# EDGAR Filing Document

**Accession Number:** 0001537140
**File Stem:** 0001752724-23-047555
**Filing Date:** 2023-2
**Character Count:** 56202
**Document Hash:** e3584d5836fedcdfe1d4b8c87b08e679
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-047555.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-047555

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230331

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22655
- **FILM NUMBER:** 23684996

**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

### Centerstone Investors Fund (Series ID: S000070944)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000225290 | Centerstone Investors Fund Class I | CENTX           |
| C000225291 | Centerstone Investors Fund Class A | CETAX           |
| C000225292 | Centerstone Investors Fund Class C | CENNX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **CENTERSTONE INVESTORS FUND** | **CENTERSTONE INVESTORS FUND** | **CENTERSTONE INVESTORS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 66.2%** |  |
|  | **Bermuda - 0.8%** |  |
| 1660413 | PAX Global Technology Ltd. | &nbsp;&nbsp;&nbsp; $1429187 |
|  | **Canada - 4.1%** |  |
| 15394 | Franco-Nevada Corporation | &nbsp;&nbsp;&nbsp; 2100972 |
| 497052 | Jaguar Mining, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 991204 |
| 89400 | Quebecor, Inc., Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1994077 |
| 55809 | TC Energy Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2225023 |
|  |  | &nbsp;&nbsp; 7311276 |
|  | **Cayman Islands - 2.6%** |  |
| 108000 | Baidu, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 1540136 |
| 1814018 | NagaCorp Ltd.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 1593948 |
| 40000 | Tencent Holdings Ltd. - ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1694400 |
|  |  | &nbsp;&nbsp; 4828484 |
|  | **Chile - 1.7%** |  |
| 174349 | Cia Cervecerias Unidas S.A. - ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2287459 |
| 102546552 | Vina San Pedro Tarapaca S.A. | &nbsp;&nbsp;&nbsp; 712456 |
|  |  | &nbsp;&nbsp; 2999915 |
|  | **Denmark - 2.5%** |  |
| 215985 | ISS A/S<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 4572273 |
|  | **Finland - 1.9%** |  |
| 409783 | Wartsila OYJ Abp | &nbsp;&nbsp;&nbsp; 3456374 |
|  | **France - 8.3%** |  |
| 35253 | Air Liquide S.A. | &nbsp;&nbsp;&nbsp; 5005185 |
| 28271 | Eiffage S.A. | &nbsp;&nbsp;&nbsp; 2781706 |
| 9800 | Schneider Electric S.E. | &nbsp;&nbsp;&nbsp; 1376682 |
| 20063 | Sodexo S.A. | &nbsp;&nbsp;&nbsp; 1920186 |
| 46840 | Ubisoft Entertainment S.A.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 1323676 |
| 60640 | Worldline S.A.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 2375541 |
|  |  | &nbsp;&nbsp; 14782976 |
|  | **Germany - 2.0%** |  |
| 46450 | Fraport A.G. Frankfurt Airport Services Worldwide<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 1881690 |

---

---

| | | |
|:---|:---|:---|
| **CENTERSTONE INVESTORS FUND** | **CENTERSTONE INVESTORS FUND** | **CENTERSTONE INVESTORS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 66.2% (Continued)** |  |
|  | **Germany - 2.0% (Continued)** |  |
| 33200 | Porsche Automobil Holding S.E. | &nbsp;&nbsp;&nbsp; $1811149 |
|  |  | &nbsp;&nbsp; 3692839 |
|  | **Indonesia - 0.7%** |  |
| 1160445 | Gudang Garam Tbk P.T. | &nbsp;&nbsp;&nbsp; 1346235 |
|  | **Ireland - 1.6%** |  |
| 41853 | Perrigo Company PLC | &nbsp;&nbsp;&nbsp; 1426769 |
| 118000 | Ryanair Holdings plc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 1538131 |
|  |  | &nbsp;&nbsp; 2964900 |
|  | **Israel - 0.8%** |  |
| 209400 | ICL Group Ltd. | &nbsp;&nbsp;&nbsp; 1512538 |
|  | **Japan - 5.4%** |  |
| 93334 | Aica Kogyo Company Ltd. | &nbsp;&nbsp;&nbsp; 2207261 |
| 7896 | FANUC Corporation | &nbsp;&nbsp;&nbsp; 1181420 |
| 145751 | Nagaileben Company Ltd. | &nbsp;&nbsp;&nbsp; 2204263 |
| 114905 | Sekisui Jushi Corporation | &nbsp;&nbsp;&nbsp; 1626294 |
| 6102 | Shimano, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 964077 |
| 68000 | T Hasegawa Company Ltd. | &nbsp;&nbsp;&nbsp; 1499780 |
|  |  | &nbsp;&nbsp; 9683095 |
|  | **Korea (Republic Of) - 0.9%** |  |
| 33748 | S-1 Corporation | &nbsp;&nbsp;&nbsp; 1592742 |
|  | **Mexico - 1.5%** |  |
| 1040351 | Megacable Holdings S.A.B. de C.V. | &nbsp;&nbsp;&nbsp; 2769095 |
|  | **Netherlands - 1.3%** |  |
| 77956 | Koninklijke Vopak N.V. | &nbsp;&nbsp;&nbsp; 2319622 |
|  | **Singapore - 2.3%** |  |
| 267369 | Oversea-Chinese Banking Corporation Ltd. | &nbsp;&nbsp;&nbsp; 2431999 |
| 265000 | Singapore Exchange Ltd. | &nbsp;&nbsp;&nbsp; 1772025 |
|  |  | &nbsp;&nbsp; 4204024 |

---

---

| | | |
|:---|:---|:---|
| **CENTERSTONE INVESTORS FUND** | **CENTERSTONE INVESTORS FUND** | **CENTERSTONE INVESTORS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 66.2% (Continued)** |  |
|  | **Spain - 0.5%** |  |
| 35818 | Cia de Distribucion Integral Logista Holdings S.A. | &nbsp;&nbsp;&nbsp; $903482 |
|  | **Sweden - 2.2%** |  |
| 49774 | Loomis A.B. | &nbsp;&nbsp;&nbsp; 1364480 |
| 236100 | Mekonomen A.B. | &nbsp;&nbsp;&nbsp; 2546098 |
|  |  | &nbsp;&nbsp; 3910578 |
|  | **Switzerland - 1.2%** |  |
| 157140 | Softwareone Holding A.G. | &nbsp;&nbsp;&nbsp; 2230494 |
|  | **Thailand - 2.3%** |  |
| 451900 | Bangkok Bank PCL | &nbsp;&nbsp;&nbsp; 1929808 |
| 502930 | Siam City Cement PCL | &nbsp;&nbsp;&nbsp; 2229816 |
|  |  | &nbsp;&nbsp; 4159624 |
|  | **United Kingdom - 0.6%** |  |
| 891536 | Firstgroup plc | &nbsp;&nbsp;&nbsp; 1087266 |
|  | **United States - 21.0%** |  |
| 9799 | 3M Company | &nbsp;&nbsp;&nbsp; 1175096 |
| 11145 | Brunswick Corporation | &nbsp;&nbsp;&nbsp; 803332 |
| 3785 | Carlisle Companies, Inc. | &nbsp;&nbsp;&nbsp; 891935 |
| 8740 | CarMax, Inc.<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 532179 |
| 35892 | Dentsply Sirona, Inc. | &nbsp;&nbsp;&nbsp; 1142801 |
| 17557 | Emerson Electric Company | &nbsp;&nbsp;&nbsp; 1686526 |
| 10500 | FleetCor Technologies, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 1928640 |
| 52155 | Henry Schein, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 4165620 |
| 43000 | IAA, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 1720000 |
| 6094 | McDonald's Corporation | &nbsp;&nbsp;&nbsp; 1605952 |
| 16000 | Meta Platforms, Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 1925440 |
| 8116 | Mohawk Industries, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 829618 |
| 2986 | Neogen Corporation<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 45477 |
| 4327 | O'Reilly Automotive, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 3652117 |
| 270940 | PHI Group, Inc.<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 2573930 |
| 12000 | PNC Financial Services Group, Inc. (The) | &nbsp;&nbsp;&nbsp; 1895280 |
| 6900 | Ross Stores, Inc. | &nbsp;&nbsp;&nbsp; 800883 |

---

---

| | | |
|:---|:---|:---|
| **CENTERSTONE INVESTORS FUND** | **CENTERSTONE INVESTORS FUND** | **CENTERSTONE INVESTORS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 66.2% (Continued)** |  |
|  | **United States - 21.0% (Continued)** |  |
| 18795 | Scotts Miracle-Gro Company (The)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $913249 |
| 38512 | Sonoco Products Company | &nbsp;&nbsp;&nbsp; 2338064 |
| 45000 | Truist Financial Corporation | &nbsp;&nbsp;&nbsp; 1936350 |
| 32000 | US Bancorp | &nbsp;&nbsp;&nbsp; 1395520 |
| 11000 | Walmart, Inc. | &nbsp;&nbsp;&nbsp; 1559690 |
| 4017 | WW Grainger, Inc. | &nbsp;&nbsp;&nbsp; 2234456 |
|  |  | &nbsp;&nbsp; 37752155 |
|  | **TOTAL COMMON STOCKS (Cost $121,639,279)** | &nbsp;&nbsp; 119509174 |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 5.4%** |  |
|  | **United States - 5.4%** |  |
| 57027 | SPDR Gold Shares<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 9674060 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $7,079,629)** | &nbsp;&nbsp; 9674060 |
| **Shares** |  | **Fair Value** |
|  | **PREFERRED STOCKS — 2.9%** |  |
|  | **United States - 2.9%** |  |
| 100000 | Bank of America Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1881000 |
| 98132 | JPMorgan Chase & Company<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1712403 |
| 100000 | Wells Fargo & Company | &nbsp;&nbsp;&nbsp; 1647000 |
|  |  | &nbsp;&nbsp; 5240403 |
|  | **TOTAL PREFERRED STOCKS (Cost $6,218,887)** | &nbsp;&nbsp; 5240403 |
| **Shares** |  | **Fair Value** |
|  | **PRIVATE INVESTMENT FUNDS — 2.8%** |  |
|  | **United States - 2.8%** |  |
| 2691200 | Coast Capital Midas Fund LP<sup>(b),(c),(d),(e),(f)</sup> | &nbsp;&nbsp;&nbsp; 4976029 |
|  | **TOTAL PRIVATE INVESTMENT FUNDS (Cost $4,800,000)** | &nbsp;&nbsp; 4976029 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CENTERSTONE INVESTORS FUND** | **CENTERSTONE INVESTORS FUND** | **CENTERSTONE INVESTORS FUND** | **CENTERSTONE INVESTORS FUND** | **CENTERSTONE INVESTORS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 3.0%** |  |  |  |
|  | **Ireland** — **1.3%** |  |  |  |
| 2,500,000 USD | Perrigo Finance Unlimited Company | 3.9000 | &nbsp;&nbsp;&nbsp;12/15/24 | $2362500 |
|  | **United States** — **1.7%** |  |  |  |
| 2,000,000 USD | Bath & Body Works, Inc. | 6.6940 | &nbsp;&nbsp;&nbsp;01/15/27 | 1985620 |
| 1,000,000 USD | IAA, Inc.<sup>(g)</sup> | 5.5000 | &nbsp;&nbsp;&nbsp;06/15/27 | 975614 |
|  |  |  |  | 2961234 |
|  | **TOTAL CORPORATE BONDS (Cost $5,458,689)** |  |  | 5323734 |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 8.2%** |  |  |  |
|  | **United States** — **8.2%** |  |  |  |
| 15,000,000 USD | United States Treasury Bill<sup>(h)</sup> |  | &nbsp;&nbsp;&nbsp;03/16/23 | 14875605 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $14,872,866)** |  |  | 14875605 |
| **Shares** |  |  |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 12.9%** |  |  |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 1.9%** |  |  |  |
| 3442995 | State Street Navigator Securities Lending Government Money Market Portfolio, Trust Class, 4.34% (Cost $3,442,995)<sup>(i),(j)</sup> |  |  | &nbsp;&nbsp;&nbsp; 3442995 |
|  | **MONEY MARKET FUNDS - 11.0%** |  |  |  |
| 19889812 | State Street Institutional Treasury Plus Money Market Fund, Trust Class, 4.08% (Cost $19,889,812)<sup>(i)</sup> |  |  | &nbsp;&nbsp;&nbsp; 19889812 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $23,332,807)** | **TOTAL SHORT-TERM INVESTMENTS (Cost $23,332,807)** |  | 23332807 |
|  | **TOTAL INVESTMENTS - 101.4% (Cost $183,402,157)** |  |  | &nbsp;&nbsp;&nbsp; $182931812 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (1.4)%** |  |  | &nbsp;&nbsp; (2545638) |
|  | **NET ASSETS - 100.0%** |  |  | &nbsp;&nbsp; $180386174 |

---

ADR - American Depositary Receipt <br> A/S - Anonim Sirketi

---

| | |
|:---|:---|
| LP | - Limited Partnership |
| LTD | - Limited Company |
| N.V. | - Naamioze Vennootschap |
| OYJ | - Julkinen osakeyhtiö |
| PLC | - Public Limited Company |
| P.T. | - Perseroan Terbatas |
| S.A. | - Société Anonyme |
| SPDR | - Standard & Poor's Depositary Receipt |

---

<sup>(a)</sup> Security, or a portion of the security, is out on loan at December 31, 2022. Total loaned securities had a value of $9,893,628 at December 31, 2022.

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

<sup>(c)</sup> Illiquid security. The total fair value of these securities as of December 31, 2022 was $4,976,029, representing 2.8% of net assets.

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

<sup>(e)</sup> Investment is valued using net asset value (or its equivalent) as a practical expedient. Total value of all such securities as December 31, 2022, amounted to $4,976,029, which represents approximately 2.8% of the net assets of the Fund. OceanaGold Corporation (a security traded on the Toronto Stock Exchange) is the only underlying holding of Coast Capital Midas Fund LP.

<sup>(f)</sup> Restricted security.

<sup>(g)</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 December 31, 2022 the total market value of 144A securities is $975,614 or 0.5% of net assets.

<sup>(h)</sup> Zero coupon bond.

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

<sup>(j)</sup> The loaned securities were secured with short-term investment cash collateral of $3,442,995 and non-cash collateral of $6,889,605. The non-cash collateral consists of short-term investments and long-term bonds and is held for benefit of the Fund at the Fund's custodian. The Fund cannot pledge or resell the collateral.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CENTERSTONE INVESTORS FUND** | **CENTERSTONE INVESTORS FUND** | **CENTERSTONE INVESTORS FUND** | **CENTERSTONE INVESTORS FUND** | **CENTERSTONE INVESTORS FUND** | **CENTERSTONE INVESTORS FUND** |  |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |  |
| **December 31, 2022 (Unaudited)** | **December 31, 2022 (Unaudited)** | **December 31, 2022 (Unaudited)** | **December 31, 2022 (Unaudited)** | **December 31, 2022 (Unaudited)** | **December 31, 2022 (Unaudited)** |  |
| <br> **FORWARD FOREIGN CURRENCY AND SPOT CONTRACTS** | <br> **FORWARD FOREIGN CURRENCY AND SPOT CONTRACTS** | <br> **FORWARD FOREIGN CURRENCY AND SPOT CONTRACTS** |  |  |  |  |
| |  |  |  |  |  | **Unrealized**<br> **Appreciation/(Depreciation)\*** |
| **Foreign Currency** | **Settlement Date** | **Counterparty** | **Local Currency Amount Purchased/Sold** | **U.S. Dollar Equivalent** | **U.S. Dollar Value at December 31, 2022** | **Unrealized**<br> **Appreciation/(Depreciation)\*** |
| **To Buy:** | | |  |  |  |  |
| Euro | 02/23/2023 | State Street Bank | &nbsp;&nbsp;15300000 | $15192365 | &nbsp;&nbsp;$16440095 | &nbsp;&nbsp;$1247730 |
|  |  |  |  | **$15192365** | &nbsp;&nbsp;**$16440095** | &nbsp;&nbsp;**$1247730** |
| **To Sell:** |  |  |  |  |  |  |
| Euro | 02/23/2023 | State Street Bank | &nbsp;&nbsp;15300000 | $15570420 | &nbsp;&nbsp;$16440095 | &nbsp;&nbsp;$(869675) |
|  |  |  |  | **$15570420** | &nbsp;&nbsp;**$16440095** | &nbsp;&nbsp;**$(869675)** |
| **Total** |  |  |  |  |  | &nbsp;&nbsp;**$378055** |

---

\* The amount represents fair value derivative instruments subject to foreign currency risk exposure as of December 31, 2022.

---

| | | |
|:---|:---|:---|
| **CENTERSTONE INTERNATIONAL FUND** | **CENTERSTONE INTERNATIONAL FUND** | **CENTERSTONE INTERNATIONAL FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 82.2%** |  |
|  | **Bermuda - 2.4%** |  |
| 453587 | PAX Global Technology Ltd. | &nbsp;&nbsp;&nbsp; $390421 |
|  | **Canada - 5.2%** |  |
| 99048 | Jaguar Mining, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 197518 |
| 10980 | Quebecor, Inc., Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 244910 |
| 10347 | TC Energy Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 412520 |
|  |  | &nbsp;&nbsp; 854948 |
|  | **Cayman Islands - 5.5%** |  |
| 17000 | Baidu, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 242429 |
| 437006 | NagaCorp Ltd.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 383990 |
| 6800 | Tencent Holdings Ltd. - ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 288048 |
|  |  | &nbsp;&nbsp; 914467 |
|  | **Chile - 5.2%** |  |
| 19627 | Cia Cervecerias Unidas S.A. - ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 257506 |
| 84677397 | Vina San Pedro Tarapaca S.A. | &nbsp;&nbsp;&nbsp; 588308 |
|  |  | &nbsp;&nbsp; 845814 |
|  | **Denmark - 4.1%** |  |
| 31301 | ISS A/S<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 662623 |
|  | **Finland - 3.0%** |  |
| 58060 | Wartsila OYJ Abp | &nbsp;&nbsp;&nbsp; 489715 |
|  | **France - 13.1%** |  |
| 3545 | Air Liquide S.A. | &nbsp;&nbsp;&nbsp; 503316 |
| 4851 | Eiffage S.A. | &nbsp;&nbsp;&nbsp; 477311 |
| 1280 | Schneider Electric S.E. | &nbsp;&nbsp;&nbsp; 179812 |
| 4294 | Sodexo S.A. | &nbsp;&nbsp;&nbsp; 410969 |
| 5914 | Ubisoft Entertainment S.A.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 167127 |
| 10005 | Worldline S.A.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 391941 |
|  |  | &nbsp;&nbsp; 2130476 |
|  | **Germany - 3.9%** |  |
| 7644 | Fraport A.G. Frankfurt Airport Services Worldwide<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 309659 |
| 5900 | Porsche Automobil Holding S.E. | &nbsp;&nbsp;&nbsp; 321860 |
|  |  | &nbsp;&nbsp; 631519 |

---

---

| | | |
|:---|:---|:---|
| **CENTERSTONE INTERNATIONAL FUND** | **CENTERSTONE INTERNATIONAL FUND** | **CENTERSTONE INTERNATIONAL FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 82.2% (Continued)** |  |
|  | **Indonesia - 1.2%** |  |
| 170955 | Gudang Garam Tbk P.T. | &nbsp;&nbsp;&nbsp; $198325 |
|  | **Ireland - 2.2%** |  |
| 4307 | Perrigo Company PLC | &nbsp;&nbsp;&nbsp; 146826 |
| 16500 | Ryanair Holdings plc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 215077 |
|  |  | &nbsp;&nbsp; 361903 |
|  | **Israel - 1.5%** |  |
| 34127 | ICL Group Ltd. | &nbsp;&nbsp;&nbsp; 246506 |
|  | **Japan - 9.8%** |  |
| 13881 | Aica Kogyo Company Ltd. | &nbsp;&nbsp;&nbsp; 328273 |
| 1184 | FANUC Corporation | &nbsp;&nbsp;&nbsp; 177153 |
| 21824 | Nagaileben Company Ltd. | &nbsp;&nbsp;&nbsp; 330055 |
| 24545 | Sekisui Jushi Corporation | &nbsp;&nbsp;&nbsp; 347396 |
| 888 | Shimano, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 140298 |
| 12000 | T Hasegawa Company Ltd. | &nbsp;&nbsp;&nbsp; 264667 |
|  |  | &nbsp;&nbsp; 1587842 |
|  | **Korea (Republic Of) - 2.0%** |  |
| 6873 | S-1 Corporation | &nbsp;&nbsp;&nbsp; 324372 |
|  | **Mexico - 1.9%** |  |
| 119587 | Megacable Holdings S.A.B. de C.V. | &nbsp;&nbsp;&nbsp; 318304 |
|  | **Netherlands - 2.7%** |  |
| 14585 | Koninklijke Vopak N.V. | &nbsp;&nbsp;&nbsp; 433984 |
|  | **Singapore - 3.9%** |  |
| 42101 | Oversea-Chinese Banking Corporation Ltd. | &nbsp;&nbsp;&nbsp; 382952 |
| 38000 | Singapore Exchange Ltd. | &nbsp;&nbsp;&nbsp; 254102 |
|  |  | &nbsp;&nbsp; 637054 |
|  | **Spain - 1.3%** |  |
| 8679 | Cia de Distribucion Integral Logista Holdings S.A. | &nbsp;&nbsp;&nbsp; 218921 |

---

---

| | | |
|:---|:---|:---|
| **CENTERSTONE INTERNATIONAL FUND** | **CENTERSTONE INTERNATIONAL FUND** | **CENTERSTONE INTERNATIONAL FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 82.2% (Continued)** |  |
|  | **Sweden - 4.1%** |  |
| 9234 | Loomis A.B. | &nbsp;&nbsp;&nbsp; $253136 |
| 38745 | Mekonomen A.B. | &nbsp;&nbsp;&nbsp; 417826 |
|  |  | &nbsp;&nbsp; 670962 |
|  | **Switzerland - 2.9%** |  |
| 32910 | Softwareone Holding A.G. | &nbsp;&nbsp;&nbsp; 467135 |
|  | **Thailand - 4.4%** |  |
| 92800 | Bangkok Bank PCL | &nbsp;&nbsp;&nbsp; 396296 |
| 73434 | Siam City Cement PCL | &nbsp;&nbsp;&nbsp; 325581 |
|  |  | &nbsp;&nbsp; 721877 |
|  | **United Kingdom - 1.9%** |  |
| 251874 | Firstgroup plc | &nbsp;&nbsp;&nbsp; 307171 |
|  | **TOTAL COMMON STOCKS (Cost $14,729,006)** | &nbsp;&nbsp; 13414339 |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 8.3%** |  |
|  | **United States - 8.3%** |  |
| 8003 | SPDR Gold Shares<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 1357629 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $990,347)** | &nbsp;&nbsp; 1357629 |
| **Shares** |  | **Fair Value** |
|  | **PRIVATE INVESTMENT FUNDS — 7.6%** |  |
|  | **United States - 7.6%** |  |
| 672800 | Coast Capital Midas Fund LP<sup>(b),(c),(d),(e),(f)</sup> | &nbsp;&nbsp;&nbsp; 1244007 |
|  | **TOTAL PRIVATE INVESTMENT FUNDS (Cost $1,200,000)** | &nbsp;&nbsp; 1244007 |

---

---

| | | |
|:---|:---|:---|
| **CENTERSTONE INTERNATIONAL FUND** | **CENTERSTONE INTERNATIONAL FUND** | **CENTERSTONE INTERNATIONAL FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 2.9%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 2.9%** |  |
| 476109 | State Street Navigator Securities Lending Government Money Market Portfolio, Trust Class, 4.34% (Cost $476,109)<sup>(g),(h)</sup> | &nbsp;&nbsp;&nbsp; $476109 |
|  | **TOTAL INVESTMENTS - 101.0% (Cost $17,395,462)** | &nbsp;&nbsp;&nbsp; $16492084 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (1.0)%** | &nbsp;&nbsp; (161864) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $16330220 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| A/S | - Anonim Sirketi |
| LP | - Limited Partnership |
| LTD | - Limited Company |
| N.V. | - Naamioze Vennootschap |
| OYJ | - Julkinen osakeyhtiö |
| PLC | - Public Limited Company |
| P.T. | - Perseroan Terbatas |
| S.A. | - Société Anonyme |
| SPDR | - Standard & Poor's Depositary Receipt |

---

<sup>(a)</sup> Security, or a portion of the security, is out on loan at December 31, 2022. Total loaned securities had a value of $1,490,165 at December 31, 2022.

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

<sup>(c)</sup> Illiquid security. The total fair value of these securities as of December 31, 2022 was $1,244,007, representing 7.6% of net assets.

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

<sup>(e)</sup> Investment is valued using net asset value (or its equivalent) as a practical expedient. Total value of all such securities as December 31, 2022, amounted to $1,244,007, which represents approximately 7.6% of the net assets of the Fund. OceanaGold Corporation (a security traded on the Toronto Stock Exchange) is the only underlying holding of Coast Capital Midas Fund LP.

<sup>(f)</sup> Restricted security.

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

<sup>(h)</sup> The loaned securities were secured with short-term investment cash collateral of $476,109 and non-cash collateral of $1,082,016. The non-cash collateral consists of short-term investments and long-term bonds and is held for benefit of the Fund at the Fund's custodian. The Fund cannot pledge or resell the collateral.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CENTERSTONE INTERNATIONAL FUND** | **CENTERSTONE INTERNATIONAL FUND** | **CENTERSTONE INTERNATIONAL FUND** | **CENTERSTONE INTERNATIONAL FUND** | **CENTERSTONE INTERNATIONAL FUND** | **CENTERSTONE INTERNATIONAL FUND** |  |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |  |
| **December 31, 2022 (Unaudited) (Continued)**<br>**FORWARD FOREIGN CURRENCY AND SPOT CONTRACTS** | **December 31, 2022 (Unaudited) (Continued)**<br>**FORWARD FOREIGN CURRENCY AND SPOT CONTRACTS** | **December 31, 2022 (Unaudited) (Continued)**<br>**FORWARD FOREIGN CURRENCY AND SPOT CONTRACTS** | **December 31, 2022 (Unaudited) (Continued)**<br>**FORWARD FOREIGN CURRENCY AND SPOT CONTRACTS** | **December 31, 2022 (Unaudited) (Continued)**<br>**FORWARD FOREIGN CURRENCY AND SPOT CONTRACTS** | **December 31, 2022 (Unaudited) (Continued)**<br>**FORWARD FOREIGN CURRENCY AND SPOT CONTRACTS** |  |
| |  |  |  |  |  | **Unrealized**<br> **Appreciation/(Depreciation)\*** |
| **Foreign Currency** | **Settlement Date** | **Counterparty** | **Local Currency Amount Purchased/Sold** | **U.S. Dollar Equivalent** | **U.S. Dollar Value at December 31, 2022** | **Unrealized**<br> **Appreciation/(Depreciation)\*** |
| **To Buy:** | | |  |  |  |  |
| Euro | 02/23/2023 | State Street Bank | &nbsp;&nbsp;$3300000 | $3276784 | &nbsp;&nbsp;$3545902 | &nbsp;&nbsp;$269118 |
|  |  |  |  | **$3276784** | &nbsp;&nbsp;**$3545902** | &nbsp;&nbsp;**$269118** |
| **To Sell:** |  |  |  |  |  |  |
| Euro | 02/23/2023 | State Street Bank | &nbsp;&nbsp;$3300000 | $3358326 | &nbsp;&nbsp;$3545902 | &nbsp;&nbsp;$(187576) |
|  |  |  |  | **$3358326** | &nbsp;&nbsp;**$3545902** | &nbsp;&nbsp;**$(187576)** |
| **Total** |  |  |  |  |  | &nbsp;&nbsp;**$81542** |

---

\* The amount represents fair value derivative instruments subject to foreign currency risk exposure as of December 31, 2022.

## 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:** Centerstone Investors Fund

- **b. EDGAR series identifier (if any):** S000070944

- **c. LEI of Series:** 549300R9DE3EXDTJAQ66

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $212619296.45

**Total Liabilities:** $32233122.53

**Net Assets:** $180386173.92

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000225291 | 4.11%                | 8.63%                | -1.99%               |
| Class ID C000225290 | 4.19%                | 8.58%                | -1.90%               |
| Class ID C000225292 | 4.09%                | 8.50%                | -1.94%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-3415042.47             | $10833765.06                               |
| Month 2  | $421259.33               | $14872824.28                               |
| Month 3  | $-3414685.68             | $-293769.90                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Perrigo Company PLC                                      | PERRIGO CO PLC                       | CUSIP: G97822103<br>LEI: 549300IFOQS6R1QLY196 | Long             | EC               | CORP              | IE        |     41853 | NS      | $1426768.77   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC Financial Services Group Inc                         | PNC FINANCIAL SE                     | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |     12000 | NS      | $1895280.00   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Fleetcor Technologies Inc                                | FLEETCOR TECHNOL                     | CUSIP: 339041105<br>LEI: 549300DG6RR0NQSFLN74 | Long             | EC               | CORP              | US        |     10500 | NS      | $1928640.00   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Singapore Exchange Ltd.                                  | SINGAPORE EXCHANGE LTD               | CUSIP: Y79946102<br>LEI: 549300IQ650PPXM76X03 | Long             | EC               | CORP              | SG        |    265000 | NS      | $1772024.97   | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Siam City Cement Public Company Limited                  | SIAM CITY CEM-F                      | CUSIP: Y7887N139<br>LEI: N/A                  | Long             | EC               | CORP              | TH        |    502930 | NS      | $2229816.62   | 1.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Koninklijke Vopak N.V.                                   | VOPAK                                | CUSIP: N5075T159<br>LEI: 724500UL634GFV1KYF10 | Long             | EC               | CORP              | NL        |     77956 | NS      | $2319621.81   | 1.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Dentsply Sirona Inc                                      | DENTSPLY SIRONA                      | CUSIP: 24906P109<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | EC               | CORP              | US        |     35892 | NS      | $1142801.28   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Bath & Body Works Inc                                    | BBWI 6.694 01/15/27                  | CUSIP: 501797AQ7<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1985620.00   | 1.10%             | 2027-01-15      | Fixed         | 6.69%                 | No            |                  2 | On Loan: No      |
| Loomis AB                                                | LOOMIS AB-B                          | CUSIP: W5S50Y116<br>LEI: 213800NS2XXVRYS7WP40 | Long             | EC               | CORP              | SE        |     49774 | NS      | $1364480.37   | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                     | JPM 4.2 PERP                         | CUSIP: 48128B523<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EP               | CORP              | US        |     98132 | NS      | $1712403.40   | 0.95%             |  |  |  | No            |                  1 | On Loan: —       |
| The Scotts Miracle-Gro Company                           | SCOTTS MIRACLE                       | CUSIP: 810186106<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | EC               | CORP              | US        |     18795 | NS      | $913249.05    | 0.51%             |  |  |  | No            |                  1 | On Loan: —       |
| Eiffage SA                                               | EIFFAGE                              | CUSIP: F2924U106<br>LEI: 969500OQXKE5WDM9M994 | Long             | EC               | CORP              | FR        |     28271 | NS      | $2781706.41   | 1.54%             |  |  |  | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                            | US BANCORP                           | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |     32000 | NS      | $1395520.00   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Fraport AG                                               | FRAPORT AG                           | CUSIP: D3856U108<br>LEI: 5299001ERX0K10IZUL40 | Long             | EC               | CORP              | DE        |     46450 | NS      | $1881690.30   | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Jaguar Mining Inc                                        | JAGUAR MINING IN                     | CUSIP: 47009M889<br>LEI: 549300IRKN0GXIRGS617 | Long             | EC               | CORP              | CA        |    497052 | NS      | $991203.81    | 0.55%             |  |  |  | No            |                  1 | On Loan: —       |
| N/A                                                      | CURRENCY CONTRACT - EUR              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |  15192364 | NC      | $1247730.83   | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Limited                                 | TENCENT HOLD-ADR                     | CUSIP: 88032Q109<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |     40000 | NS      | $1694400.00   | 0.94%             |  |  |  | No            |                  1 | On Loan: —       |
| Nagaileben Co                                            | NAGAILEBEN CO                        | CUSIP: J47152103<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    145751 | NS      | $2204262.87   | 1.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                                       | META PLATFORMS-A                     | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     16000 | NS      | $1925440.00   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive Inc.                                 | O'REILLY AUTOMOT                     | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |      4327 | NS      | $3652117.81   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Sekisui Jushi Corp                                       | SEKISUI JUSHI                        | CUSIP: J70789110<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    114905 | NS      | $1626294.32   | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury Bills                             | B 03/16/23                           | CUSIP: 912796YL7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  15000000 | PA      | $14875605.00  | 8.25%             | 2023-03-16      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Bank of America Corporation                              | BAC 4 3/4 PERP                       | CUSIP: 06055H871<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |    100000 | NS      | $1881000.00   | 1.04%             |  |  |  | No            |                  1 | On Loan: —       |
| Compania De Distribucion Integral Logista Holdings S.A.U | CIA DE DISTRIBUCION INTEG            | CUSIP: E0304S106<br>LEI: 9598000ANNAL42UJ7X28 | Long             | EC               | CORP              | ES        |     35818 | NS      | $903482.37    | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Grainger W W Inc                                         | WW GRAINGER INC                      | CUSIP: 384802104<br>LEI: 549300TWZSP6O1IH2V34 | Long             | EC               | CORP              | US        |      4017 | NS      | $2234456.25   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Vina San Pedro                                           | SAN PEDRO (VINA)                     | CUSIP: P9796Q161<br>LEI: N/A                  | Long             | EC               | CORP              | CL        | 102546552 | NS      | $712455.88    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| SoftwareONE Holding AG                                   | SOFTWAREONE HOLD                     | CUSIP: H5682F102<br>LEI: 529900GBI88JKWXLGI05 | Long             | EC               | CORP              | CH        |    157140 | NS      | $2230494.02   | 1.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Meko AB                                                  | MEKO AB                              | CUSIP: W5615X116<br>LEI: 529900R809HC1RFRQA91 | Long             | EC               | CORP              | SE        |    236100 | NS      | $2546097.46   | 1.41%             |  |  |  | No            |                  2 | On Loan: No      |
| ICL Group Ltd                                            | ICL GROUP LTD                        | CUSIP: M53213100<br>LEI: 529900FQVQD88SHIGM04 | Long             | EC               | CORP              | IL        |    209400 | NS      | $1512538.45   | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Brunswick Corporation                                    | BRUNSWICK CORP                       | CUSIP: 117043109<br>LEI: YM4O38W15AX4YLLQKU27 | Long             | EC               | CORP              | US        |     11145 | NS      | $803331.60    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Mohawk Industries, Inc.                                  | MOHAWK INDS                          | CUSIP: 608190104<br>LEI: 549300JI1115MG3Q6322 | Long             | EC               | CORP              | US        |      8116 | NS      | $829617.52    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Spdr Gold Trust                                          | SPDR GOLD SHARES                     | CUSIP: 78463V107<br>LEI: N/A                  | Long             | EC               | RF                | US        |     57027 | NS      | $9674060.28   | 5.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                                              | WALMART INC                          | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     11000 | NS      | $1559690.00   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonoco Products Company                                  | SONOCO PRODUCTS                      | CUSIP: 835495102<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | EC               | CORP              | US        |     38512 | NS      | $2338063.52   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co New                                     | WFC 4 1/4 PERP                       | CUSIP: 95002Y400<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |    100000 | NS      | $1647000.00   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Henry Schein, Inc.                                       | HENRY SCHEIN INC                     | CUSIP: 806407102<br>LEI: VGO3WGL8H45T73F4RR92 | Long             | EC               | CORP              | US        |     52155 | NS      | $4165619.85   | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Liquide S.A.(L')                                     | AIR LIQUIDE SA                       | CUSIP: F01764103<br>LEI: 969500MMPQVHK671GT54 | Long             | EC               | CORP              | FR        |     35253 | NS      | $5005185.31   | 2.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Worldline SA                                             | WORLDLINE SA                         | CUSIP: F9867T103<br>LEI: 549300CJMQNCA0U4TS33 | Long             | EC               | CORP              | FR        |     60640 | NS      | $2375540.73   | 1.32%             |  |  |  | Yes           |                  2 | On Loan: No      |
| PHI Group Inc                                            | PHI GROUP INC/DE                     | CUSIP: 69360B104<br>LEI: 5493002853B5XXHLIP12 | Long             | EC               | CORP              | US        |    270940 | NS      | $2573930.00   | 1.43%             |  |  |  | No            |                  1 | On Loan: —       |
| THasegawa Co                                             | T HASEGAWA CO                        | CUSIP: J83238105<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     68000 | NS      | $1499780.18   | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Institutional Investment Trust              | SS-INS TR PL-TRS                     | CUSIP: 85749Q448<br>LEI: 549300P1E098W6ES7M39 | Long             | STIV             | RF                | US        |  19889812 | PA      | $19889811.77  | 11.03%            |  |  |  | No            |                  1 | On Loan: No      |
| IAA, Inc.                                                | IAASPI 5 1/2 06/15/27                | CUSIP: 449253AB9<br>LEI: 549300PZCOPC5178W747 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $975613.87    | 0.54%             | 2027-06-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Carmax Inc                                               | CARMAX INC                           | CUSIP: 143130102<br>LEI: 529900F60CID3NCZM330 | Long             | EC               | CORP              | US        |      8740 | NS      | $532178.60    | 0.30%             |  |  |  | No            |                  1 | On Loan: —       |
| Bangkok Bank Public Company Limited                      | BANGKOK BANK-F                       | CUSIP: Y0606R119<br>LEI: 549300CCL2BKJGMYXV60 | Long             | EC               | CORP              | TH        |    451900 | NS      | $1929807.85   | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Shimano Inc                                              | SHIMANO INC                          | CUSIP: J72262108<br>LEI: 529900L32YT3P9DECR10 | Long             | EC               | CORP              | JP        |      6102 | NS      | $964077.03    | 0.53%             |  |  |  | No            |                  2 | On Loan: —       |
| ISS A/S                                                  | ISS A/S                              | CUSIP: K5591Y107<br>LEI: 213800LEZA58SZNCBN19 | Long             | EC               | CORP              | DK        |    215985 | NS      | $4572273.06   | 2.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Fanuc Corporation                                        | FANUC CORP                           | CUSIP: J13440102<br>LEI: 529900QTSW745LOKW705 | Long             | EC               | CORP              | JP        |      7896 | NS      | $1181420.36   | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| FirstGroup PLC                                           | FIRSTGROUP PLC                       | CUSIP: G34604101<br>LEI: 549300DEJZCPWA4HKM93 | Long             | EC               | CORP              | GB        |    891536 | NS      | $1087266.10   | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Wartsila Oyj Abp                                         | WARTSILA OYJ ABP                     | CUSIP: X98155116<br>LEI: 743700G7A9J1PHM3X223 | Long             | EC               | CORP              | FI        |    409783 | NS      | $3456374.15   | 1.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Baidu, Inc.                                              | BAIDU INC-A                          | CUSIP: G07034104<br>LEI: 254900AL64IANZYI1E02 | Long             | EC               | CORP              | KY        |    108000 | NS      | $1540136.13   | 0.85%             |  |  |  | Yes           |                  2 | On Loan: No      |
| N/A                                                      | Cash Collateral Reinvestment Vehicle | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |         0 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Ross Stores Inc                                          | ROSS STORES INC                      | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |      6900 | NS      | $800883.00    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| NagaCorp Ltd.                                            | NAGACORP LTD                         | CUSIP: G6382M109<br>LEI: 549300MMNKN0RBJELS20 | Long             | EC               | CORP              | KY        |   1814018 | NS      | $1593947.79   | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Schneider Electric SE                                    | SCHNEIDER ELECTR                     | CUSIP: F86921107<br>LEI: 969500A1YF1XUYYXS284 | Long             | EC               | CORP              | FR        |      9800 | NS      | $1376681.85   | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| S-1 Corporation                                          | S-1 Corp                             | CUSIP: Y75435100<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     33748 | NS      | $1592742.44   | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Emerson Electric Co.                                     | EMERSON ELEC CO                      | CUSIP: 291011104<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | EC               | CORP              | US        |     17557 | NS      | $1686525.42   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Gudang Garam Tbk PT                                      | GUDANG GARAM TBK                     | CUSIP: Y7121F165<br>LEI: 5299005TDQ8UGGR3AM31 | Long             | EC               | CORP              | ID        |   1160445 | NS      | $1346234.60   | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Franco Nevada Corp                                       | FRANCO-NEVADA CO                     | CUSIP: 351858105<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     15394 | NS      | $2100973.12   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| 3M Company                                               | 3M CO                                | CUSIP: 88579Y101<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | EC               | CORP              | US        |      9799 | NS      | $1175096.08   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                      | CURRENCY CONTRACT - USD              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |  15300000 | NC      | $-869675.48   | -0.48%            |  |  |  | No            |                  2 | On Loan: No      |
| Compania Cervecerias Unidas S.A.                         | CERVEZAS-SPN ADR                     | CUSIP: 204429104<br>LEI: 529900BJW9B0O6LI2R39 | Long             | EC               | CORP              | CL        |    174349 | NS      | $2287458.88   | 1.27%             |  |  |  | No            |                  1 | On Loan: —       |
| McDonald's Corporation                                   | MCDONALDS CORP                       | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      6094 | NS      | $1605951.82   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| TC Energy Corp                                           | TC ENERGY CORP                       | CUSIP: 87807B107<br>LEI: 549300UGKOFV2IWJJG27 | Long             | EC               | CORP              | CA        |     55809 | NS      | $2225022.95   | 1.23%             |  |  |  | No            |                  1 | On Loan: —       |
| Quebecor Inc                                             | QUEBECOR INC-B                       | CUSIP: 748193208<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     89400 | NS      | $1994076.59   | 1.11%             |  |  |  | No            |                  1 | On Loan: —       |
| Aica Kogyo Co Ltd.                                       | AICA KOGYO CO                        | CUSIP: J00252106<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     93334 | NS      | $2207259.91   | 1.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Perrigo Finance Unlimited Company                        | PRGO 3.9 12/15/24                    | CUSIP: 714295AC6<br>LEI: 549300E86RB6YCTMRM83 | Long             | DBT              | CORP              | IE        |   2500000 | PA      | $2362500.00   | 1.31%             | 2024-12-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| IAA, Inc.                                                | IAA INC                              | CUSIP: 449253103<br>LEI: 549300PZCOPC5178W747 | Long             | EC               | CORP              | US        |     43000 | NS      | $1720000.00   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Porsche Automobil Holding SE                             | PORSCHE AUTO-PRF                     | CUSIP: D6240C122<br>LEI: 52990053Z17ZYM1KFV27 | Long             | EP               | CORP              | DE        |     33200 | NS      | $1811148.98   | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| COAST CAPITAL MERC FND LP                                | COAST CAPITAL MIDAS FD LP            | CUSIP: N/A<br>LEI: N/A                        | Long             |  | PF                | US        |   2691200 | NS      | $4976028.80   | 2.76%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Neogen Corp                                              | NEOGEN CORP                          | CUSIP: 640491106<br>LEI: 549300HJT9FC36N4UW43 | Long             | EC               | CORP              | US        |      2986 | NS      | $45476.78     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Megacable Holdings                                       | MEGACABLE HOLDINGS-CPO               | CUSIP: P652AE117<br>LEI: N/A                  | Long             | EP               | CORP              | MX        |   1040351 | NS      | $2769094.52   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Sodexo S.A.                                              | SODEXO SA                            | CUSIP: F84941123<br>LEI: 969500LCBOG12HXPYM84 | Long             | EC               | CORP              | FR        |     20063 | NS      | $1920185.87   | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Truist Financial Corporation                             | TRUIST FINANCIAL                     | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |     45000 | NS      | $1936350.00   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlisle Companies Incorporated                          | CARLISLE COS INC                     | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |      3785 | NS      | $891935.25    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Oversea-Chinese Banking Corporation Ltd                  | OCBC BANK                            | CUSIP: Y64248209<br>LEI: 5493007O3QFXCPOGWK22 | Long             | EC               | CORP              | SG        |    267369 | NS      | $2431998.72   | 1.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Ubisoft Entertainment S.A.                               | Ubisoft Entertainment SA             | CUSIP: F9396N106<br>LEI: 969500I7C8V1LBIMSM05 | Long             | EC               | CORP              | FR        |     46840 | NS      | $1323675.78   | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| PAX Global Technology Ltd.                               | PAX Global Technology Ltd            | CUSIP: G6955J103<br>LEI: 5299008CRGPD1WZXCD36 | Long             | EC               | CORP              | BM        |   1660413 | NS      | $1429187.01   | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Ryanair Holdings PLC                                     | RYANAIR HLDGS                        | CUSIP: G7727C186<br>LEI: 635400BR2ROC1FVEBQ56 | Long             | EC               | CORP              | IE        |    118000 | NS      | $1538131.33   | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Brian Curley

**Name of Signer:** Brian Curley

**Title:** Treasurer