# EDGAR Filing Document

**Accession Number:** 0001537140
**File Stem:** 0001752724-23-043092
**Filing Date:** 2023-2
**Character Count:** 27480
**Document Hash:** cff22afaf5db866afdc56044678988ee
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-043092.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001752724-23-043092

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**PERIOD START**: 20230930

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22655
- **FILM NUMBER:** 23674030

**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

### Absolute Capital Asset Allocator Fund (Series ID: S000051215)

| Class ID   | Class Name                                                       | Ticker Symbol   |
|:---|:---|:---|
| C000161384 | Absolute Capital Asset Allocator Fund Class A Shares             | AAMAX           |
| C000161385 | Absolute Capital Asset Allocator Fund Institutional Class Shares | AAMIX           |
| C000161386 | Absolute Capital Asset Allocator Fund Investor Class Shares      | AAMCX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **ABSOLUTE CAPITAL ASSET ALLOCATOR FUND** | **ABSOLUTE CAPITAL ASSET ALLOCATOR FUND** | **ABSOLUTE CAPITAL ASSET ALLOCATOR 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 — 17.5%** |  |
|  | **ASSET MANAGEMENT - 0.6%** |  |
| 2100 | Charles Schwab Corporation (The) | &nbsp;&nbsp;&nbsp; $174846 |
|  | **BEVERAGES - 2.7%** |  |
| 900 | Constellation Brands, Inc., Class A | &nbsp;&nbsp;&nbsp; 208575 |
| 3300 | PepsiCo, Inc. | &nbsp;&nbsp;&nbsp; 596178 |
|  |  | &nbsp;&nbsp; 804753 |
|  | **COMMERCIAL SUPPORT SERVICES - 1.2%** |  |
| 800 | Cintas Corporation | &nbsp;&nbsp;&nbsp; 361296 |
|  | **FOOD - 1.2%** |  |
| 1800 | McCormick & Company, Inc. | &nbsp;&nbsp;&nbsp; 149202 |
| 3100 | Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp; 206615 |
|  |  | &nbsp;&nbsp; 355817 |
|  | **HEALTH CARE FACILITIES & SERVICES - 1.6%** |  |
| 900 | UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp; 477162 |
|  | **INTERNET MEDIA & SERVICES - 0.9%** |  |
| 3000 | Alphabet, Inc., Class C<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 266190 |
|  | **LEISURE FACILITIES & SERVICES - 2.2%** |  |
| 1200 | McDonald's Corporation | &nbsp;&nbsp;&nbsp; 316236 |
| 3300 | Yum China Holdings, Inc. | &nbsp;&nbsp;&nbsp; 180345 |
| 1400 | Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp; 179312 |
|  |  | &nbsp;&nbsp; 675893 |
|  | **SOFTWARE - 6.3%** |  |
| 6200 | Microsoft Corporation | &nbsp;&nbsp;&nbsp; 1486884 |
| 2800 | Oracle Corporation | &nbsp;&nbsp;&nbsp; 228872 |
| 1300 | Palo Alto Networks, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 181402 |
|  |  | &nbsp;&nbsp; 1897158 |

---

---

| | | |
|:---|:---|:---|
| **ABSOLUTE CAPITAL ASSET ALLOCATOR FUND** | **ABSOLUTE CAPITAL ASSET ALLOCATOR FUND** | **ABSOLUTE CAPITAL ASSET ALLOCATOR 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 — 17.5% (Continued)** |  |
|  | **TECHNOLOGY SERVICES - 0.8%** |  |
| 1100 | Visa, Inc., Class A | &nbsp;&nbsp;&nbsp; $228536 |
|  | **TOTAL COMMON STOCKS (Cost $5,651,066)** | &nbsp;&nbsp; 5241651 |
|  | **EXCHANGE-TRADED FUNDS — 74.6%** |  |
|  | **COMMODITY - 2.4%** |  |
| 4300 | SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 729452 |
|  | **EQUITY - 55.9%** |  |
| 6300 | Financial Select Sector SPDR Fund | &nbsp;&nbsp;&nbsp; 215460 |
| 5300 | Health Care Select Sector SPDR Fund | &nbsp;&nbsp;&nbsp; 720005 |
| 9200 | Industrial Select Sector SPDR Fund | &nbsp;&nbsp;&nbsp; 903532 |
| 6500 | Invesco S&P 500 Equal Weight Consumer Staples ETF | &nbsp;&nbsp;&nbsp; 1108315 |
| 15000 | Invesco S&P 500 Low Volatility ETF | &nbsp;&nbsp;&nbsp; 958500 |
| 22300 | Invesco S&P 500 Revenue ETF | &nbsp;&nbsp;&nbsp; 1648862 |
| 45100 | iShares Cybersecurity and Tech ETF | &nbsp;&nbsp;&nbsp; 1489202 |
| 27200 | iShares MSCI USA Minimum Volatility Factor ETF | &nbsp;&nbsp;&nbsp; 1961120 |
| 12200 | iShares US Infrastructure ETF | &nbsp;&nbsp;&nbsp; 442372 |
| 6500 | Materials Select Sector SPDR Fund | &nbsp;&nbsp;&nbsp; 504920 |
| 6000 | Technology Select Sector SPDR Fund | &nbsp;&nbsp;&nbsp; 746640 |
| 7100 | Vanguard Health Care ETF | &nbsp;&nbsp;&nbsp; 1761155 |
| 9400 | Vanguard High Dividend Yield ETF | &nbsp;&nbsp;&nbsp; 1017174 |
| 1000 | Vanguard Information Technology ETF | &nbsp;&nbsp;&nbsp; 319410 |
| 2600 | Vanguard S&P 500 ETF | &nbsp;&nbsp;&nbsp; 913484 |
| 3600 | Vanguard Total Stock Market ETF | &nbsp;&nbsp;&nbsp; 688284 |
| 14100 | Vanguard US Multifactor ETF | &nbsp;&nbsp;&nbsp; 1393559 |
|  |  | &nbsp;&nbsp; 16791994 |
|  | **FIXED INCOME - 16.3%** |  |
| 22000 | BlackRock Ultra Short-Term Bond ETF | &nbsp;&nbsp;&nbsp; 1100880 |
| 13000 | iShares Floating Rate Bond ETF | &nbsp;&nbsp;&nbsp; 654290 |
| 77500 | iShares iBonds 2023 Term High Yield and Income ETF | &nbsp;&nbsp;&nbsp; 1818925 |

---

---

| | | |
|:---|:---|:---|
| **ABSOLUTE CAPITAL ASSET ALLOCATOR FUND** | **ABSOLUTE CAPITAL ASSET ALLOCATOR FUND** | **ABSOLUTE CAPITAL ASSET ALLOCATOR 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** |
|  | **EXCHANGE-TRADED FUNDS — 74.6% (Continued)** |  |
|  | **FIXED INCOME - 16.3% (Continued)** |  |
| 11600 | iShares iBonds December 2023 Term Corporate ETF | &nbsp;&nbsp;&nbsp; $290348 |
| 35000 | SPDR Portfolio Short Term Corporate Bond ETF | &nbsp;&nbsp;&nbsp; 1028300 |
|  |  | &nbsp;&nbsp; 4892743 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $22,972,607)** | &nbsp;&nbsp; 22414189 |
|  | **SHORT-TERM INVESTMENT — 8.0%** |  |
|  | **MONEY MARKET FUND - 8.0%** |  |
| 2401364 | First American Government Obligations Fund, Class X, 4.10% (Cost $2,401,364)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 2401364 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $31,025,037)** | &nbsp;&nbsp;&nbsp; $30057204 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | &nbsp;&nbsp; (37560) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $30019644 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| MSCI | - Morgan Stanley Capital International |
| SPDR | - Standard & Poor's Depositary Receipt |

---

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

---

| | | |
|:---|:---|:---|
| **ABSOLUTE CAPITAL DEFENDER FUND** | **ABSOLUTE CAPITAL DEFENDER FUND** | **ABSOLUTE CAPITAL DEFENDER 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 — 14.2%** |  |
|  | **ASSET MANAGEMENT - 0.6%** |  |
| 1600 | Charles Schwab Corporation (The) | &nbsp;&nbsp;&nbsp; $133216 |
|  | **BEVERAGES - 3.0%** |  |
| 600 | Constellation Brands, Inc., Class A | &nbsp;&nbsp;&nbsp; 139050 |
| 3100 | PepsiCo, Inc. | &nbsp;&nbsp;&nbsp; 560046 |
|  |  | &nbsp;&nbsp; 699096 |
|  | **COMMERCIAL SUPPORT SERVICES - 0.6%** |  |
| 300 | Cintas Corporation | &nbsp;&nbsp;&nbsp; 135486 |
|  | **FOOD - 1.1%** |  |
| 1300 | McCormick & Company, Inc. | &nbsp;&nbsp;&nbsp; 107757 |
| 2100 | Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp; 139965 |
|  |  | &nbsp;&nbsp; 247722 |
|  | **HEALTH CARE FACILITIES & SERVICES - 1.6%** |  |
| 700 | UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp; 371126 |
|  | **LEISURE FACILITIES & SERVICES - 2.3%** |  |
| 1000 | McDonald's Corporation | &nbsp;&nbsp;&nbsp; 263530 |
| 2500 | Yum China Holdings, Inc. | &nbsp;&nbsp;&nbsp; 136625 |
| 1100 | Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp; 140888 |
|  |  | &nbsp;&nbsp; 541043 |
|  | **SOFTWARE - 4.5%** |  |
| 3400 | Microsoft Corporation | &nbsp;&nbsp;&nbsp; 815388 |
| 1600 | Oracle Corporation | &nbsp;&nbsp;&nbsp; 130784 |
| 700 | Palo Alto Networks, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 97678 |
|  |  | &nbsp;&nbsp; 1043850 |
|  | **TECHNOLOGY SERVICES - 0.5%** |  |
| 600 | Visa, Inc., Class A | &nbsp;&nbsp;&nbsp; 124656 |
|  | **TOTAL COMMON STOCKS (Cost $3,455,034)** | &nbsp;&nbsp; 3296195 |

---

---

| | | |
|:---|:---|:---|
| **ABSOLUTE CAPITAL DEFENDER FUND** | **ABSOLUTE CAPITAL DEFENDER FUND** | **ABSOLUTE CAPITAL DEFENDER 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** |
|  | **EXCHANGE-TRADED FUNDS — 61.8%** |  |
|  | **COMMODITY - 2.9%** |  |
| 4000 | SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $678560 |
|  | **EQUITY - 37.2%** |  |
| 2600 | Health Care Select Sector SPDR Fund | &nbsp;&nbsp;&nbsp; 353210 |
| 2400 | Industrial Select Sector SPDR Fund | &nbsp;&nbsp;&nbsp; 235704 |
| 4600 | Invesco S&P 500 Equal Weight Consumer Staples ETF | &nbsp;&nbsp;&nbsp; 784346 |
| 9000 | Invesco S&P 500 Low Volatility ETF | &nbsp;&nbsp;&nbsp; 575100 |
| 15500 | Invesco S&P 500 Revenue ETF | &nbsp;&nbsp;&nbsp; 1146070 |
| 16000 | iShares Cybersecurity and Tech ETF | &nbsp;&nbsp;&nbsp; 528320 |
| 19500 | iShares MSCI USA Minimum Volatility Factor ETF | &nbsp;&nbsp;&nbsp; 1405950 |
| 11200 | iShares US Infrastructure ETF | &nbsp;&nbsp;&nbsp; 406112 |
| 3800 | Materials Select Sector SPDR Fund | &nbsp;&nbsp;&nbsp; 295184 |
| 2100 | Technology Select Sector SPDR Fund | &nbsp;&nbsp;&nbsp; 261324 |
| 2600 | Vanguard Health Care ETF | &nbsp;&nbsp;&nbsp; 644930 |
| 3700 | Vanguard High Dividend Yield ETF | &nbsp;&nbsp;&nbsp; 400377 |
| 800 | Vanguard Information Technology ETF | &nbsp;&nbsp;&nbsp; 255528 |
| 1100 | Vanguard S&P 500 ETF | &nbsp;&nbsp;&nbsp; 386474 |
| 900 | Vanguard Total Stock Market ETF | &nbsp;&nbsp;&nbsp; 172071 |
| 8000 | Vanguard US Multifactor ETF | &nbsp;&nbsp;&nbsp; 790672 |
|  |  | &nbsp;&nbsp; 8641372 |
|  | **FIXED INCOME - 21.7%** |  |
| 20000 | BlackRock Ultra Short-Term Bond ETF | &nbsp;&nbsp;&nbsp; 1000800 |
| 17800 | iShares Floating Rate Bond ETF | &nbsp;&nbsp;&nbsp; 895874 |
| 61000 | iShares iBonds 2023 Term High Yield and Income ETF | &nbsp;&nbsp;&nbsp; 1431670 |
| 24000 | iShares iBonds December 2023 Term Corporate ETF | &nbsp;&nbsp;&nbsp; 600720 |
| 37500 | SPDR Portfolio Short Term Corporate Bond ETF | &nbsp;&nbsp;&nbsp; 1101750 |
|  |  | &nbsp;&nbsp; 5030814 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $14,514,581)** | &nbsp;&nbsp; 14350746 |

---

---

| | | |
|:---|:---|:---|
| **ABSOLUTE CAPITAL DEFENDER FUND** | **ABSOLUTE CAPITAL DEFENDER FUND** | **ABSOLUTE CAPITAL DEFENDER 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** |
|  | **SHORT-TERM INVESTMENT — 24.0%** |  |
|  | **MONEY MARKET FUND - 24.0%** |  |
| 5577576 | First American Government Obligations Fundm Class X, 4.10% (Cost $5,577,576)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $5577576 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $23,547,191)** | &nbsp;&nbsp;&nbsp; $23224517 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS – (0.0)%**<sup>(c)</sup> | &nbsp;&nbsp; (4519) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $23219998 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| MSCI | - Morgan Stanley Capital International |
| SPDR | - Standard & Poor's Depositary Receipt |

---

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

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

<sup>(c)</sup> Represents less than 0.05%.

## 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:** Absolute Capital Asset Allocator Fund

- **b. EDGAR series identifier (if any):** S000051215

- **c. LEI of Series:** 549300L34GZUOZ57RI73

**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:** $30095252.05

**Total Liabilities:** $75608.09

**Net Assets:** $30019643.96

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000161385 | 5.10%                | 3.27%                | -3.98%               |
| Class ID C000161386 | 4.88%                | 3.22%                | -3.97%               |
| Class ID C000161384 | 5.10%                | 3.27%                | -3.98%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-389806.03              | $1821928.01                                |
| Month 2  | $60453.20                | $948993.76                                 |
| Month 3  | $-265556.48              | $-1038481.37                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Vanguard World Fds                    | VANGUARD INFO TECH ETF    | CUSIP: 92204A702<br>LEI: 549300MP6BT0L4Q61L10 | Long             | EC               | RF                | US        |      1000 | NS      | $319410.00    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| YUM Brands Inc                        | YUM! BRANDS INC           | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |      1400 | NS      | $179312.00    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                              | VISA INC-CLASS A          | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      1100 | NS      | $228536.00    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard/Wellingtn                    | VNGRD MULTI ETF           | CUSIP: 921935607<br>LEI: 549300X1E8M3H6XRMS84 | Long             | EC               | RF                | US        |     14100 | NS      | $1393559.40   | 4.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Whitehall Funds              | VANGUARD HIGH DVD YIELD E | CUSIP: 921946406<br>LEI: 5493006QD7VQBS2FQD13 | Long             | EC               | RF                | US        |      9400 | NS      | $1017174.00   | 3.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Trust                         | BLACKROCK ULTRA           | CUSIP: 46434V878<br>LEI: 5493002YECWEEITPWL97 | Long             | EC               | RF                | US        |     22000 | NS      | $1100880.00   | 3.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Spdr Gold Trust                       | SPDR GOLD SHARES          | CUSIP: 78463V107<br>LEI: N/A                  | Long             | EC               | RF                | US        |      4300 | NS      | $729452.00    | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Trust                         | ISHARES US INFRA          | CUSIP: 46435U713<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     12200 | NS      | $442372.00    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corporation                    | ORACLE CORP               | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      2800 | NS      | $228872.00    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Exchange Traded Fund Trust II | INVESCO S&P 500 LOW VOLAT | CUSIP: 46138E354<br>LEI: O540V2L4S174Y60FMD36 | Long             | EC               | RF                | US        |     15000 | NS      | $958500.00    | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard World Fds                    | VANGUARD HEALTH CARE ETF  | CUSIP: 92204A504<br>LEI: 549300MP6BT0L4Q61L10 | Long             | EC               | RF                | US        |      7100 | NS      | $1761155.00   | 5.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International, Inc.          | MONDELEZ INTER-A          | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |      3100 | NS      | $206615.00    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Yum China Holdings Inc                | YUM CHINA HOLDINGS INC    | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | US        |      3300 | NS      | $180345.00    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Sector Spdr                    | TECHNOLOGY SELECT SECT SP | CUSIP: 81369Y803<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |      6000 | NS      | $746640.00    | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Sector Spdr                    | HEALTH CARE SELECT SECTOR | CUSIP: 81369Y209<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |      5300 | NS      | $720005.00    | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Trust                         | ISHARES IBONDS D          | CUSIP: 46434VAX8<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     11600 | NS      | $290348.00    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Trust                         | ISHARES MSCI USA          | CUSIP: 46429B697<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     27200 | NS      | $1961120.00   | 6.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Pepsico Inc                           | PEPSICO INC               | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      3300 | NS      | $596178.00    | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST AMERN FDS INC                   | FRST AM-GV OB-X           | CUSIP: 31846V336<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |   2401364 | PA      | $2401363.88   | 8.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Spdr Series Trust                     | SPDR PORT SHRT TRM CORP B | CUSIP: 78464A474<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |     35000 | NS      | $1028300.00   | 3.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Cintas Corporation                    | CINTAS CORP               | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       800 | NS      | $361296.00    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                         | ALPHABET INC-C            | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      3000 | NS      | $266190.00    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corporation                | MCDONALDS CORP            | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      1200 | NS      | $316236.00    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| The Charles Schwab Corporation        | SCHWAB (CHARLES)          | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |      2100 | NS      | $174846.00    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Exchange Traded Fund Trust II | INVESCO S&P 500 REV ETF   | CUSIP: 46138G698<br>LEI: O540V2L4S174Y60FMD36 | Long             | EC               | RF                | US        |     22300 | NS      | $1648862.00   | 5.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Sector Spdr                    | INDUSTRIAL SELECT SECT SP | CUSIP: 81369Y704<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |      9200 | NS      | $903532.00    | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc                | PALO ALTO NETWOR          | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |      1300 | NS      | $181402.00    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc.               | UNITEDHEALTH GRP          | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |       900 | NS      | $477162.00    | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Index Fds                    | VANGUARD S&P 500 ETF      | CUSIP: 922908363<br>LEI: 549300G6KNDK44WUN559 | Long             | EC               | RF                | US        |      2600 | NS      | $913484.00    | 3.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Sector Spdr                    | MATERIALS SELECT SECTOR S | CUSIP: 81369Y100<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |      6500 | NS      | $504920.00    | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Trust                         | ISHARES FLOATING RATE BON | CUSIP: 46429B655<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     13000 | NS      | $654290.00    | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Exchange Traded Fd Tr         | INVESCO S&P 500 EQUAL WEI | CUSIP: 46137V373<br>LEI: QPT4TMG79RF3UWNU0R52 | Long             | EC               | RF                | US        |      6500 | NS      | $1108315.00   | 3.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Sector Spdr                    | FINANCIAL SELECT SECTOR S | CUSIP: 81369Y605<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |      6300 | NS      | $215460.00    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Trust                         | ISHARES IBONDS23          | CUSIP: 46435U150<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     77500 | NS      | $1818925.00   | 6.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Brands, Inc.            | CONSTELLATION-A           | CUSIP: 21036P108<br>LEI: 5493005GKEG8QCVY7037 | Long             | EC               | CORP              | US        |       900 | NS      | $208575.00    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Index Fds                    | VANGUARD TOTAL STOCK MKT  | CUSIP: 922908769<br>LEI: 549300G6KNDK44WUN559 | Long             | EC               | RF                | US        |      3600 | NS      | $688284.00    | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Trust                         | ISHARES CYBER-TC          | CUSIP: 46435U135<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     45100 | NS      | $1489202.00   | 4.96%             |  |  |  | No            |                  1 | On Loan: No      |
| McCormick & Company, Incorporated     | MCCORMICK-N/V             | CUSIP: 579780206<br>LEI: 549300JQQA6MQ4OJP259 | Long             | EC               | CORP              | US        |      1800 | NS      | $149202.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corporation                 | MICROSOFT CORP            | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      6200 | NS      | $1486884.00   | 4.95%             |  |  |  | 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