# EDGAR Filing Document

**Accession Number:** 0001537140
**File Stem:** 0000910472-25-000283
**Filing Date:** 2025-8
**Character Count:** 84968
**Document Hash:** d664cdacefabe30e62619954bdb3a5be
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-000283.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0000910472-25-000283

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**PERIOD START**: 20250930

**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:** 251263172

**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

### ABS Insights Emerging Markets Fund (Series ID: S000087903)

| Class ID   | Class Name                                                          | Ticker Symbol   |
|:---|:---|:---|
| C000253926 | ABS Insights Emerging Markets Fund Super Institutional Class Shares | IEMSX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **ABS INSIGHTS EMERGING MARKETS FUND** | **ABS INSIGHTS EMERGING MARKETS FUND** | **ABS INSIGHTS EMERGING MARKETS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.5%** |  |
|  | **ADVERTISING & MARKETING - 0.1%** |  |
| 716900 | Plan B Media Pcl | &nbsp;&nbsp;&nbsp; $108718 |
|  | **AEROSPACE & DEFENSE - 1.0%** |  |
| 266 | Hanwha Aerospace Company Ltd. | &nbsp;&nbsp;&nbsp; 166808 |
| 2496 | LIG Nex1 Company Ltd. | &nbsp;&nbsp;&nbsp; 996732 |
|  |  | &nbsp;&nbsp; 1163540 |
|  | **APPAREL & TEXTILE PRODUCTS - 0.4%** |  |
| 10565 | Youngone Corporation | &nbsp;&nbsp;&nbsp; 493772 |
|  | **ASSET MANAGEMENT - 1.5%** |  |
| 8633 | SK Square Company Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 1168295 |
| 28800 | XP, Inc., Class A | &nbsp;&nbsp;&nbsp; 581760 |
|  |  | &nbsp;&nbsp; 1750055 |
|  | **AUTOMOTIVE - 0.8%** |  |
| 389200 | Sailun Group Company Ltd. | &nbsp;&nbsp;&nbsp; 712782 |
| 42537 | Tofas Turk Otomobil Fabrikasi A/S | &nbsp;&nbsp;&nbsp; 209598 |
|  |  | &nbsp;&nbsp; 922380 |
|  | **BANKING - 15.9%** |  |
| 47668 | Absa Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 473893 |
| 119972 | Abu Dhabi Commercial Bank PJSC | &nbsp;&nbsp;&nbsp; 440324 |
| 28560 | Al Rajhi Bank | &nbsp;&nbsp;&nbsp; 720358 |
| 87266 | Alinma Bank | &nbsp;&nbsp;&nbsp; 624027 |
| 71477 | Alpha Bank S.A. | &nbsp;&nbsp;&nbsp; 251727 |
| 89405 | Arab National Bank<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 517751 |
| 214900 | Banco del Bajio S.A. 144A<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 518706 |
| 112400 | Bank for Foreign Trade of Vietnam JSC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 245255 |
| 602100 | Bank Mandiri Persero Tbk P.T. | &nbsp;&nbsp;&nbsp; 181016 |
| 987700 | Bank Negara Indonesia Persero Tbk P.T. | &nbsp;&nbsp;&nbsp; 250698 |
| 330600 | Bank of Chengdu Company Ltd., Class A | &nbsp;&nbsp;&nbsp; 927576 |
| 320600 | Bank of Ningbo Company Ltd. | &nbsp;&nbsp;&nbsp; 1224419 |
| 64200 | Bank of the Philippine Islands | &nbsp;&nbsp;&nbsp; 148242 |
| 4376 | Bank Polska Kasa Opieki S.A.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 224622 |
| 615700 | Bank Rakyat Indonesia Persero Tbk P.T. | &nbsp;&nbsp;&nbsp; 141863 |
| 892900 | Bank Syariah Indonesia Tbk P.T. | &nbsp;&nbsp;&nbsp; 141922 |

---

---

| | | |
|:---|:---|:---|
| **ABS INSIGHTS EMERGING MARKETS FUND** | **ABS INSIGHTS EMERGING MARKETS FUND** | **ABS INSIGHTS EMERGING MARKETS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.5% (Continued)** |  |
|  | **BANKING - 15.9% (Continued)** |  |
| 30287 | BDO Unibank, Inc. | &nbsp;&nbsp;&nbsp; $82200 |
| 548000 | China Construction Bank Corporation, H Shares<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 552889 |
| 263500 | China Merchants Bank Company Ltd., H Shares<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 1841152 |
| 99000 | CIMB Group Holdings Bhd | &nbsp;&nbsp;&nbsp; 159556 |
| 66376 | FirstRand Ltd.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 283786 |
| 39900 | Grupo Financiero Banorte SAB de CV | &nbsp;&nbsp;&nbsp; 366073 |
| 42666 | HDFC Bank Ltd.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 996137 |
| 322000 | Ho Chi Minh City Development Joint Stock | &nbsp;&nbsp;&nbsp; 268713 |
| 81218 | ICICI Bank Ltd.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 1369752 |
| 77800 | Inter & Company, Inc. | &nbsp;&nbsp;&nbsp; 578054 |
| 6298 | KB Financial Group, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 516504 |
| 29899 | Kotak Mahindra Bank Ltd.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 754562 |
| 70200 | Malayan Banking Bhd | &nbsp;&nbsp;&nbsp; 161628 |
| 205020 | Metropolitan Bank & Trust Company | &nbsp;&nbsp;&nbsp; 264013 |
| 50364 | National Bank of Kuwait S.A.KP<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 164639 |
| 1400 | OTP Bank Nyrt | &nbsp;&nbsp;&nbsp; 111835 |
| 35940 | Piraeus Financial Holdings S.A.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 248998 |
| 10190 | Powszechna Kasa Oszczednosci Bank Polski S.A.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 212729 |
| 9062 | Raiffeisen Bank International A.G.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 276236 |
| 104793 | Saudi National Bank (The) | &nbsp;&nbsp;&nbsp; 1009205 |
| 14067 | Standard Bank Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 180793 |
| 83057 | State Bank of India<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 794798 |
|  |  | &nbsp;&nbsp; 18226651 |
|  | **BEVERAGES - 1.4%** |  |
| 7745 | Anheuser-Busch InBev S.A. | &nbsp;&nbsp;&nbsp; 533123 |
| 26400 | Fomento Economico Mexicano S.A.B. de C.V. | &nbsp;&nbsp;&nbsp; 271543 |
| 149962 | Varun Beverages Ltd. | &nbsp;&nbsp;&nbsp; 800388 |
|  |  | &nbsp;&nbsp; 1605054 |
|  | **BIOTECH & PHARMA - 4.2%** |  |
| 63000 | Akeso, Inc. 144A<sup>(a),(c)</sup> | &nbsp;&nbsp;&nbsp; 737946 |
| 952000 | CSPC Pharmaceutical Group Ltd. | &nbsp;&nbsp;&nbsp; 933814 |
| 2861 | Gedeon Richter plc | &nbsp;&nbsp;&nbsp; 84333 |
| 42499 | Glenmark Pharmaceuticals Ltd. | &nbsp;&nbsp;&nbsp; 869441 |
| 3847 | Hanmi Pharm Co Ltd | &nbsp;&nbsp;&nbsp; 813632 |

---

---

| | | |
|:---|:---|:---|
| **ABS INSIGHTS EMERGING MARKETS FUND** | **ABS INSIGHTS EMERGING MARKETS FUND** | **ABS INSIGHTS EMERGING MARKETS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.5% (Continued)** |  |
|  | **BIOTECH & PHARMA - 4.2% (Continued)** |  |
| 21900 | Legend Biotech Corporation - ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $777231 |
| 26005 | Mankind Pharma Ltd.<sup>(a),(d)</sup> | &nbsp;&nbsp;&nbsp; 703702 |
|  |  | &nbsp;&nbsp; 4920099 |
|  | **CHEMICALS - 1.4%** |  |
| 702700 | Alfa S.A.B. de C.V. | &nbsp;&nbsp;&nbsp; 518569 |
| 209100 | Hubei Dinglong Company Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 837112 |
| 14334 | Saudi Arabian Mining Company<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 204848 |
|  |  | &nbsp;&nbsp; 1560529 |
|  | **COMMERCIAL SUPPORT SERVICES - 0.3%** |  |
| 6677 | Almoosa Health Company | &nbsp;&nbsp;&nbsp; 288756 |
|  | **CONSUMER SERVICES - 0.8%** |  |
| 161100 | New Oriental Education & Technology Group, Inc. | &nbsp;&nbsp;&nbsp; 865019 |
|  | **E-COMMERCE DISCRETIONARY - 3.4%** |  |
| 146000 | Alibaba Group Holding Ltd.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 2042152 |
| 42600 | Meituan 144A<sup>(a),(c)</sup> | &nbsp;&nbsp;&nbsp; 679975 |
| 200 | MercadoLibre, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 522726 |
| 6100 | PDD Holdings, Inc. - ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 638426 |
|  |  | &nbsp;&nbsp; 3883279 |
|  | **ELECTRIC UTILITIES - 3.1%** |  |
| 1717470 | Colbun S.A. | &nbsp;&nbsp;&nbsp; 276324 |
| 318862 | Dubai Electricity & Water Authority PJSC | &nbsp;&nbsp;&nbsp; 244824 |
| 82100 | Equatorial Energia S.A. | &nbsp;&nbsp;&nbsp; 548582 |
| 1542000 | Huadian Power International Corp Ltd. | &nbsp;&nbsp;&nbsp; 817166 |
| 1418000 | Huaneng Power International, Inc. | &nbsp;&nbsp;&nbsp; 914028 |
| 4183 | Metlen Energy & Metals S.A. | &nbsp;&nbsp;&nbsp; 226739 |
| 299606 | National Central Cooling Company PJSC | &nbsp;&nbsp;&nbsp; 231671 |
| 3300 | Pampa Energia S.A. - ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 228954 |
|  |  | &nbsp;&nbsp; 3488288 |
|  | **ELECTRICAL EQUIPMENT - 0.8%** |  |
| 123505 | Triveni Turbine Ltd. | &nbsp;&nbsp;&nbsp; 882341 |

---

---

| | | |
|:---|:---|:---|
| **ABS INSIGHTS EMERGING MARKETS FUND** | **ABS INSIGHTS EMERGING MARKETS FUND** | **ABS INSIGHTS EMERGING MARKETS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.5% (Continued)** |  |
|  | **ENGINEERING & CONSTRUCTION - 0.7%** |  |
| 953880 | China State Construction Engineering Corp Ltd. | &nbsp;&nbsp;&nbsp; $768281 |
|  | **FOOD - 1.4%** |  |
| 326600 | Century Pacific Food, Inc. | &nbsp;&nbsp;&nbsp; 233493 |
| 1348800 | Mayora Indah Tbk PT | &nbsp;&nbsp;&nbsp; 173669 |
| 1033 | Samyang Foods Company Ltd. | &nbsp;&nbsp;&nbsp; 1065649 |
| 109320 | Universal Robina Corporation | &nbsp;&nbsp;&nbsp; 173883 |
|  |  | &nbsp;&nbsp; 1646694 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS - 0.4%** |  |
| 49000 | Suzano S.A. | &nbsp;&nbsp;&nbsp; 462218 |
|  | **GAS & WATER UTILITIES - 0.4%** |  |
| 43280 | Power & Water Utility Company for Jubail & Yanbu | &nbsp;&nbsp;&nbsp; 498275 |
|  | **HEALTH CARE FACILITIES & SERVICES - 1.4%** |  |
| 35600 | Bumrungrad Hospital PCL | &nbsp;&nbsp;&nbsp; 153075 |
| 51647 | Global Health Ltd./India<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 684874 |
| 219000 | Wuxi Biologics Cayman, Inc.<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 715589 |
|  |  | &nbsp;&nbsp; 1553538 |
|  | **HOUSEHOLD PRODUCTS - 2.3%** |  |
| 4813 | Cosmax, Inc. | &nbsp;&nbsp;&nbsp; 994804 |
| 107527 | Emami Ltd. | &nbsp;&nbsp;&nbsp; 716954 |
| 62900 | Mao Geping Cosmetics Company LTD 144A<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 867784 |
|  |  | &nbsp;&nbsp; 2579542 |
|  | **INDUSTRIAL INTERMEDIATE PROD - 3.6%** |  |
| 41959 | APL Apollo Tubes Ltd. | &nbsp;&nbsp;&nbsp; 851199 |
| 33000 | ELITE MATERIAL CO LTD | &nbsp;&nbsp;&nbsp; 995656 |
| 24098 | KEI Industries Limited | &nbsp;&nbsp;&nbsp; 1066103 |
| 12000 | King Slide Works Co Ltd | &nbsp;&nbsp;&nbsp; 835357 |
| 69000 | Shin Zu Shing Company Ltd. | &nbsp;&nbsp;&nbsp; 506294 |
|  |  | &nbsp;&nbsp; 4254609 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 0.9%** |  |
| 20400 | Hong Kong Exchanges & Clearing Ltd.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 1088352 |

---

---

| | | |
|:---|:---|:---|
| **ABS INSIGHTS EMERGING MARKETS FUND** | **ABS INSIGHTS EMERGING MARKETS FUND** | **ABS INSIGHTS EMERGING MARKETS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.5% (Continued)** |  |
|  | **INSURANCE - 0.8%** |  |
| 15342 | Company for Cooperative Insurance (The) | &nbsp;&nbsp;&nbsp; $646306 |
| 13141 | Powszechny Zaklad Ubezpieczen S.A. | &nbsp;&nbsp;&nbsp; 229706 |
|  |  | &nbsp;&nbsp; 876012 |
|  | **INTERNET MEDIA & SERVICES - 5.2%** |  |
| 2263 | Naspers Ltd.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 705019 |
| 1902 | NAVER Corporation<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 369215 |
| 10436 | Prosus N.V. | &nbsp;&nbsp;&nbsp; 584542 |
| 66700 | Tencent Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 4273921 |
|  |  | &nbsp;&nbsp; 5932697 |
|  | **LEISURE FACILITIES & SERVICES - 0.7%** |  |
| 230600 | Central Plaza Hotel PCL | &nbsp;&nbsp;&nbsp; 172010 |
| 145600 | Smartfit Escola de Ginastica e Danca S.A. | &nbsp;&nbsp;&nbsp; 663949 |
|  |  | &nbsp;&nbsp; 835959 |
|  | **LEISURE PRODUCTS - 0.7%** |  |
| 115000 | Giant Manufacturing Company Ltd. | &nbsp;&nbsp;&nbsp; 426829 |
| 96000 | Merida Industry Company Ltd. | &nbsp;&nbsp;&nbsp; 338248 |
|  |  | &nbsp;&nbsp; 765077 |
|  | **MACHINERY - 1.9%** |  |
| 97858 | Elecon Engineering Company Ltd. | &nbsp;&nbsp;&nbsp; 747343 |
| 25018 | Kirloskar Brothers Ltd. | &nbsp;&nbsp;&nbsp; 687966 |
| 1062200 | Zoomlion Heavy Industry Science and Technology | &nbsp;&nbsp;&nbsp; 788874 |
|  |  | &nbsp;&nbsp; 2224183 |
|  | **METALS & MINING - 1.1%** |  |
| 12073 | Anglogold Ashanti plc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 546178 |
| 5278 | Gold Fields Ltd. | &nbsp;&nbsp;&nbsp; 123958 |
| 99900 | Grupo Mexico S.A.B. de C.V., Class B | &nbsp;&nbsp;&nbsp; 602824 |
|  |  | &nbsp;&nbsp; 1272960 |
|  | **OIL & GAS PRODUCERS - 2.7%** |  |
| 374672 | Adnoc Gas plc | &nbsp;&nbsp;&nbsp; 348883 |
| 81957 | Aegis Logistics Ltd. | &nbsp;&nbsp;&nbsp; 741681 |
| 187437 | Hindustan Petroleum Corp Ltd.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 957768 |
| 73700 | PRIO S.A.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 573965 |
| 11544 | Reliance Industries Ltd. | &nbsp;&nbsp;&nbsp; 202070 |

---

---

| | | |
|:---|:---|:---|
| **ABS INSIGHTS EMERGING MARKETS FUND** | **ABS INSIGHTS EMERGING MARKETS FUND** | **ABS INSIGHTS EMERGING MARKETS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.5% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 2.7% (Continued)** |  |
| 7600 | Transportadora de Gas del Sur S.A. - ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $196840 |
|  |  | &nbsp;&nbsp; 3021207 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 1.3%** |  |
| 846000 | China Oilfield Services Ltd., H Shares | &nbsp;&nbsp;&nbsp; 694047 |
| 158500 | Yantai Jereh Oilfield Services Group Company Ltd. | &nbsp;&nbsp;&nbsp; 774369 |
|  |  | &nbsp;&nbsp; 1468416 |
|  | **REAL ESTATE OWNERS & DEVELOPERS - 1.2%** |  |
| 1085000 | Greentown China Holdings Ltd. | &nbsp;&nbsp;&nbsp; 1306153 |
|  | **REAL ESTATE SERVICES - 0.7%** |  |
| 203600 | Poly Property Services Company Ltd. | &nbsp;&nbsp;&nbsp; 859793 |
|  | **RENEWABLE ENERGY - 0.9%** |  |
| 21300 | Contemporary Amperex Technology Company Ltd. | &nbsp;&nbsp;&nbsp; 749911 |
| 9776 | CS Wind Corporation | &nbsp;&nbsp;&nbsp; 339058 |
|  |  | &nbsp;&nbsp; 1088969 |
|  | **RETAIL - CONSUMER STAPLES - 1.4%** |  |
| 4192 | BGF Retail Company Ltd. | &nbsp;&nbsp;&nbsp; 375100 |
| 11139 | BIM Birlesik Magazalar A/S | &nbsp;&nbsp;&nbsp; 138405 |
| 106100 | CP All Plc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 143895 |
| 61507 | Pepco Group N.V. 144A<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 369475 |
| 2006200 | Sumber Alfaria Trijaya Tbk PT | &nbsp;&nbsp;&nbsp; 295393 |
| 99000 | Wal-Mart de Mexico S.A.B. de C.V. | &nbsp;&nbsp;&nbsp; 327472 |
|  |  | &nbsp;&nbsp; 1649740 |
|  | **RETAIL - DISCRETIONARY - 1.5%** |  |
| 40900 | Azzas 2154 S.A. | &nbsp;&nbsp;&nbsp; 324168 |
| 70500 | Localiza Rent a Car S.A. 144A<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 529194 |
| 3741300 | Map Aktif Adiperkasa PT | &nbsp;&nbsp;&nbsp; 150970 |
| 177076 | Mavi Giyim Sanayi Ve Ticaret A/S, B Shares 144A<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 171037 |
| 109600 | Mobile World Investment Corporation | &nbsp;&nbsp;&nbsp; 274808 |
| 16816 | United International Transportation Company | &nbsp;&nbsp;&nbsp; 324609 |
|  |  | &nbsp;&nbsp; 1774786 |
|  | **SEMICONDUCTORS - 13.7%** |  |
| 10000 | Alchip Technologies Ltd. | &nbsp;&nbsp;&nbsp; 1058735 |

---

---

| | | |
|:---|:---|:---|
| **ABS INSIGHTS EMERGING MARKETS FUND** | **ABS INSIGHTS EMERGING MARKETS FUND** | **ABS INSIGHTS EMERGING MARKETS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.5% (Continued)** |  |
|  | **SEMICONDUCTORS - 13.7% (Continued)** |  |
| 16000 | ASMedia Technology, Inc. | &nbsp;&nbsp;&nbsp; $1045394 |
| 12839 | DB HiTek Company Ltd.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 444341 |
| 14367 | Dongjin Semichem Company Ltd. | &nbsp;&nbsp;&nbsp; 347419 |
| 2573 | Eo Technics Co., Ltd. | &nbsp;&nbsp;&nbsp; 320041 |
| 14000 | MediaTek, Inc. | &nbsp;&nbsp;&nbsp; 598639 |
| 6194 | SK Hynix, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 1337500 |
| 296000 | Taiwan Semiconductor Manufacturing Company Ltd. | &nbsp;&nbsp;&nbsp; 10733075 |
|  |  | &nbsp;&nbsp; 15885144 |
|  | **SOFTWARE - 0.9%** |  |
| 2500 | Kaspi.KZ JSC - ADR | &nbsp;&nbsp;&nbsp; 212225 |
| 408000 | Kingdee International Software Group Company Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 802491 |
|  |  | &nbsp;&nbsp; 1014716 |
|  | **SPECIALTY FINANCE - 1.6%** |  |
| 30554 | Bajaj Finserv Ltd. | &nbsp;&nbsp;&nbsp; 732778 |
| 307800 | Krungthai Card PCL | &nbsp;&nbsp;&nbsp; 227698 |
| 66295 | Piramal Enterprises Ltd. | &nbsp;&nbsp;&nbsp; 884839 |
|  |  | &nbsp;&nbsp; 1845315 |
|  | **STEEL - 0.9%** |  |
| 7822 | East Pipes Integrated Company for Industry | &nbsp;&nbsp;&nbsp; 263611 |
| 655300 | Fushun Special Steel Company Ltd. | &nbsp;&nbsp;&nbsp; 477487 |
| 306720 | Hoa Phat Group JSC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 266529 |
|  |  | &nbsp;&nbsp; 1007627 |
|  | **TECHNOLOGY HARDWARE - 5.9%** |  |
| 38000 | Asia Vital Components Co., Ltd. | &nbsp;&nbsp;&nbsp; 965826 |
| 42000 | BizLink Holding, Inc. | &nbsp;&nbsp;&nbsp; 1218349 |
| 32000 | Hon Hai Precision Industry Company Ltd. | &nbsp;&nbsp;&nbsp; 176239 |
| 22000 | Jentech Precision Industrial Company Ltd. | &nbsp;&nbsp;&nbsp; 1136387 |
| 20000 | Lotes Company Ltd. | &nbsp;&nbsp;&nbsp; 923614 |
| 26000 | Quanta Computer Inc | &nbsp;&nbsp;&nbsp; 244142 |
| 37547 | Samsung Electronics Company Ltd. | &nbsp;&nbsp;&nbsp; 1660413 |
| 60600 | Xiaomi Corp 144A<sup>(a),(b),(c)</sup> | &nbsp;&nbsp;&nbsp; 462801 |
|  |  | &nbsp;&nbsp; 6787771 |
|  | **TECHNOLOGY SERVICES - 1.6%** |  |
| 8782 | Infosys Ltd.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 164090 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ABS INSIGHTS EMERGING MARKETS FUND** | **ABS INSIGHTS EMERGING MARKETS FUND** | **ABS INSIGHTS EMERGING MARKETS FUND** | **ABS INSIGHTS EMERGING MARKETS FUND** | **ABS INSIGHTS EMERGING MARKETS 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)** |
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **Shares** |  |  |  | **Fair Value** |
|  | **COMMON STOCKS — 98.5% (Continued)** |  |  |  |
|  | **TECHNOLOGY SERVICES - 1.6% (Continued)** |  |  |  |
| 78015 | One 97 Communications Ltd.<sup>(a)</sup> |  |  | &nbsp;&nbsp;&nbsp; $840875 |
| 588000 | TravelSky Technology Ltd., H Shares<sup>(b)</sup> |  |  | &nbsp;&nbsp;&nbsp; 786501 |
|  |  |  |  | &nbsp;&nbsp; 1791466 |
|  | **TELECOMMUNICATIONS - 1.6%** |  |  |  |
| 55625 | Bharti Airtel Ltd.<sup>(b)</sup> |  |  | &nbsp;&nbsp;&nbsp; 1303950 |
| 73421 | Ooredoo QPSC<sup>(b)</sup> |  |  | &nbsp;&nbsp;&nbsp; 257738 |
| 24840 | Saudi Telecom Company |  |  | &nbsp;&nbsp;&nbsp; 281740 |
|  |  |  |  | &nbsp;&nbsp; 1843428 |
|  | **TRANSPORTATION & LOGISTICS - 3.4%** |  |  |  |
| 226345 | Abu Dhabi Ports Company PJSC<sup>(a)</sup> |  |  | &nbsp;&nbsp;&nbsp; 250823 |
| 49425 | Adani Ports & Special Economic Zone Ltd. |  |  | &nbsp;&nbsp;&nbsp; 836096 |
| 554000 | Anhui Expressway Company Ltd., H Shares |  |  | &nbsp;&nbsp;&nbsp; 889228 |
| 12795 | Grupo Aeroportuario del Sureste S.A.B. de C.V. |  |  | &nbsp;&nbsp;&nbsp; 408370 |
| 48835 | Jazeera Airways Company KSCP |  |  | &nbsp;&nbsp;&nbsp; 235865 |
| 43130 | Promotora y Operadora de Infraestructura S.A.B. de C.V. |  |  | &nbsp;&nbsp;&nbsp; 486367 |
| 929000 | Qingdao Port International Company Ltd., H Shares 144A<sup>(c)</sup> |  |  | &nbsp;&nbsp;&nbsp; 778707 |
|  |  |  |  | &nbsp;&nbsp; 3885456 |
|  | **TRANSPORTATION EQUIPMENT - 2.1%** |  |  |  |
| 310726 | Ashok Leyland Ltd.<sup>(b)</sup> |  |  | &nbsp;&nbsp;&nbsp; 909447 |
| 2298 | HD Hyundai Heavy Industries Company Ltd. |  |  | &nbsp;&nbsp;&nbsp; 728183 |
| 189600 | Zhuzhou CRRC Times Electric Company Ltd., H Shares |  |  | &nbsp;&nbsp;&nbsp; 763234 |
|  |  |  |  | &nbsp;&nbsp; 2400864 |
|  | **WHOLESALE - DISCRETIONARY - 0.5%** |  |  |  |
| 249900 | Sendas Distribuidora S/A |  |  | &nbsp;&nbsp;&nbsp; 521037 |
|  | **TOTAL COMMON STOCKS (Cost $98,210,541)** |  |  | &nbsp;&nbsp; 113068766 |
| **Shares** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **PREFERRED STOCKS** — **1.3%** |  |  |  |
|  | **AUTOMOTIVE** — **0.7%** |  |  |  |
| 6683 | Hyundai Motor Company | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.93% |  | &nbsp;&nbsp;&nbsp; 785300 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ABS INSIGHTS EMERGING MARKETS FUND** | **ABS INSIGHTS EMERGING MARKETS FUND** | **ABS INSIGHTS EMERGING MARKETS FUND** | **ABS INSIGHTS EMERGING MARKETS FUND** | **ABS INSIGHTS EMERGING MARKETS 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)** |
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **Shares** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **TECHNOLOGY HARDWARE** — **0.6%** |  |  |  |
| 20143 | Samsung Electronics Company Ltd.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.94% |  | &nbsp;&nbsp;&nbsp; $737342 |
|  | **TOTAL PREFERRED STOCKS (Cost $1,364,864)** |  |  | 1522642  |
| **Shares** |  |  |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 0.6%** |  |  |  |
|  | **MONEY MARKET FUND - 0.6%** |  |  |  |
| 641724 | Northern Institutional Treasury Portfolio, , 4.13% (Cost $641,724)<sup>(e)</sup> |  |  | &nbsp;&nbsp;&nbsp; 641724 |
|  | **TOTAL INVESTMENTS - 100.4% (Cost $100,217,129)** |  |  | &nbsp;&nbsp;&nbsp; $115233132 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.4)%** |  |  | &nbsp;&nbsp; (496701) |
|  | **NET ASSETS - 100.0%** |  |  | &nbsp;&nbsp; $114736431 |

---

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

<sup>(b)</sup> The value of this security has been determined in good faith under policies of the Board of Trustees.

<sup>(c)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2025 the total market value of 144A securities is 5,115,625 or 4.5% of net assets.

<sup>(d)</sup> Illiquid security. The total fair value of these securities as of June 30, 2025 was $703,702, representing 0.60% of net assets.

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** CINCINNATI

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

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

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

- **a. Name of Series:** ABS Insights Emerging Markets Fund

- **b. EDGAR series identifier (if any):** S000087903

- **c. LEI of Series:** 529900SOG92Y155E3J60

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

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**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:** $115637410.57

**Total Liabilities:** $900979.34

**Net Assets:** $114736431.23

**Cash Not Reported:** $267506.93

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000253926 | 1.40%                | 6.21%                | 6.40%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1716448.44             | $3255667.89                                |
| Month 2  | $560122.38               | $5853539.38                                |
| Month 3  | $239422.02               | $6530169.28                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Bharti Airtel Ltd.                                       | BHARTI AIRTEL             | CUSIP: Y0885K108<br>LEI: 335800KQ1FPKOQ84OR26 | Long             | EC               | CORP              | IN        |     55625 | NS      | $1303950.20   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Pepco Group NV                                           | PEPCO GROUP NV            | CUSIP: G6999C106<br>LEI: 213800OVMJPFP79OB449 | Long             | EC               | CORP              | NL        |     61507 | NS      | $369475.47    | 0.32%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Gold Fields Ltd                                          | Gold Fields Ltd           | CUSIP: S31755101<br>LEI: 5299003KXIBJQYCBBD72 | Long             | EC               | CORP              | ZA        |      5278 | NS      | $123957.80    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| OTP Bank PLC                                             | OTP BANK PLC              | CUSIP: X60746181<br>LEI: 529900W3MOO00A18X956 | Long             | EC               | CORP              | HU        |      1400 | NS      | $111834.93    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Aegis Logistics Ltd.                                     | AEGIS LOGISTICS           | CUSIP: Y0018C122<br>LEI: 335800R6OF8UV8J3G994 | Long             | EC               | CORP              | IN        |     81957 | NS      | $741681.06    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Akeso Inc.                                               | AKESO INC                 | CUSIP: G0146B103<br>LEI: 254900ECWYGR3QW5GF30 | Long             | EC               | CORP              | KY        |     63000 | NS      | $737946.44    | 0.64%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Giant Manufacturing Co Ltd.                              | GIANT MANUFACTUR          | CUSIP: Y2708Z106<br>LEI: 549300M7TYVF50B2GY12 | Long             | EC               | CORP              | TW        |    115000 | NS      | $426829.27    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Anhui Expressway Company Ltd                             | ANHUI EXPRESS-H           | CUSIP: Y01374100<br>LEI: 529900UGCN9D11VHIL29 | Long             | EC               | CORP              | CN        |    554000 | NS      | $889227.46    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Poly Property Services Co Ltd.                           | POLY PROPERTY-H           | CUSIP: Y6S9JU104<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    203600 | NS      | $859792.92    | 0.75%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Grupo Aeroportuario del Sureste S.A.B. de C.V.           | AERO DEL SURES-B          | CUSIP: P4950Y100<br>LEI: 5299001W7JIDXCUOUC82 | Long             | EC               | CORP              | MX        |     12795 | NS      | $408369.92    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Chengdu Co Ltd.                                  | BANK OF CHENGD-A          | CUSIP: Y0R95C103<br>LEI: 30030030JPOKGL9K5418 | Long             | EC               | CORP              | CN        |    330600 | NS      | $927575.76    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Shin Zu Shing Co Ltd.                                    | SHIN ZU SHING             | CUSIP: Y7755T127<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     69000 | NS      | $506294.26    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| PDD Holdings Inc.                                        | PDD HOLDINGS INC          | CUSIP: 722304102<br>LEI: 5493000573DS7005T657 | Long             | EC               | CORP              | KY        |      6100 | NS      | $638426.00    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| EO Technics Co                                           | EO TECHNICS CO            | CUSIP: Y2297V102<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      2573 | NS      | $320040.97    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Promotora y Operadora de Infraestructura SA              | PROMOTORA Y OPER          | CUSIP: P7925L103<br>LEI: 52990035X6RK8DBUWA73 | Long             | EC               | CORP              | MX        |     43130 | NS      | $486366.71    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Lotes Co Ltd.                                            | LOTES                     | CUSIP: Y53302116<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     20000 | NS      | $923613.72    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Zhuzhou CRRC Times Electric Co Ltd.                      | CRRC TIMES ELEC           | CUSIP: Y9892N104<br>LEI: 529900PLNH7NQLN00B53 | Long             | EC               | CORP              | CN        |    189600 | NS      | $763234.46    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Syariah Indonesia Tbk                               | BANK SYARIAH IND          | CUSIP: Y0R8KR105<br>LEI: 9845009CD3B814E04066 | Long             | EC               | CORP              | ID        |    892900 | NS      | $141922.25    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Funds                             | NT-INST TRSR-PRM          | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    641724 | PA      | $641723.82    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Polska Kasa Opieki SA                               | PEKAO                     | CUSIP: X0R77T117<br>LEI: 5493000LKS7B3UTF7H35 | Long             | EC               | CORP              | PL        |      4376 | NS      | $224621.96    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| PT Sumber Alfaria Trijaya Tbk                            | SUMBER ALFARIA T          | CUSIP: Y71362118<br>LEI: N/A                  | Long             | EC               | CORP              | ID        |   2006200 | NS      | $295392.93    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Qingdao Port International Co Limited                    | QINGDAO PORT INTERNATIONA | CUSIP: Y7S64R101<br>LEI: 529900URO8Y3C7A1JM55 | Long             | EC               | CORP              | CN        |    929000 | NS      | $778707.15    | 0.68%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Hindustan Petroleum Corp Ltd.                            | HINDUSTAN PETROLEUM CORP  | CUSIP: Y3224R123<br>LEI: 335800DWLXIP7HFFY564 | Long             | EC               | CORP              | IN        |    187437 | NS      | $957768.10    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Jazeera Airways                                          | JAZEERA AIRWAYS           | CUSIP: M6S45Y105<br>LEI: N/A                  | Long             | EC               | CORP              | KW        |     48835 | NS      | $235865.38    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| ASMedia Technology Inc.                                  | ASMEDIA TECH              | CUSIP: Y0397P108<br>LEI: 529900CQG67FQMMNX678 | Long             | EC               | CORP              | TW        |     16000 | NS      | $1045393.90   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Huadian Power International Corp Ltd.                    | Huadian Power Internation | CUSIP: Y3738Y101<br>LEI: 529900207FCOKWBDRE79 | Long             | EC               | CORP              | CN        |   1542000 | NS      | $817165.95    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| AL Rajhi Bank                                            | AL RAJHI BANK             | CUSIP: M0R60D105<br>LEI: 558600BQZS4Y1DTU8589 | Long             | EC               | CORP              | SA        |     28560 | NS      | $720358.34    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Almoosa Health Co.                                       | ALMOOSA HEALTH C          | CUSIP: M0853Q106<br>LEI: N/A                  | Long             | EC               | CORP              | SA        |      6677 | NS      | $288756.31    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC Bank Ltd.                                           | HDFC BANK LTD             | CUSIP: Y3119P190<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |     42666 | NS      | $996136.57    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Power and Water Utility Company                          | POWER & WATER UT          | CUSIP: M7S61K102<br>LEI: 5586004JL8DPCMAXNE10 | Long             | EC               | CORP              | SA        |     43280 | NS      | $498275.05    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| CSPC Pharmaceutical Group Ltd.                           | CSPC PHARMACEUTICAL GROUP | CUSIP: Y1837N109<br>LEI: 529900M3XQCW234H8O91 | Long             | EC               | CORP              | HK        |    952000 | NS      | $933813.68    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Firstrand Ltd                                            | FirstRand Ltd             | CUSIP: S5202Z131<br>LEI: 529900XYOP8CUZU7R671 | Long             | EC               | CORP              | ZA        |     66376 | NS      | $283785.66    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Legend Biotech Corporation                               | LEGEND BIOT-ADR           | CUSIP: 52490G102<br>LEI: 254900EIUFZTW136H859 | Long             | EC               | CORP              | KY        |     21900 | NS      | $777231.00    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| National Bank of Kuwait S.A.K.P.                         | NATL BANK KUWAIT          | CUSIP: M7103V108<br>LEI: 549300NB7FE83IH6BW96 | Long             | EC               | CORP              | KW        |     50364 | NS      | $164638.87    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Industries Ltd.                                 | Reliance Industries Ltd   | CUSIP: Y72596102<br>LEI: 5493003UOETFYRONLG31 | Long             | EC               | CORP              | IN        |     11544 | NS      | $202070.36    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Krungthai Card Public Co Ltd.                            | KRUNGTHAI-FOREIG          | CUSIP: Y498B4116<br>LEI: N/A                  | Long             | EC               | CORP              | TH        |    307800 | NS      | $227697.81    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| National Central Cooling Company PJSC (Tabreed)          | TABREED                   | CUSIP: M72005107<br>LEI: 254900E7M1Y3DXGQ1283 | Long             | EC               | CORP              | AE        |    299606 | NS      | $231670.94    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Kingdee International Software Group Co Ltd.             | KINGDEE INTL SFT          | CUSIP: G52568147<br>LEI: 529900SWRZN94C5SZO63 | Long             | EC               | CORP              | KY        |    408000 | NS      | $802490.71    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Plan B Media Public Co Ltd.                              | PLAN B MEDIA-F            | CUSIP: Y6987F111<br>LEI: N/A                  | Long             | EC               | CORP              | TH        |    716900 | NS      | $108718.31    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Negara Indonesia (Persero) Tbk PT                   | Bank Negara Indonesia Per | CUSIP: Y74568166<br>LEI: 549300HZ8J3MLVXQ8F85 | Long             | EC               | CORP              | ID        |    987700 | NS      | $250697.63    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Bajaj Finserv Ltd                                        | BAJAJ FINSERV LT          | CUSIP: Y0548X125<br>LEI: 3358001EH4I4IDMGQ326 | Long             | EC               | CORP              | IN        |     30554 | NS      | $732778.21    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Youngone Corp.                                           | YOUNGONE CORP             | CUSIP: Y9857Q100<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     10565 | NS      | $493771.91    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| China Construction Bank Corp.                            | CCB-H                     | CUSIP: Y1397N101<br>LEI: 5493001KQW6DM7KEDR62 | Long             | EC               | NUSS              | CN        |    548000 | NS      | $552889.44    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Ho Chi Minh City Development Joint Stock Commercial Bank | HDBANK                    | CUSIP: Y3R31X108<br>LEI: 549300JA2AF0TMGHY210 | Long             | EC               | CORP              | VN        |    322000 | NS      | $268713.39    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Mexico SAB de CV                                   | GRUPO MEXICO-B            | CUSIP: P49538112<br>LEI: 529900JWLZAYET2ZGW20 | Long             | EC               | CORP              | MX        |     99900 | NS      | $602823.72    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercadolibre Inc                                         | MERCADOLIBRE INC          | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |       200 | NS      | $522726.00    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Prosus NV                                                | PROSUS NV                 | CUSIP: N7163R103<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | EC               | CORP              | NL        |     10436 | NS      | $584542.15    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Ashok Leyland Ltd.                                       | ASHOK LEYLAND             | CUSIP: Y0266N143<br>LEI: 3358001BZKWERVWYCK35 | Long             | EC               | CORP              | IN        |    310726 | NS      | $909446.02    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi Arabian Mining Company                             | SAUDI ARABIAN MI          | CUSIP: M8236Q107<br>LEI: N/A                  | Long             | EC               | CORP              | SA        |     14334 | NS      | $204847.86    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoomlion Heavy Industry Science & Technology Co Ltd.     | ZOOMLION HEAVY-H          | CUSIP: Y9895V103<br>LEI: 529900QZ3EMAU0QKFK85 | Long             | EC               | CORP              | CN        |   1062200 | NS      | $788873.57    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Db Hitek Co Ltd                                          | DB HITEK CO LTD           | CUSIP: Y3R69A103<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     12839 | NS      | $444341.47    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Fomento Economico Mexicano S A B de C V                  | FOMENTO ECONOMICO MEXICAN | CUSIP: P4182H115<br>LEI: 549300A8MDWDJNMLV153 | Long             | EC               | CORP              | MX        |     26400 | NS      | $271542.54    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Inter & Co Inc.                                          | INTER & CO INC            | CUSIP: G4R20B107<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     77800 | NS      | $578054.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Piraeus Financial Holdings S.A                           | PIRAEUS FINANCIA          | CUSIP: X06397248<br>LEI: M6AD1Y1KW32H8THQ6F76 | Long             | EC               | CORP              | GR        |     35940 | NS      | $248997.74    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Varun Beverages Ltd.                                     | VARUN BEVERAGES           | CUSIP: Y9T53H143<br>LEI: 33580058NWEMWBDNMD48 | Long             | EC               | CORP              | IN        |    149962 | NS      | $800389.06    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Equatorial SA                                            | EQUATORIAL ENERGIA SA - O | CUSIP: P3773H104<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     82100 | NS      | $548582.29    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Dubai Electricity & Water Authority PJSC                 | DUBAI ELECTRICIT          | CUSIP: M2R81J103<br>LEI: 213800K4OJF8DKATLT41 | Long             | EC               | CORP              | AE        |    318862 | NS      | $244824.34    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Abu Dhabi Commercial Bank PJSC                           | ABU DHABI COMMERCIAL BANK | CUSIP: M0152Q104<br>LEI: 213800RWVKKIRX1AUH58 | Long             | EC               | CORP              | AE        |    119972 | NS      | $440324.16    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Sendas Distribuidora S.A.                                | SENDAS DISTRIBUI          | CUSIP: P8T81L100<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    249900 | NS      | $521036.97    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| TravelSky Technology Ltd.                                | TravelSky Technology Ltd  | CUSIP: Y8972V101<br>LEI: 5299007TAWP4DZ6QFG73 | Long             | EC               | CORP              | CN        |    588000 | NS      | $786500.82    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Bumrungrad Hospital Public Co Ltd.                       | BUMRUNGRAD HOS-F          | CUSIP: Y1002E256<br>LEI: N/A                  | Long             | EC               | CORP              | TH        |     35600 | NS      | $153074.62    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Arab National Bank                                       | ARAB NATL BANK            | CUSIP: M1454X102<br>LEI: 213800CYWGYQVT1ZBQ57 | Long             | EC               | CORP              | SA        |     89405 | NS      | $517750.92    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanmi Pharmaceutical Co Ltd                              | HANMI PHARM CO L          | CUSIP: Y3063Q103<br>LEI: 988400PP10VZVUOFE672 | Long             | EC               | CORP              | KR        |      3847 | NS      | $813631.99    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Absa Group Ltd                                           | ABSA GROUP LTD            | CUSIP: S0270C106<br>LEI: 2138006IPPRD4N6XLT30 | Long             | EC               | CORP              | ZA        |     47668 | NS      | $473893.18    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Metropolitan Bank & Trust Co (Metrobank)                 | METRO BANK & TR           | CUSIP: Y6028G136<br>LEI: 549300SQYI82RVWFN715 | Long             | EC               | CORP              | PH        |    205020 | NS      | $264013.32    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglogold Ashanti PLC                                    | ANGLOGOLD ASHANT          | CUSIP: G0378L100<br>LEI: 2138005YDSA7A82RNU96 | Long             | EC               | CORP              | GB        |     12073 | NS      | $546178.20    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Ooredoo  Q.P.S.C.                                        | OOREDOO QPSC              | CUSIP: M8180V102<br>LEI: 549300D3EIDZJB62TR20 | Long             | EC               | CORP              | QA        |     73421 | NS      | $257737.84    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Anheuser-Busch Inbev SA/NV                               | ANHEUSER-BUSCH I          | CUSIP: B639CJ108<br>LEI: 5493008H3828EMEXB082 | Long             | EC               | CORP              | BE        |      7745 | NS      | $533122.52    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| New Oriental Education &  Technology Group Inc.          | NEW ORIENTAL EDU          | CUSIP: G6470A116<br>LEI: 529900NHZVBZQZ8EKN29 | Long             | EC               | CORP              | KY        |    161100 | NS      | $865019.06    | 0.75%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Tencent Holdings Ltd.                                    | TENCENT                   | CUSIP: G87572163<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |     66700 | NS      | $4273919.87   | 3.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Mankind Pharma Ltd.                                      | MANKIND PHARMA L          | CUSIP: Y57688114<br>LEI: 33580067G8AZ7S8NYA02 | Long             | EC               | CORP              | IN        |     26005 | NS      | $703701.96    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Fushun Special Ste                                       | FUSHUN SPECIAL-A          | CUSIP: Y2676P106<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    655300 | NS      | $477486.56    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Map Aktif Adiperkasa Tbk PT                              | MAP AKTIF ADIPER          | CUSIP: Y581AR101<br>LEI: 254900N3WK9AC24SVF17 | Long             | EC               | CORP              | ID        |   3741300 | NS      | $150970.40    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Jentech Precision Industrial Co., Ltd                    | JENTECH                   | CUSIP: Y4432G115<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     22000 | NS      | $1136386.96   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd.                              | SAMSUNG ELECTRON          | CUSIP: Y74718100<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |     37547 | NS      | $1660413.38   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Dongjin Semichem Co Ltd.                                 | DONGJIN SEMICHEM          | CUSIP: Y2121T109<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     14367 | NS      | $347419.06    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| KEI Industries Ltd                                       | KEI INDUS LTD             | CUSIP: Y4640F115<br>LEI: 335800UDWBC2AWPU7M56 | Long             | EC               | CORP              | IN        |     24098 | NS      | $1066103.58   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Kirloskar Brothers Limited                               | KIRLOSKAR BROTHE          | CUSIP: Y4807B139<br>LEI: 335800ER8I3MX42RBR71 | Long             | EC               | CORP              | IN        |     25018 | NS      | $687966.40    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Ningbo Co Ltd.                                   | BANK OF NINGBO-A          | CUSIP: Y0698G104<br>LEI: 300300C1092133000091 | Long             | EC               | CORP              | CN        |    320600 | NS      | $1224419.10   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| The Company for Cooperative Insurance                    | CO FOR COOPERATI          | CUSIP: M7225K105<br>LEI: 549300J2GTNKWJRJ8581 | Long             | EC               | CORP              | SA        |     15342 | NS      | $646306.19    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd.                               | BABA-SW                   | CUSIP: G01719114<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |    146000 | NS      | $2042150.53   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Hon Hai Precision Industry Co Ltd.                       | HON HAI PRECISION INDUSTR | CUSIP: Y36861105<br>LEI: 30030004CM3GSZXX7O56 | Long             | EC               | CORP              | TW        |     32000 | NS      | $176239.18    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Elite Material Co Ltd.                                   | ELITE MATERIAL            | CUSIP: Y2290G102<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     33000 | NS      | $995655.59    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| China Oilfield Services Ltd.                             | China Oilfield Services L | CUSIP: Y15002101<br>LEI: 529900J4X53VL8QQW675 | Long             | EC               | NUSS              | CN        |    846000 | NS      | $694046.85    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Glenmark Pharmaceuticals Ltd.                            | GLENMARK PHARMA           | CUSIP: Y2711C144<br>LEI: 335800WKECZXIIT9GK20 | Long             | EC               | CORP              | IN        |     42499 | NS      | $869441.04    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| HOA Phat Group Jsc                                       | HOA PHAT GRP JSC          | CUSIP: Y3231H100<br>LEI: 549300ODJEFGL5CWKD32 | Long             | EC               | CORP              | VN        |    306720 | NS      | $266529.27    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Mao Geping Cosmetics Co Ltd.                             | MAO GEPING COSME          | CUSIP: Y581B1107<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     62900 | NS      | $867784.04    | 0.76%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Abu Dhabi Ports Company PJSC                             | ABU DHABI PORTS           | CUSIP: M0153A108<br>LEI: 213800F5LEV1NQJ68T87 | Long             | EC               | CORP              | AE        |    226345 | NS      | $250823.39    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Huaneng Power International Inc.                         | Huaneng Power Internation | CUSIP: Y3744A105<br>LEI: 529900WU0SMVKMPG4V21 | Long             | EC               | CORP              | CN        |   1418000 | NS      | $914027.59    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Adani Ports And Special Economic Zone Ltd.               | ADANI PORTS AND           | CUSIP: Y00130107<br>LEI: 335800QOAXP5TM7OYP69 | Long             | EC               | CORP              | IN        |     49425 | NS      | $836095.60    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| CIMB Group Holdings Berhad                               | CIMB Group Holdings Bhd   | CUSIP: Y1636J101<br>LEI: 549300FYDN5UD7USZW18 | Long             | EC               | CORP              | MY        |     99000 | NS      | $159556.14    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyundai Motor Co.                                        | HYUNDAI MOTOR-2           | CUSIP: Y38472224<br>LEI: 9884004RQX8PRBXQ8S60 | Long             | EP               | CORP              | KR        |      6683 | NS      | $785299.20    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Pampa Energia SA                                         | PAMPA-SPON ADR            | CUSIP: 697660207<br>LEI: 254900QNIK0CVURGML24 | Long             | EC               | CORP              | AR        |      3300 | NS      | $228954.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Sailun Group Co Ltd.                                     | SAILUN GROUP - A          | CUSIP: Y74184105<br>LEI: 300300GF13IPLVWINQ61 | Long             | EC               | CORP              | CN        |    389200 | NS      | $712782.70    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Piramal Enterprises Ltd.                                 | PIRAMAL ENTERPRI          | CUSIP: Y6941N101<br>LEI: 335800XG9I3HZ2F1KQ73 | Long             | EC               | CORP              | IN        |     66295 | NS      | $884838.64    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Wal-Mart De Mexico                                       | WALMART DE MEXIC          | CUSIP: P98180188<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |     99000 | NS      | $327471.52    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Kaspi.Kz JSC                                             | JSC KASPI.KZ              | CUSIP: 48581R205<br>LEI: 2549003YU6FARG8OAZ13 | Long             | EC               | CORP              | KZ        |      2500 | NS      | $212225.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| BDO Unibank Inc.                                         | BDO Unibank Inc           | CUSIP: Y07775102<br>LEI: 3FGIIBS1PEI1FYQBGN97 | Long             | EC               | CORP              | PH        |     30287 | NS      | $82199.89     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Financiero Banorte S.A.B. de C.V.                  | GRUPO F BANORT-O          | CUSIP: P49501201<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |     39900 | NS      | $366072.79    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Alinma Bank                                              | ALINMA BANK               | CUSIP: M0R35G100<br>LEI: 558600HPAUTN6XSVBK93 | Long             | EC               | CORP              | SA        |     87266 | NS      | $624026.59    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Transportadora de Gas del Sur S.A.                       | TRANSPORT GA-ADR          | CUSIP: 893870204<br>LEI: 5299002TRC7IFQYSW596 | Long             | EC               | CORP              | AR        |      7600 | NS      | $196840.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Heath Ltd.                                        | GLOBAL HEALTH LT          | CUSIP: Y2R1K6136<br>LEI: 335800TEDV7GWBKTVO07 | Long             | EC               | CORP              | IN        |     51647 | NS      | $684873.76    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Wuxi Biologics (Cayman) Inc.                             | WUXI BIOLOGICS C          | CUSIP: G97008117<br>LEI: 5493001TD2TH6VDTJU11 | Long             | EC               | CORP              | KY        |    219000 | NS      | $715589.63    | 0.62%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Bank of the Philippine Islands                           | BANK PHILIPPINE           | CUSIP: Y0967S169<br>LEI: 549300UW4UH6XT2X8C50 | Long             | EC               | CORP              | PH        |     64200 | NS      | $148241.56    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.             | TSMC                      | CUSIP: Y84629107<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    296000 | NS      | $10733075.63  | 9.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Mavi Giyim Sanayi Ve Ticaret A                           | MAVI - CLASS B            | CUSIP: M68551114<br>LEI: 7890004V7753Z4N1L403 | Long             | EC               | CORP              | TR        |    177076 | NS      | $171036.79    | 0.15%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd.                              | Samsung Electronics Co Lt | CUSIP: Y74718118<br>LEI: 9884007ER46L6N7EI764 | Long             | EP               | CORP              | KR        |     20143 | NS      | $737342.30    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| XP Inc.                                                  | XP INC - CLASS A          | CUSIP: G98239109<br>LEI: 5493008KDA8NBZRJST80 | Long             | EC               | CORP              | KY        |     28800 | NS      | $581760.00    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Century Pacific Food Inc                                 | CENTURY PACIFIC           | CUSIP: Y1249R102<br>LEI: 254900NFV7QTJB821G52 | Long             | EC               | CORP              | PH        |    326600 | NS      | $233492.90    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Emami Ltd                                                | EMAMI LTD                 | CUSIP: Y22891124<br>LEI: 335800CCQHJCDEUS7G90 | Long             | EC               | CORP              | IN        |    107527 | NS      | $716953.70    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| BIM Birlesik Magaz                                       | BIM                       | CUSIP: M2014F102<br>LEI: 7890001GCDJQD8DJKE29 | Long             | EC               | CORP              | TR        |     11139 | NS      | $138405.25    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Malayan Banking Berhad                                   | Malayan Banking Bhd       | CUSIP: Y54671105<br>LEI: 5493004OT3TOY404V310 | Long             | EC               | CORP              | MY        |     70200 | NS      | $161628.29    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| SK Hynix Inc.                                            | SK HYNIX INC              | CUSIP: Y8085F100<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |      6194 | NS      | $1337500.18   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Samyang Foods Co., Ltd                                   | SAMYANG FOODS CO          | CUSIP: Y7498J105<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      1033 | NS      | $1065649.36   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| One 97 Communications Ltd.                               | ONE 97 COMMUNICA          | CUSIP: Y6425F111<br>LEI: 335800ZRHU5J6GSTMI23 | Long             | EC               | CORP              | IN        |     78015 | NS      | $840875.01    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| MediaTek Inc.                                            | MEDIATEK                  | CUSIP: Y5945U103<br>LEI: 254900UEGBK1I4DM4E14 | Long             | EC               | CORP              | TW        |     14000 | NS      | $598638.52    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI Bank Ltd.                                          | ICICI BANK LTD            | CUSIP: Y3860Z132<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |     81218 | NS      | $1369751.78   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| King Slide Works                                         | KING SLIDE WORKS          | CUSIP: Y4771C113<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     12000 | NS      | $835357.30    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanwha Aerospace Co Ltd                                  | HANWHA AEROSPACE          | CUSIP: Y7470L102<br>LEI: 9884001NSUA8FQKQWR25 | Long             | EC               | CORP              | KR        |       266 | NS      | $166808.16    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi National Bank (the)                                | SAUDI NATIONAL B          | CUSIP: M7S2CL107<br>LEI: 5586006ZEFQ542K7CY16 | Long             | EC               | CORP              | SA        |    104793 | NS      | $1009204.70   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| East Pipes Integrated Company for Industry               | EAST PIPES INTEG          | CUSIP: M2R260102<br>LEI: N/A                  | Long             | EC               | CORP              | SA        |      7822 | NS      | $263611.37    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Triveni Turbine Ltd.                                     | TRIVENI TURBINE           | CUSIP: Y89735107<br>LEI: 335800CN8OF2ECX4NK89 | Long             | EC               | CORP              | IN        |    123505 | NS      | $882341.16    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Yantai Jereh Oilfield Services Group Co Ltd.             | YANTAI JEREH-A            | CUSIP: Y9729Z106<br>LEI: 300300QPHWK638H2EU20 | Long             | EC               | CORP              | CN        |    158500 | NS      | $774368.71    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Merida Industry Co Ltd.                                  | MERIDA INDUSTRY           | CUSIP: Y6020B101<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     96000 | NS      | $338247.87    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Elecon Engineering                                       | ELECON ENGINEER           | CUSIP: Y2R72B116<br>LEI: 335800H65LT1IKZEIF87 | Long             | EC               | CORP              | IN        |     97858 | NS      | $747343.11    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Robina Corp.                                   | Universal Robina Corp     | CUSIP: Y9297P100<br>LEI: N/A                  | Long             | EC               | CORP              | PH        |    109320 | NS      | $173882.88    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Standard Bank Group Ltd.                                 | STANDARD BANK GR          | CUSIP: S80605140<br>LEI: 2549003PEZXUT7MDBU41 | Long             | EC               | CORP              | ZA        |     14067 | NS      | $180792.75    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| United International Transportation Co                   | UNITED INTERNATI          | CUSIP: M95429102<br>LEI: N/A                  | Long             | EC               | CORP              | SA        |     16816 | NS      | $324608.97    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Kotak Mahindra Bank Ltd.                                 | KOTAK MAHINDRA            | CUSIP: Y4964H150<br>LEI: 335800E6GTTXKHXE2I75 | Long             | EC               | CORP              | IN        |     29899 | NS      | $754561.99    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Mayora Indah                                             | MAYORA INDAH              | CUSIP: Y7129D105<br>LEI: 529900RM3VNQRMDJ7M38 | Long             | EC               | CORP              | ID        |   1348800 | NS      | $173668.80    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Lig Nex1 Co Ltd                                          | LIG NEX1 CO LTD           | CUSIP: Y5277W107<br>LEI: 988400VTP0QVY3OIY652 | Long             | EC               | CORP              | KR        |      2496 | NS      | $996731.40    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Metlen Energy & Metals SA                                | METLEN ENERGY &           | CUSIP: X56014131<br>LEI: 213800KT8MEUJEJ2KW41 | Long             | EC               | CORP              | GR        |      4183 | NS      | $226739.29    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Smartfit Escola De Ginastica E Danca S.A.                | SMARTFIT- ORD             | CUSIP: P8T12R101<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    145600 | NS      | $663949.50    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Alpha Bank S.A.                                          | ALPHA BANK SA             | CUSIP: X0085P163<br>LEI: 213800DBQIB6VBNU5C64 | Long             | EC               | CORP              | GR        |     71477 | NS      | $251727.01    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Raiffeisen Bank International AG                         | RAIFFEISEN BANK           | CUSIP: A7111G104<br>LEI: 9ZHRYM6F437SQJ6OUG95 | Long             | EC               | CORP              | AT        |      9062 | NS      | $276236.23    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Powszechny Zaklad Ubezpieczen SA                         | Powszechny Zaklad Ubezpie | CUSIP: X6919T107<br>LEI: QLPCKOOKVX32FUELX240 | Long             | EC               | CORP              | PL        |     13141 | NS      | $229705.89    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| CP All Public Co Ltd.                                    | CP ALL PCL-F              | CUSIP: Y1772K169<br>LEI: 894500LSBZLM09TY1A91 | Long             | EC               | CORP              | TH        |    106100 | NS      | $143895.45    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Contemporary Amperex Technology Co Ltd.                  | CONTEMPORARY A-A          | CUSIP: Y1R48E105<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |     21300 | NS      | $749910.80    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Powszechna Kasa Oszczednosci Bank Polski SA              | PKOBP                     | CUSIP: X6919X108<br>LEI: P4GTT6GF1W40CVIMFR43 | Long             | EC               | CORP              | PL        |     10190 | NS      | $212728.73    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Asia Vital Components Co Ltd                             | ASIA VITAL                | CUSIP: Y0392D100<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     38000 | NS      | $965826.29    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Prio SA                                                  | PRIO SA                   | CUSIP: P7S19Q109<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     73700 | NS      | $573965.15    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Mobile World Investment Corporation                      | MOBILE WORLD INV          | CUSIP: Y604K2105<br>LEI: 254900ZRFNB8CRAHHO95 | Long             | EC               | CORP              | VN        |    109600 | NS      | $274807.64    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi Telecom Company                                    | SAUDI TELECOM CO          | CUSIP: M8T596104<br>LEI: 21380028ATJ79OTA9W17 | Long             | EC               | CORP              | SA        |     24840 | NS      | $281739.88    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Joint Stock Commercial Bank For Foreign Trade Of Vietnam | BANK FOR FOREIGN          | CUSIP: Y444A7106<br>LEI: 2549004TS5QUBFGAWE51 | Long             | EC               | CORP              | VN        |    112400 | NS      | $245255.14    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Colbun S.A.                                              | COLBUN SA                 | CUSIP: P2867K130<br>LEI: 5493003VQJLE2QB8IF36 | Long             | EC               | CORP              | CL        |   1717470 | NS      | $276323.84    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Xiaomi Corp.                                             | XIAOMI CORP-CLASS B       | CUSIP: G9830T106<br>LEI: 2549001ACVFAZRNMKL32 | Long             | EC               | CORP              | KY        |     60600 | NS      | $462801.08    | 0.40%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Suzano S A                                               | SUZANO SA                 | CUSIP: P8T20U187<br>LEI: 391200AW174YQSDMGG41 | Long             | EC               | CORP              | BR        |     49000 | NS      | $462218.21    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| China State Construction Engineering Corp Ltd.           | CHINA STATE -A            | CUSIP: Y1R16Z106<br>LEI: 300300CWW8WOEV3BR645 | Long             | EC               | NUSS              | CN        |    953880 | NS      | $768280.91    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| BizLink Holding Inc.                                     | BIZLINK HOLDING           | CUSIP: G11474106<br>LEI: 213800YAKRFVU5XOX138 | Long             | EC               | CORP              | KY        |     42000 | NS      | $1218349.13   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Cosmax Inc.                                              | COSMAX INC                | CUSIP: Y1R696106<br>LEI: 988400ZU10J4AP3M4Y14 | Long             | EC               | CORP              | KR        |      4813 | NS      | $994803.88    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Localiza Rent a Car SA                                   | LOCALIZA                  | CUSIP: P6330Z111<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     70500 | NS      | $529194.35    | 0.46%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Bank Rakyat Indonesia (Persero) Tbk                      | BANK RAKYAT INDO          | CUSIP: Y0697U112<br>LEI: 254900HB6S4B12GBNP64 | Long             | EC               | CORP              | ID        |    615700 | NS      | $141862.86    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Adnoc Gas                                                | ADNOC GAS PLC             | CUSIP: M0R823101<br>LEI: 254900O5NS03BDOOM362 | Long             | EC               | CORP              | AE        |    374672 | NS      | $348883.21    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| BGF Retail Co Ltd.                                       | BGF RETAIL CO LT          | CUSIP: Y0R8SQ109<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      4192 | NS      | $375099.46    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Plaza Hotel Public Co Ltd.                       | CENTRAL PLAZA-F           | CUSIP: Y12431220<br>LEI: N/A                  | Long             | EC               | CORP              | TH        |    230600 | NS      | $172009.99    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| HD Hyundai Heavy Industries Co Ltd.                      | HD HYUNDAI HEAVY          | CUSIP: Y3838M122<br>LEI: 988400CAR8W9URQLGF30 | Long             | EC               | CORP              | KR        |      2298 | NS      | $728183.19    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| State Bank of India                                      | STATE BANK IND            | CUSIP: Y8155P103<br>LEI: 5493001JZ37UBBZF6L49 | Long             | EC               | CORP              | IN        |     83057 | NS      | $794798.03    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| AZZAS 2154 S.A.                                          | AZZAS 2154 SA             | CUSIP: P0R0NH101<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     40900 | NS      | $324168.31    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Alfa SAB de CV                                           | ALFA SAB-A                | CUSIP: P0156P117<br>LEI: 549300ZCGJ6T8YDJ4M34 | Long             | EC               | CORP              | MX        |    702700 | NS      | $518568.77    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| CS Wind Corp                                             | CS WIND                   | CUSIP: Y1R23X102<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      9776 | NS      | $339057.87    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| NAVER Corp.                                              | NAVER CORP                | CUSIP: Y62579100<br>LEI: 988400ULUQYDB2HQYJ61 | Long             | EC               | CORP              | KR        |      1902 | NS      | $369215.24    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Mandiri (Persero) Tbk PT                            | BANK MANDIRI              | CUSIP: Y7123S108<br>LEI: 549300RSKQN4Z5ZSGH94 | Long             | EC               | CORP              | ID        |    602100 | NS      | $181015.77    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Chemical Works Of Gedeon Richter                         | RICHTER GEDEON NYRT       | CUSIP: X3124S107<br>LEI: 549300J6ZJW5IH4WEE46 | Long             | EC               | CORP              | HU        |      2861 | NS      | $84333.09     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Hong Kong Exchanges & Clearing Ltd.                      | HKEX                      | CUSIP: Y3506N139<br>LEI: 213800YTVSXYQN17BW16 | Long             | EC               | CORP              | HK        |     20400 | NS      | $1088352.04   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Tofas Turk Otomobil Fabrikasi As                         | TOFAS                     | CUSIP: M87892101<br>LEI: 789000YSTNETKLRWHT29 | Long             | EC               | CORP              | TR        |     42537 | NS      | $209597.65    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| China Merchants Bank Co Ltd.                             | CM BANK-H                 | CUSIP: Y14896115<br>LEI: 549300MKO5B60FFIHF58 | Long             | EC               | CORP              | CN        |    263500 | NS      | $1841152.69   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| APL Apollo Tubes Ltd.                                    | APL APOLLO TUBES          | CUSIP: Y0181Q148<br>LEI: 335800ZU4GXSB7Q4IU95 | Long             | EC               | CORP              | IN        |     41959 | NS      | $851198.88    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Alchip Technologies Ltd.                                 | ALCHIP TECH               | CUSIP: G02242108<br>LEI: 529900HKE9RIY07SLX84 | Long             | EC               | CORP              | KY        |     10000 | NS      | $1058734.99   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanta Computer Inc.                                     | QUANTA COMPUTER           | CUSIP: Y7174J106<br>LEI: 529900DE8BIV3XOXIK04 | Long             | EC               | CORP              | TW        |     26000 | NS      | $244141.89    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Infosys Ltd.                                             | INFOSYS LTD               | CUSIP: Y4082C133<br>LEI: 335800TYLGG93MM7PR89 | Long             | EC               | CORP              | IN        |      8782 | NS      | $164090.37    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| KB Financial Group Inc.                                  | KB FINANCIAL GRO          | CUSIP: Y46007103<br>LEI: 529900TKE4MXG3Q6GW86 | Long             | EC               | CORP              | KR        |      6298 | NS      | $516504.37    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Naspers Limited                                          | NASPERS LTD-N             | CUSIP: S53435111<br>LEI: 21380044BQ8812EEKT59 | Long             | EC               | CORP              | ZA        |      2263 | NS      | $705019.06    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Meituan LLC                                              | MEITUAN-W                 | CUSIP: G59669104<br>LEI: 21380033K525E5JLIA77 | Long             | EC               | CORP              | KY        |     42600 | NS      | $679975.44    | 0.59%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Banco Del Bajio, S.A., Institucion De Banca              | BANCO DEL BAJIO SA        | CUSIP: P1R2ZN117<br>LEI: 4469000001BD95FFLY16 | Long             | EC               | CORP              | MX        |    214900 | NS      | $518705.98    | 0.45%             |  |  |  | Yes           |                  1 | On Loan: No      |
| SK Square Co Ltd                                         | SK SQUARE CO LTD          | CUSIP: Y8T6X4107<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      8633 | NS      | $1168295.30   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Greentown China Holdings Ltd.                            | GREENTOWN CHINA HOLDINGS  | CUSIP: G4100M105<br>LEI: 529900BLBC6YDNWS8530 | Long             | EC               | CORP              | HK        |   1085000 | NS      | $1306153.15   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Hubei Dinglong Co Ltd                                    | HUBEI DINGLONG-A          | CUSIP: Y3745B102<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    209100 | NS      | $837112.19    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-28

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

**Signature:** Rich Gleason

**Name of Signer:** Rich Gleason

**Title:** Treasurer