# EDGAR Filing Document

**Accession Number:** 0001537140
**File Stem:** 0000910472-26-003421
**Filing Date:** 2026-2
**Character Count:** 79634
**Document Hash:** 9d1889274351d14f80cc79b44d84f4f1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-003421.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0000910472-26-003421

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**PERIOD START**: 20260930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22655
- **FILM NUMBER:** 26699643

**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 Municipal Fund (Series ID: S000061857)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000200261 | Counterpoint Tactical Municipal Fund Class A | TMNAX           |
| C000200262 | Counterpoint Tactical Municipal Fund Class C | TMNCX           |
| C000200263 | Counterpoint Tactical Municipal Fund Class I | TMNIX           |

## Nport-Ex

---

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

---

---

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

---

ETF - Exchange-Traded Fund <br>

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

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

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

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

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

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

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

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

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

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

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

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

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

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

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

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

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

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

---

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

---

---

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

---

---

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

---

ETF - Exchange-Traded Fund

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

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** CINCINNATI

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

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

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

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

- **b. EDGAR series identifier (if any):** S000061857

- **c. LEI of Series:** 549300LJGKEK0W1KDQ73

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $291299200.82

**Total Liabilities:** $290491.13

**Net Assets:** $291008709.69

**Cash Not Reported:** $420098.79

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000200261 | 1.06%                | 0.29%                | -0.26%               |
| Class ID C000200262 | 1.02%                | 0.24%                | -0.34%               |
| Class ID C000200263 | 0.98%                | 0.40%                | -0.24%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $39428.98                | $1948964.51                                |
| Month 2  | $-5.89                   | $-78368.79                                 |
| Month 3  | $-15951.03               | $-1695433.12                               |

**Designated Index Information**

- **Index Name:** Bloomberg High Yield Muni Bond

- **Index Identifier:** 939

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Aim Tax-Exempt Funds (Invesco Tax-Exempt Funds) | INV-A/F MUNI-Y                | CUSIP: 001419183<br>LEI: SW0MHD1146AQ1M76HG37 | Long             | EC               | RF                | US        |       100 | NS      | $672.00       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Aim Tax-Exempt Funds (Invesco Tax-Exempt Funds) | INV-H/Y MUNI-Y                | CUSIP: 001419654<br>LEI: SW0MHD1146AQ1M76HG37 | Long             | EC               | RF                | US        |  12790218 | NS      | $106286710.18 | 36.52%            |  |  |  | No            | 1                  | On Loan: No      |
| Aim Tax-Exempt Funds (Invesco Tax-Exempt Funds) | INV-RC MUN OP-Y               | CUSIP: 00141W703<br>LEI: SW0MHD1146AQ1M76HG37 | Long             | EC               | RF                | US        |   1098054 | NS      | $7225194.56   | 2.48%             |  |  |  | No            | 1                  | On Loan: No      |
| AB Municipal Income Fund Inc.                   | AB HIGH INC MUNICIPAL-ADV     | CUSIP: 018642744<br>LEI: 549300HSXPZXR4NTL020 | Long             | EC               | RF                | US        |    291416 | NS      | $2995759.18   | 1.03%             |  |  |  | No            | 1                  | On Loan: No      |
| American Centy Tr                               | AC-H/Y MUNI-I                 | CUSIP: 024934663<br>LEI: N/A                  | Long             | EC               | RF                | US        |       100 | NS      | $873.00       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| American High-Income Municipal Bond Fund        | AF-H/I MUN-F3                 | CUSIP: 026545806<br>LEI: N/A                  | Long             | EC               | RF                | US        |       100 | NS      | $1532.00      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                             | TFDXX LEX BLACKROCK FED FUND  | CUSIP: 09248U700<br>LEI: N/A                  | Long             | STIV             |  | US        |         0 | NS      | $0.00         | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Delaware Investments fund                       | DEL-NTL HY M-I                | CUSIP: 24610H302<br>LEI: N/A                  | Long             | EC               | RF                | US        |       100 | NS      | $979.00       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                             | DREYFUS TREASURY & AGENCY LEX | CUSIP: 261908107<br>LEI: N/A                  | Long             | STIV             |  | US        |         0 | NS      | $0.00         | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Eaton Vance Municipals Trust Ii                 | EV-H/Y MUNI-I                 | CUSIP: 27826M841<br>LEI: 54930020USKP27DTI683 | Long             | EC               | RF                | US        |       100 | NS      | $806.00       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Franklin Tax Free Trust                         | FRNK-H/Y T/F-ADV              | CUSIP: 354723272<br>LEI: 549300C12HCE48FV1C70 | Long             | EC               | RF                | US        |       100 | NS      | $892.00       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Goldman Sachs Trust                             | GS-H/Y MUNI-INS               | CUSIP: 38142Y583<br>LEI: S2FHCT8U6D2VORP0J605 | Long             | EC               | RF                | US        |    862343 | NS      | $7821449.44   | 2.69%             |  |  |  | No            | 1                  | On Loan: No      |
| Nuveen Municipal                                | NVN-H/Y MUN-I                 | CUSIP: 67065Q772<br>LEI: 549300D2RECSQKX7NC33 | Long             | EC               | RF                | US        |   1344359 | NS      | $19224326.76  | 6.61%             |  |  |  | No            | 1                  | On Loan: No      |
| PIMCO Funds                                     | PIMCO-HY MUNI-I               | CUSIP: 72201F672<br>LEI: 5493003B5Y5GR0Y25Y76 | Long             | EC               | RF                | US        |  10288372 | NS      | $86216558.99  | 29.63%            |  |  |  | No            | 1                  | On Loan: No      |
| Price T Rowe Tax Free High Yield Fund Inc.      | TRP-T/F H/Y-I                 | CUSIP: 741486302<br>LEI: 2F9VPFCSWR3EU5WBPH73 | Long             | EC               | RF                | US        |       100 | NS      | $1109.00      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Prudential Investment Portfolios 4              | PGIM-MUNI H/I-Z               | CUSIP: 74440M401<br>LEI: N/A                  | Long             | EC               | RF                | US        |       100 | NS      | $935.00       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Russell Investment Company                      | RIC-T/E HI Y-S                | CUSIP: 78249R123<br>LEI: 549300J63VJ9OS4TCK93 | Long             | EC               | RF                | US        |   3561871 | NS      | $34514531.03  | 11.86%            |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                             | INVESCO GOVT AND AGCY LEX     | CUSIP: 825252885<br>LEI: N/A                  | Long             | STIV             |  | US        |         0 | NS      | $0.00         | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| VanEck ETF Trust                                | V/E HI YLD MUNI               | CUSIP: 92189H409<br>LEI: 549300ZLFKNTXC51ZN76 | Long             | EC               | RF                | US        |    441820 | NS      | $22585838.40  | 7.76%             |  |  |  | No            | 1                  | On Loan: —       |
| N/A                                             | JPM CASH DEPOSIT ACCT         | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   2993303 | PA      | $2993303.18   | 1.03%             |  |  |  | No            | 1                  | On Loan: No      |

### Signature

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

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

**Signature:** Rich Gleason

**Name of Signer:** Rich Gleason

**Title:** Treasurer