# EDGAR Filing Document

**Accession Number:** 0001537140
**File Stem:** 0001752724-25-205063
**Filing Date:** 2025-8
**Character Count:** 30749
**Document Hash:** fd94d3dcd6fd4e4059833619f4797687
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-205063.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001752724-25-205063

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**PERIOD START**: 20260331

**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:** 251255588

**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

### Centerstone Investors Fund (Series ID: S000070944)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000225290 | Centerstone Investors Fund Class I | CENTX           |
| C000225291 | Centerstone Investors Fund Class A | CETAX           |
| C000225292 | Centerstone Investors Fund Class C | CENNX           |

## Nport-Ex

Sept

---

| | | |
|:---|:---|:---|
| **CENTERSTONE INVESTORS FUND** | **CENTERSTONE INVESTORS FUND** | **CENTERSTONE INVESTORS 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 — 73.6%** |  |
|  | **Canada - 5.6%** |  |
| 10812 | Franco-Nevada Corporation | &nbsp;&nbsp;&nbsp; $1772303 |
| 34816 | Quebecor, Inc., Class B | &nbsp;&nbsp;&nbsp; 1059476 |
| 28702 | TC Energy Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1400848 |
|  |  | &nbsp;&nbsp; 4232627 |
|  | **Cayman Islands - 2.2%** |  |
| 3421 | Baidu, Inc. – ADR<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 293385 |
| 20801 | Tencent Holdings Ltd. - ADR | &nbsp;&nbsp;&nbsp; 1341664 |
|  |  | &nbsp;&nbsp; 1635049 |
|  | **Denmark - 1.4%** |  |
| 37810 | ISS A/S<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 1054261 |
|  | **France - 13.4%** |  |
| 1654 | Air Liquide S.A.<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 341203 |
| 17280 | BNP Paribas S.A.<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 1553368 |
| 120463 | Credit Agricole S.A.<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 2279433 |
| 37580 | Edenred S.E.<sup>(a),(c)</sup> | &nbsp;&nbsp;&nbsp; 1163697 |
| 4289 | Remy Cointreau S.A.<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 218845 |
| 7104 | Schneider Electric S.E.<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 1889380 |
| 14120 | Sodexo S.A. | &nbsp;&nbsp;&nbsp; 868155 |
| 8742 | Vinci S.A.<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 1288132 |
| 107550 | Worldline S.A. 144A<sup>(a),(b),(d)</sup> | &nbsp;&nbsp;&nbsp; 454142 |
|  |  | &nbsp;&nbsp; 10056355 |
|  | **Hong Kong - 2.9%** |  |
| 41009 | Hong Kong Exchanges & Clearing Ltd.<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 2187854 |
|  | **Ireland - 1.1%** |  |
| 29604 | Ryanair Holdings plc | &nbsp;&nbsp;&nbsp; 837560 |
|  | **Israel - 2.2%** |  |
| 242782 | ICL Group Ltd. | &nbsp;&nbsp;&nbsp; 1664391 |
|  | **Japan - 5.5%** |  |
| 54894 | FANUC Corporation<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 1501648 |
| 26436 | Nagaileben Company Ltd. | &nbsp;&nbsp;&nbsp; 393888 |

---

---

| | | |
|:---|:---|:---|
| **CENTERSTONE INVESTORS FUND** | **CENTERSTONE INVESTORS FUND** | **CENTERSTONE INVESTORS 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 — 73.6% (Continued)** |  |
|  | **Japan - 5.5% (Continued)** |  |
| 10746 | Shimano, Inc.<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $1559710 |
| 39937 | Shiseido Company Ltd. <sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 713587 |
|  |  | &nbsp;&nbsp; 4168833 |
|  | **Luxembourg - 2.8%** |  |
| 29429 | Eurofins Scientific S.E.<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 2095040 |
|  | **Mexico - 2.7%** |  |
| 714211 | Megacable Holdings S.A.B. de C.V.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1998275 |
|  | **Netherlands - 1.3%** |  |
| 5781 | Heineken N.V.<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 504016 |
| 9254 | Koninklijke Vopak N.V.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 460193 |
|  |  | &nbsp;&nbsp; 964209 |
|  | **Singapore - 3.5%** |  |
| 69905 | Oversea-Chinese Banking Corporation Ltd. | &nbsp;&nbsp;&nbsp; 896669 |
| 151200 | Singapore Exchange Ltd. | &nbsp;&nbsp;&nbsp; 1769395 |
|  |  | &nbsp;&nbsp; 2666064 |
|  | **Spain - 5.1%** |  |
| 328800 | Banco Santander S.A.<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 2721410 |
| 34443 | LOGISTA | &nbsp;&nbsp;&nbsp; 1127816 |
|  |  | &nbsp;&nbsp; 3849226 |
|  | **Sweden - 3.1%** |  |
| 19255 | Loomis A.B.<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 809264 |
| 86400 | Skandinaviska Enskilda Banken A.B. | &nbsp;&nbsp;&nbsp; 1507859 |
|  |  | &nbsp;&nbsp; 2317123 |
|  | **Switzerland - 2.9%** |  |
| 688 | Barry Callebaut A.G.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 749221 |
| 14400 | Nestle S.A.<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 1430744 |
|  |  | &nbsp;&nbsp; 2179965 |
|  | **United States - 17.9%** |  |
| 2632 | Carlisle Companies, Inc. | &nbsp;&nbsp;&nbsp; 982789 |
| 8920 | CarMax, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 599513 |
| 7680 | Chevron Corporation | &nbsp;&nbsp;&nbsp; 1099699 |
| 2147 | Corpay, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 712418 |

---

---

| | | |
|:---|:---|:---|
| **CENTERSTONE INVESTORS FUND** | **CENTERSTONE INVESTORS FUND** | **CENTERSTONE INVESTORS 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 — 73.6% (Continued)** |  |
|  | **United States - 17.9% (Continued)** |  |
| 11346 | Dollar General Corporation | &nbsp;&nbsp;&nbsp; $1297755 |
| 10533 | Emerson Electric Company | &nbsp;&nbsp;&nbsp; 1404365 |
| 30397 | Envista Holdings Corporation<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 593957 |
| 9914 | Henry Schein, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 724218 |
| 2142 | McDonald's Corporation | &nbsp;&nbsp;&nbsp; 625828 |
| 8355 | O'Reilly Automotive, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 753037 |
| 5154 | Ross Stores, Inc. | &nbsp;&nbsp;&nbsp; 657547 |
| 7357 | Scotts Miracle-Gro Company (The) | &nbsp;&nbsp;&nbsp; 485268 |
| 6870 | Southern Copper Corporation | &nbsp;&nbsp;&nbsp; 695073 |
| 3000 | Tesla, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 952980 |
| 9840 | Walt Disney Company (The) | &nbsp;&nbsp;&nbsp; 1220258 |
| 669 | WW Grainger, Inc. | &nbsp;&nbsp;&nbsp; 695921 |
|  |  | &nbsp;&nbsp; 13500626 |
|  | **TOTAL COMMON STOCKS (Cost $44,344,218)** | &nbsp;&nbsp; 55407458 |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 6.3%** |  |
|  | **United States - 6.3%** |  |
| 15495 | SPDR Gold Shares<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 4723341 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $1,916,112)** | &nbsp;&nbsp; 4723341 |

---

---

| | | |
|:---|:---|:---|
| **CENTERSTONE INVESTORS FUND** | **CENTERSTONE INVESTORS FUND** | **CENTERSTONE INVESTORS 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** |
|  | **SHORT-TERM INVESTMENTS — 20.8%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED – 1.0%** |  |
| 731170 | State Street Navigator Securities Lending Government Money Market Portfolio Fund, Trust Class, 4.35% (Cost $731,170)<sup>(e),(f)</sup> | &nbsp;&nbsp;&nbsp;$731170 |
|  | **MONEY MARKET FUNDS - 19.8%** |  |
| 14920165 | State Street Institutional Treasury Plus Money Market Fund, Trust Class, 4.17% (Cost $14,920,165)<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 14920165 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $15,651,335)** | &nbsp;&nbsp;&nbsp; 15.651.335 |
|  | **TOTAL INVESTMENTS - 100.7% (Cost $61,911,665)** | &nbsp;&nbsp;&nbsp; $75782134 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS – (0.7)%** | &nbsp;&nbsp;&nbsp; (481906) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $75300228 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| A/S | - Anonim Sirketi |
| Ltd. | - Limited Company |
| N.V. | - Naamioze Vennootschap |
| PLC | - Public Limited Company |
| S.E. | - Société Européene |
| SPDR | - Standard & Poor's Depositary Receipt |

---

<sup>(a)</sup> Security, or a portion of the security, is out on loan at June 30, 2025. Total loaned securities had a value of $4,040,284 at June 30, 2025.

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

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

<sup>(d)</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 June 30, 2025 the total market value of 144A securities is $454,142 or 0.6% of net assets.

<sup>(e)</sup> Rate disclosed is the seven day effective yield as of June 30, 2025.

<sup>(f)</sup> The loaned securities were secured with short-term investment cash collateral of $731,170 and non-cash collateral of $3,487,347. The non-cash collateral consists of U.S. treasury notes, Government National Mortgage Association agency bonds, and U.S. treasury inflation indexed bonds held at the Fund's securities lending agent. The Fund cannot pledge or resell the collateral.

## 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:** Centerstone Investors Fund

- **b. EDGAR series identifier (if any):** S000070944

- **c. LEI of Series:** 549300R9DE3EXDTJAQ66

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

- **a. Date of fiscal year-end:** 2026-03-31

- **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:** $75819796.30

**Total Liabilities:** $519568.74

**Net Assets:** $75300227.56

**Cash Not Reported:** $14847.97

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000225291 | 2.06%                | 3.72%                | 2.09%                |
| Class ID C000225290 | 2.12%                | 3.70%                | 2.15%                |
| Class ID C000225292 | 2.01%                | 3.63%                | 2.06%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $78.27                   | $1112553.46                                |
| Month 2  | $0.00                    | $2267012.92                                |
| Month 3  | $0.00                    | $1475790.14                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Singapore Exchange Ltd.                                  | SINGAPORE EXCH                       | CUSIP: Y79946102<br>LEI: 549300IQ650PPXM76X03 | Long             | EC               | CORP              | SG        |    151200 | NS      | $1769394.59   | 2.35%             |  |  |  | No            | 1                  | On Loan: No      |
| Dollar General Corporation                               | DOLLAR GENERAL C                     | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |     11346 | NS      | $1297755.48   | 1.72%             |  |  |  | No            | 1                  | On Loan: No      |
| Koninklijke Vopak N.V.                                   | VOPAK                                | CUSIP: N5075T159<br>LEI: 724500UL634GFV1KYF10 | Long             | EC               | CORP              | NL        |      9254 | NS      | $460193.03    | 0.61%             |  |  |  | No            | 1                  | On Loan: —       |
| Loomis AB                                                | LOOMIS AB                            | CUSIP: W5S50Y116<br>LEI: 213800NS2XXVRYS7WP40 | Long             | EC               | CORP              | SE        |     19255 | NS      | $809263.66    | 1.07%             |  |  |  | No            | 1                  | On Loan: No      |
| The Scotts Miracle-Gro Company                           | SCOTTS MIRACLE                       | CUSIP: 810186106<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | EC               | CORP              | US        |      7357 | NS      | $485267.72    | 0.64%             |  |  |  | No            | 1                  | On Loan: No      |
| Corpay Inc                                               | CORPAY INC                           | CUSIP: 219948106<br>LEI: 549300DG6RR0NQSFLN74 | Long             | EC               | CORP              | US        |      2147 | NS      | $712417.54    | 0.95%             |  |  |  | No            | 1                  | On Loan: No      |
| Eurofins Scientific SE                                   | EUROFINS SCIEN                       | CUSIP: L31839134<br>LEI: 529900JEHFM47DYY3S57 | Long             | EC               | CORP              | LU        |     29429 | NS      | $2095039.76   | 2.78%             |  |  |  | No            | 1                  | On Loan: No      |
| Barry Callebaut AG                                       | BARRY CALLEB-REG                     | CUSIP: H05072105<br>LEI: 213800Y5RWKLDPUTT265 | Long             | EC               | CORP              | CH        |       688 | NS      | $749221.07    | 0.99%             |  |  |  | No            | 1                  | On Loan: —       |
| Tencent Holdings Ltd.                                    | TENCENT HOLD-ADR                     | CUSIP: 88032Q109<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |     20801 | NS      | $1341664.50   | 1.78%             |  |  |  | No            | 1                  | On Loan: No      |
| Nagaileben Co                                            | NAGAILEBEN CO                        | CUSIP: J47152103<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     26436 | NS      | $393887.77    | 0.52%             |  |  |  | No            | 1                  | On Loan: No      |
| Edenred SA                                               | EDENRED                              | CUSIP: F3192L109<br>LEI: 9695006LOD5B2D7Y0N70 | Long             | EC               | CORP              | FR        |     37580 | NS      | $1163696.35   | 1.55%             |  |  |  | No            | 1                  | On Loan: —       |
| Vinci SA                                                 | VINCI SA                             | CUSIP: F5879X108<br>LEI: 213800WFQ334R8UXUG83 | Long             | EC               | CORP              | FR        |      8742 | NS      | $1288132.16   | 1.71%             |  |  |  | No            | 1                  | On Loan: No      |
| O'Reilly Automotive Inc.                                 | O'REILLY AUTOMOT                     | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |      8355 | NS      | $753036.15    | 1.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Compania De Distribucion Integral Logista Holdings S.A.U | LOGISTA                              | CUSIP: E0304S106<br>LEI: 9598000ANNAL42UJ7X28 | Long             | EC               | CORP              | ES        |     34443 | NS      | $1127815.55   | 1.50%             |  |  |  | No            | 1                  | On Loan: No      |
| Grainger W W Inc                                         | WW GRAINGER INC                      | CUSIP: 384802104<br>LEI: 549300TWZSP6O1IH2V34 | Long             | EC               | CORP              | US        |       669 | NS      | $695920.56    | 0.92%             |  |  |  | No            | 1                  | On Loan: No      |
| ICL Group Ltd                                            | ICL GROUP LTD                        | CUSIP: M53213100<br>LEI: 529900FQVQD88SHIGM04 | Long             | EC               | CORP              | IL        |    242782 | NS      | $1664391.31   | 2.21%             |  |  |  | No            | 1                  | On Loan: No      |
| Remy Cointreau SA                                        | REMY COINTREAU                       | CUSIP: F7725A100<br>LEI: 5493004V6A3Z027YT216 | Long             | EC               | CORP              | FR        |      4289 | NS      | $218845.09    | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| Spdr Gold Trust                                          | SPDR GOLD SHARES                     | CUSIP: 78463V107<br>LEI: 549300MQIQW9W2UPJ106 | Long             | EC               | RF                | US        |     15495 | NS      | $4723340.85   | 6.27%             |  |  |  | No            | 1                  | On Loan: No      |
| Heineken N.V.                                            | Heineken NV                          | CUSIP: N39427211<br>LEI: 724500K5PTPSST86UQ23 | Long             | EC               | CORP              | NL        |      5781 | NS      | $504016.04    | 0.67%             |  |  |  | No            | 1                  | On Loan: No      |
| Southern Copper Corporation                              | SOUTHERN COPPER                      | CUSIP: 84265V105<br>LEI: 2549007U6NAP46Q9TU15 | Long             | EC               | CORP              | US        |      6870 | NS      | $695073.28    | 0.92%             |  |  |  | No            | 1                  | On Loan: No      |
| Henry Schein, Inc.                                       | HENRY SCHEIN INC                     | CUSIP: 806407102<br>LEI: VGO3WGL8H45T73F4RR92 | Long             | EC               | CORP              | US        |      9914 | NS      | $724217.70    | 0.96%             |  |  |  | No            | 1                  | On Loan: No      |
| Air Liquide S.A.(L')                                     | AIR LIQUIDE SA                       | CUSIP: F01764103<br>LEI: 969500MMPQVHK671GT54 | Long             | EC               | CORP              | FR        |      1654 | NS      | $341203.25    | 0.45%             |  |  |  | No            | 1                  | On Loan: No      |
| Worldline SA                                             | WORLDLINE                            | CUSIP: F9867T103<br>LEI: 549300CJMQNCA0U4TS33 | Long             | EC               | CORP              | FR        |    107550 | NS      | $454142.23    | 0.60%             |  |  |  | Yes           | 1                  | On Loan: —       |
| Skandinaviska Enskilda Banken AB (publ)                  | SEB AB-A                             | CUSIP: W25381141<br>LEI: F3JS33DEI6XQ4ZBPTN86 | Long             | EC               | CORP              | SE        |     86400 | NS      | $1507859.78   | 2.00%             |  |  |  | No            | 1                  | On Loan: No      |
| State Street Institutional Investment Trust              | SS-INS TR PL-TRS                     | CUSIP: 85749Q448<br>LEI: 549300P1E098W6ES7M39 | Long             | STIV             | RF                | US        |  14920165 | PA      | $14920165.13  | 19.81%            |  |  |  | No            | 1                  | On Loan: No      |
| Carmax Inc                                               | CARMAX INC                           | CUSIP: 143130102<br>LEI: 529900F60CID3NCZM330 | Long             | EC               | CORP              | US        |      8920 | NS      | $599513.20    | 0.80%             |  |  |  | No            | 1                  | On Loan: No      |
| Shimano Inc.                                             | SHIMANO INC                          | CUSIP: J72262108<br>LEI: 529900L32YT3P9DECR10 | Long             | EC               | CORP              | JP        |     10746 | NS      | $1559710.69   | 2.07%             |  |  |  | No            | 1                  | On Loan: No      |
| ISS A/S                                                  | ISS A/S                              | CUSIP: K5591Y107<br>LEI: 213800LEZA58SZNCBN19 | Long             | EC               | CORP              | DK        |     37810 | NS      | $1054260.94   | 1.40%             |  |  |  | No            | 1                  | On Loan: No      |
| Chevron Corp.                                            | CHEVRON CORP                         | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7680 | NS      | $1099699.20   | 1.46%             |  |  |  | No            | 1                  | On Loan: No      |
| Baidu Inc.                                               | BAIDU INC-SP ADR                     | CUSIP: 056752108<br>LEI: 254900AL64IANZYI1E02 | Long             | EC               | CORP              | KY        |      3421 | NS      | $293384.96    | 0.39%             |  |  |  | No            | 1                  | On Loan: No      |
| Fanuc Corp.                                              | FANUC CORP                           | CUSIP: J13440102<br>LEI: 529900QTSW745LOKW705 | Long             | EC               | CORP              | JP        |     54894 | NS      | $1501647.99   | 1.99%             |  |  |  | No            | 1                  | On Loan: No      |
| Envista Holdings Corporation                             | ENVISTA HOLDINGS                     | CUSIP: 29415F104<br>LEI: 549300BX623VURJZ5269 | Long             | EC               | CORP              | US        |     30397 | NS      | $593957.38    | 0.79%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                                      | Cash Collateral Reinvestment Vehicle | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |         0 | NS      | $0.00         | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Ross Stores Inc                                          | ROSS STORES INC                      | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |      5154 | NS      | $657547.32    | 0.87%             |  |  |  | No            | 1                  | On Loan: No      |
| Schneider Electric SE                                    | SCHNEIDER ELECTR                     | CUSIP: F86921107<br>LEI: 969500A1YF1XUYYXS284 | Long             | EC               | CORP              | FR        |      7104 | NS      | $1889379.51   | 2.51%             |  |  |  | No            | 1                  | On Loan: No      |
| Emerson Electric Co.                                     | EMERSON ELEC CO                      | CUSIP: 291011104<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | EC               | CORP              | US        |     10533 | NS      | $1404364.89   | 1.87%             |  |  |  | No            | 1                  | On Loan: No      |
| Hong Kong Exchanges & Clearing Ltd.                      | HKEX                                 | CUSIP: Y3506N139<br>LEI: 213800YTVSXYQN17BW16 | Long             | EC               | CORP              | HK        |     41009 | NS      | $2187854.36   | 2.91%             |  |  |  | No            | 1                  | On Loan: No      |
| Credit Agricole S.A.                                     | CREDIT AGRICOLE                      | CUSIP: F22797108<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | EC               | CORP              | FR        |    120463 | NS      | $2279432.39   | 3.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Shiseido Co Ltd.                                         | Shiseido Co Ltd                      | CUSIP: J74358144<br>LEI: 5299008QCD0YDT5OF506 | Long             | EC               | CORP              | JP        |     39937 | NS      | $713586.54    | 0.95%             |  |  |  | No            | 1                  | On Loan: —       |
| Franco Nevada Corp                                       | FRANCO-NEVADA CO                     | CUSIP: 351858105<br>LEI: 98450064C1B5D3E94864 | Long             | EC               | CORP              | CA        |     10812 | NS      | $1772303.04   | 2.35%             |  |  |  | No            | 1                  | On Loan: No      |
| McDonald's Corp.                                         | MCDONALDS CORP                       | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      2142 | NS      | $625828.14    | 0.83%             |  |  |  | No            | 1                  | On Loan: No      |
| TC Energy Corp                                           | TC ENERGY CORP                       | CUSIP: 87807B107<br>LEI: 549300UGKOFV2IWJJG27 | Long             | EC               | CORP              | CA        |     28702 | NS      | $1400847.92   | 1.86%             |  |  |  | No            | 1                  | On Loan: —       |
| Quebecor Inc                                             | QUEBECOR INC-B                       | CUSIP: 748193208<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     34816 | NS      | $1059476.25   | 1.41%             |  |  |  | No            | 1                  | On Loan: No      |
| BNP Paribas SA                                           | BNP PARIBAS                          | CUSIP: F1058Q238<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | EC               | CORP              | FR        |     17280 | NS      | $1553368.20   | 2.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Megacable Holdings S. A. B. de C.V.                      | MEGACABLE-CPO                        | CUSIP: P652AE117<br>LEI: N/A                  | Long             | EP               | CORP              | MX        |    714211 | NS      | $1998274.68   | 2.65%             |  |  |  | No            | 1                  | On Loan: —       |
| Sodexo S.A.                                              | SODEXO SA                            | CUSIP: F84941123<br>LEI: 969500LCBOG12HXPYM84 | Long             | EC               | CORP              | FR        |     14120 | NS      | $868155.48    | 1.15%             |  |  |  | No            | 1                  | On Loan: No      |
| Nestle SA                                                | NESTLE SA-REG                        | CUSIP: H57312649<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |     14400 | NS      | $1430743.63   | 1.90%             |  |  |  | No            | 1                  | On Loan: No      |
| Carlisle Companies Inc.                                  | CARLISLE COS INC                     | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |      2632 | NS      | $982788.80    | 1.31%             |  |  |  | No            | 1                  | On Loan: No      |
| Oversea-Chinese Banking Corp Ltd.                        | OCBC BANK                            | CUSIP: Y64248209<br>LEI: 5493007O3QFXCPOGWK22 | Long             | EC               | CORP              | SG        |     69905 | NS      | $896669.04    | 1.19%             |  |  |  | No            | 1                  | On Loan: No      |
| Banco Santander, S.A.                                    | BANCO SANTANDER                      | CUSIP: E19790109<br>LEI: 5493006QMFDDMYWIAM13 | Long             | EC               | CORP              | ES        |    328800 | NS      | $2721410.60   | 3.61%             |  |  |  | No            | 1                  | On Loan: No      |
| Walt Disney Company                                      | WALT DISNEY CO/T                     | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |      9840 | NS      | $1220258.40   | 1.62%             |  |  |  | No            | 1                  | On Loan: No      |
| Tesla Inc                                                | TESLA INC                            | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |      3000 | NS      | $952980.00    | 1.27%             |  |  |  | No            | 1                  | On Loan: No      |
| Ryanair Holdings PLC                                     | RYANAIR HLDGS                        | CUSIP: G7727C186<br>LEI: 635400BR2ROC1FVEBQ56 | Long             | EC               | CORP              | IE        |     29604 | NS      | $837559.58    | 1.11%             |  |  |  | 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