# EDGAR Filing Document

**Accession Number:** 0001537140
**File Stem:** 0000910472-26-002801
**Filing Date:** 2026-2
**Character Count:** 25178
**Document Hash:** 2168637935a9904b1dcde3c67c14fe0d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-002801.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000910472-26-002801

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**PERIOD START**: 20260930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22655
- **FILM NUMBER:** 26683525

**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

### Absolute Capital Asset Allocator Fund (Series ID: S000051215)

| Class ID   | Class Name                                                       | Ticker Symbol   |
|:---|:---|:---|
| C000161384 | Absolute Capital Asset Allocator Fund Class A Shares             | AAMAX           |
| C000161385 | Absolute Capital Asset Allocator Fund Institutional Class Shares | AAMIX           |
| C000161386 | Absolute Capital Asset Allocator Fund Investor Class Shares      | AAMCX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **ABSOLUTE CAPITAL ASSET ALLOCATOR FUND** | **ABSOLUTE CAPITAL ASSET ALLOCATOR FUND** | **ABSOLUTE CAPITAL ASSET ALLOCATOR FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 21.1%** |  |
|  | **ASSET MANAGEMENT - 0.8%** |  |
| 3300 | Blackstone, Inc. | &nbsp;&nbsp;&nbsp; $508662 |
|  | **BANKING - 1.5%** |  |
| 3000 | JPMorgan Chase & Company | &nbsp;&nbsp;&nbsp; 966660 |
|  | **COMMERCIAL SUPPORT SERVICES - 0.7%** |  |
| 2500 | Cintas Corporation | &nbsp;&nbsp;&nbsp; 470175 |
|  | **ENGINEERING & CONSTRUCTION - 2.4%** |  |
| 3700 | Quanta Services, Inc. | &nbsp;&nbsp;&nbsp; 1561622 |
|  | **HEALTH CARE FACILITIES & SERVICES - 0.8%** |  |
| 1500 | UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp; 495165 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 4.0%** |  |
| 2900 | Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp;&nbsp; 2549100 |
|  | **INSURANCE - 2.4%** |  |
| 3100 | Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1558215 |
|  | **INTERNET MEDIA & SERVICES - 2.3%** |  |
| 16000 | Netflix, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1500160 |
|  | **MEDICAL EQUIPMENT & DEVICES - 0.7%** |  |
| 4800 | Boston Scientific Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 457680 |
|  | **RETAIL - CONSUMER STAPLES - 2.0%** |  |
| 1500 | Costco Wholesale Corporation | &nbsp;&nbsp;&nbsp; 1293510 |
|  | **SOFTWARE - 1.1%** |  |
| 1400 | Microsoft Corporation | &nbsp;&nbsp;&nbsp; 677068 |

---

---

| | | |
|:---|:---|:---|
| **ABSOLUTE CAPITAL ASSET ALLOCATOR FUND** | **ABSOLUTE CAPITAL ASSET ALLOCATOR FUND** | **ABSOLUTE CAPITAL ASSET ALLOCATOR FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 21.1% (Continued)** |  |
|  | **TECHNOLOGY SERVICES - 2.4%** |  |
| 4300 | Visa, Inc., Class A | &nbsp;&nbsp;&nbsp; $1508053 |
|  | **TOTAL COMMON STOCKS (Cost $10,971,809)** | &nbsp;&nbsp; 13546070 |
|  | **EXCHANGE-TRADED FUNDS — 66.5%** |  |
|  | **EQUITY - 63.7%** |  |
| 45000 | Franklin International Core Dividend Tilt Index ETF | &nbsp;&nbsp;&nbsp; 1750050 |
| 96600 | iShares Core Dividend ETF | &nbsp;&nbsp;&nbsp; 5134290 |
| 15400 | iShares Morningstar Growth ETF | &nbsp;&nbsp;&nbsp; 1602216 |
| 7200 | iShares Morningstar Value ETF | &nbsp;&nbsp;&nbsp; 679392 |
| 5200 | State Street Industrial Select Sector SPDR ETF | &nbsp;&nbsp;&nbsp; 806624 |
| 40000 | State Street SPDR Portfolio S&P 500 ETF | &nbsp;&nbsp;&nbsp; 3208800 |
| 20700 | State Street SPDR S&P 1500 Value Tilt ETF | &nbsp;&nbsp;&nbsp; 4360217 |
| 12300 | State Street SPDR S&P Biotech ETF | &nbsp;&nbsp;&nbsp; 1499739 |
| 26000 | State Street Technology Select Sector SPDR ETF | &nbsp;&nbsp;&nbsp; 3743220 |
| 20800 | Vanguard Communication Services ETF | &nbsp;&nbsp;&nbsp; 4027504 |
| 7000 | Vanguard Consumer Staples ETF | &nbsp;&nbsp;&nbsp; 1478680 |
| 41100 | Vanguard FTSE All-World ex-US ETF | &nbsp;&nbsp;&nbsp; 3023316 |
| 7700 | Vanguard International High Dividend Yield ETF | &nbsp;&nbsp;&nbsp; 693000 |
| 8000 | Vanguard Mid-Cap Growth ETF | &nbsp;&nbsp;&nbsp; 2233120 |
| 15600 | Vanguard Russell 2000 ETF | &nbsp;&nbsp;&nbsp; 1552512 |
| 11500 | Vanguard S&P 500 Growth ETF | &nbsp;&nbsp;&nbsp; 5112785 |
|  |  | &nbsp;&nbsp; 40905465 |
|  | **FIXED INCOME - 2.8%** |  |
| 36100 | Janus Henderson AAA CLO ETF | &nbsp;&nbsp;&nbsp; 1825938 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $37,296,482)** | &nbsp;&nbsp; 42731403 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ABSOLUTE CAPITAL ASSET ALLOCATOR FUND** | **ABSOLUTE CAPITAL ASSET ALLOCATOR FUND** | **ABSOLUTE CAPITAL ASSET ALLOCATOR FUND** | **ABSOLUTE CAPITAL ASSET ALLOCATOR FUND** | **ABSOLUTE CAPITAL ASSET ALLOCATOR FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Principal Amount ($)** |  | **Yield (%)** | **Maturity** | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 12.6%** |  |  |  |
|  | **U.S. TREASURY BILLS** — **10.2%** |  |  |  |
| 1900000 | United States Treasury Bill | 3.46 | &nbsp;&nbsp;&nbsp;03/17/26 | $1886403 |
| 4700000 | United States Treasury Bill | 3.53 | &nbsp;&nbsp;&nbsp;06/04/26 | 4630560 |
|  |  |  |  | 6516963 |
| **Shares** |  |  |  |  |
|  | **MONEY MARKET FUNDS - 2.4%** |  |  |  |
| 1540320 | First American Government Obligations Fund, Class X, 3.67%<sup>(b)</sup> |  |  | &nbsp;&nbsp;&nbsp; 1540320 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $8,054,512)** |  |  | &nbsp;&nbsp; 8057283 |
|  | **TOTAL INVESTMENTS - 100.2% (Cost $56,322,803)** |  |  | &nbsp;&nbsp;&nbsp; $64334756 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%** |  |  | &nbsp;&nbsp; (97502) |
|  | **NET ASSETS - 100.0%** |  |  | &nbsp;&nbsp; $64237254 |

---

---

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

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Rate disclosed is the seven day effective yield as of December 31, 2025.

---

| | | |
|:---|:---|:---|
| **ABSOLUTE CAPITAL DEFENDER FUND** | **ABSOLUTE CAPITAL DEFENDER FUND** | **ABSOLUTE CAPITAL DEFENDER FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 14.1%** |  |
|  | **COMMERCIAL SUPPORT SERVICES - 0.7%** |  |
| 1100 | Cintas Corporation | &nbsp;&nbsp;&nbsp; $206877 |
|  | **HEALTH CARE FACILITIES & SERVICES - 0.8%** |  |
| 700 | UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp; 231077 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 3.8%** |  |
| 1200 | Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp;&nbsp; 1054800 |
|  | **INSURANCE - 2.7%** |  |
| 1500 | Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 753975 |
|  | **INTERNET MEDIA & SERVICES - 1.4%** |  |
| 4000 | Netflix, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 375040 |
|  | **MEDICAL EQUIPMENT & DEVICES - 0.8%** |  |
| 2200 | Boston Scientific Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 209770 |
|  | **RETAIL - CONSUMER STAPLES - 1.6%** |  |
| 500 | Costco Wholesale Corporation | &nbsp;&nbsp;&nbsp; 431170 |
|  | **SOFTWARE - 2.3%** |  |
| 1300 | Microsoft Corporation | &nbsp;&nbsp;&nbsp; 628706 |
|  | **TOTAL COMMON STOCKS (Cost $3,166,855)** | &nbsp;&nbsp; 3891415 |
|  | **EXCHANGE-TRADED FUNDS — 55.0%** |  |
|  | **EQUITY - 52.2%** |  |
| 13500 | Invesco S&P 500 Revenue ETF | &nbsp;&nbsp;&nbsp; 1545750 |
| 50000 | iShares Core Dividend ETF | &nbsp;&nbsp;&nbsp; 2657500 |
| 14000 | iShares Currency Hedged MSCI EAFE ETF | &nbsp;&nbsp;&nbsp; 579040 |
| 25700 | iShares Morningstar Value ETF | &nbsp;&nbsp;&nbsp; 2425052 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ABSOLUTE CAPITAL DEFENDER FUND** | **ABSOLUTE CAPITAL DEFENDER FUND** | **ABSOLUTE CAPITAL DEFENDER FUND** | **ABSOLUTE CAPITAL DEFENDER FUND** | **ABSOLUTE CAPITAL DEFENDER FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Shares** |  | | | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 55.0% (Continued)** | | | |
|  | **EQUITY - 52.2% (Continued)** | | | |
| 1800 | State Street Industrial Select Sector SPDR Fund |  |  | &nbsp;&nbsp;&nbsp; $279216 |
| 7900 | State Street SPDR Portfolio S&P 500 ETF |  |  | &nbsp;&nbsp;&nbsp; 633738 |
| 14500 | State Street SPDR S&P 1500 Value Tilt ETF |  |  | &nbsp;&nbsp;&nbsp; 3054258 |
| 5000 | Vanguard Communication Services ETF |  |  | &nbsp;&nbsp;&nbsp; 968150 |
| 4500 | Vanguard Consumer Staples ETF |  |  | &nbsp;&nbsp;&nbsp; 950580 |
| 13700 | Vanguard FTSE All-World ex-US ETF |  |  | &nbsp;&nbsp;&nbsp; 1007772 |
| 3100 | Vanguard International High Dividend Yield ETF |  |  | &nbsp;&nbsp;&nbsp; 279000 |
|  |  |  |  | &nbsp;&nbsp; 14380056 |
|  | **FIXED INCOME - 2.8%** |  |  |  |
| 15000 | Janus Henderson AAA CLO ETF |  |  | &nbsp;&nbsp;&nbsp; 758700 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $13,197,575)** |  |  | &nbsp;&nbsp; 15138756 |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** |  |
|  | **U.S. GOVERNMENT & AGENCIES — 9.9%** |  |  |  |
|  | **U.S. TREASURY NOTES** — **9.9%** |  |  |  |
| 700000 | United States Treasury Note | 4.3750 | &nbsp;&nbsp;&nbsp;12/15/26 | 705567 |
| 2000000 | United States Treasury Note | 3.8750 | &nbsp;&nbsp;&nbsp;12/31/27 | 2015469 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $2,697,730)** |  |  | 2721036 |
|  | **SHORT-TERM INVESTMENTS — 21.1%** | **Yield (%)** |  |  |
|  | **U.S. TREASURY BILLS** — **14.7%** |  |  |  |
| 1800000 | United States Treasury Bill | 3.46 | &nbsp;&nbsp;&nbsp;03/17/26 | 1787118 |
| 2300000 | United States Treasury Bill | 3.53 | &nbsp;&nbsp;&nbsp;06/04/26 | 2266019 |
|  |  |  |  | 4053137 |
| **Shares** |  |  |  |  |
|  | **MONEY MARKET FUNDS - 6.4%** |  |  |  |
| 1762358 | First American Government Obligations Fund, Class X, 3.67% (Cost $1,762,358)<sup>(b)</sup> |  |  | 1762358 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $5,813,895)** |  |  | 5815495 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $24,876,055)** |  |  | &nbsp;&nbsp;&nbsp; $27566702 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** |  |  | &nbsp;&nbsp; (19619) |
|  | **NET ASSETS - 100.0%** |  |  | &nbsp;&nbsp; $27547083 |

---

---

| |
|:---|
| **ABSOLUTE CAPITAL DEFENDER FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | |
|:---|:---|
| EAFE | - Europe, Australasia and Far East |
| ETF | - Exchange-Traded Fund |
| MSCI | - Morgan Stanley Capital International |
| SPDR | - Standard & Poor's Depositary Receipt |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Rate disclosed is the seven day effective yield as of December 31, 2025.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** CINCINNATI

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

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

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

- **a. Name of Series:** Absolute Capital Asset Allocator Fund

- **b. EDGAR series identifier (if any):** S000051215

- **c. LEI of Series:** 549300L34GZUOZ57RI73

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $64387986.71

**Total Liabilities:** $150732.94

**Net Assets:** $64237253.77

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000161384 | 0.64%                | 0.32%                | -0.13%               |
| Class ID C000161385 | 0.63%                | 0.39%                | -0.13%               |
| Class ID C000161386 | 0.60%                | 0.26%                | -0.22%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $4953.74                 | $424021.23                                 |
| Month 2  | $-6180.45                | $275471.95                                 |
| Month 3  | $351653.40               | $-599498.56                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Berkshire Hathaway Inc.                   | BERKSHIRE HATH-B          | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      3100 | NS      | $1558215.00   | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Inc                            | BLACKSTONE INC            | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |      3300 | NS      | $508662.00    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corporation             | BOSTON SCIENTIFC          | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |      4800 | NS      | $457680.00    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Cintas Corporation                        | CINTAS CORP               | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2500 | NS      | $470175.00    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corporation              | COSTCO WHOLESALE          | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |      1500 | NS      | $1293510.00   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Funds Inc.                 | FRST AM-GV OB-X           | CUSIP: 31846V336<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |   1540320 | PA      | $1540319.98   | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Templeton ETF Trust              | FRANKLIN INTERNA          | CUSIP: 35473P108<br>LEI: 549300UHXVPT5S43XV04 | Long             | EC               | RF                | US        |     45000 | NS      | $1750050.00   | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc.                 | GOLDMAN SACHS GP          | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      2900 | NS      | $2549100.00   | 3.97%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                             | ISHARES MORNINGS          | CUSIP: 464287119<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     15400 | NS      | $1602216.00   | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                             | ISHARES MORNINGS          | CUSIP: 464288109<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |      7200 | NS      | $679392.00    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                             | ISHARES CORE DIV          | CUSIP: 46435U861<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     96600 | NS      | $5134290.00   | 7.99%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                      | JPMORGAN CHASE            | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      3000 | NS      | $966660.00    | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Janus Detroit Street Trust                | JAN HEND AAA CLO          | CUSIP: 47103U845<br>LEI: 5493003MM7OCK5UJW595 | Long             | EC               | RF                | US        |     36100 | NS      | $1825938.00   | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                           | MICROSOFT CORP            | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      1400 | NS      | $677068.00    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix, Inc.                             | NETFLIX INC               | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |     16000 | NS      | $1500160.00   | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanta Services, Inc.                     | QUANTA SERVICES           | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Long             | EC               | CORP              | US        |      3700 | NS      | $1561622.00   | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Series Trust                         | SS SPDR S&P15 VT          | CUSIP: 78464A128<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |     20700 | NS      | $4360216.95   | 6.79%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Series Trust                         | STATE STREET SPD          | CUSIP: 78464A854<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |     40000 | NS      | $3208800.00   | 5.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Series Trust                         | SPDR S&P BIOTECH          | CUSIP: 78464A870<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |     12300 | NS      | $1499739.00   | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Sector Spdr Trust                  | SS INDUSTRIAL             | CUSIP: 81369Y704<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |      5200 | NS      | $806624.00    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Sector Spdr Trust                  | SS TECH SEL SECT          | CUSIP: 81369Y803<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |     26000 | NS      | $3743220.00   | 5.83%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bills              | B 06/04/26                | CUSIP: 912797SX6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4700000 | PA      | $4630560.23   | 7.21%             | 2026-06-04      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills              | B 03/17/26                | CUSIP: 912797SZ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1900000 | PA      | $1886402.80   | 2.94%             | 2026-03-17      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                   | UNITEDHEALTH GRP          | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      1500 | NS      | $495165.00    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Admiral Funds Inc.               | VANGUARD S&P 500 GROWTH E | CUSIP: 921932505<br>LEI: 5493001VGEE37B6RMO86 | Long             | EC               | RF                | US        |     11500 | NS      | $5112785.00   | 7.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Whitehall Funds                  | VANGUARD INT HDV          | CUSIP: 921946794<br>LEI: 5493006QD7VQBS2FQD13 | Long             | EC               | RF                | US        |      7700 | NS      | $693000.00    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard International Equity Index Funds | VANGUARD FTSE ALL-WORLD E | CUSIP: 922042775<br>LEI: 549300UR5XWDVDO7NP96 | Long             | EC               | RF                | US        |     41100 | NS      | $3023316.00   | 4.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard World Fund                       | VANGUARD CN ST E          | CUSIP: 92204A207<br>LEI: 549300MP6BT0L4Q61L10 | Long             | EC               | RF                | US        |      7000 | NS      | $1478680.00   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard World Fund                       | VANGUARD COMMUNI          | CUSIP: 92204A884<br>LEI: 549300MP6BT0L4Q61L10 | Long             | EC               | RF                | US        |     20800 | NS      | $4027504.00   | 6.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Scottsdale Funds                 | VANG RUSS 2000            | CUSIP: 92206C664<br>LEI: 549300Y88GQ3VLJIBX57 | Long             | EC               | RF                | US        |     15600 | NS      | $1552512.00   | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Index Funds                      | VANGUARD M/C GRW          | CUSIP: 922908538<br>LEI: 549300G6KNDK44WUN559 | Long             | EC               | RF                | US        |      8000 | NS      | $2233120.00   | 3.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                  | VISA INC-CLASS A          | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      4300 | NS      | $1508053.00   | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** Rich Gleason

**Name of Signer:** Rich Gleason

**Title:** Treasurer