Just for the fun of it since there are 18 ways to do most tasks (some better than others), how about using an array (ksh93 on solaris)?
#!/usr/dt/bin/dtksh
export CFGLIST="LIST1 LIST2 LIST3"
# Turn it into an array
set -A CFGLIST $CFGLIST
# Array is zero-based so start one less than the number of elements.
for (( i=$((${#CFGLIST
[*]}-1));i>=0;i-- ))
do
print "Array element ${i}: ${CFGLIST[${i}]}"
done
exit 0
Output:
$ efs
Array element 2: LIST3
Array element 1: LIST2
Array element 0: LIST1
$