# EDGAR Filing Document

**Accession Number:** 0001537140
**File Stem:** 0001752724-23-043100
**Filing Date:** 2023-2
**Character Count:** 26747
**Document Hash:** 649401478e3c4f9b7fad1983a4597e90
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-043100.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001752724-23-043100

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**PERIOD START**: 20230930

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22655
- **FILM NUMBER:** 23674035

**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

### FPA Global Equity ETF (Series ID: S000074718)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000232843 | FPA Global Equity ETF | FPAG            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **FPA GLOBAL EQUITY ETF** | **FPA GLOBAL EQUITY ETF** | **FPA GLOBAL EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.1%** |  |
|  | **AEROSPACE & DEFENSE - 4.1%** |  |
| 12987 | Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp; $511818 |
| 5074 | Safran S.A. | &nbsp;&nbsp;&nbsp; 635242 |
|  |  | &nbsp;&nbsp; 1147060 |
|  | **APPAREL & TEXTILE PRODUCTS - 1.7%** |  |
| 3637 | Cie Financiere Richemont S.A. | &nbsp;&nbsp;&nbsp; 471643 |
|  | **ASSET MANAGEMENT - 3.0%** |  |
| 10668 | Groupe Bruxelles Lambert S.A. | &nbsp;&nbsp;&nbsp; 851932 |
|  | **BANKING - 6.2%** |  |
| 19318 | Citigroup, Inc. | &nbsp;&nbsp;&nbsp; 873753 |
| 21427 | Wells Fargo & Company | &nbsp;&nbsp;&nbsp; 884721 |
|  |  | &nbsp;&nbsp; 1758474 |
|  | **BEVERAGES - 2.2%** |  |
| 21855 | JDE Peet's BV | &nbsp;&nbsp;&nbsp; 632318 |
|  | **CABLE & SATELLITE - 7.3%** |  |
| 2127 | Charter Communications, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 721266 |
| 38330 | Comcast Corporation, Class A | &nbsp;&nbsp;&nbsp; 1340400 |
|  |  | &nbsp;&nbsp; 2061666 |
|  | **CHEMICALS - 3.6%** |  |
| 9781 | International Flavors & Fragrances, Inc. | &nbsp;&nbsp;&nbsp; 1025440 |
|  | **CONSTRUCTION MATERIALS - 6.8%** |  |
| 5482 | HeidelbergCement A.G. | &nbsp;&nbsp;&nbsp; 312754 |
| 31096 | Holcim Ltd. | &nbsp;&nbsp;&nbsp; 1610310 |
|  |  | &nbsp;&nbsp; 1923064 |
|  | **E-COMMERCE DISCRETIONARY - 2.8%** |  |
| 15876 | Alibaba Group Holding Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 175427 |
| 7275 | Amazon.com, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 611100 |
|  |  | &nbsp;&nbsp; 786527 |
|  | **ELECTRIC UTILITIES - 2.2%** |  |
| 12125 | FirstEnergy Corporation | &nbsp;&nbsp;&nbsp; 508522 |

---

---

| | | |
|:---|:---|:---|
| **FPA GLOBAL EQUITY ETF** | **FPA GLOBAL EQUITY ETF** | **FPA GLOBAL EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)(Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited)(Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited)(Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.1% (Continued)** |  |
|  | **ELECTRIC UTILITIES - 2.2% (Continued)** |  |
| 7183 | PG&E Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $116796 |
|  |  | &nbsp;&nbsp; 625318 |
|  | **ELECTRICAL EQUIPMENT - 4.1%** |  |
| 10148 | TE Connectivity Ltd. | &nbsp;&nbsp;&nbsp; 1164990 |
|  | **ENGINEERING & CONSTRUCTION - 1.2%** |  |
| 3760 | Samsung C&T Corporation | &nbsp;&nbsp;&nbsp; 338908 |
|  | **ENTERTAINMENT CONTENT - 2.2%** |  |
| 5013 | Activision Blizzard, Inc. | &nbsp;&nbsp;&nbsp; 383745 |
| 10582 | Nexon Company Ltd. | &nbsp;&nbsp;&nbsp; 238791 |
|  |  | &nbsp;&nbsp; 622536 |
|  | **HEALTH CARE FACILITIES & SERVICES - 0.9%** |  |
| 1265 | ICON PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 245726 |
|  | **INDUSTRIAL SUPPORT SERVICES - 3.5%** |  |
| 3780 | Ferguson PLC | &nbsp;&nbsp;&nbsp; 479947 |
| 7988 | LG Corporation | &nbsp;&nbsp;&nbsp; 495436 |
|  |  | &nbsp;&nbsp; 975383 |
|  | **INSURANCE - 8.5%** |  |
| 22986 | American International Group, Inc. | &nbsp;&nbsp;&nbsp; 1453635 |
| 3143 | Aon PLC, Class A | &nbsp;&nbsp;&nbsp; 943340 |
|  |  | &nbsp;&nbsp; 2396975 |
|  | **INTERNET MEDIA & SERVICES - 13.9%** |  |
| 13021 | Alphabet, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1148842 |
| 9842 | Alphabet, Inc., Class C<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 873281 |
| 2985 | Delivery Hero S.E.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 143129 |
| 5084 | Meta Platforms, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 611808 |
| 3071 | Naspers Ltd., Class N | &nbsp;&nbsp;&nbsp; 510416 |
| 1291 | Netflix, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 380690 |
| 9445 | Uber Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 233575 |
|  |  | &nbsp;&nbsp; 3901741 |
|  | **LEISURE FACILITIES & SERVICES - 1.9%** |  |
| 8348 | Entain PLC | &nbsp;&nbsp;&nbsp; 133361 |

---

---

| | | |
|:---|:---|:---|
| **FPA GLOBAL EQUITY ETF** | **FPA GLOBAL EQUITY ETF** | **FPA GLOBAL EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)(Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited)(Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited)(Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.1% (Continued)** |  |
|  | **LEISURE FACILITIES & SERVICES - 1.9% (Continued)** |  |
| 2720 | Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp; $404981 |
|  |  | &nbsp;&nbsp; 538342 |
|  | **METALS & MINING - 3.2%** |  |
| 134180 | Glencore PLC | &nbsp;&nbsp;&nbsp; 896026 |
|  | **OIL & GAS PRODUCERS - 1.8%** |  |
| 28457 | Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp; 514503 |
|  | **REAL ESTATE OWNERS & DEVELOPERS - 0.7%** |  |
| 21093 | Swire Pacific Ltd., Class A | &nbsp;&nbsp;&nbsp; 185648 |
|  | **RETAIL - CONSUMER STAPLES - 0.4%** |  |
| 5217 | Just Eat Takeaway.com N.V.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 110328 |
|  | **RETAIL - DISCRETIONARY - 1.8%** |  |
| 8229 | CarMax, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 501064 |
|  | **SEMICONDUCTORS - 9.4%** |  |
| 8528 | Analog Devices, Inc. | &nbsp;&nbsp;&nbsp; 1398848 |
| 1462 | Broadcom, Inc. | &nbsp;&nbsp;&nbsp; 817448 |
| 2805 | NXP Semiconductors N.V. | &nbsp;&nbsp;&nbsp; 443274 |
|  |  | &nbsp;&nbsp; 2659570 |
|  | **TECHNOLOGY HARDWARE - 1.0%** |  |
| 6448 | Nintendo Company Ltd. | &nbsp;&nbsp;&nbsp; 271751 |
|  | **TRANSPORTATION EQUIPMENT - 1.7%** |  |
| 4819 | Westinghouse Air Brake Technologies Corporation | &nbsp;&nbsp;&nbsp; 480984 |
|  | **TOTAL COMMON STOCKS (Cost $29,483,791)** | &nbsp;&nbsp; 27087917 |

---

---

| | | |
|:---|:---|:---|
| **FPA GLOBAL EQUITY ETF** | **FPA GLOBAL EQUITY ETF** | **FPA GLOBAL EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)(Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited)(Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited)(Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUND — 3.3%** |  |
|  | **EQUITY - 3.3%** |  |
| 10700 | Vanguard Total World Stock ETF (Cost $915,355) | &nbsp;&nbsp;&nbsp; $922233 |
|  | **SHORT-TERM INVESTMENT — 0.5%** |  |
|  | **MONEY MARKET FUND - 0.5%** |  |
| 136229 | State Street Institutional Treasury Money Market Fund, 3.65% (Cost $136,229)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 136229 |
|  | **TOTAL INVESTMENTS - 99.9% (Cost $30,535,375)** | &nbsp;&nbsp;&nbsp; $28146379 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%** | &nbsp;&nbsp; 19390 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $28165769 |

---

---

| | |
|:---|:---|
| A.G. | - Aktiengesellschaft |
| BV | - Beroepsvereniging |
| ETF | - Exchange-Traded Fund |
| Ltd. | - Limited Company |
| N.V. | - Naamioze Vennootschap |
| PLC | - Public Limited Company |
| S.A. | - Société Anonyme |
| S.E. | - Societas Europaea |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Rate disclosed is the seven day effective yield as of December 31, 2022.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** CINCINNATI

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

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

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

- **a. Name of Series:** FPA Global Equity ETF

- **b. EDGAR series identifier (if any):** S000074718

- **c. LEI of Series:** 549300M48VMVXQH5YS67

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

- **a. Date of fiscal year-end:** 2023-09-30

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $28303124.69

**Total Liabilities:** $137356.03

**Net Assets:** $28165768.66

**Cash Not Reported:** $35648.79

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000232843 | 5.27%                | 11.09%               | -3.76%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-258394.10              | $1231141.78                                |
| Month 2  | $-39292.49               | $2616542.10                                |
| Month 3  | $-18156.01               | $-1134083.65                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Citigroup Inc.                                  | CITIGROUP INC                                   | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     19318 | NS      | $873753.14    | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Company                           | WELLS FARGO & CO                                | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |     21427 | NS      | $884720.83    | 3.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Activision Blizzard Inc                         | ACTIVISION BLIZZ                                | CUSIP: 00507V109<br>LEI: 549300TPQQDBP9GNOF40 | Long             | EC               | CORP              | US        |      5013 | NS      | $383745.15    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| International Flavors & Fragrances Inc.         | INTL FLVR & FRAG                                | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | EC               | CORP              | US        |      9781 | NS      | $1025440.04   | 3.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Delivery Hero SE                                | DELIVERY HERO AG                                | CUSIP: D1T0KZ103<br>LEI: 529900C3EX1FZGE48X78 | Long             | EC               | CORP              | DE        |      2985 | NS      | $143129.14    | 0.51%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Samsung C&T Corporation                         | SAMSUNG C&T CORP                                | CUSIP: Y7T71K106<br>LEI: 988400GFRE4IDFPE9E64 | Long             | EC               | CORP              | KR        |      3760 | NS      | $338908.21    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Nintendo Co Ltd                                 | NINTENDO CO LTD                                 | CUSIP: J51699106<br>LEI: 353800FEEXU6I9M0ZF27 | Long             | EC               | CORP              | JP        |      6448 | NS      | $271751.21    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| STATE STREET INSTITUTIONAL TREASURY             | STATE STR INSTL INVT TR                         | CUSIP: 8579929T0<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |    136229 | PA      | $136229.34    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Just Eat Takeaway.Com N.V                       | JUST EAT TAKEAWA                                | CUSIP: N4753E105<br>LEI: 724500FVZIBSSQ7SHI95 | Long             | EC               | CORP              | NL        |      5217 | NS      | $110328.46    | 0.39%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Charter Communications, Inc.                    | CHARTER COMMUN-A                                | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |      2127 | NS      | $721265.70    | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix, Inc.                                   | NETFLIX INC                                     | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |      1291 | NS      | $380690.08    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Aon PLC                                         | AON PLC                                         | CUSIP: G0403H108<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | IE        |      3143 | NS      | $943340.02    | 3.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc.                             | ANALOG DEVICES                                  | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |      8528 | NS      | $1398847.84   | 4.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Westinghouse Air Brake Technologies Corporation | Westinghouse Air Brake Technologies Corporation | CUSIP: 929740108<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | EC               | CORP              | US        |      4819 | NS      | $480984.39    | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Holcim Ltd                                      | HOLCIM LTD                                      | CUSIP: H3816Q102<br>LEI: 529900EHPFPYHV6IQO98 | Long             | EC               | CORP              | CH        |     31096 | NS      | $1610309.95   | 5.72%             |  |  |  | No            |                  1 | On Loan: No      |
| American International Group, Inc.              | AMERICAN INTERNA                                | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |     22986 | NS      | $1453634.64   | 5.16%             |  |  |  | No            |                  1 | On Loan: No      |
| TE Connectivity Ltd                             | TE CONNECTIVITY                                 | CUSIP: H84989104<br>LEI: 894500ZRIX9K13RHXR17 | Long             | EC               | CORP              | CH        |     10148 | NS      | $1164990.40   | 4.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                                | AMAZON.COM INC                                  | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      7275 | NS      | $611100.00    | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan, Inc.                             | KINDER MORGAN IN                                | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |     28457 | NS      | $514502.56    | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| LG Corp                                         | LG CORP                                         | CUSIP: Y52755108<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      7988 | NS      | $495435.90    | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Carmax Inc                                      | CARMAX INC                                      | CUSIP: 143130102<br>LEI: 529900F60CID3NCZM330 | Long             | EC               | CORP              | US        |      8229 | NS      | $501063.81    | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Naspers Limited                                 | NASPERS LTD-N                                   | CUSIP: S53435103<br>LEI: 21380044BQ8812EEKT59 | Long             | EC               | CORP              | ZA        |      3071 | NS      | $510415.88    | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexon Co Ltd                                    | NEXON CO LTD                                    | CUSIP: J4914X104<br>LEI: 5299005SFO0GAJFLKN43 | Long             | EC               | CORP              | JP        |     10582 | NS      | $238790.53    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                    | BROADCOM INC                                    | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      1462 | NS      | $817448.06    | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| HeidelbergCement AG                             | HEIDELBERGCEMENT                                | CUSIP: D31709104<br>LEI: LZ2C6E0W5W7LQMX5ZI37 | Long             | EC               | CORP              | DE        |      5482 | NS      | $312754.00    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd                       | ALIBABA GROUP HO                                | CUSIP: G01719114<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |     15876 | NS      | $175426.65    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard International Equity Index Funds       | VANGUARD TOT WORLD STK ET                       | CUSIP: 922042742<br>LEI: 549300UR5XWDVDO7NP96 | Long             | EC               | RF                | US        |     10700 | NS      | $922233.00    | 3.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Howmet Aerospace Inc                            | HOWMET AEROSPACE                                | CUSIP: 443201108<br>LEI: 549300HO5WFZUT5N2T22 | Long             | EC               | CORP              | US        |     12987 | NS      | $511817.67    | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                                   | ALPHABET INC-A                                  | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     13021 | NS      | $1148842.83   | 4.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Safran SA                                       | SAFRAN SA                                       | CUSIP: F4035A557<br>LEI: 969500UIC89GT3UL7L24 | Long             | EC               | CORP              | FR        |      5074 | NS      | $635241.55    | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors NV                           | NXP SEMICONDUCTO                                | CUSIP: N6596X109<br>LEI: 724500M9BY5293JDF951 | Long             | EC               | CORP              | NL        |      2805 | NS      | $443274.15    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corporation                             | COMCAST CORP-A                                  | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     38330 | NS      | $1340400.10   | 4.76%             |  |  |  | No            |                  1 | On Loan: No      |
| PG&E Corporation                                | P G & E CORP                                    | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |      7183 | NS      | $116795.58    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferguson PLC                                    | FERGUSON PLC                                    | CUSIP: G3421J106<br>LEI: 213800DU1LGY3R2S2X42 | Long             | EC               | CORP              | JE        |      3780 | NS      | $479946.60    | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| JDE Peets N.V                                   | JDE PEET'S BV                                   | CUSIP: N44664105<br>LEI: 724500EHG519SE5ZRT89 | Long             | EC               | CORP              | NL        |     21855 | NS      | $632318.34    | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                                   | ALPHABET INC-C                                  | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      9842 | NS      | $873280.66    | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Entain PLC                                      | ENTAIN PLC                                      | CUSIP: G3167C109<br>LEI: 213800GNI3K45LQR8L28 | Long             | EC               | CORP              | IM        |      8348 | NS      | $133360.92    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott International, Inc.                    | MARRIOTT INTL-A                                 | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |      2720 | NS      | $404980.80    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Swire Pacific Ltd.                              | SWIRE PACIFIC LTD - CL A                        | CUSIP: Y83310105<br>LEI: 549300KZOZHII0DGF611 | Long             | EC               | CORP              | HK        |     21093 | NS      | $185648.08    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Compagnie Financiere Richemont Sa               | CIE FINANCI-REG                                 | CUSIP: H25662182<br>LEI: 549300YIPGJ6UX2QPS51 | Long             | EC               | CORP              | CH        |      3637 | NS      | $471642.89    | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Groupe Bruxelles Lambert SA                     | GROUPE BRUX LAMB                                | CUSIP: B4746J115<br>LEI: 549300KV0ZEHT2KVU152 | Long             | EC               | CORP              | BE        |     10668 | NS      | $851932.16    | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Glencore PLC                                    | GLENCORE PLC                                    | CUSIP: G39420107<br>LEI: 2138002658CPO9NBH955 | Long             | EC               | CORP              | JE        |    134180 | NS      | $896025.63    | 3.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                              | META PLATFORMS-A                                | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      5084 | NS      | $611808.56    | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| ICON PLC                                        | ICON PLC                                        | CUSIP: G4705A100<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               | CORP              | IE        |      1265 | NS      | $245726.25    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc                           | UBER TECHNOLOGIE                                | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |      9445 | NS      | $233574.85    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstEnergy Corp.                               | FIRSTENERGY CORP                                | CUSIP: 337932107<br>LEI: 549300SVYJS666PQJH88 | Long             | EC               | CORP              | US        |     12125 | NS      | $508522.50    | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** Brian Curley

**Name of Signer:** Brian Curley

**Title:** Treasurer