# EDGAR Filing Document

**Accession Number:** 0001537140
**File Stem:** 0001752724-23-030026
**Filing Date:** 2023-2
**Character Count:** 58813
**Document Hash:** ec625b5e99ca6aa2d9325690624ede69
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-030026.hdr.sgml**: 20230221

**ACCESSION NUMBER**: 0001752724-23-030026

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230221

**DATE AS OF CHANGE**: 20230221

**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:** 23645802

**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, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 91.8%** |  |
|  | **AEROSPACE & DEFENSE - 2.9%** |  |
| 9000 | Huntington Ingalls Industries, Inc.<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; $2076120 |
| 15000 | Raytheon Technologies Corporation<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 1513800 |
|  |  | &nbsp;&nbsp; 3589920 |
|  | **APPAREL & TEXTILE PRODUCTS - 1.1%** |  |
| 12000 | NIKE, Inc., Class B<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 1404120 |
|  | **ASSET MANAGEMENT - 1.7%** |  |
| 3000 | BlackRock, Inc. <sup>(e) (f)</sup> | &nbsp;&nbsp;&nbsp; 2125890 |
|  | **BANKING - 10.2%** |  |
| 55000 | Citigroup, Inc.<sup>(e)(f)</sup> | &nbsp;&nbsp;&nbsp; 2487650 |
| 30000 | JPMorgan Chase & Company<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 4023000 |
| 70500 | Truist Financial Corporation<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 3033615 |
| 75000 | US Bancorp<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 3270750 |
|  |  | &nbsp;&nbsp; 12815015 |
|  | **BEVERAGES - 0.2%** |  |
| 5000 | Anheuser-Busch InBev S.A./NV - ADR<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 300200 |
|  | **BIOTECH & PHARMA - 4.8%** |  |
| 15000 | Gilead Sciences, Inc. <sup>(e) (f)</sup> | &nbsp;&nbsp;&nbsp; 1287750 |
| 15000 | Johnson & Johnson<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 2649750 |
| 41600 | Pfizer, Inc.<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 2131584 |
|  |  | &nbsp;&nbsp; 6069084 |
|  | **CHEMICALS - 3.6%** |  |
| 15000 | Avery Dennison Corporation<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 2715000 |
| 25000 | Nutrien Ltd.<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 1825750 |
|  |  | &nbsp;&nbsp; 4540750 |
|  | **DIVERSIFIED INDUSTRIALS - 1.8%** |  |
| 4000 | Eaton Corp plc<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 627800 |
| 7500 | Honeywell International, Inc.<sup>(e) (f)</sup> | &nbsp;&nbsp;&nbsp; 1607250 |
|  |  | &nbsp;&nbsp; 2235050 |
|  | **ELECTRIC UTILITIES - 3.5%** |  |
| 30000 | CenterPoint Energy, Inc.<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 899700 |
| 40000 | Dominion Resources, Inc.<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 2452800 |

---

---

| | | |
|:---|:---|:---|
| **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, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 91.8% (Continued)** |  |
|  | **ELECTRIC UTILITIES - 3.5% (Continued)** |  |
| 10000 | Duke Energy Corporation<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; $1029900 |
|  |  | &nbsp;&nbsp; 4382400 |
|  | **FOOD - 3.4%** |  |
| 15000 | Conagra Brands, Inc.<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 580500 |
| 45000 | Hormel Foods Corporation<sup>(e) (f)</sup> | &nbsp;&nbsp;&nbsp; 2049750 |
| 40000 | Kraft Heinz Company (The)<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 1628400 |
|  |  | &nbsp;&nbsp; 4258650 |
|  | **HOME & OFFICE PRODUCTS - 4.1%** |  |
| 60000 | Leggett & Platt, Inc.<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 1933800 |
| 150000 | Newell Brands, Inc.<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 1962000 |
| 9000 | Whirlpool Corporation<sup>(e) (f)</sup> | &nbsp;&nbsp;&nbsp; 1273140 |
|  |  | &nbsp;&nbsp; 5168940 |
|  | **INSURANCE - 1.2%** |  |
| 15000 | Prudential Financial, Inc.<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 1491900 |
|  | **LEISURE FACILITIES & SERVICES - 0.4%** |  |
| 4500 | Starbucks Corporation<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 446400 |
|  | **LEISURE PRODUCTS - 1.9%** |  |
| 40000 | Hasbro, Inc.<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 2440400 |
|  | **MEDICAL EQUIPMENT & DEVICES - 2.5%** |  |
| 40000 | Medtronic plc<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 3108800 |
|  | **METALS & MINING - 3.1%** |  |
| 90000 | Barrick Gold Corporation<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 1546200 |
| 49900 | Newmont Corporation<sup>(e) (f)</sup> | &nbsp;&nbsp;&nbsp; 2355280 |
|  |  | &nbsp;&nbsp; 3901480 |
|  | **OIL & GAS PRODUCERS - 5.9%** |  |
| 22100 | BP plc - ADR<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 771953 |
| 27600 | Chesapeake Energy Corporation<sup>(e) (f)</sup> | &nbsp;&nbsp;&nbsp; 2604612 |
| 10000 | Chevron Corporation<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 1794900 |
| 10000 | EOG Resources, Inc.<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 1295200 |

---

---

| | | |
|:---|:---|:---|
| **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, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 91.8% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 5.9% (Continued)** |  |
| 7500 | Exxon Mobil Corporation<sup>(e) (f)</sup> | &nbsp;&nbsp;&nbsp; $827250 |
|  |  | &nbsp;&nbsp; 7293915 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 0.7%** |  |
| 30000 | Baker Hughes Company<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 885900 |
|  | **RETAIL - CONSUMER STAPLES - 0.8%** |  |
| 7500 | Walmart, Inc.<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 1063425 |
|  | **RETAIL - DISCRETIONARY - 2.3%** |  |
| 6000 | Home Depot, Inc. (The)<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 1895160 |
| 12000 | TJX Companies, Inc. (The)<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 955200 |
|  |  | &nbsp;&nbsp; 2850360 |
|  | **SEMICONDUCTORS - 9.2%** |  |
| 16000 | Analog Devices, Inc.<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 2624480 |
| 120000 | Intel Corporation<sup>(e) (f)</sup> | &nbsp;&nbsp;&nbsp; 3171600 |
| 26000 | Microchip Technology, Inc.<sup>(e) (f)</sup> | &nbsp;&nbsp;&nbsp; 1826500 |
| 36000 | QUALCOMM, Inc.<sup>(e) (f)</sup> | &nbsp;&nbsp;&nbsp; 3957840 |
|  |  | &nbsp;&nbsp; 11580420 |
|  | **SOFTWARE - 6.5%** |  |
| 15000 | Microsoft Corporation<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 3597300 |
| 55000 | Oracle Corporation<sup>(e) (f)</sup> | &nbsp;&nbsp;&nbsp; 4495700 |
|  |  | &nbsp;&nbsp; 8093000 |
|  | **TECHNOLOGY HARDWARE - 6.0%** |  |
| 15000 | Apple, Inc. | &nbsp;&nbsp;&nbsp; 1948950 |
| 70000 | Cisco Systems, Inc.<sup>(e) (f)</sup> | &nbsp;&nbsp;&nbsp; 3334800 |
| 42000 | Seagate Technology Holdings plc<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 2209620 |
|  |  | &nbsp;&nbsp; 7493370 |
|  | **TECHNOLOGY SERVICES - 1.7%** |  |
| 15000 | International Business Machines Corporation<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 2113350 |
|  | **TELECOMMUNICATIONS - 5.7%** |  |
| 170000 | AT&T, Inc.<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 3129700 |
| 101000 | Verizon Communications, Inc.<sup>(e) (f)</sup> | &nbsp;&nbsp;&nbsp; 3979400 |
|  |  | &nbsp;&nbsp; 7109100 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  |  |  |  | **Fair Value** |
|  | **COMMON STOCKS — 91.8% (Continued)** | **COMMON STOCKS — 91.8% (Continued)** |  |  |  |
|  | **TIMBER REIT - 1.5%** | **TIMBER REIT - 1.5%** |  |  |  |
| 60000 | Weyerhaeuser Company<sup>(f)</sup> |  |  |  | &nbsp;&nbsp;&nbsp; $1860000 |
|  | **TOBACCO & CANNABIS - 1.1%** | **TOBACCO & CANNABIS - 1.1%** |  |  |  |
| 30000 | Altria Group, Inc. |  |  |  | &nbsp;&nbsp;&nbsp; 1371300 |
|  | **TRANSPORTATION & LOGISTICS - 1.2%** | **TRANSPORTATION & LOGISTICS - 1.2%** |  |  |  |
| 9000 | United Parcel Service, Inc., Class B<sup>(f)</sup> |  |  |  | &nbsp;&nbsp;&nbsp; 1564560 |
|  | **WHOLESALE - CONSUMER STAPLES - 2.8%** | **WHOLESALE - CONSUMER STAPLES - 2.8%** |  |  |  |
| 20000 | Bunge Ltd.<sup>(f)</sup> |  |  |  | &nbsp;&nbsp;&nbsp; 1995400 |
| 20000 | Sysco Corporation<sup>(f)</sup> |  |  |  | &nbsp;&nbsp;&nbsp; 1529000 |
|  |  |  |  |  | &nbsp;&nbsp; 3524400 |
|  | **TOTAL COMMON STOCKS (Cost $125,562,325)** | **TOTAL COMMON STOCKS (Cost $125,562,325)** |  |  | &nbsp;&nbsp; 115082099 |
|  | **SHORT-TERM INVESTMENTS — 0.4%** | **SHORT-TERM INVESTMENTS — 0.4%** |  |  |  |
|  | **MONEY MARKET FUNDS - 0.4%** | **MONEY MARKET FUNDS - 0.4%** |  |  |  |
| 529683 | JPMorgan US Treasury Plus Money Market Fund, Class L, 4.12% (Cost $529,683)<sup>(a)</sup> |  |  |  | &nbsp;&nbsp;&nbsp; 529683 |
| **Contracts<sup>(b)</sup>** |  |  |  |  |  |
|  | **EQUITY OPTIONS PURCHASED - 0.0% <sup>(c)</sup>** | **Expiration Date** | **Exercise Price** | **Notional Value** | **Fair Value** |
|  | **CALL OPTIONS PURCHASED - 0.0%<sup>(c)</sup>** | **CALL OPTIONS PURCHASED - 0.0%<sup>(c)</sup>** |  |  |  |
| 170 | Clorox Company (The) | 01/20/2023 | $150 | &nbsp;&nbsp;&nbsp; $2385610 | &nbsp;&nbsp;&nbsp; $6290 |
| 350 | Westrock Company | 01/20/2023 | 43 | &nbsp;&nbsp;&nbsp; 1230600 | &nbsp;&nbsp;&nbsp; 4375 |
|  | **TOTAL CALL OPTIONS PURCHASED** (Cost - $299,507) | **TOTAL CALL OPTIONS PURCHASED** (Cost - $299,507) | **TOTAL CALL OPTIONS PURCHASED** (Cost - $299,507) |  | &nbsp;&nbsp; 10665 |
|  | **TOTAL EQUITY OPTIONS PURCHASED** (Cost - $299,507) | **TOTAL EQUITY OPTIONS PURCHASED** (Cost - $299,507) |  |  | 10665 |
|  | **TOTAL INVESTMENTS - 92.2% (Cost $126,391,515)** | **TOTAL INVESTMENTS - 92.2% (Cost $126,391,515)** |  |  | &nbsp;&nbsp;&nbsp; $115622447 |
|  | **CALL OPTIONS WRITTEN - (1.1)% (Proceeds - $1,449,954)** | **CALL OPTIONS WRITTEN - (1.1)% (Proceeds - $1,449,954)** |  |  | &nbsp;&nbsp;&nbsp; (1368381) |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 8.9%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 8.9%** |  |  | &nbsp;&nbsp; 11129962 |
|  | **NET ASSETS - 100.0%** |  |  |  | &nbsp;&nbsp; $125384028 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Contracts<sup>(b)</sup>** |  |  |  |  |  |
|  | **WRITTEN EQUITY OPTIONS<sup>(d)</sup> - (1.1)%** | **Expiration Date** | **Exercise Price** | **Notional Value** | **Fair Value** |
|  | **CALL OPTIONS WRITTEN- (1.1)%** | **CALL OPTIONS WRITTEN- (1.1)%** |  |  |  |
| 80 | Analog Devices, Inc. | 01/20/2023 | $165 | &nbsp;&nbsp;&nbsp; $1312240 | &nbsp;&nbsp;&nbsp; $31200 |
| 50 | Anheuser-Busch InBev S.A./NV | 01/20/2023 | 60 | &nbsp;&nbsp;&nbsp; 300200 | &nbsp;&nbsp;&nbsp; 6500 |
| 500 | AT&T, Inc. | 01/20/2023 | 18 | &nbsp;&nbsp;&nbsp; 920500 | &nbsp;&nbsp;&nbsp; 26000 |
| 75 | Avery Dennison Corporation | 01/20/2023 | 185 | &nbsp;&nbsp;&nbsp; 1357500 | &nbsp;&nbsp;&nbsp; 21225 |
| 150 | Baker Hughes Company | 01/20/2023 | 29 | &nbsp;&nbsp;&nbsp; 442950 | &nbsp;&nbsp;&nbsp; 21450 |
| 300 | Barrick Gold Corporation | 01/20/2023 | 17 | &nbsp;&nbsp;&nbsp; 515400 | &nbsp;&nbsp;&nbsp; 21000 |
| 15 | BlackRock, Inc. | 01/20/2023 | 700 | &nbsp;&nbsp;&nbsp; 1062945 | &nbsp;&nbsp;&nbsp; 34650 |
| 98 | BP plc | 01/20/2023 | 34 | &nbsp;&nbsp;&nbsp; 342314 | &nbsp;&nbsp;&nbsp; 15288 |
| 100 | Bunge Ltd. | 01/20/2023 | 95 | &nbsp;&nbsp;&nbsp; 997700 | &nbsp;&nbsp;&nbsp; 60500 |
| 150 | CenterPoint Energy, Inc. | 01/20/2023 | 30 | &nbsp;&nbsp;&nbsp; 449850 | &nbsp;&nbsp;&nbsp; 7950 |
| 126 | Chesapeake Energy Corporation | 01/20/2023 | 95 | &nbsp;&nbsp;&nbsp; 1189062 | &nbsp;&nbsp;&nbsp; 40446 |
| 50 | Chevron Corporation | 01/20/2023 | 170 | &nbsp;&nbsp;&nbsp; 897450 | &nbsp;&nbsp;&nbsp; 57750 |
| 200 | Cisco Systems, Inc. | 01/20/2023 | 47 | &nbsp;&nbsp;&nbsp; 952800 | &nbsp;&nbsp;&nbsp; 24000 |
| 150 | Citigroup, Inc. | 01/20/2023 | 45 | &nbsp;&nbsp;&nbsp; 678450 | &nbsp;&nbsp;&nbsp; 25800 |
| 150 | Conagra Brands, Inc. | 01/20/2023 | 38 | &nbsp;&nbsp;&nbsp; 580500 | &nbsp;&nbsp;&nbsp; 23850 |
| 100 | Dominion Energy, Inc. | 01/20/2023 | 58 | &nbsp;&nbsp;&nbsp; 613200 | &nbsp;&nbsp;&nbsp; 43800 |
| 50 | Duke Energy Corporation | 01/20/2023 | 100 | &nbsp;&nbsp;&nbsp; 514950 | &nbsp;&nbsp;&nbsp; 20000 |
| 40 | Eaton Corp plc | 01/20/2023 | 155 | &nbsp;&nbsp;&nbsp; 627800 | &nbsp;&nbsp;&nbsp; 19640 |
| 50 | EOG Resources, Inc. | 01/20/2023 | 124 | &nbsp;&nbsp;&nbsp; 647600 | &nbsp;&nbsp;&nbsp; 39500 |
| 30 | Exxon Mobil Corporation | 01/20/2023 | 105 | &nbsp;&nbsp;&nbsp; 330900 | &nbsp;&nbsp;&nbsp; 20130 |
| 75 | Gilead Sciences, Inc. | 01/20/2023 | 85 | &nbsp;&nbsp;&nbsp; 643875 | &nbsp;&nbsp;&nbsp; 17250 |
| 30 | Home Depot, Inc. (The) | 01/20/2023 | 325 | &nbsp;&nbsp;&nbsp; 947580 | &nbsp;&nbsp;&nbsp; 14340 |
| 30 | Honeywell International, Inc. | 01/20/2023 | 213 | &nbsp;&nbsp;&nbsp; 642900 | &nbsp;&nbsp;&nbsp; 16200 |
| 100 | Hormel Foods Corporation | 01/20/2023 | 46 | &nbsp;&nbsp;&nbsp; 455500 | &nbsp;&nbsp;&nbsp; 5000 |
| 45 | Huntington Ingalls Industries, Inc. | 01/20/2023 | 230 | &nbsp;&nbsp;&nbsp; 1038060 | &nbsp;&nbsp;&nbsp; 18900 |
| 300 | Intel Corporation | 01/20/2023 | 26 | &nbsp;&nbsp;&nbsp; 792900 | &nbsp;&nbsp;&nbsp; 36900 |
| 75 | International Business Machines Corporation | 01/20/2023 | 140 | &nbsp;&nbsp;&nbsp; 1056675 | &nbsp;&nbsp;&nbsp; 25950 |
| 75 | Johnson & Johnson | 01/20/2023 | 175 | &nbsp;&nbsp;&nbsp; 1324875 | &nbsp;&nbsp;&nbsp; 31500 |
| 60 | JPMorgan Chase & Company | 01/20/2023 | 130 | &nbsp;&nbsp;&nbsp; 804600 | &nbsp;&nbsp;&nbsp; 35700 |
| 100 | Kraft Heinz Company (The) | 01/20/2023 | 40 | &nbsp;&nbsp;&nbsp; 407100 | &nbsp;&nbsp;&nbsp; 11300 |
| 100 | Leggett & Platt, Inc. | 01/20/2023 | 30 | &nbsp;&nbsp;&nbsp; 322300 | &nbsp;&nbsp;&nbsp; 23500 |
| 60 | Medtronic plc | 01/20/2023 | 75 | &nbsp;&nbsp;&nbsp; 466320 | &nbsp;&nbsp;&nbsp; 20100 |
| 100 | Microchip Technology, Inc. | 01/20/2023 | 73 | &nbsp;&nbsp;&nbsp; 702500 | &nbsp;&nbsp;&nbsp; 13300 |
| 75 | Microsoft Corporation | 01/20/2023 | 250 | &nbsp;&nbsp;&nbsp; 1798650 | &nbsp;&nbsp;&nbsp; 22350 |
| 500 | Newell Brands, Inc. | 01/20/2023 | 13 | &nbsp;&nbsp;&nbsp; 654000 | &nbsp;&nbsp;&nbsp; 25000 |
| 249 | Newmont Corporation | 01/20/2023 | 48 | &nbsp;&nbsp;&nbsp; 1175280 | &nbsp;&nbsp;&nbsp; 33117 |
| 60 | NIKE, Inc. | 01/20/2023 | 115 | &nbsp;&nbsp;&nbsp; 702060 | &nbsp;&nbsp;&nbsp; 28200 |
| 100 | Nutrien Ltd. | 01/20/2023 | 75 | &nbsp;&nbsp;&nbsp; 730300 | &nbsp;&nbsp;&nbsp; 17000 |
| 250 | Oracle Corporation | 01/20/2023 | 80 | &nbsp;&nbsp;&nbsp; 2043500 | &nbsp;&nbsp;&nbsp; 76250 |
| 200 | Pfizer, Inc. | 01/20/2023 | 53 | &nbsp;&nbsp;&nbsp; 1024800 | &nbsp;&nbsp;&nbsp; 12400 |
| 50 | Prudential Financial, Inc. | 01/20/2023 | 100 | &nbsp;&nbsp;&nbsp; 497300 | &nbsp;&nbsp;&nbsp; 10600 |
| 60 | QUALCOMM, Inc. | 01/20/2023 | 115 | &nbsp;&nbsp;&nbsp; 659640 | &nbsp;&nbsp;&nbsp; 11940 |
| 75 | Raytheon Technologies Corporation | 01/20/2023 | 95 | &nbsp;&nbsp;&nbsp; 756900 | &nbsp;&nbsp;&nbsp; 43125 |
| 120 | Seagate Technology Holdings plc | 01/20/2023 | 52 | &nbsp;&nbsp;&nbsp; 631320 | &nbsp;&nbsp;&nbsp; 26400 |
| 45 | Starbucks Corporation | 01/20/2023 | 98 | &nbsp;&nbsp;&nbsp; 446400 | &nbsp;&nbsp;&nbsp; 15525 |
| 65 | Sysco Corporation | 01/20/2023 | 79 | &nbsp;&nbsp;&nbsp; 496925 | &nbsp;&nbsp;&nbsp; 3900 |
| 120 | TJX Companies, Inc. (The) | 01/20/2023 | 75 | &nbsp;&nbsp;&nbsp; 955200 | &nbsp;&nbsp;&nbsp; 60240 |
| 100 | Truist Financial Corporation | 01/20/2023 | 43 | &nbsp;&nbsp;&nbsp; 430300 | &nbsp;&nbsp;&nbsp; 17500 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Contracts<sup>(b)</sup> (continued)** |  |  |  |  |  |
|  | **WRITTEN EQUITY OPTIONS<sup>(d)</sup> - (1.1)%** | **Expiration Date** | **Exercise Price** | **Notional Value** | **Fair Value** |
|  | **CALL OPTIONS WRITTEN- (1.1)% (Continued)** | **CALL OPTIONS WRITTEN- (1.1)% (Continued)** |  |  |  |
| 30 | United Parcel Service, Inc. | 01/20/2023 | $180 | &nbsp;&nbsp;&nbsp; $521520 | &nbsp;&nbsp;&nbsp; $5520 |
| 250 | US Bancorp | 01/20/2023 | 43 | &nbsp;&nbsp;&nbsp; 1090250 | &nbsp;&nbsp;&nbsp; 44375 |
| 200 | Verizon Communications, Inc. | 01/20/2023 | 37 | &nbsp;&nbsp;&nbsp; 788000 | &nbsp;&nbsp;&nbsp; 48800 |
| 35 | Walmart, Inc. | 01/20/2023 | 145 | &nbsp;&nbsp;&nbsp; 496265 | &nbsp;&nbsp;&nbsp; 4620 |
| 200 | Weyerhaeuser Company | 01/20/2023 | 31 | &nbsp;&nbsp;&nbsp; 620000 | &nbsp;&nbsp;&nbsp; 16500 |
| 45 | Whirlpool Corporation | 01/20/2023 | 145 | &nbsp;&nbsp;&nbsp; 636570 | &nbsp;&nbsp;&nbsp; 14400 |
|  | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $1,449,954) | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $1,449,954) | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $1,449,954) |  | &nbsp;&nbsp; 1368381 |
|  | **TOTAL EQUITY OPTIONS WRITTEN** (Proceeds - $1,449,954) | **TOTAL EQUITY OPTIONS WRITTEN** (Proceeds - $1,449,954) |  |  | &nbsp;&nbsp; $1368381 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| LTD | - Limited Company |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |

---

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

<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> Percentage rounds to less than 0.1%.

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

<sup>(e)</sup> All or portion of the security is pledged as collateral for written options.

<sup>(f)</sup> Security is subject to written call 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:** 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:** $126886015.95

**Total Liabilities:** $1501987.69

**Net Assets:** $125384028.26

**Cash Not Reported:** $11067129.73

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000129981 | 10.45%               | 4.95%                | -1.88%               |
| Class ID C000129983 | 10.51%               | 4.97%                | -1.94%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $91590.94                | $11673739.37                               |
| Month 2  | $1525520.19              | $3274547.80                                |
| Month 3  | $429933.95               | $-4780500.60                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Conagra Brands Inc                          | CONAGRA BRANDS I       | CUSIP: 205887102<br>LEI: 54930035UDEIH090K650 | Long             | EC               | CORP              | US        |     15000 | NS      | $580500.00    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | JPM US 01/20/23 C130   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -60 | NC      | $-35700.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| BP PLC                                      | BP PLC-ADR             | CUSIP: 055622104<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |     22100 | NS      | $771953.00    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | MSFT US 01/20/23 C250  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -75 | NC      | $-22350.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | WY US 01/20/23 C31     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -200 | NC      | $-16500.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | CNP US 01/20/23 C30    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -150 | NC      | $-7950.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Sysco Corporation                           | SYSCO CORP             | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |     20000 | NS      | $1529000.00   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | BG US 01/20/23 C95     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -100 | NC      | $-60500.00    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| JP Morgan Trust Ii                          | JPM-US TR PL-INST      | CUSIP: 4812C2734<br>LEI: 549300IMXLYKELY96B40 | Long             | STIV             | RF                | US        |    529683 | PA      | $529682.59    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Bunge Limited                               | BUNGE LTD              | CUSIP: G16962105<br>LEI: 5493007M0RIN8HY3MM77 | Long             | EC               | CORP              | BM        |     20000 | NS      | $1995400.00   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | MCHP US 01/20/23 C72.5 | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -100 | NC      | $-13300.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| The TJX Companies Inc.                      | TJX COS INC            | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |     12000 | NS      | $955200.00    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | GOLD US 01/20/23 C17   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -300 | NC      | $-21000.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | NEM US 01/20/23 C47.5  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -249 | NC      | $-33117.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| AT&T Inc                                    | AT&T INC               | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |    170000 | NS      | $3129700.00   | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | HD US 01/20/23 C325    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -30 | NC      | $-14340.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Seagate Technology Holdings PLC             | SEAGATE TECHNOLO       | CUSIP: G7997R103<br>LEI: 635400RUXIFEZSRU8X70 | Long             | EC               | CORP              | IE        |     42000 | NS      | $2209620.00   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corporation                         | NEWMONT CORP           | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     49900 | NS      | $2355280.00   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | USB US 01/20/23 C42.5  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -250 | NC      | $-44375.00    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Truist Financial Corporation                | TRUIST FINANCIAL       | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |     70500 | NS      | $3033615.00   | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | HRL US 01/20/23 C46    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -100 | NC      | $-5000.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | CVX US 01/20/23 C170   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -50 | NC      | $-57750.00    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Hasbro Inc                                  | HASBRO INC             | CUSIP: 418056107<br>LEI: 549300NUB6D2R1ITYR45 | Long             | EC               | CORP              | US        |     40000 | NS      | $2440400.00   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc.                               | QUALCOMM INC           | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     36000 | NS      | $3957840.00   | 3.16%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | INTC US 01/20/23 C26   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -300 | NC      | $-36900.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| International Business Machines Corporation | IBM                    | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |     15000 | NS      | $2113350.00   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | C US 01/20/23 C45      | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -150 | NC      | $-25800.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | NKE US 01/20/23 C115   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -60 | NC      | $-28200.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | CAG US 01/20/23 C38    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -150 | NC      | $-23850.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | AVY US 01/20/23 C185   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -75 | NC      | $-21225.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | VZ US 01/20/23 C37     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -200 | NC      | $-48800.00    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Analog Devices Inc.                         | ANALOG DEVICES         | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |     16000 | NS      | $2624480.00   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Nike, Inc.                                  | NIKE INC -CL B         | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |     12000 | NS      | $1404120.00   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | IBM US 01/20/23 C140   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -75 | NC      | $-25950.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Prudential Financial, Inc.                  | PRUDENTL FINL          | CUSIP: 744320102<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | EC               | CORP              | US        |     15000 | NS      | $1491900.00   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | NWL US 01/20/23 C13    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -500 | NC      | $-25000.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| United Parcel Service, Inc.                 | UNITED PARCEL-B        | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |      9000 | NS      | $1564560.00   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrick Gold Corporation                    | BARRICK GOLD CRP       | CUSIP: 067901108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |     90000 | NS      | $1546200.00   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Centerpoint Energy Inc                      | CENTERPOINT ENER       | CUSIP: 15189T107<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | EC               | CORP              | US        |     30000 | NS      | $899700.00    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                           | JOHNSON&JOHNSON        | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     15000 | NS      | $2649750.00   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Hormel Foods Corp                           | HORMEL FOODS CRP       | CUSIP: 440452100<br>LEI: MSD54751OJP1FS2ND863 | Long             | EC               | CORP              | US        |     45000 | NS      | $2049750.00   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. Bancorp.                               | US BANCORP             | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |     75000 | NS      | $3270750.00   | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | WMT US 01/20/23 C145   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -35 | NC      | $-4620.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                 | VERIZON COMMUNIC       | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |    101000 | NS      | $3979400.00   | 3.17%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | TFC US 01/20/23 C42.5  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -100 | NC      | $-17500.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | SBUX US 01/20/23 C97.5 | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -45 | NC      | $-15525.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Dominion Energy Inc                         | DOMINION ENERGY        | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |     40000 | NS      | $2452800.00   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Newell Brands Inc.                          | NEWELL BRANDS IN       | CUSIP: 651229106<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | EC               | CORP              | US        |    150000 | NS      | $1962000.00   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Avery Dennison Corporation                  | AVERY DENNISON         | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |     15000 | NS      | $2715000.00   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Weyerhaeuser Company                        | WEYERHAEUSER CO        | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |     60000 | NS      | $1860000.00   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | CSCO US 01/20/23 C47   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -200 | NC      | $-24000.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Raytheon Technologies Corporation           | RAYTHEON TECHNOL       | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |     15000 | NS      | $1513800.00   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | KHC US 01/20/23 C40    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -100 | NC      | $-11300.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | JNJ US 01/20/23 C175   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -75 | NC      | $-31500.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| BlackRock, Inc.                             | BLACKROCK INC          | CUSIP: 09247X101<br>LEI: 549300LRIF3NWCU26A80 | Long             | EC               | CORP              | US        |      3000 | NS      | $2125890.00   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Chesapeake Energy Corporation               | CHESAPEAKE ENERG       | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |     27600 | NS      | $2604612.00   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | ORCL US 01/20/23 C80   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -250 | NC      | $-76250.00    | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | WHR US 01/20/23 C145   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -45 | NC      | $-14400.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | PRU US 01/20/23 C100   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -50 | NC      | $-10600.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | TJX US 01/20/23 C75    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -120 | NC      | $-60240.00    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Exxon Mobil Corporation                     | EXXON MOBIL CORP       | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |      7500 | NS      | $827250.00    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corporation                          | ORACLE CORP            | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |     55000 | NS      | $4495700.00   | 3.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Intel Corporation                           | INTEL CORP             | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |    120000 | NS      | $3171600.00   | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc                              | HOME DEPOT INC         | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      6000 | NS      | $1895160.00   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | MDT US 01/20/23 C75    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -60 | NC      | $-20100.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | WRK US 01/20/23 C42.5  | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | N/A       |       350 | NC      | $4375.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | CLX US 01/20/23 C150   | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | N/A       |       170 | NC      | $6290.00      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | D US 01/20/23 C57.5    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -100 | NC      | $-43800.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | BKR US 01/20/23 C29    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -150 | NC      | $-21450.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Altria Group, Inc.                          | ALTRIA GROUP INC       | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |     30000 | NS      | $1371300.00   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | DUK US 01/20/23 C100   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -50 | NC      | $-20000.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Honeywell International Inc.                | HONEYWELL INTL         | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |      7500 | NS      | $1607250.00   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | SYY US 01/20/23 C79    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -65 | NC      | $-3900.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | RTX US 01/20/23 C95    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -75 | NC      | $-43125.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | BLK US 01/20/23 C700   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -15 | NC      | $-34650.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | GILD US 01/20/23 C85   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -75 | NC      | $-17250.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | QCOM US 01/20/23 C115  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -60 | NC      | $-11940.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Leggett & Platt Inc.                        | LEGGETT & PLATT        | CUSIP: 524660107<br>LEI: DKOVQUCDW4ZLYCUD4T55 | Long             | EC               | CORP              | US        |     60000 | NS      | $1933800.00   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corporation                         | CHEVRON CORP           | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10000 | NS      | $1794900.00   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | NTR US 01/20/23 C75    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -100 | NC      | $-17000.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Eaton Corporation PLC                       | EATON CORP PLC         | CUSIP: G29183103<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | IE        |      4000 | NS      | $627800.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp                            | DUKE ENERGY CORP       | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |     10000 | NS      | $1029900.00   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | LEG US 01/20/23 C30    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -100 | NC      | $-23500.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| EOG Resources, Inc.                         | EOG RESOURCES          | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     10000 | NS      | $1295200.00   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | UPS US 01/20/23 C180   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -30 | NC      | $-5520.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Huntington Ingalls Industries, Inc.         | HUNTINGTON INGAL       | CUSIP: 446413106<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | EC               | CORP              | US        |      9000 | NS      | $2076120.00   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | BUD US 01/20/23 C60    | 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                                         | BP US 01/20/23 C34     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -98 | NC      | $-15288.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Nutrien Ltd                                 | NUTRIEN LTD            | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |     25000 | NS      | $1825750.00   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | ETN US 01/20/23 C155   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -40 | NC      | $-19640.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Anheuser-Busch InBev N.V./S.A.              | ANHEUSER-SPN ADR       | CUSIP: 03524A108<br>LEI: 5493008H3828EMEXB082 | Long             | EC               | CORP              | BE        |      5000 | NS      | $300200.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems, Inc.                         | CISCO SYSTEMS          | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     70000 | NS      | $3334800.00   | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc.                                 | PFIZER INC             | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |     41600 | NS      | $2131584.00   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | HII US 01/20/23 C230   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -45 | NC      | $-18900.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | HON US 01/20/23 C212.5 | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -30 | NC      | $-16200.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Starbucks Corporation                       | STARBUCKS CORP         | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |      4500 | NS      | $446400.00    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                                  | APPLE INC              | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     15000 | NS      | $1948950.00   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                                 | WALMART INC            | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |      7500 | NS      | $1063425.00   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | EOG US 01/20/23 C124.2 | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -50 | NC      | $-39500.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Baker Hughes Company                        | BAKER HUGHES CO        | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30000 | NS      | $885900.00    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | ADI US 01/20/23 C165   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -80 | NC      | $-31200.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | T US 01/20/23 C18      | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -500 | NC      | $-26000.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | CHK US 01/20/23 C95    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -126 | NC      | $-40446.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                        | JPMORGAN CHASE         | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     30000 | NS      | $4023000.00   | 3.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Microchip Technology Incorporated           | MICROCHIP TECH         | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |     26000 | NS      | $1826500.00   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | XOM US 01/20/23 C105   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -30 | NC      | $-20130.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Microsoft Corporation                       | MICROSOFT CORP         | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     15000 | NS      | $3597300.00   | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| The Kraft Heinz Company                     | KRAFT HEINZ CO/T       | CUSIP: 500754106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40000 | NS      | $1628400.00   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | STX US 01/20/23 C52    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -120 | NC      | $-26400.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Whirlpool Corporation                       | WHIRLPOOL CORP         | CUSIP: 963320106<br>LEI: WHENKOULSSK7WUM60H03 | Long             | EC               | CORP              | US        |      9000 | NS      | $1273140.00   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                              | CITIGROUP INC          | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     55000 | NS      | $2487650.00   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences, Inc.                       | GILEAD SCIENCES        | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     15000 | NS      | $1287750.00   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | PFE US 01/20/23 C52.5  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -200 | NC      | $-12400.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Medtronic PLC                               | MEDTRONIC PLC          | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |     40000 | NS      | $3108800.00   | 2.48%             |  |  |  | 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