NORTHERN LTS FD TR III

Ticker: SCLZ CUSIP: 66538R532 Class: SWAN ENHAN DIVID

Holders for Q4 2025 Position Changes for Q4 2025

Note: Option positions (PUT/CALL) are excluded.

Increased Positions (3)

Swan Global Investments, LLC

Value ($000) $1,379 (+7.5%) Shares 25,191 (+6.8%)

JANE STREET GROUP, LLC

Value ($000) $899 (+186.7%) Shares 16,421 (+184.7%)

Value ($000) $4 (+75.7%) Shares 66,742 (+74.4%)

Institution	Prev Shares	Curr Shares	Change
Swan Global Investments, LLC	23,591	25,191	+1,600 (+6.8%)
JANE STREET GROUP, LLC	5,768	16,421	+10,653 (+184.7%)
CWM, LLC	38,265	66,742	+28,477 (+74.4%)

Decreased Positions (4)

Camarda Financial Advisors, LLC

Value ($000) $1,261 (-2.6%) Shares 23,034 (-3.3%)

Cetera Investment Advisers

Value ($000) $240 (-38.3%) Shares 4,380 (-38.8%)

OSAIC HOLDINGS, INC.

Value ($000) $5 (-96.3%) Shares 100 (-96.4%)

Value ($000) $6 (-29.2%) Shares 102 (-29.7%)

Institution	Prev Shares	Curr Shares	Change
Camarda Financial Advisors, LLC	23,825	23,034	-791 (-3.3%)
Cetera Investment Advisers	7,155	4,380	-2,775 (-38.8%)
OSAIC HOLDINGS, INC.	2,746	100	-2,646 (-96.4%)
UBS Group AG	145	102	-43 (-29.7%)

Exited Positions (1)

CITADEL ADVISORS LLC

Value ($000) $545 Shares 10,033

Institution	Prev Shares	Prev Value ($000)
CITADEL ADVISORS LLC	10,033	$545