# EDGAR Filing Document

**Accession Number:** 0001537140
**File Stem:** 0001752724-23-044723
**Filing Date:** 2023-2
**Character Count:** 69093
**Document Hash:** 559364b7a8342f074aef627f398cb6ca
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-044723.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-044723

**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:** 23679945

**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 Income Fund (Series ID: S000046898)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000146567 | Counterpoint Tactical Income Fund Class A Shares | CPATX           |
| C000146568 | Counterpoint Tactical Income Fund Class C Shares | CPCTX           |
| C000146569 | Counterpoint Tactical Income Fund Class I Shares | CPITX           |

## 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 Income Fund

- **b. EDGAR series identifier (if any):** S000046898

- **c. LEI of Series:** 549300FOLD17KHRVDB10

**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:** $1065863778.29

**Total Liabilities:** $1195290.35

**Net Assets:** $1064668487.94

**Cash Not Reported:** $5761456.71

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000146569 | -0.22%               | 0.80%                | -0.45%               |
| Class ID C000146567 | -0.24%               | 0.86%                | -0.57%               |
| Class ID C000146568 | -0.30%               | 0.80%                | -0.58%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-521350.00              | $-1858683.15                               |
| Month 2  | $-11297.13               | $11118045.63                               |
| Month 3  | $406.00                  | $-10342694.66                              |

**Designated Index Information**

- **Index Name:** U.S. Corporate High Yield

- **Index Identifier:** I00012US-USD

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Mainstay Funds                           | MNSTY-H/Y BD-I            | CUSIP: 56062X708<br>LEI: 549300SQRLBSUG7RD002 | Long             | EC               | RF                | US        |     606783 | NS      | $2979305.61   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Exchange Traded Fund Trust II    | INVESCO SENIOR LOAN ETF   | CUSIP: 46138G508<br>LEI: O540V2L4S174Y60FMD36 | Long             | EC               | RF                | US        |    1327707 | NS      | $27257824.71  | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Funds V                        | BLKR-H/Y BND-INS          | CUSIP: 09260B630<br>LEI: 54930077DSFQPJDWM487 | Long             | EC               | RF                | US        |       4204 | NS      | $27912.36     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Ssga Active Etf Trust                    | SPDR BLACKSTONE           | CUSIP: 78467V608<br>LEI: 549300MAXSRPQ75ICU67 | Long             | EC               | RF                | US        |     510163 | NS      | $20865666.70  | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Pimco Fds Pacific Invt Mgmt Ser          | PIMCO-H/Y-INS             | CUSIP: 693390841<br>LEI: BX5VU78PO9CRQUP4YH86 | Long             | EC               | RF                | US        |       3719 | NS      | $27929.45     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Adv Ii                          | F/A-F/R HI-I              | CUSIP: 315807552<br>LEI: EIVUM2R16VT371T5KS40 | Long             | EC               | RF                | US        |   25139665 | NS      | $225754189.94 | 21.20%            |  |  |  | No            |                  1 | On Loan: No      |
| Lord Abbett High                         | LA-HI YLD-I               | CUSIP: 54400N409<br>LEI: N/A                  | Long             | EC               | RF                | US        |     569120 | NS      | $3488705.88   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Tiaa Cref Mutual Funds                   | TIAA CREF HIGH YIELD-INST | CUSIP: 886315795<br>LEI: N/A                  | Long             | EC               | RF                | US        |       1000 | NS      | $8190.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                      | CDXNAHY39 01/18/23 P98    | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | N/A       |  500000000 | NC      | $1489375.00   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Lord Abbett Investment Trust             | LORD ABBETT FLOATING RATE | CUSIP: 543916134<br>LEI: 54930085JIVNI3FPKR71 | Long             | EC               | RF                | US        |       1808 | NS      | $14193.04     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JP Morgan Trust Ii                       | JPM-HIGH YLD-I            | CUSIP: 4812C0803<br>LEI: 549300IMXLYKELY96B40 | Long             | EC               | RF                | US        |   17109235 | NS      | $105050701.17 | 9.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Trust                      | GLDMN SCHS H/Y FLT RT-INS | CUSIP: 38145C455<br>LEI: S2FHCT8U6D2VORP0J605 | Long             | EC               | RF                | US        |   10868723 | NS      | $94014450.20  | 8.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Trust                      | GS-GOVT-FS                | CUSIP: 38141W273<br>LEI: S2FHCT8U6D2VORP0J605 | Long             | STIV             | RF                | US        |   29625150 | PA      | $29625149.54  | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bills             | B 03/14/23                | CUSIP: 912796Z69<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    5000000 | PA      | $4959434.05   | 0.47%             | 2023-03-14      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CDX.NA.HY Series 39                      | CDXHY39 12/27             | CUSIP: N/A<br>LEI: N/A                        | Long             | DCR              | CORP              | N/A       |  -40000000 | PA      | $232960.00    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                      | CDXNAHY39 01/18/23 P92.5  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       | -500000000 | NC      | $-63690.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury Bills             | B 04/27/23                | CUSIP: 912796YV5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    5000000 | PA      | $4929624.80   | 0.46%             | 2023-04-27      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Blackrock Funds V                        | BLACKROCK II-FLOAT RAT-IN | CUSIP: 09260B747<br>LEI: 54930077DSFQPJDWM487 | Long             | EC               | RF                | US        |   13383298 | NS      | $125802997.85 | 11.82%            |  |  |  | No            |                  1 | On Loan: No      |
| Prudential Investment Portfolios Inc. 15 | PGIM-HI YLD-Z             | CUSIP: 74440Y801<br>LEI: 5493004GW6X6EIMPJD18 | Long             | EC               | RF                | US        |   82057893 | NS      | $373363412.14 | 35.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Transamerica Funds                       | TRANSAMERICA HI YLD BND-I | CUSIP: 893962159<br>LEI: 54930088ZHZE1VMYEY52 | Long             | EC               | RF                | US        |    3990704 | NS      | $30888048.88  | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bills             | B 02/23/23                | CUSIP: 912796T33<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    4000000 | PA      | $3975955.64   | 0.37%             | 2023-02-23      | Fixed         | 0.00%                 | No            |                  2 | 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