Swan Defined Risk Fund

Open-end / ETF

Registrant

NORTHERN LIGHTS FUND TRUST III

Class tickers

SDRAX SDRCX SDRIX

Net Assets

$589,989,269

Holdings

Latest Report

Jun 30, 2026

Net Assets Over Time

Holding	Symbol	Balance	Value	% of Fund	Side	Category
ISHARES TRUST	464287200	468,000	$350,480,520	59.40%	Long	EC
SELECT SECTOR SPDR TRUST (THE)	81369Y803	433,006	$82,496,303	13.98%	Long	EC
SELECT SECTOR SPDR TRUST (THE)	81369Y605	440,480	$23,614,133	4.00%	Long	EC
SELECT SECTOR SPDR TRUST (THE)	81369Y407	156,924	$18,404,047	3.12%	Long	EC
SELECT SECTOR SPDR TRUST (THE)	81369Y209	114,442	$18,157,368	3.08%	Long	EC
—	—	400	$18,051,851	3.06%	Long	DE
SELECT SECTOR SPDR TRUST (THE)	81369Y704	96,578	$17,889,143	3.03%	Long	EC
SELECT SECTOR SPDR TRUST (THE)	81369Y852	149,574	$16,023,863	2.72%	Long	EC
—	—	341	$14,466,481	2.45%	Long	DE
SELECT SECTOR SPDR TRUST (THE)	81369Y308	111,549	$9,266,375	1.57%	Long	EC
SELECT SECTOR SPDR TRUST (THE)	81369Y506	115,832	$6,151,838	1.04%	Long	EC
SELECT SECTOR SPDR TRUST (THE)	81369Y886	95,688	$4,338,494	0.74%	Long	EC
SELECT SECTOR SPDR TRUST (THE)	81369Y100	70,422	$3,579,550	0.61%	Long	EC
SELECT SECTOR SPDR TRUST (THE)	81369Y860	80,407	$3,540,320	0.60%	Long	EC
FIRST AMERICAN FUNDS INC	31846V336	2,431,020	$2,431,020	0.41%	Long	STIV
—	—	187	$835,134	0.14%	Long	DE
—	—	186	$680,276	0.12%	Long	DE
—	—	187	$465,727	0.08%	Long	DE
—	—	750	$76,450	0.01%	Long	DE
—	—	750	$43,540	0.01%	Long	DE
—	—	1,500	$113,961	-0.02%	Short	DE
—	—	187	$988,164	-0.17%	Short	DE
—	—	186	$1,040,506	-0.18%	Short	DE
—	—	187	$1,231,720	-0.21%	Short	DE