# EDGAR Filing Document

**Accession Number:** 0001537140
**File Stem:** 0000910472-26-003226
**Filing Date:** 2026-2
**Character Count:** 79067
**Document Hash:** 266a98d52193f165ae530c93374fcdf3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-003226.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0000910472-26-003226

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**PERIOD START**: 20260930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22655
- **FILM NUMBER:** 26693634

**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           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **ABS INSIGHTS EMERGING MARKETS FUND** | **ABS INSIGHTS EMERGING MARKETS FUND** | **ABS INSIGHTS EMERGING MARKETS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **CLOSED END FUNDS — 0.2%** |  |
|  | **MIXED ALLOCATION - 0.2%** |  |
| 19725 | Vietnam Enterprise Investments Ltd.<sup>(a)</sup> | $211388 |
|  | **TOTAL CLOSED END FUNDS (Cost $176,526)** | 211388 |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.7%** |  |
|  | **AEROSPACE & DEFENSE - 0.1%** |  |
| 36658 | Aselsan Elektronik Sanayi Ve Ticaret A/S | 197869 |
|  | **APPAREL & TEXTILE PRODUCTS - 1.5%** |  |
| 456900 | Tongkun Group Company Ltd. | 1124429 |
| 16064 | Youngone Corporation | 910432 |
|  |  | 2034861 |
|  | **ASSET MANAGEMENT - 2.4%** |  |
| 21196 | Reinet Investments SCA | 742354 |
| 6894 | SK Square Company Ltd.<sup>(a),(b)</sup> | 1757760 |
| 40100 | XP, Inc., Class A | 656437 |
|  |  | 3156551 |
|  | **AUTOMOTIVE - 1.0%** |  |
| 491500 | Sailun Group Company Ltd. | 1137188 |
| 42537 | Tofas Turk Otomobil Fabrikasi A/S | 244764 |
|  |  | 1381952 |
|  | **BANKING - 11.1%** |  |
| 47668 | Absa Group Ltd.<sup>(b)</sup> | 688982 |
| 74079 | Abu Dhabi Commercial Bank PJSC | 288426 |
| 28560 | Al Rajhi Bank | 742362 |
| 87266 | Alinma Bank | 567194 |
| 89405 | Arab National Bank | 515312 |
| 386200 | Bank Central Asia Tbk P.T. | 186528 |
| 602100 | Bank Mandiri Persero Tbk P.T.<sup>(b)</sup> | 183666 |
| 433600 | Bank of Chengdu Company Ltd., Class A | 999504 |
| 261400 | Bank of Ningbo Company Ltd., Class A | 1049996 |
| 64200 | Bank of the Philippine Islands | 126655 |
| 4376 | Bank Polska Kasa Opieki S.A.<sup>(b)</sup> | 250019 |

---

---

| | | |
|:---|:---|:---|
| **ABS INSIGHTS EMERGING MARKETS FUND** | **ABS INSIGHTS EMERGING MARKETS FUND** | **ABS INSIGHTS EMERGING MARKETS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.7% (Continued)** |  |
|  | **BANKING - 11.1% (Continued)** |  |
| 892900 | Bank Syariah Indonesia Tbk P.T. | $119096 |
| 30287 | BDO Unibank, Inc. | 69272 |
| 241000 | China Construction Bank Corporation, H Shares<sup>(b)</sup> | 238129 |
| 224100 | China Merchants Bank Company Ltd. | 1349130 |
| 99000 | CIMB Group Holdings Bhd | 201269 |
| 66376 | FirstRand Ltd.<sup>(b)</sup> | 363737 |
| 39900 | Grupo Financiero Banorte SAB de CV | 369629 |
| 106417 | HDFC Bank Ltd.<sup>(b)</sup> | 1173976 |
| 417601 | Ho Chi Minh City Development Joint Stock<sup>(a)</sup> | 471587 |
| 81218 | ICICI Bank Ltd.<sup>(b)</sup> | 1213899 |
| 39525 | Kotak Mahindra Bank Ltd.<sup>(b)</sup> | 968274 |
| 50364 | National Bank of Kuwait S.A.KP | 166172 |
| 1400 | OTP Bank Nyrt | 150266 |
| 35940 | Piraeus Bank S.A. | 286861 |
| 10190 | Powszechna Kasa Oszczednosci Bank Polski S.A. | 241735 |
| 174200 | Public Bank Bhd | 194891 |
| 9062 | Raiffeisen Bank International A.G.<sup>(b)</sup> | 407747 |
| 104793 | Saudi National Bank (The) | 1058267 |
| 14067 | Standard Bank Group Ltd.<sup>(b)</sup> | 246676 |
|  |  | 14889257 |
|  | **BANKS - 0.4%** |  |
| 6298 | KB Financial Group, Inc.<sup>(b)</sup> | 544139 |
|  | **BEVERAGES - 1.6%** |  |
| 26400 | Fomento Economico Mexicano S.A.B. de C.V. | 266834 |
| 138000 | Tsingtao Brewery Co Ltd | 863883 |
| 188099 | Varun Beverages Ltd. | 1025501 |
|  |  | 2156218 |
|  | **BIOTECH & PHARMA - 4.3%** |  |
| 68000 | Akeso, Inc. 144A<sup>(a),(c)</sup> | 987315 |
| 103000 | Ascentage Pharma Group International 144A<sup>(a),(c)</sup> | 691500 |
| 66071 | Emcure Pharmaceuticals Ltd. | 1003394 |
| 2861 | Gedeon Richter plc | 86306 |
| 42499 | Glenmark Pharmaceuticals Ltd. | 962659 |

---

---

| | | |
|:---|:---|:---|
| **ABS INSIGHTS EMERGING MARKETS FUND** | **ABS INSIGHTS EMERGING MARKETS FUND** | **ABS INSIGHTS EMERGING MARKETS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.7% (Continued)** |  |
|  | **BIOTECH & PHARMA - 4.3% (Continued)** |  |
| 3894 | Hanmi Pharm Co Ltd | $1219481 |
| 30900 | Legend Biotech Corporation - ADR<sup>(a)</sup> | 671766 |
| 54100 | Zai Lab Ltd.<sup>(a)</sup> | 94885 |
|  |  | 5717306 |
|  | **CHEMICALS - 1.0%** |  |
| 209100 | Hubei Dinglong Company Ltd. | 1124274 |
| 14334 | Saudi Arabian Mining Company<sup>(a)</sup> | 232913 |
|  |  | 1357187 |
|  | **CONSUMER SERVICES - 0.1%** |  |
| 154154 | Taaleem Holdings PJSC | 175022 |
|  | **E-COMMERCE DISCRETIONARY - 4.3%** |  |
| 201400 | Alibaba Group Holding Ltd.<sup>(b)</sup> | 3695356 |
| 18955 | Allegro.eu S.A. 144A<sup>(a),(b),(c)</sup> | 163793 |
| 330 | MercadoLibre, Inc.<sup>(a)</sup> | 664706 |
| 10100 | PDD Holdings, Inc. - ADR<sup>(a)</sup> | 1145239 |
|  |  | 5669094 |
|  | **ELECTRIC UTILITIES - 1.8%** |  |
| 1717470 | Colbun S.A. | 274701 |
| 82100 | Equatorial Energia S.A. | 577008 |
| 1542000 | Huadian Power International Corp Ltd. | 806393 |
| 299606 | National Central Cooling Company PJSC | 256959 |
| 3500 | Pampa Energia S.A. - ADR<sup>(a)</sup> | 309785 |
| 54300 | Tenaga Nasional Bhd<sup>(b)</sup> | 183587 |
|  |  | 2408433 |
|  | **ELECTRICAL EQUIPMENT - 0.7%** |  |
| 29400 | Delta Electronics Thailand PCL | 161600 |
| 123505 | Triveni Turbine Ltd. | 739870 |
|  |  | 901470 |
|  | **ENGINEERING & CONSTRUCTION - 0.7%** |  |
| 1209780 | China State Construction Engineering Corp Ltd. | 887471 |
|  | **FOOD - 0.8%** |  |
| 295900 | Farm Fresh Bhd | 207086 |

---

---

| | | |
|:---|:---|:---|
| **ABS INSIGHTS EMERGING MARKETS FUND** | **ABS INSIGHTS EMERGING MARKETS FUND** | **ABS INSIGHTS EMERGING MARKETS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.7% (Continued)** |  |
|  | **FOOD - 0.8% (Continued)** |  |
| 1348800 | Mayora Indah Tbk PT | $171837 |
| 860 | Samyang Foods Company Ltd. | 733495 |
|  |  | 1112418 |
|  | **GAS & WATER UTILITIES - 0.5%** |  |
| 68127 | Power & Water Utility Company for Jubail & Yanbu<sup>(a)</sup> | 668375 |
|  | **HEALTH CARE FACILITIES & SERVICES - 1.0%** |  |
| 267200 | Bangkok Dusit Medical | 163848 |
| 64944 | Global Health Ltd./India | 857545 |
| 119400 | Hapvida Participacoes e Investimentos S.A. 144A<sup>(a),(c)</sup> | 321059 |
|  |  | 1342452 |
|  | **HOME CONSTRUCTION - 0.5%** |  |
| 61409 | Kajaria Ceramics Ltd. | 661940 |
|  | **HOUSEHOLD PRODUCTS - 0.4%** |  |
| 4813 | Cosmax, Inc. | 543555 |
|  | **INDUSTRIAL INTERMEDIATE PROD - 2.4%** |  |
| 41959 | APL Apollo Tubes Ltd. | 893828 |
| 22000 | ELITE MATERIAL CO LTD | 1152988 |
| 19854 | KEI Industries Limited | 985574 |
| 4183 | Metlen Energy & Metals plc<sup>(a)</sup> | 217209 |
|  |  | 3249599 |
|  | **INDUSTRIAL SUPPORT SERVICES - 0.8%** |  |
| 178200 | Han's Laser Technology Industry Group Company Ltd. | 1049614 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 0.8%** |  |
| 20400 | Hong Kong Exchanges & Clearing Ltd.<sup>(b)</sup> | 1068398 |
|  | **INSURANCE - 0.5%** |  |
| 15342 | Company for Cooperative Insurance (The) | 478543 |
| 13141 | Powszechny Zaklad Ubezpieczen S.A. | 244312 |
|  |  | 722855 |

---

---

| | | |
|:---|:---|:---|
| **ABS INSIGHTS EMERGING MARKETS FUND** | **ABS INSIGHTS EMERGING MARKETS FUND** | **ABS INSIGHTS EMERGING MARKETS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.7% (Continued)** |  |
|  | **INTERNET MEDIA & SERVICES - 5.1%** |  |
| 8650 | Naspers Ltd.<sup>(b)</sup> | $576919 |
| 1663 | NAVER Corporation<sup>(b)</sup> | 279412 |
| 64400 | Tencent Holdings Ltd.<sup>(b)</sup> | 4956571 |
| 317871 | Zomato Ltd<sup>(a)</sup> | 983695 |
|  |  | 6796597 |
|  | **LEISURE FACILITIES & SERVICES - 0.5%** |  |
| 145600 | Smartfit Escola de Ginastica e Danca S.A. | 619292 |
|  | **MACHINERY - 2.3%** |  |
| 97858 | Elecon Engineering Company Ltd. | 524366 |
| 32982 | Kirloskar Brothers Ltd. | 591076 |
| 50900 | Zijin Gold International Company Ltd. 144A<sup>(a),(c)</sup> | 954859 |
| 1062200 | Zoomlion Heavy Industry Science and Technology | 1057734 |
|  |  | 3128035 |
|  | **METALS & MINING - 2.4%** |  |
| 9109 | Anglogold Ashanti plc | 788300 |
| 146496 | Glencore plc | 806327 |
| 5278 | Gold Fields Ltd. | 231293 |
| 24900 | Grupo Mexico S.A.B. de C.V., Class B | 235317 |
| 309100 | Zhongjin Gold Corp Ltd. | 1032528 |
|  |  | 3093765 |
|  | **OIL & GAS PRODUCERS - 2.7%** |  |
| 374672 | Adnoc Gas plc | 362145 |
| 107169 | Aegis Logistics Ltd. | 855930 |
| 187437 | Hindustan Petroleum Corp Ltd.<sup>(b)</sup> | 1041084 |
| 65623 | KOC Holding A/S | 258055 |
| 73700 | PRIO S.A.<sup>(a)</sup> | 557257 |
| 31025 | Reliance Industries Ltd. | 542262 |
|  |  | 3616733 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 0.7%** |  |
| 1052000 | China Oilfield Services Ltd., H Shares<sup>(b)</sup> | 944847 |
|  | **REAL ESTATE OWNERS & DEVELOPERS - 1.8%** |  |
| 150800 | Allos S.A. | 780978 |

---

---

| | | |
|:---|:---|:---|
| **ABS INSIGHTS EMERGING MARKETS FUND** | **ABS INSIGHTS EMERGING MARKETS FUND** | **ABS INSIGHTS EMERGING MARKETS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.7% (Continued)** |  |
|  | **REAL ESTATE OWNERS & DEVELOPERS - 1.8% (Continued)** |  |
| 1085000 | Greentown China Holdings Ltd. | $1180814 |
| 142800 | Nam Long Investment Corporation | 165333 |
| 1091102 | Talabat Holding plc 144A<sup>(c)</sup> | 279252 |
|  |  | 2406377 |
|  | **RENEWABLE ENERGY - 0.9%** |  |
| 17200 | Contemporary Amperex Technology Company Ltd. | 903301 |
| 9776 | CS Wind Corporation | 281770 |
|  |  | 1185071 |
|  | **RETAIL - CONSUMER STAPLES - 1.2%** |  |
| 11139 | BIM Birlesik Magazalar A/S | 139219 |
| 106100 | CP All Plc.<sup>(b)</sup> | 146640 |
| 61507 | Pepco Group N.V. 144A<sup>(c)</sup> | 514015 |
| 369400 | Puregold Price Club, Inc. | 238525 |
| 2006200 | Sumber Alfaria Trijaya Tbk PT | 236991 |
| 99000 | Wal-Mart de Mexico SAB de CV | 307889 |
|  |  | 1583279 |
|  | **RETAIL - DISCRETIONARY - 1.8%** |  |
| 90500 | Azzas 2154 S.A. | 415659 |
| 98900 | Localiza Rent a Car S.A. 144A<sup>(c)</sup> | 786614 |
| 3741300 | Map Aktif Adiperkasa PT | 149929 |
| 109600 | Mobile World Investment Corporation | 368389 |
| 16816 | United International Transportation Company | 279744 |
| 69000 | Vivara Participacoes S.A. | 418686 |
|  |  | 2419021 |
|  | **SEMICONDUCTORS - 19.7%** |  |
| 17000 | Chunghwa Precision Test Tech Company Ltd. | 1237575 |
| 12839 | DB HiTek Company Ltd. | 601337 |
| 20848 | Dongjin Semichem Company Ltd. | 529394 |
| 5085 | Eo Technics Co., Ltd. | 958297 |
| 16000 | Global Unichip Corporation | 1083217 |
| 90000 | Hua Hong Semiconductor Ltd. 144A<sup>(a),(c)</sup> | 859211 |
| 17000 | MPI Corporation | 1218619 |
| 222000 | Nanya Technology Corporation<sup>(a)</sup> | 1365044 |
| 4239 | SK Hynix, Inc.<sup>(b)</sup> | 1911986 |

---

---

| | | |
|:---|:---|:---|
| **ABS INSIGHTS EMERGING MARKETS FUND** | **ABS INSIGHTS EMERGING MARKETS FUND** | **ABS INSIGHTS EMERGING MARKETS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.7% (Continued)** |  |
|  | **SEMICONDUCTORS - 19.7% (Continued)** |  |
| 309000 | Taiwan Semiconductor Manufacturing Company Ltd. | $15259017 |
| 13000 | WinWay Technology Company Ltd. | 1176246 |
|  |  | 26199943 |
|  | **SOFTWARE - 0.1%** |  |
| 2500 | Kaspi.KZ JSC - ADR<sup>(a)</sup> | 195325 |
|  | **SPECIALTY FINANCE - 1.8%** |  |
| 39523 | Bajaj Finserv Ltd. | 897316 |
| 307800 | Krungthai Card PCL | 256712 |
| 66295 | Piramal Finance Ltd.<sup>(a)</sup> | 1212286 |
|  |  | 2366314 |
|  | **STEEL - 0.4%** |  |
| 7822 | East Pipes Integrated Company for Industry | 288398 |
| 306720 | Hoa Phat Group JSC<sup>(a)</sup> | 307887 |
|  |  | 596285 |
|  | **TECHNOLOGY HARDWARE - 8.5%** |  |
| 21000 | Asia Vital Components Co., Ltd. | 1010259 |
| 25355 | BizLink Holding, Inc. | 1227845 |
| 21000 | Delta Electronics, Inc. | 644291 |
| 25000 | Fositek Corporation | 1294284 |
| 169300 | ITMAX SYSTEM Bhd | 199005 |
| 14000 | Jentech Precision Industrial Co., Ltd. | 1224353 |
| 26000 | Quanta Computer Inc | 225309 |
| 50848 | Samsung Electronics Company Ltd.<sup>(b)</sup> | 4224092 |
| 142000 | Unimicron Technology Corporation | 995285 |
| 60600 | Xiaomi Corp, Class B 144A<sup>(a),(b),(c)</sup> | 306009 |
|  |  | 11350732 |
|  | **TECHNOLOGY SERVICES - 1.5%** |  |
| 130800 | Beijing Fourth Paradigm Technology Company Ltd.<sup>(a)</sup> | 739821 |
| 8782 | Infosys Ltd.<sup>(b)</sup> | 157892 |
| 78015 | One 97 Communications Ltd.<sup>(a)</sup> | 1127822 |
|  |  | 2025535 |
|  | **TELECOMMUNICATIONS - 1.5%** |  |
| 180900 | America Movil S.A.B. de C.V. | 186729 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ABS INSIGHTS EMERGING MARKETS FUND** | **ABS INSIGHTS EMERGING MARKETS FUND** | **ABS INSIGHTS EMERGING MARKETS FUND** | **ABS INSIGHTS EMERGING MARKETS FUND** | **ABS INSIGHTS EMERGING MARKETS 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)** |
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Shares** |  |  |  | **Fair Value** |
|  | **COMMON STOCKS — 96.7% (Continued)** |  |  |  |
|  | **TELECOMMUNICATIONS - 1.5% (Continued)** |  |  |  |
| 55625 | Bharti Airtel Ltd.<sup>(b)</sup> |  |  | $1303564 |
| 73421 | Ooredoo QPSC<sup>(b)</sup> |  |  | 262787 |
| 24840 | Saudi Telecom Company |  |  | 284624 |
|  |  |  |  | 2037704 |
|  | **TRANSPORTATION & LOGISTICS - 2.9%** |  |  |  |
| 226345 | Abu Dhabi Ports Company PJSC<sup>(a)</sup> |  |  | 293963 |
| 61718 | Adani Ports & Special Economic Zone Ltd. |  |  | 1009618 |
| 554000 | Anhui Expressway Company Ltd., H Shares |  |  | 931079 |
| 51250 | Promotora y Operadora de Infraestructura S.A.B. de C.V. |  |  | 760453 |
| 929000 | Qingdao Port International Company Ltd., H Shares 144A<sup>(b),(c)</sup> |  |  | 830794 |
|  |  |  |  | 3825907 |
|  | **TRANSPORTATION EQUIPMENT - 2.2%** |  |  |  |
| 621452 | Ashok Leyland Ltd.<sup>(b)</sup> |  |  | 1239390 |
| 2298 | HD Hyundai Heavy Industries Company Ltd. |  |  | 810416 |
| 189600 | Zhuzhou CRRC Times Electric Company Ltd., H Shares |  |  | 916486 |
|  |  |  |  | 2966292 |
|  | **TOTAL COMMON STOCKS (Cost $104,158,730)** |  |  | 129253090 |
| **Shares** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **PREFERRED STOCKS — 1.7%** |  |  |  |
|  | **AUTOMOTIVE — 0.8%** |  |  |  |
| 6683 | Hyundai Motor Company | 6.40% |  | 983945 |
|  | **RETAIL - DISCRETIONARY** — **0.0%<sup>(d)</sup>** |  |  |  |
| 3804 | Localiza Rent a Car S.A.<sup>(a)</sup> | 2.06% |  | 28817 |
|  | **TECHNOLOGY HARDWARE — 0.9%** |  |  |  |
| 20143 | Samsung Electronics Company Ltd.<sup>(b)</sup> | 1.64% |  | 1244885 |
|  | **TOTAL PREFERRED STOCKS (Cost $1,395,020)** |  |  | 2257647 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ABS INSIGHTS EMERGING MARKETS FUND** | **ABS INSIGHTS EMERGING MARKETS FUND** | **ABS INSIGHTS EMERGING MARKETS FUND** | **ABS INSIGHTS EMERGING MARKETS FUND** | **ABS INSIGHTS EMERGING MARKETS 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)** |
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Shares** |  | **Expiration Date** | **Exercise Price** | **Fair Value** |
| | **RIGHT — 0.0%<sup>(d)</sup>** | **RIGHT — 0.0%<sup>(d)</sup>** | | |
|  | **LEISURE FACILITIES & SERVICES - 0.0% <sup>(d)</sup>** |  |  |  |
| 4602 | Smartfit Escola de Ginastica e Danca S.A. (Brazil) | 1/7/2026 |  | $2512 |
|  | **TOTAL RIGHT (Cost $2,467)** |  |  | 2512 |
| **Shares** |  |  |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 1.2%** |  |  |  |
|  | **MONEY MARKET FUNDS - 1.2%** |  |  |  |
| 1638355 | Northern Institutional Treasury Portfolio, 3.60% (Cost $1,638,355)<sup>(e)</sup> |  |  | 1638355 |
|  | **TOTAL INVESTMENTS - 99.8% (Cost $107,371,098)** |  |  | $133362992 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.2%** |  |  | 305732 |
|  | **NET ASSETS - 100.0%** |  |  | $133668724 |

---

---

| | |
|:---|:---|
| A.G3 | Aktiengesellschaft |
| A/S | Aktieselskab |
| ADR | American Depositary Receipt |
| BHD | Bahraini Dinar |
| JSC | Joint-stock company |
| LTD | Limited Company |
| N.V. | Naamioze Vennootschap |
| NYRT | New York REIT, Inc. |
| P.T. | Publicly Traded |
| PCL | Public Limited Company |
| PJSC | Private Joint Company |
| PLC | Public Limited Company (UK) |
| QPSC | Qualified Public Shareholding Company |
| S.A. | Société Anonyme |
| S.A.KP | Société Anonyme Kuwait |
| SAB de CV | Sociedad Anónima Bursátil de Capital Variable |
| TBK P.T. | Perseroan Terbatas Terbuka |

---

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

<sup>(b)</sup> The value of this security has been determined in good faith under policies of the Board of Trustees.

<sup>(c)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2025 the total market value of 144A securities is 6,694,421 or 5.0% of net assets.

<sup>(d)</sup> Percentage rounds to less than 0.1%.

<sup>(e)</sup> Rate disclosed is the seven day effective yield as of December 31, 2025.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** CINCINNATI

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

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

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

- **a. Name of Series:** 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:** 2026-09-30

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $135486770.77

**Total Liabilities:** $1818046.85

**Net Assets:** $133668723.92

**Cash Not Reported:** $535142.53

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000253926 | 3.79%                | -1.29%               | 2.64%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1650907.75              | $3349741.40                                |
| Month 2  | $870184.04               | $-2527405.46                               |
| Month 3  | $1413114.21              | $1776486.60                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Fomento Economico Mexicano S A B de C V                  | FOMENTO ECON-UBD          | CUSIP: P4182H115<br>LEI: 549300A8MDWDJNMLV153 | Long             | EC               | CORP              | MX        |     26400 | NS      | $266833.54    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Colbun S.A.                                              | COLBUN SA                 | CUSIP: P2867K130<br>LEI: 5493003VQJLE2QB8IF36 | Long             | EC               | CORP              | CL        |   1717470 | NS      | $274700.59    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Promotora y Operadora de Infraestructura SA              | PROMOTORA Y OPER          | CUSIP: P7925L103<br>LEI: 52990035X6RK8DBUWA73 | Long             | EC               | CORP              | MX        |     51250 | NS      | $760453.39    | 0.57%             |  |  |  | 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      | $369629.48    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Mexico SAB de CV                                   | GRUPO MEXICO-B            | CUSIP: P49538112<br>LEI: 529900JWLZAYET2ZGW20 | Long             | EC               | CORP              | MX        |     24900 | NS      | $235316.52    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Kaspi.Kz JSC                                             | JSC KASPI.KZ              | CUSIP: 48581R205<br>LEI: 2549003YU6FARG8OAZ13 | Long             | EC               | CORP              | KZ        |      2500 | NS      | $195325.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Legend Biotech Corporation                               | LEGEND BIOT-ADR           | CUSIP: 52490G102<br>LEI: 254900EIUFZTW136H859 | Long             | EC               | CORP              | KY        |     30900 | NS      | $671766.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Polska Kasa Opieki SA                               | PEKAO                     | CUSIP: X0R77T117<br>LEI: 5493000LKS7B3UTF7H35 | Long             | EC               | CORP              | PL        |      4376 | NS      | $250018.83    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercadolibre Inc                                         | MERCADOLIBRE INC          | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |       330 | NS      | $664705.80    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Anhui Expressway Company Ltd                             | ANHUI EXPRESS-H           | CUSIP: Y01374100<br>LEI: 529900UGCN9D11VHIL29 | Long             | EC               | CORP              | CN        |    554000 | NS      | $931078.08    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of the Philippine Islands                           | BANK PHILIPPINE           | CUSIP: Y0967S169<br>LEI: 549300UW4UH6XT2X8C50 | Long             | EC               | CORP              | PH        |     64200 | NS      | $126654.55    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| CIMB Group Holdings Berhad                               | CIMB Group Holdings Bhd   | CUSIP: Y1636J101<br>LEI: 549300FYDN5UD7USZW18 | Long             | EC               | CORP              | MY        |     99000 | NS      | $201269.10    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Industries Ltd.                                 | Reliance Industries Ltd   | CUSIP: Y72596102<br>LEI: 5493003UOETFYRONLG31 | Long             | EC               | CORP              | IN        |     31025 | NS      | $542261.57    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Hindustan Petroleum Corp Ltd.                            | HINDUSTAN PETROLEUM CORP  | CUSIP: Y3224R123<br>LEI: 335800DWLXIP7HFFY564 | Long             | EC               | CORP              | IN        |    187437 | NS      | $1041084.87   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Kotak Mahindra Bank Ltd.                                 | KOTAK MAHINDRA            | CUSIP: Y4964H150<br>LEI: 335800E6GTTXKHXE2I75 | Long             | EC               | CORP              | IN        |     39525 | NS      | $968274.30    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Unimicron Technology Corp.                               | UNIMICRON TECH            | CUSIP: Y90668107<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    142000 | NS      | $995284.82    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanta Computer Inc.                                     | QUANTA COMPUTER           | CUSIP: Y7174J106<br>LEI: 529900DE8BIV3XOXIK04 | Long             | EC               | CORP              | TW        |     26000 | NS      | $225309.04    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Huadian Power International Corp Ltd.                    | Huadian Power Internation | CUSIP: Y3738Y101<br>LEI: 529900207FCOKWBDRE79 | Long             | EC               | CORP              | CN        |   1542000 | NS      | $806394.17    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyundai Motor Co.                                        | HYUNDAI MOTOR-2           | CUSIP: Y38472224<br>LEI: 9884004RQX8PRBXQ8S60 | Long             | EP               | CORP              | KR        |      6683 | NS      | $983944.89    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Ooredoo  Q.P.S.C.                                        | OOREDOO QSC               | CUSIP: M8180V102<br>LEI: 549300D3EIDZJB62TR20 | Long             | EC               | CORP              | QA        |     73421 | NS      | $262786.88    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Infosys Ltd.                                             | INFOSYS LTD               | CUSIP: Y4082C133<br>LEI: 335800TYLGG93MM7PR89 | Long             | EC               | CORP              | IN        |      8782 | NS      | $157892.05    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Dongjin Semichem Co Ltd.                                 | DONGJIN SEMICHEM          | CUSIP: Y2121T109<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     20848 | NS      | $529393.69    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Electronics Inc.                                   | DELTA ELEC                | CUSIP: Y20263102<br>LEI: 529900UVZWNWGDLJSM52 | Long             | EC               | CORP              | TW        |     21000 | NS      | $644290.81    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Hong Kong Exchanges & Clearing Ltd.                      | HKEX                      | CUSIP: Y3506N139<br>LEI: 213800YTVSXYQN17BW16 | Long             | EC               | CORP              | HK        |     20400 | NS      | $1068397.68   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Gold Fields Ltd                                          | GOLD FIELDS LTD           | CUSIP: S31755101<br>LEI: 5299003KXIBJQYCBBD72 | Long             | EC               | CORP              | ZA        |      5278 | NS      | $231292.56    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Nanya Technology Corp.                                   | Nanya Technology Corp     | CUSIP: Y62066108<br>LEI: 254900STKVKJBRRO0835 | Long             | EC               | CORP              | TW        |    222000 | NS      | $1365043.97   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| EO Technics Co                                           | EO TECHNICS CO            | CUSIP: Y2297V102<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      5085 | NS      | $958297.25    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Elite Material Co Ltd.                                   | ELITE MATERIAL            | CUSIP: Y2290G102<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     22000 | NS      | $1152988.40   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| National Central Cooling Company PJSC (Tabreed)          | TABREED                   | CUSIP: M72005107<br>LEI: 254900E7M1Y3DXGQ1283 | Long             | EC               | CORP              | AE        |    299606 | NS      | $256958.97    | 0.19%             |  |  |  | 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      | $601337.48    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Bharti Airtel Ltd.                                       | BHARTI AIRTEL             | CUSIP: Y0885K108<br>LEI: 335800KQ1FPKOQ84OR26 | Long             | EC               | CORP              | IN        |     55625 | NS      | $1303564.87   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| SK Hynix Inc.                                            | SK HYNIX INC              | CUSIP: Y8085F100<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |      4239 | NS      | $1911986.34   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Mayora Indah                                             | MAYORA INDAH              | CUSIP: Y7129D105<br>LEI: 529900RM3VNQRMDJ7M38 | Long             | EC               | CORP              | ID        |   1348800 | NS      | $171837.07    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Asia Vital Components Co Ltd                             | ASIA VITAL                | CUSIP: Y0392D100<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     21000 | NS      | $1010258.70   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Abu Dhabi Commercial Bank PJSC                           | ABU DHABI COMMER          | CUSIP: M0152Q104<br>LEI: 213800RWVKKIRX1AUH58 | Long             | EC               | CORP              | AE        |     74079 | NS      | $288425.64    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| NAVER Corp.                                              | NAVER CORP                | CUSIP: Y62579100<br>LEI: 988400ULUQYDB2HQYJ61 | Long             | EC               | CORP              | KR        |      1663 | NS      | $279411.56    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| China Oilfield Services Ltd.                             | China Oilfield Services L | CUSIP: Y15002101<br>LEI: 529900J4X53VL8QQW675 | Long             | EC               | CORP              | CN        |   1052000 | NS      | $944847.05    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| MPI Corporation                                          | MPI                       | CUSIP: Y6131E101<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     17000 | NS      | $1218618.58   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Firstrand Ltd                                            | FIRSTRAND LTD             | CUSIP: S5202Z131<br>LEI: 529900XYOP8CUZU7R671 | Long             | EC               | CORP              | ZA        |     66376 | NS      | $363736.50    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Mandiri (Persero) Tbk PT                            | BANK MANDIRI              | CUSIP: Y7123S108<br>LEI: 549300RSKQN4Z5ZSGH94 | Long             | EC               | CORP              | ID        |    602100 | NS      | $183665.89    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Funds                             | NT-INST TRSR-PRM          | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   1638355 | PA      | $1638355.33   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Glenmark Pharmaceuticals Ltd.                            | GLENMARK PHARMA           | CUSIP: Y2711C144<br>LEI: 335800WKECZXIIT9GK20 | Long             | EC               | CORP              | IN        |     42499 | NS      | $962659.18    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd.                              | SAMSUNG ELECTRON          | CUSIP: Y74718100<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |     50848 | NS      | $4224092.68   | 3.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Samyang Foods Co., Ltd                                   | SAMYANG FOODS CO          | CUSIP: Y7498J105<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |       860 | NS      | $733494.54    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd.                              | SAMSUNG ELE-PREF          | CUSIP: Y74718118<br>LEI: 9884007ER46L6N7EI764 | Long             | EP               | CORP              | KR        |     20143 | NS      | $1244885.44   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.             | TSMC                      | CUSIP: Y84629107<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    309000 | NS      | $15259016.18  | 11.42%            |  |  |  | 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      | $166171.89    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenaga Nasional Bhd                                      | Tenaga Nasional Bhd       | CUSIP: Y85859109<br>LEI: 549300FV8X6UID6I1413 | Long             | EC               | CORP              | MY        |     54300 | NS      | $183586.99    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Tsingtao Brewery Group Co Ltd.                           | TSINGTAO BREW-H           | CUSIP: Y8997D102<br>LEI: 300300OJ7D0Q1ESE8L15 | Long             | EC               | CORP              | CN        |    138000 | NS      | $863883.06    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Pampa Energia SA                                         | PAMPA-SPON ADR            | CUSIP: 697660207<br>LEI: 254900QNIK0CVURGML24 | Long             | EC               | CORP              | AR        |      3500 | NS      | $309785.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| PDD Holdings Inc.                                        | PDD HOLDINGS INC          | CUSIP: 722304102<br>LEI: 5493000573DS7005T657 | Long             | EC               | CORP              | KY        |     10100 | NS      | $1145239.00   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| OTP Bank PLC                                             | OTP BANK PLC              | CUSIP: X60746181<br>LEI: 529900W3MOO00A18X956 | Long             | EC               | CORP              | HU        |      1400 | NS      | $150266.04    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Bank Berhad                                       | PUBLIC BANK BHD           | CUSIP: Y71497104<br>LEI: 549300L2RSQCVMOHGM20 | Long             | EC               | CORP              | MY        |    174200 | NS      | $194891.08    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Central Asia Tbk PT                                 | BANK CENTRAL ASI          | CUSIP: Y7123P138<br>LEI: 254900BR956G2OHVOM21 | Long             | EC               | CORP              | ID        |    386200 | NS      | $186528.20    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Ashok Leyland Ltd.                                       | ASHOK LEYLAND             | CUSIP: Y0266N143<br>LEI: 3358001BZKWERVWYCK35 | Long             | EC               | CORP              | IN        |    621452 | NS      | $1239390.35   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Standard Bank Group Ltd.                                 | STANDARD BANK GR          | CUSIP: S80605140<br>LEI: 2549003PEZXUT7MDBU41 | Long             | EC               | CORP              | ZA        |     14067 | NS      | $246676.22    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Aselsan AS                                               | Aselsan Elektronik Sanayi | CUSIP: M1501H100<br>LEI: 7890008XT4M710MU8714 | Long             | EC               | CORP              | TR        |     36658 | NS      | $197869.30    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| KOC Holdings AG                                          | KOC HOLDING               | CUSIP: M63751107<br>LEI: 7890005U0H950VH19H45 | Long             | EC               | CORP              | TR        |     65623 | NS      | $258054.92    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Tofas Turk Otomobil Fabrikasi As                         | TOFAS                     | CUSIP: M87892101<br>LEI: 789000YSTNETKLRWHT29 | Long             | EC               | CORP              | TR        |     42537 | NS      | $244763.94    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Powszechna Kasa Oszczednosci Bank Polski SA              | PKOBP                     | CUSIP: X6919X108<br>LEI: P4GTT6GF1W40CVIMFR43 | Long             | EC               | CORP              | PL        |     10190 | NS      | $241735.03    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Unichip Corp.                                     | GLOBAL UNICHIP            | CUSIP: Y2724H114<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     16000 | NS      | $1083216.52   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Raiffeisen Bank International AG                         | RAIFFEISEN BANK           | CUSIP: A7111G104<br>LEI: 9ZHRYM6F437SQJ6OUG95 | Long             | EC               | CORP              | AT        |      9062 | NS      | $407747.42    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Localiza Rent a Car SA                                   | LOCALIZA                  | CUSIP: P6330Z111<br>LEI: 984500C442A7E0CD4D11 | Long             | EC               | CORP              | BR        |     98900 | NS      | $786614.28    | 0.59%             |  |  |  | Yes           |                  1 | On Loan: No      |
| CP All Public Co Ltd.                                    | CP ALL PCL-F              | CUSIP: Y1772K169<br>LEI: 894500LSBZLM09TY1A91 | Long             | EC               | CORP              | TH        |    106100 | NS      | $146640.08    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| BIM Birlesik Magaz                                       | BIM                       | CUSIP: M2014F102<br>LEI: 7890001GCDJQD8DJKE29 | Long             | EC               | CORP              | TR        |     11139 | NS      | $139219.34    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Kirloskar Brothers Limited                               | KIRLOSKAR BROTHE          | CUSIP: Y4807B139<br>LEI: 335800ER8I3MX42RBR71 | Long             | EC               | CORP              | IN        |     32982 | NS      | $591076.32    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| China Construction Bank Corp.                            | CCB-H                     | CUSIP: Y1397N101<br>LEI: 5493001KQW6DM7KEDR62 | Long             | EC               | CORP              | CN        |    241000 | NS      | $238128.83    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| The Company for Cooperative Insurance                    | CO FOR COOPERATI          | CUSIP: M7225K105<br>LEI: 549300J2GTNKWJRJ8581 | Long             | EC               | CORP              | SA        |     15342 | NS      | $478542.79    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Equatorial SA                                            | EQUATORIAL ENERGIA SA - O | CUSIP: P3773H104<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     82100 | NS      | $577008.03    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| AL Rajhi Bank                                            | AL RAJHI BANK             | CUSIP: M0R60D105<br>LEI: 558600BQZS4Y1DTU8589 | Long             | EC               | CORP              | SA        |     28560 | NS      | $742362.04    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Arab National Bank                                       | ARAB NATL BANK            | CUSIP: M1454X102<br>LEI: 213800CYWGYQVT1ZBQ57 | Long             | EC               | CORP              | SA        |     89405 | NS      | $515312.21    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi Telecom Company                                    | SAUDI TELECOM CO          | CUSIP: M8T596104<br>LEI: 21380028ATJ79OTA9W17 | Long             | EC               | CORP              | SA        |     24840 | NS      | $284623.62    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Greentown China Holdings Ltd.                            | GREENTOWN CHINA HOLDINGS  | CUSIP: G4100M105<br>LEI: 529900BLBC6YDNWS8530 | Long             | EC               | CORP              | HK        |   1085000 | NS      | $1180814.68   | 0.88%             |  |  |  | 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      | $916485.75    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| KEI Industries Ltd                                       | KEI INDUS LTD             | CUSIP: Y4640F115<br>LEI: 335800UDWBC2AWPU7M56 | Long             | EC               | CORP              | IN        |     19854 | NS      | $985573.69    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| United International Transportation Co                   | UNITED INTERNATI          | CUSIP: M95429102<br>LEI: N/A                  | Long             | EC               | CORP              | SA        |     16816 | NS      | $279743.64    | 0.21%             |  |  |  | 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      | $1009617.43   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| HOA Phat Group Jsc                                       | HOA PHAT GRP JSC          | CUSIP: Y3231H100<br>LEI: 549300ODJEFGL5CWKD32 | Long             | EC               | CORP              | VN        |    306720 | NS      | $307886.24    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Alinma Bank                                              | ALINMA BANK               | CUSIP: M0R35G100<br>LEI: 558600HPAUTN6XSVBK93 | Long             | EC               | CORP              | SA        |     87266 | NS      | $567194.10    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi Arabian Mining Company                             | SAUDI ARABIAN MI          | CUSIP: M8236Q107<br>LEI: 254900R4HAVLB4GY9713 | Long             | EC               | CORP              | SA        |     14334 | NS      | $232913.17    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| KB Financial Group Inc.                                  | KB FINANCIAL GRO          | CUSIP: Y46007103<br>LEI: 529900TKE4MXG3Q6GW86 | Long             | EC               | CORP              | KR        |      6298 | NS      | $544138.54    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Jentech Precision Industrial Co., Ltd                    | JENTECH                   | CUSIP: Y4432G115<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     14000 | NS      | $1224353.26   | 0.92%             |  |  |  | No            |                  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      | $1057734.31   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Triveni Turbine Ltd.                                     | TRIVENI TURBINE           | CUSIP: Y89735107<br>LEI: 335800CN8OF2ECX4NK89 | Long             | EC               | CORP              | IN        |    123505 | NS      | $739869.85    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| BizLink Holding Inc.                                     | BIZLINK HOLDING           | CUSIP: G11474106<br>LEI: 213800YAKRFVU5XOX138 | Long             | EC               | CORP              | KY        |     25355 | NS      | $1227845.04   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| BDO Unibank Inc.                                         | BDO UNIBANK INC           | CUSIP: Y07775102<br>LEI: 3FGIIBS1PEI1FYQBGN97 | Long             | EC               | CORP              | PH        |     30287 | NS      | $69271.54     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanmi Pharmaceutical Co Ltd                              | HANMI PHARM CO L          | CUSIP: Y3063Q103<br>LEI: 988400PP10VZVUOFE672 | Long             | EC               | CORP              | KR        |      3894 | NS      | $1219480.22   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Youngone Corp.                                           | YOUNGONE CORP             | CUSIP: Y9857Q100<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     16064 | NS      | $910431.72    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Powszechny Zaklad Ubezpieczen SA                         | PZU                       | CUSIP: X6919T107<br>LEI: QLPCKOOKVX32FUELX240 | Long             | EC               | CORP              | PL        |     13141 | NS      | $244311.76    | 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      | $238525.06    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Nam Long Investment Corporation                          | NAM LONG INVESTM          | CUSIP: Y618A5109<br>LEI: N/A                  | Long             | EC               | CORP              | VN        |    142800 | NS      | $165333.08    | 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      | $86305.93     | 0.06%             |  |  |  | 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      | $236990.55    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Han's Laser Technology Industry Group Co Ltd.            | HAN'S LASER -A            | CUSIP: Y3063F107<br>LEI: 300300MZXZR87BGKOZ23 | Long             | EC               | CORP              | CN        |    178200 | NS      | $1049614.33   | 0.79%             |  |  |  | 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      | $1049995.85   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Hubei Dinglong Co Ltd                                    | HUBEI DINGLONG-A          | CUSIP: Y3745B102<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    209100 | NS      | $1124273.93   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Vietnam Enterprise Investments Ltd                       | VIETNAM-EN INV-C          | CUSIP: G9361H109<br>LEI: 213800SYT3T4AGEVW864 | Long             | EC               | CORP              | KY        |     19725 | NS      | $211387.72    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Kajaria Ceramics Ltd.                                    | KAJARIA CERAMICS          | CUSIP: Y45199166<br>LEI: 3358007XN6AXJ1V67M07 | Long             | EC               | CORP              | IN        |     61409 | NS      | $661939.66    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Krungthai Card Public Co Ltd.                            | KRUNGTHAI-FOREIG          | CUSIP: Y498B4116<br>LEI: N/A                  | Long             | EC               | CORP              | TH        |    307800 | NS      | $256711.89    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Hapvida Participacoes e Investimentos SA                 | HAPVIDA PARTICIP          | CUSIP: P5R526106<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    119400 | NS      | $321059.15    | 0.24%             |  |  |  | Yes           |                  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      | $619291.71    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Reinet Investments SCA                                   | REINET INVESTMENTS SCA    | CUSIP: L7925N152<br>LEI: 222100830RQTFVV22S80 | Long             | EC               | CORP              | LU        |     21196 | NS      | $742354.05    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Absa Group Ltd                                           | ABSA GROUP LTD            | CUSIP: S0270C106<br>LEI: 2138006IPPRD4N6XLT30 | Long             | EC               | CORP              | ZA        |     47668 | NS      | $688981.70    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Syariah Indonesia Tbk                               | BANK SYARIAH IND          | CUSIP: Y0R8KR105<br>LEI: 9845009CD3B814E04066 | Long             | EC               | CORP              | ID        |    892900 | NS      | $119096.06    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Chengdu Co Ltd.                                  | BANK OF CHENGD-A          | CUSIP: Y0R95C103<br>LEI: 30030030JPOKGL9K5418 | Long             | EC               | CORP              | CN        |    433600 | NS      | $999504.08    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Xiaomi Corp.                                             | XIAOMI CORP-W             | CUSIP: G9830T106<br>LEI: 2549001ACVFAZRNMKL32 | Long             | EC               | CORP              | KY        |     60600 | NS      | $306008.70    | 0.23%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Map Aktif Adiperkasa Tbk PT                              | MAP AKTIF ADIPER          | CUSIP: Y581AR101<br>LEI: 254900N3WK9AC24SVF17 | Long             | EC               | CORP              | ID        |   3741300 | NS      | $149929.48    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Glencore PLC                                             | GLENCORE PLC              | CUSIP: G39420107<br>LEI: 2138002658CPO9NBH955 | Long             | EC               | CORP              | JE        |    146496 | NS      | $806327.77    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Contemporary Amperex Technology Co Ltd.                  | CONTEMPORARY A-A          | CUSIP: Y1R48E105<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |     17200 | NS      | $903300.68    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC Bank Ltd.                                           | HDFC BANK LTD             | CUSIP: Y3119P190<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |    106417 | NS      | $1173975.56   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd.                               | BABA-W                    | CUSIP: G01719114<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |    201400 | NS      | $3695355.87   | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Ascentage Pharma Group International                     | ASCENTAGE PHARMA          | CUSIP: G0519B102<br>LEI: 300300WBVGZIXEF27W64 | Long             | EC               | NUSS              | KY        |    103000 | NS      | $691499.89    | 0.52%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Cosmax Inc.                                              | COSMAX INC                | CUSIP: Y1R696106<br>LEI: 988400ZU10J4AP3M4Y14 | Long             | EC               | CORP              | KR        |      4813 | NS      | $543555.44    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Vivara Participacoes SA                                  | VIVARA PARTICIPA          | CUSIP: P98017109<br>LEI: 254900KO2WRLAVSJDR42 | Long             | EC               | CORP              | BR        |     69000 | NS      | $418685.65    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Eternal Ltd.                                             | ZOMATO LTD                | CUSIP: Y9899X105<br>LEI: 335800T4VOF9ETHF8W59 | Long             | EC               | CORP              | IN        |    317871 | NS      | $983695.22    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Fositek Corp.                                            | FOSITEK CORP              | CUSIP: Y261K6105<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     25000 | NS      | $1294284.44   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Akeso Inc.                                               | AKESO INC                 | CUSIP: G0146B103<br>LEI: 254900ECWYGR3QW5GF30 | Long             | EC               | CORP              | KY        |     68000 | NS      | $987315.49    | 0.74%             |  |  |  | Yes           |                  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      | $163848.26    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegro.eu SA                                            | ALLEGRO.EU SA             | CUSIP: L0R67D109<br>LEI: 222100VRLXV3FPMG4982 | Long             | EC               | CORP              | LU        |     18955 | NS      | $163793.00    | 0.12%             |  |  |  | Yes           |                  1 | On Loan: No      |
| HD Hyundai Heavy Industries Co Ltd.                      | HD HYUNDAI HEAVY          | CUSIP: Y3838M122<br>LEI: 988400CAR8W9URQLGF30 | Long             | EC               | CORP              | KR        |      2298 | NS      | $810416.33    | 0.61%             |  |  |  | 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      | $1757759.59   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Abu Dhabi Ports Company PJSC                             | ABU DHABI PORTS           | CUSIP: M0153A108<br>LEI: 213800F5LEV1NQJ68T87 | Long             | EC               | CORP              | AE        |    226345 | NS      | $293962.55    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Allos SA                                                 | ALLOS SA                  | CUSIP: P0R6A1107<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    150800 | NS      | $780977.73    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd.                                    | TENCENT                   | CUSIP: G87572163<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |     64400 | NS      | $4956570.45   | 3.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Bajaj Finserv Ltd                                        | BAJAJ FINSERV LT          | CUSIP: Y0548X125<br>LEI: 3358001EH4I4IDMGQ326 | Long             | EC               | CORP              | IN        |     39523 | NS      | $897316.25    | 0.67%             |  |  |  | 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      | $186728.87    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Pepco Group NV                                           | PEPCO GROUP NV            | CUSIP: G6999C106<br>LEI: 213800OVMJPFP79OB449 | Long             | EC               | CORP              | NL        |     61507 | NS      | $514014.71    | 0.38%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Qingdao Port International Co Limited                    | QINGDAO PORT INTERNATIONA | CUSIP: Y7S64R101<br>LEI: 529900URO8Y3C7A1JM55 | Long             | EC               | CORP              | CN        |    929000 | NS      | $830794.38    | 0.62%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Global Heath Ltd.                                        | GLOBAL HEALTH LT          | CUSIP: Y2R1K6136<br>LEI: 335800TEDV7GWBKTVO07 | Long             | EC               | CORP              | IN        |     64944 | NS      | $857545.01    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Localiza Rent a Car SA                                   | LOCALIZA RENT A           | CUSIP: P6330Z277<br>LEI: 984500C442A7E0CD4D11 | Long             | EP               | CORP              | BR        |      3804 | NS      | $28817.02     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Farm Fresh Bhd                                           | FARM FRESH BHD            | CUSIP: Y2464B103<br>LEI: 3912006NEWTYETQFYI68 | Long             | EC               | CORP              | MY        |    295900 | NS      | $207086.25    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| APL Apollo Tubes Ltd.                                    | APL APOLLO TUBES          | CUSIP: Y0181Q148<br>LEI: 335800ZU4GXSB7Q4IU95 | Long             | EC               | CORP              | IN        |     41959 | NS      | $893827.71    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| One 97 Communications Ltd.                               | ONE 97 COMMUNICA          | CUSIP: Y6425F111<br>LEI: 335800ZRHU5J6GSTMI23 | Long             | EC               | CORP              | IN        |     78015 | NS      | $1127822.05   | 0.84%             |  |  |  | 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      | $288398.45    | 0.22%             |  |  |  | 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      | $1349131.29   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| China State Construction Engineering Corp Ltd.           | CHINA STATE -A            | CUSIP: Y1R16Z106<br>LEI: 300300CWW8WOEV3BR645 | Long             | EC               | CORP              | CN        |   1209780 | NS      | $887470.71    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Zhongjin Gold Corp Ltd.                                  | ZHONGJIN GOLD-A           | CUSIP: Y9890R107<br>LEI: 300300Q0ZK8HFP814Z87 | Long             | EC               | CORP              | CN        |    309100 | NS      | $1032528.64   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Sailun Group Co Ltd.                                     | SAILUN GROUP - A          | CUSIP: Y74184105<br>LEI: 300300GF13IPLVWINQ61 | Long             | EC               | CORP              | CN        |    491500 | NS      | $1137188.09   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Tongkun Group Co Ltd.                                    | TONGKUN GROUP-A           | CUSIP: Y8851U109<br>LEI: 300300AK2H2EJWS24N19 | Long             | EC               | CORP              | CN        |    456900 | NS      | $1124429.65   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Mobile World Investment Corporation                      | MOBILE WORLD INV          | CUSIP: Y604K2105<br>LEI: 254900ZRFNB8CRAHHO95 | Long             | EC               | CORP              | VN        |    109600 | NS      | $368389.35    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Taaleem Holdings PJSC                                    | TAALEEM HOLDINGS          | CUSIP: M8T07F107<br>LEI: N/A                  | Long             | EC               | CORP              | AE        |    154154 | NS      | $175022.38    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Zai Lab Ltd.                                             | ZAI LAB LTD               | CUSIP: G9887T116<br>LEI: 549300P2UYQ9U5LY1T58 | Long             | EC               | CORP              | KY        |     54100 | NS      | $94885.21     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Itmax System Bhd                                         | ITMAX SYSTEM BHD          | CUSIP: Y4211B105<br>LEI: N/A                  | Long             | EC               | CORP              | MY        |    169300 | NS      | $199004.68    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Adnoc Gas                                                | ADNOC GAS PLC             | CUSIP: M0R823101<br>LEI: 254900O5NS03BDOOM362 | Long             | EC               | CORP              | AE        |    374672 | NS      | $362144.85    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Varun Beverages Ltd.                                     | VARUN BEVERAGES           | CUSIP: Y9T53H143<br>LEI: 33580058NWEMWBDNMD48 | Long             | EC               | CORP              | IN        |    188099 | NS      | $1025501.62   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Power and Water Utility Company                          | POWER & WATER UT          | CUSIP: M7S61K102<br>LEI: 5586004JL8DPCMAXNE10 | Long             | EC               | CORP              | SA        |     68127 | NS      | $668374.73    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Hua Hong Semiconductor Ltd.                              | HUA HONG SEMICONDUCTOR LT | CUSIP: Y372A7109<br>LEI: 529900OXH3ZYLIMGB907 | Long             | EC               | CORP              | HK        |     90000 | NS      | $859211.18    | 0.64%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Piramal Finance Ltd.                                     | PIRAMAL FINANCE           | CUSIP: Y6934Y106<br>LEI: 335800M751HM7MSTFQ19 | Long             | EC               | CORP              | IN        |     66295 | NS      | $1212286.00   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglogold Ashanti PLC                                    | ANGLOGOLD ASHANT          | CUSIP: G0378L100<br>LEI: 2138005YDSA7A82RNU96 | Long             | EC               | CORP              | GB        |      9109 | NS      | $788300.00    | 0.59%             |  |  |  | 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      | $739820.53    | 0.55%             |  |  |  | Yes           |                  1 | On Loan: No      |
| AZZAS 2154 S.A.                                          | AZZAS 2154 SA             | CUSIP: P0R0NH101<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     90500 | NS      | $415659.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Electronics Thailand Public Co Ltd                 | DELTA ELEC-FORGN          | CUSIP: Y20266204<br>LEI: 529900JKLVG9Y2SVWL93 | Long             | EC               | CORP              | TH        |     29400 | NS      | $161600.05    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Talabat Holding PLC                                      | TALABAT HOLDING           | CUSIP: M8765Z106<br>LEI: 529900MAA20AIKRXOA24 | Long             | EC               | CORP              | AE        |   1091102 | NS      | $279251.76    | 0.21%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Emcure Pharmaceuticals Ltd.                              | EMCURE PHARMACEU          | CUSIP: Y228AJ107<br>LEI: 335800WYB6OIBY9EOZ42 | Long             | EC               | CORP              | IN        |     66071 | NS      | $1003393.24   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| ZIJIN GOLD INTERNATIONAL COMPANY LI                      | ZIJIN GOLD INTER          | CUSIP: Y990DL104<br>LEI: 254900FINUJR4MZ8A417 | Long             | EC               | CORP              | HK        |     50900 | NS      | $954858.97    | 0.71%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Saudi National Bank (the)                                | SAUDI NATIONAL B          | CUSIP: M7S2CL107<br>LEI: 5586006ZEFQ542K7CY16 | Long             | EC               | CORP              | SA        |    104793 | NS      | $1058266.82   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Chunghwa Precision Test Tech Co Ltd                      | CHUNGHWA PREC             | CUSIP: Y1612W100<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     17000 | NS      | $1237574.87   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| CS Wind Corp                                             | CS WIND                   | CUSIP: Y1R23X102<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      9776 | NS      | $281770.10    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Elecon Engineering                                       | ELECON ENGINEER           | CUSIP: Y2R72B116<br>LEI: 335800H65LT1IKZEIF87 | Long             | EC               | CORP              | IN        |     97858 | NS      | $524365.70    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI Bank Ltd.                                          | ICICI BANK LTD            | CUSIP: Y3860Z132<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |     81218 | NS      | $1213899.46   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Metlen Energy & Metals PLC                               | METLEN ENERGY &           | CUSIP: G6042Y105<br>LEI: 213800ZSR3HVKMMPVG86 | Long             | EC               | CORP              | GB        |      4183 | NS      | $217209.35    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Winway Technology Co Ltd                                 | WINWAY TECHNOLOG          | CUSIP: Y96657146<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     13000 | NS      | $1176245.70   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Naspers Limited                                          | NASPERS LTD-N             | CUSIP: S53435129<br>LEI: 21380044BQ8812EEKT59 | Long             | EC               | CORP              | ZA        |      8650 | NS      | $576919.13    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Smartfit Escola De Ginastica E Danca S.A.                | SMARTFIT ESCOLA           | CUSIP: P8T12S588<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |      4602 | NS      | $2511.86      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Piraeus Bank SA                                          | PIRAEUS BANK SA           | CUSIP: X5S2FJ101<br>LEI: 213800OYHR1MPQ5VJL60 | Long             | EC               | CORP              | GR        |     35940 | NS      | $286861.33    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Wal-Mart De Mexico                                       | WALMART DE MEXIC          | CUSIP: P98180188<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |     99000 | NS      | $307889.08    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Ho Chi Minh City Development Joint Stock Commercial Bank | HDBANK                    | CUSIP: Y3R31X108<br>LEI: 549300JA2AF0TMGHY210 | Long             | EC               | CORP              | VN        |    417601 | NS      | $471587.44    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Prio SA                                                  | PRIO SA                   | CUSIP: P7S19Q109<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     73700 | NS      | $557257.03    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Aegis Logistics Ltd.                                     | AEGIS LOGISTICS           | CUSIP: Y0018C122<br>LEI: 335800R6OF8UV8J3G994 | Long             | EC               | CORP              | IN        |    107169 | NS      | $855930.22    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| XP Inc.                                                  | XP INC - CLASS A          | CUSIP: G98239109<br>LEI: 5493008KDA8NBZRJST80 | Long             | EC               | CORP              | KY        |     40100 | NS      | $656437.00    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** Rich Gleason

**Name of Signer:** Rich Gleason

**Title:** Treasurer