# EDGAR Filing Document

**Accession Number:** 0001537140
**File Stem:** 0001752724-23-047730
**Filing Date:** 2023-2
**Character Count:** 77699
**Document Hash:** f85e260a6784207bd49a1cd94b785baa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-047730.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-047730

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NORTHERN LIGHTS FUND TRUST III
- **CENTRAL INDEX KEY:** 0001537140
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22655
- **FILM NUMBER:** 23686121

**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

### Newfound Risk Managed U.S. Growth Fund (Series ID: S000049469)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000156387 | Newfound Risk Managed U.S. Growth Fund Class I Shares | NFDIX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **NEWFOUND RISK MANAGED US GROWTH FUND** | **NEWFOUND RISK MANAGED US GROWTH FUND** | **NEWFOUND RISK MANAGED US GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 16.3%** |  |
|  | **AEROSPACE & DEFENSE - 0.4%** |  |
| 174 | General Dynamics Corporation | &nbsp;&nbsp;&nbsp; $43171 |
| 183 | L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp; 38102 |
| 93 | Lockheed Martin Corporation | &nbsp;&nbsp;&nbsp; 45244 |
| 179 | Teledyne Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 71584 |
|  |  | &nbsp;&nbsp; 198101 |
|  | **ASSET MANAGEMENT - 0.1%** |  |
| 858 | Icahn Enterprises, L.P. | &nbsp;&nbsp;&nbsp; 43471 |
|  | **BEVERAGES - 0.7%** |  |
| 624 | Brown-Forman Corporation, Class B | &nbsp;&nbsp;&nbsp; 40984 |
| 926 | Coca-Cola Company (The) | &nbsp;&nbsp;&nbsp; 58903 |
| 233 | Constellation Brands, Inc., Class A | &nbsp;&nbsp;&nbsp; 53998 |
| 1910 | Keurig Dr Pepper, Inc. | &nbsp;&nbsp;&nbsp; 68111 |
| 572 | Monster Beverage Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 58075 |
| 238 | PepsiCo, Inc. | &nbsp;&nbsp;&nbsp; 42997 |
|  |  | &nbsp;&nbsp; 323068 |
|  | **BIOTECH & PHARMA - 1.3%** |  |
| 473 | AbbVie, Inc. | &nbsp;&nbsp;&nbsp; 76441 |
| 759 | BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 78549 |
| 560 | Bristol-Myers Squibb Company | &nbsp;&nbsp;&nbsp; 40292 |
| 688 | Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp; 59065 |
| 1071 | Incyte Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 86023 |
| 413 | Johnson & Johnson | &nbsp;&nbsp;&nbsp; 72956 |
| 61 | Regeneron Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 44011 |
| 1032 | Royalty Pharma plc, Class A | &nbsp;&nbsp;&nbsp; 40785 |
| 337 | Seagen, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 43308 |
| 534 | Zoetis, Inc. | &nbsp;&nbsp;&nbsp; 78258 |
|  |  | &nbsp;&nbsp; 619688 |
|  | **CABLE & SATELLITE - 0.1%** |  |
| 9414 | Sirius XM Holdings, Inc. | &nbsp;&nbsp;&nbsp; 54978 |
|  | **CHEMICALS - 0.5%** |  |
| 274 | Air Products and Chemicals, Inc. | &nbsp;&nbsp;&nbsp; 84463 |
| 278 | Ecolab, Inc. | &nbsp;&nbsp;&nbsp; 40466 |

---

---

| | | |
|:---|:---|:---|
| **NEWFOUND RISK MANAGED US GROWTH FUND** | **NEWFOUND RISK MANAGED US GROWTH FUND** | **NEWFOUND RISK MANAGED US GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 16.3% (Continued)** |  |
|  | **CHEMICALS - 0.5% (Continued)** |  |
| 281 | Linde plc | &nbsp;&nbsp;&nbsp; $91657 |
|  |  | &nbsp;&nbsp; 216586 |
|  | **COMMERCIAL SUPPORT SERVICES - 0.4%** |  |
| 131 | Cintas Corporation | &nbsp;&nbsp;&nbsp; 59162 |
| 1109 | Rollins, Inc. | &nbsp;&nbsp;&nbsp; 40523 |
| 423 | Waste Connections, Inc. | &nbsp;&nbsp;&nbsp; 56073 |
| 346 | Waste Management, Inc. | &nbsp;&nbsp;&nbsp; 54280 |
|  |  | &nbsp;&nbsp; 210038 |
|  | **CONSTRUCTION MATERIALS - 0.1%** |  |
| 248 | Vulcan Materials Company | &nbsp;&nbsp;&nbsp; 43427 |
|  | **DIVERSIFIED INDUSTRIALS - 0.7%** |  |
| 317 | Dover Corporation | &nbsp;&nbsp;&nbsp; 42925 |
| 471 | Eaton Corp plc | &nbsp;&nbsp;&nbsp; 73923 |
| 471 | Emerson Electric Company | &nbsp;&nbsp;&nbsp; 45244 |
| 363 | Honeywell International, Inc. | &nbsp;&nbsp;&nbsp; 77791 |
| 341 | Illinois Tool Works, Inc. | &nbsp;&nbsp;&nbsp; 75122 |
|  |  | &nbsp;&nbsp; 315005 |
|  | **ELECTRICAL EQUIPMENT - 0.8%** |  |
| 544 | AMETEK, Inc. | &nbsp;&nbsp;&nbsp; 76008 |
| 1120 | Amphenol Corporation, Class A | &nbsp;&nbsp;&nbsp; 85277 |
| 1312 | Fortive Corporation | &nbsp;&nbsp;&nbsp; 84296 |
| 256 | Keysight Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 43794 |
| 201 | Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp; 86850 |
|  |  | &nbsp;&nbsp; 376225 |
|  | **ENTERTAINMENT CONTENT - 0.3%** |  |
| 1109 | Activision Blizzard, Inc. | &nbsp;&nbsp;&nbsp; 84894 |
| 668 | Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp; 81616 |
|  |  | &nbsp;&nbsp; 166510 |
|  | **FOOD - 0.5%** |  |
| 1830 | Hormel Foods Corporation | &nbsp;&nbsp;&nbsp; 83357 |
| 1033 | McCormick & Company, Inc. | &nbsp;&nbsp;&nbsp; 85625 |
| 1319 | Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp; 87911 |
|  |  | &nbsp;&nbsp; 256893 |

---

---

| | | |
|:---|:---|:---|
| **NEWFOUND RISK MANAGED US GROWTH FUND** | **NEWFOUND RISK MANAGED US GROWTH FUND** | **NEWFOUND RISK MANAGED US GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 16.3% (Continued)** |  |
|  | **HEALTH CARE FACILITIES & SERVICES - 0.2%** |  |
| 612 | Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp; $95741 |
|  | **HOUSEHOLD PRODUCTS - 0.7%** |  |
| 1058 | Church & Dwight Company, Inc. | &nbsp;&nbsp;&nbsp; 85285 |
| 1108 | Colgate-Palmolive Company | &nbsp;&nbsp;&nbsp; 87299 |
| 664 | Kimberly-Clark Corporation | &nbsp;&nbsp;&nbsp; 90138 |
| 603 | Procter & Gamble Company (The) | &nbsp;&nbsp;&nbsp; 91391 |
|  |  | &nbsp;&nbsp; 354113 |
|  | **INDUSTRIAL SUPPORT SERVICES - 0.2%** |  |
| 1703 | Fastenal Company | &nbsp;&nbsp;&nbsp; 80586 |
|  | **INTERNET MEDIA & SERVICES - 0.3%** |  |
| 859 | Alphabet, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 75790 |
| 431 | VeriSign, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 88545 |
|  |  | &nbsp;&nbsp; 164335 |
|  | **LEISURE FACILITIES & SERVICES - 0.4%** |  |
| 38 | Chipotle Mexican Grill, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 52725 |
| 269 | McDonald's Corporation | &nbsp;&nbsp;&nbsp; 70890 |
| 700 | Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp; 89656 |
|  |  | &nbsp;&nbsp; 213271 |
|  | **MACHINERY - 0.2%** |  |
| 321 | IDEX Corporation | &nbsp;&nbsp;&nbsp; 73294 |
|  | **MEDICAL EQUIPMENT & DEVICES - 3.0%** |  |
| 805 | Abbott Laboratories | &nbsp;&nbsp;&nbsp; 88381 |
| 501 | Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp; 74975 |
| 346 | Becton Dickinson and Company | &nbsp;&nbsp;&nbsp; 87988 |
| 1960 | Boston Scientific Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 90689 |
| 312 | Danaher Corporation | &nbsp;&nbsp;&nbsp; 82811 |
| 1027 | Edwards Lifesciences Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 76624 |
| 97 | Embecta Corporation | &nbsp;&nbsp;&nbsp; 2453 |
| 1099 | Hologic, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 82216 |
| 203 | IDEXX Laboratories, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 82816 |
| 359 | Intuitive Surgical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 95261 |

---

---

| | | |
|:---|:---|:---|
| **NEWFOUND RISK MANAGED US GROWTH FUND** | **NEWFOUND RISK MANAGED US GROWTH FUND** | **NEWFOUND RISK MANAGED US GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 16.3% (Continued)** |  |
|  | **MEDICAL EQUIPMENT & DEVICES - 3.0% (Continued)** |  |
| 1008 | Medtronic plc | &nbsp;&nbsp;&nbsp; $78342 |
| 63 | Mettler-Toledo International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 91063 |
| 384 | ResMed, Inc. | &nbsp;&nbsp;&nbsp; 79922 |
| 442 | STERIS plc | &nbsp;&nbsp;&nbsp; 81633 |
| 383 | Stryker Corporation | &nbsp;&nbsp;&nbsp; 93640 |
| 154 | Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp; 84806 |
| 258 | Waters Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 88386 |
| 319 | West Pharmaceutical Services, Inc. | &nbsp;&nbsp;&nbsp; 75077 |
|  |  | &nbsp;&nbsp; 1437082 |
|  | **RETAIL - CONSUMER STAPLES - 0.2%** |  |
| 178 | Costco Wholesale Corporation | &nbsp;&nbsp;&nbsp; 81257 |
|  | **RETAIL - DISCRETIONARY - 0.3%** |  |
| 280 | Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp; 88441 |
| 226 | Lululemon Athletica, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 72406 |
|  |  | &nbsp;&nbsp; 160847 |
|  | **SEMICONDUCTORS - 0.4%** |  |
| 444 | Analog Devices, Inc. | &nbsp;&nbsp;&nbsp; 72829 |
| 153 | Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp; 54102 |
| 511 | Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp; 84427 |
|  |  | &nbsp;&nbsp; 211358 |
|  | **SOFTWARE - 0.8%** |  |
| 942 | Akamai Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 79411 |
| 344 | ANSYS, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 83107 |
| 104 | Intuit, Inc. | &nbsp;&nbsp;&nbsp; 40479 |
| 342 | Microsoft Corporation | &nbsp;&nbsp;&nbsp; 82018 |
| 122 | Tyler Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 39334 |
| 502 | Veeva Systems, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 81013 |
|  |  | &nbsp;&nbsp; 405362 |
|  | **TECHNOLOGY HARDWARE - 0.6%** |  |
| 577 | Apple, Inc. | &nbsp;&nbsp;&nbsp; 74970 |
| 343 | Arista Networks, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 41623 |
| 1851 | Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp; 88181 |

---

---

| | | |
|:---|:---|:---|
| **NEWFOUND RISK MANAGED US GROWTH FUND** | **NEWFOUND RISK MANAGED US GROWTH FUND** | **NEWFOUND RISK MANAGED US GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 16.3% (Continued)** |  |
|  | **TECHNOLOGY HARDWARE - 0.6% (Continued)** |  |
| 938 | Garmin Ltd. | &nbsp;&nbsp;&nbsp; $86568 |
|  |  | &nbsp;&nbsp; 291342 |
|  | **TECHNOLOGY SERVICES - 1.7%** |  |
| 292 | Accenture plc, Class A | &nbsp;&nbsp;&nbsp; 77917 |
| 284 | Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp; 38093 |
| 874 | Cognizant Technology Solutions Corporation, Class A | &nbsp;&nbsp;&nbsp; 49984 |
| 171 | FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp; 68607 |
| 251 | Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp; 87280 |
| 199 | Moody's Corporation | &nbsp;&nbsp;&nbsp; 55445 |
| 180 | MSCI, Inc. | &nbsp;&nbsp;&nbsp; 83731 |
| 706 | Paychex, Inc. | &nbsp;&nbsp;&nbsp; 81585 |
| 248 | S&P Global, Inc. | &nbsp;&nbsp;&nbsp; 83065 |
| 466 | Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp; 82212 |
| 418 | Visa, Inc., Class A | &nbsp;&nbsp;&nbsp; 86844 |
|  |  | &nbsp;&nbsp; 794763 |
|  | **TOBACCO & CANNABIS - 0.3%** |  |
| 1578 | Altria Group, Inc. | &nbsp;&nbsp;&nbsp; 72130 |
| 880 | Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp; 89065 |
|  |  | &nbsp;&nbsp; 161195 |
|  | **TRANSPORTATION & LOGISTICS - 0.9%** |  |
| 2802 | CSX Corporation | &nbsp;&nbsp;&nbsp; 86806 |
| 545 | Expeditors International of Washington, Inc. | &nbsp;&nbsp;&nbsp; 56636 |
| 328 | JB Hunt Transport Services, Inc. | &nbsp;&nbsp;&nbsp; 57190 |
| 178 | Norfolk Southern Corporation | &nbsp;&nbsp;&nbsp; 43863 |
| 303 | Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp; 85985 |
| 405 | Union Pacific Corporation | &nbsp;&nbsp;&nbsp; 83863 |
|  |  | &nbsp;&nbsp; 414343 |
|  | **WHOLESALE - DISCRETIONARY - 0.2%** |  |
| 1399 | Copart, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 85185 |
|  | **TOTAL COMMON STOCKS (Cost $7,776,095)** | &nbsp;&nbsp; 7848064 |

---

---

| | | |
|:---|:---|:---|
| **NEWFOUND RISK MANAGED US GROWTH FUND** | **NEWFOUND RISK MANAGED US GROWTH FUND** | **NEWFOUND RISK MANAGED US GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 70.6%** |  |
|  | **EQUITY - 66.7%** |  |
| 4501 | Communication Services Select Sector SPDR Fund | &nbsp;&nbsp;&nbsp; $216003 |
| 5743 | Consumer Discretionary Select Sector SPDR Fund | &nbsp;&nbsp;&nbsp; 741766 |
| 1671 | Consumer Staples Select Sector SPDR Fund | &nbsp;&nbsp;&nbsp; 124573 |
| 28014 | Fidelity Low Volatility Factor ETF | &nbsp;&nbsp;&nbsp; 1293687 |
| 63553 | Fidelity Momentum Factor ETF | &nbsp;&nbsp;&nbsp; 2721339 |
| 29129 | Fidelity Quality Factor ETF | &nbsp;&nbsp;&nbsp; 1293328 |
| 24996 | Financial Select Sector SPDR Fund | &nbsp;&nbsp;&nbsp; 854863 |
| 6623 | Industrial Select Sector SPDR Fund | &nbsp;&nbsp;&nbsp; 650445 |
| 17908 | iShares MSCI USA Min Vol Factor ETF | &nbsp;&nbsp;&nbsp; 1291167 |
| 18652 | iShares MSCI USA Momentum Factor ETF | &nbsp;&nbsp;&nbsp; 2721856 |
| 11325 | iShares MSCI USA Quality Factor ETF | &nbsp;&nbsp;&nbsp; 1290597 |
| 72353 | JPMorgan US Momentum Factor ETF | &nbsp;&nbsp;&nbsp; 2726985 |
| 33341 | JPMorgan US Quality Factor ETF | &nbsp;&nbsp;&nbsp; 1291964 |
| 2860 | Materials Select Sector SPDR Fund | &nbsp;&nbsp;&nbsp; 222165 |
| 8725 | Real Estate Select Sector SPDR Fund | &nbsp;&nbsp;&nbsp; 322214 |
| 9540 | SPDR SSGA US Large Cap Low Volatility Index ETF | &nbsp;&nbsp;&nbsp; 1293910 |
| 10198 | Technology Select Sector SPDR Fund | &nbsp;&nbsp;&nbsp; 1269039 |
| 4164 | Utilities Select Sector SPDR Fund | &nbsp;&nbsp;&nbsp; 293562 |
| 24936 | Vanguard S&P 500 ETF | &nbsp;&nbsp;&nbsp; 8761014 |
| 23910 | Vanguard US Momentum Factor ETF | &nbsp;&nbsp;&nbsp; 2727175 |
|  |  | &nbsp;&nbsp; 32107682 |
|  | **FIXED INCOME - 3.9%** |  |
| 22794 | iShares 1-3 Year Treasury Bond ETF | &nbsp;&nbsp;&nbsp; 1850189 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $33,660,007)** | &nbsp;&nbsp; 33957871 |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 0.1%** |  |
|  | **MONEY MARKET FUNDS - 0.1%** |  |
| 67524 | First American Government Obligations Fund Class X, 4.08% (Cost $67,524)<sup>(b)(e)</sup> | &nbsp;&nbsp;&nbsp; 67524 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **NEWFOUND RISK MANAGED US GROWTH FUND** | **NEWFOUND RISK MANAGED US GROWTH FUND** | **NEWFOUND RISK MANAGED US GROWTH FUND** | **NEWFOUND RISK MANAGED US GROWTH FUND** | **NEWFOUND RISK MANAGED US GROWTH FUND** | **NEWFOUND RISK MANAGED US GROWTH FUND** | **NEWFOUND RISK MANAGED US GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Contracts<sup>(c)</sup>** |  |  |  |  |  |  |
|  | **INDEX OPTIONS PURCHASED - 2.4%** | | **Expiration Date** | **Exercise Price** | **Notional Value** | **Fair Value** |
|  | **CALL OPTIONS PURCHASED - 0.9%** | **CALL OPTIONS PURCHASED - 0.9%** | **CALL OPTIONS PURCHASED - 0.9%** |  |  |  |
| 12 | S&P 500 INDEX SPX US 06/16/23 C4650 | GS | 06/16/2023 | $4650 | &nbsp;&nbsp;&nbsp; $5580000 | &nbsp;&nbsp;&nbsp; $15720 |
| 26 | S&P 500 INDEX SPX US 07/21/23 C5000 | GS | 07/21/2023 | 5000 | &nbsp;&nbsp;&nbsp; 13000000 | &nbsp;&nbsp;&nbsp; 12350 |
| 29 | S&P 500 INDEX SPX US 08/18/23 C4850 | GS | 08/18/2023 | 4850 | &nbsp;&nbsp;&nbsp; 14065000 | &nbsp;&nbsp;&nbsp; 36975 |
| 30 | S&P 500 INDEX SPX US 09/15/23 C4600 | GS | 09/15/2023 | 4600 | &nbsp;&nbsp;&nbsp; 13800000 | &nbsp;&nbsp;&nbsp; 136500 |
| 32 | S&P 500 INDEX SPX US 10/20/23 C4900 | GS | 10/20/2023 | 4900 | &nbsp;&nbsp;&nbsp; 15680000 | &nbsp;&nbsp;&nbsp; 69120 |
| 26 | S&P 500 INDEX SPX US 11/17/23 C4700 | GS | 11/17/2023 | 4700 | &nbsp;&nbsp;&nbsp; 12220000 | &nbsp;&nbsp;&nbsp; 137930 |
|  | **TOTAL CALL OPTIONS PURCHASED** (Cost - $1,154,543) | **TOTAL CALL OPTIONS PURCHASED** (Cost - $1,154,543) | **TOTAL CALL OPTIONS PURCHASED** (Cost - $1,154,543) | **TOTAL CALL OPTIONS PURCHASED** (Cost - $1,154,543) |  | &nbsp;&nbsp; 408595 |
|  | **PUT OPTIONS PURCHASED - 1.5%** | **PUT OPTIONS PURCHASED - 1.5%** | **PUT OPTIONS PURCHASED - 1.5%** |  |  |  |
| 38 | S&P 500 INDEX SPX US 03/17/23 P3300 | GS | 03/17/2023 | $3300 | &nbsp;&nbsp;&nbsp; $12540000 | &nbsp;&nbsp;&nbsp; $79420 |
| 22 | S&P 500 INDEX SPX US 03/17/23 P3475 | GS | 03/17/2023 | 3475 | &nbsp;&nbsp;&nbsp; 7645000 | &nbsp;&nbsp;&nbsp; 91850 |
| 8 | S&P 500 INDEX SPX US 06/16/23 P3200 | GS | 06/16/2023 | 3200 | &nbsp;&nbsp;&nbsp; 2560000 | &nbsp;&nbsp;&nbsp; 41760 |
| 7 | S&P 500 INDEX SPX US 07/21/23 P3500 | GS | 07/21/2023 | 3500 | &nbsp;&nbsp;&nbsp; 2450000 | &nbsp;&nbsp;&nbsp; 84910 |
| 5 | S&P 500 INDEX SPX US 08/18/23 P3550 | GS | 08/18/2023 | 3550 | &nbsp;&nbsp;&nbsp; 1775000 | &nbsp;&nbsp;&nbsp; 73850 |
| 5 | S&P 500 INDEX SPX US 09/15/23 P3550 | GS | 09/15/2023 | 3550 | &nbsp;&nbsp;&nbsp; 1775000 | &nbsp;&nbsp;&nbsp; 79800 |
| 7 | S&P 500 INDEX SPX US 10/20/23 P3600 | GS | 10/20/2023 | 3600 | &nbsp;&nbsp;&nbsp; 2520000 | &nbsp;&nbsp;&nbsp; 131390 |
| 8 | S&P 500 INDEX SPX US 11/17/23 P3500 | GS | 11/17/2023 | 3500 | &nbsp;&nbsp;&nbsp; 2800000 | &nbsp;&nbsp;&nbsp; 136440 |
|  | **TOTAL PUT OPTIONS PURCHASED** (Cost - $907,503) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $907,503) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $907,503) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $907,503) |  | &nbsp;&nbsp; 719420 |
|  | **TOTAL INDEX OPTIONS PURCHASED** (Cost - $2,062,046) | **TOTAL INDEX OPTIONS PURCHASED** (Cost - $2,062,046) | **TOTAL INDEX OPTIONS PURCHASED** (Cost - $2,062,046) |  |  | 1128015 |
|  | **TOTAL INVESTMENTS - 89.4% (Cost $43,565,672)** | **TOTAL INVESTMENTS - 89.4% (Cost $43,565,672)** | **TOTAL INVESTMENTS - 89.4% (Cost $43,565,672)** |  |  | &nbsp;&nbsp;&nbsp; $43001474 |
|  | **CALL OPTIONS WRITTEN – (0.0)% (Proceeds - $23,868)** | **CALL OPTIONS WRITTEN – (0.0)% (Proceeds - $23,868)** | **CALL OPTIONS WRITTEN – (0.0)% (Proceeds - $23,868)** |  |  | &nbsp;&nbsp;&nbsp; (16510) |
|  | **PUT OPTIONS WRITTEN - (0.4)% (Proceeds - $281,693)** | **PUT OPTIONS WRITTEN - (0.4)% (Proceeds - $281,693)** | **PUT OPTIONS WRITTEN - (0.4)% (Proceeds - $281,693)** |  |  | &nbsp;&nbsp;&nbsp; (169820) |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 11.0%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 11.0%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 11.0%** |  |  | &nbsp;&nbsp; 5312737 |
|  | **NET ASSETS - 100.0%** |  |  |  |  | &nbsp;&nbsp; $48127881 |
| **Contracts<sup>(c)</sup>** |  |  |  |  |  |  |
|  | **WRITTEN INDEX OPTIONS - (0.4)%** | **Counterparty** | **Expiration Date** | **Exercise Price** | **Notional Value** | **Fair Value** |
|  | **CALL OPTIONS WRITTEN- 0.0%<sup>(d)</sup>** | **CALL OPTIONS WRITTEN- 0.0%<sup>(d)</sup>** | **CALL OPTIONS WRITTEN- 0.0%<sup>(d)</sup>** |  |  |  |
| 26 | S&P 500 INDEX SPX US 11/17/23 C5400 | GS | 11/17/2023 | $5400 | &nbsp;&nbsp;&nbsp; $(14040000) | &nbsp;&nbsp;&nbsp; $16510 |
|  | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $23,868) | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $23,868) | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $23,868) | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $23,868) |  |  |
|  | **PUT OPTIONS WRITTEN - (0.4)%** | **PUT OPTIONS WRITTEN - (0.4)%** | **PUT OPTIONS WRITTEN - (0.4)%** |  |  |  |
| 38 | S&P 500 INDEX SPX US 03/17/23 P2850 | GS | 03/17/2023 | $2850 | &nbsp;&nbsp;&nbsp; $(10830000) | &nbsp;&nbsp;&nbsp; $20330 |
| 22 | S&P 500 INDEX SPX US 03/17/23 P3075 | GS | 03/17/2023 | 3075 | &nbsp;&nbsp;&nbsp; (6765000) | &nbsp;&nbsp;&nbsp; 20460 |
| 7 | S&P 500 INDEX SPX US 07/21/23 P2750 | GS | 07/21/2023 | 2750 | &nbsp;&nbsp;&nbsp; (1925000) | &nbsp;&nbsp;&nbsp; 18445 |
| 5 | S&P 500 INDEX SPX US 08/18/23 P2750 | GS | 08/18/2023 | 2750 | &nbsp;&nbsp;&nbsp; (1375000) | &nbsp;&nbsp;&nbsp; 16125 |
| 5 | S&P 500 INDEX SPX US 09/15/23 P2800 | GS | 09/15/2023 | 2800 | &nbsp;&nbsp;&nbsp; (1400000) | &nbsp;&nbsp;&nbsp; 20700 |
| 7 | S&P 500 INDEX SPX US 10/20/23 P2800 | GS | 10/20/2023 | 2800 | &nbsp;&nbsp;&nbsp; (1960000) | &nbsp;&nbsp;&nbsp; 33880 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **NEWFOUND RISK MANAGED US GROWTH FUND** | **NEWFOUND RISK MANAGED US GROWTH FUND** | **NEWFOUND RISK MANAGED US GROWTH FUND** | **NEWFOUND RISK MANAGED US GROWTH FUND** | **NEWFOUND RISK MANAGED US GROWTH FUND** | **NEWFOUND RISK MANAGED US GROWTH FUND** | **NEWFOUND RISK MANAGED US GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Contracts<sup>(c)</sup> (continued)** |  |  |  |  |  |  |
|  | **WRITTEN INDEX OPTIONS - (0.4)% (Continued)** | **Counterparty** | **Expiration Date** | **Exercise Price** | **Notional Value** | **Fair Value** |
|  | **PUT OPTIONS WRITTEN - (0.4)% (Continued)** | **PUT OPTIONS WRITTEN - (0.4)% (Continued)** | **PUT OPTIONS WRITTEN - (0.4)% (Continued)** |  |  |  |
| 8 | S&P 500 INDEX SPX US 11/17/23 P2750 | GS | 11/17/2023 | $2750 | &nbsp;&nbsp;&nbsp; $(2200000) | &nbsp;&nbsp;&nbsp; $39880 |
|  | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $281,693) | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $281,693) | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $281,693) | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $281,693) |  | &nbsp;&nbsp; 169820 |
|  | **TOTAL INDEX OPTIONS WRITTEN** (Proceeds - $305,561) | **TOTAL INDEX OPTIONS WRITTEN** (Proceeds - $305,561) | **TOTAL INDEX OPTIONS WRITTEN** (Proceeds - $305,561) |  |  | &nbsp;&nbsp; $186330 |
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |  |  |  |  |
| **Number of Contracts** | **Open Long Futures Contracts** |  |  | **Expiration** | **Notional Amount<sup>(f)</sup>** | **Value and Unrealized Depreciation** |
| 162 | CBOT 10 Year US Treasury Note | CBOT 10 Year US Treasury Note |  | 03/22/2023 | &nbsp;&nbsp;&nbsp; $18192114 | &nbsp;&nbsp;&nbsp; $(143714) |
|  | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** |  |  |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| LP | - Limited Partnership |
| LTD | - Limited Company |
| MSCI | - Morgan Stanley Capital International |
| PLC | - Public Limited Company |
| SPDR | - Standard & Poor's Depositary Receipt |
| GS | Goldman Sachs |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of December 31, 2022.

<sup>(c)</sup> Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.

<sup>(d)</sup> Percentage rounds to greater than (0.1%).

<sup>(e)</sup> Subject to call and put options written.

<sup>(f)</sup> The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Fund's futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund.

## 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:** Newfound Risk Managed US Sectors Fund

- **b. EDGAR series identifier (if any):** S000049469

- **c. LEI of Series:** 5493004ROOMHNW329171

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

- **a. Date of fiscal year-end:** 2023-03-31

- **b. Date as of which information is reported:** 2022-12-31

**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:** $48386378.60

**Total Liabilities:** $258497.87

**Net Assets:** $48127880.73

**Cash Not Reported:** $5271477.94

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000156387 | 5.34%                | 4.55%                | -5.74%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $72977.94                | $2869139.50                                |
| Month 2  | $-52790.35               | $2022295.96                                |
| Month 3  | $-127295.89              | $-2164699.94                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Danaher Corporation                         | DANAHER CORP              | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |       312 | NS      | $82811.04     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corporation               | BOSTON SCIENTIFC          | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |      1960 | NS      | $90689.20     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Hologic Inc                                 | HOLOGIC INC               | CUSIP: 436440101<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | EC               | CORP              | US        |      1099 | NS      | $82216.19     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Teledyne Technologies Inc                   | TELEDYNE TECH             | CUSIP: 879360105<br>LEI: 549300VSMO9KYQWDND94 | Long             | EC               | CORP              | US        |       179 | NS      | $71583.89     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Ametek, Inc.                                | AMETEK INC                | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |       544 | NS      | $76007.68     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Company                    | VULCAN MATERIALS          | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |       248 | NS      | $43427.28     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Monolithic Power Systems Inc.               | MONOLITHIC POWER          | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |       153 | NS      | $54102.33     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Edwards Lifesciences Corporation            | EDWARDS LIFE              | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Long             | EC               | CORP              | US        |      1027 | NS      | $76624.47     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Trust                               | ISHARES MSCI USA          | CUSIP: 46432F396<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     18652 | NS      | $2721886.36   | 5.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Spdr Series Trust                           | SPDR SSGA US LAR          | CUSIP: 78468R804<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |      9540 | NS      | $1293910.20   | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | SPX US 09/15/23 P2800     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -5 | NC      | $-20700.00    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Select Sector Spdr                          | COMM SERV SELECT SECTOR S | CUSIP: 81369Y852<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |      4501 | NS      | $216002.99    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| MasterCard Incorporated                     | MASTERCARD INC-A          | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |       251 | NS      | $87280.23     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals, Inc.             | REGENERON PHARM           | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |        61 | NS      | $44010.89     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corporation                | COSTCO WHOLESALE          | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |       178 | NS      | $81257.00     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | SPX US 03/17/23 P2850     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -38 | NC      | $-20330.00    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Monster Beverage Corp                       | MONSTER BEVERAGE          | CUSIP: 61174X109<br>LEI: 52990090AP0E7HCB6F33 | Long             | EC               | CORP              | US        |       572 | NS      | $58075.16     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International, Inc.                | MONDELEZ INTER-A          | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |      1319 | NS      | $87911.35     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Emerson Electric Co.                        | EMERSON ELEC CO           | CUSIP: 291011104<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | EC               | CORP              | US        |       471 | NS      | $45244.26     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | SPX US 10/20/23 P3600     | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | N/A       |         7 | NC      | $131390.00    | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Chipotle Mexican Grill Inc                  | CHIPOTLE MEXICAN          | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        38 | NS      | $52724.62     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | SPX US 09/15/23 C4600     | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | N/A       |        30 | NC      | $136500.00    | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Cognizant Technology Solutions Corp.        | COGNIZANT TECH-A          | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |       874 | NS      | $49984.06     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Sirius XM Holdings Inc                      | SIRIUS XM HOLDIN          | CUSIP: 82968B103<br>LEI: 54930055RWDMVXAGZK98 | Long             | EC               | CORP              | US        |      9414 | NS      | $54977.76     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| McCormick & Company, Incorporated           | MCCORMICK-N/V             | CUSIP: 579780206<br>LEI: 549300JQQA6MQ4OJP259 | Long             | EC               | CORP              | US        |      1033 | NS      | $85625.37     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| L3 Harris Technologies Inc                  | L3HARRIS TECHNOL          | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |       183 | NS      | $38102.43     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Garmin Ltd                                  | GARMIN LTD                | CUSIP: H2906T109<br>LEI: 2549001E0HIPIJQ0W046 | Long             | EC               | CORP              | CH        |       938 | NS      | $86568.02     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Church & Dwight Co., Inc.                   | CHURCH & DWIGHT           | CUSIP: 171340102<br>LEI: POOXSI30AWAQGYJZC921 | Long             | EC               | CORP              | US        |      1058 | NS      | $85285.38     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Sector Spdr                          | FINANCIAL SELECT SECTOR S | CUSIP: 81369Y605<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |     24996 | NS      | $854863.20    | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc.                                 | ABBVIE INC                | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |       473 | NS      | $76441.53     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Incorporated              | TEXAS INSTRUMENT          | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |       511 | NS      | $84427.42     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Brown-Forman Corp.                          | BROWN-FORMAN -B           | CUSIP: 115637209<br>LEI: 549300873K3LXF7ARU34 | Long             | EC               | CORP              | US        |       624 | NS      | $40984.32     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| J P Morgan Exchange Traded Fund Trust       | JPMORGAN US MOMENTUM FACT | CUSIP: 46641Q779<br>LEI: 5493001E1K1DVWDV2464 | Long             | EC               | RF                | US        |     72353 | NS      | $2726984.57   | 5.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Company                | BRISTOL-MYER SQB          | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |       560 | NS      | $40292.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Icahn Enterprises LP                        | ICAHN ENTERPRISES LP      | CUSIP: 451100101<br>LEI: 549300T0G4GS0SINS786 | Long             | EC               | CORP              | US        |       858 | NS      | $43471.49     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                               | ACCENTURE PLC-A           | CUSIP: G1151C101<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |       292 | NS      | $77917.28     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | SPX US 08/18/23 C4850     | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | N/A       |        29 | NC      | $36975.00     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Abbott Laboratories                         | ABBOTT LABS               | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |       805 | NS      | $88380.95     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | SPX US 06/16/23 C4650     | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | N/A       |        12 | NC      | $15720.00     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Lockheed Martin Corporation                 | LOCKHEED MARTIN           | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |        93 | NS      | $45243.57     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Seagen Inc                                  | SEAGEN INC                | CUSIP: 81181C104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       337 | NS      | $43307.87     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                                  | APPLE INC                 | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |       577 | NS      | $74969.61     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Products & Chemicals, Inc.              | AIR PRODS & CHEM          | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |       274 | NS      | $84463.24     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Sector Spdr                          | INDUSTRIAL SELECT SECT SP | CUSIP: 81369Y704<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |      6623 | NS      | $650444.83    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Expeditors International Of Washington Inc. | EXPEDITORS INTL           | CUSIP: 302130109<br>LEI: 984500B055A804AB6E40 | Long             | EC               | CORP              | US        |       545 | NS      | $56636.40     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| J. B. Hunt Transport Services, Inc.         | HUNT (JB) TRANS           | CUSIP: 445658107<br>LEI: 549300XCD1MPI1C5GK90 | Long             | EC               | CORP              | US        |       328 | NS      | $57190.08     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | SPX US 09/15/23 P3550     | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | N/A       |         5 | NC      | $79800.00     | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Idex Corporation                            | IDEX CORP                 | CUSIP: 45167R104<br>LEI: 549300U5Y5EL6PHYLF13 | Long             | EC               | CORP              | US        |       321 | NS      | $73293.93     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc                              | HOME DEPOT INC            | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |       280 | NS      | $88440.80     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Mettler-Toledo International Inc            | METTLER-TOLEDO            | CUSIP: 592688105<br>LEI: 5493000BD5GJNUDIUG10 | Long             | EC               | CORP              | US        |        63 | NS      | $91063.35     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                                   | LINDE PLC                 | CUSIP: G5494J103<br>LEI: 8945002PAZHZLBGKGF02 | Long             | EC               | CORP              | IE        |       281 | NS      | $91656.58     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | SPX US 03/17/23 P3475     | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | N/A       |        22 | NC      | $91850.00     | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Ecolab Inc.                                 | ECOLAB INC                | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |       278 | NS      | $40465.68     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                    | VISA INC-CLASS A          | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |       418 | NS      | $86843.68     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyler Technologies Inc.                     | TYLER TECHNOLOG           | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Long             | EC               | CORP              | US        |       122 | NS      | $39334.02     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks Inc                         | ARISTA NETWORKS           | CUSIP: 040413106<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |       343 | NS      | $41623.05     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimberly-Clark Corporation                  | KIMBERLY-CLARK            | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | EC               | CORP              | US        |       664 | NS      | $90138.00     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Illinois Tool Works Inc.                    | ILLINOIS TOOL WO          | CUSIP: 452308109<br>LEI: 76NA4I14SZCFAYMNSV04 | Long             | EC               | CORP              | US        |       341 | NS      | $75122.30     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global Inc                              | S&P GLOBAL INC            | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |       248 | NS      | $83065.12     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Sector Spdr                          | MATERIALS SELECT SECTOR S | CUSIP: 81369Y100<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |      2860 | NS      | $222164.80    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                                  | INTUIT INC                | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |       104 | NS      | $40478.88     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Ansys Inc                                   | ANSYS INC                 | CUSIP: 03662Q105<br>LEI: 549300VJV8H15Z5FJ571 | Long             | EC               | CORP              | US        |       344 | NS      | $83106.96     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Quest Diagnostics Incorporated              | QUEST DIAGNOSTIC          | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |       612 | NS      | $95741.28     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Sector Spdr                          | UTILITIES SELECT SECTOR S | CUSIP: 81369Y886<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |      4164 | NS      | $293562.00    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc                | THERMO FISHER             | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |       154 | NS      | $84806.26     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences, Inc.                       | GILEAD SCIENCES           | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |       688 | NS      | $59064.80     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corporation                         | STRYKER CORP              | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |       383 | NS      | $93639.67     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| West Pharmaceutical Services Incorporated   | WEST PHARMACEUT           | CUSIP: 955306105<br>LEI: 5493007NKRGM1RJQ1P16 | Long             | EC               | CORP              | US        |       319 | NS      | $75076.65     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST AMERN FDS INC                         | FRST AM-GV OB-X           | CUSIP: 31846V336<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |     67524 | PA      | $67523.76     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Index Fds                          | VANGUARD S&P 500 ETF      | CUSIP: 922908363<br>LEI: 549300G6KNDK44WUN559 | Long             | EC               | RF                | US        |     24936 | NS      | $8761014.24   | 18.20%            |  |  |  | No            |                  1 | On Loan: No      |
| Dover Corporation                           | DOVER CORP                | CUSIP: 260003108<br>LEI: 549300FMC2ALGA7N9E80 | Long             | EC               | CORP              | US        |       317 | NS      | $42924.97     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| ResMed Inc.                                 | RESMED INC                | CUSIP: 761152107<br>LEI: 529900T3QE5253CCXF22 | Long             | EC               | CORP              | US        |       384 | NS      | $79921.92     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Company                   | COLGATE-PALMOLIV          | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |      1108 | NS      | $87299.32     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Paychex Inc                                 | PAYCHEX INC               | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               | CORP              | US        |       706 | NS      | $81585.36     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corporation                       | MICROSOFT CORP            | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |       342 | NS      | $82018.44     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Verisk Analytics, Inc.                      | VERISK ANALYTI            | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |       466 | NS      | $82211.72     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                           | JOHNSON&JOHNSON           | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |       413 | NS      | $72956.45     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Brands, Inc.                  | CONSTELLATION-A           | CUSIP: 21036P108<br>LEI: 5493005GKEG8QCVY7037 | Long             | EC               | CORP              | US        |       233 | NS      | $53997.75     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corporation                      | MCDONALDS CORP            | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |       269 | NS      | $70889.57     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| The Coca-Cola Company                       | COCA-COLA CO/THE          | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |       926 | NS      | $58902.86     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Sector Spdr                          | TECHNOLOGY SELECT SECT SP | CUSIP: 81369Y803<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |     10198 | NS      | $1269039.12   | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI Inc.                                   | MSCI INC                  | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |       180 | NS      | $83730.60     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Covington Trust                    | FIDELITY MOMENTUM FACTOR  | CUSIP: 316092816<br>LEI: 549300JFYFTF85QAQR28 | Long             | EC               | RF                | US        |     63553 | NS      | $2721339.46   | 5.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Pepsico Inc                                 | PEPSICO INC               | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |       238 | NS      | $42997.08     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Trust                               | ISHARES 1-3 YEAR TREASURY | CUSIP: 464287457<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     22794 | NS      | $1850188.98   | 3.84%             |  |  |  | No            |                  1 | On Loan: No      |
| STERIS PLC                                  | STERIS PLC                | CUSIP: G8473T100<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |       442 | NS      | $81632.98     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Incyte Corporation.                         | INCYTE CORP               | CUSIP: 45337C102<br>LEI: 549300Z4WN6JVZ3T4680 | Long             | EC               | CORP              | US        |      1071 | NS      | $86022.72     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Covington Trust                    | FIDELITY LOW VOL          | CUSIP: 316092824<br>LEI: 549300JFYFTF85QAQR28 | Long             | EC               | RF                | US        |     28014 | NS      | $1293686.52   | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | SPX US 06/16/23 P3200     | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | N/A       |         8 | NC      | $41760.00     | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Activision Blizzard Inc                     | ACTIVISION BLIZZ          | CUSIP: 00507V109<br>LEI: 549300TPQQDBP9GNOF40 | Long             | EC               | CORP              | US        |      1109 | NS      | $84893.95     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Dominion Freight Line Inc.              | OLD DOMINION FRT          | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Long             | EC               | CORP              | US        |       303 | NS      | $85985.34     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | SPX US 03/17/23 P3300     | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | N/A       |        38 | NC      | $79420.00     | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Cisco Systems, Inc.                         | CISCO SYSTEMS             | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |      1851 | NS      | $88181.64     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| FactSet Research Systems Inc.               | FACTSET RESEARCH          | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | EC               | CORP              | US        |       171 | NS      | $68606.91     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Sector Spdr                          | CONSUMER STAPLES SPDR     | CUSIP: 81369Y308<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |      1671 | NS      | $124573.05    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | SPX US 08/18/23 P2750     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -5 | NC      | $-16125.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| CSX Corporation                             | CSX CORP                  | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |      2802 | NS      | $86805.96     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Biomarin Pharmaceutical Inc.                | BIOMARIN PHARMAC          | CUSIP: 09061G101<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | EC               | CORP              | US        |       759 | NS      | $78548.91     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc.                                 | ZOETIS INC                | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |       534 | NS      | $78257.70     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Trust                               | ISHARES MSCI USA          | CUSIP: 46432F339<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     11325 | NS      | $1290597.00   | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | SPX US 03/17/23 P3075     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -22 | NC      | $-20460.00    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | SPX US 10/20/23 P2800     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -7 | NC      | $-33880.00    | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| Honeywell International Inc.                | HONEYWELL INTL            | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |       363 | NS      | $77790.90     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | SPX US 11/17/23 P2750     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -8 | NC      | $-39880.00    | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| Waters Corporation                          | WATERS CORP               | CUSIP: 941848103<br>LEI: 5T547R1474YC9HOD8Q74 | Long             | EC               | CORP              | US        |       258 | NS      | $88385.64     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Copart Inc                                  | COPART INC                | CUSIP: 217204106<br>LEI: 549300KVYX3JWMYEHU61 | Long             | EC               | CORP              | US        |      1399 | NS      | $85185.11     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                      | US 10YR NOTE (CBT)Mar23   | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Long             | DIR              | CORP              | US        |       162 | NC      | $-143714.14   | -0.30%            |  |  |  | No            |                  1 | On Loan: No      |
| Lululemon Athletica Inc.                    | LULULEMON ATH             | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               | CORP              | US        |       226 | NS      | $72405.88     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| YUM Brands Inc                              | YUM! BRANDS INC           | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |       700 | NS      | $89656.00     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Embecta Corp.                               | EMBECTA CORP              | CUSIP: 29082K105<br>LEI: 549300RPG8GXVDHNXZ62 | Long             | EC               | CORP              | US        |        97 | NS      | $2453.13      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| J P Morgan Exchange Traded Fund Trust       | JPM QLTY FACTOR           | CUSIP: 46641Q761<br>LEI: 5493001E1K1DVWDV2464 | Long             | EC               | RF                | US        |     33341 | NS      | $1291963.75   | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Moodys Corp                                 | MOODY'S CORP              | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Long             | EC               | CORP              | US        |       199 | NS      | $55445.38     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Norfolk Southern Corporation                | NORFOLK SOUTHERN          | CUSIP: 655844108<br>LEI: 54930036C8MWP850MI84 | Long             | EC               | CORP              | US        |       178 | NS      | $43862.76     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeva Systems Inc                           | VEEVA SYSTEMS-A           | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |       502 | NS      | $81012.76     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Rollins Inc                                 | ROLLINS INC               | CUSIP: 775711104<br>LEI: 549300F2A0BXT4SGWD84 | Long             | EC               | CORP              | US        |      1109 | NS      | $40522.86     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | SPX US 07/21/23 C5000     | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | N/A       |        26 | NC      | $12350.00     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Union Pacific Corporation                   | UNION PAC CORP            | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |       405 | NS      | $83863.35     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc.            | PHILIP MORRIS IN          | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |       880 | NS      | $89064.80     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | SPX US 07/21/23 P2750     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -7 | NC      | $-18445.00    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Alphabet Inc.                               | ALPHABET INC-A            | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |       859 | NS      | $75789.57     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard/Wellingtn                          | VANGUARD US MOMENTUM FACT | CUSIP: 921935508<br>LEI: 549300X1E8M3H6XRMS84 | Long             | EC               | RF                | US        |     23910 | NS      | $2727174.60   | 5.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Cintas Corporation                          | CINTAS CORP               | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       131 | NS      | $59162.22     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Hormel Foods Corp                           | HORMEL FOODS CRP          | CUSIP: 440452100<br>LEI: MSD54751OJP1FS2ND863 | Long             | EC               | CORP              | US        |      1830 | NS      | $83356.50     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Sector Spdr                          | CONSUMER DISCRETIONARY SE | CUSIP: 81369Y407<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |      5743 | NS      | $741765.88    | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Connections Inc (CA) Inc              | WASTE CONNECTION          | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | CA        |       423 | NS      | $56072.88     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | SPX US 11/17/23 C5400     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -26 | NC      | $-16510.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| The Procter & Gamble Company                | PROCTER & GAMBLE          | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |       603 | NS      | $91390.68     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | SPX US 07/21/23 P3500     | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | N/A       |         7 | NC      | $84910.00     | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | SPX US 11/17/23 C4700     | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | N/A       |        26 | NC      | $137930.00    | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | SPX US 08/18/23 P3550     | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | N/A       |         5 | NC      | $73850.00     | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Select Sector Spdr                          | REAL ESTATE SELECT SECT S | CUSIP: 81369Y860<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |      8725 | NS      | $322214.25    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Covington Trust                    | FIDELITY QUALITY          | CUSIP: 316092790<br>LEI: 549300JFYFTF85QAQR28 | Long             | EC               | RF                | US        |     29129 | NS      | $1293327.60   | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Management, Inc.                      | WASTE MANAGEMENT          | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |       346 | NS      | $54280.48     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Electronic Arts Inc.                        | ELECTRONIC ARTS           | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |       668 | NS      | $81616.24     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | SPX US 11/17/23 P3500     | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | N/A       |         8 | NC      | $136440.00    | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Eaton Corporation PLC                       | EATON CORP PLC            | CUSIP: G29183103<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | IE        |       471 | NS      | $73923.45     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corporation                | GENERAL DYNAMICS          | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |       174 | NS      | $43171.14     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc.                         | ANALOG DEVICES            | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |       444 | NS      | $72829.32     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                               | MEDTRONIC PLC             | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |      1008 | NS      | $78341.76     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadridge Financial Solutions Inc.         | BROADRIDGE FINL           | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |       284 | NS      | $38092.92     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Agilent Technologies Inc.                   | AGILENT TECH INC          | CUSIP: 00846U101<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | EC               | CORP              | US        |       501 | NS      | $74974.65     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group, Inc.                          | ALTRIA GROUP INC          | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |      1578 | NS      | $72130.38     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Keysight Technologies, Inc.                 | KEYSIGHT TEC              | CUSIP: 49338L103<br>LEI: 549300GLKVIO8YRCYN02 | Long             | EC               | CORP              | US        |       256 | NS      | $43793.92     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphenol Corporation                        | AMPHENOL CORP-A           | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |      1120 | NS      | $85276.80     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Royalty Pharma PLC                          | ROYALTY PHARMA-A          | CUSIP: G7709Q104<br>LEI: 549300FGFN7VOK8BZR03 | Long             | EC               | CORP              | GB        |      1032 | NS      | $40784.64     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton, Dickinson and Company               | BECTON DICKINSON          | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |       346 | NS      | $87987.80     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Akamai Technologies, Inc.                   | AKAMAI TECHNOLOG          | CUSIP: 00971T101<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | EC               | CORP              | US        |       942 | NS      | $79410.60     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Trust                               | ISHARES MSCI USA          | CUSIP: 46429B697<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     17908 | NS      | $1291166.80   | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Keurig Dr Pepper Inc                        | KEURIG DR PEPPER          | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |      1910 | NS      | $68110.60     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEXX Laboratories Inc.                     | IDEXX LABS                | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |       203 | NS      | $82815.88     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastenal Co.                                | FASTENAL CO               | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |      1703 | NS      | $80585.96     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc.                     | INTUITIVE SURGIC          | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |       359 | NS      | $95260.65     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | SPX US 10/20/23 C4900     | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | N/A       |        32 | NC      | $69120.00     | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Verisign, Inc.                              | VERISIGN INC              | CUSIP: 92343E102<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | EC               | CORP              | US        |       431 | NS      | $88544.64     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Roper Technologies Inc                      | ROPER TECHNOLOGI          | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |       201 | NS      | $86850.09     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortive Corporation                         | FORTIVE CORP              | CUSIP: 34959J108<br>LEI: 549300MU9YQJYHDQEF63 | Long             | EC               | CORP              | US        |      1312 | NS      | $84296.00     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-27

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

**Signature:** Brian Curley

**Name of Signer:** Brian Curley

**Title:** Treasurer