# EDGAR Filing Document

**Accession Number:** 0001537140
**File Stem:** 0001752724-25-184705
**Filing Date:** 2025-8
**Character Count:** 51503
**Document Hash:** a03e19cbab83d4951e8b51fa32f2d43e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-184705.hdr.sgml**: 20250801

**ACCESSION NUMBER**: 0001752724-25-184705

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250801

**DATE AS OF CHANGE**: 20250801

**PERIOD START**: 20250930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22655
- **FILM NUMBER:** 251176518

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

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

## Series and Classes Contracts Data

### The Covered Bridge Fund (Series ID: S000041869)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000129981 | The Covered Bridge Fund Class A Shares | TCBAX           |
| C000129983 | The Covered Bridge Fund Class I Shares | TCBIX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **THE COVERED BRIDGE FUND** | **THE COVERED BRIDGE FUND** | **THE COVERED BRIDGE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 89.3%** |  |
|  | **APPAREL & TEXTILE PRODUCTS - 2.0%** |  |
| 30000 | NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp; $2131200 |
|  | **BANKING - 6.4%** |  |
| 25000 | Bank of America Corporation^ | &nbsp;&nbsp;&nbsp; 1183000 |
| 4000 | JPMorgan Chase & Company | &nbsp;&nbsp;&nbsp; 1159640 |
| 40500 | Truist Financial Corporation<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 1741095 |
| 42000 | US Bancorp | &nbsp;&nbsp;&nbsp; 1900500 |
| 10000 | Wells Fargo & Company^ | &nbsp;&nbsp;&nbsp; 801200 |
|  |  | &nbsp;&nbsp; 6785435 |
|  | **BIOTECH & PHARMA - 7.3%** |  |
| 40000 | Bristol-Myers Squibb Company<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 1851600 |
| 10000 | Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp; 1108700 |
| 15000 | Johnson & Johnson<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 2291250 |
| 100000 | Pfizer, Inc.<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 2424000 |
|  |  | &nbsp;&nbsp; 7675550 |
|  | **CABLE & SATELLITE - 1.1%** |  |
| 31000 | Comcast Corporation, Class A^ | &nbsp;&nbsp;&nbsp; 1106390 |
|  | **CHEMICALS - 5.4%** |  |
| 13000 | Avery Dennison Corporation<sup>(d)</sup>^ | &nbsp;&nbsp;&nbsp; 2281110 |
| 95000 | Chemours Company<sup>(d)</sup>^ | &nbsp;&nbsp;&nbsp; 1087750 |
| 40000 | Nutrien Ltd.<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 2329600 |
|  |  | &nbsp;&nbsp; 5698460 |
|  | **DIVERSIFIED INDUSTRIALS - 2.7%** |  |
| 4000 | Eaton Corp plc^ | &nbsp;&nbsp;&nbsp; 1427960 |
| 6000 | Honeywell International, Inc. | &nbsp;&nbsp;&nbsp; 1397280 |
|  |  | &nbsp;&nbsp; 2825240 |
|  | **ELECTRIC UTILITIES - 6.0%** |  |
| 31100 | Dominion Energy, Inc.^ | &nbsp;&nbsp;&nbsp; 1757772 |
| 19000 | Duke Energy Corporation^ | &nbsp;&nbsp;&nbsp; 2242000 |
| 30000 | SEMPRA | &nbsp;&nbsp;&nbsp; 2273100 |
|  |  | &nbsp;&nbsp; 6272872 |

---

---

| | | |
|:---|:---|:---|
| **THE COVERED BRIDGE FUND** | **THE COVERED BRIDGE FUND** | **THE COVERED BRIDGE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 89.3% (Continued)** |  |
|  | **ENTERTAINMENT CONTENT - 1.2%** |  |
| 10000 | Walt Disney Company^ | &nbsp;&nbsp;&nbsp; $1240100 |
|  | **FOOD - 6.0%** |  |
| 28000 | General Mills, Inc. | &nbsp;&nbsp;&nbsp; 1450680 |
| 15000 | Hershey Company<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 2489250 |
| 37500 | Hormel Foods Corporation | &nbsp;&nbsp;&nbsp; 1134375 |
| 47000 | Kraft Heinz Company | &nbsp;&nbsp;&nbsp; 1213540 |
|  |  | &nbsp;&nbsp; 6287845 |
|  | **HEALTH CARE FACILITIES & SERVICES - 0.6%** |  |
| 2100 | UnitedHealth Group, Inc.^ | &nbsp;&nbsp;&nbsp; 655137 |
|  | **HOUSEHOLD PRODUCTS - 1.4%** |  |
| 9000 | Procter & Gamble Company | &nbsp;&nbsp;&nbsp; 1433880 |
|  | **LEISURE FACILITIES & SERVICES - 1.3%** |  |
| 15000 | Starbucks Corporation | &nbsp;&nbsp;&nbsp; 1374450 |
|  | **LEISURE PRODUCTS - 0.7%** |  |
| 10000 | Hasbro, Inc. | &nbsp;&nbsp;&nbsp; 738200 |
|  | **MEDICAL EQUIPMENT & DEVICES - 2.5%** |  |
| 30000 | Medtronic PLC<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 2615100 |
|  | **METALS & MINING - 0.4%** |  |
| 20000 | Barrick Mining Corporation^ | &nbsp;&nbsp;&nbsp; 416400 |
|  | **OIL & GAS PRODUCERS - 6.2%** |  |
| 16500 | Chevron Corporation<sup>(d)</sup>^ | &nbsp;&nbsp;&nbsp; 2362635 |
| 10000 | EOG Resources, Inc.^ | &nbsp;&nbsp;&nbsp; 1196100 |
| 5000 | Expand Energy Corporation^ | &nbsp;&nbsp;&nbsp; 584700 |
| 22000 | Exxon Mobil Corporation<sup>(d)</sup>^ | &nbsp;&nbsp;&nbsp; 2371600 |
|  |  | &nbsp;&nbsp; 6515035 |

---

---

| | | |
|:---|:---|:---|
| **THE COVERED BRIDGE FUND** | **THE COVERED BRIDGE FUND** | **THE COVERED BRIDGE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 89.3% (Continued)** |  |
|  | **OIL & GAS SERVICES & EQUIPMENT - 1.4%** |  |
| 45000 | Schlumberger N.V. | &nbsp;&nbsp;&nbsp; $1521000 |
|  | **REAL ESTATE INVESTMENT TRUSTS - 1.1%** |  |
| 45000 | Weyerhaeuser Company | &nbsp;&nbsp;&nbsp; 1156050 |
|  | **RETAIL - CONSUMER STAPLES - 3.6%** |  |
| 6000 | Dollar General Corporation^ | &nbsp;&nbsp;&nbsp; 686280 |
| 17500 | Target Corporation^ | &nbsp;&nbsp;&nbsp; 1726375 |
| 120000 | Walgreens Boots Alliance, Inc.<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 1377600 |
|  |  | &nbsp;&nbsp; 3790255 |
|  | **RETAIL - DISCRETIONARY - 3.2%** |  |
| 8000 | Home Depot, Inc. | &nbsp;&nbsp;&nbsp; 2933120 |
| 56000 | Kohl's Corporation | &nbsp;&nbsp;&nbsp; 474880 |
|  |  | &nbsp;&nbsp; 3408000 |
|  | **SEMICONDUCTORS - 6.2%** |  |
| 70000 | Intel Corporation<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 1568000 |
| 26000 | Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp; 1829620 |
| 20000 | QUALCOMM, Inc.<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 3185200 |
|  |  | &nbsp;&nbsp; 6582820 |
|  | **SOFTWARE - 5.0%** |  |
| 5500 | Microsoft Corporation<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 2735755 |
| 6500 | Oracle Corporation<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 1421095 |
| 4000 | Salesforce, Inc. | &nbsp;&nbsp;&nbsp; 1090760 |
|  |  | &nbsp;&nbsp; 5247610 |
|  | **TECHNOLOGY HARDWARE - 5.9%** |  |
| 12000 | Apple, Inc.^ | &nbsp;&nbsp;&nbsp; 2462040 |
| 4500 | Cisco Systems, Inc.^ | &nbsp;&nbsp;&nbsp; 312210 |
| 20000 | Corning, Inc.^ | &nbsp;&nbsp;&nbsp; 1051800 |
| 115000 | Hewlett Packard Enterprise Company | &nbsp;&nbsp;&nbsp; 2351750 |
|  |  | &nbsp;&nbsp; 6177800 |
|  | **TECHNOLOGY SERVICES - 2.3%** |  |
| 8000 | Accenture plc, Class A^ | &nbsp;&nbsp;&nbsp; 2391120 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **THE COVERED BRIDGE FUND** | **THE COVERED BRIDGE FUND** | **THE COVERED BRIDGE FUND** | **THE COVERED BRIDGE FUND** | **THE COVERED BRIDGE FUND** | **THE COVERED BRIDGE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **Shares** |  |  |  |  | **Fair Value** |
|  | **COMMON STOCKS — 89.3% (Continued)** | **COMMON STOCKS — 89.3% (Continued)** |  |  |  |
|  | **TELECOMMUNICATIONS - 4.1%** | **TELECOMMUNICATIONS - 4.1%** |  |  |  |
| 60000 | AT&T, Inc.^ <sup>(d)</sup> |  |  |  | &nbsp;&nbsp;&nbsp; $1736400 |
| 61000 | Verizon Communications, Inc. <sup>(d)</sup> |  |  |  | &nbsp;&nbsp;&nbsp; 2639470 |
|  |  |  |  |  | &nbsp;&nbsp; 4375870 |
|  | **TOBACCO & CANNABIS - 1.0%** | **TOBACCO & CANNABIS - 1.0%** |  |  |  |
| 18000 | Altria Group, Inc.^ |  |  |  | &nbsp;&nbsp;&nbsp; 1055340 |
|  | **TRANSPORTATION & LOGISTICS - 2.2%** | **TRANSPORTATION & LOGISTICS - 2.2%** |  |  |  |
| 23000 | United Parcel Service, Inc., Class B<sup>(d)</sup> |  |  |  | &nbsp;&nbsp;&nbsp; 2321620 |
|  | **WHOLESALE - CONSUMER STAPLES - 2.1%** | **WHOLESALE - CONSUMER STAPLES - 2.1%** |  |  |  |
| 30000 | Sysco Corporation<sup>(d)</sup> |  |  |  | &nbsp;&nbsp;&nbsp; 2272200 |
|  | **TOTAL COMMON STOCKS (Cost $114,803,074)** | **TOTAL COMMON STOCKS (Cost $114,803,074)** |  |  | &nbsp;&nbsp; 94070979 |
|  | **SHORT-TERM INVESTMENTS — 9.7%** | **SHORT-TERM INVESTMENTS — 9.7%** |  |  |  |
|  | **MONEY MARKET FUNDS - 9.7%** | **MONEY MARKET FUNDS - 9.7%** |  |  |  |
| 129217 | First American Treasury Obligations Fund, Class X, 4.21%<sup>(a)</sup> |  |  |  | &nbsp;&nbsp;&nbsp; 129217 |
| 10028150 | JPMorgan US Treasury Plus Money Market Fund, Class L, 4.13%<sup>(a)</sup> |  |  |  | &nbsp;&nbsp;&nbsp; 10028150 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $10,157,367)** | **TOTAL MONEY MARKET FUNDS (Cost $10,157,367)** | **TOTAL MONEY MARKET FUNDS (Cost $10,157,367)** |  | &nbsp;&nbsp; 10157367 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $10,157,367)** | **TOTAL SHORT-TERM INVESTMENTS (Cost $10,157,367)** | **TOTAL SHORT-TERM INVESTMENTS (Cost $10,157,367)** |  | 10157367 |
| **Contracts<sup>(b)</sup>** |  |  |  |  |  |
|  | **EQUITY OPTIONS PURCHASED\* - 0.0% <sup>(c)</sup>** | **Expiration Date** | **Exercise Price** | **Notional Value** |  |
|  | **PUT OPTIONS PURCHASED - 0.0%<sup>(c)</sup>** | **PUT OPTIONS PURCHASED - 0.0%<sup>(c)</sup>** |  |  |  |
| 25 | SPDR S&P 500 ETF Trust | 07/18/2025 | $580 | &nbsp;&nbsp;&nbsp; $1544625 | &nbsp;&nbsp;&nbsp; $2100 |
|  | **TOTAL PUT OPTIONS PURCHASED** (Cost - $28,143) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $28,143) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $28,143) |  |  |
|  | **TOTAL EQUITY OPTIONS PURCHASED** (Cost - $28,143) | **TOTAL EQUITY OPTIONS PURCHASED** (Cost - $28,143) |  |  | 2100 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **THE COVERED BRIDGE FUND** | **THE COVERED BRIDGE FUND** | **THE COVERED BRIDGE FUND** | **THE COVERED BRIDGE FUND** | **THE COVERED BRIDGE FUND** | **THE COVERED BRIDGE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  |  |  |  |  | **Fair Value** |
|  | **TOTAL INVESTMENTS - 99.0% (Cost $124,988,584)** | **TOTAL INVESTMENTS - 99.0% (Cost $124,988,584)** |  |  | &nbsp;&nbsp;&nbsp; $104230446 |
|  | **CALL OPTIONS WRITTEN - (1.0)% (Premiums received - $650,999)** | **CALL OPTIONS WRITTEN - (1.0)% (Premiums received - $650,999)** |  |  | &nbsp;&nbsp;&nbsp; (1015568) |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 2.0%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 2.0%** |  |  | &nbsp;&nbsp; 2151589 |
|  | **NET ASSETS - 100.0%** |  |  |  | &nbsp;&nbsp; $105366467 |
| **Contracts<sup>(b)</sup>** |  |  |  |  |  |
|  | **WRITTEN EQUITY OPTIONS\* - (1.0)%** | **Expiration Date** | **Exercise Price** | **Notional Value** |  |
|  | **CALL OPTIONS WRITTEN- (1.0)%** | **CALL OPTIONS WRITTEN- (1.0)%** |  |  |  |
| 20 | Accenture plc | 07/18/2025 | $280 | &nbsp;&nbsp;&nbsp; $597780 | &nbsp;&nbsp;&nbsp; $36600 |
| 90 | Altria Group, Inc. | 07/18/2025 | 60 | &nbsp;&nbsp;&nbsp; 527670 | &nbsp;&nbsp;&nbsp; 3150 |
| 60 | Apple, Inc. | 07/18/2025 | 200 | &nbsp;&nbsp;&nbsp; 1231020 | &nbsp;&nbsp;&nbsp; 48000 |
| 100 | AT&T, Inc. | 07/18/2025 | 28 | &nbsp;&nbsp;&nbsp; 289400 | &nbsp;&nbsp;&nbsp; 10800 |
| 25 | Avery Dennison Corporation | 08/15/2025 | 180 | &nbsp;&nbsp;&nbsp; 438675 | &nbsp;&nbsp;&nbsp; 10563 |
| 125 | Bank of America Corporation | 07/18/2025 | 45 | &nbsp;&nbsp;&nbsp; 591500 | &nbsp;&nbsp;&nbsp; 33875 |
| 200 | Barrick Mining Corporation | 07/18/2025 | 21 | &nbsp;&nbsp;&nbsp; 416400 | &nbsp;&nbsp;&nbsp; 8800 |
| 200 | Chemours Company | 07/18/2025 | 11 | &nbsp;&nbsp;&nbsp; 229000 | &nbsp;&nbsp;&nbsp; 21200 |
| 25 | Chevron Corporation | 07/18/2025 | 150 | &nbsp;&nbsp;&nbsp; 357975 | &nbsp;&nbsp;&nbsp; 1650 |
| 45 | Cisco Systems, Inc. | 07/18/2025 | 65 | &nbsp;&nbsp;&nbsp; 312210 | &nbsp;&nbsp;&nbsp; 20025 |
| 50 | Comcast Corporation | 07/18/2025 | 34 | &nbsp;&nbsp;&nbsp; 178450 | &nbsp;&nbsp;&nbsp; 7500 |
| 100 | Corning, Inc. | 07/18/2025 | 50 | &nbsp;&nbsp;&nbsp; 525900 | &nbsp;&nbsp;&nbsp; 31100 |
| 30 | Dollar General Corporation | 07/18/2025 | 110 | &nbsp;&nbsp;&nbsp; 343140 | &nbsp;&nbsp;&nbsp; 15390 |
| 100 | Dominion Energy, Inc. | 07/18/2025 | 55 | &nbsp;&nbsp;&nbsp; 565200 | &nbsp;&nbsp;&nbsp; 20200 |
| 95 | Duke Energy Corporation | 07/18/2025 | 115 | &nbsp;&nbsp;&nbsp; 1121000 | &nbsp;&nbsp;&nbsp; 36385 |
| 20 | Eaton Corp plc | 07/18/2025 | 330 | &nbsp;&nbsp;&nbsp; 713980 | &nbsp;&nbsp;&nbsp; 57920 |
| 50 | EOG Resources, Inc. | 07/18/2025 | 130 | &nbsp;&nbsp;&nbsp; 598050 | &nbsp;&nbsp;&nbsp; 900 |
| 25 | Expand Energy Corporation | 07/18/2025 | 120 | &nbsp;&nbsp;&nbsp; 292350 | &nbsp;&nbsp;&nbsp; 4075 |
| 40 | Exxon Mobil Corporation | 07/18/2025 | 115 | &nbsp;&nbsp;&nbsp; 431200 | &nbsp;&nbsp;&nbsp; 1000 |
| 50 | Gilead Sciences, Inc. | 07/18/2025 | 105 | &nbsp;&nbsp;&nbsp; 554350 | &nbsp;&nbsp;&nbsp; 34000 |
| 25 | Hasbro, Inc. | 07/18/2025 | 68 | &nbsp;&nbsp;&nbsp; 184550 | &nbsp;&nbsp;&nbsp; 16800 |
| 400 | Hewlett Packard Enterprise Company | 07/18/2025 | 18 | &nbsp;&nbsp;&nbsp; 818000 | &nbsp;&nbsp;&nbsp; 98400 |
| 20 | Home Depot, Inc. | 07/18/2025 | 353 | &nbsp;&nbsp;&nbsp; 733280 | &nbsp;&nbsp;&nbsp; 33600 |
| 30 | Honeywell International, Inc. | 07/18/2025 | 220 | &nbsp;&nbsp;&nbsp; 698640 | &nbsp;&nbsp;&nbsp; 41460 |
| 20 | Johnson & Johnson | 07/18/2025 | 150 | &nbsp;&nbsp;&nbsp; 305500 | &nbsp;&nbsp;&nbsp; 7900 |
| 20 | JPMorgan Chase & Company | 07/18/2025 | 275 | &nbsp;&nbsp;&nbsp; 579820 | &nbsp;&nbsp;&nbsp; 32700 |
| 40 | Medtronic plc | 07/18/2025 | 85 | &nbsp;&nbsp;&nbsp; 348680 | &nbsp;&nbsp;&nbsp; 12800 |
| 120 | Microchip Technology, Inc. | 07/18/2025 | 68 | &nbsp;&nbsp;&nbsp; 844440 | &nbsp;&nbsp;&nbsp; 50400 |
| 30 | Microsoft Corporation | 07/18/2025 | 480 | &nbsp;&nbsp;&nbsp; 1492230 | &nbsp;&nbsp;&nbsp; 69000 |
| 80 | NIKE, Inc. | 07/18/2025 | 63 | &nbsp;&nbsp;&nbsp; 568320 | &nbsp;&nbsp;&nbsp; 69680 |
| 150 | Nutrien Ltd. | 07/18/2025 | 60 | &nbsp;&nbsp;&nbsp; 873600 | &nbsp;&nbsp;&nbsp; 8700 |
| 35 | Oracle Corporation | 07/18/2025 | 210 | &nbsp;&nbsp;&nbsp; 765205 | &nbsp;&nbsp;&nbsp; 40355 |
| 30 | Procter & Gamble Company | 07/18/2025 | 160 | &nbsp;&nbsp;&nbsp; 477960 | &nbsp;&nbsp;&nbsp; 5460 |
| 20 | Salesforce, Inc. | 07/18/2025 | 260 | &nbsp;&nbsp;&nbsp; 545380 | &nbsp;&nbsp;&nbsp; 28900 |
| 75 | Starbucks Corporation | 07/18/2025 | 95 | &nbsp;&nbsp;&nbsp; 687225 | &nbsp;&nbsp;&nbsp; 8025 |
| 100 | Sysco Corporation | 07/18/2025 | 75 | &nbsp;&nbsp;&nbsp; 757400 | &nbsp;&nbsp;&nbsp; 13500 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **THE COVERED BRIDGE FUND** | **THE COVERED BRIDGE FUND** | **THE COVERED BRIDGE FUND** | **THE COVERED BRIDGE FUND** | **THE COVERED BRIDGE FUND** | **THE COVERED BRIDGE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **Contracts<sup>(b)</sup>** |  |  |  |  |  |
|  | **WRITTEN EQUITY OPTIONS\* - (1.0)%** | **Expiration Date** | **Exercise Price** | **Notional Value** | **Fair Value** |
|  | **CALL OPTIONS WRITTEN- (1.0)% (Continued)** | **CALL OPTIONS WRITTEN- (1.0)% (Continued)** |  |  |  |
| 25 | Target Corporation | 07/18/2025 | $95 | &nbsp;&nbsp;&nbsp; $246625 | &nbsp;&nbsp;&nbsp; $13000 |
| 7 | UnitedHealth Group, Inc. | 07/18/2025 | 310 | &nbsp;&nbsp;&nbsp; 218379 | &nbsp;&nbsp;&nbsp; 6755 |
| 50 | Walt Disney Company | 07/18/2025 | 120 | &nbsp;&nbsp;&nbsp; 620050 | &nbsp;&nbsp;&nbsp; 25750 |
| 50 | Wells Fargo & Company | 07/18/2025 | 75 | &nbsp;&nbsp;&nbsp; 400600 | &nbsp;&nbsp;&nbsp; 29250 |
|  | **TOTAL CALL OPTIONS WRITTEN** (Premiums received - $650,999) | **TOTAL CALL OPTIONS WRITTEN** (Premiums received - $650,999) | **TOTAL CALL OPTIONS WRITTEN** (Premiums received - $650,999) |  | &nbsp;&nbsp; 1015568 |
|  | **TOTAL EQUITY OPTIONS WRITTEN** (Premiums received - $650,999) | **TOTAL EQUITY OPTIONS WRITTEN** (Premiums received - $650,999) |  |  | &nbsp;&nbsp; $1015568 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| LTD | - Limited Company |
| NV | - Naamioze Vennootschap |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |
| SPDR | - Standard & Poor's Depositary Receipt |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | Non-income producing security. |
| <sup>^</sup> | Security is subject written call options. |
| <sup>(a)</sup> | Rate disclosed is the seven-day effective yield as of June 30, 2025. |
| <sup>(b)</sup> | Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security. |
| <sup>(c)</sup> | Percentage rounds to less than 0.1%. |
| <sup>(d)</sup> | All or portion of the security is pledged as collateral for written options. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** CINCINNATI

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

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

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

- **a. Name of Series:** The Covered Bridge Fund

- **b. EDGAR series identifier (if any):** S000041869

- **c. LEI of Series:** 549300JJPYRG5UTEFL50

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

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

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $106531419.47

**Total Liabilities:** $1164952.12

**Net Assets:** $105366467.35

**Cash Not Reported:** $2105648.60

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000129981 | -3.43%               | 3.20%                | 3.81%                |
| Class ID C000129983 | -3.34%               | 3.22%                | 3.78%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $76980.99                | $-4277445.35                               |
| Month 2  | $339282.33               | $2484169.53                                |
| Month 3  | $1212032.90              | $2752448.02                                |

**Designated Index Information**

- **Index Name:** The Covered Bridge Fund DRP

- **Index Identifier:** THE COVERED BRIDGE FUND DRP

### Schedule of Portfolio Investments

| Name                              | Title                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| N/A                               | AVY US 08/15/25 C180   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -25 | NC      | $-10562.50    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Walgreens Boots Alliance Inc.     | WALGREENS BOOTS        | CUSIP: 931427108<br>LEI: 549300RPTUOIXG4LIH86 | Long             | EC               | CORP              | US        |    120000 | NS      | $1377600.00   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                               | BAC US 07/18/25 C45    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -125 | NC      | $-33875.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Sysco Corporation                 | SYSCO CORP             | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |     30000 | NS      | $2272200.00   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| JP Morgan Trust Ii                | JPM-US TR PL-L         | CUSIP: 4812C2734<br>LEI: 549300IMXLYKELY96B40 | Long             | STIV             | RF                | US        |  10028150 | PA      | $10028150.31  | 9.52%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                               | HON US 07/18/25 C220   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -30 | NC      | $-41460.00    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | CSCO US 07/18/25 C65   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -45 | NC      | $-20025.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | DIS US 07/18/25 C120   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -50 | NC      | $-25750.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| AT&T Inc                          | AT&T INC               | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |     60000 | NS      | $1736400.00   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| The Procter & Gamble Co.          | PROCTER & GAMBLE       | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |      9000 | NS      | $1433880.00   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                               | JNJ US 07/18/25 C150   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -20 | NC      | $-7900.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| First American Funds Inc.         | FIRST AM-TR OB-X       | CUSIP: 31846V328<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |    129217 | PA      | $129216.68    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                               | HAS US 07/18/25 C67.5  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -25 | NC      | $-16800.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Hewlett Packard Enterprise Co.    | HEWLETT PACKA          | CUSIP: 42824C109<br>LEI: 549300BX44RGX6ANDV88 | Long             | EC               | CORP              | US        |    115000 | NS      | $2351750.00   | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.             | BANK OF AMERICA        | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     25000 | NS      | $1183000.00   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp.            | TRUIST FINANCIAL       | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |     40500 | NS      | $1741095.00   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Hasbro Inc                        | HASBRO INC             | CUSIP: 418056107<br>LEI: 549300NUB6D2R1ITYR45 | Long             | EC               | CORP              | US        |     10000 | NS      | $738200.00    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc.                     | QUALCOMM INC           | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     20000 | NS      | $3185200.00   | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                               | NKE US 07/18/25 C62.5  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -80 | NC      | $-69680.00    | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | HPE US 07/18/25 C18    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -400 | NC      | $-98400.00    | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | MSFT US 07/18/25 C480  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -30 | NC      | $-69000.00    | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | CMCSA US 07/18/25 C34  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -50 | NC      | $-7500.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | CVX US 07/18/25 C150   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -25 | NC      | $-1650.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | UNH US 07/18/25 C310   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |        -7 | NC      | $-6755.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | SBUX US 07/18/25 C95   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -75 | NC      | $-8025.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | DG US 07/18/25 C110    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -30 | NC      | $-15390.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Nike, Inc.                        | NIKE INC -CL B         | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |     30000 | NS      | $2131200.00   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc.                   | SALESFORCE INC         | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      4000 | NS      | $1090760.00   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                               | MDT US 07/18/25 C85    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -40 | NC      | $-12800.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| United Parcel Service, Inc.       | UNITED PARCEL-B        | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |     23000 | NS      | $2321620.00   | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Sempra                            | SEMPRA                 | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |     30000 | NS      | $2273100.00   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                               | DUK US 07/18/25 C115   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -95 | NC      | $-36385.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Comcast Corporation               | COMCAST CORP-A         | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     31000 | NS      | $1106390.00   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Company      | BRISTOL-MYER SQB       | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |     40000 | NS      | $1851600.00   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                 | JOHNSON&JOHNSON        | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     15000 | NS      | $2291250.00   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Hormel Foods Corp                 | HORMEL FOODS CRP       | CUSIP: 440452100<br>LEI: MSD54751OJP1FS2ND863 | Long             | EC               | CORP              | US        |     37500 | NS      | $1134375.00   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                               | MO US 07/18/25 C60     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -90 | NC      | $-3150.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Kohl's Corp.                      | KOHLS CORP             | CUSIP: 500255104<br>LEI: 549300JF6LPRTRJ0FH50 | Long             | EC               | CORP              | US        |     56000 | NS      | $474880.00    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                               | D US 07/18/25 C55      | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -100 | NC      | $-20200.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | EXE US 07/18/25 C120   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -25 | NC      | $-4075.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                     | US BANCORP             | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |     42000 | NS      | $1900500.00   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc.           | UNITEDHEALTH GRP       | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      2100 | NS      | $655137.00    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                               | JPM US 07/18/25 C275   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -20 | NC      | $-32700.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.       | VERIZON COMMUNIC       | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |     61000 | NS      | $2639470.00   | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                               | PG US 07/18/25 C160    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -30 | NC      | $-5460.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Dominion Energy Inc               | DOMINION ENERGY        | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |     31100 | NS      | $1757772.00   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| The Chemours Company LLC          | CHEMOURS CO            | CUSIP: 163851108<br>LEI: 549300M1BOLNXL8DOV14 | Long             | EC               | CORP              | US        |     95000 | NS      | $1087750.00   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Company               | WALT DISNEY CO/T       | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |     10000 | NS      | $1240100.00   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Avery Dennison Corporation        | AVERY DENNISON         | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |     13000 | NS      | $2281110.00   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                               | T US 07/18/25 C28      | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -100 | NC      | $-10800.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Weyerhaeuser Company              | WEYERHAEUSER CO        | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |     45000 | NS      | $1156050.00   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                               | ACN US 07/18/25 C280   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -20 | NC      | $-36600.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | XOM US 07/18/25 C115   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -40 | NC      | $-1000.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | EOG US 07/18/25 C130   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -50 | NC      | $-900.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Expand Energy Corp.               | EXPAND ENERGY CO       | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |      5000 | NS      | $584700.00    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co.                 | WELLS FARGO & CO       | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |     10000 | NS      | $801200.00    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp.                 | EXXON MOBIL CORP       | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     22000 | NS      | $2371600.00   | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp.                      | ORACLE CORP            | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      6500 | NS      | $1421095.00   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Intel Corporation                 | INTEL CORP             | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |     70000 | NS      | $1568000.00   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc.                   | HOME DEPOT INC         | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      8000 | NS      | $2933120.00   | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                               | TGT US 07/18/25 C95    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -25 | NC      | $-13000.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | ETN US 07/18/25 C330   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -20 | NC      | $-57920.00    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Altria Group, Inc.                | ALTRIA GROUP INC       | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |     18000 | NS      | $1055340.00   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                               | SYY US 07/18/25 C75    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -100 | NC      | $-13500.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Honeywell International Inc.      | HONEYWELL INTL         | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |      6000 | NS      | $1397280.00   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                               | MCHP US 07/18/25 C67.5 | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -120 | NC      | $-50400.00    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | SPY US 07/18/25 P580   | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | N/A       |        25 | NC      | $2100.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chevron Corp.                     | CHEVRON CORP           | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16500 | NS      | $2362635.00   | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp.                      | TARGET CORP            | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |     17500 | NS      | $1726375.00   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corporation PLC             | EATON CORP PLC         | CUSIP: G29183103<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | IE        |      4000 | NS      | $1427960.00   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger Limited              | SCHLUMBERGER LTD       | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |     45000 | NS      | $1521000.00   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp                  | DUKE ENERGY CORP       | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |     19000 | NS      | $2242000.00   | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                               | B US 07/18/25 C21      | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -200 | NC      | $-8800.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Dollar General Corporation        | DOLLAR GENERAL C       | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |      6000 | NS      | $686280.00    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                               | WFC US 07/18/25 C75    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -50 | NC      | $-29250.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| EOG Resources Inc.                | EOG RESOURCES          | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     10000 | NS      | $1196100.00   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                               | CC US 07/18/25 C11     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -200 | NC      | $-21200.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | NTR US 07/18/25 C60    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -150 | NC      | $-8700.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Nutrien Ltd                       | NUTRIEN LTD            | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |     40000 | NS      | $2329600.00   | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems, Inc.               | CISCO SYSTEMS          | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |      4500 | NS      | $312210.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc.                       | PFIZER INC             | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |    100000 | NS      | $2424000.00   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp.                   | STARBUCKS CORP         | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |     15000 | NS      | $1374450.00   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                        | APPLE INC              | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     12000 | NS      | $2462040.00   | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| General Mills, Inc.               | GENERAL MILLS IN       | CUSIP: 370334104<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | EC               | CORP              | US        |     28000 | NS      | $1450680.00   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                               | AAPL US 07/18/25 C200  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -60 | NC      | $-48000.00    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Accenture PLC                     | ACCENTURE PLC-A        | CUSIP: G1151C101<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |      8000 | NS      | $2391120.00   | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.              | JPMORGAN CHASE         | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      4000 | NS      | $1159640.00   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Microchip Technology Incorporated | MICROCHIP TECH         | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |     26000 | NS      | $1829620.00   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Hershey Co. (The)                 | HERSHEY CO/THE         | CUSIP: 427866108<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | EC               | CORP              | US        |     15000 | NS      | $2489250.00   | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                   | MICROSOFT CORP         | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      5500 | NS      | $2735755.00   | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| The Kraft Heinz Co.               | KRAFT HEINZ CO/T       | CUSIP: 500754106<br>LEI: 9845007488EC87F5AF14 | Long             | EC               | CORP              | US        |     47000 | NS      | $1213540.00   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Corning Incorporated              | CORNING INC            | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               | CORP              | US        |     20000 | NS      | $1051800.00   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                               | GLW US 07/18/25 C50    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |      -100 | NC      | $-31100.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Gilead Sciences Inc.              | GILEAD SCIENCES        | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     10000 | NS      | $1108700.00   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                               | CRM US 07/18/25 C260   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -20 | NC      | $-28900.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | ORCL US 07/18/25 C210  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -35 | NC      | $-40355.00    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                               | HD US 07/18/25 C352.5  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -20 | NC      | $-33600.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Barrick Mining Corp.              | BARRICK MINING C       | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |     20000 | NS      | $416400.00    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                               | GILD US 07/18/25 C105  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -50 | NC      | $-34000.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Medtronic PLC                     | MEDTRONIC PLC          | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |     30000 | NS      | $2615100.00   | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-28

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

**Signature:** Rich Gleason

**Name of Signer:** Rich Gleason

**Title:** Treasurer