# EDGAR Filing Document

**Accession Number:** 0001537140
**File Stem:** 0000910472-25-004691
**Filing Date:** 2025-11
**Character Count:** 61890
**Document Hash:** eba8c10fb3135a88a18a46f7d7d26848
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-004691.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000910472-25-004691

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NORTHERN LIGHTS FUND TRUST III
- **CENTRAL INDEX KEY:** 0001537140

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22655
- **FILM NUMBER:** 251530576

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 631-470-2621

**MAIL ADDRESS:**
- **STREET 1:** 17605 WRIGHT STREET
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68130

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** CINCINNATI

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

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

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

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

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

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

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

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

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $128756368.01

**Total Liabilities:** $1593717.64

**Net Assets:** $127162650.37

**Cash Not Reported:** $266588.37

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000253926 | 2.27%                | 1.71%                | 6.57%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $622293.00               | $1634712.33                                |
| Month 2  | $1632236.04              | $189832.86                                 |
| Month 3  | $1206885.92              | $6552522.25                                |

### Schedule of Portfolio Investments

| Name                                                     | Title                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Bharti Airtel Ltd.                                       | BHARTI AIRTEL             | CUSIP: Y0885K108<br>LEI: 335800KQ1FPKOQ84OR26 | Long             | EC               | CORP              | IN        |     55625 | NS      | $1176173.94   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Pepco Group NV                                           | PEPCO GROUP NV            | CUSIP: G6999C106<br>LEI: 213800OVMJPFP79OB449 | Long             | EC               | CORP              | NL        |     61507 | NS      | $438272.06    | 0.34%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Public Bank Berhad                                       | Public Bank Bhd           | CUSIP: Y71497104<br>LEI: 549300L2RSQCVMOHGM20 | Long             | EC               | CORP              | MY        |    174200 | NS      | $179237.70    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Gold Fields Ltd                                          | Gold Fields Ltd           | CUSIP: S31755101<br>LEI: 5299003KXIBJQYCBBD72 | Long             | EC               | CORP              | ZA        |      5278 | NS      | $222831.09    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| OTP Bank PLC                                             | OTP BANK PLC              | CUSIP: X60746181<br>LEI: 529900W3MOO00A18X956 | Long             | EC               | CORP              | HU        |      1400 | NS      | $120909.09    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Aegis Logistics Ltd.                                     | AEGIS LOGISTICS           | CUSIP: Y0018C122<br>LEI: 335800R6OF8UV8J3G994 | Long             | EC               | CORP              | IN        |    107169 | NS      | $923782.29    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Akeso Inc.                                               | AKESO INC                 | CUSIP: G0146B103<br>LEI: 254900ECWYGR3QW5GF30 | Long             | EC               | CORP              | KY        |     50000 | NS      | $907238.12    | 0.71%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Anhui Expressway Company Ltd                             | ANHUI EXPRESS-H           | CUSIP: Y01374100<br>LEI: 529900UGCN9D11VHIL29 | Long             | EC               | CORP              | CN        |    554000 | NS      | $814427.40    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Hua Hong Semiconductor Ltd.                              | HUA HONG SEMICONDUCTOR LT | CUSIP: Y372A7109<br>LEI: 529900OXH3ZYLIMGB907 | Long             | EC               | CORP              | HK        |    111000 | NS      | $1141115.36   | 0.90%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Grupo Aeroportuario del Sureste S.A.B. de C.V.           | AERO DEL SURES-B          | CUSIP: P4950Y100<br>LEI: 5299001W7JIDXCUOUC82 | Long             | EC               | CORP              | MX        |     16265 | NS      | $525232.84    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Chengdu Co Ltd.                                  | BANK OF CHENGD-A          | CUSIP: Y0R95C103<br>LEI: 30030030JPOKGL9K5418 | Long             | EC               | CORP              | CN        |    330600 | NS      | $801040.83    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| PDD Holdings Inc.                                        | PDD HOLDINGS INC          | CUSIP: 722304102<br>LEI: 5493000573DS7005T657 | Long             | EC               | CORP              | KY        |      8400 | NS      | $1110228.00   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| EO Technics Co                                           | EO TECHNICS CO            | CUSIP: Y2297V102<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      3815 | NS      | $633233.36    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Promotora y Operadora de Infraestructura SA              | PROMOTORA Y OPER          | CUSIP: P7925L103<br>LEI: 52990035X6RK8DBUWA73 | Long             | EC               | CORP              | MX        |     43130 | NS      | $590268.41    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Lotes Co Ltd.                                            | LOTES                     | CUSIP: Y53302116<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     20000 | NS      | $1013746.27   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Allos SA                                                 | ALLOS SA                  | CUSIP: P0R6A1107<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    106300 | NS      | $516490.61    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Zhuzhou CRRC Times Electric Co Ltd.                      | CRRC TIMES ELEC           | CUSIP: Y9892N104<br>LEI: 529900PLNH7NQLN00B53 | Long             | EC               | CORP              | CN        |    189600 | NS      | $1042794.40   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Financiero Galicia S.A.                            | GRUPO GALICI-ADR          | CUSIP: 399909100<br>LEI: 5299008H3AXIXV5G3C23 | Long             | EC               | CORP              | AR        |      5600 | NS      | $154336.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Syariah Indonesia Tbk                               | BANK SYARIAH IND          | CUSIP: Y0R8KR105<br>LEI: 9845009CD3B814E04066 | Long             | EC               | CORP              | ID        |    892900 | NS      | $138629.12    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Funds                             | NT-INST TRSR-PRM          | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    548852 | PA      | $548851.72    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Polska Kasa Opieki SA                               | PEKAO                     | CUSIP: X0R77T117<br>LEI: 5493000LKS7B3UTF7H35 | Long             | EC               | CORP              | PL        |      4376 | NS      | $210324.42    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| PT Sumber Alfaria Trijaya Tbk                            | SUMBER ALFARIA T          | CUSIP: Y71362118<br>LEI: N/A                  | Long             | EC               | CORP              | ID        |   2006200 | NS      | $232104.42    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Qingdao Port International Co Limited                    | QINGDAO PORT INTERNATIONA | CUSIP: Y7S64R101<br>LEI: 529900URO8Y3C7A1JM55 | Long             | EC               | CORP              | CN        |    929000 | NS      | $860731.24    | 0.68%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Hindustan Petroleum Corp Ltd.                            | HINDUSTAN PETROLEUM CORP  | CUSIP: Y3224R123<br>LEI: 335800DWLXIP7HFFY564 | Long             | EC               | CORP              | IN        |    187437 | NS      | $935544.53    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Jazeera Airways                                          | JAZEERA AIRWAYS           | CUSIP: M6S45Y105<br>LEI: N/A                  | Long             | EC               | CORP              | KW        |     48835 | NS      | $220365.90    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Vivara Participacoes SA                                  | VIVARA PARTICIPA          | CUSIP: P98017109<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     69000 | NS      | $373113.13    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Huadian Power International Corp Ltd.                    | Huadian Power Internation | CUSIP: Y3738Y101<br>LEI: 529900207FCOKWBDRE79 | Long             | EC               | CORP              | CN        |   1542000 | NS      | $830261.66    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| AL Rajhi Bank                                            | AL RAJHI BANK             | CUSIP: M0R60D105<br>LEI: 558600BQZS4Y1DTU8589 | Long             | EC               | CORP              | SA        |     28560 | NS      | $816391.66    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Almoosa Health Co.                                       | ALMOOSA HEALTH C          | CUSIP: M0853Q106<br>LEI: N/A                  | Long             | EC               | CORP              | SA        |      6677 | NS      | $299291.69    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC Bank Ltd.                                           | HDFC BANK LTD             | CUSIP: Y3119P190<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |    106417 | NS      | $1139213.12   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Power and Water Utility Company                          | POWER & WATER UT          | CUSIP: M7S61K102<br>LEI: 5586004JL8DPCMAXNE10 | Long             | EC               | CORP              | SA        |     43280 | NS      | $456089.17    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| CSPC Pharmaceutical Group Ltd.                           | CSPC PHARMACEUTICAL GROUP | CUSIP: Y1837N109<br>LEI: 529900M3XQCW234H8O91 | Long             | EC               | CORP              | HK        |    694000 | NS      | $835633.13    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Firstrand Ltd                                            | FirstRand Ltd             | CUSIP: S5202Z131<br>LEI: 529900XYOP8CUZU7R671 | Long             | EC               | CORP              | ZA        |     66376 | NS      | $298492.71    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Legend Biotech Corporation                               | LEGEND BIOT-ADR           | CUSIP: 52490G102<br>LEI: 254900EIUFZTW136H859 | Long             | EC               | CORP              | KY        |     21900 | NS      | $714159.00    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| National Bank of Kuwait S.A.K.P.                         | NATL BANK KUWAIT          | CUSIP: M7103V108<br>LEI: 549300NB7FE83IH6BW96 | Long             | EC               | CORP              | KW        |     50364 | NS      | $174730.89    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Industries Ltd.                                 | Reliance Industries Ltd   | CUSIP: Y72596102<br>LEI: 5493003UOETFYRONLG31 | Long             | EC               | CORP              | IN        |     11544 | NS      | $177249.14    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| KOC Holdings AG                                          | KOC HOLDING               | CUSIP: M63751107<br>LEI: 7890005U0H950VH19H45 | Long             | EC               | CORP              | TR        |     65623 | NS      | $272897.79    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegro.eu SA                                            | ALLEGRO.EU SA             | CUSIP: L0R67D109<br>LEI: 222100VRLXV3FPMG4982 | Long             | EC               | CORP              | LU        |     18955 | NS      | $185623.21    | 0.15%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Krungthai Card Public Co Ltd.                            | KRUNGTHAI-FOREIG          | CUSIP: Y498B4116<br>LEI: N/A                  | Long             | EC               | CORP              | TH        |    307800 | NS      | $284718.80    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| National Central Cooling Company PJSC (Tabreed)          | TABREED                   | CUSIP: M72005107<br>LEI: 254900E7M1Y3DXGQ1283 | Long             | EC               | CORP              | AE        |    299606 | NS      | $234079.93    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Bajaj Finserv Ltd                                        | BAJAJ FINSERV LT          | CUSIP: Y0548X125<br>LEI: 3358001EH4I4IDMGQ326 | Long             | EC               | CORP              | IN        |     39523 | NS      | $892649.30    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Fositek Corp.                                            | FOSITEK CORP              | CUSIP: Y261K6105<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     30000 | NS      | $980282.80    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Youngone Corp.                                           | YOUNGONE CORP             | CUSIP: Y9857Q100<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     10565 | NS      | $488458.33    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| China Construction Bank Corp.                            | CCB-H                     | CUSIP: Y1397N101<br>LEI: 5493001KQW6DM7KEDR62 | Long             | EC               | CORP              | CN        |    548000 | NS      | $526742.96    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Ho Chi Minh City Development Joint Stock Commercial Bank | HDBANK                    | CUSIP: Y3R31X108<br>LEI: 549300JA2AF0TMGHY210 | Long             | EC               | CORP              | VN        |    322000 | NS      | $377676.88    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Mexico SAB de CV                                   | GRUPO MEXICO-B            | CUSIP: P49538112<br>LEI: 529900JWLZAYET2ZGW20 | Long             | EC               | CORP              | MX        |     60400 | NS      | $525492.66    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenaga Nasional Bhd                                      | Tenaga Nasional Bhd       | CUSIP: Y85859109<br>LEI: 549300FV8X6UID6I1413 | Long             | EC               | CORP              | MY        |     54300 | NS      | $170578.62    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Prosus NV                                                | PROSUS NV                 | CUSIP: N7163R103<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | EC               | CORP              | NL        |     10436 | NS      | $731643.41    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Ashok Leyland Ltd.                                       | ASHOK LEYLAND             | CUSIP: Y0266N143<br>LEI: 3358001BZKWERVWYCK35 | Long             | EC               | CORP              | IN        |    621452 | NS      | $998053.22    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi Arabian Mining Company                             | SAUDI ARABIAN MI          | CUSIP: M8236Q107<br>LEI: N/A                  | Long             | EC               | CORP              | SA        |     14334 | NS      | $244620.55    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Beijing Fourth Paradigm Technology Co Ltd.               | BEIJING FOURTH-H          | CUSIP: Y0S1WW105<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    130800 | NS      | $1165657.05   | 0.92%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Zoomlion Heavy Industry Science & Technology Co Ltd.     | ZOOMLION HEAVY-H          | CUSIP: Y9895V103<br>LEI: 529900QZ3EMAU0QKFK85 | Long             | EC               | CORP              | CN        |   1062200 | NS      | $995062.62    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Db Hitek Co Ltd                                          | DB HITEK CO LTD           | CUSIP: Y3R69A103<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     12839 | NS      | $519508.74    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Fomento Economico Mexicano S A B de C V                  | FOMENTO ECONOMICO MEXICAN | CUSIP: P4182H115<br>LEI: 549300A8MDWDJNMLV153 | Long             | EC               | CORP              | MX        |     26400 | NS      | $260082.55    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Inter & Co Inc.                                          | INTER & CO INC            | CUSIP: G4R20B107<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     77800 | NS      | $718094.00    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| MPI Corporation                                          | MPI                       | CUSIP: Y6131E101<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     17000 | NS      | $956497.49    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Ascentage Pharma Group International                     | ASCENTAGE PHARMA          | CUSIP: G0519B102<br>LEI: 300300WBVGZIXEF27W64 | Long             | EC               | NUSS              | KY        |     77000 | NS      | $762394.85    | 0.60%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Piraeus Financial Holdings S.A                           | PIRAEUS FINANCIA          | CUSIP: X06397248<br>LEI: M6AD1Y1KW32H8THQ6F76 | Long             | EC               | CORP              | GR        |     35940 | NS      | $304380.32    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Varun Beverages Ltd.                                     | VARUN BEVERAGES           | CUSIP: Y9T53H143<br>LEI: 33580058NWEMWBDNMD48 | Long             | EC               | CORP              | IN        |    149962 | NS      | $749003.94    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Equatorial SA                                            | EQUATORIAL ENERGIA SA - O | CUSIP: P3773H104<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     82100 | NS      | $569206.92    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Hapvida Participacoes e Investimentos SA                 | HAPVIDA PARTICIP          | CUSIP: P5R526106<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     85300 | NS      | $574564.57    | 0.45%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Abu Dhabi Commercial Bank PJSC                           | ABU DHABI COMMERCIAL BANK | CUSIP: M0152Q104<br>LEI: 213800RWVKKIRX1AUH58 | Long             | EC               | CORP              | AE        |     74079 | NS      | $294025.10    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| TravelSky Technology Ltd.                                | TravelSky Technology Ltd  | CUSIP: Y8972V101<br>LEI: 5299007TAWP4DZ6QFG73 | Long             | EC               | CORP              | CN        |    588000 | NS      | $802450.83    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Duality Biotherapeutics Inc.                             | DUALITY BIOTHERA          | CUSIP: G2929M108<br>LEI: 254900HZFACBOBP9HN21 | Long             | EC               | CORP              | KY        |     21100 | NS      | $985877.41    | 0.78%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Arab National Bank                                       | ARAB NATL BANK            | CUSIP: M1454X102<br>LEI: 213800CYWGYQVT1ZBQ57 | Long             | EC               | CORP              | SA        |     89405 | NS      | $589087.93    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanmi Pharmaceutical Co Ltd                              | HANMI PHARM CO L          | CUSIP: Y3063Q103<br>LEI: 988400PP10VZVUOFE672 | Long             | EC               | CORP              | KR        |      3894 | NS      | $1018064.60   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Absa Group Ltd                                           | ABSA GROUP LTD            | CUSIP: S0270C106<br>LEI: 2138006IPPRD4N6XLT30 | Long             | EC               | CORP              | ZA        |     47668 | NS      | $499858.02    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Metropolitan Bank & Trust Co (Metrobank)                 | METRO BANK & TR           | CUSIP: Y6028G136<br>LEI: 549300SQYI82RVWFN715 | Long             | EC               | CORP              | PH        |    205020 | NS      | $239131.39    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglogold Ashanti PLC                                    | ANGLOGOLD ASHANT          | CUSIP: G0378L100<br>LEI: 2138005YDSA7A82RNU96 | Long             | EC               | CORP              | GB        |      9109 | NS      | $640098.02    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Nanya Technology Corp.                                   | Nanya Technology Corp     | CUSIP: Y62066108<br>LEI: 254900STKVKJBRRO0835 | Long             | EC               | CORP              | TW        |    450000 | NS      | $1077720.55   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Ooredoo  Q.P.S.C.                                        | OOREDOO QPSC              | CUSIP: M8180V102<br>LEI: 549300D3EIDZJB62TR20 | Long             | EC               | CORP              | QA        |     73421 | NS      | $275686.72    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Itmax System Bhd                                         | ITMAX SYSTEM BHD          | CUSIP: Y4211B105<br>LEI: N/A                  | Long             | EC               | CORP              | MY        |    169300 | NS      | $180632.80    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Itau Unibanco Holding SA                                 | ITAU UNIBAN-PREF          | CUSIP: P5968U113<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | EP               | CORP              | BR        |     30100 | NS      | $220732.20    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd.                                    | TENCENT                   | CUSIP: G87572163<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |     71700 | NS      | $6108706.66   | 4.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Mankind Pharma Ltd.                                      | MANKIND PHARMA L          | CUSIP: Y57688114<br>LEI: 33580067G8AZ7S8NYA02 | Long             | EC               | CORP              | IN        |     33078 | NS      | $906935.68    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Map Aktif Adiperkasa Tbk PT                              | MAP AKTIF ADIPER          | CUSIP: Y581AR101<br>LEI: 254900N3WK9AC24SVF17 | Long             | EC               | CORP              | ID        |   3741300 | NS      | $121106.70    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Jentech Precision Industrial Co., Ltd                    | JENTECH                   | CUSIP: Y4432G115<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     14000 | NS      | $1106919.06   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd.                              | SAMSUNG ELECTRON          | CUSIP: Y74718100<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |     50848 | NS      | $3039129.18   | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Dongjin Semichem Co Ltd.                                 | DONGJIN SEMICHEM          | CUSIP: Y2121T109<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     14367 | NS      | $421162.07    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| KEI Industries Ltd                                       | KEI INDUS LTD             | CUSIP: Y4640F115<br>LEI: 335800UDWBC2AWPU7M56 | Long             | EC               | CORP              | IN        |     19854 | NS      | $907890.47    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Kirloskar Brothers Limited                               | KIRLOSKAR BROTHE          | CUSIP: Y4807B139<br>LEI: 335800ER8I3MX42RBR71 | Long             | EC               | CORP              | IN        |     32982 | NS      | $716440.67    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Ningbo Co Ltd.                                   | BANK OF NINGBO-A          | CUSIP: Y0698G104<br>LEI: 300300C1092133000091 | Long             | EC               | CORP              | CN        |    261400 | NS      | $970432.77    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| The Company for Cooperative Insurance                    | CO FOR COOPERATI          | CUSIP: M7225K105<br>LEI: 549300J2GTNKWJRJ8581 | Long             | EC               | CORP              | SA        |     15342 | NS      | $556373.53    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Kajaria Ceramics Ltd.                                    | KAJARIA CERAMICS          | CUSIP: Y45199166<br>LEI: 3358007XN6AXJ1V67M07 | Long             | EC               | CORP              | IN        |     61409 | NS      | $806569.68    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd.                               | BABA-SW                   | CUSIP: G01719114<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |    183200 | NS      | $4166921.53   | 3.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Chroma Ate Inc                                           | Chroma ATE Inc            | CUSIP: Y1604M102<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     38000 | NS      | $721826.71    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Elite Material Co Ltd.                                   | ELITE MATERIAL            | CUSIP: Y2290G102<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     27000 | NS      | $1085102.19   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Metlen Energy & Metals PLC                               | METLEN ENERGY &           | CUSIP: G6042Y105<br>LEI: 213800ZSR3HVKMMPVG86 | Long             | EC               | CORP              | GB        |      4183 | NS      | $232525.30    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| China Oilfield Services Ltd.                             | China Oilfield Services L | CUSIP: Y15002101<br>LEI: 529900J4X53VL8QQW675 | Long             | EC               | CORP              | CN        |   1052000 | NS      | $903043.75    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Glenmark Pharmaceuticals Ltd.                            | GLENMARK PHARMA           | CUSIP: Y2711C144<br>LEI: 335800WKECZXIIT9GK20 | Long             | EC               | CORP              | IN        |     42499 | NS      | $934173.81    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| HOA Phat Group Jsc                                       | HOA PHAT GRP JSC          | CUSIP: Y3231H100<br>LEI: 549300ODJEFGL5CWKD32 | Long             | EC               | CORP              | VN        |    306720 | NS      | $326680.59    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Abu Dhabi Ports Company PJSC                             | ABU DHABI PORTS           | CUSIP: M0153A108<br>LEI: 213800F5LEV1NQJ68T87 | Long             | EC               | CORP              | AE        |    226345 | NS      | $229832.54    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Adani Ports And Special Economic Zone Ltd.               | ADANI PORTS AND           | CUSIP: Y00130107<br>LEI: 335800QOAXP5TM7OYP69 | Long             | EC               | CORP              | IN        |     61718 | NS      | $975074.30    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| CIMB Group Holdings Berhad                               | CIMB Group Holdings Bhd   | CUSIP: Y1636J101<br>LEI: 549300FYDN5UD7USZW18 | Long             | EC               | CORP              | MY        |     99000 | NS      | $172673.05    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyundai Motor Co.                                        | HYUNDAI MOTOR-2           | CUSIP: Y38472224<br>LEI: 9884004RQX8PRBXQ8S60 | Long             | EP               | CORP              | KR        |      6683 | NS      | $792682.05    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Sailun Group Co Ltd.                                     | SAILUN GROUP - A          | CUSIP: Y74184105<br>LEI: 300300GF13IPLVWINQ61 | Long             | EC               | CORP              | CN        |    389200 | NS      | $786130.10    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Piramal Enterprises Ltd.                                 | PIRAMAL ENTERPRI          | CUSIP: Y6941N101<br>LEI: 335800XG9I3HZ2F1KQ73 | Long             | EC               | CORP              | IN        |     66295 | NS      | $838953.34    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Wal-Mart De Mexico                                       | WALMART DE MEXIC          | CUSIP: P98180188<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |     99000 | NS      | $305807.78    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Kaspi.Kz JSC                                             | JSC KASPI.KZ              | CUSIP: 48581R205<br>LEI: 2549003YU6FARG8OAZ13 | Long             | EC               | CORP              | KZ        |      2500 | NS      | $204200.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| BDO Unibank Inc.                                         | BDO Unibank Inc           | CUSIP: Y07775102<br>LEI: 3FGIIBS1PEI1FYQBGN97 | Long             | EC               | CORP              | PH        |     30287 | NS      | $69041.89     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Financiero Banorte S.A.B. de C.V.                  | GRUPO F BANORT-O          | CUSIP: P49501201<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |     39900 | NS      | $400659.89    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Alinma Bank                                              | ALINMA BANK               | CUSIP: M0R35G100<br>LEI: 558600HPAUTN6XSVBK93 | Long             | EC               | CORP              | SA        |     87266 | NS      | $623627.75    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Heath Ltd.                                        | GLOBAL HEALTH LT          | CUSIP: Y2R1K6136<br>LEI: 335800TEDV7GWBKTVO07 | Long             | EC               | CORP              | IN        |     64944 | NS      | $960611.65    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of the Philippine Islands                           | BANK PHILIPPINE           | CUSIP: Y0967S169<br>LEI: 549300UW4UH6XT2X8C50 | Long             | EC               | CORP              | PH        |     64200 | NS      | $126638.08    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.             | TSMC                      | CUSIP: Y84629107<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    322000 | NS      | $13785965.03  | 10.84%            |  |  |  | No            |                  1 | On Loan: No      |
| Mavi Giyim Sanayi Ve Ticaret A                           | MAVI - CLASS B            | CUSIP: M68551114<br>LEI: 7890004V7753Z4N1L403 | Long             | EC               | CORP              | TR        |    177076 | NS      | $159116.61    | 0.13%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd.                              | Samsung Electronics Co Lt | CUSIP: Y74718118<br>LEI: 9884007ER46L6N7EI764 | Long             | EP               | CORP              | KR        |     20143 | NS      | $952808.35    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| XP Inc.                                                  | XP INC - CLASS A          | CUSIP: G98239109<br>LEI: 5493008KDA8NBZRJST80 | Long             | EC               | CORP              | KY        |     28800 | NS      | $541152.00    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Century Pacific Food Inc                                 | CENTURY PACIFIC           | CUSIP: Y1249R102<br>LEI: 254900NFV7QTJB821G52 | Long             | EC               | CORP              | PH        |    326600 | NS      | $210917.50    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| BIM Birlesik Magaz                                       | BIM                       | CUSIP: M2014F102<br>LEI: 7890001GCDJQD8DJKE29 | Long             | EC               | CORP              | TR        |     11139 | NS      | $144941.39    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| SK Hynix Inc.                                            | SK HYNIX INC              | CUSIP: Y8085F100<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |      4239 | NS      | $1049377.02   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Samyang Foods Co., Ltd                                   | SAMYANG FOODS CO          | CUSIP: Y7498J105<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |       860 | NS      | $936740.42    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| One 97 Communications Ltd.                               | ONE 97 COMMUNICA          | CUSIP: Y6425F111<br>LEI: 335800ZRHU5J6GSTMI23 | Long             | EC               | CORP              | IN        |     78015 | NS      | $986916.91    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| America Movil S.A.B. de C.V.                             | AMERICA MOVIL SA          | CUSIP: P0280A192<br>LEI: 5493000FNR3UCEAONM59 | Long             | EC               | CORP              | MX        |    180900 | NS      | $189820.17    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| MediaTek Inc.                                            | MEDIATEK                  | CUSIP: Y5945U103<br>LEI: 254900UEGBK1I4DM4E14 | Long             | EC               | CORP              | TW        |      4000 | NS      | $172566.52    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI Bank Ltd.                                          | ICICI BANK LTD            | CUSIP: Y3860Z132<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |     81218 | NS      | $1232411.19   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| King Slide Works                                         | KING SLIDE WORKS          | CUSIP: Y4771C113<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     10000 | NS      | $1079360.91   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanwha Aerospace Co Ltd                                  | HANWHA AEROSPACE          | CUSIP: Y7470L102<br>LEI: 9884001NSUA8FQKQWR25 | Long             | EC               | CORP              | KR        |       266 | NS      | $209769.62    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi National Bank (the)                                | SAUDI NATIONAL B          | CUSIP: M7S2CL107<br>LEI: 5586006ZEFQ542K7CY16 | Long             | EC               | CORP              | SA        |    104793 | NS      | $1094818.87   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| East Pipes Integrated Company for Industry               | EAST PIPES INTEG          | CUSIP: M2R260102<br>LEI: N/A                  | Long             | EC               | CORP              | SA        |      7822 | NS      | $268436.72    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Triveni Turbine Ltd.                                     | TRIVENI TURBINE           | CUSIP: Y89735107<br>LEI: 335800CN8OF2ECX4NK89 | Long             | EC               | CORP              | IN        |    123505 | NS      | $721478.69    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Yantai Jereh Oilfield Services Group Co Ltd.             | YANTAI JEREH-A            | CUSIP: Y9729Z106<br>LEI: 300300QPHWK638H2EU20 | Long             | EC               | CORP              | CN        |    125400 | NS      | $981104.88    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Elecon Engineering                                       | ELECON ENGINEER           | CUSIP: Y2R72B116<br>LEI: 335800H65LT1IKZEIF87 | Long             | EC               | CORP              | IN        |     97858 | NS      | $625578.27    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Bangkok Dusit Medical Services Public Co Ltd.            | BANGKOK DUSIT-F           | CUSIP: Y06071255<br>LEI: N/A                  | Long             | EC               | CORP              | TH        |    267200 | NS      | $168894.92    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Vietnam Enterprise Investments Ltd                       | VIETNAM-EN INV-C          | CUSIP: G9361H109<br>LEI: 213800SYT3T4AGEVW864 | Long             | EC               | CORP              | KY        |     19725 | NS      | $197634.66    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Standard Bank Group Ltd.                                 | STANDARD BANK GR          | CUSIP: S80605140<br>LEI: 2549003PEZXUT7MDBU41 | Long             | EC               | CORP              | ZA        |     14067 | NS      | $192555.47    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| United International Transportation Co                   | UNITED INTERNATI          | CUSIP: M95429102<br>LEI: N/A                  | Long             | EC               | CORP              | SA        |     16816 | NS      | $331593.83    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Kotak Mahindra Bank Ltd.                                 | KOTAK MAHINDRA            | CUSIP: Y4964H150<br>LEI: 335800E6GTTXKHXE2I75 | Long             | EC               | CORP              | IN        |     39525 | NS      | $886599.02    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Mayora Indah                                             | MAYORA INDAH              | CUSIP: Y7129D105<br>LEI: 529900RM3VNQRMDJ7M38 | Long             | EC               | CORP              | ID        |   1348800 | NS      | $164132.84    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Tongkun Group Co Ltd.                                    | TONGKUN GROUP-A           | CUSIP: Y8851U109<br>LEI: 300300AK2H2EJWS24N19 | Long             | EC               | CORP              | CN        |    284100 | NS      | $598983.19    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Lig Nex1 Co Ltd                                          | LIG NEX1 CO LTD           | CUSIP: Y5277W107<br>LEI: 988400VTP0QVY3OIY652 | Long             | EC               | CORP              | KR        |      2049 | NS      | $748811.75    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Eternal Ltd.                                             | ZOMATO LTD                | CUSIP: Y9899X105<br>LEI: 335800T4VOF9ETHF8W59 | Long             | EC               | CORP              | IN        |    249023 | NS      | $912439.13    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Smartfit Escola De Ginastica E Danca S.A.                | SMARTFIT- ORD             | CUSIP: P8T12R101<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    145600 | NS      | $731788.89    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Raiffeisen Bank International AG                         | RAIFFEISEN BANK           | CUSIP: A7111G104<br>LEI: 9ZHRYM6F437SQJ6OUG95 | Long             | EC               | CORP              | AT        |      9062 | NS      | $312137.92    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Powszechny Zaklad Ubezpieczen SA                         | Powszechny Zaklad Ubezpie | CUSIP: X6919T107<br>LEI: QLPCKOOKVX32FUELX240 | Long             | EC               | CORP              | PL        |     13141 | NS      | $196529.32    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| CP All Public Co Ltd.                                    | CP ALL PCL-F              | CUSIP: Y1772K169<br>LEI: 894500LSBZLM09TY1A91 | Long             | EC               | CORP              | TH        |    106100 | NS      | $154576.50    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Contemporary Amperex Technology Co Ltd.                  | CONTEMPORARY A-A          | CUSIP: Y1R48E105<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |     17200 | NS      | $971219.08    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Powszechna Kasa Oszczednosci Bank Polski SA              | PKOBP                     | CUSIP: X6919X108<br>LEI: P4GTT6GF1W40CVIMFR43 | Long             | EC               | CORP              | PL        |     10190 | NS      | $197587.54    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Tsingtao Brewery Group Co Ltd.                           | TSINGTAO BREW-H           | CUSIP: Y8997D102<br>LEI: 300300OJ7D0Q1ESE8L15 | Long             | EC               | CORP              | CN        |    138000 | NS      | $939878.13    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| China Merchants Bank Co Ltd.                             | CHINA MERCH BK-A          | CUSIP: Y14896107<br>LEI: 549300MKO5B60FFIHF58 | Long             | EC               | CORP              | CN        |    224100 | NS      | $1272018.46   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Glencore PLC                                             | GLENCORE PLC              | CUSIP: G39420107<br>LEI: 2138002658CPO9NBH955 | Long             | EC               | CORP              | JE        |    146496 | NS      | $676097.54    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Asia Vital Components Co Ltd                             | ASIA VITAL                | CUSIP: Y0392D100<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     31000 | NS      | $997703.49    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Prio SA                                                  | PRIO SA                   | CUSIP: P7S19Q109<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     73700 | NS      | $527447.34    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Mobile World Investment Corporation                      | MOBILE WORLD INV          | CUSIP: Y604K2105<br>LEI: 254900ZRFNB8CRAHHO95 | Long             | EC               | CORP              | VN        |    109600 | NS      | $322206.58    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi Telecom Company                                    | SAUDI TELECOM CO          | CUSIP: M8T596104<br>LEI: 21380028ATJ79OTA9W17 | Long             | EC               | CORP              | SA        |     24840 | NS      | $291970.35    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Joint Stock Commercial Bank For Foreign Trade Of Vietnam | BANK FOR FOREIGN          | CUSIP: Y444A7106<br>LEI: 2549004TS5QUBFGAWE51 | Long             | EC               | CORP              | VN        |    112400 | NS      | $263670.07    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Colbun S.A.                                              | COLBUN SA                 | CUSIP: P2867K130<br>LEI: 5493003VQJLE2QB8IF36 | Long             | EC               | CORP              | CL        |   1717470 | NS      | $271546.15    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Xiaomi Corp.                                             | XIAOMI CORP-CLASS B       | CUSIP: G9830T106<br>LEI: 2549001ACVFAZRNMKL32 | Long             | EC               | CORP              | KY        |     60600 | NS      | $420516.43    | 0.33%             |  |  |  | Yes           |                  1 | On Loan: No      |
| China State Construction Engineering Corp Ltd.           | CHINA STATE -A            | CUSIP: Y1R16Z106<br>LEI: 300300CWW8WOEV3BR645 | Long             | EC               | CORP              | CN        |    953880 | NS      | $730218.70    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| BizLink Holding Inc.                                     | BIZLINK HOLDING           | CUSIP: G11474106<br>LEI: 213800YAKRFVU5XOX138 | Long             | EC               | CORP              | KY        |     30355 | NS      | $1025742.27   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Taaleem Holdings PJSC                                    | TAALEEM HOLDINGS          | CUSIP: M8T07F107<br>LEI: N/A                  | Long             | EC               | CORP              | AE        |    154154 | NS      | $180029.58    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Cosmax Inc.                                              | COSMAX INC                | CUSIP: Y1R696106<br>LEI: 988400ZU10J4AP3M4Y14 | Long             | EC               | CORP              | KR        |      4813 | NS      | $735455.64    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Localiza Rent a Car SA                                   | LOCALIZA                  | CUSIP: P6330Z111<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     70500 | NS      | $522560.74    | 0.41%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Adnoc Gas                                                | ADNOC GAS PLC             | CUSIP: M0R823101<br>LEI: 254900O5NS03BDOOM362 | Long             | EC               | CORP              | AE        |    374672 | NS      | $361065.74    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Plaza Hotel Public Co Ltd.                       | CENTRAL PLAZA-F           | CUSIP: Y12431220<br>LEI: N/A                  | Long             | EC               | CORP              | TH        |    230600 | NS      | $213307.84    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| HD Hyundai Heavy Industries Co Ltd.                      | HD HYUNDAI HEAVY          | CUSIP: Y3838M122<br>LEI: 988400CAR8W9URQLGF30 | Long             | EC               | CORP              | KR        |      2298 | NS      | $843083.48    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| AZZAS 2154 S.A.                                          | AZZAS 2154 SA             | CUSIP: P0R0NH101<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     40900 | NS      | $232076.36    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Puregold Price Club Inc.                                 | PUREGOLD PRICE C          | CUSIP: Y71617107<br>LEI: N/A                  | Long             | EC               | CORP              | PH        |    369400 | NS      | $266120.07    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Alfa SAB de CV                                           | ALFA SAB-A                | CUSIP: P0156P117<br>LEI: 549300ZCGJ6T8YDJ4M34 | Long             | EC               | CORP              | MX        |    702700 | NS      | $563562.58    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| CS Wind Corp                                             | CS WIND                   | CUSIP: Y1R23X102<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      9776 | NS      | $291802.19    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| NAVER Corp.                                              | NAVER CORP                | CUSIP: Y62579100<br>LEI: 988400ULUQYDB2HQYJ61 | Long             | EC               | CORP              | KR        |      1663 | NS      | $318089.89    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Mandiri (Persero) Tbk PT                            | BANK MANDIRI              | CUSIP: Y7123S108<br>LEI: 549300RSKQN4Z5ZSGH94 | Long             | EC               | CORP              | ID        |    602100 | NS      | $158808.30    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Chemical Works Of Gedeon Richter                         | RICHTER GEDEON NYRT       | CUSIP: X3124S107<br>LEI: 549300J6ZJW5IH4WEE46 | Long             | EC               | CORP              | HU        |      2861 | NS      | $87070.17     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Hong Kong Exchanges & Clearing Ltd.                      | HKEX                      | CUSIP: Y3506N139<br>LEI: 213800YTVSXYQN17BW16 | Long             | EC               | CORP              | HK        |     20400 | NS      | $1158694.71   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Tofas Turk Otomobil Fabrikasi As                         | TOFAS                     | CUSIP: M87892101<br>LEI: 789000YSTNETKLRWHT29 | Long             | EC               | CORP              | TR        |     42537 | NS      | $265237.28    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| APL Apollo Tubes Ltd.                                    | APL APOLLO TUBES          | CUSIP: Y0181Q148<br>LEI: 335800ZU4GXSB7Q4IU95 | Long             | EC               | CORP              | IN        |     41959 | NS      | $796382.86    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Alchip Technologies Ltd.                                 | ALCHIP TECH               | CUSIP: G02242108<br>LEI: 529900HKE9RIY07SLX84 | Long             | EC               | CORP              | KY        |      8000 | NS      | $909418.98    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Electronics Inc.                                   | DELTA ELEC                | CUSIP: Y20263102<br>LEI: 529900UVZWNWGDLJSM52 | Long             | EC               | CORP              | TW        |     21000 | NS      | $588366.52    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Zai Lab Ltd.                                             | ZAI LAB LTD               | CUSIP: G9887T116<br>LEI: 549300P2UYQ9U5LY1T58 | Long             | EC               | CORP              | KY        |    258300 | NS      | $885578.00    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanta Computer Inc.                                     | QUANTA COMPUTER           | CUSIP: Y7174J106<br>LEI: 529900DE8BIV3XOXIK04 | Long             | EC               | CORP              | TW        |     26000 | NS      | $247367.21    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Infosys Ltd.                                             | INFOSYS LTD               | CUSIP: Y4082C133<br>LEI: 335800TYLGG93MM7PR89 | Long             | EC               | CORP              | IN        |      8782 | NS      | $142531.84    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| KB Financial Group Inc.                                  | KB FINANCIAL GRO          | CUSIP: Y46007103<br>LEI: 529900TKE4MXG3Q6GW86 | Long             | EC               | CORP              | KR        |      6298 | NS      | $518200.66    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Naspers Limited                                          | NASPERS LTD-N             | CUSIP: S53435111<br>LEI: 21380044BQ8812EEKT59 | Long             | EC               | CORP              | ZA        |      1730 | NS      | $626579.91    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| SK Square Co Ltd                                         | SK SQUARE CO LTD          | CUSIP: Y8T6X4107<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      6894 | NS      | $989599.93    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Greentown China Holdings Ltd.                            | GREENTOWN CHINA HOLDINGS  | CUSIP: G4100M105<br>LEI: 529900BLBC6YDNWS8530 | Long             | EC               | CORP              | HK        |   1085000 | NS      | $1324554.80   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Hubei Dinglong Co Ltd                                    | HUBEI DINGLONG-A          | CUSIP: Y3745B102<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    209100 | NS      | $1065868.69   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-28

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

**Signature:** Rich Gleason

**Name of Signer:** Rich Gleason

**Title:** Treasurer