# EDGAR Filing Document

**Accession Number:** 0001537140
**File Stem:** 0000910472-25-004838
**Filing Date:** 2025-11
**Character Count:** 18825
**Document Hash:** e0ad31a07a32bb5915e56873b899729e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-004838.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0000910472-25-004838

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**PERIOD START**: 20260630

**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:** 251532958

**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

### Swan Defined Risk Growth Fund (Series ID: S000063531)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000205842 | Swan Defined Risk Growth Fund Class A Shares | SDAAX           |
| C000205843 | Swan Defined Risk Growth Fund Class C Shares | SDACX           |
| C000205844 | Swan Defined Risk Growth Fund Class I Shares | SDAIX           |

## Nport-Ex

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SWAN DEFINED RISK FUND** | **SWAN DEFINED RISK FUND** | **SWAN DEFINED RISK FUND** | **SWAN DEFINED RISK FUND** | **SWAN DEFINED RISK FUND** | **SWAN DEFINED RISK FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Shares** |  |  |  |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 95.7%** | **EXCHANGE-TRADED FUNDS — 95.7%** |  |  |  |
|  | **EQUITY - 95.7%** | **EQUITY - 95.7%** |  |  |  |
| 154999 | Communication Services Select Sector SPDR Fund<sup>(a)</sup> |  |  |  | &nbsp;&nbsp;&nbsp; $18347232 |
| 81308 | Consumer Discretionary Select Sector SPDR Fund<sup>(a)</sup> |  |  |  | &nbsp;&nbsp;&nbsp; 19484649 |
| 115595 | Consumer Staples Select Sector SPDR Fund<sup>(a)</sup> |  |  |  | &nbsp;&nbsp;&nbsp; 9059180 |
| 60017 | Energy Select Sector SPDR Fund |  |  |  | &nbsp;&nbsp;&nbsp; 5361919 |
| 456456 | Financial Select Sector SPDR Fund<sup>(a)</sup> |  |  |  | &nbsp;&nbsp;&nbsp; 24589285 |
| 118593 | Health Care Select Sector SPDR Fund<sup>(a)</sup> |  |  |  | &nbsp;&nbsp;&nbsp; 16504588 |
| 100081 | Industrial Select Sector SPDR Fund<sup>(a)</sup> |  |  |  | &nbsp;&nbsp;&nbsp; 15435493 |
| 652000 | iShares Core S&P 500 ETF<sup>(a)</sup> |  |  |  | &nbsp;&nbsp;&nbsp; 436383599 |
| 36488 | Materials Select Sector SPDR Fund |  |  |  | &nbsp;&nbsp;&nbsp; 3270055 |
| 83323 | Real Estate Select Sector SPDR Fund<sup>(a)</sup> |  |  |  | &nbsp;&nbsp;&nbsp; 3510398 |
| 224355 | Technology Select Sector SPDR Fund<sup>(a)</sup> |  |  |  | &nbsp;&nbsp;&nbsp; 63236700 |
| 49579 | Utilities Select Sector SPDR Fund |  |  |  | &nbsp;&nbsp;&nbsp; 4323785 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $240,536,762)** |  |  |  | &nbsp;&nbsp; 619506883 |
|  | **SHORT-TERM INVESTMENTS — 0.5%** | **SHORT-TERM INVESTMENTS — 0.5%** |  |  |  |
|  | **MONEY MARKET FUNDS - 0.5%** | **MONEY MARKET FUNDS - 0.5%** |  |  |  |
| 2942956 | First American Government Obligations Fund, Class X, 4.05% (Cost $2,942,956)<sup>(b)</sup> | First American Government Obligations Fund, Class X, 4.05% (Cost $2,942,956)<sup>(b)</sup> |  |  | &nbsp;&nbsp;&nbsp; 2942956 |
| **Contracts<sup>(c)</sup>** |  |  |  |  |  |
|  | **INDEX OPTIONS PURCHASED - 4.2%** | **Expiration Date** | **Exercise Price** | **Notional Value** |  |
|  | **PUT OPTIONS PURCHASED - 4.2%** | **PUT OPTIONS PURCHASED - 4.2%** |  |  |  |
| 935 | S&P 500 Index | 12/31/2025 | $5100 | &nbsp;&nbsp;&nbsp;$625371010 | &nbsp;&nbsp;&nbsp; $1387540 |
| 935 | S&P 500 Index | 12/31/2025 | 5500 | &nbsp;&nbsp;&nbsp; 625371010 | &nbsp;&nbsp;&nbsp; 2258907 |
| 934 | S&P 500 Index | 12/18/2026 | 6100 | &nbsp;&nbsp;&nbsp; 624702164 | &nbsp;&nbsp;&nbsp; 23352069 |
|  | **TOTAL PUT OPTIONS PURCHASED** (Cost - $44,594,719) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $44,594,719) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $44,594,719) |  | &nbsp;&nbsp; 26998516 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SWAN DEFINED RISK FUND** | **SWAN DEFINED RISK FUND** | **SWAN DEFINED RISK FUND** | **SWAN DEFINED RISK FUND** | **SWAN DEFINED RISK FUND** | **SWAN DEFINED RISK 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)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  |  |  |  |  | **Fair Value** |
|  | **TOTAL INVESTMENTS - 100.4% (Cost $288,074,437)** | **TOTAL INVESTMENTS - 100.4% (Cost $288,074,437)** |  |  | &nbsp;&nbsp;&nbsp; $649448355 |
|  | **PUT OPTIONS WRITTEN - (0.5)% (Premiums received - $4,012,929)** | **PUT OPTIONS WRITTEN - (0.5)% (Premiums received - $4,012,929)** |  |  | &nbsp;&nbsp;&nbsp; (3497271) |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%** |  |  | &nbsp;&nbsp; 1486855 |
|  | **NET ASSETS - 100.0%** |  |  |  | &nbsp;&nbsp; $647437939 |
| **Contracts<sup>(c)</sup>** |  |  |  |  |  |
|  | **WRITTEN INDEX OPTIONS - (0.5)%** | **Expiration Date** | **Exercise Price** | **Notional Value** |  |
|  | **PUT OPTIONS WRITTEN - (0.5)%** | **PUT OPTIONS WRITTEN - (0.5)%** |  |  |  |
| 1870 | S&P 500 Index | 12/31/2025 | $5300 | &nbsp;&nbsp;&nbsp; $1250742020 | &nbsp;&nbsp;&nbsp; $3497271 |
|  | **TOTAL PUT OPTIONS WRITTEN (Premiums received - $4,012,929)** | **TOTAL PUT OPTIONS WRITTEN (Premiums received - $4,012,929)** | **TOTAL PUT OPTIONS WRITTEN (Premiums received - $4,012,929)** |  |  |

---

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

<sup>(a)</sup> All or a portion of the security is held as collateral for written options. As of September 30, 2025, the total value of securities held as collateral is $416,332,447.

<sup>(b)</sup> Rate disclosed is the seven-day effective yield as of September 30, 2025.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SWAN DEFINED RISK GROWTH FUND** | **SWAN DEFINED RISK GROWTH FUND** | **SWAN DEFINED RISK GROWTH FUND** | **SWAN DEFINED RISK GROWTH FUND** | **SWAN DEFINED RISK GROWTH FUND** | **SWAN DEFINED RISK GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Shares** |  |  |  |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 91.1%** | **EXCHANGE-TRADED FUNDS — 91.1%** |  |  |  |
|  | **EQUITY - 91.1%** | **EQUITY - 91.1%** |  |  |  |
| 71000 | iShares Core S&P 500 ETF<sup>(a)</sup> |  |  |  | &nbsp;&nbsp;&nbsp; $47520300 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $24,842,403)** |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 3.5%** | **SHORT-TERM INVESTMENTS — 3.5%** |  |  |  |
|  | **MONEY MARKET FUNDS - 3.5%** | **MONEY MARKET FUNDS - 3.5%** |  |  |  |
| 1811583 | First American Government Obligations Fund, Class X, 4.05% (Cost $1,811,583)<sup>(b)</sup> | First American Government Obligations Fund, Class X, 4.05% (Cost $1,811,583)<sup>(b)</sup> |  |  | &nbsp;&nbsp;&nbsp; 1811583 |
| **Contracts<sup>(b)</sup>** |  |  |  |  |  |
|  | **INDEX OPTIONS PURCHASED - 6.6%** | **Expiration Date** | **Exercise Price** | **Notional Value** |  |
|  | **CALL OPTIONS PURCHASED - 3.5%** | **CALL OPTIONS PURCHASED - 3.5%** |  |  |  |
| 36 | S&P 500 Index | 12/18/2026 | $6900 | &nbsp;&nbsp;&nbsp; $24078456 | &nbsp;&nbsp;&nbsp; $1815423 |
|  | **TOTAL CALL OPTIONS PURCHASED (Cost - $354,713)** | **TOTAL CALL OPTIONS PURCHASED (Cost - $354,713)** | **TOTAL CALL OPTIONS PURCHASED (Cost - $354,713)** |  |  |
|  | **PUT OPTIONS PURCHASED - 3.1%** | **PUT OPTIONS PURCHASED - 3.1%** |  |  |  |
| 71 | S&P 500 Index | 12/31/2025 | 5100 | &nbsp;&nbsp;&nbsp; 47488066 | &nbsp;&nbsp;&nbsp; 105364 |
| 71 | S&P 500 Index | 12/31/2025 | 5500 | &nbsp;&nbsp;&nbsp; 47488066 | &nbsp;&nbsp;&nbsp; 171532 |
| 71 | S&P 500 Index | 12/18/2026 | 5750 | &nbsp;&nbsp;&nbsp; 47488066 | &nbsp;&nbsp;&nbsp; 1344342 |
|  | **TOTAL PUT OPTIONS PURCHASED (Cost - $2,701,057)** | **TOTAL PUT OPTIONS PURCHASED (Cost - $2,701,057)** | **TOTAL PUT OPTIONS PURCHASED (Cost - $2,701,057)** |  | &nbsp;&nbsp; 1621238 |
|  | **TOTAL INDEX OPTIONS PURCHASED (Cost - $3,055,770)** | **TOTAL INDEX OPTIONS PURCHASED (Cost - $3,055,770)** |  |  | 3436661 |
|  | **TOTAL INVESTMENTS - 101.2% (Cost $29,709,756)** | **TOTAL INVESTMENTS - 101.2% (Cost $29,709,756)** |  |  | &nbsp;&nbsp;&nbsp; $52768544 |
|  | **CALL OPTIONS WRITTEN - (1.5)% (Premiums received - $382,518)** | **CALL OPTIONS WRITTEN - (1.5)% (Premiums received - $382,518)** |  |  | &nbsp;&nbsp;&nbsp; (761416) |
|  | **PUT OPTIONS WRITTEN - (0.5)% (Premiums received - $304,725)** | **PUT OPTIONS WRITTEN - (0.5)% (Premiums received - $304,725)** |  |  | &nbsp;&nbsp;&nbsp; (265568) |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.8%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.8%** |  |  | &nbsp;&nbsp; 444801 |
|  | **NET ASSETS - 100.0%** |  |  |  | &nbsp;&nbsp; $52186361 |
| **Contracts<sup>(c)</sup>** |  |  |  |  |  |
|  | **WRITTEN INDEX OPTIONS - (2.0)%** | **Expiration Date** | **Exercise Price** | **Notional Value** |  |
|  | **CALL OPTIONS WRITTEN - (1.5)%** | **CALL OPTIONS WRITTEN - (1.5)%** |  |  |  |
| 36 | S&P 500 Index | 12/18/2026 | $7500 | &nbsp;&nbsp;&nbsp; $24078456 | &nbsp;&nbsp;&nbsp; $761416 |
|  | **TOTAL CALL OPTIONS WRITTEN (Premiums received - $382,518)** | **TOTAL CALL OPTIONS WRITTEN (Premiums received - $382,518)** | **TOTAL CALL OPTIONS WRITTEN (Premiums received - $382,518)** |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SWAN DEFINED RISK GROWTH FUND** | **SWAN DEFINED RISK GROWTH FUND** | **SWAN DEFINED RISK GROWTH FUND** | **SWAN DEFINED RISK GROWTH FUND** | **SWAN DEFINED RISK GROWTH FUND** | **SWAN DEFINED RISK 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)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Contracts<sup>(c)</sup>** |  |  |  |  |  |
|  | **WRITTEN INDEX OPTIONS - (2.0)%** | **Expiration Date** | **Exercise Price** | **Notional Value** | **Fair Value** |
|  | **PUT OPTIONS WRITTEN - (0.5)%** | **PUT OPTIONS WRITTEN - (0.5)%** |  |  |  |
| 142 | S&P 500 Index | 12/31/2025 | $5300 | &nbsp;&nbsp;&nbsp; $94976132 | &nbsp;&nbsp;&nbsp; $265568 |
|  | **TOTAL PUT OPTIONS WRITTEN (Premiums received - $304,725)** | **TOTAL PUT OPTIONS WRITTEN (Premiums received - $304,725)** | **TOTAL PUT OPTIONS WRITTEN (Premiums received - $304,725)** |  | &nbsp;&nbsp; 265568 |
|  | **TOTAL INDEX OPTIONS WRITTEN (Premiums received - $687,243)** | **TOTAL INDEX OPTIONS WRITTEN (Premiums received - $687,243)** |  |  | &nbsp;&nbsp; $1026984 |

---

ETF - Exchange-Traded Fund

<sup>(a)</sup> All or a portion of the security is held as collateral for written options. As of September 30, 2025, the total value of securities held as collateral is $32,795,700.

<sup>(b)</sup> Rate disclosed is the seven-day effective yield as of September 30, 2025.

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

## 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:** Swan Defined Risk Growth Fund

- **b. EDGAR series identifier (if any):** S000063531

- **c. LEI of Series:** 5493006NNX4MJZUY5E83

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

- **a. Date of fiscal year-end:** 2026-06-30

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $53300739.50

**Total Liabilities:** $1114378.91

**Net Assets:** $52186360.59

**Cash Not Reported:** $510100.87

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000205844 | 1.45%                | 2.05%                | 3.41%                |
| Class ID C000205842 | 1.41%                | 2.01%                | 3.33%                |
| Class ID C000205843 | 1.33%                | 1.97%                | 3.29%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $994000.00                                 |
| Month 2  | $0.00                    | $964035.00                                 |
| Month 3  | $20600.00                | $1478365.00                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| iShares Trust             | ISHARES-C S&P500       | CUSIP: 464287200<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     71000 | NS      | $47520300.00  | 91.06%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                       | SPX US 12/18/26 C6900  | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | N/A       |        36 | NC      | $1815423.17   | 3.48%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                       | SPXW US 09/30/25 P6200 | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -72 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                       | SPXW US 09/30/25 P6400 | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | N/A       |        36 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                       | SPX US 12/18/26 C7500  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -36 | NC      | $-761415.95   | -1.46%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                       | SPXW US 12/31/25 P5100 | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | N/A       |        71 | NC      | $105363.97    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                       | SPXW US 12/31/25 P5300 | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -142 | NC      | $-265568.16   | -0.51%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                       | SPXW US 12/31/25 P5500 | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | N/A       |        71 | NC      | $171532.01    | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                       | SPX US 12/18/26 P5750  | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | N/A       |        71 | NC      | $1344341.85   | 2.58%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                       | SPXW US 09/30/25 P6000 | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | N/A       |        36 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| First American Funds Inc. | FRST AM-GV OB-X        | CUSIP: 31846V336<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |   1811583 | PA      | $1811583.42   | 3.47%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** Rich Gleason

**Name of Signer:** Rich Gleason

**Title:** Treasurer