# EDGAR Filing Document

**Accession Number:** 0001537140
**File Stem:** 0000910472-25-000362
**Filing Date:** 2025-8
**Character Count:** 27350
**Document Hash:** f1da4a5d258676ac17f1ab5377bff531
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-000362.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0000910472-25-000362

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**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:** 251271361

**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

### Counterpoint Quantitative Equity ETF (Series ID: S000083027)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000246525 | Counterpoint Quantitative Equity ETF | CPAI            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **COUNTERPOINT HIGH YIELD TREND ETF** | **COUNTERPOINT HIGH YIELD TREND ETF** | **COUNTERPOINT HIGH YIELD TREND ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 99.8%** |  |
|  | **FIXED INCOME - 99.8%** |  |
| 1630226 | iShares Broad USD High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp; $61149777 |
| 569649 | iShares iBoxx High Yield Corporate Bond ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 45942192 |
| 472367 | SPDR Bloomberg High Yield Bond ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 45947138 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $148,689,403)** | &nbsp;&nbsp; 153039107 |
|  | **SHORT-TERM INVESTMENTS — 30.6%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 30.6%** |  |
| 46967106 | Fidelity Investments Money Market Government Portfolio, Institutional Class, 4.27% (Cost $46,967,106)<sup>(b),(c)</sup> | &nbsp;&nbsp;&nbsp; 46967106 |
|  | **TOTAL INVESTMENTS - 130.4% (Cost $195,656,509)** | &nbsp;&nbsp;&nbsp; $200006213 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (30.4)%** | &nbsp;&nbsp; (46683994) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $153322219 |

---

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

---

| | |
|:---|:---|
| <sup>(a)</sup><br> <sup>(b)</sup> | All or a portion of the security is on loan. The total fair value of the securities on loan as of June 30, 2025 was $46,209,673.<br> Security was purchased with cash received as collateral for securities on loan at June 30, 2025. Total collateral had a value of $46,967,106 at June 30, 2025. |
| <sup>(b)</sup> | Rate disclosed is the seven day effective yield as of June 30, 2025. |

---

---

| | | |
|:---|:---|:---|
| **COUNTERPOINT QUANTITATIVE EQUITY ETF** | **COUNTERPOINT QUANTITATIVE EQUITY ETF** | **COUNTERPOINT QUANTITATIVE EQUITY ETF** |
| **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 — 99.6%** |  |
|  | **AEROSPACE & DEFENSE - 6.2%** |  |
| 4364 | Elbit Systems Ltd. | &nbsp;&nbsp;&nbsp; $1961618 |
| 10647 | Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp; 1981726 |
| 42651 | Leonardo DRS, Inc. | &nbsp;&nbsp;&nbsp; 1982418 |
|  |  | &nbsp;&nbsp; 5925762 |
|  | **AUTOMOTIVE - 2.0%** |  |
| 109566 | Dana, Inc. | &nbsp;&nbsp;&nbsp; 1879057 |
|  | **COMMERCIAL SUPPORT SERVICES - 1.9%** |  |
| 89743 | AMN Healthcare Services, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1854988 |
|  | **CONSUMER SERVICES - 2.0%** |  |
| 82889 | Laureate Education, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1937945 |
|  | **ELECTRIC UTILITIES - 3.8%** |  |
| 11624 | NRG Energy, Inc. | &nbsp;&nbsp;&nbsp; 1866582 |
| 223905 | XPLR Infrastructure, L.P. | &nbsp;&nbsp;&nbsp; 1836021 |
|  |  | &nbsp;&nbsp; 3702603 |
|  | **ENGINEERING & CONSTRUCTION - 2.0%** |  |
| 7882 | Dycom Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1926282 |
|  | **ENTERTAINMENT CONTENT - 3.9%** |  |
| 33204 | Fox Corporation, Class A | &nbsp;&nbsp;&nbsp; 1860752 |
| 17869 | ROBLOX Corporation, Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1879819 |
|  |  | &nbsp;&nbsp; 3740571 |
|  | **HEALTH CARE FACILITIES & SERVICES - 10.0%** |  |
| 11374 | Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp; 1910832 |
| 6359 | Cencora, Inc. | &nbsp;&nbsp;&nbsp; 1906746 |
| 35213 | Centene Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1911363 |
| 15523 | Encompass Health Corporation | &nbsp;&nbsp;&nbsp; 1903585 |
| 2607 | McKesson Corporation | &nbsp;&nbsp;&nbsp; 1910357 |
|  |  | &nbsp;&nbsp; 9542883 |
|  | **INDUSTRIAL INTERMEDIATE PROD - 2.0%** |  |
| 23906 | Mueller Industries, Inc. | &nbsp;&nbsp;&nbsp; 1899810 |

---

---

| | | |
|:---|:---|:---|
| **COUNTERPOINT QUANTITATIVE EQUITY ETF** | **COUNTERPOINT QUANTITATIVE EQUITY ETF** | **COUNTERPOINT QUANTITATIVE EQUITY ETF** |
| **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 — 99.6% (Continued)** |  |
|  | **INSURANCE - 14.1%** |  |
| 18368 | Axis Capital Holdings Ltd. | &nbsp;&nbsp;&nbsp; $1906966 |
| 241242 | Genworth Financial, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1876863 |
| 82039 | Heritage Insurance Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2046052 |
| 28899 | Mercury General Corporation | &nbsp;&nbsp;&nbsp; 1946059 |
| 49888 | Old Republic International Corporation | &nbsp;&nbsp;&nbsp; 1917695 |
| 12292 | Palomar Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1896041 |
| 23702 | Unum Group | &nbsp;&nbsp;&nbsp; 1914174 |
|  |  | &nbsp;&nbsp; 13503850 |
|  | **INTERNET MEDIA & SERVICES - 2.0%** |  |
| 6657 | VeriSign, Inc. | &nbsp;&nbsp;&nbsp; 1922542 |
|  | **LEISURE FACILITIES & SERVICES - 2.0%** |  |
| 178506 | Super Group SGHC Ltd. | &nbsp;&nbsp;&nbsp; 1958210 |
|  | **METALS & MINING - 8.0%** |  |
| 40933 | Anglogold Ashanti PLC | &nbsp;&nbsp;&nbsp; 1865317 |
| 126019 | Hallador Energy Company<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1994880 |
| 10556 | Royal Gold, Inc. | &nbsp;&nbsp;&nbsp; 1877279 |
| 150566 | SSR Mining, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1918211 |
|  |  | &nbsp;&nbsp; 7655687 |
|  | **OIL & GAS PRODUCERS - 13.7%** |  |
| 66612 | Comstock Resources, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1843154 |
| 64512 | Excelerate Energy, Inc., Class A | &nbsp;&nbsp;&nbsp; 1891492 |
| 15920 | Expand Energy Corporation | &nbsp;&nbsp;&nbsp; 1861685 |
| 9208 | Gulfport Energy Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1852373 |
| 65480 | Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp; 1925112 |
| 36767 | MPLX, L.P. | &nbsp;&nbsp;&nbsp; 1893868 |
| 30124 | Williams Companies, Inc. (The) | &nbsp;&nbsp;&nbsp; 1892088 |
|  |  | &nbsp;&nbsp; 13159772 |
|  | **RETAIL - CONSUMER STAPLES - 2.0%** |  |
| 19568 | Walmart, Inc. | &nbsp;&nbsp;&nbsp; 1913359 |

---

---

| | | |
|:---|:---|:---|
| **COUNTERPOINT QUANTITATIVE EQUITY ETF** | **COUNTERPOINT QUANTITATIVE EQUITY ETF** | **COUNTERPOINT QUANTITATIVE EQUITY ETF** |
| **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 — 99.6% (Continued)** |  |
|  | **RETAIL - DISCRETIONARY - 2.0%** |  |
| 21407 | O'Reilly Automotive, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $1929413 |
|  | **SOFTWARE - 9.9%** |  |
| 98388 | AvePoint, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1899872 |
| 24967 | Nutanix, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1908477 |
| 6691 | Veeva Systems, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1926875 |
| 223279 | Yext, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1897872 |
| 24363 | Zoom Communications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1899827 |
|  |  | &nbsp;&nbsp; 9532923 |
|  | **TECHNOLOGY HARDWARE - 4.0%** |  |
| 27261 | Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp; 1891368 |
| 8698 | Jabil, Inc. | &nbsp;&nbsp;&nbsp; 1897034 |
|  |  | &nbsp;&nbsp; 3788402 |
|  | **TELECOMMUNICATIONS - 6.1%** |  |
| 67376 | AT&T, Inc. | &nbsp;&nbsp;&nbsp; 1949861 |
| 52363 | Millicom International Cellular S.A. | &nbsp;&nbsp;&nbsp; 1962041 |
| 8160 | T-Mobile US, Inc. | &nbsp;&nbsp;&nbsp; 1944202 |
|  |  | &nbsp;&nbsp; 5856104 |
|  | **TOBACCO & CANNABIS - 2.0%** |  |
| 10446 | Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp; 1902530 |
|  | **TOTAL COMMON STOCKS (Cost $92,467,809)** | &nbsp;&nbsp; 95532693 |
|  | **TOTAL INVESTMENTS - 99.6% (Cost $92,467,809)** | &nbsp;&nbsp;&nbsp; $95532693 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.4%** | &nbsp;&nbsp; 374202 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $95906895 |

---

---

| | |
|:---|:---|
| L.P. | - Limited Partnership |
| Ltd. | - Limited Company |
| PLC | - Public Limited Company |
| S.A. | - Société Anonyme |

---

<sup>(a)</sup> Non-income producing 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:** Counterpoint Quantitative Equity ETF

- **b. EDGAR series identifier (if any):** S000083027

- **c. LEI of Series:** 529900V91WU1089XRL02

**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:** $96212790.84

**Total Liabilities:** $305895.37

**Net Assets:** $95906895.47

**Cash Not Reported:** $397229.72

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000246525 | -2.00%               | 6.16%                | 6.78%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-1015928.73                               |
| Month 2  | $0.00                    | $4315969.44                                |
| Month 3  | $6661524.61              | $-968130.42                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Leonardo DRS Inc                       | LEONARDO DRS INC   | CUSIP: 52661A108<br>LEI: 549300HMMEWVG3PPQU18 | Long             | EC               | CORP              | US        |     42651 | NS      | $1982418.48   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Genworth Financial Inc.                | GENWORTH FINANCI   | CUSIP: 37247D106<br>LEI: 549300EMCG286BDNKJ33 | Long             | EC               | CORP              | US        |    241242 | NS      | $1876862.76   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| AXIS Capital Holdings Limited          | AXIS CAPITAL       | CUSIP: G0692U109<br>LEI: 635400VD2NQBYAHMEM55 | Long             | EC               | CORP              | BM        |     18368 | NS      | $1906965.76   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Unum Group                             | UNUM GROUP         | CUSIP: 91529Y106<br>LEI: 549300E32YFDO6TZ8R31 | Long             | EC               | CORP              | US        |     23702 | NS      | $1914173.52   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corporation           | ENCOMPASS HEALTH   | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |     15523 | NS      | $1903585.49   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercury General Corporation            | MERCURY GEN CORP   | CUSIP: 589400100<br>LEI: 5493001Q9EXPCEL4W527 | Long             | EC               | CORP              | US        |     28899 | NS      | $1946058.66   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Nutanix Inc                            | NUTANIX INC - A    | CUSIP: 67059N108<br>LEI: 549300X7J6E8TKVIXW09 | Long             | EC               | CORP              | US        |     24967 | NS      | $1908477.48   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| AMN Healthcare Services Inc            | AMN HEALTHCARE     | CUSIP: 001744101<br>LEI: 529900W3ARRTCNFH2I39 | Long             | EC               | CORP              | US        |     89743 | NS      | $1854987.81   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health, Inc.                  | CARDINAL HEALTH    | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |     11374 | NS      | $1910832.00   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencora Inc                            | CENCORA INC        | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |      6359 | NS      | $1906746.15   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Hallador Energy Co                     | HALLADOR ENERGY CO | CUSIP: 40609P105<br>LEI: 254900GKEQRHOI2SSC19 | Long             | EC               | CORP              | US        |    126019 | NS      | $1994880.77   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Verisign, Inc.                         | VERISIGN INC       | CUSIP: 92343E102<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | EC               | CORP              | US        |      6657 | NS      | $1922541.60   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SSR Mining Inc                         | SSR MINING INC     | CUSIP: 784730103<br>LEI: 549300JD2KR7AB9DYJ38 | Long             | EC               | CORP              | CA        |    150566 | NS      | $1918210.84   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Republic International Corporation | OLD REPUB INTL     | CUSIP: 680223104<br>LEI: 549300IV6O2YY2A1KH37 | Long             | EC               | CORP              | US        |     49888 | NS      | $1917694.72   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Dana Inc.                              | DANA INC           | CUSIP: 235825205<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | EC               | CORP              | US        |    109566 | NS      | $1879056.90   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive Inc.               | O'REILLY AUTOMOT   | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |     21407 | NS      | $1929412.91   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Howmet Aerospace Inc                   | HOWMET AEROSPACE   | CUSIP: 443201108<br>LEI: 549300HO5WFZUT5N2T22 | Long             | EC               | CORP              | US        |     10647 | NS      | $1981726.11   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc.       | PHILIP MORRIS IN   | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |     10446 | NS      | $1902529.98   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Expand Energy Corp.                    | EXPAND ENERGY CO   | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |     15920 | NS      | $1861684.80   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| MPLX LP                                | MPLX LP            | CUSIP: 55336V100<br>LEI: 5493000CZJ19CK4P3G36 | Long             | EC               | CORP              | US        |     36767 | NS      | $1893868.17   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Comstock Resources, Inc.               | COMSTOCK RES INC   | CUSIP: 205768302<br>LEI: I03QQGEA4SS774AURI46 | Long             | EC               | CORP              | US        |     66612 | NS      | $1843154.04   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Palomar Holdings Inc                   | PALOMAR HOLDINGS   | CUSIP: 69753M105<br>LEI: 549300DOI1MUW11BLX74 | Long             | EC               | CORP              | US        |     12292 | NS      | $1896041.00   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Heritage Insurance Holdings Inc        | HERITAGE INSURAN   | CUSIP: 42727J102<br>LEI: 9845008CCYDD87F66B45 | Long             | EC               | CORP              | US        |     82039 | NS      | $2046052.66   | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Excelerate Energy Inc.                 | EXCELERATE ENE-A   | CUSIP: 30069T101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     64512 | NS      | $1891491.84   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Laureate Education, Inc.               | LAUREATE EDUCATI   | CUSIP: 518613203<br>LEI: 5JL7TMOH5TY3IUYSUP91 | Long             | EC               | CORP              | US        |     82889 | NS      | $1937944.82   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Mckesson Corp.                         | MCKESSON CORP      | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      2607 | NS      | $1910357.46   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| XPLR Infrastructure LP                 | XPLR INFRASTRUCT   | CUSIP: 65341B106<br>LEI: 5493008F4ZOQFNG3WN54 | Long             | EC               | CORP              | US        |    223905 | NS      | $1836021.00   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Centene Corp.                          | CENTENE CORP       | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |     35213 | NS      | $1911361.64   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems, Inc.                    | CISCO SYSTEMS      | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     27261 | NS      | $1891368.18   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Roblox Corporation                     | ROBLOX CORP - A    | CUSIP: 771049103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17869 | NS      | $1879818.80   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Mueller Industries Inc.                | MUELLER INDS       | CUSIP: 624756102<br>LEI: 5493005IZFE4VJLLYG84 | Long             | EC               | CORP              | US        |     23906 | NS      | $1899809.82   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan, Inc.                    | KINDER MORGAN IN   | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |     65480 | NS      | $1925112.00   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeva Systems Inc                      | VEEVA SYSTEMS-A    | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |      6691 | NS      | $1926874.18   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy, Inc.                       | NRG ENERGY         | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |     11624 | NS      | $1866581.92   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                            | WALMART INC        | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     19568 | NS      | $1913359.04   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Gulfport Energy Operating Corp.        | GULFPORT ENERGY    | CUSIP: 402635502<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9208 | NS      | $1852373.36   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Elbit Systems Ltd                      | ELBIT SYSTEMS      | CUSIP: M3760D101<br>LEI: 529900Q9CB1REUMZSS32 | Long             | EC               | CORP              | IL        |      4364 | NS      | $1961618.00   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Dycom Industries, Inc.                 | DYCOM INDS         | CUSIP: 267475101<br>LEI: 549300F56EKTHQI3WT60 | Long             | EC               | CORP              | US        |      7882 | NS      | $1926281.98   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Gold, Inc.                       | ROYAL GOLD INC     | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |     10556 | NS      | $1877279.04   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| AvePoint Inc.                          | AVEPOINT INC       | CUSIP: 053604104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     98388 | NS      | $1899872.28   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                        | T-MOBILE US INC    | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |      8160 | NS      | $1944201.60   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoom Communications Inc.               | ZOOM COMMUNICATI   | CUSIP: 98980L101<br>LEI: 549300T9GCHU0ODOM055 | Long             | EC               | CORP              | US        |     24363 | NS      | $1899826.74   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Super Group Sghc Limited               | SUPER GROUP SGHC   | CUSIP: G8588X103<br>LEI: N/A                  | Long             | EC               | CORP              | GG        |    178506 | NS      | $1958210.82   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Corporation                        | FOX CORP - A       | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |     33204 | NS      | $1860752.16   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Companies Inc. (The)          | WILLIAMS COS INC   | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |     30124 | NS      | $1892088.44   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglogold Ashanti PLC                  | ANGLOGOLD ASHANT   | CUSIP: G0378L100<br>LEI: 2138005YDSA7A82RNU96 | Long             | EC               | CORP              | GB        |     40933 | NS      | $1865316.81   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Yext Inc                               | YEXT INC           | CUSIP: 98585N106<br>LEI: 5299008ZQSBBVH7K0589 | Long             | EC               | CORP              | US        |    223279 | NS      | $1897871.50   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Jabil Inc                              | JABIL INC          | CUSIP: 466313103<br>LEI: 5493000CGCQY2OQU7669 | Long             | EC               | CORP              | US        |      8698 | NS      | $1897033.80   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Millicom International Cellular SA     | MILLICOM INTL      | CUSIP: L6388F110<br>LEI: 549300CTHC1CP86P2G96 | Long             | EC               | CORP              | LU        |     52363 | NS      | $1962041.61   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                               | AT&T INC           | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |     67376 | NS      | $1949861.44   | 2.03%             |  |  |  | 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