0001752724-24-046736.txt : 20240228 0001752724-24-046736.hdr.sgml : 20240228 20240228161350 ACCESSION NUMBER: 0001752724-24-046736 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20231231 FILED AS OF DATE: 20240228 DATE AS OF CHANGE: 20240228 PERIOD START: 20240930 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NORTHERN LIGHTS FUND TRUST III CENTRAL INDEX KEY: 0001537140 ORGANIZATION NAME: IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-22655 FILM NUMBER: 24695506 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 0001537140 S000046898 Counterpoint Tactical Income Fund C000146567 Counterpoint Tactical Income Fund Class A Shares CPATX C000146568 Counterpoint Tactical Income Fund Class C Shares CPCTX C000146569 Counterpoint Tactical Income Fund Class I Shares CPITX NPORT-P 1 primary_doc.xml NPORT-P false 0001537140 XXXXXXXX S000046898 C000146569 C000146567 C000146568 NORTHERN LIGHTS FUND TRUST III 811-22655 0001537140 549300PPUECJSQFBYV98 225 PICTORIA DRIVE SUITE 450 CINCINNATI 45246 631-470-2600 Counterpoint Tactical Income Fund S000046898 549300FOLD17KHRVDB10 2024-09-30 2023-12-31 N 1399147605.81 551731.94 1398595873.87 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 4071388.51000000 N U.S. Corporate High Yield I00012US-USD Ishares Trust 5493000860OXIC4B5K91 ISHARES IBOXX HIGH YLD CO 464288513 478581.00000000 NS USD 37037383.59000000 2.648183387493 Long EC RF US N 1 N N N Mainstay Funds 549300SQRLBSUG7RD002 MNSTY-H/Y BD-I 56062X708 1000.00000000 NS USD 5160.00000000 0.000368941457 Long EC RF US N 1 N N N Invesco Exchange Traded Fund Trust II O540V2L4S174Y60FMD36 INVESCO SENIOR LOAN ETF 46138G508 4425232.00000000 NS USD 93726413.76000000 6.701465055853 Long EC RF US N 1 N N N Blackrock Funds V 54930077DSFQPJDWM487 BLKR-H/Y BND-INS 09260B630 29896366.21900000 NS USD 210769381.84000000 15.07007033109 Long EC RF US N 1 N N N Ssga Active Etf Trust 549300MAXSRPQ75ICU67 SPDR BLACKSTONE 78467V608 732219.00000000 NS USD 30701942.67000000 2.195197572337 Long EC RF US N 1 N N N Pimco Fds Pacific Invt Mgmt Ser BX5VU78PO9CRQUP4YH86 PIMCO-H/Y-INS 693390841 26458745.42300000 NS USD 211405375.93000000 15.11554408815 Long EC RF US N 1 N N N Fidelity Adv Ii EIVUM2R16VT371T5KS40 F/A-F/R HI-I 315807552 33863765.13000000 NS USD 314594378.06000000 22.49358688507 Long EC RF US N 1 N N N United States Treasury Bills 254900HROIFWPRGM1V77 B 04/04/24 912797GZ4 25000000.00000000 PA USD 24664489.50000000 1.763517965468 Long DBT UST US N 2 2024-04-04 Fixed 0.00000000 N N N N N N Lord Abbett High N/A LA-HI YLD-I 54400N409 1000.00000000 NS USD 6350.00000000 0.000454026793 Long EC RF US N 1 N N N Tiaa Cref Mutual Funds N/A TIAA CREF HIGH YIELD-INST 886315795 1000.00000000 NS USD 8690.00000000 0.000621337454 Long EC RF US N 1 N N N Lord Abbett Investment Trust 54930085JIVNI3FPKR71 LORD ABBETT FLOATING RATE 543916134 1808.03100000 NS USD 14735.45000000 0.001053588836 Long EC RF US N 1 N N N JP Morgan Trust Ii 549300IMXLYKELY96B40 JPM-HIGH YLD-I 4812C0803 16367612.11100000 NS USD 105080069.75000000 7.513254665855 Long EC RF US N 1 N N N Goldman Sachs Trust S2FHCT8U6D2VORP0J605 GLDMN SCHS H/Y FLT RT-INS 38145C455 10868722.56700000 NS USD 96622943.62000000 6.908567758936 Long EC RF US N 1 N N N Goldman Sachs Trust S2FHCT8U6D2VORP0J605 GS-GOVT-FS 38141W273 82650266.03000000 PA USD 82650266.03000000 5.909517364819 Long STIV RF US N 1 N N N Ishares Trust 5493000860OXIC4B5K91 ISHARES BROAD USD HIGH YI 46435U853 1402096.00000000 NS USD 50966189.60000000 3.644096951249 Long EC RF US N 1 N N N CDX.NA.HY SERIES 41 N/A CDXHY41 12/28 N/A -89100000.00000000 PA USD 5197461.39000000 0.371619957351 Long DCR CORP N/A N 2 WELLS FARGO SECURITIES LLC VYVVCKR63DVZZN70PB21 CDX.NA.HY Series 41 CDX.NA.HY SERIES 41 Y N/A 2028-12-20 667643.94000000 USD 0.00000000 USD -89100000.00000000 USD 4529817.45000000 N N N Blackrock Funds V 54930077DSFQPJDWM487 BLACKROCK II-FLOAT RAT-IN 09260B747 13383297.64400000 NS USD 129817987.15000000 9.282022746912 Long EC RF US N 1 N N N Prudential Investment Portfolios Inc. 15 5493004GW6X6EIMPJD18 PGIM-HI YLD-Z 74440Y801 999.99800000 NS USD 4749.99000000 0.000339625626 Long EC RF US N 1 N N N Transamerica Funds 54930088ZHZE1VMYEY52 TRANSAMERICA HI YLD BND-I 893962159 1000.00000000 NS USD 8090.00000000 0.000578437284 Long EC RF US N 1 N N N 2024-01-26 NORTHERN LIGHTS FUND TRUST III Rich Gleason Rich Gleason Treasurer XXXX NPORT-EX 2 counterpoint_nport.htm COUNTERPOINT FUNDS NPORT EX

 

COUNTERPOINT TACTICAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2023
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 15.2%      
    FIXED INCOME - 15.2%      
4,425,232   Invesco Senior Loan ETF       $ 93,726,413
1,402,096   iShares Broad USD High Yield Corporate Bond ETF         50,966,190
478,581   iShares iBoxx High Yield Corporate Bond ETF         37,037,384
732,219   SPDR Blackstone Senior Loan ETF         30,701,943
    TOTAL EXCHANGE-TRADED FUNDS (Cost $208,383,459)    

212,431,930

               
    OPEN END FUNDS — 76.4%      
    FIXED INCOME - 76.4%      
13,383,298   BlackRock Floating Rate Income Portfolio, Institutional Class         129,817,987
29,896,366   BlackRock High Yield Bond Portfolio, Institutional Class         210,769,382
33,863,765   Fidelity Advisor Floating Rate High Income Fund, Class I         314,594,377
10,868,723   Goldman Sachs High Yield Floating Rate Fund, Institutional Class         96,622,944
16,367,612   JPMorgan High Yield Fund, Class I         105,080,070
1,808   Lord Abbett Floating Rate Fund, Class I         14,735
1,000   Lord Abbett High Yield Fund, Class I         6,350
1,000   MainStay MacKay High Yield Corporate Bond Fund, Class I         5,160
1,000   PGIM High Yield Fund, Class Z         4,750
26,458,745   PIMCO High Yield Fund, Institutional Class         211,405,376
1,000   TIAA-CREF High Yield Fund, Institutional Class         8,690
1,000   Transamerica High Yield Bond, Class I         8,090
    TOTAL OPEN END FUNDS (Cost $1,024,414,103)        

1,068,337,911

               
               
Principal Amount ($)         Coupon Rate (%) Maturity  
    U.S. GOVERNMENT & AGENCIES — 1.8%      
    U.S. TREASURY BILLS — 1.8%      
25,000,000   United States Treasury Bill(a)   5.245 04/04/24   24,664,490
  TOTAL U.S. GOVERNMENT & AGENCIES (Cost $24,653,016)        
             
 
 

 

COUNTERPOINT TACTICAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
 
Shares             Fair Value
    SHORT-TERM INVESTMENTS — 5.9%      
    MONEY MARKET FUNDS - 5.9%      
82,650,266   Goldman Sachs Financial Square Government Fund, Class FST, 5.24% (Cost $82,650,266)(b)       $ 82,650,266
             
 
    TOTAL INVESTMENTS - 99.3% (Cost $1,340,100,844)     $ 1,388,084,597
    OTHER ASSETS IN EXCESS OF LIABILITIES - 0.7%    

10,511,277

    NET ASSETS - 100.0%        

$ 1,398,595,874

           
               
 

 

 

 

ETF  - Exchange-Traded Fund
SPDR  - Standard & Poor's Depositary Receipt
 

 

 

(a) Zero coupon bond. Rate shown is the discount rate at the time of purchase.
(b) Rate disclosed is the seven day effective yield as of December 31, 2023.

 

 

 

 
 
COUNTERPOINT TACTICAL INCOME FUND        
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)        
December 31, 2023        
                                         
CREDIT DEFAULT SWAP                                        
        Payement Buy/Sell Fixed Rate   Maturity    Notional   Premiums        Unrealized        
Description     Counterparty Frequency Protection Received   Date   Amount   Paid (Received)   Value   Appreciation        
CDX North American High Yield Index Version 2, Series 41 ** Wells Fargo Quarterly Sell 5.00%   12/20/2028    $             89,100,000    $                  667,644    $    5,197,461    $                                 4,529,817        
                                         
                                         
** The underlying holdings of this security can be found at https://www.markit.com/Company/Files/DownloadFiles?CMSID=3cfa1f3f95534329af64f1b0bb311e0a                        
                                         
                                         
                                         

 

 
 

 

COUNTERPOINT TACTICAL EQUITY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2023
 
Shares             Fair Value
    COMMON STOCKS — 53.0%      
    ADVERTISING & MARKETING - 0.3%      
22,719   Taboola.com Ltd.(a)       $ 98,374
1,317   Trade Desk, Inc. (The), Class A(a)         94,771
             

193,145

    AEROSPACE & DEFENSE - 0.5%      
1,587   Howmet Aerospace, Inc.         85,888
15,422   Triumph Group, Inc.(a)         255,697
             

341,585

    APPAREL & TEXTILE PRODUCTS - 1.1%      
12,924   Figs, Inc.(a)         89,822
48,656   Hanesbrands, Inc.(a)         217,007
836   PVH Corporation         102,092
6,213   VF Corporation         116,804
23,416   Wolverine World Wide, Inc.         208,168
             

733,893

    ASSET MANAGEMENT - 0.9%      
6,696   Blue Owl Capital, Inc.         99,770
5,048   Icahn Enterprises, L.P.         86,775
3,741   ODP Corporation (The)(a)         210,619
2,902   Victory Capital Holdings, Inc.         99,945
4,381   Vitesse Energy, Inc.         95,900
             

593,009

    AUTOMOTIVE - 0.5%      
3,428   Adient PLC(a)         124,642
4,005   General Motors Company         143,860
6,826   Goodyear Tire & Rubber Company (The)(a)         97,748
             

366,250

    BANKING - 1.5%      
7,626   Banc of California, Inc.         102,417
2,324   Bancorp, Inc. (The)(a)         89,613
3,065   Citizens Financial Group, Inc.         101,574
764   Credicorp Ltd.         114,547
2,015   Customers Bancorp, Inc.(a)         116,104
23,286   NU Holdings Ltd./Cayman Islands(a)         193,973
2,371   OFG Bancorp         88,865
 
 

 

COUNTERPOINT TACTICAL EQUITY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
 
Shares             Fair Value
    COMMON STOCKS — 53.0% (Continued)      
    BANKING - 1.5% (Continued)      
1,845   Pathward Financial, Inc.       $ 97,656
1,971   WSFS Financial Corporation         90,528
             

995,277

    BIOTECH & PHARMA - 0.1%      
1,850   Bristol-Myers Squibb Company         94,924
             
 
    CABLE & SATELLITE - 0.5%      
37,068   Altice USA, Inc., Class A(a)         120,471
32,919   DISH Network Corporation, Class A(a)         189,943
             

310,414

    CHEMICALS - 1.0%      
2,950   Axalta Coating Systems Ltd.(a)         100,212
1,034   Cabot Corporation         86,339
3,933   Huntsman Corporation         98,836
2,552   Mosaic Company (The)         91,183
1,816   Nutrien Ltd.         102,295
6,873   Orion S.A.         190,588
             

669,453

    COMMERCIAL SUPPORT SERVICES - 0.8%      
25,569   Advantage Solutions, Inc.(a)         92,560
14,941   CoreCivic, Inc.(a)         217,093
4,652   Kelly Services, Inc., Class A         100,576
5,830   Vestis Corporation         123,246
             

533,475

    CONSTRUCTION MATERIALS - 0.4%      
1,472   CRH PLC         101,804
1,529   Knife River Corporation(a)         101,189
680   Owens Corning         100,796
             

303,789

    CONSUMER SERVICES - 1.3%      
1,698   Adtalem Global Education, Inc.(a)         100,097
4,552   Afya Ltd.(a)         99,825
19,856   Chegg, Inc.(a)         225,565
5,111   Coursera, Inc.(a)         99,000
 
 

 

COUNTERPOINT TACTICAL EQUITY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
 
Shares             Fair Value
    COMMON STOCKS — 53.0% (Continued)      
    CONSUMER SERVICES - 1.3% (Continued)      
1,517   Medifast, Inc.       $ 101,973
5,719   Perdoceo Education Corporation         100,426
6,736   Udemy, Inc.(a)         99,221
11,071   WW International, Inc.(a)         96,871
             

922,978

    CONTAINERS & PACKAGING - 0.1%      
7,325   Pactiv Evergreen, Inc.         100,426
             
 
    E-COMMERCE DISCRETIONARY - 1.0%      
4,732   Chewy, Inc.(a)         111,817
53   MercadoLibre, Inc.(a)         83,292
7,450   Revolve Group, Inc.(a)         123,521
12,537   Rover Group, Inc.(a)         136,403
3,726   Wayfair, Inc., Class A(a)         229,894
             

684,927

    ELECTRIC UTILITIES - 1.1%      
1,604   Constellation Energy Corporation         187,492
7,223   Hawaiian Electric Industries, Inc.         102,494
4,823   NextEra Energy Partners, L.P.         146,667
1,645   NRG Energy, Inc.         85,047
5,355   Vistra Corporation         206,275
             

727,975

    ELECTRICAL EQUIPMENT - 0.6%      
826   Atkore International Group, Inc.(a)         132,160
743   Generac Holdings, Inc.(a)         96,025
4,114   Vertiv Holdings Company         197,596
             

425,781

    ENGINEERING & CONSTRUCTION - 0.3%      
2,821   Frontdoor, Inc.(a)         99,356
267   TopBuild Corporation(a)         99,927
             

199,283

    ENTERTAINMENT CONTENT - 0.9%      
6,083   AMC Networks, Inc., Class A(a)         114,300
4,712   AppLovin Corporation(a)         187,773
 
 

 

COUNTERPOINT TACTICAL EQUITY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
 
Shares             Fair Value
    COMMON STOCKS — 53.0% (Continued)      
    ENTERTAINMENT CONTENT - 0.9% (Continued)      
63,523   fuboTV, Inc.(a)       $ 202,003
13,290   Playtika Holding Corporation(a)         115,889
             

619,965

    FOOD - 0.4%      
1,804   BellRing Brands, Inc.(a)         99,996
16,563   Hain Celestial Group, Inc. (The)(a)         181,365
             

281,361

    GAS & WATER UTILITIES - 0.3%      
1,495   National Fuel Gas Company         75,004
5,045   UGI Corporation         124,107
             

199,111

    HEALTH CARE FACILITIES & SERVICES - 1.4%      
14,556   AdaptHealth Corporation(a)         106,113
17,817   Brookdale Senior Living, Inc.(a)         103,695
1,838   Cardinal Health, Inc.         185,271
276   Medpace Holdings, Inc.(a)         84,602
5,122   Owens & Minor, Inc.(a)         98,701
10,140   Pediatrix Medical Group, Inc.(a)         94,302
5,473   Teladoc Health, Inc.(a)         117,943
1,318   Tenet Healthcare Corporation(a)         99,601
602   Universal Health Services, Inc., Class B         91,769
             

981,997

    HOME & OFFICE PRODUCTS - 0.7%      
10,051   Arhaus, Inc.(a)         119,104
3,681   MillerKnoll, Inc.         98,209
26,374   Newell Brands, Inc.         228,927
             

446,240

    HOME CONSTRUCTION - 1.8%      
2,811   Dream Finders Homes, Inc.(a)         99,875
1,895   Green Brick Partners, Inc.(a)         98,426
3,759   Griffon Corporation         229,111
7,932   Interface, Inc.         100,102
1,615   KB Home         100,873
13,117   Masterbrand, Inc.(a)         194,787
 
 

 

COUNTERPOINT TACTICAL EQUITY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
 
Shares             Fair Value
    COMMON STOCKS — 53.0% (Continued)      
    HOME CONSTRUCTION - 1.8% (Continued)      
3,666   Taylor Morrison Home Corporation(a)       $ 195,581
5,997   Tri Pointe Homes, Inc.(a)         212,294
             

1,231,049

    HOUSEHOLD PRODUCTS - 0.2%      
1,391   Spectrum Brands Holdings, Inc.         110,960
             
 
    INDUSTRIAL INTERMEDIATE PROD - 0.2%      
3,090   Proto Labs, Inc.(a)         120,386
             
 
    INDUSTRIAL SUPPORT SERVICES - 0.1%      
1,905   H&E Equipment Services, Inc.         99,670
             
 
    INSTITUTIONAL FINANCIAL SERVICES - 0.1%      
1,171   State Street Corporation         90,706
             
 
    INSURANCE - 2.2%      
6,182   Ambac Financial Group, Inc.(a)         101,879
3,593   CNO Financial Group, Inc.         100,245
4,641   Corebridge Financial, Inc.         100,524
3,018   Equitable Holdings, Inc.         100,499
30,609   Genworth Financial, Inc.(a)         204,468
1,196   HCI Group, Inc.         104,530
4,118   Jackson Financial, Inc., Class A         210,841
8,698   James River Group Holdings Ltd.         80,370
14,238   MBIA, Inc.         87,137
3,373   NMI Holdings, Inc., Class A(a)         100,111
1,279   Principal Financial Group, Inc.         100,619
6,757   Radian Group, Inc.         192,912
             

1,484,135

    INTERNET MEDIA & SERVICES - 1.7%      
40,551   Angi, Inc.(a)         100,972
10,483   Despegar.com Corporation(a)         99,169
2,037   DoorDash, Inc., Class A(a)         201,439
12,155   Eventbrite, Inc., Class A(a)         101,616
 
 

 

COUNTERPOINT TACTICAL EQUITY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
 
Shares             Fair Value
    COMMON STOCKS — 53.0% (Continued)      
    INTERNET MEDIA & SERVICES - 1.7% (Continued)      
19,635   GoodRx Holdings, Inc.(a)       $ 131,555
16,055   Lyft, Inc.(a)         240,663
2,833   Match Group, Inc.(a)         103,405
2,042   Roku, Inc.(a)         187,170
             

1,165,989

    LEISURE FACILITIES & SERVICES - 0.7%      
5,459   Carnival Corporation(a)         101,210
1,858   Dave & Buster's Entertainment, Inc.(a)         100,053
2,165   Light & Wonder, Inc.(a)         177,768
3,247   Madison Square Garden Entertainment Corporation(a)         103,222
             

482,253

    LEISURE PRODUCTS - 0.6%      
5,436   Mattel, Inc.(a)         102,632
32,899   Peloton Interactive, Inc., Class A(a)         200,354
3,389   Vista Outdoor, Inc.(a)         100,213
             

403,199

    MACHINERY - 1.0%      
3,874   Enerpac Tool Group Corporation         120,442
1,222   Graco, Inc.         106,021
1,640   Hyster-Yale Materials Handling, Inc.         101,992
2,122   Terex Corporation         121,929
6,704   Titan International, Inc.(a)         99,756
1,311   Veralto Corporation         107,843
             

657,983

    MEDICAL EQUIPMENT & DEVICES - 1.7%      
2,062   10X Genomics, Inc., Class A(a)         115,390
476   ABIOMED, Inc. - CVR(a)(b)         486
429   Align Technology, Inc.(a)         117,546
4,627   Castle Biosciences, Inc.(a)         99,851
4,304   Envista Holdings Corporation(a)         103,554
16,458   Novocure Ltd.(a)         245,717
1,595   QuidelOrtho Corporation(a)         117,551
6,690   RxSight, Inc.(a)         269,740
 
 

 

COUNTERPOINT TACTICAL EQUITY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
 
Shares             Fair Value
    COMMON STOCKS — 53.0% (Continued)      
    MEDICAL EQUIPMENT & DEVICES - 1.7% (Continued)      
2,527   STAAR Surgical Company(a)       $ 78,868
             

1,148,703

    METALS & MINING - 2.4%      
3,420   Alcoa Corporation         116,280
9,943   Alliance Resource Partners, L.P.         210,593
1,831   Centrus Energy Corporation, Class A(a)         99,625
4,850   Cleveland-Cliffs, Inc.(a)         99,037
9,882   Constellium S.E.(a)         197,245
38,001   Ferroglobe PLC(a)         247,387
4,909   MP Materials Corporation(a)         97,444
4,841   Peabody Energy Corporation         117,733
6,332   Ramaco Resources, Inc.         108,784
21,010   SunCoke Energy, Inc.         225,647
17,586   Uranium Energy Corporation(a)         112,550
             

1,632,325

    MORTGAGE FINANCE - 0.4%      
11,781   BrightSpire Capital, Inc.         87,651
7,524   MFA Financial, Inc.         84,795
7,052   PennyMac Mortgage Investment Trust         105,428
             

277,874

    OIL & GAS PRODUCERS - 2.1%      
7,634   Antero Midstream Corporation         95,654
5,054   APA Corporation         181,337
3,170   Coterra Energy, Inc.         80,898
25,357   Crescent Point Energy Corporation         175,724
3,765   Delek US Holdings, Inc.         97,137
8,235   EnLink Midstream, LLC         100,138
9,833   Equitrans Midstream Corporation         100,100
13,524   Kosmos Energy Ltd.(a)         90,746
3,201   Marathon Oil Corporation         77,336
18,704   NGL Energy Partners, L.P.(a)         104,181
2,786   Par Pacific Holdings, Inc.(a)         101,327
2,200   PBF Energy, Inc., Class A         96,712
 
 

 

COUNTERPOINT TACTICAL EQUITY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
 
Shares             Fair Value
    COMMON STOCKS — 53.0% (Continued)      
    OIL & GAS PRODUCERS - 2.1% (Continued)      
6,727   Plains GP Holdings, L.P., Class A       $ 107,296
             

1,408,586

    OIL & GAS SERVICES & EQUIPMENT - 1.2%      
13,217   Archrock, Inc.         203,542
13,844   Diamond Offshore Drilling, Inc.(a)         179,972
4,929   Kodiak Gas Services, Inc.         98,974
27,241   Newpark Resources, Inc.(a)         180,880
8,747   NOW, Inc.(a)         99,016
3,997   TechnipFMC PLC         80,500
             

842,884

    PUBLISHING & BROADCASTING - 0.2%      
13,269   EW Scripps Company (The), Class A(a)         106,019
             
 
    REAL ESTATE SERVICES - 0.4%      
12,515   Anywhere Real Estate, Inc.(a)         101,497
9,383   Cushman & Wakefield PLC(a)         101,336
9,386   Newmark Group, Inc., Class A         102,871
             

305,704

    RENEWABLE ENERGY - 0.5%      
1,146   EnerSys         115,700
44,126   SunPower Corporation(a)         213,129
             

328,829

    RETAIL - CONSUMER STAPLES - 0.7%      
12,609   Arko Corporation         104,024
9,119   SpartanNash Company         209,281
1,927   Sprouts Farmers Market, Inc.(a)         92,708
4,045   Walgreens Boots Alliance, Inc.         105,615
             

511,628

    RETAIL - DISCRETIONARY - 2.3%      
1,108   Abercrombie & Fitch Company, Class A(a)         97,748
3,487   Advance Auto Parts, Inc.         212,811
1,063   Avis Budget Group, Inc.         188,427
2,619   Bath & Body Works, Inc.         113,036
1,325   Beacon Roofing Supply, Inc.(a)         115,302
 
 

 

COUNTERPOINT TACTICAL EQUITY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
 
Shares             Fair Value
    COMMON STOCKS — 53.0% (Continued)      
    RETAIL - DISCRETIONARY - 2.3% (Continued)      
886   BlueLinx Holdings, Inc.(a)       $ 100,393
602   Builders FirstSource, Inc.(a)         100,498
589   Burlington Stores, Inc.(a)         114,549
2,821   GMS, Inc.(a)         232,534
4,045   Kohl's Corporation         116,011
60,697   Petco Health & Wellness Company, Inc.(a)         191,802
             

1,583,111

    SEMICONDUCTORS - 1.0%      
2,951   Amkor Technology, Inc.         98,180
183   KLA Corporation         106,378
5,919   MaxLinear, Inc.(a)         140,694
3,151   Photronics, Inc.(a)         98,847
1,100   Qorvo, Inc.(a)         123,871
3,135   Ultra Clean Holdings, Inc.(a)         107,029
             

674,999

    SOFTWARE - 6.1%      
1,704   BILL Holdings, Inc.(a)         139,029
1,856   Braze, Inc.(a)         98,609
4,411   Couchbase, Inc.(a)         99,336
1,976   Docebo, Inc.(a)         95,599
4,006   DocuSign, Inc.(a)         238,157
947   Duolingo, Inc.(a)         214,827
5,028   Everbridge, Inc.(a)         122,231
6,174   GigaCloud Technology, Inc.(a)         112,953
1,571   Gitlab, Inc.(a)         98,910
3,471   Informatica, Inc., Class A(a)         98,542
2,878   JFrog Ltd.(a)         99,608
4,976   Lightspeed Commerce, Inc.(a)         104,446
2,144   Nutanix, Inc., Class A(a)         102,247
36,795   Olo, Inc., Class A(a)         210,467
2,262   Omnicell, Inc.(a)         85,119
25,034   Oscar Health, Inc.(a)         229,061
582   Paycom Software, Inc.         120,311
554   Paylocity Holding Corporation(a)         91,327
 
 

 

COUNTERPOINT TACTICAL EQUITY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
 
Shares             Fair Value
    COMMON STOCKS — 53.0% (Continued)      
    SOFTWARE - 6.1% (Continued)      
5,567   Paymentus Holdings, Inc.(a)       $ 99,482
6,012   Phreesia, Inc.(a)         139,178
6,059   PubMatic, Inc., Class A(a)         98,822
6,584   RingCentral, Inc., Class A(a)         223,527
2,904   Samsara, Inc., Class A(a)         96,936
3,651   SentinelOne, Inc.(a)         100,183
8,348   SolarWinds Corporation(a)         104,267
1,502   Twilio, Inc., Class A(a)         113,957
3,942   UiPath, Inc., Class A(a)         97,919
54,145   Vimeo, Inc.(a)         212,248
8,717   Weave Communications, Inc.(a)         99,984
821   Wix.com Ltd.(a)         100,999
11,339   Zeta Global Holdings Corporation(a)         100,010
1,546   Zoom Video Communications, Inc., Class A(a)         111,173
8,247   ZoomInfo Technologies, Inc.(a)         152,487
             

4,211,951

    SPECIALTY FINANCE - 2.0%      
1,360   AerCap Holdings N.V.(a)         101,075
2,951   Air Lease Corporation         123,765
4,661   FTAI Aviation Ltd.         216,270
16,441   LendingClub Corporation(a)         143,694
29,993   loanDepot, Inc.(a)         105,575
3,369   Mr. Cooper Group, Inc.(a)         219,390
6,141   PROG Holdings, Inc.(a)         189,818
6,819   Rocket Companies, Inc.(a)         98,739
5,338   SLM Corporation         102,063
14,218   UWM Holdings Corporation         101,659
             

1,402,048

    STEEL - 0.3%      
22,935   Mechel PJSC - ADR(a)(b)         –
569   Nucor Corporation         99,029
833   Steel Dynamics, Inc.         98,377
             

197,406

 
 

 

COUNTERPOINT TACTICAL EQUITY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
 
Shares             Fair Value
    COMMON STOCKS — 53.0% (Continued)      
    TECHNOLOGY HARDWARE - 2.4%      
18,801   ADTRAN Holdings, Inc.       $ 137,999
401   Arista Networks, Inc.(a)         94,440
1,990   Avnet, Inc.         100,296
6,450   Celestica, Inc.(a)         188,856
36,666   CommScope Holding Company, Inc.(a)         103,398
1,230   Dell Technologies, Inc., Class C         94,095
5,958   Extreme Networks, Inc.(a)         105,099
6,650   Flex Ltd.(a)         202,560
8,296   Sonos, Inc.(a)         142,193
9,158   Stratasys Ltd.(a)         130,776
5,957   TTM Technologies, Inc.(a)         94,180
1,953   Vicor Corporation(a)         87,768
7,946   Xerox Holdings Corporation         145,650
             

1,627,310

    TECHNOLOGY SERVICES - 1.9%      
1,307   Block, Inc., Class A(a)         101,096
364   FleetCor Technologies, Inc.(a)         102,870
227   Gartner, Inc.(a)         102,402
23,991   Green Dot Corporation, Class A(a)         237,511
6,893   Integral Ad Science Holding Corporation(a)         99,190
11,801   Iris Energy Ltd.(a)         84,377
12,441   Pagseguro Digital Ltd., Class A(a)         155,139
3,104   PayPal Holdings, Inc.(a)         190,617
5,603   StoneCompany Ltd.(a)         101,022
24,281   Thoughtworks Holding, Inc.(a)         116,792
             

1,291,016

    TELECOMMUNICATIONS - 0.4%      
2,319   Iridium Communications, Inc.         95,450
11,498   Telephone and Data Systems, Inc.         210,988
             

306,438

    TRANSPORTATION & LOGISTICS - 1.6%      
1,088   Copa Holdings S.A., Class A         115,665
6,192   Corp America Airports S.A.(a)         99,444
2,464   Dorian, L.P.G Ltd.         108,096
 
 

 

COUNTERPOINT TACTICAL EQUITY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
 
Shares             Fair Value
    COMMON STOCKS — 53.0% (Continued)      
    TRANSPORTATION & LOGISTICS - 1.6% (Continued)      
6,799   Navigator Holdings Ltd.       $ 98,925
3,060   Scorpio Tankers, Inc.         186,048
3,930   SkyWest, Inc.(a)         205,147
7,893   Tsakos Energy Navigation Ltd.         175,382
13,811   ZIM Integrated Shipping Services Ltd.         136,315
             

1,125,022

    TRANSPORTATION EQUIPMENT - 0.5%      
3,640   Blue Bird Corporation(a)         98,134
2,722   Greenbrier Companies, Inc. (The)         120,258
3,795   Trinity Industries, Inc.         100,909
             

319,301

    WHOLESALE - CONSUMER STAPLES - 0.3%      
12,148   United Natural Foods, Inc.(a)         197,162
             
 
    WHOLESALE - DISCRETIONARY - 0.3%      
5,998   G-III Apparel Group Ltd.(a)         203,812
             
 
    TOTAL COMMON STOCKS (Cost $33,070,263)    

  36,273,716

               
    EXCHANGE-TRADED FUNDS — 10.0%      
    EQUITY - 10.0%      
254,819   Counterpoint Quantitative Equity ETF(c)         6,843,648
    TOTAL EXCHANGE-TRADED FUNDS (Cost $6,499,815)      
 
               
Principal Amount ($)         Coupon Rate (%) Maturity  
    U.S. GOVERNMENT & AGENCIES — 22.5%      
    U.S. TREASURY BILLS — 22.5%      
10,500,000   United States Treasury Bill(d),(e)   5.285 01/25/24   10,464,662
5,000,000   United States Treasury Bill(d),(e)   5.280 03/07/24   4,953,044
  TOTAL U.S. GOVERNMENT & AGENCIES (Cost $15,415,432)    

15,417,706

             
 
 

 

COUNTERPOINT TACTICAL EQUITY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
 
Shares             Fair Value
    SHORT-TERM INVESTMENTS — 18.1%      
    MONEY MARKET FUNDS - 18.1%      
12,411,793   Fidelity Treasury Portfolio, Class I, 5.22% (Cost $12,411,793)(f)       $  12,411,793
             
 
Contracts(g)              
    FUTURE OPTIONS PURCHASED - 1.2% Counterparty Expiration Date Exercise Price Notional Value  
    CALL OPTIONS PURCHASED - 1.2%      
67   S&P Emini 1st Week Future GS 01/05/2024 $ 4,570 $ 16,147,000 838,338
    TOTAL CALL OPTIONS PURCHASED (Cost - $299,825)  
 
         
    TOTAL INVESTMENTS - 104.8% (Cost $67,697,128)     $ 71,785,201
    LIABILITIES IN EXCESS OF OTHER ASSETS - (4.8)%    

(3,237,562)

    NET ASSETS - 100.0%        

$ 68,547,639

           
Shares              
    COMMON STOCKS SOLD SHORT — (0.3)%      
    LEISURE FACILITIES & SERVICES - (0.3)%      
(5,600)   Dutch Bros, Inc.       $ (177,352)
    TOTAL SECURITIES SOLD SHORT - (Proceeds - $131,186)      
 
                             

 

 

 

 

 

ADR  - American Depositary Receipt
CVR  - Contingent Value Right
ETF  - Exchange-Traded Fund
GS  - Goldman Sachs
LLC  - Limited Liability Company
Ltd.  - Limited Company
L.P.  - Limited Partnership
N.V.  - Naamioze Vennootschap
PJSC  - Public Joint-Stock Company
PLC  - Public Limited Company
S.A.  - Société Anonyme
S.E.  - Societas Europeae
 

 

 

(a) Non-income producing security.  
(b) The value of this security has been determined in good faith pursuant to valuation policies established by the Board of Trustees.  
(c) Affiliated investment.  
(d) Zero coupon bond. Rate shown is the discount rate at time of purchase.  
(e) All or a portion of this security is pledged as collateral for total return swaps. As of December 31, 2023, the value of the pledged portion is 15,417,706.
(f) Rate disclosed is the seven day effective yield as of December 31, 2023.  
(g) Each contract is equivalent to one futures contract.  

 

 
 
COUNTERPOINT TACTICAL EQUITY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
                         
                         
                         
                         
                         
TOTAL RETURN SWAPS                        
  Payment          Number Of Maturity Notional   Upfront   Unrealized
Description/Received Frequency Long/Short Currency Rate Paid Counterparty Contracts Date Amount   Payments/Receipts   Appreciation/(Depreciation)
JP Morgan International Long Index Basket * Monthly Long USD OBFR + 0.45% JP Morgan        259,228 5/27/2025  $      24,395,584    $                -       $                                      39,247
JP Morgan International Long Index Basket 2 * Monthly Long USD OBFR + 0.45% JP Morgan        257,900 5/27/2025          23,652,086                      -                                          1,743,327
SPDR S&P 500 ETF Monthly Long USD OBFR + 0.40% JP Morgan          72,363 12/4/2026          32,899,899                      -                                          1,494,958
                                                            3,277,532
                         
  Payment          Number Of Maturity Notional   Upfront   Unrealized
Description/Paid Frequency Long/Short Currency Rate Received Counterparty Contracts Date Amount   Payments/Receipts   Appreciation/(Depreciation)
JP Morgan International Short Index Basket * Monthly Short USD OBFR - 1.25% JP Morgan        362,706 5/27/2025          24,437,716                      -                                           (135,616)
JP Morgan International Short Index Basket 2 * Monthly Short USD OBFR - 1.25% JP Morgan        313,500 5/27/2025          23,511,121                      -                                        (2,130,044)
JP Morgan U.S. Short Index Basket * Monthly Short USD OBFR - 0.75% JP Morgan        258,001 3/7/2025          16,790,144                      -                                        (2,544,451)
JP Morgan U.S. Short Index Basket 2 * Monthly Short USD OBFR - 1.15% JP Morgan        382,747 4/26/2024          17,066,497                      -                                             332,799
                         $                               (4,477,313)
                         
OBFR - Overnight Bank Funding Rate                        $                               (1,199,781)
* The underlying holdings of this security can be found at https://counterpointfunds.com/tactical-equity-fund/              
                         
                         
                         
                         

 

 
 

 

COUNTERPOINT TACTICAL MUNICIPAL FUND
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2023
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 6.8%      
    FIXED INCOME - 6.8%      
323,051   VanEck High Yield Muni ETF       $ 16,679,123
    TOTAL EXCHANGE-TRADED FUNDS (Cost $16,291,886)      
 
               
    OPEN END FUNDS — 91.6%      
    FIXED INCOME - 91.6%      
1,809,200   American Century High-Yield Municipal Fund, Class I         15,866,681
5,550,794   American High-Income Municipal Bond Fund, Class F-3         83,039,885
723   BlackRock High Yield Municipal Fund, Institutional Class         6,455
1,714,889   Delaware National High-Yield Municipal Bond Fund         17,560,459
58,817   Eaton Vance High Yield Municipal Income Fund, Class I         479,945
53,077   Franklin High Yield Tax-Free Income Fund, Advisor Class         468,668
110,497   Goldman Sachs High Yield Municipal Fund, Institutional Class         1,012,155
68,169   Invesco AMT-Free Municipal Fund, Class Y         475,141
12,077   Invesco High Yield Municipal Fund, Class Y         103,382
145,985   Invesco Rochester Municipal Opportunities Fund, Class Y         1,005,839
984   MainStay MacKay High Yield Municipal Bond Fund, Class I         11,649
981,755   Nuveen High Yield Municipal Bond Fund, Class I         14,559,430
1,801,820   PGIM Muni High Income Fund, Class Z         16,883,056
120,192   PIMCO High Yield Municipal Bond Fund, Institutional Class         1,019,231
6,473,925   T Rowe Price Tax-Free High Yield Fund, Inc., Class I         70,501,043
    TOTAL OPEN END FUNDS (Cost $214,157,799)        

222,993,019

               
    SHORT-TERM INVESTMENTS — 3.3%      
    MONEY MARKET FUNDS - 3.3%      
8,111,550   BlackRock Liquidity Funds MuniCash, Institutional Class, 3.76% (Cost $8,112,290)(a)         8,112,361
             
 
    TOTAL INVESTMENTS - 101.7% (Cost $238,561,975)     $ 247,784,503
    LIABILITIES IN EXCESS OF OTHER ASSETS - (1.7)%    

(4,222,005)

    NET ASSETS - 100.0%        

$ 243,562,498

 

 

 

ETF  - Exchange-Traded Fund
 

 

 

(a) Rate disclosed is the seven day effective yield as of December 31, 2023.