# EDGAR Filing Document

**Accession Number:** 0001537140
**File Stem:** 0000910472-25-000359
**Filing Date:** 2025-8
**Character Count:** 76491
**Document Hash:** 124a0fb904da71e4450926932e4a2b1f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-000359.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0000910472-25-000359

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**PERIOD START**: 20250930

**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:** 251271315

**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)** |
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 33.3%** |  |
|  | **FIXED INCOME - 33.3%** |  |
| 94700 | Counterpoint High Yield Trend ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $2059725 |
| 11558332 | iShares Broad USD High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp; 433553034 |
| 2769196 | iShares iBoxx $ High Yield Corporate Bond ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 223335657 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $645,897,694)** | &nbsp;&nbsp; 658948416 |
|  | **OPEN END FUNDS — 49.7%** |  |
|  | **FIXED INCOME - 49.7%** |  |
| 1000 | BlackRock Floating Rate Income Portfolio, Institutional Class | &nbsp;&nbsp;&nbsp; 9600 |
| 5000 | Blackrock Series Fund V-BlackRock High Yield, Institutional Class | &nbsp;&nbsp;&nbsp; 35952 |
| 6076823 | BrandywineGLOBAL Corporate Credit Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 63806645 |
| 9653 | BrandywineGLOBAL Corporate Credit Fund, Class I | &nbsp;&nbsp;&nbsp; 101448 |
| 8841684 | BrandywineGLOBAL High Yield Fund, Class I | &nbsp;&nbsp;&nbsp; 89831505 |
| 31495420 | Eaton Vance Income Fund of Boston, Institutional Class | &nbsp;&nbsp;&nbsp; 165665909 |
| 11468 | Federated Hermes Institutional High Yield Bond, Institutional Shares | &nbsp;&nbsp;&nbsp; 103555 |
| 1000 | Fidelity Advisor Floating Rate High Income Fund, Class I | &nbsp;&nbsp;&nbsp; 9160 |
| 9315750 | Fidelity High Income Fund, Class Z | &nbsp;&nbsp;&nbsp; 74712319 |
| 13038 | Fidelity High Income Fund, Class I | &nbsp;&nbsp;&nbsp; 104695 |
| 1000 | Goldman Sachs High Yield Floating Rate Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 8720 |
| 11112149 | Ivy High Income Fund, Class I | &nbsp;&nbsp;&nbsp; 65672800 |
| 26172449 | JPMorgan High Yield Fund, Class I | &nbsp;&nbsp;&nbsp; 171167817 |
| 1808 | Lord Abbett Floating Rate Fund, Class I | &nbsp;&nbsp;&nbsp; 14609 |
| 1000 | Lord Abbett High Yield Fund, Class I | &nbsp;&nbsp;&nbsp; 6380 |
| 1000 | MainStay MacKay High Yield Corporate Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 5230 |
| 1000 | Nuveen High Yield Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 8860 |
| 5000 | PGIM High Yield Fund, Class Z | &nbsp;&nbsp;&nbsp; 24298 |
| 5000 | PIMCO High Yield Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 40553 |
| 24815759 | Principal High Yield Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 167506374 |
| 30947460 | T Rowe Price High Yield Fund, Inc., Class I | &nbsp;&nbsp;&nbsp; 185375283 |
| 5000 | Transamerica High Yield Bond, Class I | &nbsp;&nbsp;&nbsp; 40898 |
|  | **TOTAL OPEN END FUNDS (Cost $964,126,623)** | &nbsp;&nbsp; 984252610 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 11.1%** |  |  |  |
|  | **U.S. TREASURY BILLS** — **11.1%** |  |  |  |
| 35000000 | United States Treasury Bill<sup>(b),(e)</sup> | 4.1800 | &nbsp;&nbsp;&nbsp;07/31/25 | $34879140 |
| 35000000 | United States Treasury Bill<sup>(a),(b)</sup> | 3.9450 | &nbsp;&nbsp;&nbsp;03/19/26 | 34012024 |
| 150000000 | United States Treasury Note | 4.0000 | &nbsp;&nbsp;&nbsp;03/31/30 | 151400392 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $219,189,059)** |  |  | 220291556 |
| **Shares** |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 14.4%** |  |  |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 11.5%** |  |  |  |
| 75000000 | BlackRock Liquidity FedFund, Institutional Class, 4.35%<sup>(c),(d)</sup> |  |  | &nbsp;&nbsp;&nbsp; 75000000 |
| 76839149 | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 4.34%<sup>(c),(d)</sup> |  |  | &nbsp;&nbsp;&nbsp; 76839149 |
| 75000000 | Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.35%<sup>(c),(d)</sup> |  |  | &nbsp;&nbsp;&nbsp; 75000000 |
|  | **TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $226,839,149)** | **TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $226,839,149)** |  | &nbsp;&nbsp; 226839149 |
|  | **MONEY MARKET FUNDS - 2.9%** |  |  |  |
| 57260914 | Goldman Sachs Financial Square Government Fund, Class FST, 4.18% (Cost $57,260,914)<sup>(d)</sup> |  |  | &nbsp;&nbsp;&nbsp; 57260914 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $284,100,063)** | **TOTAL SHORT-TERM INVESTMENTS (Cost $284,100,063)** |  | 284100063 |
|  | **TOTAL INVESTMENTS - 108.5% (Cost $2,113,313,439)** |  |  | &nbsp;&nbsp;&nbsp; $2147592645 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (8.5)%** |  |  | &nbsp;&nbsp; (169034673) |
|  | **NET ASSETS - 100.0%** |  |  | &nbsp;&nbsp; $1978557972 |

---

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 June 30, 2025 was $250,577,902.

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

<sup>(c)</sup> Security was purchased with cash received as collateral for securities on loan at June 30, 2025. Total collateral had a value of $226,839,149 at June 30, 2025. Additional non-cash collateral received from the borrower not disclosed in the Schedule of Investments had a fair value of $27,997,372.

<sup>(d)</sup> Rate disclosed is the seven day effective yield as of June 30, 2025.

<sup>(e)</sup> All or a portion of this security is pledged as collateral for total return swaptions. As of June 30, 2025, the fair value of the pledged portion is 11,785,139.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)** |
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **CREDIT DEFAULT SWAP** | **CREDIT DEFAULT SWAP** | **CREDIT DEFAULT SWAP** | **CREDIT DEFAULT SWAP** | **CREDIT DEFAULT SWAP** |  |  |  |  |  |
|  |  | **Payement** | **Buy/Sell** | **Fixed Rate** | **Maturity** | **Notional** | **Premiums** |  | **Unrealized** |
| **Description** | **Counterparty** | **Frequency** | **Protection** | **Received** | **Date** | **Amount** | **Paid (Received)** | **Value** | **Appreciation** |
| CDX North American High Yield Index Version 1, Series 44 \* | Wells Fargo | Quarterly | Sell | 5.00% | 6/20/2030 | $348000000 | $13010884 | $26093388 | $13082504 |
| **SWAPTIONS PURCHASED** |  |  |  |  |  |  |  |  |  |
|  |  |  | **Exercise** | **Number Of** | **Expiration** | **Notional** | **Fair** | **Premiums** | **Unrealized** |
| **Description** | **Put/Call** | **Counterparty** | **Rate** | **Contracts** | **Date** | **Amount** | **Value** | **Paid** | **Appreciation/(Depreciation)** |
| CDX North American High Yield Index Version 1, Series 44 | Put | JP Morgan | 101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | 7/16/2025 | $100000000 | $6705 | $2100000 | $(2093295) |
| CDX North American High Yield Index Version 1, Series 44 | Put | Goldman Sachs | 101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | 7/16/2025 | $300000000 | $20115 | $7050000 | $(7029885) |
|  |  |  |  |  |  |  | $26820 | $9150000 | $(9123180) |
| **SWAPTIONS WRITTEN** |  |  |  |  |  |  |  |  |  |
|  |  |  | **Exercise** | **Number Of** | **Expiration** | **Notional** | **Fair** | **Premiums** | **Unrealized** |
| **Description** | **Put/Call** | **Counterparty** | **Rate** | **Contracts** | **Date** | **Amount** | **Value** | **Received** | **Appreciation/(Depreciation)** |
| CDX North American High Yield Index Version 1, Series 44 | Put | JP Morgan | 93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100) | 7/16/2025 | $(100000000) | $(127) | $(620000) | $619873 |
| CDX North American High Yield Index Version 1, Series 44 | Put | Goldman Sachs | 93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(300) | 7/16/2025 | $(300000000) | $(381) | $(1980000) | $1979619 |
|  |  |  |  |  |  |  | $(508) | $(2600000) | $2599492 |

---

\* The underlying holdings of this security can be found at https://www.spglobal.com/spdji/en/documents/index-news-and-announcements/CDX.NA.HY.44-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)** |
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 28.4%** |  |
|  | **AEROSPACE & DEFENSE - 0.7%** |  |
| 12110 | Astronics Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $405443 |
| 1776 | Elbit Systems Ltd. | &nbsp;&nbsp;&nbsp; 798312 |
| 2274 | Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp; 423260 |
| 17439 | Leonardo DRS, Inc. | &nbsp;&nbsp;&nbsp; 810564 |
| 1651 | Woodward, Inc. | &nbsp;&nbsp;&nbsp; 404644 |
|  |  | &nbsp;&nbsp; 2842223 |
|  | **APPAREL & TEXTILE PRODUCTS - 0.6%** |  |
| 42614 | Capri Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 754268 |
| 6432 | Gildan Activewear, Inc. | &nbsp;&nbsp;&nbsp; 316712 |
| 61386 | Hanesbrands, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 281148 |
| 4977 | On Holding A.G.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 259053 |
| 2562 | Ralph Lauren Corporation | &nbsp;&nbsp;&nbsp; 702705 |
| 4653 | Tapestry, Inc. | &nbsp;&nbsp;&nbsp; 408580 |
|  |  | &nbsp;&nbsp; 2722466 |
|  | **ASSET MANAGEMENT - 0.5%** |  |
| 770 | Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp; 410972 |
| 38751 | Icahn Enterprises, L.P. | &nbsp;&nbsp;&nbsp; 311752 |
| 1111 | LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp; 416592 |
| 22867 | ODP Corporation (The)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 414579 |
| 11527 | Victory Capital Holdings, Inc. | &nbsp;&nbsp;&nbsp; 733923 |
|  |  | &nbsp;&nbsp; 2287818 |
|  | **AUTOMOTIVE - 0.6%** |  |
| 43179 | Adient PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 840264 |
| 41515 | Dana, Inc. | &nbsp;&nbsp;&nbsp; 711982 |
| 40638 | Garrett Motion, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 427105 |
| 6310 | General Motors Company | &nbsp;&nbsp;&nbsp; 310515 |
| 14305 | Gentex Corporation | &nbsp;&nbsp;&nbsp; 314567 |
|  |  | &nbsp;&nbsp; 2604433 |
|  | **BANKING - 0.5%** |  |
| 5338 | Ameris Bancorp | &nbsp;&nbsp;&nbsp; 345369 |
| 9327 | Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp; 417383 |
| 14786 | First Horizon Corporation | &nbsp;&nbsp;&nbsp; 313463 |
| 5252 | Pathward Financial, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 415538 |
| 6221 | Synovus Financial Corporation | &nbsp;&nbsp;&nbsp; 321937 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 28.4% (Continued)** |  |
|  | **BANKING - 0.5% (Continued)** |  |
| 8752 | Trustmark Corporation | &nbsp;&nbsp;&nbsp; $319098 |
|  |  | &nbsp;&nbsp; 2132788 |
|  | **BEVERAGES - 0.1%** |  |
| 13524 | MGP Ingredients, Inc. | &nbsp;&nbsp;&nbsp; 405314 |
|  | **CHEMICALS - 0.8%** |  |
| 5685 | Celanese Corporation | &nbsp;&nbsp;&nbsp; 314551 |
| 4333 | CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp; 398636 |
| 27583 | Chemours Company (The) | &nbsp;&nbsp;&nbsp; 315825 |
| 1510 | Ecolab, Inc. | &nbsp;&nbsp;&nbsp; 406854 |
| 2874 | Hawkins, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 408396 |
| 25791 | Huntsman Corporation | &nbsp;&nbsp;&nbsp; 268742 |
| 59246 | ICL Group Ltd. | &nbsp;&nbsp;&nbsp; 407613 |
| 867 | Linde PLC | &nbsp;&nbsp;&nbsp; 406779 |
| 15704 | Olin Corporation | &nbsp;&nbsp;&nbsp; 315493 |
| 69799 | Tronox Holdings PLC, Class A<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 353881 |
|  |  | &nbsp;&nbsp; 3596770 |
|  | **COMMERCIAL SUPPORT SERVICES - 0.8%** |  |
| 35339 | AMN Healthcare Services, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 730457 |
| 19701 | CoreCivic, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 415100 |
| 17207 | GEO Group, Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 412108 |
| 9159 | Heidrick & Struggles International, Inc. | &nbsp;&nbsp;&nbsp; 419116 |
| 46450 | Legalzoom.com, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 413870 |
| 123888 | Vestis Corporation | &nbsp;&nbsp;&nbsp; 709878 |
| 6706 | Willdan Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 419192 |
| 60034 | ZipRecruiter, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 300770 |
|  |  | &nbsp;&nbsp; 3820491 |
|  | **CONSUMER SERVICES - 0.3%** |  |
| 9140 | Carriage Services, Inc. | &nbsp;&nbsp;&nbsp; 418063 |
| 17751 | Lincoln Educational Services Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 409161 |
| 57796 | Udemy, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 406306 |
|  |  | &nbsp;&nbsp; 1233530 |
|  | **CONTAINERS & PACKAGING - 0.2%** |  |
| 79894 | Ardagh Metal Packaging S.A. | &nbsp;&nbsp;&nbsp; 341946 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 28.4% (Continued)** |  |
|  | **CONTAINERS & PACKAGING - 0.2% (Continued)** |  |
| 23790 | O-I Glass, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $350665 |
|  |  | &nbsp;&nbsp; 692611 |
|  | **DIVERSIFIED INDUSTRIALS - 0.1%** |  |
| 2591 | ITT, Inc. | &nbsp;&nbsp;&nbsp; 406347 |
|  | **E-COMMERCE DISCRETIONARY - 0.1%** |  |
| 83129 | RealReal, Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 398188 |
|  | **ELECTRIC UTILITIES - 0.5%** |  |
| 4821 | NRG Energy, Inc. | &nbsp;&nbsp;&nbsp; 774157 |
| 3928 | Vistra Corporation | &nbsp;&nbsp;&nbsp; 761286 |
| 89822 | XPLR Infrastructure, L.P. | &nbsp;&nbsp;&nbsp; 736540 |
|  |  | &nbsp;&nbsp; 2271983 |
|  | **ELECTRICAL EQUIPMENT - 0.7%** |  |
| 4136 | Amphenol Corporation, Class A | &nbsp;&nbsp;&nbsp; 408430 |
| 14894 | API Group Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 760338 |
| 1912 | Argan, Inc. | &nbsp;&nbsp;&nbsp; 421558 |
| 2692 | Belden, Inc. | &nbsp;&nbsp;&nbsp; 311734 |
| 3881 | Johnson Controls International PLC | &nbsp;&nbsp;&nbsp; 409911 |
| 672 | Trane Technologies PLC | &nbsp;&nbsp;&nbsp; 293940 |
| 9726 | Vontier Corporation | &nbsp;&nbsp;&nbsp; 358889 |
|  |  | &nbsp;&nbsp; 2964800 |
|  | **ENGINEERING & CONSTRUCTION - 0.8%** |  |
| 788 | Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp; 422533 |
| 6856 | Frontdoor, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 404093 |
| 70615 | IHS Holding Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 392619 |
| 4410 | MasTec, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 751596 |
| 5218 | Primoris Services Corporation | &nbsp;&nbsp;&nbsp; 406691 |
| 3327 | Sterling Infrastructure, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 767639 |
| 8315 | Tutor Perini Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 388976 |
|  |  | &nbsp;&nbsp; 3534147 |
|  | **ENTERTAINMENT CONTENT - 0.1%** |  |
| 3866 | ROBLOX Corporation, Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 406703 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 28.4% (Continued)** |  |
|  | **FOOD - 0.2%** |  |
| 8971 | Darling Ingredients, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $340360 |
| 114391 | Krispy Kreme, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 332878 |
|  |  | &nbsp;&nbsp; 673238 |
|  | **GAS & WATER UTILITIES - 0.1%** |  |
| 16796 | Aris Water Solutions, Inc., Class A | &nbsp;&nbsp;&nbsp; 397225 |
|  | **HEALTH CARE FACILITIES & SERVICES - 0.8%** |  |
| 32428 | Acadia Healthcare Company, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 735791 |
| 2071 | IQVIA Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 326369 |
| 98955 | Owens & Minor, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 900491 |
| 52586 | Pediatrix Medical Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 754609 |
| 42889 | Teladoc Health, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 373563 |
| 1773 | Tenet Healthcare Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 312048 |
|  |  | &nbsp;&nbsp; 3402871 |
|  | **HEALTHCARE SERVICES - 0.1%** |  |
| 76743 | GoodRx Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 382180 |
|  | **HOME & OFFICE PRODUCTS - 0.4%** |  |
| 15278 | HNI Corporation | &nbsp;&nbsp;&nbsp; 751373 |
| 35948 | Leggett & Platt, Inc. | &nbsp;&nbsp;&nbsp; 320656 |
| 19045 | MillerKnoll, Inc. | &nbsp;&nbsp;&nbsp; 369854 |
| 32194 | Steelcase, Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 335783 |
|  |  | &nbsp;&nbsp; 1777666 |
|  | **HOME CONSTRUCTION - 0.4%** |  |
| 1975 | Armstrong World Industries, Inc. | &nbsp;&nbsp;&nbsp; 320819 |
| 5584 | Griffon Corporation | &nbsp;&nbsp;&nbsp; 404114 |
| 36088 | Interface, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 755322 |
| 2756 | M/I Homes, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 309003 |
|  |  | &nbsp;&nbsp; 1789258 |
|  | **HOUSEHOLD PRODUCTS - 0.1%** |  |
| 155851 | Coty, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 724708 |
| 12764 | Helen of Troy Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 362242 |
|  |  | &nbsp;&nbsp; 1086950 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 28.4% (Continued)** |  |
|  | **INDUSTRIAL INTERMEDIATE PRODUCTS - 0.1%** |  |
| 5201 | Mueller Industries, Inc. | &nbsp;&nbsp;&nbsp; $413323 |
|  | **INDUSTRIAL SUPPORT SERVICES - 0.1%** |  |
| 1714 | WESCO International, Inc. | &nbsp;&nbsp;&nbsp; 317433 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 0.4%** |  |
| 76825 | BGC Group, Inc., Class A | &nbsp;&nbsp;&nbsp; 785920 |
| 3847 | Nasdaq, Inc. | &nbsp;&nbsp;&nbsp; 343999 |
| 9319 | Virtu Financial, Inc., Class A | &nbsp;&nbsp;&nbsp; 417398 |
|  |  | &nbsp;&nbsp; 1547317 |
|  | **INSURANCE - 2.0%** |  |
| 2025 | Assurant, Inc. | &nbsp;&nbsp;&nbsp; 399917 |
| 4653 | Assured Guaranty Ltd. | &nbsp;&nbsp;&nbsp; 405276 |
| 3961 | Axis Capital Holdings Ltd. | &nbsp;&nbsp;&nbsp; 411231 |
| 7557 | Brighthouse Financial, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 406340 |
| 19199 | CNO Financial Group, Inc. | &nbsp;&nbsp;&nbsp; 740697 |
| 13115 | Equitable Holdings, Inc. | &nbsp;&nbsp;&nbsp; 735752 |
| 100239 | Genworth Financial, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 779859 |
| 3293 | Globe Life, Inc. | &nbsp;&nbsp;&nbsp; 409287 |
| 2691 | HCI Group, Inc. | &nbsp;&nbsp;&nbsp; 409570 |
| 18149 | Heritage Insurance Holdings, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 452636 |
| 8207 | Jackson Financial, Inc., Class A | &nbsp;&nbsp;&nbsp; 728700 |
| 12140 | Lincoln National Corporation | &nbsp;&nbsp;&nbsp; 420044 |
| 11100 | Mercury General Corporation | &nbsp;&nbsp;&nbsp; 747474 |
| 8810 | MetLife, Inc. | &nbsp;&nbsp;&nbsp; 708500 |
| 2565 | Palomar Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 395651 |
| 6897 | Skyward Specialty Insurance Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 398578 |
| 5084 | Unum Group | &nbsp;&nbsp;&nbsp; 410584 |
|  |  | &nbsp;&nbsp; 8960096 |
|  | **INTERNET MEDIA & SERVICES - 0.4%** |  |
| 2246 | Airbnb, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 297236 |
| 10591 | Cargurus, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 354481 |
| 29557 | EverQuote, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 714688 |
| 2028 | Expedia Group, Inc. | &nbsp;&nbsp;&nbsp; 342083 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 28.4% (Continued)** |  |
|  | **INTERNET MEDIA & SERVICES - 0.4% (Continued)** |  |
| 10954 | Groupon, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $366411 |
|  |  | &nbsp;&nbsp; 2074899 |
|  | **LEISURE FACILITIES & SERVICES - 0.9%** |  |
| 34253 | Accel Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 403158 |
| 36879 | Bloomin' Brands, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 317528 |
| 5142 | Boyd Gaming Corporation | &nbsp;&nbsp;&nbsp; 402259 |
| 4302 | Brinker International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 775780 |
| 6730 | Cheesecake Factory, Inc. (The)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 421702 |
| 13694 | Life Time Group Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 415339 |
| 3463 | Light & Wonder, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 333348 |
| 28069 | Rush Street Interactive, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 418228 |
| 39990 | Super Group SGHC Ltd. | &nbsp;&nbsp;&nbsp; 438690 |
|  |  | &nbsp;&nbsp; 3926032 |
|  | **LEISURE PRODUCTS - 0.2%** |  |
| 7751 | Polaris, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 315078 |
| 52922 | Topgolf Callaway Brands Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 426022 |
|  |  | &nbsp;&nbsp; 741100 |
|  | **MACHINERY - 0.5%** |  |
| 1603 | Curtiss-Wright Corporation | &nbsp;&nbsp;&nbsp; 783146 |
| 8031 | Enerpac Tool Group Corporation | &nbsp;&nbsp;&nbsp; 325737 |
| 2130 | ESCO Technologies, Inc. | &nbsp;&nbsp;&nbsp; 408683 |
| 3938 | Franklin Electric Company, Inc. | &nbsp;&nbsp;&nbsp; 353396 |
| 1593 | Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;&nbsp; 330261 |
|  |  | &nbsp;&nbsp; 2201223 |
|  | **MEDICAL EQUIPMENT & DEVICES - 0.8%** |  |
| 78249 | 10X Genomics, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 906124 |
| 476 | ABIOMED, Inc. - CVR<sup>(a)(j)</sup> | &nbsp;&nbsp;&nbsp; 486 |
| 1717 | Align Technology, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 325080 |
| 23549 | Avanos Medical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 288240 |
| 25297 | Dentsply Sirona, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 401716 |
| 33819 | Integra LifeSciences Holdings Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 414959 |
| 82957 | Neogen Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 396534 |
| 26968 | Orthofix Medical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 300693 |
| 2656 | Teleflex, Inc. | &nbsp;&nbsp;&nbsp; 314364 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 28.4% (Continued)** |  |
|  | **MEDICAL EQUIPMENT & DEVICES - 0.8% (Continued)** |  |
| 1500 | West Pharmaceutical Services, Inc. | &nbsp;&nbsp;&nbsp; $328200 |
|  |  | &nbsp;&nbsp; 3676396 |
|  | **METALS & MINING - 1.0%** |  |
| 13230 | Alliance Resource Partners, L.P. | &nbsp;&nbsp;&nbsp; 345832 |
| 48628 | Centerra Gold, Inc. | &nbsp;&nbsp;&nbsp; 350608 |
| 39945 | Coeur Mining, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 353913 |
| 38374 | Compass Minerals International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 770935 |
| 17171 | Eldorado Gold Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 349258 |
| 46504 | Hallador Energy Company<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 736158 |
| 1 | Orla Mining Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 10 |
| 25915 | Pan American Silver Corporation | &nbsp;&nbsp;&nbsp; 735986 |
| 32903 | SSR Mining, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 419184 |
| 39511 | SunCoke Energy, Inc. | &nbsp;&nbsp;&nbsp; 339399 |
|  |  | &nbsp;&nbsp; 4401283 |
|  | **OIL & GAS PRODUCERS - 1.6%** |  |
| 17958 | Antero Resources Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 723348 |
| 10063 | CNX Resources Corporation<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 338922 |
| 27697 | Comstock Resources, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 766377 |
| 5585 | EQT Corporation | &nbsp;&nbsp;&nbsp; 325717 |
| 13942 | Excelerate Energy, Inc., Class A | &nbsp;&nbsp;&nbsp; 408779 |
| 2812 | Expand Energy Corporation | &nbsp;&nbsp;&nbsp; 328835 |
| 3664 | Gulfport Energy Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 737087 |
| 1868 | Marathon Petroleum Corporation | &nbsp;&nbsp;&nbsp; 310293 |
| 127437 | New Fortress Energy, Inc. | &nbsp;&nbsp;&nbsp; 423091 |
| 17883 | Range Resources Corporation | &nbsp;&nbsp;&nbsp; 727302 |
| 2347 | Targa Resources Corporation | &nbsp;&nbsp;&nbsp; 408566 |
| 52528 | Vermilion Energy, Inc. | &nbsp;&nbsp;&nbsp; 382404 |
| 23594 | Vital Energy, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 379627 |
| 26452 | World Kinect Corporation<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 749914 |
|  |  | &nbsp;&nbsp; 7010262 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 0.5%** |  |
| 30026 | Archrock, Inc. | &nbsp;&nbsp;&nbsp; 745546 |
| 65646 | ProPetro Holding Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 391907 |
| 14762 | Solaris Oilfield Infrastructure, Inc., Class A | &nbsp;&nbsp;&nbsp; 417617 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 28.4% (Continued)** |  |
|  | **OIL & GAS SERVICES & EQUIPMENT - 0.5% (Continued)** |  |
| 22384 | TechnipFMC PLC | &nbsp;&nbsp;&nbsp; $770904 |
|  |  | &nbsp;&nbsp; 2325974 |
|  | **REAL ESTATE SERVICES - 0.1%** |  |
| 38268 | eXp World Holdings, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 348239 |
|  | **RENEWABLE ENERGY - 0.3%** |  |
| 11873 | American Superconductor Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 435620 |
| 34612 | Canadian Solar, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 382116 |
| 71086 | Fluence Energy, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 476988 |
|  |  | &nbsp;&nbsp; 1294724 |
|  | **RETAIL - CONSUMER STAPLES - 0.1%** |  |
| 1858 | Sprouts Farmers Market, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 305901 |
|  | **RETAIL - DISCRETIONARY - 1.1%** |  |
| 1648 | AutoNation, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 327375 |
| 7629 | Build-A-Bear Workshop, Inc. | &nbsp;&nbsp;&nbsp; 393351 |
| 19405 | Caleres, Inc. | &nbsp;&nbsp;&nbsp; 237129 |
| 1023 | Carvana Company<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 344710 |
| 10576 | Gap, Inc. (The) | &nbsp;&nbsp;&nbsp; 230663 |
| 47102 | Hertz Global Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 321707 |
| 1323 | Lowe's Companies, Inc. | &nbsp;&nbsp;&nbsp; 293534 |
| 17488 | National Vision Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 402399 |
| 234889 | Petco Health & Wellness Company, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 664735 |
| 4499 | Sonic Automotive, Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 359605 |
| 5888 | Urban Outfitters, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 427116 |
| 4472 | Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp; 730590 |
|  |  | &nbsp;&nbsp; 4732914 |
|  | **SEMICONDUCTORS - 0.9%** |  |
| 11131 | Azenta, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 342612 |
| 3053 | Cirrus Logic, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 318291 |
| 18504 | Cohu, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 356017 |
| 411 | KLA Corporation | &nbsp;&nbsp;&nbsp; 368149 |
| 2888 | MACOM Technology Solutions Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 413822 |
| 3123 | Onto Innovation, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 315204 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 28.4% (Continued)** |  |
|  | **SEMICONDUCTORS - 0.9% (Continued)** |  |
| 17398 | Ouster, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $421901 |
| 15957 | Photronics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 300470 |
| 2106 | QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp; 335402 |
| 6041 | Rambus, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 386745 |
| 2722 | Silicon Laboratories, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 401114 |
|  |  | &nbsp;&nbsp; 3959727 |
|  | **SOFTWARE - 2.8%** |  |
| 39764 | AvePoint, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 767843 |
| 4182 | CommVault Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 729048 |
| 53457 | DoubleVerify Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 800250 |
| 970 | Duolingo, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 397719 |
| 46392 | Evolent Health, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 522374 |
| 7782 | Intapp, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 401707 |
| 76524 | Jamf Holding Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 727743 |
| 21758 | Klaviyo, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 730634 |
| 2443 | Monday.com Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 768274 |
| 9614 | Nutanix, Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 734894 |
| 10165 | Oddity Tech Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 767153 |
| 25131 | OneSpan, Inc. | &nbsp;&nbsp;&nbsp; 419436 |
| 20795 | Paymentus Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 681036 |
| 7847 | Pegasystems, Inc. | &nbsp;&nbsp;&nbsp; 424758 |
| 30842 | Rapid7, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 713375 |
| 1172 | Salesforce, Inc. | &nbsp;&nbsp;&nbsp; 319593 |
| 1 | SEMrush Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 9 |
| 19461 | Sprout Social, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 406930 |
| 2713 | Twilio, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 337389 |
| 98792 | Vimeo, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 399120 |
| 48266 | Weave Communications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 401573 |
| 2140 | Wix.com Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 339104 |
| 48035 | Yext, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 408298 |
|  |  | &nbsp;&nbsp; 12198260 |
|  | **SPECIALTY FINANCE - 0.6%** |  |
| 6332 | AerCap Holdings N.V. | &nbsp;&nbsp;&nbsp; 740844 |
| 1114 | American Express Company | &nbsp;&nbsp;&nbsp; 355344 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 28.4% (Continued)** |  |
|  | **SPECIALTY FINANCE - 0.6% (Continued)** |  |
| 22671 | Chimera Investment Corporation | &nbsp;&nbsp;&nbsp; $314447 |
| 10856 | Enact Holdings, Inc. | &nbsp;&nbsp;&nbsp; 403300 |
| 6669 | First American Financial Corporation | &nbsp;&nbsp;&nbsp; 409410 |
| 30454 | Flywire Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 356312 |
|  |  | &nbsp;&nbsp; 2579657 |
|  | **STEEL - 0.2%** |  |
| 3915 | ATI, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 338021 |
| 22935 | Mechel PJSC - ADR<sup>(a)(j)</sup> | &nbsp;&nbsp;&nbsp; – |
| 2712 | Nucor Corporation | &nbsp;&nbsp;&nbsp; 351313 |
| 2645 | Steel Dynamics, Inc. | &nbsp;&nbsp;&nbsp; 338586 |
|  |  | &nbsp;&nbsp; 1027920 |
|  | **TECHNOLOGY HARDWARE - 2.1%** |  |
| 19871 | A10 Networks, Inc. | &nbsp;&nbsp;&nbsp; 384504 |
| 38834 | ADTRAN Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 348341 |
| 3135 | Arista Networks, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 320742 |
| 23846 | Arlo Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 404428 |
| 4637 | Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp; 321715 |
| 54139 | CommScope Holding Company, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 448271 |
| 33602 | Corsair Gaming, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 316867 |
| 4390 | Credo Technology Group Holding Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 406470 |
| 6913 | Diebold Nixdorf, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 382980 |
| 4037 | Dolby Laboratories, Inc., Class A | &nbsp;&nbsp;&nbsp; 299788 |
| 43604 | Extreme Networks, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 782692 |
| 6993 | Flex Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 349091 |
| 1864 | Jabil, Inc. | &nbsp;&nbsp;&nbsp; 406538 |
| 17425 | Knowles Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 307029 |
| 4341 | Lumentum Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 412655 |
| 37929 | Pitney Bowes, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 413805 |
| 5201 | Pure Storage, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 299474 |
| 3004 | Seagate Technology Holdings PLC | &nbsp;&nbsp;&nbsp; 433567 |
| 29097 | Sonos, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 314539 |
| 21570 | TTM Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 880487 |
| 147045 | Xerox Holdings Corporation<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 774927 |
|  |  | &nbsp;&nbsp; 9008910 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 28.4% (Continued)** |  |
|  | **TECHNOLOGY SERVICES - 0.8%** |  |
| 5678 | Affirm Holdings, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $392577 |
| 192 | Fair Isaac Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 350968 |
| 2991 | Globant S.A.<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 271702 |
| 38345 | Green Dot Corporation, Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 413359 |
| 40199 | Pagaya Technologies Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 857043 |
| 4123 | PayPal Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 306421 |
| 16816 | Toast, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 744781 |
|  |  | &nbsp;&nbsp; 3336851 |
|  | **TELECOMMUNICATIONS - 0.1%** |  |
| 76003 | Lumen Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 332893 |
|  | **TOBACCO & CANNABIS - 0.1%** |  |
| 5433 | Turning Point Brands, Inc. | &nbsp;&nbsp;&nbsp; 411658 |
|  | **TRANSPORTATION & LOGISTICS - 0.9%** |  |
| 12371 | Bristow Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 407872 |
| 4636 | Danaos Corporation | &nbsp;&nbsp;&nbsp; 399809 |
| 28497 | Global Ship Lease, Inc. | &nbsp;&nbsp;&nbsp; 749756 |
| 10453 | Navios Maritime Partners, L.P. | &nbsp;&nbsp;&nbsp; 393869 |
| 2573 | Ryder System, Inc. | &nbsp;&nbsp;&nbsp; 409107 |
| 7297 | SkyWest, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 751371 |
| 9383 | Southwest Airlines Company | &nbsp;&nbsp;&nbsp; 304385 |
| 20034 | Tsakos Energy Navigation Ltd. | &nbsp;&nbsp;&nbsp; 384452 |
| 25853 | ZIM Integrated Shipping Services Ltd. | &nbsp;&nbsp;&nbsp; 415975 |
|  |  | &nbsp;&nbsp; 4216596 |
|  | **TRANSPORTATION EQUIPMENT - 0.1%** |  |
| 9041 | REV Group, Inc. | &nbsp;&nbsp;&nbsp; 430261 |
|  | **WHOLESALE - CONSUMER STAPLES - 0.2%** |  |
| 28628 | United Natural Foods, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 667319 |
|  | **TOTAL COMMON STOCKS (Cost $116,283,569)** | &nbsp;&nbsp; 124277168 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **Shares** |  |  |  |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 22.5%** | **EXCHANGE-TRADED FUNDS — 22.5%** |  |  |  |
|  | **EQUITY - 22.5%** | **EQUITY - 22.5%** |  |  |  |
| 1238916 | Counterpoint Quantitative Equity ETF<sup>(c)</sup> |  |  |  | &nbsp;&nbsp;&nbsp; $46069959 |
| 84341 | iShares Core S&P 500 ETF |  |  |  | &nbsp;&nbsp;&nbsp; 52367327 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $89,397,180)** |  |  |  | &nbsp;&nbsp; 98437286 |
| **Principal Amount ($)** |  |  | **Coupon Rate (%)** | **Maturity** |  |
|  | **U.S. GOVERNMENT & AGENCIES — 24.8%** | **U.S. GOVERNMENT & AGENCIES — 24.8%** |  |  |  |
|  | **U.S. TREASURY BILLS** — **24.8%** | **U.S. TREASURY BILLS** — **24.8%** |  |  |  |
| 100000 | United States Treasury Bill<sup>(d)</sup> |  | 4.000 | &nbsp;&nbsp;&nbsp;07/29/25 | 99677 |
| 10000000 | United States Treasury Bill<sup>(d),(i)</sup> |  | 4.265 | &nbsp;&nbsp;&nbsp;08/21/25 | 9939161 |
| 50000000 | United States Treasury Bill<sup>(d),(i)</sup> |  | 4.195 | &nbsp;&nbsp;&nbsp;09/25/25 | 49498886 |
| 50000000 | United States Treasury Bill<sup>(d)</sup> |  | 4.150 | &nbsp;&nbsp;&nbsp;12/11/25 | 49069825 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $108,618,119)** |  |  |  | 108607549 |
| **Shares** |  |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 16.3%** | **SHORT-TERM INVESTMENTS — 16.3%** |  |  |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 0.5%** | **COLLATERAL FOR SECURITIES LOANED - 0.5%** |  |  |  |
| 500000 | BlackRock Liquidity FedFund, Institutional Class, 4.35%<sup>(e),(f)</sup> |  |  |  | &nbsp;&nbsp;&nbsp; 500000 |
| 109476 | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, Institutional Class, 4.34%<sup>(e),(f)</sup> |  |  |  | &nbsp;&nbsp;&nbsp; 109476 |
| 1397498 | Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.35%<sup>(e),(f)</sup> |  |  |  | &nbsp;&nbsp;&nbsp; 1397498 |
|  | **TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $2,006,974)** | **TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $2,006,974)** | **TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $2,006,974)** |  | &nbsp;&nbsp; 2006974 |
|  | **MONEY MARKET FUNDS - 15.8%** | **MONEY MARKET FUNDS - 15.8%** |  |  |  |
| 69148837 | Fidelity Treasury Portfolio, Class I, 4.17% (Cost $69,148,837)<sup>(f)</sup> |  |  |  | &nbsp;&nbsp;&nbsp; 69148837 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $71,155,811)** | **TOTAL SHORT-TERM INVESTMENTS (Cost $71,155,811)** | **TOTAL SHORT-TERM INVESTMENTS (Cost $71,155,811)** |  | 71155811 |
| **Contracts<sup>(g)</sup>** |  |  |  |  |  |
|  | **Counterparty** | **Expiration Date** | **Exercise Price** | **Notional Value** | **Fair Value** |
|  | **CALL OPTIONS PURCHASED - 0.6%** | **CALL OPTIONS PURCHASED - 0.6%** |  |  |  |
| 44 | Goldman Sachs | 07/11/2025 | $5970 | &nbsp;&nbsp;&nbsp; $13740100 | &nbsp;&nbsp;&nbsp; $634150 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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)** |
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **Contracts<sup>(g)</sup>** |  |  |  |  |  |  |
|  | **FUTURE OPTIONS PURCHASED - 0.6% (Continued)** | **Counterparty** | **Expiration Date** | **Exercise Price** | **Notional Value** | **Fair Value** |
|  | **CALL OPTIONS PURCHASED - 0.6% (Continued)** | **CALL OPTIONS PURCHASED - 0.6% (Continued)** | **CALL OPTIONS PURCHASED - 0.6% (Continued)** |  |  |  |
| 153 | S&P Emini 2nd Week Future | Goldman Sachs | 07/11/2025 | $6025 | &nbsp;&nbsp;&nbsp; $47778075 | &nbsp;&nbsp;&nbsp; $1805400 |
|  | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $1,217,941) | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $1,217,941) | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $1,217,941) | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $1,217,941) |  | &nbsp;&nbsp; 2439550 |
|  | **TOTAL INVESTMENTS - 92.6% (Cost $386,672,620)** | **TOTAL INVESTMENTS - 92.6% (Cost $386,672,620)** | **TOTAL INVESTMENTS - 92.6% (Cost $386,672,620)** |  |  | &nbsp;&nbsp;&nbsp; $404917364 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 7.4%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 7.4%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 7.4%** |  |  | &nbsp;&nbsp; 32206432 |
|  | **NET ASSETS - 100.0%** |  |  |  |  | &nbsp;&nbsp; $437123796 |
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |  |  |  |  |
| **Number of Contracts** | **Open Long Futures Contracts** |  | **Counterparty** | **Expiration** | **Notional Amount<sup>(h)</sup>** | **Value and Unrealized Appreciation** |
| 434 | CME E-Mini Standard & Poor's 500 Index Future | CME E-Mini Standard & Poor's 500 Index Future | Goldman Sachs | 09/22/2025 | &nbsp;&nbsp;&nbsp; $135706375 | &nbsp;&nbsp;&nbsp; $473684 |
|  | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** |  |  |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| ETF | - Exchange-Traded Fund |
| 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 June 30, 2025 was $6,773,345.

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

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

<sup>(e)</sup> Security was purchased with cash received as collateral for securities on loan at June 30, 2025. Total collateral had a value of $2,006,974 at June 30, 2025. Additional non-cash collateral received from the borrower not disclosed in the Schedule of Investments had a fair value of $4,796,893.

<sup>(f)</sup> Rate disclosed is the seven day effective yield as of June 30, 2025.

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

<sup>(h)</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>(i)</sup> All or a portion of this security is pledged as collateral for total return swaps. As of June 30, 2025, the fair value of the pledged portion is 29,738,716.

<sup>(j)</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)** |
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 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 | 1.22% | JP Morgan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625900 | 8/12/2025 | $67457614 | $- | $7117120 |
| JP Morgan International Long/Short Index Basket 2\*\* | Maturity | USD | 1.27% | JP Morgan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946400 | 8/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95649980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3595770 |
| JP Morgan International Long/Short Index Basket 3\*\* | Maturity | USD | 0.60% | JP Morgan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865300 | 8/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88341905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6276054 |
| JP Morgan International Long/Short Index Basket 4\*\* | Maturity | USD | 1.42% | JP Morgan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304000 | 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30718561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429978 |
| JP Morgan U.S. Long/Short Index Basket\*\* | Maturity | USD | 1.27% | JP Morgan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393000 | 8/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38356951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1465373) |
| JP Morgan U.S. Long/Short Index Basket 2\*\* | Maturity | USD | 1.19% | JP Morgan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180600 | 8/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18081450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(575007) |
| JP Morgan U.S. Long/Short Index Basket 3\*\* | Maturity | USD | 1.22% | JP Morgan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359000 | 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35576024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3019320) |
| Morgan Stanley International Counterpoint Index | Maturity | USD | 1.18% | Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85000 | 4/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68000) |
| Morgan Stanley U.S. Counterpoint Index | Maturity | USD | 1.60% | Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85000 | 4/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1700) |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;98548 | 6/2/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58319443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2568439 |
|  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14857961 |
|  | **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;595486 | 8/13/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55860562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4918617) |
| JP Morgan U.S. Short Index Basket 2\*\* | Maturity | USD | OBFR - 0.56% | JP Morgan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783326 | 8/13/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71439807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6420067) |
|  |  |  |  |  |  |  |  |  | $(11338684) |
|  |  |  |  |  |  |  |  |  | $3519277 |
| OBFR - Overnight Bank Funding Rate |  |  |  |  |  |  |  |  |  |
| \* Rate shown is the all in weighted rate as of June 30, 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** | **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)** |
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **Shares** |  |  |  |  | **Fair Value** |
|  | **OPEN END FUNDS — 12.9%** | **OPEN END FUNDS — 12.9%** |  |  |  |
|  | **FIXED INCOME - 12.9%** | **FIXED INCOME - 12.9%** |  |  |  |
| 291416 | AB High Income Municipal Portfolio, Advisor Class |  |  |  | &nbsp;&nbsp;&nbsp; $2908334 |
| 100 | American Century High-Yield Municipal Fund, Class I |  |  |  | &nbsp;&nbsp;&nbsp; 853 |
| 100 | American High-Income Municipal Bond Fund, Class F-3 |  |  |  | &nbsp;&nbsp;&nbsp; 1492 |
| 100 | Delaware National High-Yield Municipal Bond Fund, Institutional Class |  |  |  | &nbsp;&nbsp;&nbsp; 977 |
| 100 | Eaton Vance High Yield Municipal Income Fund, Class I |  |  |  | &nbsp;&nbsp;&nbsp; 786 |
| 100 | Franklin High Yield Tax-Free Income Fund, Advisor Class |  |  |  | &nbsp;&nbsp;&nbsp; 871 |
| 862343 | Goldman Sachs High Yield Municipal Fund, Institutional Class |  |  |  | &nbsp;&nbsp;&nbsp; 7700721 |
| 100 | Invesco AMT-Free Municipal Fund, Class Y |  |  |  | &nbsp;&nbsp;&nbsp; 656 |
| 1098054 | Invesco Rochester Municipal Opportunities Fund, Class Y |  |  |  | &nbsp;&nbsp;&nbsp; 7137350 |
| 1344359 | Nuveen High Yield Municipal Bond Fund, Class I |  |  |  | &nbsp;&nbsp;&nbsp; 18847907 |
| 100 | PGIM Muni High Income Fund, Class Z |  |  |  | &nbsp;&nbsp;&nbsp; 917 |
| 120192 | PIMCO High Yield Municipal Bond Fund, Institutional Class |  |  |  | &nbsp;&nbsp;&nbsp; 987981 |
| 52247 | Russell Tax Exempt High Yield Bond Fund, Class S |  |  |  | &nbsp;&nbsp;&nbsp; 500000 |
| 100 | T Rowe Price Tax-Free High Yield Fund, Inc., Class I |  |  |  | &nbsp;&nbsp;&nbsp; 1078 |
|  | **TOTAL OPEN END FUNDS (Cost $39,929,409)** |  |  |  | &nbsp;&nbsp; 38089923 |
|  | **SHORT-TERM INVESTMENTS — 86.9%** | **SHORT-TERM INVESTMENTS — 86.9%** |  |  |  |
|  | **MONEY MARKET FUNDS - 86.9%** | **MONEY MARKET FUNDS - 86.9%** |  |  |  |
| 255405036 | BlackRock Liquidity Funds MuniCash, Institutional Class, 2.35% (Cost $255,430,577)<sup>(a)</sup> |  |  |  | &nbsp;&nbsp;&nbsp; 255430577 |
| **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>** |  |  |  |
| 100 | U.S. Long Bond Future | 07/25/2025 | $113 | &nbsp;&nbsp;&nbsp; $11515000 | &nbsp;&nbsp;&nbsp; $46875 |
|  | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $169,032) | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $169,032) | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $169,032) |  |  |
|  | **TOTAL INVESTMENTS - 99.8% (Cost $295,529,018)** | **TOTAL INVESTMENTS - 99.8% (Cost $295,529,018)** |  |  | &nbsp;&nbsp;&nbsp; $293567375 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.2%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.2%** |  |  | &nbsp;&nbsp; 662965 |
|  | **NET ASSETS - 100.0%** |  |  |  | &nbsp;&nbsp; $294230340 |

---

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of June 30, 2025.

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPOINT TACTICAL MUNICIPAL 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** | **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)** | **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)** |
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **SWAPTIONS PURCHASED** |  |  |  |  |  |  |  |  |  |
|  |  |  | **Exercise** | **Number Of** | **Expiration** | **Notional** | **Fair** | **Premiums** | **Unrealized** |
| **Description** | **Put/Call** | **Counterparty** | **Rate** | **Contracts** | **Date** | **Amount** | **Value** | **Paid** | **Depreciation** |
| CDX North Amergican High Yield Index Version 1 Series 43 | Put | JP Morgan | 105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | 7/16/2025 | $16000000 | $128562 | $224000 | $(95438) |

---

## 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:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**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:** $295001746.29

**Total Liabilities:** $770883.40

**Net Assets:** $294230862.89

**Cash Not Reported:** $627406.11

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000200261 | -0.08%               | -0.06%               | -0.08%               |
| Class ID C000200263 | -0.16%               | 0.06%                | -0.07%               |
| Class ID C000200262 | -0.25%               | -0.02%               | -0.15%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-0.02                   | $-773370.36                                |
| Month 2  | $-0.02                   | $-440093.31                                |
| Month 3  | $-0.01                   | $42969.81                                  |

**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      | $656.00       | 0.00%             |  |  |  | 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      | $7137350.25   | 2.43%             |  |  |  | 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      | $1492.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Tax Free Trust                         | FRNK-H/Y T/F-ADV          | CUSIP: 354723272<br>LEI: N/A                  | Long             | EC               | RF                | US        |       100 | NS      | $871.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| OPTION ISSUER                                   | US BOND FUTR OPTN Aug25P  | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |       100 | NC      | $46875.00     | 0.02%             |  |  |  | No            |                  2 | 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      | $1078.00      | 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        |     52301 | NS      | $500523.01    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Trust                             | GS-H/Y MUNI-INS           | CUSIP: 38142Y583<br>LEI: S2FHCT8U6D2VORP0J605 | Long             | EC               | RF                | US        |    862343 | NS      | $7700721.45   | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| AB Municipal Income Fund Inc.                   | AB HIGH INC MUNICIPAL-ADV | CUSIP: 018642744<br>LEI: MNYPOOOZYY8V01GEIT28 | Long             | EC               | RF                | US        |    291416 | NS      | $2908334.30   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                             | CDXHY43 Swaption P105     | CUSIP: N/A<br>LEI: N/A                        | Long             | DCR              | CORP              | US        |  16000000 | PA      | $128561.60    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| American Centy Tr                               | AC-H/Y MUNI-I             | CUSIP: 024934663<br>LEI: N/A                  | Long             | EC               | RF                | US        |       100 | NS      | $853.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity Funds                       | BLKR-LI MUNI-INS          | CUSIP: 09248U841<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        | 255405036 | PA      | $255430576.56 | 86.81%            |  |  |  | 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      | $917.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PIMCO Funds                                     | PIMCO-HY MUNI-I           | CUSIP: 72201F672<br>LEI: N/A                  | Long             | EC               | RF                | US        |    120192 | NS      | $987980.80    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Vance Municipals Trust Ii                 | EV-H/Y MUNI-I             | CUSIP: 27826M841<br>LEI: 54930020USKP27DTI683 | Long             | EC               | RF                | US        |       100 | NS      | $786.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Nuveen Municipal                                | NVN-H/Y MUN-I             | CUSIP: 67065Q772<br>LEI: 549300D2RECSQKX7NC33 | Long             | EC               | RF                | US        |   1344359 | NS      | $18847906.38  | 6.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Delaware Investments fund                       | DEL-NTL HY M-I            | CUSIP: 24610H302<br>LEI: N/A                  | Long             | EC               | RF                | US        |       100 | NS      | $977.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-28

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

**Signature:** Rich Gleason

**Name of Signer:** Rich Gleason

**Title:** Treasurer