# EDGAR Filing Document

**Accession Number:** 0001537140
**File Stem:** 0000910472-26-001280
**Filing Date:** 2026-2
**Character Count:** 55485
**Document Hash:** 5a14d71c9b44fd1096948a782afc4010
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-001280.hdr.sgml**: 20260211

**ACCESSION NUMBER**: 0000910472-26-001280

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260211

**DATE AS OF CHANGE**: 20260211

**PERIOD START**: 20260930

**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:** 26618967

**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

### The Covered Bridge Fund (Series ID: S000041869)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000129981 | The Covered Bridge Fund Class A Shares | TCBAX           |
| C000129983 | The Covered Bridge Fund Class I Shares | TCBIX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **THE COVERED BRIDGE FUND** | **THE COVERED BRIDGE FUND** | **THE COVERED BRIDGE 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 — 91.2%** |  |
|  | **APPAREL & TEXTILE PRODUCTS - 1.8%** |  |
| 32000 | NIKE, Inc., Class B<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $2038720 |
|  | **BANKING - 6.2%** |  |
| 22000 | Bank of America Corporation^ | &nbsp;&nbsp;&nbsp; 1210000 |
| 6000 | JPMorgan Chase & Company^ | &nbsp;&nbsp;&nbsp; 1933320 |
| 40500 | Truist Financial Corporation^<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 1993005 |
| 20000 | US Bancorp | &nbsp;&nbsp;&nbsp; 1067200 |
| 7500 | Wells Fargo & Company^ | &nbsp;&nbsp;&nbsp; 699000 |
|  |  | &nbsp;&nbsp; 6902525 |
|  | **BEVERAGES - 1.3%** |  |
| 20000 | Coca-Cola Company^ | &nbsp;&nbsp;&nbsp; 1398200 |
|  | **BIOTECH & PHARMA - 7.3%** |  |
| 18000 | Bristol-Myers Squibb Company^ | &nbsp;&nbsp;&nbsp; 970920 |
| 1500 | Eli Lilly & Company^ | &nbsp;&nbsp;&nbsp; 1612020 |
| 6500 | Johnson & Johnson^ | &nbsp;&nbsp;&nbsp; 1345175 |
| 12000 | Merck & Company, Inc. ^ | &nbsp;&nbsp;&nbsp; 1263120 |
| 115000 | Pfizer, Inc.^<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 2863500 |
|  |  | &nbsp;&nbsp; 8054735 |
|  | **CHEMICALS - 6.1%** |  |
| 13000 | Avery Dennison Corporation^<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 2364440 |
| 10000 | CF Industries Holdings, Inc.^ | &nbsp;&nbsp;&nbsp; 773400 |
| 95000 | Chemours Company^<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 1120050 |
| 40000 | Nutrien Ltd. ^<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 2468800 |
|  |  | &nbsp;&nbsp; 6726690 |
|  | **DIVERSIFIED INDUSTRIALS - 1.8%** |  |
| 10000 | Honeywell International, Inc.^ | &nbsp;&nbsp;&nbsp; 1950900 |
|  | **ELECTRIC UTILITIES - 5.5%** |  |
| 33000 | Dominion Energy, Inc.^ | &nbsp;&nbsp;&nbsp; 1933470 |
| 20000 | Duke Energy Corporation^<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 2344200 |
| 20000 | SEMPRA^<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 1765800 |
|  |  | &nbsp;&nbsp; 6043470 |

---

---

| | | |
|:---|:---|:---|
| **THE COVERED BRIDGE FUND** | **THE COVERED BRIDGE FUND** | **THE COVERED BRIDGE 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 — 91.2% (Continued)** |  |
|  | **ENTERTAINMENT CONTENT - 1.5%** |  |
| 15000 | Walt Disney Company^ | &nbsp;&nbsp;&nbsp; $1706550 |
|  | **FOOD - 5.5%** |  |
| 48000 | General Mills, Inc. ^<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 2232000 |
| 15000 | Hershey Company^<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 2729700 |
| 47000 | Kraft Heinz Company<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 1139750 |
|  |  | &nbsp;&nbsp; 6101450 |
|  | **HEALTH CARE FACILITIES & SERVICES - 1.4%** |  |
| 4800 | UnitedHealth Group, Inc. ^ | &nbsp;&nbsp;&nbsp; 1584528 |
|  | **HOME CONSTRUCTION - 1.3%** |  |
| 14000 | Lennar Corporation, Class A | &nbsp;&nbsp;&nbsp; 1439200 |
|  | **HOUSEHOLD PRODUCTS - 1.9%** |  |
| 15000 | Procter & Gamble Company^ | &nbsp;&nbsp;&nbsp; 2149650 |
|  | **INSURANCE - 1.0%** |  |
| 4000 | Travelers Companies, Inc. ^ | &nbsp;&nbsp;&nbsp; 1160240 |
|  | **LEISURE FACILITIES & SERVICES - 3.4%** |  |
| 6000 | McDonald's Corporation^ | &nbsp;&nbsp;&nbsp; 1833780 |
| 22500 | Starbucks Corporation^<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 1894725 |
|  |  | &nbsp;&nbsp; 3728505 |
|  | **MEDICAL EQUIPMENT & DEVICES - 1.7%** |  |
| 20000 | Medtronic PLC^<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 1921200 |
|  | **OIL & GAS PRODUCERS - 7.0%** |  |
| 16500 | Chevron Corporation^<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 2514765 |
| 16000 | EOG Resources, Inc. | &nbsp;&nbsp;&nbsp; 1680160 |
| 10000 | Expand Energy Corporation^ | &nbsp;&nbsp;&nbsp; 1103600 |
| 20000 | Exxon Mobil Corporation^<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 2406800 |
|  |  | &nbsp;&nbsp; 7705325 |

---

---

| | | |
|:---|:---|:---|
| **THE COVERED BRIDGE FUND** | **THE COVERED BRIDGE FUND** | **THE COVERED BRIDGE 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 — 91.2% (Continued)** |  |
|  | **OIL & GAS SERVICES & EQUIPMENT - 1.6%** |  |
| 45000 | Schlumberger N.V. | &nbsp;&nbsp;&nbsp; $1727100 |
|  | **REAL ESTATE INVESTMENT TRUSTS - 1.0%** |  |
| 45000 | Weyerhaeuser Company | &nbsp;&nbsp;&nbsp; 1066050 |
|  | **RETAIL - CONSUMER STAPLES - 2.1%** |  |
| 9000 | Dollar General Corporation^ | &nbsp;&nbsp;&nbsp; 1194930 |
| 12000 | Target Corporation^ | &nbsp;&nbsp;&nbsp; 1173000 |
|  |  | &nbsp;&nbsp; 2367930 |
|  | **RETAIL - DISCRETIONARY - 2.8%** |  |
| 7500 | Home Depot, Inc. ^<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 2580750 |
| 23000 | Kohl's Corporation^ | &nbsp;&nbsp;&nbsp; 469430 |
|  |  | &nbsp;&nbsp; 3050180 |
|  | **SEMICONDUCTORS - 7.4%** |  |
| 3400 | Broadcom, Inc. ^ | &nbsp;&nbsp;&nbsp; 1176740 |
| 66000 | Intel Corporation<sup>\*(c)</sup> | &nbsp;&nbsp;&nbsp; 2435400 |
| 30000 | Microchip Technology, Inc. ^ | &nbsp;&nbsp;&nbsp; 1911600 |
| 16000 | QUALCOMM, Inc. ^<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 2736800 |
|  |  | &nbsp;&nbsp; 8260540 |
|  | **SOFTWARE - 5.9%** |  |
| 6000 | Microsoft Corporation^ | &nbsp;&nbsp;&nbsp; 2901720 |
| 6000 | Oracle Corporation^ | &nbsp;&nbsp;&nbsp; 1169460 |
| 9400 | Salesforce, Inc. ^ | &nbsp;&nbsp;&nbsp; 2490154 |
|  |  | &nbsp;&nbsp; 6561334 |
|  | **TECHNOLOGY HARDWARE - 3.7%** |  |
| 4500 | Apple, Inc. ^ | &nbsp;&nbsp;&nbsp; 1223370 |
| 12000 | Cisco Systems, Inc. ^ | &nbsp;&nbsp;&nbsp; 924360 |
| 80000 | Hewlett Packard Enterprise Company^ | &nbsp;&nbsp;&nbsp; 1921600 |
|  |  | &nbsp;&nbsp; 4069330 |
|  | **TECHNOLOGY SERVICES - 3.4%** |  |
| 7000 | Accenture plc, Class A^ | &nbsp;&nbsp;&nbsp; 1878100 |
| 2500 | International Business Machines Corporation^ | &nbsp;&nbsp;&nbsp; 740525 |
| 3200 | Visa, Inc., Class A^ | &nbsp;&nbsp;&nbsp; 1122272 |
|  |  | &nbsp;&nbsp; 3740897 |

---

---

| | | |
|:---|:---|:---|
| **THE COVERED BRIDGE FUND** | **THE COVERED BRIDGE FUND** | **THE COVERED BRIDGE 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 — 91.2% (Continued)** |  |
|  | **TELECOMMUNICATIONS - 4.4%** |  |
| 95000 | AT&T, Inc. ^<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $2359800 |
| 61000 | Verizon Communications, Inc.<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 2484530 |
|  |  | &nbsp;&nbsp; 4844330 |
|  | **TOBACCO & CANNABIS - 0.8%** |  |
| 15200 | Altria Group, Inc.^ | &nbsp;&nbsp;&nbsp; 876432 |
|  | **TRANSPORTATION & LOGISTICS - 2.5%** |  |
| 28000 | United Parcel Service, Inc., Class B^<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 2777320 |
|  | **WHOLESALE - CONSUMER STAPLES - 0.9%** |  |
| 14000 | Sysco Corporation<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 1031660 |
|  | **TOTAL COMMON STOCKS (Cost $114,977,564)** | &nbsp;&nbsp; 100984991 |
|  | **RIGHT — 0.1%** |  |
|  | **ASSET MANAGEMENT - 0.1%** |  |
| 120000 | Sycamore Partners, LLC\* | &nbsp;&nbsp;&nbsp; 63600 |
|  | **TOTAL RIGHT (Cost $63,600)** | &nbsp;&nbsp; 63600 |
|  | **SHORT-TERM INVESTMENTS — 7.3%** |  |
|  | **MONEY MARKET FUNDS - 7.3%** |  |
| 480938 | First American Treasury Obligations Fund, Class X, 3.65%<sup>(a),(c)</sup> | &nbsp;&nbsp;&nbsp; 480938 |
| 7603593 | JPMorgan US Treasury Plus Money Market Fund, Class L, 3.61%<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 7603593 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $8,084,531)** | &nbsp;&nbsp; 8084531 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $8,084,531)** | 8084531 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **THE COVERED BRIDGE FUND** | **THE COVERED BRIDGE FUND** | **THE COVERED BRIDGE FUND** | **THE COVERED BRIDGE FUND** | **THE COVERED BRIDGE FUND** | **THE COVERED BRIDGE 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, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  |  |  |  |  | **Fair Value** |
|  | **TOTAL INVESTMENTS - 98.6% (Cost $123,125,695)** | **TOTAL INVESTMENTS - 98.6% (Cost $123,125,695)** |  |  | &nbsp;&nbsp;&nbsp; $109133122 |
|  | **CALL OPTIONS WRITTEN - (0.6)% (Premiums received - $992,040)** | **CALL OPTIONS WRITTEN - (0.6)% (Premiums received - $992,040)** |  |  | &nbsp;&nbsp;&nbsp; (695819) |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 2.0%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 2.0%** |  |  | &nbsp;&nbsp; 2166004 |
|  | **NET ASSETS - 100.0%** |  |  |  | &nbsp;&nbsp; $110603307 |
| **Contracts<sup>(b)</sup>** |  |  |  |  |  |
|  | **WRITTEN EQUITY OPTIONS\* - (0.6)%** | **Expiration Date** | **Exercise Price** | **Notional Value** |  |
|  | **CALL OPTIONS WRITTEN- (0.6)%** | **CALL OPTIONS WRITTEN- (0.6)%** |  |  |  |
| 35 | Accenture plc | 01/16/2026 | $275 | &nbsp;&nbsp;&nbsp; $939050 | &nbsp;&nbsp;&nbsp; 8820 |
| 2 | Altria Group, Inc. | 01/16/2026 | 58 | &nbsp;&nbsp;&nbsp; 11532 | &nbsp;&nbsp;&nbsp; 170 |
| 25 | Apple, Inc. | 01/16/2026 | 270 | &nbsp;&nbsp;&nbsp; 679650 | &nbsp;&nbsp;&nbsp; 13750 |
| 150 | AT&T, Inc. | 01/16/2026 | 24 | &nbsp;&nbsp;&nbsp; 372600 | &nbsp;&nbsp;&nbsp; 15150 |
| 36 | Avery Dennison Corporation | 02/20/2026 | 185 | &nbsp;&nbsp;&nbsp; 654768 | &nbsp;&nbsp;&nbsp; 19440 |
| 110 | Bank of America Corporation | 01/16/2026 | 55 | &nbsp;&nbsp;&nbsp; 605000 | &nbsp;&nbsp;&nbsp; 15180 |
| 90 | Bristol-Myers Squibb Company | 01/16/2026 | 53 | &nbsp;&nbsp;&nbsp; 485460 | &nbsp;&nbsp;&nbsp; 14130 |
| 17 | Broadcom, Inc. | 01/16/2026 | 343 | &nbsp;&nbsp;&nbsp; 588370 | &nbsp;&nbsp;&nbsp; 25330 |
| 30 | CF Industries Holdings, Inc. | 01/16/2026 | 78 | &nbsp;&nbsp;&nbsp; 232020 | &nbsp;&nbsp;&nbsp; 4050 |
| 300 | Chemours Company | 01/16/2026 | 12 | &nbsp;&nbsp;&nbsp; 353700 | &nbsp;&nbsp;&nbsp; 14250 |
| 25 | Chevron Corporation | 01/16/2026 | 150 | &nbsp;&nbsp;&nbsp; 381025 | &nbsp;&nbsp;&nbsp; 9625 |
| 60 | Cisco Systems, Inc. | 01/16/2026 | 78 | &nbsp;&nbsp;&nbsp; 462180 | &nbsp;&nbsp;&nbsp; 4800 |
| 100 | Coca-Cola Company | 01/16/2026 | 70 | &nbsp;&nbsp;&nbsp; 699100 | &nbsp;&nbsp;&nbsp; 8100 |
| 45 | Dollar General Corporation | 01/16/2026 | 135 | &nbsp;&nbsp;&nbsp; 597465 | &nbsp;&nbsp;&nbsp; 7605 |
| 119 | Dominion Energy, Inc. | 01/16/2026 | 60 | &nbsp;&nbsp;&nbsp; 697221 | &nbsp;&nbsp;&nbsp; 4760 |
| 60 | Duke Energy Corporation | 01/16/2026 | 115 | &nbsp;&nbsp;&nbsp; 703260 | &nbsp;&nbsp;&nbsp; 17700 |
| 15 | Eli Lilly & Company | 01/16/2026 | 1060 | &nbsp;&nbsp;&nbsp; 1612020 | &nbsp;&nbsp;&nbsp; 52725 |
| 50 | Expand Energy Corporation | 01/16/2026 | 110 | &nbsp;&nbsp;&nbsp; 551800 | &nbsp;&nbsp;&nbsp; 13350 |
| 90 | Exxon Mobil Corporation | 01/16/2026 | 115 | &nbsp;&nbsp;&nbsp; 1083060 | &nbsp;&nbsp;&nbsp; 53100 |
| 150 | General Mills, Inc. | 01/16/2026 | 48 | &nbsp;&nbsp;&nbsp; 697500 | &nbsp;&nbsp;&nbsp; 4050 |
| 50 | Hershey Company | 01/16/2026 | 190 | &nbsp;&nbsp;&nbsp; 909900 | &nbsp;&nbsp;&nbsp; 4750 |
| 400 | Hewlett Packard Enterprise Company | 01/16/2026 | 24 | &nbsp;&nbsp;&nbsp; 960800 | &nbsp;&nbsp;&nbsp; 24000 |
| 25 | Home Depot, Inc. | 01/16/2026 | 350 | &nbsp;&nbsp;&nbsp; 860250 | &nbsp;&nbsp;&nbsp; 9125 |
| 50 | Honeywell International, Inc. | 01/16/2026 | 200 | &nbsp;&nbsp;&nbsp; 975450 | &nbsp;&nbsp;&nbsp; 6500 |
| 12 | International Business Machines Corporation | 01/16/2026 | 300 | &nbsp;&nbsp;&nbsp; 355452 | &nbsp;&nbsp;&nbsp; 4980 |
| 35 | Johnson & Johnson | 01/16/2026 | 210 | &nbsp;&nbsp;&nbsp; 724325 | &nbsp;&nbsp;&nbsp; 7035 |
| 20 | JPMorgan Chase & Company | 01/16/2026 | 315 | &nbsp;&nbsp;&nbsp; 644440 | &nbsp;&nbsp;&nbsp; 23800 |
| 10 | JPMorgan Chase & Company | 01/16/2026 | 320 | &nbsp;&nbsp;&nbsp; 322220 | &nbsp;&nbsp;&nbsp; 7880 |
| 115 | Kohl's Corporation | 01/16/2026 | 23 | &nbsp;&nbsp;&nbsp; 234715 | &nbsp;&nbsp;&nbsp; 2875 |
| 30 | McDonald's Corporation | 01/16/2026 | 320 | &nbsp;&nbsp;&nbsp; 916890 | &nbsp;&nbsp;&nbsp; 900 |
| 100 | Medtronic plc | 01/16/2026 | 98 | &nbsp;&nbsp;&nbsp; 960600 | &nbsp;&nbsp;&nbsp; 9300 |
| 60 | Merck & Company, Inc. | 01/16/2026 | 103 | &nbsp;&nbsp;&nbsp; 631560 | &nbsp;&nbsp;&nbsp; 19980 |
| 100 | Microchip Technology, Inc. | 01/16/2026 | 65 | &nbsp;&nbsp;&nbsp; 637200 | &nbsp;&nbsp;&nbsp; 17000 |
| 30 | Microsoft Corporation | 01/16/2026 | 485 | &nbsp;&nbsp;&nbsp; 1450860 | &nbsp;&nbsp;&nbsp; 21990 |
| 150 | Nutrien Ltd. | 02/20/2026 | 63 | &nbsp;&nbsp;&nbsp; 925800 | &nbsp;&nbsp;&nbsp; 36000 |
| 30 | Oracle Corporation | 01/16/2026 | 195 | &nbsp;&nbsp;&nbsp; 584730 | &nbsp;&nbsp;&nbsp; 19890 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **THE COVERED BRIDGE FUND** | **THE COVERED BRIDGE FUND** | **THE COVERED BRIDGE FUND** | **THE COVERED BRIDGE FUND** | **THE COVERED BRIDGE FUND** | **THE COVERED BRIDGE 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, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Contracts<sup>(b)</sup> (continued)** |  |  |  |  |  |
|  | **WRITTEN EQUITY OPTIONS\* - (0.6)%** | **Expiration Date** | **Exercise Price** | **Notional Value** | **Fair Value** |
|  | **CALL OPTIONS WRITTEN- (0.6)% (Continued)** | **CALL OPTIONS WRITTEN- (0.6)% (Continued)** |  |  |  |
| 150 | Pfizer, Inc. | 01/16/2026 | $25 | &nbsp;&nbsp;&nbsp; $373500 | &nbsp;&nbsp;&nbsp; $5550 |
| 40 | Procter & Gamble Company | 02/20/2026 | 150 | &nbsp;&nbsp;&nbsp; 573240 | &nbsp;&nbsp;&nbsp; 6040 |
| 60 | QUALCOMM, Inc. | 01/16/2026 | 175 | &nbsp;&nbsp;&nbsp; 1026300 | &nbsp;&nbsp;&nbsp; 12000 |
| 47 | Salesforce, Inc. | 01/16/2026 | 260 | &nbsp;&nbsp;&nbsp; 1245077 | &nbsp;&nbsp;&nbsp; 40514 |
| 75 | Sempra | 01/16/2026 | 85 | &nbsp;&nbsp;&nbsp; 662175 | &nbsp;&nbsp;&nbsp; 31125 |
| 75 | Starbucks Corporation | 01/16/2026 | 89 | &nbsp;&nbsp;&nbsp; 631575 | &nbsp;&nbsp;&nbsp; 2850 |
| 60 | Target Corporation | 01/16/2026 | 97 | &nbsp;&nbsp;&nbsp; 586500 | &nbsp;&nbsp;&nbsp; 19200 |
| 20 | Travelers Companies, Inc. | 01/16/2026 | 290 | &nbsp;&nbsp;&nbsp; 580120 | &nbsp;&nbsp;&nbsp; 9400 |
| 100 | Truist Financial Corporation | 02/20/2026 | 53 | &nbsp;&nbsp;&nbsp; 492100 | &nbsp;&nbsp;&nbsp; 5200 |
| 50 | United Parcel Service, Inc. | 01/16/2026 | 101 | &nbsp;&nbsp;&nbsp; 495950 | &nbsp;&nbsp;&nbsp; 6050 |
| 24 | UnitedHealth Group, Inc. | 01/16/2026 | 340 | &nbsp;&nbsp;&nbsp; 792264 | &nbsp;&nbsp;&nbsp; 9240 |
| 16 | Visa, Inc. | 01/16/2026 | 353 | &nbsp;&nbsp;&nbsp; 561136 | &nbsp;&nbsp;&nbsp; 6080 |
| 75 | Walt Disney Company | 01/16/2026 | 115 | &nbsp;&nbsp;&nbsp; 853275 | &nbsp;&nbsp;&nbsp; 10050 |
| 35 | Wells Fargo & Company | 01/16/2026 | 93 | &nbsp;&nbsp;&nbsp; 326200 | &nbsp;&nbsp;&nbsp; 10430 |
|  | **TOTAL CALL OPTIONS WRITTEN** (Premiums received - $992,040) | **TOTAL CALL OPTIONS WRITTEN** (Premiums received - $992,040) | **TOTAL CALL OPTIONS WRITTEN** (Premiums received - $992,040) |  | &nbsp;&nbsp; 695819 |
|  | **TOTAL EQUITY OPTIONS WRITTEN** (Premiums received - $992,040) | **TOTAL EQUITY OPTIONS WRITTEN** (Premiums received - $992,040) |  |  | &nbsp;&nbsp; $695819 |

---

---

| | |
|:---|:---|
| LLC | - Limited Liability Company |
| LTD | - Limited Company |
| NV | - Naamioze Vennootschap |
| PLC | - Public Limited Company |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | Non-income producing security. |
| <sup>^</sup> | Security is subject written call options. |
| <sup>(a)</sup> | Rate disclosed is the seven-day effective yield as of December 31, 2025. |
| <sup>(b)</sup> | Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security. |
| <sup>(c)</sup> | All or portion of the security is pledged as collateral for written options. |

---

## 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:** The Covered Bridge Fund

- **b. EDGAR series identifier (if any):** S000041869

- **c. LEI of Series:** 549300JJPYRG5UTEFL50

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

- **a. Date of fiscal year-end:** 2026-09-30

- **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:** $111440088.14

**Total Liabilities:** $836781.13

**Net Assets:** $110603307.01

**Cash Not Reported:** $2144303.71

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000129981 | 0.00%                | 1.87%                | 0.56%                |
| Class ID C000129983 | 0.00%                | 1.88%                | 0.52%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $48855.51                | $-185838.99                                |
| Month 2  | $664123.83               | $902502.36                                 |
| Month 3  | $293917.16               | $-1032097.64                               |

**Designated Index Information**

- **Index Name:** The Covered Bridge Fund DRP

- **Index Identifier:** THE COVERED BRIDGE FUND DRP

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AT&T Inc                              | AT&T INC                | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |     95000 | NS      | $2359800.00   | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group, Inc.                    | ALTRIA GROUP INC        | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |     15200 | NS      | $876432.00    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                            | APPLE INC               | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |      4500 | NS      | $1223370.00   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Avery Dennison Corporation            | AVERY DENNISON          | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |     13000 | NS      | $2364440.00   | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                 | BANK OF AMERICA         | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     22000 | NS      | $1210000.00   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Company          | BRISTOL-MYER SQB        | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |     18000 | NS      | $970920.00    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                          | BROADCOM INC            | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      3400 | NS      | $1176740.00   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CF Industries Holdings, Inc.          | CF INDUSTRIES HO        | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |     10000 | NS      | $773400.00    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| The Chemours Company LLC              | CHEMOURS CO             | CUSIP: 163851108<br>LEI: 549300M1BOLNXL8DOV14 | Long             | EC               | CORP              | US        |     95000 | NS      | $1120050.00   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Expand Energy Corp.                   | EXPAND ENERGY CO        | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |     10000 | NS      | $1103600.00   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp.                         | CHEVRON CORP            | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16500 | NS      | $2514765.00   | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems, Inc.                   | CISCO SYSTEMS           | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     12000 | NS      | $924360.00    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co (The)                    | COCA-COLA CO/THE        | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |     20000 | NS      | $1398200.00   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Company                   | WALT DISNEY CO/T        | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |     15000 | NS      | $1706550.00   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar General Corporation            | DOLLAR GENERAL C        | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |      9000 | NS      | $1194930.00   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Energy Inc                   | DOMINION ENERGY         | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |     33000 | NS      | $1933470.00   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp                      | DUKE ENERGY CORP        | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |     20000 | NS      | $2344200.00   | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc.                    | EOG RESOURCES           | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     16000 | NS      | $1680160.00   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp.                     | EXXON MOBIL CORP        | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     20000 | NS      | $2406800.00   | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Funds Inc.             | FIRST AM-TR OB-X        | CUSIP: 31846V328<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |    480938 | PA      | $480938.38    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| General Mills, Inc.                   | GENERAL MILLS IN        | CUSIP: 370334104<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | EC               | CORP              | US        |     48000 | NS      | $2232000.00   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Hershey Co. (The)                     | HERSHEY CO/THE          | CUSIP: 427866108<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | EC               | CORP              | US        |     15000 | NS      | $2729700.00   | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Hewlett Packard Enterprise Co.        | HEWLETT PACKA           | CUSIP: 42824C109<br>LEI: 549300BX44RGX6ANDV88 | Long             | EC               | CORP              | US        |     80000 | NS      | $1921600.00   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc.                       | HOME DEPOT INC          | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      7500 | NS      | $2580750.00   | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc.          | HONEYWELL INTL          | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |     10000 | NS      | $1950900.00   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Intel Corporation                     | INTEL CORP              | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |     66000 | NS      | $2435400.00   | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| International Business Machines Corp. | IBM                     | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |      2500 | NS      | $740525.00    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                  | JPMORGAN CHASE          | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      6000 | NS      | $1933320.00   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                     | JOHNSON&JOHNSON         | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      6500 | NS      | $1345175.00   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| JP Morgan Trust Ii                    | JPM-US TR PL-L          | CUSIP: 4812C2734<br>LEI: 549300IMXLYKELY96B40 | Long             | STIV             | RF                | US        |   7603593 | PA      | $7603592.82   | 6.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Kohl's Corp.                          | KOHLS CORP              | CUSIP: 500255104<br>LEI: 549300JF6LPRTRJ0FH50 | Long             | EC               | CORP              | US        |     23000 | NS      | $469430.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| The Kraft Heinz Co.                   | KRAFT HEINZ CO/T        | CUSIP: 500754106<br>LEI: 9845007488EC87F5AF14 | Long             | EC               | CORP              | US        |     47000 | NS      | $1139750.00   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennar Corp.                          | LENNAR CORP-A           | CUSIP: 526057104<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |     14000 | NS      | $1439200.00   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                       | ELI LILLY & CO          | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      1500 | NS      | $1612020.00   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp.                      | MCDONALDS CORP          | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      6000 | NS      | $1833780.00   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc                      | MERCK & CO              | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     12000 | NS      | $1263120.00   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                       | MICROSOFT CORP          | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      6000 | NS      | $2901720.00   | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Microchip Technology Incorporated     | MICROCHIP TECH          | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |     30000 | NS      | $1911600.00   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Nike, Inc.                            | NIKE INC -CL B          | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |     32000 | NS      | $2038720.00   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Nutrien Ltd                           | NUTRIEN LTD             | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |     40000 | NS      | $2468800.00   | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp.                          | ORACLE CORP             | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      6000 | NS      | $1169460.00   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc.                           | PFIZER INC              | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |    115000 | NS      | $2863500.00   | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| The Procter & Gamble Co.              | PROCTER & GAMBLE        | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     15000 | NS      | $2149650.00   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc.                         | QUALCOMM INC            | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     16000 | NS      | $2736800.00   | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc.                       | SALESFORCE INC          | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      9400 | NS      | $2490154.00   | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| SLB Ltd.                              | SCHLUMBERGER NV         | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |     45000 | NS      | $1727100.00   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Sempra                                | SEMPRA                  | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |     20000 | NS      | $1765800.00   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp.                       | STARBUCKS CORP          | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |     22500 | NS      | $1894725.00   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Sysco Corporation                     | SYSCO CORP              | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |     14000 | NS      | $1031660.00   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp.                          | TARGET CORP             | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |     12000 | NS      | $1173000.00   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Companies, Inc.             | TRAVELERS COS IN        | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |      4000 | NS      | $1160240.00   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp.                | TRUIST FINANCIAL        | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |     40500 | NS      | $1993005.00   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. Bancorp.                         | US BANCORP              | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |     20000 | NS      | $1067200.00   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| United Parcel Service, Inc.           | UNITED PARCEL-B         | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |     28000 | NS      | $2777320.00   | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc.               | UNITEDHEALTH GRP        | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      4800 | NS      | $1584528.00   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc.           | VERIZON COMMUNIC        | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |     61000 | NS      | $2484530.00   | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                              | VISA INC-CLASS A        | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      3200 | NS      | $1122272.00   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co.                     | WELLS FARGO & CO        | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |      7500 | NS      | $699000.00    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Weyerhaeuser Company                  | WEYERHAEUSER CO         | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |     45000 | NS      | $1066050.00   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                   | AAPL US 01/16/26 C270   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -25 | NC      | $-13750.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                   | ACN US 01/16/26 C275    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -35 | NC      | $-8820.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                   | AVGO US 01/16/26 C342.5 | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -17 | NC      | $-25330.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                   | AVY US 02/20/26 C185    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -36 | NC      | $-19440.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                   | BAC US 01/16/26 C55     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -110 | NC      | $-15180.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                   | BMY US 01/16/26 C52.5   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -90 | NC      | $-14130.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                   | CC US 01/16/26 C12      | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -300 | NC      | $-14250.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                   | CF US 01/16/26 C77.5    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -30 | NC      | $-4050.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                   | CRM US 01/16/26 C260    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -47 | NC      | $-40514.00    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                   | CSCO US 01/16/26 C77.5  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -60 | NC      | $-4800.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                   | CVX US 01/16/26 C150    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -25 | NC      | $-9625.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                   | D US 01/16/26 C60       | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -119 | NC      | $-4760.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                   | DG US 01/16/26 C135     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -45 | NC      | $-7605.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                   | DIS US 01/16/26 C115    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -75 | NC      | $-10050.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                   | DUK US 01/16/26 C115    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -60 | NC      | $-17700.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                   | EXE US 01/16/26 C110    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -50 | NC      | $-13350.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Accenture PLC                         | ACCENTURE PLC-A         | CUSIP: G1151C101<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |      7000 | NS      | $1878100.00   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                         | MEDTRONIC PLC           | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |     20000 | NS      | $1921200.00   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                   | GIS US 01/16/26 C47.5   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -150 | NC      | $-4050.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                   | HD US 01/16/26 C350     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -25 | NC      | $-9125.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                   | HON US 01/16/26 C200    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -50 | NC      | $-6500.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                   | HPE US 01/16/26 C24     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -400 | NC      | $-24000.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                   | HSY US 01/16/26 C190    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -50 | NC      | $-4750.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                   | IBM US 01/16/26 C300    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -12 | NC      | $-4980.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                   | JNJ US 01/16/26 C210    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -35 | NC      | $-7035.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                   | JPM US 01/16/26 C315    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -20 | NC      | $-23800.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                   | JPM US 01/16/26 C320    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -10 | NC      | $-7880.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                   | KO US 01/16/26 C70      | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -100 | NC      | $-8100.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                   | KSS US 01/16/26 C22.5   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -115 | NC      | $-2875.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                   | LLY US 01/16/26 C1060   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -15 | NC      | $-52725.00    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                   | MCD US 01/16/26 C320    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -30 | NC      | $-900.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                   | MCHP US 01/16/26 C65    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -100 | NC      | $-17000.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                   | MDT US 01/16/26 C97.5   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -100 | NC      | $-9300.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                   | MO US 01/16/26 C57.5    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -2 | NC      | $-170.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                   | MRK US 01/16/26 C103    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -60 | NC      | $-19980.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                   | MSFT US 01/16/26 C485   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -30 | NC      | $-21990.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                   | NTR US 02/20/26 C62.5   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -150 | NC      | $-36000.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                   | ORCL US 01/16/26 C195   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -30 | NC      | $-19890.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                   | PFE US 01/16/26 C25     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -150 | NC      | $-5550.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                   | PG US 02/20/26 C150     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -40 | NC      | $-6040.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                   | QCOM US 01/16/26 C175   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -60 | NC      | $-12000.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                   | SBUX US 01/16/26 C89    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -75 | NC      | $-2850.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                   | SRE US 01/16/26 C85     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -75 | NC      | $-31125.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Sycamore                              | SYCAMORE -RIGHT         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |    120000 | NS      | $63600.00     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                   | T US 01/16/26 C24       | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -150 | NC      | $-15150.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                   | TFC US 02/20/26 C52.5   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -100 | NC      | $-5200.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                   | TGT US 01/16/26 C97     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -60 | NC      | $-19200.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                   | TRV US 01/16/26 C290    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -20 | NC      | $-9400.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                   | UNH US 01/16/26 C340    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -24 | NC      | $-9240.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                   | UPS US 01/16/26 C101    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -50 | NC      | $-6050.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                   | V US 01/16/26 C352.5    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -16 | NC      | $-6080.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                   | WFC US 01/16/26 C92.5   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -35 | NC      | $-10430.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                   | XOM US 01/16/26 C115    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -90 | NC      | $-53100.00    | -0.05%            |  |  |  | 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