# EDGAR Filing Document

**Accession Number:** 0001537140
**File Stem:** 0000910472-25-004678
**Filing Date:** 2025-11
**Character Count:** 106136
**Document Hash:** 8dae9d7a1b5e740c3003e4b67e90c223
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-004678.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000910472-25-004678

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**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:** 251529400

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** CINCINNATI

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-09-30

**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:** $1282129957.91

**Total Liabilities:** $778892938.07

**Net Assets:** $503237019.84

**Cash Not Reported:** $41125823.13

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000161622 | -0.95%               | 1.52%                | 4.41%                |
| Class ID C000161620 | -0.97%               | 1.51%                | 4.38%                |
| Class ID C000161621 | -1.04%               | 1.43%                | 4.34%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-20.81                  | $211652.59                                 |
| Month 2  | $3007323.25              | $5938322.22                                |
| Month 3  | $7204683.14              | $607833.53                                 |

**Designated Index Information**

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

- **Index Identifier:** 500TR

### Schedule of Portfolio Investments

| Name                                         | Title                         | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Sunrun Inc.                                  | SUNRUN INC                    | CUSIP: 86771W105<br>LEI: 54930007SJ77CI66U531 | Long             | EC               | CORP              | US        |     28105 | NS      | $485935.45    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| ZIM Integrated Shipping Services Ltd         | ZIM INTEGRATED S              | CUSIP: M9T951109<br>LEI: 21380089EIJRELKAIL21 | Long             | EC               | CORP              | IL        |     36412 | NS      | $493382.60    | 0.10%             |  |  |  | No            | 1                  | On Loan: —       |
| Upstart Holdings Inc                         | UPSTART HOLDINGS              | CUSIP: 91680M107<br>LEI: 549300WNB47JRNENIC75 | Long             | EC               | CORP              | US        |      5737 | NS      | $291439.60    | 0.06%             |  |  |  | No            | 1                  | On Loan: —       |
| Ballard Power Systems Inc.                   | BALLARD POWER                 | CUSIP: 058586108<br>LEI: 549300OHZ8BMF53YYS26 | Long             | EC               | CORP              | CA        |    183876 | NS      | $500142.72    | 0.10%             |  |  |  | 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      |
| Oklo Inc.                                    | OKLO INC                      | CUSIP: 02156V109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4213 | NS      | $470297.19    | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Public Service Enterprise Group Incorporated | PUB SERV ENTERP               | CUSIP: 744573106<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | EC               | CORP              | US        |      3683 | NS      | $307383.18    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Aeva Technologies Inc                        | AEVA TECHNOLOGIE              | CUSIP: 00835Q202<br>LEI: 529900EOW3TB2FR95A21 | Long             | EC               | CORP              | US        |     33852 | NS      | $490854.00    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Alpha & Omega Semiconductor Ltd.             | ALPHA & OMEGA SE              | CUSIP: G6331P104<br>LEI: 5493001FE7J03YOV2V35 | Long             | EC               | CORP              | BM        |     12494 | NS      | $349332.24    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Ihs Holding Limited                          | IHS HOLDING LTD               | CUSIP: G4701H109<br>LEI: 213800CLGMKL63VKTD94 | Long             | EC               | CORP              | KY        |     75386 | NS      | $514132.52    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Green Plains Inc.                            | GREEN PLAINS INC              | CUSIP: 393222104<br>LEI: VJ5WLTHARBSDR14KIZ98 | Long             | EC               | CORP              | US        |     98726 | NS      | $867801.54    | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| Fubotv Inc.                                  | FUBOTV INC                    | CUSIP: 35953D104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    119069 | NS      | $494136.35    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Pure Storage Inc                             | PURE STORAGE-A                | CUSIP: 74624M102<br>LEI: 549300NPDB0BZTK3WO90 | Long             | EC               | CORP              | US        |      5373 | NS      | $450311.13    | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Kinder Morgan, Inc.                          | KINDER MORGAN IN              | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |     12937 | NS      | $366246.47    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                          | CP TE - JPCPUSHA IND          | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | US        |    595486 | NS      | $16316.33     | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| Domo Inc                                     | DOMO INC- CL B                | CUSIP: 257554105<br>LEI: 549300X57AGT5JULJ761 | Long             | EC               | CORP              | US        |     30664 | NS      | $485717.76    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Build A Bear Workshop Inc                    | BUILD-A-BEAR WOR              | CUSIP: 120076104<br>LEI: 529900S9MWZC1UBF3D13 | Long             | EC               | CORP              | US        |      6978 | NS      | $455035.38    | 0.09%             |  |  |  | No            | 1                  | On Loan: —       |
| Griffon Corp                                 | GRIFFON CORP                  | CUSIP: 398433102<br>LEI: 5493000C2SGNC7ZN3242 | Long             | EC               | CORP              | US        |      4774 | NS      | $363540.10    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Power Solutions International, Inc.          | POWER SOLUTIONS INTERNATI     | CUSIP: 73933G202<br>LEI: 549300JWGWDXC70SNH31 | Long             | EC               | CORP              | US        |      4677 | NS      | $459374.94    | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Krispy Kreme Inc                             | KRISPY KREME INC              | CUSIP: 50101L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    241459 | NS      | $934446.33    | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| MSCI Inc.                                    | MSCI INC                      | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |       602 | NS      | $341580.82    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Lumen Technologies Inc                       | LUMEN TECHNOLOGI              | CUSIP: 550241103<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | EC               | CORP              | US        |     75016 | NS      | $459097.92    | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Brighthouse Financial Inc.                   | BRIGHTHOUSE FINA              | CUSIP: 10922N103<br>LEI: 5493003T8SZSHOGGAW52 | Long             | EC               | CORP              | US        |      7479 | NS      | $396985.32    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| First Bancorp Puerto Rico                    | FIRST BANCORP PR              | CUSIP: 318672706<br>LEI: N/A                  | Long             | EC               | CORP              | PR        |     15253 | NS      | $336328.65    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| American Airlines Group Inc                  | AMERICAN AIRLINE              | CUSIP: 02376R102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     43924 | NS      | $493705.76    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Elastic NV                                   | ELASTIC NV                    | CUSIP: N14506104<br>LEI: 2549003I48WHHH937I59 | Long             | EC               | CORP              | NL        |      5729 | NS      | $484043.21    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Bloom Energy Corporation                     | BLOOM ENERGY C-A              | CUSIP: 093712107<br>LEI: 549300XB5J9BFW5JXV97 | Long             | EC               | CORP              | US        |      6712 | NS      | $567633.84    | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Solaris Energy Infrastructure Inc            | SOLARIS ENERGY I              | CUSIP: 83418M103<br>LEI: 529900MTK3C8Y8TIIC10 | Long             | EC               | CORP              | US        |     12041 | NS      | $481278.77    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Dave Inc                                     | DAVE INC                      | CUSIP: 23834J201<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2372 | NS      | $472858.20    | 0.09%             |  |  |  | No            | 1                  | On Loan: —       |
| Wolverine World Wide, Inc.                   | WOLVERINE WORLD               | CUSIP: 978097103<br>LEI: 549300OVC7PK14LQ8D87 | Long             | EC               | CORP              | US        |     31341 | NS      | $859997.04    | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| Targa Resources Corp.                        | TARGA RESOURCES               | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |      1948 | NS      | $326367.92    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Petco Health and Wellness Company Inc        | PETCO HEALTH AND              | CUSIP: 71601V105<br>LEI: 2549007TYGV6RVSE9M61 | Long             | EC               | CORP              | US        |    141565 | NS      | $547856.55    | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Opendoor Technologies Inc.                   | OPENDOOR TECHNOL              | CUSIP: 683712103<br>LEI: 254900KX11YZ4HV5BQ47 | Long             | EC               | CORP              | US        |     59677 | NS      | $475625.69    | 0.09%             |  |  |  | No            | 1                  | On Loan: —       |
| United Airlines Holdings Inc                 | UNITED AIRLINES               | CUSIP: 910047109<br>LEI: 98450079DA0B78DD6764 | Long             | EC               | CORP              | US        |      3513 | NS      | $339004.50    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| ManpowerGroup Inc.                           | MANPOWERGROUP IN              | CUSIP: 56418H100<br>LEI: ERO1WSFOSR0JJ6CRQ987 | Long             | EC               | CORP              | US        |     13099 | NS      | $496452.10    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Globalfoundries Inc                          | GLOBALFOUNDRIES               | CUSIP: G39387108<br>LEI: 549300BA76VK784VMX48 | Long             | EC               | CORP              | KY        |      9927 | NS      | $355783.68    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Mobileye Global Inc                          | MOBILEYE GLOBA-A              | CUSIP: 60741F104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     62075 | NS      | $876499.00    | 0.17%             |  |  |  | No            | 1                  | On Loan: —       |
| Helen Of Troy Corp                           | HELEN OF TROY                 | CUSIP: G4388N106<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |     35780 | NS      | $901656.00    | 0.18%             |  |  |  | No            | 1                  | On Loan: No      |
| LSB Industries Inc                           | LSB INDUS INC                 | CUSIP: 502160104<br>LEI: 5493001H215A0HG0MI71 | Long             | EC               | CORP              | US        |     46487 | NS      | $366317.56    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Littelfuse Inc.                              | LITTELFUSE INC                | CUSIP: 537008104<br>LEI: 549300MY7HLQFYTPCX75 | Long             | EC               | CORP              | US        |      1325 | NS      | $343188.25    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| LandBridge Company LLC                       | LANDBRIDGE CO LL              | CUSIP: 514952100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9352 | NS      | $498929.20    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Applied Digital Corp                         | APPLIED DIGITAL               | CUSIP: 038169207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22568 | NS      | $517709.92    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Lucid Group Inc                              | LUCID GROUP INC               | CUSIP: 549498202<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20849 | NS      | $495997.71    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| United States Treasury Bills                 | B 09/03/26                    | CUSIP: 912797RS8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  30000000 | PA      | $29024069.10  | 5.77%             | 2026-09-03      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| Hallador Energy Co                           | HALLADOR ENERGY CO            | CUSIP: 40609P105<br>LEI: 254900GKEQRHOI2SSC19 | Long             | EC               | CORP              | US        |     22119 | NS      | $432868.83    | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Polaris Inc.                                 | POLARIS INC                   | CUSIP: 731068102<br>LEI: 549300QJSN8UVWN1EI78 | Long             | EC               | CORP              | US        |      8491 | NS      | $493581.83    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Topgolf Callaway Brands Corp                 | TOPGOLF CALLAWAY              | CUSIP: 131193104<br>LEI: 5493005UB0KFRKBPCU72 | Long             | EC               | CORP              | US        |     36710 | NS      | $348745.00    | 0.07%             |  |  |  | No            | 1                  | On Loan: —       |
| MetLife Inc.                                 | METLIFE INC                   | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |      4159 | NS      | $342576.83    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Rubrik Inc.                                  | RUBRIK INC-A                  | CUSIP: 781154109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5997 | NS      | $493253.25    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Gorilla Technology Group Inc                 | GORILLA TECHNOLO              | CUSIP: G4000K175<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     25514 | NS      | $470988.44    | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| The Allstate Corporation                     | ALLSTATE CORP                 | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |      1506 | NS      | $323262.90    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Sprout Social Inc.                           | SPROUT SOCIAL-A               | CUSIP: 85209W109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     36505 | NS      | $471644.60    | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| XPLR Infrastructure LP                       | XPLR INFRASTRUCT              | CUSIP: 65341B106<br>LEI: 5493008F4ZOQFNG3WN54 | Long             | EC               | CORP              | US        |     88190 | NS      | $896892.30    | 0.18%             |  |  |  | No            | 1                  | On Loan: No      |
| Tower Semiconductor Limited                  | TOWER SEMICONDCT              | CUSIP: M87915274<br>LEI: 54930086ZSNXZOUX0C54 | Long             | EC               | CORP              | IL        |     14905 | NS      | $1077631.50   | 0.21%             |  |  |  | No            | 1                  | On Loan: No      |
| Sofi Technologies Inc                        | SOFI TECHNOLOGIE              | CUSIP: 83406F102<br>LEI: 549300SW81JCMVZDDY09 | Long             | EC               | CORP              | US        |     18186 | NS      | $480474.12    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Helios Technologies Inc                      | HELIOS TECHNOLOGIES INC       | CUSIP: 42328H109<br>LEI: 5493000BCJSMIDRNTI78 | Long             | EC               | CORP              | US        |      6442 | NS      | $335821.46    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| NVent Electric PLC                           | NVENT ELECTRIC                | CUSIP: G6700G107<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |      3691 | NS      | $364080.24    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Backblaze Inc                                | BACKBLAZE INC-A               | CUSIP: 05637B105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     51691 | NS      | $479692.48    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Bloomin Brands Inc                           | BLOOMIN' BRANDS               | CUSIP: 094235108<br>LEI: E1UJ2GO305B5FXGV7N04 | Long             | EC               | CORP              | US        |    116248 | NS      | $833498.16    | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| JFrog Ltd                                    | JFROG LTD                     | CUSIP: M6191J100<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |      9996 | NS      | $473110.68    | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| PubMatic Inc.                                | PUBMATIC INC-A                | CUSIP: 74467Q103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     43429 | NS      | $359592.12    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Mcgraw Hill Inc.                             | MCGRAW HILL INC               | CUSIP: 580907103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     36425 | NS      | $457133.75    | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Rush Street Interactive Inc                  | RUSH STREET INTE              | CUSIP: 782011100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19096 | NS      | $391086.08    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Archrock Inc                                 | ARCHROCK INC                  | CUSIP: 03957W106<br>LEI: 549300K3RIHMHDVFTL28 | Long             | EC               | CORP              | US        |     15088 | NS      | $396965.28    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                          | JPCPULS1 INDEX                | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | US        |    353000 | NS      | $1273094.50   | 0.25%             |  |  |  | No            | 2                  | On Loan: No      |
| Lennox International Inc.                    | LENNOX INTL INC               | CUSIP: 526107107<br>LEI: S7DWAC87RDMPBF77GJ92 | Long             | EC               | CORP              | US        |       585 | NS      | $309675.60    | 0.06%             |  |  |  | No            | 1                  | On Loan: —       |
| DXC Technology Company                       | DXC TECHNOLOGY C              | CUSIP: 23355L106<br>LEI: 549300DOVZ3EDJB7O259 | Long             | EC               | CORP              | US        |     25188 | NS      | $343312.44    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Impinj Inc                                   | IMPINJ INC                    | CUSIP: 453204109<br>LEI: 549300M26VGKSMMWWN17 | Long             | EC               | CORP              | US        |      2806 | NS      | $507184.50    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Bed Bath & Beyond Inc.                       | BED BATH & BEYON              | CUSIP: 690370101<br>LEI: 549300ACR0DL9U7EI710 | Long             | EC               | CORP              | US        |     93977 | NS      | $920034.83    | 0.18%             |  |  |  | No            | 1                  | On Loan: —       |
| American Battery Technology                  | AMERICAN BATTERY              | CUSIP: 02451V309<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    107625 | NS      | $523057.50    | 0.10%             |  |  |  | No            | 1                  | On Loan: —       |
| Carpenter Technology Corporation             | CARPENTER TECH                | CUSIP: 144285103<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | EC               | CORP              | US        |      1478 | NS      | $362908.12    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| SailPoint Inc.                               | SAILPOINT INC                 | CUSIP: 78781J109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21971 | NS      | $485119.68    | 0.10%             |  |  |  | No            | 1                  | On Loan: —       |
| Devon Energy Corporation                     | DEVON ENERGY CO               | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |      9882 | NS      | $346462.92    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Everus Construction Group Inc.               | EVERUS CONSTRUCT              | CUSIP: 300426103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5997 | NS      | $514242.75    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Sprouts Farmers Markets Inc                  | SPROUTS FARMERS               | CUSIP: 85208M102<br>LEI: 529900P8F4G77Q52XE24 | Long             | EC               | CORP              | US        |      2447 | NS      | $266233.60    | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| AvePoint Inc.                                | AVEPOINT INC                  | CUSIP: 053604104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25612 | NS      | $384436.12    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Popular, Inc.                                | POPULAR INC                   | CUSIP: 733174700<br>LEI: 5493008CARDZMVQ3LO89 | Long             | EC               | CORP              | PR        |      2766 | NS      | $351309.66    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                          | SPDR SP 500 ETF LONG          | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | US        |    347048 | NS      | $9045332.74   | 1.80%             |  |  |  | No            | 2                  | On Loan: No      |
| Beacon Financial Corp.                       | BEACON FINANCIAL              | CUSIP: 084680107<br>LEI: 549300AS2OC6UMMBNO37 | Long             | EC               | CORP              | US        |     12229 | NS      | $289949.59    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Wayfair Inc                                  | WAYFAIR INC- A                | CUSIP: 94419L101<br>LEI: 54930027N9ZAVYFDHK53 | Long             | EC               | CORP              | US        |     10328 | NS      | $922600.24    | 0.18%             |  |  |  | No            | 1                  | On Loan: No      |
| Green Dot Corp                               | GREEN DOT CORP-A              | CUSIP: 39304D102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35192 | NS      | $472628.56    | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Liberty Global Ltd.                          | LIBERTY GLOBAL-A              | CUSIP: G61188101<br>LEI: 213800HRMKKTYH7SKA24 | Long             | EC               | CORP              | BM        |     72464 | NS      | $830437.44    | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| Moodys Corp.                                 | MOODY'S CORP                  | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Long             | EC               | CORP              | US        |       601 | NS      | $286364.48    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Seagate Technology Holdings PLC              | SEAGATE TECHNOLO              | CUSIP: G7997R103<br>LEI: 635400RUXIFEZSRU8X70 | Long             | EC               | CORP              | IE        |      2203 | NS      | $520040.18    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| M/I Homes Inc.                               | M/I HOMES INC                 | CUSIP: 55305B101<br>LEI: 5299005M71FH9CCSFB69 | Long             | EC               | CORP              | US        |      2528 | NS      | $365144.32    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Tandem Diabetes Care Inc                     | TANDEM DIABETES               | CUSIP: 875372203<br>LEI: 549300JEPFOD0K4D3I05 | Long             | EC               | CORP              | US        |     42265 | NS      | $513097.10    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| General Motors Company                       | GENERAL MOTORS C              | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |      5871 | NS      | $357954.87    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Fox Corporation                              | FOX CORP - A                  | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |      5319 | NS      | $335416.14    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| United States Treasury Bills                 | B 12/11/25                    | CUSIP: 912797QY6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  50000000 | PA      | $49621333.50  | 9.86%             | 2025-12-11      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE (FLOOR)          | S&P500 EMINI FUT  Dec25       | CUSIP: N/A<br>LEI: SNZ2OJLFK8MNNCLQOF39       | Long             | DE               | CORP              | US        |       180 | NC      | $306065.00    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Xylem, Inc.                                  | XYLEM INC                     | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Long             | EC               | CORP              | US        |      2418 | NS      | $356655.00    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Interface, Inc.                              | INTERFACE INC                 | CUSIP: 458665304<br>LEI: 549300VXZWQOIDFPU355 | Long             | EC               | CORP              | US        |     14029 | NS      | $405999.26    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Newmark Group Inc                            | NEWMARK GROUP-A               | CUSIP: 65158N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18727 | NS      | $349258.55    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Centuri Holdings Inc.                        | CENTURI HOLDINGS              | CUSIP: 155923105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23683 | NS      | $501369.11    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Solaredge Technologies Inc                   | SOLAREDGE TECHNO              | CUSIP: 83417M104<br>LEI: 5493000K6Y58XXPDF853 | Long             | EC               | CORP              | US        |     13054 | NS      | $482998.00    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Taseko Mines Limited                         | TASEKO MINES                  | CUSIP: 876511106<br>LEI: 549300XKUO1JSLU7KX54 | Long             | EC               | CORP              | CA        |    118362 | NS      | $500671.26    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Composecure Inc                              | COMPOSECURE IN-A              | CUSIP: 20459V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24061 | NS      | $500950.02    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Virtu Financial Inc                          | VIRTU FINANCIA-A              | CUSIP: 928254101<br>LEI: 5493001OPW2K42CH3884 | Long             | EC               | CORP              | US        |      8937 | NS      | $317263.50    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| NCR Atleos Corp.                             | NCR ATLEOS CORP               | CUSIP: 63001N106<br>LEI: 9845005FC3S0VA714741 | Long             | EC               | CORP              | US        |      9276 | NS      | $364639.56    | 0.07%             |  |  |  | No            | 1                  | On Loan: —       |
| Plains GP Holdings LP                        | PLAINS GP HOLD-A              | CUSIP: 72651A207<br>LEI: 549300O56BSKRD8FAM12 | Long             | EC               | CORP              | US        |     16693 | NS      | $304480.32    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| American Axle & Manufacturing Holdings Inc.  | AMER AXLE & MFG               | CUSIP: 024061103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     57623 | NS      | $346314.23    | 0.07%             |  |  |  | No            | 1                  | On Loan: —       |
| Advanced Micro Devices Inc.                  | ADV MICRO DEVICE              | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |      3063 | NS      | $495562.77    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| The Realreal Inc                             | REALREAL INC/THE              | CUSIP: 88339P101<br>LEI: 549300O00VUGT4H1PE90 | Long             | EC               | CORP              | US        |     47099 | NS      | $500662.37    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| EZCORP Inc.                                  | EZCORP INC-A                  | CUSIP: 302301106<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | EC               | CORP              | US        |     22351 | NS      | $425563.04    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| S&P Global Inc                               | S&P GLOBAL INC                | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |       560 | NS      | $272557.60    | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Palantir Technologies Inc                    | PALANTIR TECHN-A              | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |      2790 | NS      | $508951.80    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Forward Air Corp.                            | FORWARD AIR CORP              | CUSIP: 34986A104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18932 | NS      | $485416.48    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Fidelity Colchester Street Trust             | FID-TRSY PT-I                 | CUSIP: 316175504<br>LEI: 549300SHPEJB1OPRCV46 | Long             | STIV             | RF                | US        | 111788579 | PA      | $111788578.59 | 22.21%            |  |  |  | No            | 1                  | On Loan: No      |
| Elbit Systems Ltd                            | ELBIT SYSTEMS                 | CUSIP: M3760D101<br>LEI: 529900Q9CB1REUMZSS32 | Long             | EC               | CORP              | IL        |      1000 | NS      | $509800.00    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Viavi Solutions Inc                          | VIAVI SOLUTIONS               | CUSIP: 925550105<br>LEI: 5493006K3E3N1QOBF092 | Long             | EC               | CORP              | US        |     31971 | NS      | $405711.99    | 0.08%             |  |  |  | No            | 1                  | On Loan: —       |
| Newsmax Inc.                                 | NEWSMAX INC                   | CUSIP: 65250K105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40945 | NS      | $507718.00    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Monster Beverage Corp                        | MONSTER BEVERAGE              | CUSIP: 61174X109<br>LEI: 52990090AP0E7HCB6F33 | Long             | EC               | CORP              | US        |      5019 | NS      | $337828.89    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Xometry Inc                                  | XOMETRY INC-A                 | CUSIP: 98423F109<br>LEI: 5493006JFRGU7YRRXE44 | Long             | EC               | CORP              | US        |      8801 | NS      | $479390.47    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Canadian Solar Inc                           | CANADIAN SOLAR I              | CUSIP: 136635109<br>LEI: 5493001XSC6TKMBVOM15 | Long             | EC               | CORP              | CA        |     38643 | NS      | $503904.72    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Monday.Com Limited                           | MONDAY.COM LTD                | CUSIP: M7S64H106<br>LEI: 984500MDAFVD86E3B328 | Long             | EC               | CORP              | IL        |      1963 | NS      | $380213.47    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| American Superconductor Corp.                | AMERICAN SUPERCONDUCTOR C     | CUSIP: 030111207<br>LEI: 549300S9YT8Z8LOK4452 | Long             | EC               | CORP              | US        |      8206 | NS      | $487354.34    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Globe Life Inc                               | GLOBE LIFE INC                | CUSIP: 37959E102<br>LEI: 5493001JFHKQOPP6XA71 | Long             | EC               | CORP              | US        |      2608 | NS      | $372865.76    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Capri Holdings Ltd.                          | CAPRI HOLDINGS L              | CUSIP: G1890L107<br>LEI: 549300LPG8W0H1OX3A26 | Long             | EC               | CORP              | VG        |     42453 | NS      | $845663.76    | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| Integra LifeSciences Holdings Corporation    | INTEGRA LIFESCIE              | CUSIP: 457985208<br>LEI: WB7IJCYY8YFTENS4O147 | Long             | EC               | CORP              | US        |     37187 | NS      | $532889.71    | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Globant S.A                                  | GLOBANT SA                    | CUSIP: L44385109<br>LEI: 2221008DCMSPYS42DS88 | Long             | EC               | CORP              | LU        |     13095 | NS      | $751391.10    | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| MACOM Technology Solutions Holdings Inc.     | MACOM TECHNOLOGY              | CUSIP: 55405Y100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3989 | NS      | $496590.61    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Life360 Inc.                                 | LIFE360 INC                   | CUSIP: 532206109<br>LEI: 254900VO9VDOQBQAHF07 | Long             | EC               | CORP              | US        |      4675 | NS      | $496952.50    | 0.10%             |  |  |  | No            | 1                  | On Loan: —       |
| Arista Networks Inc                          | ARISTA NETWORKS               | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |      3476 | NS      | $506487.96    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Newell Brands Inc.                           | NEWELL BRANDS IN              | CUSIP: 651229106<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | EC               | CORP              | US        |     97995 | NS      | $513493.80    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Talen Energy Corporation                     | TALEN ENERGY COR              | CUSIP: 87422Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1180 | NS      | $501948.40    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Mueller Industries Inc.                      | MUELLER INDS                  | CUSIP: 624756102<br>LEI: 5493005IZFE4VJLLYG84 | Long             | EC               | CORP              | US        |      3863 | NS      | $390587.93    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Orion S.A.                                   | ORION SA                      | CUSIP: L72967109<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |     29784 | NS      | $225762.72    | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Mechel Public Joint Stock Company            | MECHEL-SPON ADR               | CUSIP: 583840608<br>LEI: 253400C9GSPBSKERRP65 | Long             | EC               | CORP              | RU        |     22935 | NS      | $0.00         | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Godaddy Inc                                  | GODADDY INC-A                 | CUSIP: 380237107<br>LEI: 549300J8H1TB0I2CB447 | Long             | EC               | CORP              | US        |      2253 | NS      | $308277.99    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                          | MSCPIN1 INDEX                 | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | US        |    277000 | NS      | $175444.80    | 0.03%             |  |  |  | No            | 2                  | On Loan: No      |
| Ubiquiti Inc                                 | UBIQUITI INC                  | CUSIP: 90353W103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       742 | NS      | $490150.36    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Daktronics Inc.                              | DAKTRONICS INC                | CUSIP: 234264109<br>LEI: 549300IOLZ3SG5YUJ288 | Long             | EC               | CORP              | US        |     18326 | NS      | $383379.92    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Hive Digital Technologies Ltd                | HIVE DIGITAL TEC              | CUSIP: 433921103<br>LEI: 5493004QCZ1QBI9FS784 | Long             | EC               | CORP              | CA        |    130789 | NS      | $527079.67    | 0.10%             |  |  |  | No            | 1                  | On Loan: —       |
| Vermilion Energy Inc.                        | VERMILION ENERGY              | CUSIP: 923725105<br>LEI: WT03B8BB1IX8WI9ZGV02 | Long             | EC               | RF                | CA        |     52254 | NS      | $408626.28    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Corning Incorporated                         | CORNING INC                   | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               | CORP              | US        |      5307 | NS      | $435333.21    | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| CommScope Holding Co Inc.                    | COMMSCOPE HOLDIN              | CUSIP: 20337X109<br>LEI: 254900AW4CEPCQWSRI58 | Long             | EC               | CORP              | US        |     32442 | NS      | $502202.16    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| ABIOMED, INC.                                | ABIOMED INC -CVR              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       476 | NS      | $485.52       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Linde PLC                                    | LINDE PLC                     | CUSIP: G54950103<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | IE        |       677 | NS      | $321575.00    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| TTM Technologies Inc                         | TTM TECHNOLOGIES              | CUSIP: 87305R109<br>LEI: 549300SC4BDOIS008048 | Long             | EC               | CORP              | US        |      8706 | NS      | $501465.60    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Altria Group, Inc.                           | ALTRIA GROUP INC              | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |      5187 | NS      | $342653.22    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| ACI Worldwide Inc                            | ACI WORLDWIDE IN              | CUSIP: 004498101<br>LEI: 5493003BPVMZUJ6F5C02 | Long             | EC               | CORP              | US        |      7996 | NS      | $421948.92    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| PBF Energy Inc                               | PBF ENERGY INC-A              | CUSIP: 69318G106<br>LEI: 2549003PBEDCSZMZIY02 | Long             | EC               | CORP              | US        |     16649 | NS      | $502300.33    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Newmont Corporation                          | NEWMONT CORP                  | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |      4612 | NS      | $388837.72    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| NPK International Inc.                       | NPK INTERNATIONA              | CUSIP: 651718504<br>LEI: 54930073OHWDQW4DJN26 | Long             | EC               | CORP              | US        |     37237 | NS      | $421150.47    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Pagaya Technologies Ltd.                     | PAGAYA TECHNOL-A              | CUSIP: M7S64L123<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |     11917 | NS      | $353815.73    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Hinge Health, Inc.                           | HINGE HEALTH-A                | CUSIP: 433313103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10181 | NS      | $499683.48    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Franklin Electric Co Inc                     | FRANKLIN ELEC CO              | CUSIP: 353514102<br>LEI: RR6AURIKMXUE4Q24G284 | Long             | EC               | CORP              | US        |      3667 | NS      | $349098.40    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Adient PLC                                   | ADIENT PLC                    | CUSIP: G0084W101<br>LEI: 5493002QLDY8O75RTR78 | Long             | EC               | CORP              | IE        |     20755 | NS      | $499780.40    | 0.10%             |  |  |  | No            | 1                  | On Loan: —       |
| The ODP Corporation                          | ODP CORP/THE                  | CUSIP: 88337F105<br>LEI: 549300OI428NU7XTM839 | Long             | EC               | CORP              | US        |     18928 | NS      | $527144.80    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Resideo Technologies Inc                     | RESIDEO TECHN                 | CUSIP: 76118Y104<br>LEI: 5493006TKFPYISY2DS54 | Long             | EC               | CORP              | US        |     23342 | NS      | $1007907.56   | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares Trust                                | ISHARES-C S&P500              | CUSIP: 464287200<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     84341 | NS      | $56449431.30  | 11.22%            |  |  |  | No            | 1                  | On Loan: No      |
| Constellium SE                               | CONSTELLIUM SE                | CUSIP: F21107101<br>LEI: 724500KRJEMC79KAAU28 | Long             | EC               | CORP              | FR        |     24567 | NS      | $365556.96    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| ServiceTitan Inc.                            | SERVICETITAN INC              | CUSIP: 81764X103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4784 | NS      | $482370.72    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Sterling Infrastructure Inc                  | STERLING INFRAST              | CUSIP: 859241101<br>LEI: 549300RZIK6K1215XU51 | Long             | EC               | CORP              | US        |      1462 | NS      | $496612.16    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Celsius Holdings Inc.                        | CELSIUS HOLDINGS              | CUSIP: 15118V207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8818 | NS      | $506946.82    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Archer Aviation Inc                          | ARCHER AVIATIO-A              | CUSIP: 03945R102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     53987 | NS      | $517195.46    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| United Natural Foods, Inc.                   | UNITED NATURAL                | CUSIP: 911163103<br>LEI: 549300GKGW6WPZ282D40 | Long             | EC               | CORP              | US        |     28948 | NS      | $1089023.76   | 0.22%             |  |  |  | No            | 1                  | On Loan: No      |
| Sally Beauty Holdings Inc.                   | SALLY BEAUTY HOL              | CUSIP: 79546E104<br>LEI: 529900VXW6E8ONDIQ271 | Long             | EC               | CORP              | US        |     26010 | NS      | $423442.80    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Telos Corp                                   | TELOS CORP                    | CUSIP: 87969B101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     72323 | NS      | $494689.32    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Moog Inc.                                    | MOOG INC-CLASS A              | CUSIP: 615394202<br>LEI: 549300WM2I4U7OBAHG07 | Long             | EC               | CORP              | US        |      1922 | NS      | $399141.74    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Fox Factory Holding Corporation              | FOX FACTORY HOLD              | CUSIP: 35138V102<br>LEI: 529900GE1HSV0617R721 | Long             | EC               | CORP              | US        |     33320 | NS      | $809342.80    | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| Oracle Corp.                                 | ORACLE CORP                   | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      1757 | NS      | $494138.68    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Block(H&R)Inc                                | H&R BLOCK INC                 | CUSIP: 093671105<br>LEI: 549300CE3KUCWLZBG404 | Long             | EC               | CORP              | US        |      7122 | NS      | $360159.54    | 0.07%             |  |  |  | No            | 1                  | On Loan: —       |
| Boston Scientific Corporation                | BOSTON SCIENTIFC              | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |      3104 | NS      | $303043.52    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Dana Inc.                                    | DANA INC                      | CUSIP: 235825205<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | EC               | CORP              | US        |     44104 | NS      | $883844.16    | 0.18%             |  |  |  | No            | 1                  | On Loan: No      |
| FedEx Corporation                            | FEDEX CORP                    | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |      1368 | NS      | $322588.08    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Coty Inc.                                    | COTY INC-CL A                 | CUSIP: 222070203<br>LEI: 549300BO9IWPF3S48F93 | Long             | EC               | CORP              | US        |     72398 | NS      | $292487.92    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Armstrong World Industries, Inc.             | ARMSTRONG WORLD               | CUSIP: 04247X102<br>LEI: KXMRXXOJ88Q45Y45MG74 | Long             | EC               | CORP              | US        |      1936 | NS      | $379475.36    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Energy Fuels Inc.                            | ENERGY FUELS INC              | CUSIP: 292671708<br>LEI: 529900P0GCATXMGK8I62 | Long             | EC               | CORP              | CA        |     36762 | NS      | $564296.70    | 0.11%             |  |  |  | No            | 1                  | On Loan: —       |
| N/A                                          | MS GOVT US LEX                | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             |  | US        |         0 | NS      | $0.00         | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Alignment Healthcare Inc                     | ALIGNMENT HEALTH              | CUSIP: 01625V104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28630 | NS      | $499593.50    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Lithium Americas Corp                        | LITHIUM AMERICAS              | CUSIP: 53681J103<br>LEI: 529900Q9ENG7EHHZ5R75 | Long             | EC               | CORP              | CA        |     87729 | NS      | $500932.59    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Super Group Sghc Limited                     | SUPER GROUP SGHC              | CUSIP: G8588X103<br>LEI: N/A                  | Long             | EC               | CORP              | GG        |     37022 | NS      | $488690.40    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Ouster Inc                                   | OUSTER INC                    | CUSIP: 68989M202<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18136 | NS      | $490578.80    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Teladoc Health Inc                           | TELADOC HEALTH I              | CUSIP: 87918A105<br>LEI: 549300I2PVFBC9MFAC61 | Long             | EC               | CORP              | US        |     61443 | NS      | $474954.39    | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Brinks Company                               | BRINK'S CO/THE                | CUSIP: 109696104<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | EC               | CORP              | US        |      3140 | NS      | $366940.40    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                          | CP TE - JPCPUSHB IND          | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | US        |    921326 | NS      | $-586369.91   | -0.12%            |  |  |  | No            | 2                  | On Loan: No      |
| Avis Budget Group Inc.                       | AVIS BUDGET GROU              | CUSIP: 053774105<br>LEI: 529900E95812SYWMCE44 | Long             | EC               | CORP              | US        |      5462 | NS      | $877060.65    | 0.17%             |  |  |  | No            | 1                  | On Loan: —       |
| CNO Financial Group, Inc.                    | CNO FINANCIAL GR              | CUSIP: 12621E103<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EC               | CORP              | US        |      8816 | NS      | $348672.80    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Life Time Group Holdings Inc                 | LIFE TIME GROUP               | CUSIP: 53190C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11634 | NS      | $321098.40    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Mckesson Corp.                               | MCKESSON CORP                 | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |       496 | NS      | $383179.84    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Cooper-Standard Holdings Inc.                | COOPER-STANDARD               | CUSIP: 21676P103<br>LEI: 549300VVOH2RQP5YMB08 | Long             | EC               | CORP              | US        |     14001 | NS      | $517056.93    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Live Nation Entertainment, Inc.              | LIVE NATION ENTE              | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |      1922 | NS      | $314054.80    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Bumble Inc                                   | BUMBLE INC-A                  | CUSIP: 12047B105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    140990 | NS      | $858629.10    | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| L3 Harris Technologies Inc                   | L3HARRIS TECHNOL              | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |      1331 | NS      | $406500.71    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Tutor Perini Corporation                     | TUTOR PERINI COR              | CUSIP: 901109108<br>LEI: 549300FHXYVPW8LJ6D98 | Long             | EC               | CORP              | US        |     13961 | NS      | $915701.99    | 0.18%             |  |  |  | No            | 1                  | On Loan: No      |
| Magnite Inc                                  | MAGNITE INC                   | CUSIP: 55955D100<br>LEI: 54930018FR2YX1HHSB02 | Long             | EC               | CORP              | US        |     22156 | NS      | $482557.68    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Ciena Corporation                            | CIENA CORP                    | CUSIP: 171779309<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | EC               | CORP              | US        |      3445 | NS      | $501833.15    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Jackson Financial Inc                        | JACKSON FI-A                  | CUSIP: 46817M107<br>LEI: 213800WXW2KG1N4CO374 | Long             | EC               | CORP              | US        |      3429 | NS      | $347117.67    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Casella Waste Systems, Inc.                  | CASELLA WASTE                 | CUSIP: 147448104<br>LEI: 8EU0XUFVJ48U37IIDH51 | Long             | EC               | CORP              | US        |      3511 | NS      | $333123.68    | 0.07%             |  |  |  | No            | 1                  | On Loan: —       |
| Klaviyo Inc                                  | KLAVIYO INC-A                 | CUSIP: 49845K101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27241 | NS      | $754303.29    | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| AMN Healthcare Services Inc                  | AMN HEALTHCARE                | CUSIP: 001744101<br>LEI: 529900W3ARRTCNFH2I39 | Long             | EC               | CORP              | US        |     27222 | NS      | $527017.92    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Dutch Bros Inc                               | DUTCH BROS INC-A              | CUSIP: 26701L100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5757 | NS      | $301321.38    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Astronics Corp.                              | ASTRONICS CORP                | CUSIP: 046433108<br>LEI: 549300NNXCF8H4MSMK17 | Long             | EC               | CORP              | US        |     11215 | NS      | $511516.15    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Ardagh Metal Packaging S A                   | ARDAGH METAL PAC              | CUSIP: L02235106<br>LEI: 5493009WKQTU4FN9G032 | Long             | EC               | CORP              | LU        |     84636 | NS      | $337697.64    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Omada Health Inc.                            | OMADA HEALTH INC              | CUSIP: 68170A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22764 | NS      | $503312.04    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Rev Group Inc                                | REV GROUP INC                 | CUSIP: 749527107<br>LEI: 549300SRD0SIG5ZZ3X20 | Long             | EC               | CORP              | US        |      8797 | NS      | $498525.99    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Churchill Downs Inc                          | CHURCHILL DOWNS               | CUSIP: 171484108<br>LEI: 529900FODTBQC8MIS994 | Long             | EC               | CORP              | US        |      3069 | NS      | $297723.69    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Transocean Ltd                               | TRANSOCEAN LTD                | CUSIP: H8817H100<br>LEI: 529900QO4W5DQGBGEF32 | Long             | EC               | CORP              | CH        |    160743 | NS      | $501518.16    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| MGP Ingredients Inc.                         | MGP INGREDIENTS               | CUSIP: 55303J106<br>LEI: 2549006OMHFVZ4MS8538 | Long             | EC               | CORP              | US        |     20297 | NS      | $490984.43    | 0.10%             |  |  |  | No            | 1                  | On Loan: —       |
| ADTRAN Holdings Inc                          | ADTRAN HOLDINGS               | CUSIP: 00486H105<br>LEI: 549300VV36J86CRRWF77 | Long             | EC               | CORP              | US        |     39556 | NS      | $371035.28    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                          | JCP1MULS INDEX                | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | US        |    318000 | NS      | $-3117045.00  | -0.62%            |  |  |  | No            | 2                  | On Loan: No      |
| ClearPoint Neuro Inc.                        | CLEARPOINT NEURO              | CUSIP: 18507C103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23571 | NS      | $513612.09    | 0.10%             |  |  |  | No            | 1                  | On Loan: —       |
| MNTN Inc.                                    | MNTN INC-A                    | CUSIP: 55318A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27023 | NS      | $501276.65    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| NANO Nuclear Energy Inc.                     | NANO NUCLEAR ENE              | CUSIP: 63010H108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12529 | NS      | $483118.24    | 0.10%             |  |  |  | No            | 1                  | On Loan: —       |
| Aveanna Healthcare Holdings Inc              | AVEANNA HEALTHCA              | CUSIP: 05356F105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     57441 | NS      | $509501.67    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| National Fuel Gas Company                    | NATL FUEL GAS CO              | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |      3771 | NS      | $348327.27    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| InterDigital, Inc.                           | INTERDIGITAL INC              | CUSIP: 45867G101<br>LEI: 529900HQAUTC3VI47G64 | Long             | EC               | CORP              | US        |      2623 | NS      | $905538.29    | 0.18%             |  |  |  | No            | 1                  | On Loan: No      |
| OneStream Inc                                | ONESTREAM INC                 | CUSIP: 68278B107<br>LEI: 254900CRBCHIYDC37W82 | Long             | EC               | CORP              | US        |     26062 | NS      | $480322.66    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                          | DREYFUS TREASURY & AGENCY LEX | CUSIP: 261908107<br>LEI: N/A                  | Long             | STIV             |  | US        |         0 | NS      | $0.00         | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Amprius Technologies Inc.                    | AMPRIUS TECHNOLO              | CUSIP: 03214Q108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     47639 | NS      | $501162.28    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Torm Plc                                     | TORM PLC-A                    | CUSIP: G89479102<br>LEI: 213800VL1H1ABVM1ZF63 | Long             | EC               | CORP              | GB        |     24061 | NS      | $496137.82    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| P10 Inc                                      | P10 INC-A                     | CUSIP: 69376K106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28979 | NS      | $315291.52    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| OFG Bancorp                                  | OFG BANCORP                   | CUSIP: 67103X102<br>LEI: 549300Q4QEXJ37LEXQ06 | Long             | EC               | CORP              | PR        |      8016 | NS      | $348615.84    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| ProFrac Holding Corp.                        | PROFRAC HOLDIN-A              | CUSIP: 74319N100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    135409 | NS      | $501013.30    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Sandisk Corporation                          | SANDISK CORP-W/I              | CUSIP: 80004C200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4428 | NS      | $496821.60    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Webster Financial Corp.                      | WEBSTER FINL                  | CUSIP: 947890109<br>LEI: KMRURHT0VWKYS6Z5KU67 | Long             | EC               | CORP              | US        |      5758 | NS      | $342255.52    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Eos Energy Enterprises Inc.                  | EOS ENERGY ENTER              | CUSIP: 29415C101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     45054 | NS      | $513165.06    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| The Real Brokerage Inc                       | REAL BROKERAGE I              | CUSIP: 75585H206<br>LEI: 254900X7DGVQ8SUIC387 | Long             | EC               | CORP              | CA        |    185900 | NS      | $777062.00    | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                          | JPCPILS3 INDEX                | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | US        |   1005300 | NS      | $7880825.23   | 1.57%             |  |  |  | No            | 2                  | On Loan: No      |
| Icahn Enterprises LP                         | ICAHN ENTERPRISE              | CUSIP: 451100101<br>LEI: 549300T0G4GS0SINS786 | Long             | EC               | CORP              | US        |     62787 | NS      | $528666.54    | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Sonos Inc                                    | SONOS INC                     | CUSIP: 83570H108<br>LEI: 549300WEPU6075I77M08 | Long             | EC               | CORP              | US        |     25950 | NS      | $410010.00    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                          | MSCPUS1 INDEX                 | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | US        |    207000 | NS      | $698989.20    | 0.14%             |  |  |  | No            | 2                  | On Loan: No      |
| SEALSQ Corp.                                 | SEALSQ CORP                   | CUSIP: G79483106<br>LEI: 894500UBT7U7WMV2PG59 | Long             | EC               | CORP              | VG        |    134314 | NS      | $502334.36    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| China Yuchai International Ltd.              | CHINA YUCHAI INTL LTD         | CUSIP: G21082105<br>LEI: 529900DHISUGAY2ARU76 | Long             | EC               | CORP              | BM        |     12094 | NS      | $500328.78    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Colgate-Palmolive Co.                        | COLGATE-PALMOLIV              | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |      3984 | NS      | $318480.96    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Robinhood Markets Inc                        | ROBINHOOD MARK-A              | CUSIP: 770700102<br>LEI: 213800FS5AO3YWIE6F63 | Long             | EC               | CORP              | US        |       153 | NS      | $21906.54     | 0.00%             |  |  |  | No            | 1                  | On Loan: —       |
| Digital Turbine, Inc.                        | DIGITAL TURBINE               | CUSIP: 25400W102<br>LEI: 549300D0WZR1VI2QGB24 | Long             | EC               | CORP              | US        |     86354 | NS      | $552665.60    | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Broadridge Financial Solutions Inc.          | BROADRIDGE FINL               | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |      1314 | NS      | $312955.38    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                          | JPCPILS1 INDEX                | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | US        |    580900 | NS      | $1833088.04   | 0.36%             |  |  |  | No            | 2                  | On Loan: No      |
| TreeHouse Foods, Inc.                        | TREEHOUSE FOODS               | CUSIP: 89469A104<br>LEI: 5493007M7EVHE470Q576 | Long             | EC               | CORP              | US        |     43745 | NS      | $884086.45    | 0.18%             |  |  |  | No            | 1                  | On Loan: No      |
| KLA Corp.                                    | KLA CORP                      | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |       364 | NS      | $392610.40    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| DoorDash Inc                                 | DOORDASH INC-A                | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               | CORP              | US        |      1369 | NS      | $372354.31    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| API Group Corp                               | API GROUP CORP                | CUSIP: 00187Y100<br>LEI: 213800NZT1VX6PZ7BT53 | Long             | EC               | CORP              | US        |         1 | NS      | $34.37        | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Smithfield Foods Inc                         | SMITHFIELD FOODS              | CUSIP: 832248207<br>LEI: CVTIPZRZJC0JQEZLL598 | Long             | EC               | CORP              | US        |     21432 | NS      | $503223.36    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Delek US Holdings Inc.                       | DELEK US HOLDING              | CUSIP: 24665A103<br>LEI: 5493003O53JMENV1N385 | Long             | EC               | CORP              | US        |     16017 | NS      | $516868.59    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Leonardo DRS Inc                             | LEONARDO DRS INC              | CUSIP: 52661A108<br>LEI: 549300HMMEWVG3PPQU18 | Long             | EC               | CORP              | US        |      8088 | NS      | $367195.20    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Centene Corp.                                | CENTENE CORP                  | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |     26728 | NS      | $953655.04    | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| Fortrea Holdings Inc.                        | FORTREA HOLDINGS              | CUSIP: 34965K107<br>LEI: 5493000FIVFABOVCDU97 | Long             | EC               | CORP              | US        |    103646 | NS      | $872699.32    | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| LoanDepot Inc.                               | LOANDEPOT INC -A              | CUSIP: 53946R106<br>LEI: 5493003261L42OH8RK59 | Long             | EC               | CORP              | US        |    159203 | NS      | $488753.21    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Doximity Inc                                 | DOXIMITY INC-A                | CUSIP: 26622P107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5820 | NS      | $425733.00    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Amphenol Corporation                         | AMPHENOL CORP-A               | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |      3035 | NS      | $375581.25    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Vestis Corp.                                 | VESTIS CORP                   | CUSIP: 29430C102<br>LEI: 254900QDW0TA2TMFAP59 | Long             | EC               | CORP              | US        |    198627 | NS      | $899780.31    | 0.18%             |  |  |  | No            | 1                  | On Loan: No      |
| IDEXX Laboratories Inc.                      | IDEXX LABS                    | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |       506 | NS      | $323278.34    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Lithium Argentina AG                         | LITHIUM ARGENTIN              | CUSIP: H5012F103<br>LEI: N/A                  | Long             | EC               | CORP              | CH        |    144019 | NS      | $481023.46    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| BGC Group Inc                                | BGC GROUP INC-A               | CUSIP: 088929104<br>LEI: 2549001IGRCG4F0RLD36 | Long             | EC               | CORP              | US        |     33372 | NS      | $315699.12    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Broadcom Inc                                 | BROADCOM INC                  | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      1504 | NS      | $496184.64    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Adaptive Biotechnologies Corp                | ADAPTIVE BIOTECH              | CUSIP: 00650F109<br>LEI: 549300ZTF7OT1FW66Q96 | Long             | EC               | CORP              | US        |     37214 | NS      | $556721.44    | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Microvast Holdings Inc.                      | MICROVAST HOLDIN              | CUSIP: 59516C106<br>LEI: 549300J4UX9OMHSTKS35 | Long             | EC               | CORP              | US        |    132535 | NS      | $510259.75    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Nlight Inc.                                  | NLIGHT INC                    | CUSIP: 65487K100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17065 | NS      | $505635.95    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Scholastic Corporation                       | SCHOLASTIC CORP               | CUSIP: 807066105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18279 | NS      | $500479.02    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Skywest Inc                                  | SKYWEST INC                   | CUSIP: 830879102<br>LEI: 529900UYS2KGS6Z42P09 | Long             | EC               | CORP              | US        |      3127 | NS      | $314638.74    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| MasterCard Incorporated                      | MASTERCARD INC-A              | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |       555 | NS      | $315689.55    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| GigaCloud Technology Inc.                    | GIGACLOUD TECH-A              | CUSIP: G38644103<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     11674 | NS      | $331541.60    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Guardian Pharmacy Services Inc.              | GUARDIAN PHARM-A              | CUSIP: 40145W101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19495 | NS      | $511353.85    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Tapestry Inc                                 | TAPESTRY INC                  | CUSIP: 876030107<br>LEI: 549300LJNVY5SW3VTN33 | Long             | EC               | CORP              | US        |      3575 | NS      | $404761.50    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Nabors Industries, Ltd.                      | NABORS INDS LTD               | CUSIP: G6359F137<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |     12097 | NS      | $494404.39    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Primoris Services Corp.                      | PRIMORIS SERVICE              | CUSIP: 74164F103<br>LEI: 549300UF3OLBJ8D5K349 | Long             | EC               | CORP              | US        |      3088 | NS      | $424075.04    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Goodyear Tire & Rubber Co. The               | GOODYEAR TIRE                 | CUSIP: 382550101<br>LEI: 5493002BI0S2ZQUY3437 | Long             | EC               | CORP              | US        |     65957 | NS      | $493358.36    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Costco Wholesale Corporation                 | COSTCO WHOLESALE              | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |       333 | NS      | $308234.79    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Atkore Inc                                   | ATKORE INC                    | CUSIP: 047649108<br>LEI: 52990002TI38AM4RPV48 | Long             | EC               | CORP              | US        |      5672 | NS      | $355861.28    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Extreme Networks Inc.                        | EXTREME NETWORKS              | CUSIP: 30226D106<br>LEI: 549300WRECW11X94UB57 | Long             | EC               | CORP              | US        |     18965 | NS      | $391627.25    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Gartner Inc.                                 | GARTNER INC                   | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Long             | EC               | CORP              | US        |      1355 | NS      | $356188.85    | 0.07%             |  |  |  | No            | 1                  | On Loan: —       |
| Wells Fargo & Co.                            | WELLS FARGO & CO              | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |      4026 | NS      | $337459.32    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Brinker International, Inc.                  | BRINKER INTL                  | CUSIP: 109641100<br>LEI: 52990067JY6PBGJNTG76 | Long             | EC               | CORP              | US        |      2328 | NS      | $294911.04    | 0.06%             |  |  |  | No            | 1                  | On Loan: —       |
| Compass Inc.                                 | COMPASS INC - A               | CUSIP: 20464U100<br>LEI: 254900DMGQSTC3I2IM78 | Long             | EC               | CORP              | US        |     62288 | NS      | $500172.64    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Coeur Mining Inc                             | COEUR MINING INC              | CUSIP: 192108504<br>LEI: 5493003AVK173D48DR70 | Long             | EC               | CORP              | US        |     31221 | NS      | $585705.96    | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Acadia Healthcare Company, Inc.              | ACADIA HEALTHCAR              | CUSIP: 00404A109<br>LEI: 5493005CW985Y9D0NC11 | Long             | EC               | CORP              | US        |     16477 | NS      | $407970.52    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Servicenow Inc                               | SERVICENOW INC                | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |       382 | NS      | $351546.96    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Groupon Inc                                  | GROUPON INC                   | CUSIP: 399473206<br>LEI: 5299005W5W1R5POQJL03 | Long             | EC               | CORP              | US        |     21501 | NS      | $502048.35    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Celanese Corporation                         | CELANESE CORP                 | CUSIP: 150870103<br>LEI: 549300FHJQTDPPN41627 | Long             | EC               | CORP              | US        |     20274 | NS      | $853129.92    | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| Ingram Micro Holding Corporation             | INGRAM MICRO HOL              | CUSIP: 457152106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23934 | NS      | $514341.66    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                          | JPCPILS2 INDEX                | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | US        |   1001400 | NS      | $6443994.93   | 1.28%             |  |  |  | No            | 2                  | On Loan: No      |
| Inspire Medical Systems Inc                  | INSPIRE MEDICAL               | CUSIP: 457730109<br>LEI: 549300XQQCQ7HCJKTW25 | Long             | EC               | CORP              | US        |      4221 | NS      | $313198.20    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Astera Labs Inc                              | ASTERA LABS INC               | CUSIP: 04626A103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2471 | NS      | $483821.80    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Union Pacific Corporation                    | UNION PAC CORP                | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |      1474 | NS      | $348409.38    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Northern Lights Fund Trust III               | COUNTERP QUAN EQ              | CUSIP: 66538R540<br>LEI: 549300PPUECJSQFBYV98 | Long             | EC               | RF                | US        |   1300416 | NS      | $51357329.09  | 10.21%            |  |  |  | No            | 1                  | On Loan: No      |
| ITT Inc                                      | ITT INC                       | CUSIP: 45073V108<br>LEI: 549300KDSERHTJOXUS80 | Long             | EC               | CORP              | US        |      1956 | NS      | $349654.56    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| EchoStar Corp.                               | ECHOSTAR CORP-A               | CUSIP: 278768106<br>LEI: 549300EE20907QZ9GT38 | Long             | EC               | CORP              | US        |      6829 | NS      | $521462.44    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Niocorp Developments Ltd                     | NIOCORP DEVELOPM              | CUSIP: 654484609<br>LEI: 5299001QL26XJPOD3A17 | Long             | EC               | CORP              | CA        |     74708 | NS      | $499049.44    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Roblox Corporation                           | ROBLOX CORP - A               | CUSIP: 771049103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3558 | NS      | $492854.16    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Equitable Holdings Inc                       | EQUITABLE HOLDIN              | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               | CORP              | US        |      6106 | NS      | $310062.68    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Cardinal Health, Inc.                        | CARDINAL HEALTH               | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |      2453 | NS      | $385022.88    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Aura Minerals Inc (Vg)                       | AURA MINERALS                 | CUSIP: G06973112<br>LEI: 549300YIRI8PSDM2FV20 | Long             | EC               | CORP              | VG        |     13884 | NS      | $516623.64    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Novocure Ltd                                 | NOVOCURE LTD                  | CUSIP: G6674U108<br>LEI: 213800YPP55UMHWA4826 | Long             | EC               | CORP              | JE        |     31361 | NS      | $405184.12    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| NRG Energy, Inc.                             | NRG ENERGY                    | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |      2197 | NS      | $355804.15    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| EXP World Holdings Inc                       | EXP WORLD HOLDIN              | CUSIP: 30212W100<br>LEI: 549300TWVVZC283VEC32 | Long             | EC               | CORP              | US        |     44771 | NS      | $477258.86    | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Willdan Group Inc.                           | WILLDAN GROUP IN              | CUSIP: 96924N100<br>LEI: 529900YQO0LF5VAEKN05 | Long             | EC               | CORP              | US        |      5172 | NS      | $500080.68    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Commvault Systems Inc.                       | COMMVAULT SYSTEM              | CUSIP: 204166102<br>LEI: 65T5VRP62VXG39YFML83 | Long             | EC               | CORP              | US        |      1900 | NS      | $358682.00    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Tronox Holdings PLC                          | TRONOX HOLDING                | CUSIP: G9087Q102<br>LEI: 549300NRVC84SGJSXV06 | Long             | EC               | CORP              | GB        |    123038 | NS      | $494612.76    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| ViaSat, Inc.                                 | VIASAT INC                    | CUSIP: 92552V100<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | EC               | CORP              | US        |     30759 | NS      | $901238.70    | 0.18%             |  |  |  | No            | 1                  | On Loan: No      |
| Avanos Medical Inc                           | AVANOS MEDICAL I              | CUSIP: 05350V106<br>LEI: 549300YCXWOM7NEWMQ58 | Long             | EC               | CORP              | US        |     29601 | NS      | $342187.56    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Reddit Inc                                   | REDDIT INC-A                  | CUSIP: 75734B100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2070 | NS      | $476079.30    | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Evolent Health, Inc.                         | EVOLENT HEALTH-A              | CUSIP: 30050B101<br>LEI: 549300CZOCFHQ2BBTR11 | Long             | EC               | CORP              | US        |     56337 | NS      | $476611.02    | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Ametek, Inc.                                 | AMETEK INC                    | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |      1698 | NS      | $319224.00    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Marex Group Plc                              | MAREX GROUP PLC               | CUSIP: G5S37H101<br>LEI: 549300DWX0SVICJAL507 | Long             | EC               | CORP              | GB        |     14760 | NS      | $496231.20    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| eToro Group Ltd.                             | ETORO GROUP LT-A              | CUSIP: G32089107<br>LEI: 213800XPRPJK2X5QRG86 | Long             | EC               | CORP              | VG        |     11892 | NS      | $490782.84    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Fluence Energy Inc                           | FLUENCE ENERGY I              | CUSIP: 34379V103<br>LEI: 25490043LHZ97BT5PP29 | Long             | EC               | CORP              | US        |     43349 | NS      | $468169.20    | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Udemy Inc.                                   | UDEMY INC                     | CUSIP: 902685106<br>LEI: 2549000T304QU9SAM180 | Long             | EC               | CORP              | US        |     51659 | NS      | $362129.59    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Amentum Holdings, Inc.                       | AMENTUM HOLDINGS              | CUSIP: 023939101<br>LEI: 2549009FJIBLW40CU216 | Long             | EC               | CORP              | US        |     21913 | NS      | $524816.35    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Irhythm Technologies Inc                     | IRHYTHM TECHNOLO              | CUSIP: 450056106<br>LEI: 549300FJI72RJGDQS384 | Long             | EC               | CORP              | US        |      2900 | NS      | $498771.00    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                          | JCP1MILS INDEX                | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | US        |    310000 | NS      | $361328.62    | 0.07%             |  |  |  | No            | 2                  | On Loan: No      |
| Heritage Insurance Holdings Inc              | HERITAGE INSURAN              | CUSIP: 42727J102<br>LEI: 9845008CCYDD87F66B45 | Long             | EC               | CORP              | US        |     37243 | NS      | $937778.74    | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| Penguin Solutions Inc                        | PENGUIN SOLUTION              | CUSIP: 706915105<br>LEI: 529900RDGHQY8XKXPN14 | Long             | EC               | CORP              | US        |     14908 | NS      | $391782.24    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| New Fortress Energy Inc.                     | NEW FORTRESS ENE              | CUSIP: 644393100<br>LEI: 254900EICTYTCHA5X705 | Long             | EC               | CORP              | US        |    165393 | NS      | $365518.53    | 0.07%             |  |  |  | No            | 1                  | On Loan: —       |
| Huntsman Corporation                         | HUNTSMAN CORP                 | CUSIP: 447011107<br>LEI: 5299000V56320A7RIQ67 | Long             | EC               | CORP              | US        |     90018 | NS      | $808361.64    | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| Lincoln Electric Holdings Inc.               | LINCOLN ELECTRIC              | CUSIP: 533900106<br>LEI: BIMGBY40SIN95O01BN93 | Long             | EC               | CORP              | US        |      1530 | NS      | $360819.90    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| First Horizon Corporation                    | FIRST HORIZON CO              | CUSIP: 320517105<br>LEI: TF3RXI1ZB1TQ30H9JV10 | Long             | EC               | CORP              | US        |     15730 | NS      | $355655.30    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Mativ Holdings Inc                           | MATIV INC                     | CUSIP: 808541106<br>LEI: 549300Z1FU4IDULG1R21 | Long             | EC               | CORP              | US        |     44531 | NS      | $503645.61    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Global Ship Lease Inc.                       | GLOBAL SHIP-CL A              | CUSIP: Y27183600<br>LEI: 254900GLZ0J5N8UZM071 | Long             | EC               | CORP              | MH        |     11899 | NS      | $365299.30    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Par Pacific Holdings, Inc.                   | PAR PACIFIC HOLD              | CUSIP: 69888T207<br>LEI: 549300BTNS7MHSHRLR55 | Long             | EC               | CORP              | US        |     27476 | NS      | $973199.92    | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| MFA Financial Inc.                           | MFA FINANCIAL                 | CUSIP: 55272X607<br>LEI: YW72IMH2RRC8Z1TGLG58 | Long             | EC               | CORP              | US        |     33057 | NS      | $303793.83    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| 10X Genomics Inc                             | 10X GENOMICS I-A              | CUSIP: 88025U109<br>LEI: 5493003Z6741WNLG7H43 | Long             | EC               | CORP              | US        |     71398 | NS      | $834642.62    | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                          | JPCPULS2 INDEX                | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               |  | US        |    268600 | NS      | $-1409385.70  | -0.28%            |  |  |  | No            | 2                  | On Loan: No      |
| Trane Technologies PLC                       | TRANE TECHNOLOGI              | CUSIP: G8994E103<br>LEI: 549300BURLR9SLYY2705 | Long             | EC               | CORP              | IE        |       756 | NS      | $319001.76    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Aspen Aerogels Inc                           | ASPEN AEROGELS I              | CUSIP: 04523Y105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     71595 | NS      | $498301.20    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Stitch Fix Inc                               | STITCH FIX INC-A              | CUSIP: 860897107<br>LEI: 549300TNHOVBOJZIYE72 | Long             | EC               | CORP              | US        |    108800 | NS      | $473280.00    | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |

### Signature

**Date Signed:** 2025-10-28

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

**Signature:** Rich Gleason

**Name of Signer:** Rich Gleason

**Title:** Treasurer