# EDGAR Filing Document

**Accession Number:** 0001537140
**File Stem:** 0000910472-26-002883
**Filing Date:** 2026-2
**Character Count:** 27878
**Document Hash:** 5bdcac7a4cde17b0d46023302f0da87c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-002883.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000910472-26-002883

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**PERIOD START**: 20260331

**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:** 26684330

**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

Sept

---

| | | |
|:---|:---|:---|
| **CENTERSTONE INVESTORS FUND** | **CENTERSTONE INVESTORS FUND** | **CENTERSTONE INVESTORS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 73.4%** |  |
|  | **Canada - 5.8%** |  |
| 6611 | Franco-Nevada Corporation | &nbsp;&nbsp;&nbsp; $1370328 |
| 27853 | Quebecor, Inc., Class B | &nbsp;&nbsp;&nbsp; 1049127 |
| 22962 | TC Energy Corporation | &nbsp;&nbsp;&nbsp; 1264393 |
|  |  | &nbsp;&nbsp; 3683848 |
|  | **Cayman Islands - 2.7%** |  |
| 3421 | Baidu, Inc. - ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 446988 |
| 16641 | Tencent Holdings Ltd. - ADR | &nbsp;&nbsp;&nbsp; 1273868 |
|  |  | &nbsp;&nbsp; 1720856 |
|  | **Denmark - 1.6%** |  |
| 30248 | ISS A/S | &nbsp;&nbsp;&nbsp; 1030591 |
|  | **France - 11.2%** |  |
| 1654 | Air Liquide S.A. | &nbsp;&nbsp;&nbsp; 310773 |
| 13824 | BNP Paribas S.A. | &nbsp;&nbsp;&nbsp; 1307416 |
| 71065 | Credit Agricole S.A. | &nbsp;&nbsp;&nbsp; 1462595 |
| 30064 | Edenred S.E. | &nbsp;&nbsp;&nbsp; 664374 |
| 4289 | Remy Cointreau S.A. | &nbsp;&nbsp;&nbsp; 183673 |
| 5081 | Schneider Electric S.E. | &nbsp;&nbsp;&nbsp; 1389577 |
| 14120 | Sodexo S.A. | &nbsp;&nbsp;&nbsp; 723214 |
| 6994 | Vinci S.A. | &nbsp;&nbsp;&nbsp; 983613 |
| 107550 | Worldline S.A.<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 196127 |
|  |  | &nbsp;&nbsp; 7221362 |
|  | **Hong Kong - 2.0%** |  |
| 24600 | Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp;&nbsp; 1287102 |
|  | **Ireland - 1.6%** |  |
| 29604 | Ryanair Holdings plc | &nbsp;&nbsp;&nbsp; 1020338 |
|  | **Israel - 1.7%** |  |
| 194226 | ICL Group Ltd. | &nbsp;&nbsp;&nbsp; 1116320 |
|  | **Japan - 5.5%** |  |
| 43915 | FANUC Corporation | &nbsp;&nbsp;&nbsp; 1709105 |
| 26436 | Nagaileben Company Ltd. | &nbsp;&nbsp;&nbsp; 303786 |

---

---

| | | |
|:---|:---|:---|
| **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, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 73.4% (Continued)** |  |
|  | **Japan - 5.5% (Continued)** |  |
| 8597 | Shimano, Inc. | &nbsp;&nbsp;&nbsp; $899060 |
| 39937 | Shiseido Company Ltd. | &nbsp;&nbsp;&nbsp; 581241 |
|  |  | &nbsp;&nbsp; 3493192 |
|  | **Luxembourg - 2.2%** |  |
| 19075 | Eurofins Scientific S.E. | &nbsp;&nbsp;&nbsp; 1394464 |
|  | **Mexico - 2.0%** |  |
| 437467 | Megacable Holdings S.A.B. de C.V. | &nbsp;&nbsp;&nbsp; 1258983 |
|  | **Netherlands - 1.4%** |  |
| 5781 | Heineken N.V. | &nbsp;&nbsp;&nbsp; 476815 |
| 9254 | Koninklijke Vopak N.V. | &nbsp;&nbsp;&nbsp; 412218 |
|  |  | &nbsp;&nbsp; 889033 |
|  | **Singapore - 3.9%** |  |
| 69905 | Oversea-Chinese Banking Corporation Ltd. | &nbsp;&nbsp;&nbsp; 1073949 |
| 106310 | Singapore Exchange Ltd. | &nbsp;&nbsp;&nbsp; 1399437 |
|  |  | &nbsp;&nbsp; 2473386 |
|  | **Spain - 4.0%** |  |
| 135128 | Banco Santander S.A. | &nbsp;&nbsp;&nbsp; 1589998 |
| 27554 | Logista Integral S.A. | &nbsp;&nbsp;&nbsp; 974025 |
|  |  | &nbsp;&nbsp; 2564023 |
|  | **Sweden - 3.6%** |  |
| 19255 | Loomis A.B. | &nbsp;&nbsp;&nbsp; 813329 |
| 69120 | Skandinaviska Enskilda Banken A.B. | &nbsp;&nbsp;&nbsp; 1457280 |
|  |  | &nbsp;&nbsp; 2270609 |
|  | **Switzerland - 3.6%** |  |
| 688 | Barry Callebaut A.G. | &nbsp;&nbsp;&nbsp; 1124706 |
| 11520 | Nestle S.A. | &nbsp;&nbsp;&nbsp; 1143349 |
|  |  | &nbsp;&nbsp; 2268055 |
|  | **United States - 20.6%** |  |
| 2632 | Carlisle Companies, Inc. | &nbsp;&nbsp;&nbsp; 841872 |
| 8920 | CarMax, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 344669 |
| 6144 | Chevron Corporation | &nbsp;&nbsp;&nbsp; 936407 |
| 2147 | Corpay, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 646097 |

---

---

| | | |
|:---|:---|:---|
| **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, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 73.4% (Continued)** |  |
|  | **United States - 20.6% (Continued)** |  |
| 9077 | Dollar General Corporation | &nbsp;&nbsp;&nbsp; $1205153 |
| 8426 | Emerson Electric Company | &nbsp;&nbsp;&nbsp; 1118299 |
| 30397 | Envista Holdings Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 659919 |
| 9914 | Henry Schein, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 749300 |
| 2142 | McDonald's Corporation | &nbsp;&nbsp;&nbsp; 654659 |
| 8355 | O'Reilly Automotive, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 762060 |
| 5154 | Ross Stores, Inc. | &nbsp;&nbsp;&nbsp; 928442 |
| 7357 | Scotts Miracle-Gro Company (The) | &nbsp;&nbsp;&nbsp; 429281 |
| 6998 | Southern Copper Corporation | &nbsp;&nbsp;&nbsp; 1004000 |
| 3000 | Tesla, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1349160 |
| 7872 | Walt Disney Company (The) | &nbsp;&nbsp;&nbsp; 895597 |
| 669 | WW Grainger, Inc. | &nbsp;&nbsp;&nbsp; 675054 |
|  |  | &nbsp;&nbsp; 13199969 |
|  | **TOTAL COMMON STOCKS (Cost $35,794,053)** | &nbsp;&nbsp; 46892131 |
|  | **EXCHANGE-TRADED FUNDS — 8.7%** |  |
|  | **United States - 8.7%** |  |
| 13995 | State Street SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 5546358 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $1,730,622)** | &nbsp;&nbsp; 5546358 |
|  | **SHORT-TERM INVESTMENTS — 18.1%** |  |
|  | **MONEY MARKET FUNDS - 18.1%** |  |
| 11532473 | State Street Institutional Treasury Plus Money, Trust Class, 3.65% (Cost $11,532,473)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 11532473 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $11,532,473)** | &nbsp;&nbsp; 11532473 |
|  | **TOTAL INVESTMENTS - 100.2% (Cost $49,057,148)** | &nbsp;&nbsp;&nbsp; $63970962 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%** | &nbsp;&nbsp; (115194) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $63855768 |

---

---

| | |
|:---|:---|
| A.B. | - Aktiebolag |
| A.G. | - Aktiengesellschaft |
| ADR | - American Depositary Receipt |
| A/S | - Anonim Sirketi |
| Ltd. | - Limited Company |
| N.V. | - Naamioze Vennootschap |
| PLC | - Public Limited Company |
| S.A. | - Soci?t? Anonyme |
| S.A.B. de C.V. | - Sociedad An?nima Burs?til de Capital Variable |
| S.E. | - Soci?t? Europ?ene |
| SPDR | - Standard & Poor's Depositary Receipt |

---

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

<sup>(b)</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, 2025 the total market value of 144A securities is 196,127 or 0.3% of net assets.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of December 31, 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:** 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:** 2026-03-31

- **b. Date as of which information is reported:** 2025-12-31

**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:** $64634267.32

**Total Liabilities:** $778499.25

**Net Assets:** $63855768.07

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000225290 | -1.32%               | 1.48%                | 2.78%                |
| Class ID C000225291 | -1.33%               | 1.42%                | 2.72%                |
| Class ID C000225292 | -1.36%               | 1.31%                | 2.75%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $487310.96               | $-1346788.36                               |
| Month 2  | $0.00                    | $867237.39                                 |
| Month 3  | $798.37                  | $1702952.57                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Baidu Inc.                                               | BAIDU INC-SP ADR | CUSIP: 056752108<br>LEI: 254900AL64IANZYI1E02 | Long             | EC               | CORP              | KY        |      3421 | NS      | $446987.86    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlisle Companies Inc.                                  | CARLISLE COS INC | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |      2632 | NS      | $841871.52    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Carmax Inc                                               | CARMAX INC       | CUSIP: 143130102<br>LEI: 529900F60CID3NCZM330 | Long             | EC               | CORP              | US        |      8920 | NS      | $344668.80    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp.                                            | CHEVRON CORP     | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6144 | NS      | $936407.04    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Corpay Inc                                               | CORPAY INC       | CUSIP: 219948106<br>LEI: 549300DG6RR0NQSFLN74 | Long             | EC               | CORP              | US        |      2147 | NS      | $646096.71    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Company                                      | WALT DISNEY CO/T | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |      7872 | NS      | $895597.44    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar General Corporation                               | DOLLAR GENERAL C | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |      9077 | NS      | $1205153.29   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Quebecor Inc                                             | QUEBECOR INC-B   | CUSIP: 748193208<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     27853 | NS      | $1049126.89   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Emerson Electric Co.                                     | EMERSON ELEC CO  | CUSIP: 291011104<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | EC               | CORP              | US        |      8426 | NS      | $1118298.72   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Envista Holdings Corporation                             | ENVISTA HOLDINGS | CUSIP: 29415F104<br>LEI: 549300BX623VURJZ5269 | Long             | EC               | CORP              | US        |     30397 | NS      | $659918.87    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Franco Nevada Corp                                       | FRANCO-NEVADA CO | CUSIP: 351858105<br>LEI: 98450064C1B5D3E94864 | Long             | EC               | CORP              | CA        |      6611 | NS      | $1370328.08   | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| W.w. Grainger Inc.                                       | WW GRAINGER INC  | CUSIP: 384802104<br>LEI: 549300TWZSP6O1IH2V34 | Long             | EC               | CORP              | US        |       669 | NS      | $675054.45    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Remy Cointreau SA                                        | REMY COINTREAU   | CUSIP: F7725A100<br>LEI: 5493004V6A3Z027YT216 | Long             | EC               | CORP              | FR        |      4289 | NS      | $183672.76    | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Skandinaviska Enskilda Banken AB (publ)                  | SEB AB-A         | CUSIP: W25381141<br>LEI: F3JS33DEI6XQ4ZBPTN86 | Long             | EC               | CORP              | SE        |     69120 | NS      | $1457279.53   | 2.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Schneider Electric SE                                    | SCHNEIDER ELECTR | CUSIP: F86921107<br>LEI: 969500A1YF1XUYYXS284 | Long             | EC               | CORP              | FR        |      5081 | NS      | $1389577.02   | 2.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Barry Callebaut AG                                       | BARRY CALLEB-REG | CUSIP: H05072105<br>LEI: 213800Y5RWKLDPUTT265 | Long             | EC               | CORP              | CH        |       688 | NS      | $1124705.64   | 1.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Santander SA                                       | BANCO SANTANDER  | CUSIP: E19790109<br>LEI: 5493006QMFDDMYWIAM13 | Long             | EC               | CORP              | ES        |    135128 | NS      | $1589997.77   | 2.49%             |  |  |  | No            |                  2 | On Loan: No      |
| McDonald's Corp.                                         | MCDONALDS CORP   | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      2142 | NS      | $654659.46    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke Vopak N.V.                                   | VOPAK            | CUSIP: N5075T159<br>LEI: 724500UL634GFV1KYF10 | Long             | EC               | CORP              | NL        |      9254 | NS      | $412217.85    | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Hong Kong Exchanges & Clearing Ltd.                      | HKEX             | CUSIP: Y3506N139<br>LEI: 213800YTVSXYQN17BW16 | Long             | EC               | CORP              | HK        |     24600 | NS      | $1287102.02   | 2.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Singapore Exchange Ltd.                                  | SINGAPORE EXCH   | CUSIP: Y79946102<br>LEI: 549300IQ650PPXM76X03 | Long             | EC               | CORP              | SG        |    106310 | NS      | $1399436.15   | 2.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Fanuc Corp.                                              | FANUC CORP       | CUSIP: J13440102<br>LEI: 529900QTSW745LOKW705 | Long             | EC               | CORP              | JP        |     43915 | NS      | $1709105.45   | 2.68%             |  |  |  | No            |                  2 | On Loan: No      |
| ICL Group Ltd                                            | ICL GROUP LTD    | CUSIP: M53213100<br>LEI: 529900FQVQD88SHIGM04 | Long             | EC               | CORP              | IL        |    194226 | NS      | $1116319.80   | 1.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Nagaileben Co                                            | NAGAILEBEN CO    | CUSIP: J47152103<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     26436 | NS      | $303785.90    | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| O'Reilly Automotive Inc.                                 | O'REILLY AUTOMOT | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |      8355 | NS      | $762059.55    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Shimano Inc.                                             | SHIMANO INC      | CUSIP: J72262108<br>LEI: 529900L32YT3P9DECR10 | Long             | EC               | CORP              | JP        |      8597 | NS      | $899060.08    | 1.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Shiseido Co Ltd.                                         | SHISEIDO CO LTD  | CUSIP: J74358144<br>LEI: 5299008QCD0YDT5OF506 | Long             | EC               | CORP              | JP        |     39937 | NS      | $581240.65    | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Sodexo S.A.                                              | SODEXO SA        | CUSIP: F84941123<br>LEI: 969500LCBOG12HXPYM84 | Long             | EC               | CORP              | FR        |     14120 | NS      | $723213.78    | 1.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Nestle SA                                                | NESTLE SA-REG    | CUSIP: H57312649<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |     11520 | NS      | $1143349.60   | 1.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Credit Agricole S.A.                                     | CREDIT AGRICOLE  | CUSIP: F22797108<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | EC               | CORP              | FR        |     71065 | NS      | $1462594.60   | 2.29%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                           | BNP PARIBAS      | CUSIP: F1058Q238<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | EC               | CORP              | FR        |     13824 | NS      | $1307415.99   | 2.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Ross Stores Inc                                          | ROSS STORES INC  | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |      5154 | NS      | $928441.56    | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Heineken N.V.                                            | HEINEKEN NV      | CUSIP: N39427211<br>LEI: 724500K5PTPSST86UQ23 | Long             | EC               | CORP              | NL        |      5781 | NS      | $476815.05    | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Spdr Gold Trust                                          | SPDR GOLD SHARES | CUSIP: 78463V107<br>LEI: N/A                  | Long             | EC               | RF                | US        |     13995 | NS      | $5546358.45   | 8.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Henry Schein, Inc.                                       | HENRY SCHEIN INC | CUSIP: 806407102<br>LEI: VGO3WGL8H45T73F4RR92 | Long             | EC               | CORP              | US        |      9914 | NS      | $749300.12    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| The Scotts Miracle-Gro Company                           | SCOTTS MIRACLE   | CUSIP: 810186106<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | EC               | CORP              | US        |      7357 | NS      | $429280.95    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Copper Corporation                              | SOUTHERN COPPER  | CUSIP: 84265V105<br>LEI: 2549007U6NAP46Q9TU15 | Long             | EC               | CORP              | US        |      6998 | NS      | $1004000.41   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Institutional Investment Trust              | SS-INS TR PL-TRS | CUSIP: 85749Q448<br>LEI: 549300P1E098W6ES7M39 | Long             | STIV             | RF                | US        |  11532473 | PA      | $11532472.55  | 18.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd.                                    | TENCENT HOLD-ADR | CUSIP: 88032Q109<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |     16641 | NS      | $1273868.55   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                                                | TESLA INC        | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |      3000 | NS      | $1349160.00   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Oversea-Chinese Banking Corp Ltd.                        | OCBC BANK        | CUSIP: Y64248209<br>LEI: 5493007O3QFXCPOGWK22 | Long             | EC               | CORP              | SG        |     69905 | NS      | $1073949.40   | 1.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Vinci SA                                                 | VINCI SA         | CUSIP: F5879X108<br>LEI: 213800WFQ334R8UXUG83 | Long             | EC               | CORP              | FR        |      6994 | NS      | $983612.77    | 1.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Air Liquide S.A.(L')                                     | AIR LIQUIDE SA   | CUSIP: F01764103<br>LEI: 969500MMPQVHK671GT54 | Long             | EC               | CORP              | FR        |      1654 | NS      | $310773.23    | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Megacable Holdings S. A. B. de C.V.                      | MEGACABLE-CPO    | CUSIP: P652AE117<br>LEI: N/A                  | Long             | EP               | CORP              | MX        |    437467 | NS      | $1258983.47   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Edenred SA                                               | EDENRED          | CUSIP: F3192L109<br>LEI: 9695006LOD5B2D7Y0N70 | Long             | EC               | CORP              | FR        |     30064 | NS      | $664374.27    | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| TC Energy Corp                                           | TC ENERGY CORP   | CUSIP: 87807B107<br>LEI: 549300UGKOFV2IWJJG27 | Long             | EC               | CORP              | CA        |     22962 | NS      | $1264393.04   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| ISS A/S                                                  | ISS A/S          | CUSIP: K5591Y107<br>LEI: 213800LEZA58SZNCBN19 | Long             | EC               | CORP              | DK        |     30248 | NS      | $1030591.36   | 1.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Loomis AB                                                | LOOMIS AB        | CUSIP: W5S50Y116<br>LEI: 213800NS2XXVRYS7WP40 | Long             | EC               | CORP              | SE        |     19255 | NS      | $813329.38    | 1.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Eurofins Scientific SE                                   | EUROFINS SCIEN   | CUSIP: L31839134<br>LEI: 529900JEHFM47DYY3S57 | Long             | EC               | CORP              | LU        |     19075 | NS      | $1394464.34   | 2.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Worldline SA                                             | WORLDLINE        | CUSIP: F9867T103<br>LEI: 549300CJMQNCA0U4TS33 | Long             | EC               | CORP              | FR        |    107550 | NS      | $196127.13    | 0.31%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Compania De Distribucion Integral Logista Holdings S.A.U | LOGISTA          | CUSIP: E0304S106<br>LEI: 9598000ANNAL42UJ7X28 | Long             | EC               | CORP              | ES        |     27554 | NS      | $974025.29    | 1.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Ryanair Holdings PLC                                     | RYANAIR HLDGS    | CUSIP: G7727C186<br>LEI: 635400BR2ROC1FVEBQ56 | Long             | EC               | CORP              | IE        |     29604 | NS      | $1020337.82   | 1.60%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-28

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

**Signature:** Rich Gleason

**Name of Signer:** Rich Gleason

**Title:** Treasurer