148223 |
| 1700 | Skyworks Solutions, Inc. | &nbsp;&nbsp;&nbsp; 154921 |
| 4218 | STMicroelectronics N.V. - ADR | &nbsp;&nbsp;&nbsp; 150033 |
| 3327 | Ultra Clean Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 110290 |
| 4751 | Vishay Intertechnology, Inc. | &nbsp;&nbsp;&nbsp; 102479 |
|  |  | &nbsp;&nbsp; 2312323 |
|  | **SOFTWARE - 5.3%** |  |
| 1883 | Agilysys, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 149021 |
| 2699 | Altair Engineering, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 122724 |
| 607 | Atlassian Corp PLC, Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 78109 |
| 1301 | Autodesk, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 243118 |
| 4079 | Avid Technology, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 108461 |
| 10475 | Bandwidth, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 240401 |
| 9110 | Box, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 283593 |
| 4360 | Bumble, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 91778 |
| 813 | Cadence Design Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 130600 |
| 2205 | Calix, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 150888 |
| 2122 | CommVault Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 133346 |
| 3601 | Donnelley Financial Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 139179 |
| 5628 | Dropbox, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 125955 |
| 3939 | Dynatrace, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 150864 |
| 3055 | Fortinet, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 149359 |
| 2264 | Manhattan Associates, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 274850 |

---

---

| | | |
|:---|:---|:---|
| **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, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 49.0% (Continued)** |  |
|  | **SOFTWARE - 5.3% (Continued)** |  |
| 5771 | Nutanix, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $150335 |
| 4300 | Open Text Corporation | &nbsp;&nbsp;&nbsp; 127452 |
| 487 | Paycom Software, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 151121 |
| 5318 | PDF Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 151669 |
| 6025 | Perion Network Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 152433 |
| 2446 | Progress Software Corporation | &nbsp;&nbsp;&nbsp; 123401 |
| 1006 | PTC, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 120760 |
| 16663 | SolarWinds Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 155966 |
| 1774 | Splunk, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 152724 |
| 6432 | Squarespace, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 142597 |
| 8288 | Teradata Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 278973 |
| 31886 | Yalla Group Ltd. - ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 111601 |
| 24092 | Yext, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 157321 |
| 18409 | Zeta Global Holdings Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 150402 |
|  |  | &nbsp;&nbsp; 4699001 |
|  | **SPECIALTY FINANCE - 1.7%** |  |
| 7493 | 360 DigiTech, Inc. - ADR | &nbsp;&nbsp;&nbsp; 152558 |
| 2571 | AerCap Holdings N.V.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 149941 |
| 3918 | Air Lease Corporation | &nbsp;&nbsp;&nbsp; 150529 |
| 1635 | Capital One Financial Corporation | &nbsp;&nbsp;&nbsp; 151989 |
| 3974 | Fidelity National Financial, Inc. | &nbsp;&nbsp;&nbsp; 149502 |
| 29521 | FinVolution Group - ADR | &nbsp;&nbsp;&nbsp; 146424 |
| 11418 | MGIC Investment Corporation | &nbsp;&nbsp;&nbsp; 148434 |
| 3692 | Mr Cooper Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 148160 |
| 1190 | Nelnet, Inc., Class A | &nbsp;&nbsp;&nbsp; 107993 |
| 8136 | SLM Corporation | &nbsp;&nbsp;&nbsp; 135058 |
|  |  | &nbsp;&nbsp; 1440588 |
|  | **STEEL - 0.6%** |  |
| 22935 | Mechel PJSC - ADR<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; – |
| 8103 | Ryerson Holding Corporation | &nbsp;&nbsp;&nbsp; 245197 |
| 874 | Steel Dynamics, Inc. | &nbsp;&nbsp;&nbsp; 85390 |
| 5860 | United States Steel Corporation | &nbsp;&nbsp;&nbsp; 146793 |
|  |  | &nbsp;&nbsp; 477380 |

---

---

| | | |
|:---|:---|:---|
| **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, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 49.0% (Continued)** |  |
|  | **TECHNOLOGY HARDWARE - 2.2%** |  |
| 6789 | A10 Networks, Inc. | &nbsp;&nbsp;&nbsp; $112901 |
| 3129 | Avnet, Inc. | &nbsp;&nbsp;&nbsp; 130104 |
| 13554 | Celestica, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 152754 |
| 21341 | CommScope Holding Company, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 156856 |
| 2156 | Dell Technologies, Inc., Class C | &nbsp;&nbsp;&nbsp; 86714 |
| 12848 | Extreme Networks, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 235247 |
| 6176 | Hewlett Packard Enterprise Company | &nbsp;&nbsp;&nbsp; 98569 |
| 3901 | HP, Inc. | &nbsp;&nbsp;&nbsp; 104820 |
| 1670 | Jabil, Inc. | &nbsp;&nbsp;&nbsp; 113894 |
| 2015 | NetApp, Inc. | &nbsp;&nbsp;&nbsp; 121021 |
| 13541 | NETGEAR, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 245228 |
| 22887 | Nokia OYJ - ADR | &nbsp;&nbsp;&nbsp; 106196 |
| 40643 | Pitney Bowes, Inc. | &nbsp;&nbsp;&nbsp; 154443 |
| 2077 | Seagate Technology Holdings PLC | &nbsp;&nbsp;&nbsp; 109271 |
|  |  | &nbsp;&nbsp; 1928018 |
|  | **TECHNOLOGY SERVICES - 3.2%** |  |
| 674 | CDW Corporation | &nbsp;&nbsp;&nbsp; 120363 |
| 30357 | Conduent, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 122946 |
| 2336 | CSG Systems International, Inc. | &nbsp;&nbsp;&nbsp; 133619 |
| 8433 | Dun & Bradstreet Holdings, Inc. | &nbsp;&nbsp;&nbsp; 103389 |
| 4576 | DXC Technology Company<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 121264 |
| 1218 | Euronet Worldwide, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 114955 |
| 3918 | EVERTEC, Inc. | &nbsp;&nbsp;&nbsp; 126865 |
| 280 | Gartner, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 94119 |
| 2853 | Genpact Ltd. | &nbsp;&nbsp;&nbsp; 132151 |
| 5994 | Green Dot Corporation, Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 94825 |
| 1334 | Insight Enterprises, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 133760 |
| 23369 | Kyndryl Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 259862 |
| 6402 | LiveRamp Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 150063 |
| 19563 | Paya Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 153961 |
| 872 | Paychex, Inc. | &nbsp;&nbsp;&nbsp; 100768 |
| 12402 | Paysafe Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 172264 |
| 56980 | Rackspace Technology, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 168091 |
| 2748 | Shift4 Payments, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 153696 |

---

---

| | | |
|:---|:---|:---|
| **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, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 49.0% (Continued)** |  |
|  | **TECHNOLOGY SERVICES - 3.2% (Continued)** |  |
| 16522 | StoneCompany Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $155968 |
| 9357 | TaskUS, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 158133 |
|  |  | &nbsp;&nbsp; 2771062 |
|  | **TELECOMMUNICATIONS - 0.7%** |  |
| 5727 | America Movil S.A.B. de C.V., Class L - ADR | &nbsp;&nbsp;&nbsp; 104231 |
| 2427 | Cogent Communications Holdings, Inc. | &nbsp;&nbsp;&nbsp; 138533 |
| 3581 | Frontier Communications Parent, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 91244 |
| 7429 | GDS Holdings Ltd. - ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 153186 |
| 2533 | Iridium Communications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 130196 |
|  |  | &nbsp;&nbsp; 617390 |
|  | **TRANSPORTATION & LOGISTICS - 1.3%** |  |
| 3736 | Air Transport Services Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 97061 |
| 1152 | ArcBest Corporation | &nbsp;&nbsp;&nbsp; 80686 |
| 18203 | Controladora Vuela Cia de Aviacion S.A.B. de C.V. - ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 152177 |
| 569 | FedEx Corporation | &nbsp;&nbsp;&nbsp; 98551 |
| 5680 | Heartland Express, Inc. | &nbsp;&nbsp;&nbsp; 87131 |
| 23570 | JetBlue Airways Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 152734 |
| 3401 | OceanPal, Inc. | &nbsp;&nbsp;&nbsp; 3775 |
| 7991 | RXO, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 137445 |
| 9736 | Sun Country Airlines Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 154414 |
| 899 | TFI International, Inc. | &nbsp;&nbsp;&nbsp; 90116 |
|  |  | &nbsp;&nbsp; 1054090 |
|  | **TRANSPORTATION EQUIPMENT - 0.1%** |  |
| 9713 | REV Group, Inc. | &nbsp;&nbsp;&nbsp; 122578 |
|  | **WHOLESALE - CONSUMER STAPLES - 0.1%** |  |
| 1526 | Performance Food Group Company<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 89103 |
|  | **TOTAL COMMON STOCKS (Cost $42,445,809)** | &nbsp;&nbsp; 42563073 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 20.4% (Continued)** |  |  |  |
|  | **U.S. TREASURY BILLS** — **20.0% (Continued)** |  |  |  |
| 1000000 | United States Treasury Bill<sup>(c)(d)</sup> | 4.490 | &nbsp;&nbsp;&nbsp;02/23/23 | $993989 |
| 14500000 | United States Treasury Bill<sup>(c)(d)</sup> | 4.290 | &nbsp;&nbsp;&nbsp;03/23/23 | 14365200 |
| 2000000 | United States Treasury Bill<sup>(c)(d)</sup> | 4.550 | &nbsp;&nbsp;&nbsp;06/01/23 | 1962771 |
|  |  |  |  | 17321960 |
|  | **U.S. TREASURY INFLATION PROTECTED** — **0.4%** |  |  |  |
| 300000 | United States Treasury Inflation Indexed Bonds<sup>(d)</sup> | 0.125 | &nbsp;&nbsp;&nbsp;10/15/24 | 335829 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $17,743,583)** |  |  | 17657789 |
| **Shares** |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 28.2%** |  |  |  |
|  | **MONEY MARKET FUNDS - 28.2%** |  |  |  |
| 24452825 | Fidelity Treasury Portfolio, Class I, 4.12% (Cost $24,452,825)<sup>(e)</sup> |  |  | &nbsp;&nbsp;&nbsp; 24452825 |
|  | **TOTAL INVESTMENTS - 97.6% (Cost $84,642,217)** |  |  | &nbsp;&nbsp;&nbsp; $84673687 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 2.4%** |  |  | &nbsp;&nbsp; 2039543 |
|  | **NET ASSETS - 100.0%** |  |  | &nbsp;&nbsp; $86713230 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| L.P. | - Limited Partnership |
| Ltd. | - Limited Company |
| N.V. | - Naamioze Vennootschap |
| OYJ | - Julkinen osakeyhtiö |
| PJSC | - Public Joint-Stock Company |
| PLC | - Public Limited Company |
| S.A. | - Société Anonyme |

---

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

<sup>(b)</sup> Security fair valued under the procedures established by the Board of Trustees.

<sup>(c)</sup> Zero coupon bond. Rate shown is the discount rate at time of purchase.

<sup>(d)</sup> All or a portion of this security is pledged as collateral for total return swaps. As of December 31, 2022, the value of the pledged portion is $17,657,789.

<sup>(e)</sup> Rate disclosed is the seven day effective yield as of December 31, 2022.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** | **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)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **OUTPERFORMANCE OPTION** |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  | **Strike** | **Expiration** | **Notional** | **Fair** | **Premiums** | **Unrealized** |
| **Description** |  |  | **Call/Put** | **Currency** | **Counterparty** | **Rate** | **Date** | **Amount** | **Value** | **Paid** | **Appreciation/(Depreciation)** |
| **Call** |  |  |  |  |  |  |  |  |  |  |  |
| JPCPOPL5/JPCPOPS5 Index Outperformance Call Option \*\*\* | JPCPOPL5/JPCPOPS5 Index Outperformance Call Option \*\*\* |  | Call | USD | JP Morgan | 2.00% | 4/28/2023 | $15000000 | $1045350 | $1173000 | $(127650) |
| **TOTAL RETURN SWAPS** |  |  |  |  |  |  |  |  |  |  |  |
|  | **Payment** |  |  |  |  |  | **Number Of** | **Maturity** | **Notional** | **Upfront** | **Unrealized** |
| **Description** | **Frequency** | **Long/Short** | **Currency** | **Index** | **Spread** | **Counterparty** | **Contracts** | **Date** | **Amount** | **Payments/Receipts** | **Appreciation/(Depreciation)** |
| JP Morgan International Long Index Basket \*\*\* | Monthly | Long | USD | Overnight Bank Funding Rate | 0.45% | JP Morgan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337360 | 5/27/2025 | $28135858 | $- | $(914279) |
| JP Morgan International Long Index Basket 2 \*\*\* | Monthly | Long | USD | Overnight Bank Funding Rate | 0.45% | JP Morgan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363782 | 5/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30256440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246680 |
|  |  |  |  |  |  |  |  |  |  |  | $(667599) |
| JP Morgan International Short Index Basket \*\*\* | Monthly | Short | USD | Overnight Bank Funding Rate | (1.25)% | JP Morgan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425540 | 5/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28101215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900698 |
| JP Morgan International Short Index Basket 2 \*\*\* | Monthly | Short | USD | Overnight Bank Funding Rate | (1.25)% | JP Morgan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426183 | 5/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30215480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(375936) |
| JP Morgan U.S. Short Index Basket \*\*\* | Monthly | Short | USD | Overnight Bank Funding Rate | (1.54)% | JP Morgan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332055 | 3/7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20734079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910395 |
| JP Morgan U.S. Short Index Basket 2 \*\*\* | Monthly | Short | USD | Overnight Bank Funding Rate | (1.15)% | JP Morgan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631340 | 4/26/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21942411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(804769) |
|  |  |  |  |  |  |  |  |  |  |  | $630388 |
|  |  |  |  |  |  |  |  |  |  |  | $(37211) |
| \*\*\* 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** | **COUNTERPOINT TACTICAL MUNICIPAL FUND** | **COUNTERPOINT TACTICAL MUNICIPAL FUND** | **COUNTERPOINT TACTICAL MUNICIPAL FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  |  |  |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 9.2%** | **EXCHANGE-TRADED FUNDS — 9.2%** |  |  |  |
|  | **FIXED INCOME - 9.2%** | **FIXED INCOME - 9.2%** |  |  |  |
| 351516 | VanEck High Yield Muni ETF |  |  |  | &nbsp;&nbsp;&nbsp; $17769134 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $18,176,739)** |  |  |  |  |
|  | **OPEN END FUNDS — 87.6%** | **OPEN END FUNDS — 87.6%** |  |  |  |
|  | **FIXED INCOME - 87.6%** | **FIXED INCOME - 87.6%** |  |  |  |
| 1000 | American Century High-Yield Municipal Fund, Class I |  |  |  | &nbsp;&nbsp;&nbsp; 8630 |
| 723 | BlackRock High Yield Municipal Fund, Institutional Class |  |  |  | &nbsp;&nbsp;&nbsp; 6289 |
| 2205605 | Goldman Sachs High Yield Municipal Fund, Institutional Class |  |  |  | &nbsp;&nbsp;&nbsp; 19519608 |
| 1000 | Invesco AMT-Free Municipal Fund, Class Y |  |  |  | &nbsp;&nbsp;&nbsp; 6740 |
| 7007396 | Invesco Rochester Municipal Opportunities Fund, Class Y |  |  |  | &nbsp;&nbsp;&nbsp; 46879482 |
| 984 | MainStay MacKay High Yield Municipal Bond Fund, Class I |  |  |  | &nbsp;&nbsp;&nbsp; 11108 |
| 3731265 | Nuveen High Yield Municipal Bond Fund, Class I |  |  |  | &nbsp;&nbsp;&nbsp; 55595845 |
| 1000 | PGIM Muni High Income Fund, Class Z |  |  |  | &nbsp;&nbsp;&nbsp; 8950 |
| 5806068 | PIMCO High Yield Municipal Bond Fund, Institutional Class |  |  |  | &nbsp;&nbsp;&nbsp; 47435575 |
|  | **TOTAL OPEN END FUNDS (Cost $173,595,970)** |  |  |  | &nbsp;&nbsp; 169472227 |
|  | **SHORT-TERM INVESTMENTS — 1.2%** | **SHORT-TERM INVESTMENTS — 1.2%** |  |  |  |
|  | **MONEY MARKET FUNDS - 1.2%** | **MONEY MARKET FUNDS - 1.2%** |  |  |  |
| 2269089 | BlackRock Liquidity Funds MuniCash, Institutional Class, 3.17% (Cost $2,268,863)<sup>(a)</sup> |  |  |  | &nbsp;&nbsp;&nbsp; 2268863 |
| **Contracts<sup>(b)</sup>** |  |  |  |  |  |
|  | **FUTURE OPTIONS PURCHASED - 0.0% <sup>(c)</sup>** | **Expiration Date** | **Exercise Price** | **Notional Value** |  |
|  | **PUT OPTIONS PURCHASED - 0.0%<sup>(c)</sup>** | **PUT OPTIONS PURCHASED - 0.0%<sup>(c)</sup>** |  |  |  |
| 5 | U.S. Long Bond Future | 01/27/2023 | $125.50 | &nbsp;&nbsp;&nbsp; $626720 | &nbsp;&nbsp;&nbsp; $9922 |
|  | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $10,952) | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $10,952) | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $10,952) |  |  |
|  | **TOTAL INVESTMENTS - 98.0% (Cost $194,052,524)** | **TOTAL INVESTMENTS - 98.0% (Cost $194,052,524)** |  |  | &nbsp;&nbsp;&nbsp; $189520146 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 2.0%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 2.0%** |  |  | &nbsp;&nbsp; 3984464 |
|  | **NET ASSETS - 100.0%** |  |  |  | &nbsp;&nbsp; $193504610 |

---

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of December 31, 2022.

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

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

## 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:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**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:** $261637657.84

**Total Liabilities:** $174924428.16

**Net Assets:** $86713229.68

**Cash Not Reported:** $3616103.63

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000161622 | 0.06%                | 1.43%                | 0.13%                |
| Class ID C000161620 | 0.06%                | 1.33%                | 0.13%                |
| Class ID C000161621 | 0.00%                | 1.34%                | 0.07%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2359171.79             | $6716206.24                                |
| Month 2  | $0.00                    | $2543015.78                                |
| Month 3  | $1533719.04              | $-3913299.60                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| The AES Corporation                         | AES CORP                  | CUSIP: 00130H105<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | EC               | CORP              | US        |      5180 | NS      | $148976.80    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Builders Firstsource, Inc.                  | BUILDERS FIRSTSO          | CUSIP: 12008R107<br>LEI: 549300W0SKP6L3H7DP63 | Long             | EC               | CORP              | US        |      3682 | NS      | $238888.16    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Photronics Inc.                             | PHOTRONICS INC            | CUSIP: 719405102<br>LEI: 549300OK5JVNIBNY6F63 | Long             | EC               | CORP              | US        |      9068 | NS      | $152614.44    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Triumph Group, Inc.                         | TRIUMPH GROUP             | CUSIP: 896818101<br>LEI: 5493007L6S47Q14SL582 | Long             | EC               | CORP              | US        |      8073 | NS      | $84927.96     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Covey Co                           | FRANKLIN COVEY CO         | CUSIP: 353469109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3158 | NS      | $147699.66    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| America Movil S.A.B. de C.V.                | AMERICA-SPON ADR          | CUSIP: 02364W105<br>LEI: 5493000FNR3UCEAONM59 | Long             | EC               | CORP              | MX        |      5727 | NS      | $104231.40    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Box Inc.                                    | BOX INC- CLASS A          | CUSIP: 10316T104<br>LEI: 549300KQUCPD8687YS68 | Long             | EC               | CORP              | US        |      9110 | NS      | $283594.30    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Design Systems, Inc.                | CADENCE DESIGN            | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |       813 | NS      | $130600.32    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Lease Corporation                       | AIR LEASE CORP            | CUSIP: 00912X302<br>LEI: 5493004NW4M4P8TMMK63 | Long             | EC               | CORP              | US        |      3918 | NS      | $150529.56    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bills                | B 06/01/23                | CUSIP: 912796ZG7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1962770.70   | 2.26%             | 2023-06-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Griffon Corp                                | GRIFFON CORP              | CUSIP: 398433102<br>LEI: 5493000C2SGNC7ZN3242 | Long             | EC               | CORP              | US        |      6989 | NS      | $250136.31    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyson Foods, Inc.                           | TYSON FOODS-A             | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |      1495 | NS      | $93063.75     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Krispy Kreme Inc                            | KRISPY KREME INC          | CUSIP: 50101L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6495 | NS      | $67028.40     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameriprise Financial, Inc.                  | AMERIPRISE FINAN          | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |       777 | NS      | $241934.49    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Performance Food Group Company              | PERFORMANCE FOOD          | CUSIP: 71377A103<br>LEI: 549300EUK8GR9IT1YK57 | Long             | EC               | CORP              | US        |      1526 | NS      | $89103.14     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferrari N V                                 | FERRARI NV                | CUSIP: N3167Y103<br>LEI: 549300RIVY5EX8RCON76 | Long             | EC               | CORP              | NL        |       535 | NS      | $114607.70    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Vishay Intertechnology, Inc.                | VISHAY INTERTECH          | CUSIP: 928298108<br>LEI: 5493009O8F3QQJTCQR75 | Long             | EC               | CORP              | US        |      4751 | NS      | $102479.07    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Euronet Worldwide, Inc.                     | EURONET WORLDWID          | CUSIP: 298736109<br>LEI: YG3575C4DSHJPA5KET68 | Long             | EC               | CORP              | US        |      1218 | NS      | $114954.84    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Reinsurance Group of America, Incorporated  | REINSURANCE GROU          | CUSIP: 759351604<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EC               | CORP              | US        |      1874 | NS      | $266276.66    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Brighthouse Financial Inc.                  | BRIGHTHOUSE FINA          | CUSIP: 10922N103<br>LEI: 5493003T8SZSHOGGAW52 | Long             | EC               | CORP              | US        |      2298 | NS      | $117818.46    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| GDS Holdings Ltd.                           | GDS HLDGS - ADR           | CUSIP: 36165L108<br>LEI: 391200MGV8DDCHTN2R77 | Long             | EC               | CORP              | KY        |      7429 | NS      | $153185.98    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelcenters Of America Inc                | TRAVELCENTERS OF          | CUSIP: 89421B109<br>LEI: 529900FQY3V2OO9M4Z65 | Long             | EC               | CORP              | US        |      3426 | NS      | $153416.28    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| First Bancorp Puerto Rico                   | FIRST BANCORP PR          | CUSIP: 318672706<br>LEI: N/A                  | Long             | EC               | CORP              | PR        |      7616 | NS      | $96875.52     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Synovus Financial Corp.                     | SYNOVUS FINL              | CUSIP: 87161C501<br>LEI: 549300EIUS8UN5JTLE54 | Long             | EC               | CORP              | US        |      6711 | NS      | $251998.05    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Ford Motor Company                          | FORD MOTOR CO             | CUSIP: 345370860<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | EC               | CORP              | US        |      9118 | NS      | $106042.34    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corporation                | ENCOMPASS HEALTH          | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |      2341 | NS      | $140015.21    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Co                          | TARGA RESOURCES           | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |      1429 | NS      | $105031.50    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercadolibre Inc                            | MERCADOLIBRE INC          | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |       172 | NS      | $145553.28    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Himax Technologies Inc.                     | HIMAX TECHNO-ADR          | CUSIP: 43289P106<br>LEI: 529900Z6XWS79D8T1X09 | Long             | EC               | CORP              | KY        |     15931 | NS      | $98931.51     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| ManpowerGroup Inc.                          | MANPOWERGROUP IN          | CUSIP: 56418H100<br>LEI: ERO1WSFOSR0JJ6CRQ987 | Long             | EC               | CORP              | US        |      1423 | NS      | $118407.83    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Patterson Companies Inc.                    | PATTERSON COS             | CUSIP: 703395103<br>LEI: YM48Q2087CUE26GWEK09 | Long             | EC               | CORP              | US        |      3945 | NS      | $110578.35    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Globalfoundries Inc                         | GLOBALFOUNDRIES           | CUSIP: G39387108<br>LEI: 549300BA76VK784VMX48 | Long             | EC               | CORP              | KY        |      2788 | NS      | $150245.32    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Solarwinds Corporation                      | SOLARWINDS CORP           | CUSIP: 83417Q204<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16663 | NS      | $155965.68    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| ProPetro Holding Corp.                      | PROPETRO HOLDING          | CUSIP: 74347M108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14820 | NS      | $153683.40    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Crescent Energy Co.                         | CRESCENT ENERG-A          | CUSIP: 44952J104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9674 | NS      | $115991.26    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultra Clean Holdings Inc                    | ULTRA CLEAN HOLD          | CUSIP: 90385V107<br>LEI: 5493007L6LS7QX18PE75 | Long             | EC               | CORP              | US        |      3327 | NS      | $110290.05    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Axcelis Technologies Inc.                   | AXCELIS TECH INC          | CUSIP: 054540208<br>LEI: 529900HF9B6NL1QG9F05 | Long             | EC               | CORP              | US        |      1901 | NS      | $150863.36    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                | TII 0 1/8 10/15/24        | CUSIP: 912828YL8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $335828.70    | 0.39%             | 2024-10-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| Hewlett Packard Enterprise Company          | HEWLETT PACKA             | CUSIP: 42824C109<br>LEI: 549300BX44RGX6ANDV88 | Long             | EC               | CORP              | US        |      6176 | NS      | $98568.96     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Designer Brands Inc                         | DESIGNER BRAND-A          | CUSIP: 250565108<br>LEI: 549300X8J6FI8PPRK859 | Long             | EC               | CORP              | US        |     15785 | NS      | $154377.30    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinterest Inc                               | PINTEREST INC -A          | CUSIP: 72352L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4531 | NS      | $110012.68    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortinet Inc                                | FORTINET INC              | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |      3055 | NS      | $149358.95    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Ulta Beauty Inc                             | ULTA BEAUTY INC           | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |       210 | NS      | $98504.70     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| YPF Sociedad Anonima                        | YPF SA-ADR                | CUSIP: 984245100<br>LEI: 5493003N7447U18U5U53 | Long             | EC               | CORP              | AR        |     15275 | NS      | $140377.25    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Jabil Inc                                   | JABIL INC                 | CUSIP: 466313103<br>LEI: 5493000CGCQY2OQU7669 | Long             | EC               | CORP              | US        |      1670 | NS      | $113894.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Bloomin Brands Inc                          | BLOOMIN' BRANDS           | CUSIP: 094235108<br>LEI: E1UJ2GO305B5FXGV7N04 | Long             | EC               | CORP              | US        |      5899 | NS      | $118687.88    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Cogent Communications Holdings, Inc.        | COGENT COMMUNICA          | CUSIP: 19239V302<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2427 | NS      | $138533.16    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinross Gold Corporation                    | KINROSS GOLD              | CUSIP: 496902404<br>LEI: 549300UEBMAQDN0K0R06 | Long             | EC               | CORP              | CA        |     24808 | NS      | $101464.72    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercury General Corporation                 | MERCURY GEN CORP          | CUSIP: 589400100<br>LEI: 5493001Q9EXPCEL4W527 | Long             | EC               | CORP              | US        |      4500 | NS      | $153900.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Yalla Group Limited                         | YALLA GROUP LTD           | CUSIP: 98459U103<br>LEI: 254900JO9GJYWVJTAX89 | Long             | EC               | CORP              | KY        |     31886 | NS      | $111601.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Regions Financial Corporation               | REGIONS FINANCIA          | CUSIP: 7591EP100<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EC               | CORP              | US        |      4833 | NS      | $104199.48    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Cross Country Healthcare Inc.               | CROSS COUNTRY HE          | CUSIP: 227483104<br>LEI: 54930037L0NBIPZ5S663 | Long             | EC               | CORP              | US        |      5467 | NS      | $145258.19    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| DXC Technology Company                      | DXC TECHNOLOGY C          | CUSIP: 23355L106<br>LEI: 549300DOVZ3EDJB7O259 | Long             | EC               | CORP              | US        |      4576 | NS      | $121264.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| FinVolution Group                           | FINVOLUTION-ADR           | CUSIP: 31810T101<br>LEI: 3003000RAVUT809U6P08 | Long             | EC               | CORP              | KY        |     29521 | NS      | $146424.16    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Lattice Semiconductor Corporation           | LATTICE SEMICOND          | CUSIP: 518415104<br>LEI: 549300LRBBPZDQ2II567 | Long             | EC               | CORP              | US        |      2336 | NS      | $151559.68    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Conduent Inc                                | CONDUENT INC              | CUSIP: 206787103<br>LEI: 549300SFJ2D2CYY6CQ11 | Long             | EC               | CORP              | US        |     30357 | NS      | $122945.85    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Bandwidth Inc                               | BANDWIDTH INC-A           | CUSIP: 05988J103<br>LEI: 549300QC70JB7MUGXM66 | Long             | EC               | CORP              | US        |     10475 | NS      | $240401.25    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Financial, Inc.           | FIDELITY NATIONA          | CUSIP: 31620R303<br>LEI: 549300CAZYIH39SYQ287 | Long             | EC               | CORP              | US        |      3974 | NS      | $149501.88    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Partners LP / GLP Finance Corp       | GLOBAL PARTNERS           | CUSIP: 37946R109<br>LEI: 549300PCHWTW9P4DU444 | Long             | EC               | CORP              | US        |      4192 | NS      | $145755.84    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Tripadvisor Inc                             | TRIPADVISOR INC           | CUSIP: 896945201<br>LEI: 549300XVG45PT5BART17 | Long             | EC               | CORP              | US        |     14875 | NS      | $267452.50    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Wintrust Financial Corporation              | WINTRUST FINL             | CUSIP: 97650W108<br>LEI: Q774KI4AW80FHFW33O61 | Long             | EC               | CORP              | US        |      1632 | NS      | $137936.64    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Cracker Barrel Old Country Store Inc.       | CRACKER BARREL            | CUSIP: 22410J106<br>LEI: 8P4PHQIUWPIECBFBW745 | Long             | EC               | CORP              | US        |      1336 | NS      | $126572.64    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Amkor Technology, Inc.                      | AMKOR TECH INC            | CUSIP: 031652100<br>LEI: 529900VHLRTKPWZJBM84 | Long             | EC               | CORP              | US        |      9911 | NS      | $237665.78    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Popular, Inc.                               | POPULAR INC               | CUSIP: 733174700<br>LEI: 5493008CARDZMVQ3LO89 | Long             | EC               | CORP              | PR        |      2288 | NS      | $151740.16    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Signet Jewelers Limited                     | SIGNET JEWELERS           | CUSIP: G81276100<br>LEI: 549300N3XPGE91WV7M22 | Long             | EC               | CORP              | BM        |      2203 | NS      | $149804.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| UGI Corp                                    | UGI CORP                  | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               | CORP              | US        |      2532 | NS      | $93861.24     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Green Dot Corp                              | GREEN DOT CORP-A          | CUSIP: 39304D102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5994 | NS      | $94825.08     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Seagate Technology Holdings PLC             | SEAGATE TECHNOLO          | CUSIP: G7997R103<br>LEI: 635400RUXIFEZSRU8X70 | Long             | EC               | CORP              | IE        |      2077 | NS      | $109270.97    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Rackspace Technology Inc                    | RACKSPACE TECHNO          | CUSIP: 750102105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     56980 | NS      | $168091.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Company                      | GENERAL MOTORS C          | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |      3461 | NS      | $116428.04    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Steel Dynamics, Inc.                        | STEEL DYNAMICS            | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |       874 | NS      | $85389.80     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmark Group Inc                           | NEWMARK GROUP-A           | CUSIP: 65158N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14441 | NS      | $115094.77    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| ReNew Energy Global PLC                     | RENEW ENERGY GLO          | CUSIP: G7500M104<br>LEI: 254900SL77LA2KAG7R65 | Long             | EC               | CORP              | GB        |     16346 | NS      | $89903.00     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Etsy Inc                                    | ETSY INC                  | CUSIP: 29786A106<br>LEI: 54930089Q7XT501AEA40 | Long             | EC               | CORP              | US        |      1937 | NS      | $232013.86    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Financiero Galicia S.A.               | GRUPO GALICI-ADR          | CUSIP: 399909100<br>LEI: 5299008H3AXIXV5G3C23 | Long             | EC               | CORP              | AR        |     15173 | NS      | $147633.29    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| 360 DigiTech Inc.                           | 360 DIGITECH INC          | CUSIP: 88557W101<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |      7493 | NS      | $152557.48    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Dave & Buster's Entertainment Inc           | DAVE & BUSTER'S           | CUSIP: 238337109<br>LEI: 529900WTVU85QZLYHR86 | Long             | EC               | CORP              | US        |      4210 | NS      | $149202.40    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Howmet Aerospace Inc                        | HOWMET AEROSPACE          | CUSIP: 443201108<br>LEI: 549300HO5WFZUT5N2T22 | Long             | EC               | CORP              | US        |      2456 | NS      | $96790.96     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Pathward Financial Inc                      | PATHWARD FINANCI          | CUSIP: 59100U108<br>LEI: 5493004X52BH1NBLW813 | Long             | EC               | CORP              | US        |      2452 | NS      | $105558.60    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| BrightSpire Capital Inc                     | BRIGHTSPIRE CAPI          | CUSIP: 10949T109<br>LEI: 549300BOIFLLMVU37752 | Long             | EC               | CORP              | US        |     23160 | NS      | $144286.80    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| American Axle & Manufacturing Holdings Inc. | AMER AXLE & MFG           | CUSIP: 024061103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19707 | NS      | $154108.74    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals, Inc.                        | UNITED RENTALS            | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |       269 | NS      | $95607.98     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Perion Network Ltd                          | PERION NETWORK L          | CUSIP: M78673114<br>LEI: 529900SL7HYNVD6HG708 | Long             | EC               | CORP              | IL        |      6025 | NS      | $152432.50    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Institutional Cash Portfolios      | FID-TRSY PT-I             | CUSIP: 316175504<br>LEI: 549300SHPEJB1OPRCV46 | Long             | STIV             | RF                | US        |  24452825 | PA      | $24452824.93  | 28.20%            |  |  |  | No            |                  1 | On Loan: No      |
| ACCO Brands Corporation                     | ACCO BRANDS CORP          | CUSIP: 00081T108<br>LEI: JCT8P4Y190IH4I1NX328 | Long             | EC               | CORP              | US        |     26413 | NS      | $147648.67    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| SLM Corporation                             | SLM CORP                  | CUSIP: 78442P106<br>LEI: 4K8SLPBF5DXXGPW03H93 | Long             | EC               | CORP              | US        |      8136 | NS      | $135057.60    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Dell Technologies Inc                       | DELL TECHN-C              | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |      2156 | NS      | $86714.32     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| STMicroelectronics N.V.                     | STMICROELECTR-NY          | CUSIP: 861012102<br>LEI: 213800Z8NOHIKRI42W10 | Long             | EC               | CORP              | NL        |      4218 | NS      | $150034.26    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Solar Inc                          | CANADIAN SOLAR I          | CUSIP: 136635109<br>LEI: 5493001XSC6TKMBVOM15 | Long             | EC               | CORP              | CA        |      3222 | NS      | $99559.80     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Liveramp Holdings Inc                       | LIVERAMP HOLDING          | CUSIP: 53815P108<br>LEI: 76MIROMHC0FSWDR2G072 | Long             | EC               | CORP              | US        |      6402 | NS      | $150062.88    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Mr Cooper Group Inc                         | MR COOPER GROUP           | CUSIP: 62482R107<br>LEI: 549300KD8C6DPXYC2M26 | Long             | EC               | CORP              | US        |      3692 | NS      | $148159.96    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Playtika Holding Corp                       | PLAYTIKA HOLDING          | CUSIP: 72815L107<br>LEI: 254900E35Z4TKA4UFG64 | Long             | EC               | CORP              | US        |     15551 | NS      | $132339.01    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Tata Motors Ltd.                            | TATA MOTORS-ADR           | CUSIP: 876568502<br>LEI: 335800BO2LHWJJ8TZI32 | Long             | EC               | CORP              | IN        |      5519 | NS      | $127544.09    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Capri Holdings Ltd                          | CAPRI HOLDINGS L          | CUSIP: G1890L107<br>LEI: 549300LPG8W0H1OX3A26 | Long             | EC               | CORP              | VG        |      2663 | NS      | $152643.16    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| BGC Partners, Inc.                          | BGC PARTNERS-A            | CUSIP: 05541T101<br>LEI: TF1LXM1YNB81WKUH5G19 | Long             | EC               | CORP              | US        |     39022 | NS      | $147112.94    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Heartland Express Inc.                      | HEARTLAND EXPRES          | CUSIP: 422347104<br>LEI: 5299005V45FZIQGLOG39 | Long             | EC               | CORP              | US        |      5680 | NS      | $87131.20     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC Investment Corp.                       | MGIC INVT CORP            | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |     11418 | NS      | $148434.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Victorias Secret and Co                     | VICTORIA'S SECRE          | CUSIP: 926400102<br>LEI: 5493006T3O70U3UWVF17 | Long             | EC               | CORP              | US        |      2441 | NS      | $87338.98     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Wyndham Hotels & Resorts Inc                | WYNDHAM HOTELS &          | CUSIP: 98311A105<br>LEI: 549300FE3MQ4RVXXC673 | Long             | EC               | CORP              | US        |      1574 | NS      | $112241.94    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Cirrus Logic, Inc.                          | CIRRUS LOGIC INC          | CUSIP: 172755100<br>LEI: 549300NKSJEM5ZZSSV18 | Long             | EC               | CORP              | US        |      2014 | NS      | $150002.72    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlassian Corporation                       | ATLASSIAN CORP-A          | CUSIP: 049468101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       607 | NS      | $78108.76     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Nutanix Inc                                 | NUTANIX INC - A           | CUSIP: 67059N108<br>LEI: 549300X7J6E8TKVIXW09 | Long             | EC               | CORP              | US        |      5771 | NS      | $150334.55    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Stoneco Ltd                                 | STONECO LTD-A             | CUSIP: G85158106<br>LEI: 549300O1A9LEF0XZCR35 | Long             | EC               | CORP              | KY        |     16522 | NS      | $155967.68    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | CP TEJPM  IND SHORT       | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | US        |    425540 | NS      | $900697.96    | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| RXO Inc.                                    | RXO INC                   | CUSIP: 74982T103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7991 | NS      | $137445.20    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Ladder Capital Corporation                  | LADDER CAPITAL            | CUSIP: 505743104<br>LEI: 549300Q6LLV2QCV67C06 | Long             | EC               | CORP              | US        |     10177 | NS      | $102177.08    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Darden Restaurants, Inc.                    | DARDEN RESTAURAN          | CUSIP: 237194105<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | EC               | CORP              | US        |       699 | NS      | $96692.67     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognex Corp                                 | COGNEX CORP               | CUSIP: 192422103<br>LEI: 549300JQTYZCLC43S226 | Long             | EC               | CORP              | US        |      3179 | NS      | $149762.69    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| TFI International Inc                       | TFI INTERNATIONA          | CUSIP: 87241L109<br>LEI: 5493007R9W7KO7SJN678 | Long             | EC               | CORP              | CA        |       899 | NS      | $90115.76     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Dropbox Inc                                 | DROPBOX INC-A             | CUSIP: 26210C104<br>LEI: 549300JCDF7UAR6TJR51 | Long             | EC               | CORP              | US        |      5628 | NS      | $125954.64    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Squarespace Inc                             | SQUARESPACE IN-A          | CUSIP: 85225A107<br>LEI: 549300T4QP7KELU8ST60 | Long             | EC               | CORP              | US        |      6432 | NS      | $142597.44    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Celestica Inc.                              | CELESTICA INC             | CUSIP: 15101Q108<br>LEI: 549300J3CG5T6RZWLN53 | Long             | EC               | CORP              | CA        |     13554 | NS      | $152753.58    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Kulicke and Soffa Industries, Inc.          | KULICKE & SOFFA           | CUSIP: 501242101<br>LEI: 529900H6BEIRBF429744 | Long             | EC               | CORP              | US        |      2215 | NS      | $98035.90     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecovyst Inc                                 | ECOVYST INC               | CUSIP: 27923Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16635 | NS      | $147386.10    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Mechel Public Joint Stock Company           | MECHEL PJSC-SPONSORED ADR | CUSIP: 583840608<br>LEI: 253400C9GSPBSKERRP65 | Long             | EC               | CORP              | RU        |     22935 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Godaddy Inc                                 | GODADDY INC-A             | CUSIP: 380237107<br>LEI: 549300J8H1TB0I2CB447 | Long             | EC               | CORP              | US        |      1712 | NS      | $128091.84    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Companhia Brasileira De Distrb              | PAO ACUCAR-ADR            | CUSIP: 20440T300<br>LEI: 5299003V5B6KLICZCC14 | Long             | EC               | CORP              | BR        |     47102 | NS      | $146016.20    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Rambus Inc.                                 | RAMBUS INC                | CUSIP: 750917106<br>LEI: 2549000211GDCQSLV833 | Long             | EC               | CORP              | US        |      4138 | NS      | $148223.16    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay Inc.                                   | EBAY INC                  | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |      3180 | NS      | $131874.60    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln National Corporation                | LINCOLN NATL CRP          | CUSIP: 534187109<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | EC               | CORP              | US        |      4990 | NS      | $153292.80    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| CommScope Holdings Co Inc                   | COMMSCOPE HOLDIN          | CUSIP: 20337X109<br>LEI: 254900AW4CEPCQWSRI58 | Long             | EC               | CORP              | US        |     21341 | NS      | $156856.35    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Unum Group                                  | UNUM GROUP                | CUSIP: 91529Y106<br>LEI: 549300E32YFDO6TZ8R31 | Long             | EC               | CORP              | US        |      6730 | NS      | $276131.90    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| CDW Corp                                    | CDW CORP/DE               | CUSIP: 12514G108<br>LEI: 9845001B052ABF0B6755 | Long             | EC               | CORP              | US        |       674 | NS      | $120362.92    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| ABIOMED, INC.                               | ABIOMED INC -CVR          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |       476 | NS      | $485.52       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chegg Inc                                   | CHEGG INC                 | CUSIP: 163092109<br>LEI: 549300AKX7O8JG0O3G77 | Long             | EC               | CORP              | US        |      5762 | NS      | $145605.74    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Genpact Limited                             | GENPACT LTD               | CUSIP: G3922B107<br>LEI: 529900OSEC6Q0L4L5B35 | Long             | EC               | CORP              | BM        |      2853 | NS      | $132150.96    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Yext Inc                                    | YEXT INC                  | CUSIP: 98585N106<br>LEI: 5299008ZQSBBVH7K0589 | Long             | EC               | CORP              | US        |     24092 | NS      | $157320.76    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Magna International Inc                     | MAGNA INTL                | CUSIP: 559222401<br>LEI: 95RWVLFZX6VGDZNNTN43 | Long             | EC               | CORP              | CA        |      2276 | NS      | $127865.68    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| PBF Energy Inc                              | PBF ENERGY INC-A          | CUSIP: 69318G106<br>LEI: 2549003PBEDCSZMZIY02 | Long             | EC               | CORP              | US        |      3230 | NS      | $131719.40    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | JPM IND LONG 2            | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | US        |    363782 | NS      | $246680.57    | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Korn Ferry                                  | KORN FERRY                | CUSIP: 500643200<br>LEI: 549300FOD20OM0GT5G40 | Long             | EC               | CORP              | US        |      2403 | NS      | $121639.86    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| HudBay Minerals Inc                         | HUDBAY MINERALS INC       | CUSIP: 443628102<br>LEI: 549300WI524AL577IX21 | Long             | EC               | CORP              | CA        |     22129 | NS      | $112194.03    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| NMI Holdings Inc                            | NMI HOLDINGS I-A          | CUSIP: 629209305<br>LEI: 529900KNNGFXJX1C3Z08 | Long             | EC               | CORP              | US        |      7088 | NS      | $148139.20    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Dun & Bradstreet Holdings Inc               | DUN & BRADSTREET          | CUSIP: 26484T106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8433 | NS      | $103388.58    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Renasant Corporation                        | RENASANT CORP             | CUSIP: 75970E107<br>LEI: 549300OVE6OZHW2UUH81 | Long             | EC               | CORP              | US        |      2808 | NS      | $105552.72    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Iridium Communications, Inc.                | IRIDIUM COMMUNIC          | CUSIP: 46269C102<br>LEI: 549300U620NVQ4J1CT96 | Long             | EC               | CORP              | US        |      2533 | NS      | $130196.20    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Altair Engineering Inc                      | ALTAIR ENGINEE-A          | CUSIP: 021369103<br>LEI: 549300FJ89HZ6GU9S994 | Long             | EC               | CORP              | US        |      2699 | NS      | $122723.53    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Avid Technology Inc.                        | AVID TECHNOLOGY INC       | CUSIP: 05367P100<br>LEI: 549300PQGW3DXKJTQ914 | Long             | EC               | CORP              | US        |      4079 | NS      | $108460.61    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | CP TEJPM  IND SHORT       | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | US        |    426183 | NS      | $-375936.02   | -0.43%            |  |  |  | No            |                  2 | On Loan: No      |
| A10 Networks Inc                            | A10 NETWORKS INC          | CUSIP: 002121101<br>LEI: 549300UQD4IWUML81Q35 | Long             | EC               | CORP              | US        |      6789 | NS      | $112901.07    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Adient PLC                                  | ADIENT PLC                | CUSIP: G0084W101<br>LEI: 5493002QLDY8O75RTR78 | Long             | EC               | CORP              | IE        |      3304 | NS      | $114615.76    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Manhattan Associates Inc                    | MANHATTAN ASSOC           | CUSIP: 562750109<br>LEI: 529900Q1GJP7KD52SW51 | Long             | EC               | CORP              | US        |      2264 | NS      | $274849.60    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Chimera Investment Corporation              | CHIMERA INVESTMENT CORP   | CUSIP: 16934Q208<br>LEI: 2JBBQFJOL123LOUBE657 | Long             | EC               | CORP              | US        |     16557 | NS      | $91063.50     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Hibbett Inc                                 | HIBBETT INC               | CUSIP: 428567101<br>LEI: 529900RD6P643J1CZM55 | Long             | EC               | CORP              | US        |      4233 | NS      | $288775.26    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| H&E Equipment Services, Inc.                | H&E EQUIPMENT SERVICES IN | CUSIP: 404030108<br>LEI: 254900KVLRCDMQRYY541 | Long             | EC               | CORP              | US        |      3265 | NS      | $148231.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Ensign Group Inc                            | ENSIGN GROUP INC          | CUSIP: 29358P101<br>LEI: 5493003K4HEEA8Q0BC72 | Long             | EC               | CORP              | US        |      1231 | NS      | $116464.91    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Equitrans Midstream Corporation             | EQUITRANS MIDSTR          | CUSIP: 294600101<br>LEI: 549300RH0NLJNZ5SXU64 | Long             | EC               | CORP              | US        |     17163 | NS      | $114992.10    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Denbury Inc                                 | DENBURY INC               | CUSIP: 24790A101<br>LEI: 549300KCWA5W52MS5559 | Long             | EC               | CORP              | US        |      1261 | NS      | $109732.22    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Oceanpal Inc                                | OCEANPAL INC              | CUSIP: Y6430L160<br>LEI: N/A                  | Long             | EC               | CORP              | MH        |      3401 | NS      | $3775.11      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Paychex Inc                                 | PAYCHEX INC               | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               | CORP              | US        |       872 | NS      | $100768.32    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellium SE                              | CONSTELLIUM SE            | CUSIP: F21107101<br>LEI: 724500KRJEMC79KAAU28 | Long             | EC               | CORP              | FR        |     21363 | NS      | $252724.29    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Sterling Construction Co Inc.               | STERLING INFRAST          | CUSIP: 859241101<br>LEI: 549300RZIK6K1215XU51 | Long             | EC               | CORP              | US        |      3899 | NS      | $127887.20    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Inmode Limited                              | INMODE LTD                | CUSIP: M5425M103<br>LEI: 984500DD95A35E9BD358 | Long             | EC               | CORP              | IL        |      4333 | NS      | $154688.10    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardiovascular Systems Inc (Delaware)       | CARDIOVASCULAR S          | CUSIP: 141619106<br>LEI: 549300NUBWKJMNMQ3287 | Long             | EC               | CORP              | US        |      7541 | NS      | $102708.42    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Dana Incorporated                           | DANA INC                  | CUSIP: 235825205<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | EC               | CORP              | US        |      7485 | NS      | $113248.05    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Clean Energy Fuels Corp.                    | CLEAN ENERGY FUELS CORP   | CUSIP: 184499101<br>LEI: 549300MTQB4VUAOPMF71 | Long             | EC               | CORP              | US        |     28882 | NS      | $150186.40    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corporation                           | FEDEX CORP                | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |       569 | NS      | $98550.80     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Calix Networks Inc                          | CALIX INC                 | CUSIP: 13100M509<br>LEI: 5299002RQRZ4SXSCSJ58 | Long             | EC               | CORP              | US        |      2205 | NS      | $150888.15    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Caesars Entertainment Inc New               | CAESARS ENTERTAI          | CUSIP: 12769G100<br>LEI: 549300FA4CTCW903Y781 | Long             | EC               | CORP              | US        |      3647 | NS      | $151715.20    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| PJT Partners Inc.                           | PJT PARTNERS - A          | CUSIP: 69343T107<br>LEI: 549300W3WBEQUBKYTN87 | Long             | EC               | CORP              | US        |      1682 | NS      | $123946.58    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Zimmer Biomet Holdings Inc                  | ZIMMER BIOMET HO          | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |       813 | NS      | $103657.50    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Avis Budget Group, Inc.                     | AVIS BUDGET GROU          | CUSIP: 053774105<br>LEI: 529900E95812SYWMCE44 | Long             | EC               | CORP              | US        |      1611 | NS      | $264091.23    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| CNO Financial Group, Inc.                   | CNO FINANCIAL GR          | CUSIP: 12621E103<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EC               | CORP              | US        |     11850 | NS      | $270772.50    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Bancorp Inc                                 | BANCORP INC/THE           | CUSIP: 05969A105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3292 | NS      | $93426.96     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Autodesk Inc                                | AUTODESK INC              | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |      1301 | NS      | $243117.87    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corporation                        | MCKESSON CORP             | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |       327 | NS      | $122664.24    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| News Corporation                            | NEWS CORP-CL A            | CUSIP: 65249B109<br>LEI: 549300ITS31QK8VRBQ14 | Long             | EC               | CORP              | US        |      5622 | NS      | $102320.40    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Trinet Group Inc                            | TRINET GROUP INC          | CUSIP: 896288107<br>LEI: 5299003FJVBETSFKE990 | Long             | EC               | CORP              | US        |      1826 | NS      | $123802.80    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Amedisys Inc                                | AMEDISYS INC              | CUSIP: 023436108<br>LEI: 5299001RBS9GK9STN379 | Long             | EC               | CORP              | US        |      1286 | NS      | $107432.44    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Bumble Inc                                  | BUMBLE INC-A              | CUSIP: 12047B105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4360 | NS      | $91778.00     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Spartannash Co.                             | SPARTANNASH CO            | CUSIP: 847215100<br>LEI: 549300TV3QCCSQLF5X16 | Long             | EC               | CORP              | US        |      3721 | NS      | $112523.04    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimball Electronics Inc.                    | KIMBALL ELECTRON          | CUSIP: 49428J109<br>LEI: 549300COBYN2GZCBIU87 | Long             | EC               | CORP              | US        |      6615 | NS      | $149432.85    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corporation                    | LAM RESEARCH              | CUSIP: 512807108<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |       366 | NS      | $153829.80    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Evertec Inc                                 | EVERTEC INC               | CUSIP: 30040P103<br>LEI: N/A                  | Long             | EC               | CORP              | PR        |      3918 | NS      | $126864.84    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Magnite Inc                                 | MAGNITE INC               | CUSIP: 55955D100<br>LEI: 54930018FR2YX1HHSB02 | Long             | EC               | CORP              | US        |     14716 | NS      | $155842.44    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| World Wrestling Entertainment, Inc.         | WORLD WRESTLIN-A          | CUSIP: 98156Q108<br>LEI: 549300WZVLSCS3L4L698 | Long             | EC               | CORP              | US        |      1557 | NS      | $106685.64    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Jackson Financial Inc                       | JACKSON FI-A              | CUSIP: 46817M107<br>LEI: 213800WXW2KG1N4CO374 | Long             | EC               | CORP              | US        |      6806 | NS      | $236780.74    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| TaskUs Inc                                  | TASKUS INC-A              | CUSIP: 87652V109<br>LEI: 549300VFPOK2Y6GLWE32 | Long             | EC               | CORP              | US        |      9357 | NS      | $158133.30    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Belden Inc.                                 | BELDEN INC                | CUSIP: 077454106<br>LEI: 68BKYO1JC791TTJHUE82 | Long             | EC               | CORP              | US        |      3660 | NS      | $263154.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Avnet, Inc.                                 | AVNET INC                 | CUSIP: 053807103<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | EC               | CORP              | US        |      3129 | NS      | $130103.82    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| AbCellera Biologics Inc                     | ABCELLERA BIOLOG          | CUSIP: 00288U106<br>LEI: 9845000861BC95FF9F73 | Long             | EC               | CORP              | CA        |     15625 | NS      | $158281.25    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Denny's Corp.                               | DENNY'S CORP              | CUSIP: 24869P104<br>LEI: 54930037V56XOULXM917 | Long             | EC               | CORP              | US        |     16495 | NS      | $151918.95    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Rush Enterprises Inc.                       | RUSH ENTER-CL A           | CUSIP: 781846209<br>LEI: 529900V3XHTN7A6DFT17 | Long             | EC               | CORP              | US        |      2606 | NS      | $136241.68    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Chuys Holdings Inc                          | CHUY'S HOLDINGS           | CUSIP: 171604101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5268 | NS      | $149084.40    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Nelnet Inc.                                 | NELNET INC-CL A           | CUSIP: 64031N108<br>LEI: 549300T6B0Q52I6OM558 | Long             | EC               | CORP              | US        |      1190 | NS      | $107992.50    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Umpqua Holdings Co                          | UMPQUA HOLDINGS           | CUSIP: 904214103<br>LEI: 5299002ENJ7CY215BW86 | Long             | EC               | CORP              | US        |      7168 | NS      | $127948.80    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Fulgent Genetics Inc                        | FULGENT GENETICS INC      | CUSIP: 359664109<br>LEI: 549300CL6P01M68QJ404 | Long             | EC               | CORP              | US        |      5054 | NS      | $150508.12    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Rev Group Inc                               | REV GROUP INC             | CUSIP: 749527107<br>LEI: 549300SRD0SIG5ZZ3X20 | Long             | EC               | CORP              | US        |      9713 | NS      | $122578.06    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Energy Industries, Inc.            | ADV ENERGY INDS           | CUSIP: 007973100<br>LEI: 549300756XI3QLFT2U27 | Long             | EC               | CORP              | US        |      1231 | NS      | $105595.18    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Terex Corporation                           | TEREX CORP                | CUSIP: 880779103<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | EC               | CORP              | US        |      6321 | NS      | $270033.12    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| International Game Technology PLC           | INTERNATIONAL GA          | CUSIP: G4863A108<br>LEI: 549300UQ6KHRCZDRGZ76 | Long             | EC               | CORP              | GB        |     10386 | NS      | $235554.48    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenet Healthcare Corporation                | TENET HEALTHCARE          | CUSIP: 88033G407<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | EC               | CORP              | US        |      3137 | NS      | $153054.23    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Hawaiian Electric Industries, Inc.          | HAWAIIAN ELEC             | CUSIP: 419870100<br>LEI: JJ8FWOCWCV22X7GUPJ23 | Long             | EC               | CORP              | US        |      3192 | NS      | $133585.20    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Altice USA Inc.                             | ALTICE USA INC-A          | CUSIP: 02156K103<br>LEI: 54930064K3612MGCER95 | Long             | EC               | CORP              | US        |     33924 | NS      | $156050.40    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Hello Group Inc                             | HELLO -SPN ADR            | CUSIP: 423403104<br>LEI: 549300YMGLID32W48529 | Long             | EC               | CORP              | KY        |     17080 | NS      | $153378.40    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| W & T Offshore Inc.                         | W&T OFFSHORE INC          | CUSIP: 92922P106<br>LEI: 549300Q7EOY2YIO3YK85 | Long             | EC               | CORP              | US        |     26677 | NS      | $148857.66    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Company                  | MARATHON PETROLE          | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |      1022 | NS      | $118950.58    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Open Text Corp                              | OPEN TEXT CORP            | CUSIP: 683715106<br>LEI: 549300HP7ONDQODZJV16 | Long             | EC               | CORP              | CA        |      4300 | NS      | $127452.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| JinkoSolar Holding Co., Ltd.                | JINKOSOLAR-ADR            | CUSIP: 47759T100<br>LEI: 529900Y93WNCS05FG852 | Long             | EC               | CORP              | KY        |      3642 | NS      | $148884.96    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| PTC Inc                                     | PTC INC                   | CUSIP: 69370C100<br>LEI: 54930050SSMU8SKDJ030 | Long             | EC               | CORP              | US        |      1006 | NS      | $120760.24    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| HP Inc                                      | HP INC                    | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | EC               | CORP              | US        |      3901 | NS      | $104819.87    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Crescent Point Energy Corp                  | CRESCENT POINT            | CUSIP: 22576C101<br>LEI: 549300FTKUHZK8OC7N74 | Long             | EC               | CORP              | CA        |     16639 | NS      | $118968.85    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Zeta Global Holdings Corp                   | ZETA GLOBAL HO-A          | CUSIP: 98956A105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18409 | NS      | $150401.53    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Olin Corporation                            | OLIN CORP                 | CUSIP: 680665205<br>LEI: 549300GKK294V7W57P06 | Long             | EC               | CORP              | US        |      4520 | NS      | $239288.80    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| 2U Inc                                      | 2U INC                    | CUSIP: 90214J101<br>LEI: 5493008RVTXVR43PYF84 | Long             | EC               | CORP              | US        |     13569 | NS      | $85077.63     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Two Harbors Investment Corp.                | TWO HARBORS INVE          | CUSIP: 90187B804<br>LEI: 549300ZUIBT6KH4HU823 | Long             | EC               | CORP              | US        |      6467 | NS      | $101984.59    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | CP TE - JPM SHORT 1       | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | US        |    332055 | NS      | $910395.19    | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Voya Financial Inc                          | VOYA FINANCIAL I          | CUSIP: 929089100<br>LEI: 549300T065Z4KJ686G75 | Long             | EC               | CORP              | US        |      2412 | NS      | $148313.88    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Country Airlines Holdings Inc.          | SUN COUNTRY HOLD          | CUSIP: 866683105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9736 | NS      | $154412.96    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Skyworks Solutions, Inc.                    | SKYWORKS SOLUTIO          | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | EC               | CORP              | US        |      1700 | NS      | $154921.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Energy Corp.                  | CONSTELLATION EN          | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |      1089 | NS      | $93882.69     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| SYLVAMO CORPORATION                         | SYLVAMO CORP              | CUSIP: 871332102<br>LEI: 5493001AOYU1ZOWOC971 | Long             | EC               | CORP              | US        |      3012 | NS      | $146353.08    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Melco Resorts & Entertainment Ltd.          | MELCO RESORTS & ENTERT-AD | CUSIP: 585464100<br>LEI: 529900NRV6LBR3T6B421 | Long             | EC               | CORP              | KY        |     12945 | NS      | $148867.50    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| OFG Bancorp                                 | OFG BANCORP               | CUSIP: 67103X102<br>LEI: 549300Q4QEXJ37LEXQ06 | Long             | EC               | CORP              | PR        |      9397 | NS      | $258981.32    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Embraer S.A.                                | EMBRAER SA-ADR            | CUSIP: 29082A107<br>LEI: 549300EM51WYXFHUY333 | Long             | EC               | CORP              | BR        |     11272 | NS      | $123202.96    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Zillow Group Inc                            | ZILLOW GRO-C              | CUSIP: 98954M200<br>LEI: 2549002XEELQDIR6FU05 | Long             | EC               | CORP              | US        |      2861 | NS      | $92152.81     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Radian Group Inc.                           | RADIAN GROUP INC          | CUSIP: 750236101<br>LEI: 54930005OUP720S5U385 | Long             | EC               | CORP              | US        |      7740 | NS      | $147601.80    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Taylor Morrison Home Corp                   | TAYLOR MORRISON           | CUSIP: 87724P106<br>LEI: 5299009UDLLGLKOOJE30 | Long             | EC               | CORP              | US        |      4879 | NS      | $148077.65    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Paysafe Limited                             | PAYSAFE LTD               | CUSIP: G6964L107<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |     12402 | NS      | $172263.78    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corporation           | CAPITAL ONE FINA          | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |      1635 | NS      | $151989.60    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Stifel Financial Corporation                | STIFEL FINANCIAL          | CUSIP: 860630102<br>LEI: 549300E5F07FE5GHJX84 | Long             | EC               | CORP              | US        |      2549 | NS      | $148785.13    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Zions Bancorporation Natl Assn Global Bank  | ZIONS BANCORP NA          | CUSIP: 989701107<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | EC               | CORP              | US        |      1982 | NS      | $97435.12     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| MBIA Inc.                                   | MBIA INC                  | CUSIP: 55262C100<br>LEI: 54F1KGFE2KNP3VAL3P42 | Long             | EC               | CORP              | US        |     11832 | NS      | $152041.20    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bills                | B 02/23/23                | CUSIP: 912796T33<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $993988.91    | 1.15%             | 2023-02-23      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Liberty Latin America Ltd                   | LIBERTY LATIN AMERIC-CL C | CUSIP: G9001E128<br>LEI: 213800YWQHEAX7CAVO83 | Long             | EC               | CORP              | BM        |     19628 | NS      | $149172.80    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Genworth Financial Inc.                     | GENWORTH FINANCI          | CUSIP: 37247D106<br>LEI: 549300EMCG286BDNKJ33 | Long             | EC               | CORP              | US        |     28000 | NS      | $148120.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Agilysys Inc                                | AGILYSYS INC              | CUSIP: 00847J105<br>LEI: 5299001XWB5V3B5IPN93 | Long             | EC               | CORP              | US        |      1883 | NS      | $149020.62    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corporation                             | KLA CORP                  | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |       400 | NS      | $150812.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Everi Holdings Inc                          | EVERI HOLDINGS I          | CUSIP: 30034T103<br>LEI: 5299006DK5S7BG10K532 | Long             | EC               | CORP              | US        |     17912 | NS      | $257037.20    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Evoqua Water Technologies Corp              | EVOQUA WATER TEC          | CUSIP: 30057T105<br>LEI: 529900YQAOMEZRGRRP43 | Long             | EC               | CORP              | US        |      3696 | NS      | $146361.60    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Progress Software Corp.                     | PROGRESS SOFTWAR          | CUSIP: 743312100<br>LEI: 549300R65B3JG6972S24 | Long             | EC               | CORP              | US        |      2446 | NS      | $123400.70    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | JPCPOPL5/JPCPOPS5         | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | N/A       |  15000000 | NC      | $1045350.00   | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Janus International Group Inc               | JANUS INTERNATIO          | CUSIP: 47103N106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15793 | NS      | $150349.36    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynatrace Inc                               | DYNATRACE INC             | CUSIP: 268150109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3939 | NS      | $150863.70    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| CSG Systems International Inc.              | CSG SYSTEMS INTL          | CUSIP: 126349109<br>LEI: 549300D7FJZUOHHXUA81 | Long             | EC               | CORP              | US        |      2336 | NS      | $133619.20    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Rayonier Advanced Materials Inc             | RAYONIER ADV              | CUSIP: 75508B104<br>LEI: 54930053QJ7OUGZG4F72 | Long             | EC               | CORP              | US        |     27909 | NS      | $267926.40    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameris Bancorp                              | AMERIS BANCORP            | CUSIP: 03076K108<br>LEI: PBJHNT51T5V6G5UQFV42 | Long             | EC               | CORP              | US        |      2401 | NS      | $113183.14    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Joyy Inc                                    | JOYY INC-ADR              | CUSIP: 46591M109<br>LEI: 549300N6CHVU5CQZPW24 | Long             | EC               | CORP              | KY        |      4608 | NS      | $145566.72    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Yelp Inc                                    | YELP INC                  | CUSIP: 985817105<br>LEI: 5299007OU2DOSXPQBO35 | Long             | EC               | CORP              | US        |      4842 | NS      | $132380.28    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Element Solutions Inc                       | ELEMENT SOLUTIONS INC     | CUSIP: 28618M106<br>LEI: 549300FLGN6P5CU20J91 | Long             | EC               | CORP              | US        |      5197 | NS      | $94533.43     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Triton International Limited                | TRITON INTERNATI          | CUSIP: G9078F107<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |      1822 | NS      | $125317.16    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Wix.com Limited                             | WIX.COM LTD               | CUSIP: M98068105<br>LEI: 5493008P6N29Q1AG9464 | Long             | EC               | CORP              | IL        |      2025 | NS      | $155580.75    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Delek US Holdings Inc.                      | DELEK US HOLDING          | CUSIP: 24665A103<br>LEI: 5493003O53JMENV1N385 | Long             | EC               | CORP              | US        |      4886 | NS      | $131922.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Titan Machinery Inc.                        | TITAN MACHINERY           | CUSIP: 88830R101<br>LEI: 549300835ZM8G0BT5C94 | Long             | EC               | CORP              | US        |      3723 | NS      | $147914.79    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| IMAX Corporation                            | IMAX CORP                 | CUSIP: 45245E109<br>LEI: 5493002KS2T1Q0X7VZ21 | Long             | EC               | CORP              | CA        |     10354 | NS      | $151789.64    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Evercore Inc                                | EVERCORE INC              | CUSIP: 29977A105<br>LEI: 529900P6KLPT95DW3W58 | Long             | EC               | CORP              | US        |      1207 | NS      | $131659.56    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Oceaneering International, Inc.             | OCEANEERING INTL          | CUSIP: 675232102<br>LEI: 549300L6PH74701W0R30 | Long             | EC               | CORP              | US        |      8849 | NS      | $154769.01    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| AerCap Holdings N.V.                        | AERCAP HOLDINGS           | CUSIP: N00985106<br>LEI: 549300SZYINBBLJQU475 | Long             | EC               | CORP              | NL        |      2571 | NS      | $149940.72    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Transport Services Group Inc.           | AIR TRANSPORT SE          | CUSIP: 00922R105<br>LEI: 5493000F3MSFGIXTQE27 | Long             | EC               | CORP              | US        |      3736 | NS      | $97061.28     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlantic Union Bankshares Corp              | ATLANTIC UNION BANKSHARES | CUSIP: 04911A107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3650 | NS      | $128261.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamond Offshore Drilling, Inc.             | DIAMOND OFFSHORE          | CUSIP: 25271C201<br>LEI: F14FQJ2EEHW5VPYUHL14 | Long             | EC               | CORP              | US        |     28301 | NS      | $294330.40    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Controladora Vuela Cia De Aviacion          | CONTROLADORA-ADR          | CUSIP: 21240E105<br>LEI: 549300G8NLCMP9Z44X52 | Long             | EC               | CORP              | MX        |     18203 | NS      | $152177.08    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Seaworld Entertainment Inc                  | SEAWORLD ENTERTAINMENT IN | CUSIP: 81282V100<br>LEI: 529900G0H4NV3IIK3269 | Long             | EC               | CORP              | US        |      1982 | NS      | $106056.82    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Futu Holdings Ltd.                          | FUTU HOLDINGS LTD-ADR     | CUSIP: 36118L106<br>LEI: 213800X4W4ZRESFPTQ37 | Long             | EC               | CORP              | KY        |      2533 | NS      | $102966.45    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Paya Holdings Inc.                          | PAYA HOLDINGS-A           | CUSIP: 70434P103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19563 | NS      | $153960.81    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco de Chile                              | BANCO DE CHILE-ADR        | CUSIP: 059520106<br>LEI: 8B4EZFY8IHJC44TT2K84 | Long             | EC               | CORP              | CL        |      6439 | NS      | $134059.98    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Steel Corporation             | US STEEL CORP             | CUSIP: 912909108<br>LEI: JNLUVFYJT1OZSIQ24U47 | Long             | EC               | CORP              | US        |      5860 | NS      | $146793.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corporation                   | VALERO ENERGY             | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |       969 | NS      | $122927.34    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Sociedad Quimica y Minera de Chile S A      | QUIMICA Y-SP ADR          | CUSIP: 833635105<br>LEI: TJ88LXZZW5PWIN93ZC81 | Long             | EC               | CORP              | CL        |      1918 | NS      | $153133.12    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| SunCoke Energy, Inc.                        | SUNCOKE ENERGY I          | CUSIP: 86722A103<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | EC               | CORP              | US        |     17281 | NS      | $149135.03    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryerson Holding Corporation                 | RYERSON HOLDING           | CUSIP: 783754104<br>LEI: 549300JMA41B3ZHOVE45 | Long             | EC               | CORP              | US        |      8103 | NS      | $245196.78    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Fifth Third Bancorp                         | FIFTH THIRD BANC          | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EC               | CORP              | US        |      4507 | NS      | $147874.67    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| PDF Solutions Inc                           | PDF SOLUTIONS             | CUSIP: 693282105<br>LEI: 549300GMSP6MROFBI160 | Long             | EC               | CORP              | US        |      5318 | NS      | $151669.36    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| The Goodyear Tire & Rubber Company          | GOODYEAR TIRE             | CUSIP: 382550101<br>LEI: 5493002BI0S2ZQUY3437 | Long             | EC               | CORP              | US        |     15180 | NS      | $154077.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| The Bank of New York Mellon Corporation     | BANK NY MELLON            | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |      2334 | NS      | $106243.68    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Insight Enterprises Inc.                    | INSIGHT ENTERPRI          | CUSIP: 45765U103<br>LEI: 529900S8991TYW6YP792 | Long             | EC               | CORP              | US        |      1334 | NS      | $133760.18    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Kyndryl Holdings Inc                        | KYNDRYL HOLD-W/I          | CUSIP: 50155Q100<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | EC               | CORP              | US        |     23369 | NS      | $259863.28    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Atkore Inc                                  | ATKORE INTERNATI          | CUSIP: 047649108<br>LEI: 52990002TI38AM4RPV48 | Long             | EC               | CORP              | US        |      1287 | NS      | $145971.54    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Donnelley Financial Solutions Inc           | DONNELLEY FINANC          | CUSIP: 25787G100<br>LEI: 549300O1NPY4J56QCU04 | Long             | EC               | CORP              | US        |      3601 | NS      | $139178.65    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanex Building Products Corp.              | QUANEX BUILDING           | CUSIP: 747619104<br>LEI: 5493000TL30VL5WOAW87 | Long             | EC               | CORP              | US        |      4521 | NS      | $107057.28    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc.                      | APPLIED MATERIAL          | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |      1559 | NS      | $151815.42    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bills                | B 03/23/23                | CUSIP: 912796U31<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  14500000 | PA      | $14365200.90  | 16.57%            | 2023-03-23      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Extreme Networks Inc.                       | EXTREME NETWORKS          | CUSIP: 30226D106<br>LEI: 549300WRECW11X94UB57 | Long             | EC               | CORP              | US        |     12848 | NS      | $235246.88    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Interactive Brokers Group Inc               | INTERACTIVE BROK          | CUSIP: 45841N107<br>LEI: 5493004DT6DCDUZNDM53 | Long             | EC               | CORP              | US        |      2019 | NS      | $146074.65    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| BrightView Holdings Inc.                    | BRIGHTVIEW HOLDI          | CUSIP: 10948C107<br>LEI: 549300F8QN8YHVI7L866 | Long             | EC               | CORP              | US        |     17602 | NS      | $121277.78    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Gartner Incorporation                       | GARTNER INC               | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Long             | EC               | CORP              | US        |       280 | NS      | $94119.20     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Brinker International, Inc.                 | BRINKER INTL              | CUSIP: 109641100<br>LEI: 52990067JY6PBGJNTG76 | Long             | EC               | CORP              | US        |      4480 | NS      | $142956.80    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Laboratory Corp of America Holdings         | LABORATORY CP             | CUSIP: 50540R409<br>LEI: OZ7UA8IXAIFILY2VZH07 | Long             | EC               | CORP              | US        |       580 | NS      | $136578.40    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Tecnoglass Inc                              | TECNOGLASS INC            | CUSIP: G87264100<br>LEI: 529900YRWTPOC2E6IO67 | Long             | EC               | CORP              | KY        |      4858 | NS      | $149480.66    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Equitable Holdings Inc                      | EQUITABLE HOLDIN          | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               | CORP              | US        |      5221 | NS      | $149842.70    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | JPM IND LONG 1            | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | US        |    337360 | NS      | $-914279.34   | -1.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Jones Lang LaSalle Incorporated             | JONES LANG LASAL          | CUSIP: 48020Q107<br>LEI: 6SYKCME112RT8TQUO411 | Long             | EC               | CORP              | US        |       661 | NS      | $105343.57    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy, Inc.                            | NRG ENERGY                | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |      3114 | NS      | $99087.48     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Modine Manufacturing Co.                    | MODINE MANUFACTURING CO   | CUSIP: 607828100<br>LEI: Z35SZFYJR8GZZRSIUU09 | Long             | EC               | CORP              | US        |      7439 | NS      | $147738.54    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Zynex Inc                                   | ZYNEX INC                 | CUSIP: 98986M103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10678 | NS      | $148530.98    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Community Health Systems Incorporated       | COMMUNITY HEALTH          | CUSIP: 203668108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     38110 | NS      | $164635.20    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Frontier Communications Parent Inc          | FRONTIER COMMUNI          | CUSIP: 35909D109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3581 | NS      | $91243.88     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| NetApp Inc.                                 | NETAPP INC                | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |      2015 | NS      | $121020.90    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Commvault Systems Inc.                      | COMMVAULT SYSTEM          | CUSIP: 204166102<br>LEI: 65T5VRP62VXG39YFML83 | Long             | EC               | CORP              | US        |      2122 | NS      | $133346.48    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Splunk Inc                                  | SPLUNK INC                | CUSIP: 848637104<br>LEI: 549300XGDSGBP6UEI867 | Long             | EC               | CORP              | US        |      1774 | NS      | $152723.66    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Ambac Financial Group, Inc.                 | AMBAC FINANCIAL           | CUSIP: 023139884<br>LEI: 5493000UC0RBBNDHI717 | Long             | EC               | CORP              | US        |     14463 | NS      | $252234.72    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| ViewRay Inc.                                | VIEWRAY INC               | CUSIP: 92672L107<br>LEI: 5493006XTUBSKFU3W106 | Long             | EC               | CORP              | US        |     33729 | NS      | $151105.92    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Nokia Corp                                  | NOKIA CORP-ADR            | CUSIP: 654902204<br>LEI: 549300A0JPRWG1KI7U06 | Long             | EC               | CORP              | FI        |     22887 | NS      | $106195.68    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Avanos Medical Inc                          | AVANOS MEDICAL I          | CUSIP: 05350V106<br>LEI: 549300YCXWOM7NEWMQ58 | Long             | EC               | CORP              | US        |      4906 | NS      | $132756.36    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corporation                    | STATE ST CORP             | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |      3158 | NS      | $244966.06    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| JetBlue Airways Corporation                 | JETBLUE AIRWAYS           | CUSIP: 477143101<br>LEI: 54930070J9H97ZO93T57 | Long             | EC               | CORP              | US        |     23570 | NS      | $152733.60    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcbest Corporation                         | ARCBEST CORP              | CUSIP: 03937C105<br>LEI: 5493006S3KBNE8ZS3J23 | Long             | EC               | CORP              | US        |      1152 | NS      | $80686.08     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Axalta Coating Systems Limited              | AXALTA COATING SYSTEMS LT | CUSIP: G0750C108<br>LEI: 529900AGLPA40GV6H619 | Long             | EC               | CORP              | BM        |      4107 | NS      | $104605.29    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | CP TE - JPM SHORT 2       | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | US        |    631340 | NS      | $-804769.10   | -0.93%            |  |  |  | No            |                  2 | On Loan: No      |
| BP PLC                                      | BP PLC-ADR                | CUSIP: 055622104<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |      2960 | NS      | $103392.80    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Netgear Inc                                 | NETGEAR INC               | CUSIP: 64111Q104<br>LEI: 54930067KX3UNRHDWA78 | Long             | EC               | CORP              | US        |     13541 | NS      | $245227.51    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| NOW Inc.                                    | NOW INC                   | CUSIP: 67011P100<br>LEI: 549300AVH5SOCFVVDW91 | Long             | EC               | CORP              | US        |     11737 | NS      | $149059.90    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Shift4 Payments Inc                         | SHIFT4 PAYMENT-A          | CUSIP: 82452J109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2748 | NS      | $153695.64    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| YUM Brands Inc                              | YUM! BRANDS INC           | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |       872 | NS      | $111685.76    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Red Rock Resorts Inc                        | RED ROCK RESORTS INC-CLAS | CUSIP: 75700L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2483 | NS      | $99344.83     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Par Pacific Holdings, Inc.                  | PAR PACIFIC HOLD          | CUSIP: 69888T207<br>LEI: 549300BTNS7MHSHRLR55 | Long             | EC               | CORP              | US        |      6057 | NS      | $140825.25    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Paycom Software Inc                         | PAYCOM SOFTWARE           | CUSIP: 70432V102<br>LEI: 254900LSB0HNJUDC6Q18 | Long             | EC               | CORP              | US        |       487 | NS      | $151120.97    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Teradata Corp                               | TERADATA CORP             | CUSIP: 88076W103<br>LEI: 549300JU9SOUHV4U4R71 | Long             | EC               | CORP              | US        |      8288 | NS      | $278974.08    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| First Financial Bancorp.                    | FIRST FIN BANCRP          | CUSIP: 320209109<br>LEI: 549300D3F5B3EZMY7P77 | Long             | EC               | CORP              | US        |      4528 | NS      | $109713.44    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Prudential Financial, Inc.                  | PRUDENTL FINL             | CUSIP: 744320102<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | EC               | CORP              | US        |       972 | NS      | $96675.12     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc                        | BOOKING HOLDINGS          | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |        59 | NS      | $118901.52    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Pitney Bowes Inc.                           | PITNEY BOWES INC          | CUSIP: 724479100<br>LEI: 549300N2O26NW4ST6W55 | Long             | EC               | CORP              | US        |     40643 | NS      | $154443.40    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-27

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

**Signature:** Brian Curley

**Name of Signer:** Brian Curley

**Title:** Treasurer