N-CSR

united states
securities and exchange commission
washington, d.c. 20549

form n-csr

certified shareholder report of registered management
investment companies

Investment Company Act file number 811-22655

Northern Lights Fund Trust III

(Exact name of registrant as specified in charter)

225 Pictoria Drive, Suite 450 Cincinnati, OH 45246

(Address of principal executive offices) (Zip code)

The Corporation Trust Company

1209 Orange Street Wilmington, DE 19801

(Name and address of agent for service)

Registrant's telephone number, including area code: 631-490-4300

Date of fiscal year end: 6/30

Date of reporting period: 6/30/23

Item 1. Reports to Stockholders.

HCM Defender 100 Index ETF

QQH

HCM Defender 500 Index ETF

LGH

Annual Report

June 30, 2023

1-770-642-4902

www.howardcmetfs.com

Distributed by Northern Lights Distributors, LLC

Member FINRA/SIPC

June 30^th, 2023

Annual Shareholder letter
Howard Capital Management ETF Family
2023 2^nd Quarter

We are pleased to present you with the HCM Defender 100 Index ETF and HCM Defender 500 Index ETF Annual Report for the year ended June 30, 2023. We appreciate your continued trust and support as we navigate these dynamic market conditions and strive to deliver value to our shareholders.

The fiscal year was marked by significant challenges and opportunities in the global economy and financial markets. We witnessed a rollercoaster ride of market volatility, driven by concerns over inflation, the Federal Reserve’s actions, geopolitical tensions, and global economic uncertainties. Inflationary pressures remained a central focus throughout the year, and the Federal Reserve took steps to combat inflation, leading to apprehensions among market participants. However, there were encouraging signs of relief as inflation began to roll over at a considerable pace. Supply chain challenges eased, the housing market stabilized, and labor markets experienced a slowdown. These developments signaled the potential for the Federal Reserve to gradually slow the pace and magnitude of rate increases. Volatility remained a prevalent theme throughout the year, reflecting the challenging market conditions experienced in the previous year. The actions and statements of the Federal Reserve, particularly those of Fed Chair Powell, had a significant impact on market movements. Investors closely monitored the Federal Reserve’s decisions, as they had far-reaching consequences for the overall economy and financial markets. The unpredictability and mixed messages from the Federal Reserve created uncertainty among investors, contributing to market volatility. Within specific market segments, opportunities and valuations varied. The S&P 500 ex-FAANG companies demonstrated attractive valuations, with a price-to-earnings (P/E) ratio of approximately 14.8 around the first week of March. It is important to note that the higher multiples associated with FAANG stocks were justified given their strong financial performance even in a volatile market environment. Consumer confidence played a crucial role in gauging economic sentiment. The Conference Board’s Consumer Confidence Index experienced fluctuations throughout the year. While the index faced periodic declines, it generally remained above pandemic lows, indicating a continued economic expansion. Consumer expectations occasionally wavered, reflecting concerns about the economic outlook. We closely monitored these indicators as early signs of potential changes in market sentiment and economic conditions.

Our proprietary quantitative model, the HCM-BuyLine®, remained a valuable tool for guiding our investment decisions. As we enter the new fiscal year, the financial landscape remains dynamic and subject to various factors. The Federal Reserve’s actions, economic indicators, and global events will continue to shape market movements. We remain committed to navigating these conditions with vigilance and prudence, always seeking opportunities for growth while managing risk.

The HCM ETFs began the fiscal year with no equity exposure but were instead invested in cash and cash equivalents in an effort to preserve capital.

If you trade a system, which we do, you must commit to the system and expect that not all trades will be winners, but over a full market cycle a good system should produce very strong gains.

1145 Hembree Rd.          |          Roswell,GA30076 |     (770) 642-4902          |          www.howardcm.com

1

One year performance (NAV), as of 6/30/2023, for our ETFs is as follows: HCM Defender 100 Index ETF: 27.77%; HCM Defender 500 Index ETF: 14.06%. The HCM-BuyLine®, our proprietary quantitative indicator that helps us determine when and how much to be invested in the equity market, has remained positive since Mid-January 2023.

We appreciate your trust and support as we strive to deliver value for our shareholders. Together, we will navigate the ever-changing financial landscape and pursue long-term growth and prosperity.

Thank you for being a shareholder of the HCM Defender 100 Index ETF and HCM Defender 500 Index ETF.

Sincerely,

Vance Howard, CEO

HCM-071923-75

1145 Hembree Rd.          |          Roswell,GA30076 |     (770) 642-4902          |          www.howardcm.com

2

HCM Defender 100 Index ETF
PORTFOLIO REVIEW (Unaudited)
June 30, 2023

The Fund’s performance figures* for the period ended June 30, 2023, compared to its benchmarks:

			Annualized
		Annualized	Since Inception** -
	One Year	Three Year	June 30, 2023
HCM Defender 100 Index ETF - NAV	27.77%	16.04%	18.67%
HCM Defender 100 Index ETF - Market Price	27.79%	16.01%	18.69%
HCM Defender 100 Index***	29.78%	16.11%	19.85%
Nasdaq 100 Total Return Index ****	33.13%	15.23%	21.02%

* The Fund’s past performance does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Total returns are calculated with the traded NAV on June 30, 2023. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, if any, or the redemption of Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.howardcmetfs.com or by calling 1-770-642-4902. The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. Since November 2, 2020, market price returns are calculated using the closing price and account for distributions from the Fund. Prior to November 2, 2020, market price returns were calculated using the midpoint price and accounted for distributions from the Fund. Market price and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively. The Fund’s total annual operating expenses are 1.02% per the November 1, 2022 prospectus. Please see the Financial Highlights for a more recent expense ratio.

** Inception date is October 9, 2019.

*** Prior to July 12, 2022, the HCM Defender 100 Index was comprised of securities in the Solactive US Technology 100 Index (“Tech Equity Sub-Index”), which are the largest and most liquid companies classified in the technology sector as defined by the TRBC Sector Classification, securities in the Solactive 1-3 month US TBill Index (“Treasury Sub-Index”), which are U.S. dollar denominated T-Bills with a time to maturity of 1 to 3 months, or a combination of both. The HCM Defender 100 Index alternated exposure among a full position of securities in the Tech Equity Sub-Index, a full position of securities in the Treasury Sub-Index, or a 50/50 position of securities in the Tech Equity Sub-Index/Treasury Sub-Index. Investors cannot invest directly in an index.

**** The Nasdaq 100 Total Return Index includes 100 of the largest domestic and international non-financial companies listed on the NASDAQ Stock Market based on market capitalization. Investors cannot invest directly in an index.

3

HCM Defender 100 Index ETF
PORTFOLIO REVIEW (Unaudited)(Continued)
June 30, 2023

Comparison of the Change in Value of a $10,000 Investment

4

HCM Defender 100 Index ETF
PORTFOLIO REVIEW (Unaudited)(Continued)
June 30, 2023

The Fund’s holdings by investment type as of June 30, 2023 were as follows:

Industry Sector/Investment Type	% of Net Assets
Exchange Traded Funds
Equity - Large Cap Blend		21.4	%
Common Stocks
Software		14.1	%
Semiconductors		13.9	%
Technology Hardware		13.6	%
Internet Media & Services		9.7	%
E-Commerce Discretionary		4.9	%
Automotive		3.6	%
Biotech & Pharma		2.8	%
Beverages		1.8	%
Technology Services		1.7	%
Retail - Consumer Staples		1.6	%
Medical Equipment & Devices		1.4	%
Cable & Satellite		1.2	%
Leisure Facilities & Services		0.9	%
Electric Utilities		0.8	%
Diversified Industrials		0.8	%
Retail - Discretionary		0.8	%
Food		0.7	%
Entertainment Content		0.7	%
Transportation & Logistics		0.6	%
Telecommunications		0.5	%
Commercial Support Services		0.2	%
Wholesale - Discretionary		0.2	%
Transportation Equipment		0.2	%
Advertising & Marketing		0.2	%
Industrial Support Services		0.2	%
Oil & Gas Services & Equipment		0.2	%
Renewable Energy		0.1	%
Other Assets in Excess of Liabilities		1.2	%
		100.0	%

Please refer to the Schedule of Investments in this Annual Report for a detailed listing of the Fund’s holdings.

5

HCM Defender 500 Index ETF
PORTFOLIO REVIEW (Unaudited)
June 30, 2023

The Fund’s performance figures* for the period ended June 30, 2023, compared to its benchmarks:

			Annualized
		Annualized	Since Inception** -
	One Year	Three Year	June 30, 2023
HCM Defender 500 Index ETF - NAV	14.06%	16.45%	13.28%
HCM Defender 500 Index ETF - Market Price	14.12%	16.53%	13.31%
HCM Defender 500 Index***	13.35%	12.62%	11.66%
S&P 500 Total Return Index ****	19.59%	14.60%	13.85%

* The Fund’s past performance does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Total returns are calculated with the traded NAV on June 30, 2023. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, if any, or the redemption of Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.howardcmetfs.com or by calling 1-770-642-4902. The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. Since November 2, 2020, market price returns are calculated using the closing price and account for distributions from the Fund. Prior to November 2, 2020, market price returns were calculated using the midpoint price and accounted for distributions from the Fund. Market price and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively. The Fund’s total annual operating expenses are 1.01% per the November 1, 2022 prospectus. Please see the Financial Highlights for a more recent expense ratio.

** Inception date is October 9, 2019.

*** Prior to July 12, 2022, the HCM Defender 500 Index was comprised of securities in the Solactive US Large Cap Index (“Large Cap Equity Sub - Index”), which are common stocks issued by 500 large – capitalization companies traded on American stock exchanges, securities in the Solactive 1 - 3 month US T - Bill Index (“Treasury Sub - Index”), which are U.S. dollar denominated T - Bills with a time to maturity of 1 to 3 months, or a combination of both. The HCM 500 Index alternated exposure among a full position of securities in the Large Cap Equity Sub-Index, a full position of securities in the Treasury Sub-Index, or a 50/50 position of securities in the Large Cap Equity Sub-Index/Treasury Sub-Index. Investors cannot invest directly in an index.

**** The S&P 500 Total Return Index is a widely accepted, unmanaged index of U.S. stock market performance which does not take into account charges, fees and other expenses. Investors cannot invest directly in an index.

6

HCM Defender 500 Index ETF
PORTFOLIO REVIEW (Unaudited)(Continued)
June 30, 2023

Comparison of the Change in Value of a $10,000 Investment

7

HCM Defender 500 Index ETF
PORTFOLIO REVIEW (Unaudited)(Continued)
June 30, 2023

The Fund’s holdings by investment type as of June 30, 2023 were as follows:

Industry Sector/Investment Type	% of Net Assets			Industry Sector/Investment Type	% of Net Assets
Exchange Traded Funds				Common Stocks (continued)
Equity - Large Cap Blend		20.1	%	Cable & Satellite		0.4	%
Common Stocks				Specialty Finance		0.3	%
Software		9.5	%	Infrastructure Reit		0.3	%
Technology Hardware		8.7	%	Residential Reit		0.3	%
Internet Media & Services		6.1	%	Commercial Support Services		0.3	%
Semiconductors		5.3	%	Apparel & Textile Products		0.2	%
Biotech & Pharma		4.9	%	Oil & Gas Services & Equipment		0.2	%
Technology Services		4.1	%	Industrial Reit		0.2	%
Oil & Gas Producers		3.2	%	Home Construction		0.2	%
E-Commerce Discretionary		3.0	%	Industrial Support Services		0.2	%
Medical Equipment & Devices		2.9	%	Data Center Reit		0.2	%
Insurance		2.5	%	Transportation Equipment		0.2	%
Health Care Facilities & Services		2.4	%	Metals & Mining		0.2	%
Banking		2.3	%	Wholesale - Consumer Staples		0.2	%
Automotive		1.9	%	Retail Reit		0.1	%
Retail - Discretionary		1.7	%	Construction Materials		0.1	%
Electric Utilities		1.6	%	Wholesale - Discretionary		0.1	%
Household Products		1.3	%	Health Care Reit		0.1	%
Aerospace & Defense		1.2	%	Self-Storage Reit		0.1	%
Chemicals		1.2	%	Steel		0.1	%
Retail - Consumer Staples		1.2	%	Advertising & Marketing		0.1	%
Beverages		1.1	%	Containers & Packaging		0.1	%
Leisure Facilities & Services		1.1	%	Gas & Water Utilities		0.1	%
Transportation & Logistics		1.1	%	Engineering & Construction		0.1	%
Diversified Industrials		1.0	%	Renewable Energy		0.1	%
Institutional Financial Services		0.8	%	Gaming Reit		0.1	%
Asset Management		0.8	%	Timber Reit		0.0	% *
Electrical Equipment		0.7	%	Real Estate Services		0.0	% *
Machinery		0.7	%	Office Reit		0.0	% *
Telecommunications		0.7	%	Specialty Reit		0.0	% *
Food		0.6	%	Hotel Reit		0.0	% *
Entertainment Content		0.6	%	Multi Asset Class Reit		0.0	% *
Tobacco & Cannabis		0.4	%	Right
				Medical Equipment & Devices		0.0	% *
				Other Assets Less Liabilities		0.7	%
						100.0	%
				*     Percentage rounds to less than 0.1%.

Please refer to the Schedule of Investments in this Annual Report for a detailed listing of the Fund’s holdings.

8

HCM DEFENDER 100 INDEX ETF

SCHEDULE OF INVESTMENTS

June 30, 2023

Shares			Fair Value
		COMMON STOCKS — 77.4%
		ADVERTISING & MARKETING - 0.2%
	8,054	Trade Desk, Inc. (The), Class A(a)	$	621,930
		AUTOMOTIVE - 3.6%
	44,366	Tesla, Inc.(a)		11,613,688
		BEVERAGES - 1.8%
	2,570	Coca-Cola Europacific Partners plc		165,585
	15,207	Keurig Dr Pepper, Inc.		475,523
	12,933	Monster Beverage Corporation(a)		742,872
	24,696	PepsiCo, Inc.		4,574,192
				5,958,172
		BIOTECH & PHARMA - 2.8%
	2,264	Alnylam Pharmaceuticals, Inc.(a)		430,024
	9,636	Amgen, Inc.		2,139,384
	2,542	Biogen, Inc.(a)		724,089
	1,708	BioNTech S.E. - ADR(a)		184,344
	22,383	Gilead Sciences, Inc.		1,725,058
	5,851	Moderna, Inc.(a)		710,897
	1,796	Regeneron Pharmaceuticals, Inc.(a)		1,290,498
	2,401	Seagen, Inc.(a)		462,096
	4,301	Vertex Pharmaceuticals, Inc.(a)		1,513,565
				9,179,955
		CABLE & SATELLITE - 1.2%
	1,838	Charter Communications, Inc., Class A(a)		675,226
	77,973	Comcast Corporation, Class A		3,239,778
				3,915,004
		COMMERCIAL SUPPORT SERVICES - 0.2%
	1,542	Cintas Corporation		766,497
		DIVERSIFIED INDUSTRIALS - 0.8%
	12,585	Honeywell International, Inc.		2,611,389
		E-COMMERCE DISCRETIONARY - 4.9%
	106,988	Amazon.com, Inc.(a)		13,946,955

See accompanying notes to financial statements.

9

HCM DEFENDER 100 INDEX ETF

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2023

Shares			Fair Value
		COMMON STOCKS — 77.4% (Continued)
		E-COMMERCE DISCRETIONARY - 4.9% (Continued)
	10,082	eBay, Inc.	$	450,565
	811	MercadoLibre, Inc.(a)		960,711
	9,205	PDD Holdings, Inc. - ADR(a)		636,434
				15,994,665
		ELECTRIC UTILITIES - 0.8%
	9,383	American Electric Power Company, Inc.		790,049
	5,927	Constellation Energy Corporation		542,617
	17,726	Exelon Corporation		722,157
	10,179	Xcel Energy, Inc.		632,828
				2,687,651
		ENTERTAINMENT CONTENT - 0.7%
	12,983	Activision Blizzard, Inc.(a)		1,094,467
	4,877	Electronic Arts, Inc.		632,547
	42,110	Warner Bros Discovery, Inc.(a)		528,059
				2,255,073
		FOOD - 0.7%
	14,407	Kraft Heinz Company (The)		511,449
	24,579	Mondelez International, Inc., Class A		1,792,792
				2,304,241
		INDUSTRIAL SUPPORT SERVICES - 0.2%
	9,951	Fastenal Company		587,009
		INTERNET MEDIA & SERVICES - 9.7%
	6,287	Airbnb, Inc., CLASS A(a)		805,742
	58,202	Alphabet, Inc., Class A(a)		6,966,779
	57,759	Alphabet, Inc., Class C(a)		6,987,107
	682	Booking Holdings, Inc.(a)		1,841,625
	40,868	Meta Platforms, Inc., Class A(a)		11,728,299
	7,954	Netflix, Inc.(a)		3,503,657
				31,833,209
		LEISURE FACILITIES & SERVICES - 0.9%
	4,986	Marriott International, Inc., Class A		915,878
	19,899	Starbucks Corporation		1,971,195
				2,887,073

See accompanying notes to financial statements.

10

HCM DEFENDER 100 INDEX ETF

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2023

Shares			Fair Value
		COMMON STOCKS — 77.4% (Continued)
		MEDICAL EQUIPMENT & DEVICES - 1.4%
	1,313	Align Technology, Inc.(a)	$	464,329
	6,784	DexCom, Inc.(a)		871,812
	1,430	IDEXX Laboratories, Inc.(a)		718,189
	2,645	Illumina, Inc.(a)		495,911
	6,267	Intuitive Surgical, Inc.(a)		2,142,938
				4,693,179
		OIL & GAS SERVICES & EQUIPMENT - 0.2%
	18,099	Baker Hughes Company		572,109
		RENEWABLE ENERGY - 0.1%
	2,279	Enphase Energy, Inc.(a)		381,687
		RETAIL - CONSUMER STAPLES - 1.6%
	7,906	Costco Wholesale Corporation		4,256,432
	3,755	Dollar Tree, Inc.(a)		538,843
	12,890	Walgreens Boots Alliance, Inc.		367,236
				5,162,511
		RETAIL - DISCRETIONARY - 0.8%
	2,161	Lululemon Athletica, Inc.(a)		817,939
	1,095	O’Reilly Automotive, Inc.(a)		1,046,053
	6,023	Ross Stores, Inc.		675,359
				2,539,351
		SEMICONDUCTORS - 13.9%
	29,032	Advanced Micro Devices, Inc.(a)		3,307,035
	9,215	Analog Devices, Inc.		1,795,174
	15,390	Applied Materials, Inc.		2,224,471
	7,144	Broadcom, Inc.		6,196,920
	1,268	GLOBALFOUNDRIES, Inc.(a)		81,887
	75,885	Intel Corporation		2,537,594
	2,538	KLA Corporation		1,230,981
	2,464	Lam Research Corporation		1,584,007
	14,660	Marvell Technology, Inc.		876,375
	9,960	Microchip Technology, Inc.		892,316
	19,912	Micron Technology, Inc.		1,256,646

See accompanying notes to financial statements.

11

HCM DEFENDER 100 INDEX ETF

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2023

Shares			Fair Value
		COMMON STOCKS — 77.4% (Continued)
		SEMICONDUCTORS - 13.9% (Continued)
	39,213	NVIDIA Corporation	$	16,587,883
	4,595	NXP Semiconductors N.V.		940,505
	7,436	ON Semiconductor Corporation(a)		703,297
	20,125	QUALCOMM, Inc.		2,395,680
	16,529	Texas Instruments, Inc.		2,975,551
				45,586,322
		SOFTWARE - 14.1%
	8,138	Adobe, Inc.(a)		3,979,401
	1,534	ANSYS, Inc.(a)		506,634
	2,416	Atlassian Corp plc, CLASS A(a)		405,429
	3,783	Autodesk, Inc.(a)		774,040
	4,617	Cadence Design Systems, Inc.(a)		1,082,779
	3,614	Crowdstrike Holdings, Inc., Class A(a)		530,788
	4,568	Datadog, Inc., Class A(a)		449,400
	12,042	Fortinet, Inc.(a)		910,255
	4,926	Intuit, Inc.		2,257,044
	93,823	Microsoft Corporation		31,950,484
	4,952	Palo Alto Networks, Inc.(a)		1,265,286
	2,661	Synopsys, Inc.(a)		1,158,626
	3,498	Workday, Inc., Class A(a)		790,163
	3,958	Zoom Video Communications, Inc., Class A(a)		268,669
				46,328,998
		TECHNOLOGY HARDWARE - 13.6%
	212,104	Apple, Inc.		41,141,813
	68,978	Cisco Systems, Inc.		3,568,922
				44,710,735
		TECHNOLOGY SERVICES - 1.7%
	7,635	Automatic Data Processing, Inc.		1,678,097
	9,872	Cognizant Technology Solutions Corporation, Class A		644,444
	7,458	CoStar Group, Inc.(a)		663,762
	5,762	Paychex, Inc.		644,595
	21,169	PayPal Holdings, Inc.(a)		1,412,607
	2,808	Verisk Analytics, Inc.		634,692
				5,678,197

See accompanying notes to financial statements.

12

HCM DEFENDER 100 INDEX ETF

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2023

Shares			Fair Value
		COMMON STOCKS — 77.4% (Continued)
		TELECOMMUNICATIONS - 0.5%
	11,443	T-Mobile US, Inc.(a)	$	1,589,433
		TRANSPORTATION & LOGISTICS - 0.6%
	38,545	CSX Corporation		1,314,384
	1,758	Old Dominion Freight Line, Inc.		650,021
				1,964,405
		TRANSPORTATION EQUIPMENT - 0.2%
	8,376	PACCAR, Inc.		700,652
		WHOLESALE - DISCRETIONARY - 0.2%
	7,703	Copart, Inc.(a)		702,591
		TOTAL COMMON STOCKS (Cost $200,001,166)		253,825,726
		EXCHANGE-TRADED FUNDS — 21.4%
		EQUITY - 21.4%
	472,390	ProShares Ultra QQQ		30,412,468
	973,515	ProShares UltraPro QQQ		39,914,115
		TOTAL EXCHANGE-TRADED FUNDS (Cost $52,418,870)		70,326,583
		TOTAL INVESTMENTS - 98.8% (Cost $252,420,036)	$	324,152,309
		OTHER ASSETS IN EXCESS OF LIABILITIES - 1.2%		3,904,805
		NET ASSETS - 100.0%	$	328,057,114

ADR - American Depositary Receipt

ETF - Exchange-Traded Fund

NV - Naamioze Vennootschap

PLC - Public Limited Company

^(a) - Non-income producing security.

See accompanying notes to financial statements.

13

HCM DEFENDER 500 INDEX ETF

SCHEDULE OF INVESTMENTS

June 30, 2023

Shares			Fair Value
		COMMON STOCKS — 79.2%
		ADVERTISING & MARKETING - 0.1%
	1,208	Omnicom Group, Inc.	$	114,941
	2,220	Trade Desk, Inc. (The), Class A(a)		171,429
				286,370
		AEROSPACE & DEFENSE - 1.2%
	3,012	Boeing Company(a)		636,014
	1,265	General Dynamics Corporation		272,165
	1,921	Howmet Aerospace, Inc.		95,205
	1,019	L3Harris Technologies, Inc.		199,490
	1,402	Lockheed Martin Corporation		645,452
	773	Northrop Grumman Corporation		352,333
	8,098	Raytheon Technologies Corporation		793,279
	242	Teledyne Technologies, Inc.(a)		99,489
	1,097	Textron, Inc.		74,190
	257	TransDigm Group, Inc.		229,802
				3,397,419
		APPAREL & TEXTILE PRODUCTS - 0.2%
	6,607	NIKE, Inc., Class B		729,215
		ASSET MANAGEMENT - 0.8%
	533	Ameriprise Financial, Inc.		177,041
	2,243	Apollo Global Management, Inc.		172,285
	740	BlackRock, Inc.		511,444
	3,676	Blackstone, Inc.		341,758
	8,413	Charles Schwab Corporation (The)		476,849
	4,330	KKR & Company, Inc.		242,480
	331	LPL Financial Holdings, Inc.		71,969
	1,103	Raymond James Financial, Inc.		114,458
	1,290	T Rowe Price Group, Inc.		144,506
				2,252,790
		AUTOMOTIVE - 1.9%
	22,293	Ford Motor Company		337,293
	6,962	General Motors Company		268,455
	13,168	Stellantis N.V.		230,967

See accompanying notes to financial statements.

14

HCM DEFENDER 500 INDEX ETF

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2023

Shares			Fair Value
		COMMON STOCKS — 79.2% (Continued)
		AUTOMOTIVE - 1.9% (Continued)
	17,922	Tesla, Inc.(a)	$	4,691,441
				5,528,156
		BANKING - 2.3%
	37,239	Bank of America Corporation		1,068,387
	9,647	Citigroup, Inc.		444,148
	2,458	Citizens Financial Group, Inc.		64,105
	3,702	Fifth Third Bancorp		97,029
	7,129	Huntington Bancshares, Inc.		76,851
	21,994	JPMorgan Chase & Company		3,198,808
	5,959	KeyCorporation		55,061
	841	M&T Bank Corporation		104,082
	2,352	PNC Financial Services Group, Inc. (The)		296,234
	4,593	Regions Financial Corporation		81,847
	6,895	Truist Financial Corporation		209,263
	7,114	US Bancorp		235,047
	19,124	Wells Fargo & Company		816,212
				6,747,074
		BEVERAGES - 1.1%
	1,485	Brown-Forman Corporation, Class B		99,168
	20,602	Coca-Cola Company (The)		1,240,652
	786	Constellation Brands, Inc., Class A		193,458
	4,276	Keurig Dr Pepper, Inc.		133,711
	3,948	Monster Beverage Corporation(a)		226,773
	7,371	PepsiCo, Inc.		1,365,257
				3,259,019
		BIOTECH & PHARMA - 4.9%
	9,439	AbbVie, Inc.		1,271,716
	647	Alnylam Pharmaceuticals, Inc.(a)		122,891
	2,839	Amgen, Inc.		630,315
	786	Biogen, Inc.(a)		223,892
	905	BioMarin Pharmaceutical, Inc.(a)		78,445
	10,944	Bristol-Myers Squibb Company		699,869
	6,326	Eli Lilly and Company		2,966,767
	6,810	Gilead Sciences, Inc.		524,847

See accompanying notes to financial statements.

15

HCM DEFENDER 500 INDEX ETF

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2023

Shares			Fair Value
		COMMON STOCKS — 79.2% (Continued)
		BIOTECH & PHARMA - 4.9% (Continued)
	1,095	Horizon Therapeutics plc(a)	$	112,621
	903	Incyte Corporation(a)		56,212
	19,744	Johnson & Johnson		3,268,028
	13,157	Merck & Company, Inc.		1,518,186
	1,662	Moderna, Inc.(a)		201,933
	30,338	Pfizer, Inc.		1,112,798
	512	Regeneron Pharmaceuticals, Inc.(a)		367,892
	1,939	Royalty Pharma plc, Class A		59,605
	760	Seagen, Inc.(a)		146,270
	1,209	Vertex Pharmaceuticals, Inc.(a)		425,459
	6,587	Viatris, Inc.		65,738
	2,325	Zoetis, Inc.		400,388
				14,253,872
		CABLE & SATELLITE - 0.4%
	522	Charter Communications, Inc., Class A(a)		191,767
	22,796	Comcast Corporation, Class A		947,174
				1,138,941
		CHEMICALS - 1.2%
	1,147	Air Products and Chemicals, Inc.		343,561
	614	Albemarle Corporation		136,977
	391	Avery Dennison Corporation		67,174
	1,183	CF Industries Holdings, Inc.		82,124
	3,638	Corteva, Inc.		208,457
	3,951	Dow, Inc.		210,430
	2,389	DuPont de Nemours, Inc.		170,670
	1,335	Ecolab, Inc.		249,231
	588	FMC Corporation		61,352
	1,304	International Flavors & Fragrances, Inc.		103,785
	1,379	LyondellBasell Industries N.V., Class A		126,634
	1,626	Mosaic Company (The)		56,910
	2,611	New Linde plc		995,001
	1,184	PPG Industries, Inc.		175,587
	588	RPM International, Inc.		52,761

See accompanying notes to financial statements.

16

HCM DEFENDER 500 INDEX ETF

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2023

Shares			Fair Value
		COMMON STOCKS — 79.2% (Continued)
		CHEMICALS - 1.2% (Continued)
	1,236	Sherwin-Williams Company (The)	$	328,183
				3,368,837
		COMMERCIAL SUPPORT SERVICES - 0.3%
	454	Cintas Corporation		225,674
	1,005	Republic Services, Inc.		153,936
	2,131	Waste Management, Inc.		369,558
				749,168
		CONSTRUCTION MATERIALS - 0.1%
	316	Carlisle Companies, Inc.		81,063
	352	Martin Marietta Materials, Inc.		162,515
	690	Vulcan Materials Company		155,554
				399,132
		CONTAINERS & PACKAGING - 0.1%
	1,756	Ball Corporation		102,216
	2,028	International Paper Company		64,511
	567	Packaging Corp of America		74,935
				241,662
		DATA CENTER REIT - 0.2%
	1,402	Digital Realty Trust, Inc.		159,646
	457	Equinix, Inc.		358,261
				517,907
		DIVERSIFIED INDUSTRIALS - 1.0%
	3,072	3M Company		307,476
	706	Dover Corporation		104,241
	2,083	Eaton Corp plc		418,891
	3,392	Emerson Electric Company		306,603
	5,440	General Electric Company		597,584
	3,676	Honeywell International, Inc.		762,771
	1,425	Illinois Tool Works, Inc.		356,478
				2,854,044
		E-COMMERCE DISCRETIONARY - 3.0%
	65,403	Amazon.com, Inc.(a)		8,525,935
	2,728	eBay, Inc.		121,914

See accompanying notes to financial statements.

17

HCM DEFENDER 500 INDEX ETF

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2023

Shares			Fair Value
		COMMON STOCKS — 79.2% (Continued)
		E-COMMERCE DISCRETIONARY - 3.0% (Continued)
	761	Etsy, Inc.(a)	$	64,388
				8,712,237
		ELECTRIC UTILITIES - 1.6%
	3,695	AES Corporation (The)		76,597
	1,383	Alliant Energy Corporation		72,580
	1,431	Ameren Corporation		116,870
	2,689	American Electric Power Company, Inc.		226,414
	3,290	CenterPoint Energy, Inc.		95,904
	1,625	CMS Energy Corporation		95,469
	1,860	Consolidated Edison, Inc.		168,144
	1,832	Constellation Energy Corporation		167,720
	4,009	Dominion Energy, Inc.		207,626
	1,088	DTE Energy Company		119,702
	4,099	Duke Energy Corporation		367,844
	1,869	Edison International		129,802
	1,150	Entergy Corporation		111,976
	1,231	Evergy, Inc.		71,915
	1,838	Eversource Energy		130,351
	5,305	Exelon Corporation		216,126
	2,947	FirstEnergy Corporation		114,579
	10,077	NextEra Energy, Inc.		747,712
	7,957	PG&E Corporation(a)		137,497
	4,192	PPL Corporation		110,920
	2,858	Public Service Enterprise Group, Inc.		178,939
	1,746	Sempra Energy		254,200
	5,885	Southern Company (The)		413,421
	1,603	WEC Energy Group, Inc.		141,449
	2,888	Xcel Energy, Inc.		179,547
				4,653,304
		ELECTRICAL EQUIPMENT - 0.7%
	1,239	AMETEK, Inc.		200,569
	3,207	Amphenol Corporation, Class A		272,436
	4,633	Carrier Global Corporation		230,306
	1,862	Fortive Corporation		139,222

See accompanying notes to financial statements.

18

HCM DEFENDER 500 INDEX ETF

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2023

Shares			Fair Value
		COMMON STOCKS — 79.2% (Continued)
		ELECTRICAL EQUIPMENT - 0.7% (Continued)
	328	Hubbell, Inc.	$	108,752
	3,770	Johnson Controls International plc		256,888
	967	Keysight Technologies, Inc.(a)		161,924
	2,138	Otis Worldwide Corporation		190,303
	641	Rockwell Automation, Inc.		211,177
	1,300	Trane Technologies PLC		248,638
	1,376	Trimble, Inc.(a)		72,845
				2,093,060
		ENGINEERING & CONSTRUCTION - 0.1%
	616	Jacobs Solutions, Inc.		73,236
	687	Quanta Services, Inc.		134,961
				208,197
		ENTERTAINMENT CONTENT - 0.6%
	3,681	Activision Blizzard, Inc.(a)		310,308
	1,406	Electronic Arts, Inc.		182,358
	2,561	Paramount Global, Class B		40,746
	1,503	ROBLOX Corporation, Class A(a)		60,571
	717	Take-Two Interactive Software, Inc.(a)		105,514
	9,120	Walt Disney Company (The)(a)		814,233
	12,172	Warner Bros Discovery, Inc.(a)		152,637
				1,666,367
		FOOD - 0.6%
	2,576	Conagra Brands, Inc.		86,863
	3,165	General Mills, Inc.		242,756
	800	Hershey Company (The)		199,760
	1,677	Hormel Foods Corporation		67,449
	490	J M Smucker Company (The)		72,358
	1,473	Kellogg Company		99,280
	4,345	Kraft Heinz Company (The)		154,248
	772	Lamb Weston Holdings, Inc.		88,741
	1,285	McCormick & Company, Inc.		112,091
	7,304	Mondelez International, Inc., Class A		532,753
	1,561	Tyson Foods, Inc., Class A		79,673
				1,735,972

See accompanying notes to financial statements.

19

HCM DEFENDER 500 INDEX ETF

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2023

Shares			Fair Value
		COMMON STOCKS — 79.2% (Continued)
		GAMING REIT - 0.1%
	5,307	VICI Properties, Inc.	$	166,799
		GAS & WATER UTILITIES - 0.1%
	974	American Water Works Company, Inc.		139,039
	665	Atmos Energy Corporation		77,366
				216,405
		HEALTH CARE FACILITIES & SERVICES - 2.4%
	756	AmerisourceBergen Corporation		145,477
	1,289	Cardinal Health, Inc.		121,901
	2,966	Centene Corporation(a)		200,057
	317	Charles River Laboratories International, Inc.(a)		66,649
	1,586	Cigna Group (The)		445,032
	6,771	CVS Health Corporation		468,079
	1,248	Elevance Health, Inc.		554,474
	1,161	HCA Healthcare, Inc.		352,340
	652	Humana, Inc.		291,529
	898	IQVIA Holdings, Inc.(a)		201,843
	491	Laboratory Corp of America Holdings		118,493
	714	McKesson Corporation		305,099
	329	Molina Healthcare, Inc.(a)		99,108
	680	Quest Diagnostics, Inc.		95,581
	7,032	UnitedHealth Group, Inc.		3,379,861
				6,845,523
		HEALTH CARE REIT - 0.1%
	2,774	Healthpeak Properties, Inc.		55,757
	2,034	Ventas, Inc.		96,147
	2,418	Welltower, Inc.		195,592
				347,496
		HOME CONSTRUCTION - 0.2%
	1,588	DR Horton, Inc.		193,243
	1,285	Lennar Corporation, Class A		161,023
	1,504	Masco Corporation		86,300
	14	NVR, Inc.(a)		88,909
				529,475

See accompanying notes to financial statements.

20

HCM DEFENDER 500 INDEX ETF

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2023

Shares			Fair Value
		COMMON STOCKS — 79.2% (Continued)
		HOTEL REITS - 0.0%(b)
	4,364	Host Hotels & Resorts, Inc.	$	73,446
		HOUSEHOLD PRODUCTS - 1.3%
	1,221	Church & Dwight Company, Inc.		122,381
	697	Clorox Company (The)		110,851
	4,240	Colgate-Palmolive Company		326,650
	1,140	Estee Lauder Companies, Inc. (The), Class A		223,873
	1,683	Kimberly-Clark Corporation		232,355
	18,298	Procter & Gamble Company (The)		2,776,539
				3,792,649
		INDUSTRIAL REIT - 0.2%
	4,625	Prologis, Inc.		567,164
		INDUSTRIAL SUPPORT SERVICES - 0.2%
	3,088	Fastenal Company		182,162
	387	United Rentals, Inc.		172,358
	214	WW Grainger, Inc.		168,758
				523,278
		INFRASTRUCTURE REIT - 0.3%
	2,406	American Tower Corporation		466,620
	2,187	Crown Castle, Inc.		249,187
	589	SBA Communications Corporation, A		136,507
	34	Texas Pacific Land Corporation		44,761
				897,075
		INSTITUTIONAL FINANCIAL SERVICES - 0.8%
	3,563	Bank of New York Mellon Corporation (The)		158,625
	611	Cboe Global Markets, Inc.		84,324
	1,845	CME Group, Inc.		341,860
	1,858	Goldman Sachs Group, Inc. (The)		599,279
	2,772	Intercontinental Exchange, Inc.		313,458
	6,581	Morgan Stanley		562,017
	1,593	Nasdaq, Inc.		79,411
	1,083	Northern Trust Corporation		80,294

See accompanying notes to financial statements.

21

HCM DEFENDER 500 INDEX ETF

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2023

Shares			Fair Value
		COMMON STOCKS — 79.2% (Continued)
		INSTITUTIONAL FINANCIAL SERVICES - 0.8% (Continued)
	1,868	State Street Corporation	$	136,700
				2,355,968
		INSURANCE - 2.5%
	3,129	Aflac, Inc.		218,404
	1,587	Allstate Corporation (The)		173,046
	3,998	American International Group, Inc.		230,045
	1,029	Aon PLC, Class A		355,211
	1,960	Arch Capital Group Ltd.(a)		146,706
	1,035	Arthur J Gallagher & Company		227,255
	9,851	Berkshire Hathaway, Inc., Class B(a)		3,359,192
	1,233	Brown & Brown, Inc.		84,880
	2,030	Chubb Ltd.		390,897
	713	Cincinnati Financial Corporation		69,389
	1,658	Hartford Financial Services Group, Inc. (The)		119,409
	69	Markel Group, Inc.(a)		95,439
	2,656	Marsh & McLennan Companies, Inc.		499,540
	3,190	MetLife, Inc.		180,331
	1,429	Principal Financial Group, Inc.		108,375
	3,129	Progressive Corporation (The)		414,186
	2,026	Prudential Financial, Inc.		178,734
	1,211	Travelers Companies, Inc. (The)		210,302
	1,059	W R Berkley Corporation		63,074
	594	Willis Towers Watson PLC		139,887
				7,264,302
		INTERNET MEDIA & SERVICES - 6.1%
	1,745	Airbnb, Inc., Class A(a)		223,639
	44,193	Alphabet, Inc., Class A(a)		5,289,903
	39,608	Alphabet, Inc., Class C(a)		4,791,380
	205	Booking Holdings, Inc.(a)		553,568
	1,384	DoorDash, Inc., Class A(a)		105,765
	714	Expedia Group, Inc.(a)		78,104
	641	GoDaddy, Inc., Class A(a)		48,158
	16,622	Meta Platforms, Inc., Class A(a)		4,770,182
	2,310	Netflix, Inc.(a)		1,017,532

See accompanying notes to financial statements.

22

HCM DEFENDER 500 INDEX ETF

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2023

Shares			Fair Value
		COMMON STOCKS — 79.2% (Continued)
		INTERNET MEDIA & SERVICES - 6.1% (Continued)
	2,886	Pinterest, Inc., Class A(a)	$	78,903
	5,301	Snap, Inc., Class A(a)		62,764
	9,530	Uber Technologies, Inc.(a)		411,410
	468	VeriSign, Inc.(a)		105,754
				17,537,062
		LEISURE FACILITIES & SERVICES - 1.1%
	127	Chipotle Mexican Grill, Inc.(a)		271,653
	677	Darden Restaurants, Inc.		113,113
	212	Domino’s Pizza, Inc.		71,442
	1,482	Hilton Worldwide Holdings, Inc.		215,705
	1,812	Las Vegas Sands Corporation(a)		105,096
	1,404	Marriott International, Inc., Class A		257,901
	3,799	McDonald’s Corporation		1,133,659
	1,974	MGM Resorts International		86,698
	1,216	Royal Caribbean Cruises Ltd.(a)		126,148
	5,892	Starbucks Corporation		583,662
	1,549	Yum! Brands, Inc.		214,614
				3,179,691
		MACHINERY - 0.7%
	2,796	Caterpillar, Inc.		687,956
	1,484	Deere & Company		601,302
	420	IDEX Corporation		90,409
	2,246	Ingersoll Rand, Inc.		146,799
	654	Parker-Hannifin Corporation		255,086
	859	Stanley Black & Decker, Inc.		80,497
	884	Xylem, Inc.		99,556
				1,961,605
		MEDICAL EQUIPMENT & DEVICES - 2.9%
	8,913	Abbott Laboratories		971,695
	1,617	Agilent Technologies, Inc.		194,444
	413	Align Technology, Inc.(a)		146,053
	3,336	Avantor, Inc.(a)		68,521
	2,828	Baxter International, Inc.		128,844

See accompanying notes to financial statements.

23

HCM DEFENDER 500 INDEX ETF

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2023

Shares			Fair Value
		COMMON STOCKS — 79.2% (Continued)
		MEDICAL EQUIPMENT & DEVICES - 2.9% (Continued)
	1,470	Becton Dickinson and Company	$	388,095
	934	Bio-Techne Corporation		76,242
	7,138	Boston Scientific Corporation(a)		386,094
	295	Cooper Companies, Inc. (The)		113,112
	3,408	Danaher Corporation		817,920
	2,098	DexCom, Inc.(a)		269,614
	3,194	Edwards Lifesciences Corporation(a)		301,290
	2,007	GE HealthCare Technologies, Inc.		163,049
	1,261	Hologic, Inc.(a)		102,103
	418	IDEXX Laboratories, Inc.(a)		209,932
	863	Illumina, Inc.(a)		161,804
	345	Insulet Corporation(a)		99,477
	1,855	Intuitive Surgical, Inc.(a)		634,299
	6,977	Medtronic PLC		614,674
	109	Mettler-Toledo International, Inc.(a)		142,969
	751	PerkinElmer, Inc.		89,211
	647	ResMed, Inc.		141,370
	505	STERIS plc		113,615
	1,774	Stryker Corporation		541,230
	2,004	Thermo Fisher Scientific, Inc.		1,045,587
	302	Waters Corporation(a)		80,495
	389	West Pharmaceutical Services, Inc.		148,781
	1,015	Zimmer Biomet Holdings, Inc.		147,784
				8,298,304
		METALS & MINING - 0.2%
	7,452	Freeport-McMoRan, Inc.		298,080
	4,352	Newmont Corporation		185,656
				483,736
		MULTI ASSET CLASS REIT - 0.0%(b)
	904	WP Carey, Inc.		61,074
		OFFICE REIT - 0.0%(b)
	796	Alexandria Real Estate Equities, Inc.		90,338

See accompanying notes to financial statements.

24

HCM DEFENDER 500 INDEX ETF

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2023

Shares			Fair Value
		COMMON STOCKS — 79.2% (Continued)
		OIL & GAS PRODUCERS - 3.2%
	1,705	APA Corporation	$	58,260
	1,164	Cheniere Energy, Inc.		177,347
	14,005	Chevron Corporation		2,203,686
	6,780	ConocoPhillips		702,475
	4,014	Coterra Energy, Inc.		101,554
	3,173	Devon Energy Corporation		153,383
	858	Diamondback Energy, Inc.		112,707
	2,883	EOG Resources, Inc.		329,930
	1,461	EQT Corporation		60,091
	31,146	Exxon Mobil Corporation		3,340,408
	1,323	Hess Corporation		179,862
	10,625	Kinder Morgan, Inc.		182,963
	3,691	Marathon Oil Corporation		84,967
	2,667	Marathon Petroleum Corporation		310,972
	4,614	Occidental Petroleum Corporation		271,303
	2,158	ONEOK, Inc.		133,192
	2,413	Phillips 66		230,152
	1,176	Pioneer Natural Resources Company		243,644
	1,006	Targa Resources Corporation		76,557
	2,013	Valero Energy Corporation		236,125
	6,265	Williams Companies, Inc. (The)		204,427
				9,394,005
		OIL & GAS SERVICES & EQUIPMENT - 0.2%
	4,856	Baker Hughes Company		153,498
	4,290	Halliburton Company		141,527
	7,011	Schlumberger Ltd.		344,381
				639,406
		REAL ESTATE SERVICES - 0.0%(b)
	1,493	CBRE Group, Inc., Class A(a)		120,500
		RENEWABLE ENERGY - 0.1%
	709	Enphase Energy, Inc.(a)		118,744
	426	First Solar, Inc.(a)		80,978
				199,722

See accompanying notes to financial statements.

25

HCM DEFENDER 500 INDEX ETF

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2023

Shares			Fair Value
		COMMON STOCKS — 79.2% (Continued)
		RESIDENTIAL REIT - 0.3%
	735	AvalonBay Communities, Inc.	$	139,113
	641	Camden Property Trust		69,786
	2,030	Equity Residential		133,919
	342	Essex Property Trust, Inc.		80,131
	3,181	Invitation Homes, Inc.		109,426
	627	Mid-America Apartment Communities, Inc.		95,216
	668	Sun Communities, Inc.		87,147
	1,852	UDR, Inc.		79,562
				794,300
		RETAIL - CONSUMER STAPLES - 1.2%
	2,312	Costco Wholesale Corporation		1,244,734
	1,211	Dollar General Corporation		205,604
	1,052	Dollar Tree, Inc.(a)		150,962
	3,343	Kroger Company (The)		157,121
	2,339	Target Corporation		308,514
	3,499	Walgreens Boots Alliance, Inc.		99,687
	7,563	Walmart, Inc.		1,188,752
				3,355,374
		RETAIL - DISCRETIONARY - 1.7%
	101	AutoZone, Inc.(a)		251,829
	1,213	Best Buy Company, Inc.		99,405
	750	Genuine Parts Company		126,923
	7,820	Home Depot, Inc. (The)		2,429,204
	3,250	Lowe’s Companies, Inc.		733,525
	335	O’Reilly Automotive, Inc.(a)		320,026
	1,708	Ross Stores, Inc.		191,518
	5,921	TJX Companies, Inc. (The)		502,042
	576	Tractor Supply Company		127,354
	247	Ulta Beauty, Inc.(a)		116,237
				4,898,063
		RETAIL REIT - 0.1%
	3,492	Kimco Realty Corporation		68,862
	2,991	Realty Income Corporation		178,832

See accompanying notes to financial statements.

26

HCM DEFENDER 500 INDEX ETF

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2023

Shares			Fair Value
		COMMON STOCKS — 79.2% (Continued)
		RETAIL REIT - 0.1% (Continued)
	1,632	Simon Property Group, Inc.	$	188,463
				436,157
		SELF-STORAGE REIT - 0.1%
	655	Extra Space Storage, Inc.		97,497
	777	Public Storage		226,791
				324,288
		SEMICONDUCTORS - 5.3%
	8,331	Advanced Micro Devices, Inc.(a)		948,984
	2,715	Analog Devices, Inc.		528,909
	4,564	Applied Materials, Inc.		659,681
	2,016	Broadcom, Inc.		1,748,739
	644	Entegris, Inc.		71,368
	21,799	Intel Corporation		728,959
	782	KLA Corporation		379,286
	698	Lam Research Corporation		448,716
	4,392	Marvell Technology, Inc.		262,554
	2,737	Microchip Technology, Inc.		245,208
	5,816	Micron Technology, Inc.		367,048
	251	Monolithic Power Systems, Inc.		135,598
	16,570	NVIDIA Corporation		7,009,440
	2,296	ON Semiconductor Corporation(a)		217,156
	5,654	QUALCOMM, Inc.		673,052
	739	Skyworks Solutions, Inc.		81,800
	787	Teradyne, Inc.		87,617
	4,911	Texas Instruments, Inc.		884,078
				15,478,193
		SOFTWARE - 9.5%
	2,391	Adobe, Inc.(a)		1,169,176
	849	Akamai Technologies, Inc.(a)		76,300
	494	ANSYS, Inc.(a)		163,153
	666	Atlassian Corp plc, CLASS A(a)		111,761
	1,131	Autodesk, Inc.(a)		231,414
	1,292	Cadence Design Systems, Inc.(a)		303,000
	1,137	Cloudflare, Inc., Class A(a)		74,326

See accompanying notes to financial statements.

27

HCM DEFENDER 500 INDEX ETF

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2023

Shares			Fair Value
		COMMON STOCKS — 79.2% (Continued)
		SOFTWARE - 9.5% (Continued)
	991	Crowdstrike Holdings, Inc., Class A(a)	$	145,548
	1,445	Datadog, Inc., Class A(a)		142,159
	3,592	Fortinet, Inc.(a)		271,519
	2,240	Gen Digital, Inc.		41,552
	235	HubSpot, Inc.(a)		125,041
	1,412	Intuit, Inc.		646,964
	54,810	Microsoft Corporation		18,664,998
	377	MongoDB, Inc.(a)		154,943
	8,061	Oracle Corporation		959,984
	10,907	Palantir Technologies, Inc., Class A(a)		167,204
	1,406	Palo Alto Networks, Inc.(a)		359,247
	237	Paycom Software, Inc.		76,134
	574	PTC, Inc.(a)		81,680
	564	Roper Technologies, Inc.		271,171
	4,999	Salesforce, Inc.(a)		1,056,089
	939	ServiceNow, Inc.(a)		527,690
	1,434	Snowflake, Inc.(a)		252,355
	845	Splunk, Inc.(a)		89,646
	886	SS&C Technologies Holdings, Inc.		53,692
	740	Synopsys, Inc.(a)		322,203
	945	Twilio, Inc., Class A(a)		60,121
	242	Tyler Technologies, Inc.(a)		100,786
	772	Veeva Systems, Inc., Class A(a)		152,648
	1,205	VMware, Inc., Class A(a)		173,146
	1,051	Workday, Inc., Class A(a)		237,410
	1,108	Zoom Video Communications, Inc., Class A(a)		75,211
				27,338,271
		SPECIALTY FINANCE - 0.3%
	3,060	American Express Company		533,052
	2,082	Capital One Financial Corporation		227,708
	1,525	Discover Financial Services		178,196
	2,356	Synchrony Financial		79,916
				1,018,872

See accompanying notes to financial statements.

28

HCM DEFENDER 500 INDEX ETF

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2023

Shares			Fair Value
		COMMON STOCKS — 79.2% (Continued)
		SPECIALTY REITS - 0.0%(b)
	1,428	Iron Mountain, Inc.	$	81,139
		STEEL - 0.1%
	1,306	Nucor Corporation		214,158
	922	Steel Dynamics, Inc.		100,433
				314,591
		TECHNOLOGY HARDWARE - 8.7%
	117,288	Apple, Inc.		22,750,354
	1,307	Arista Networks, Inc.(a)		211,812
	20,207	Cisco Systems, Inc.		1,045,510
	4,177	Corning, Inc.		146,362
	781	Garmin Ltd.		81,450
	7,847	Hewlett Packard Enterprise Company		131,830
	5,498	HP, Inc.		168,844
	866	Motorola Solutions, Inc.		253,980
	1,147	NetApp, Inc.		87,631
	856	Seagate Technology Holdings plc		52,961
	1,346	Western Digital Corporation(a)		51,054
	251	Zebra Technologies Corporation, Class A(a)		74,253
				25,056,041
		TECHNOLOGY SERVICES - 4.1%
	3,418	Accenture PLC, Class A		1,054,726
	2,238	Automatic Data Processing, Inc.		491,890
	2,827	Block, Inc., Class A(a)		188,193
	793	Booz Allen Hamilton Holding Corporation		88,499
	515	Broadridge Financial Solutions, Inc.		85,299
	626	CDW Corporation		114,871
	2,860	Cognizant Technology Solutions Corporation, Class A		186,701
	2,236	CoStar Group, Inc.(a)		199,004
	285	EPAM Systems, Inc.(a)		64,054
	571	Equifax, Inc.		134,356
	173	FactSet Research Systems, Inc.		69,312
	3,254	Fidelity National Information Services, Inc.		177,994
	3,142	Fiserv, Inc.(a)		396,363

See accompanying notes to financial statements.

29

HCM DEFENDER 500 INDEX ETF

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2023

Shares			Fair Value
		COMMON STOCKS — 79.2% (Continued)
		TECHNOLOGY SERVICES - 4.1% (Continued)
	388	FleetCor Technologies, Inc.(a)	$	97,419
	373	Gartner, Inc.(a)		130,666
	1,381	Global Payments, Inc.		136,056
	4,746	International Business Machines Corporation		635,062
	413	Jack Henry & Associates, Inc.		69,107
	775	Leidos Holdings, Inc.		68,572
	6,458	Mastercard, Inc., Class A		2,539,932
	793	Moody’s Corporation		275,742
	393	MSCI, Inc.		184,431
	1,695	Paychex, Inc.		189,620
	6,182	PayPal Holdings, Inc.(a)		412,525
	1,724	S&P Global, Inc.		691,134
	1,134	TransUnion		88,826
	822	Verisk Analytics, Inc.		185,797
	12,157	Visa, Inc., Class A		2,887,045
				11,843,196
		TELECOMMUNICATIONS - 0.7%
	38,084	AT&T, Inc.		607,440
	3,250	T-Mobile US, Inc.(a)		451,425
	22,492	Verizon Communications, Inc.		836,477
				1,895,342
		TIMBER REIT - 0.0%(b)
	3,993	Weyerhaeuser Company		133,805
		TOBACCO & CANNABIS - 0.4%
	9,492	Altria Group, Inc.		429,988
	8,035	Philip Morris International, Inc.		784,376
				1,214,364
		TRANSPORTATION & LOGISTICS - 1.1%
	532	CH Robinson Worldwide, Inc.		50,194
	11,697	CSX Corporation		398,868
	3,283	Delta Air Lines, Inc.(a)		156,074
	933	Expeditors International of Washington, Inc.		113,014
	1,206	FedEx Corporation		298,967

See accompanying notes to financial statements.

30

HCM DEFENDER 500 INDEX ETF

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2023

Shares			Fair Value
		COMMON STOCKS — 79.2% (Continued)
		TRANSPORTATION & LOGISTICS - 1.1% (Continued)
	398	JB Hunt Transport Services, Inc.	$	72,050
	1,281	Norfolk Southern Corporation		290,480
	471	Old Dominion Freight Line, Inc.		174,152
	2,748	Southwest Airlines Company		99,505
	3,334	Union Pacific Corporation		682,203
	1,572	United Airlines Holdings, Inc.(a)		86,256
	3,985	United Parcel Service, Inc., Class B		714,311
				3,136,074
		TRANSPORTATION EQUIPMENT - 0.2%
	719	Cummins, Inc.		176,270
	2,627	PACCAR, Inc.		219,749
	981	Westinghouse Air Brake Technologies Corporation		107,586
				503,605
		WHOLESALE - CONSUMER STAPLES - 0.2%
	2,894	Archer-Daniels-Midland Company		218,671
	757	Bunge Ltd.		71,423
	2,577	Sysco Corporation		191,213
				481,307
		WHOLESALE - DISCRETIONARY - 0.1%
	2,382	Copart, Inc.(a)		217,263
	1,346	LKQ Corporation		78,431
	208	Pool Corporation		77,925
				373,619
		TOTAL COMMON STOCKS (Cost $200,374,507)		229,014,367
		EXCHANGE-TRADED FUNDS - 20.1%
		EQUITY - 20.1%
	3,989	Direxion Daily S&P 500 Bull 2X Shares		369,142
	641,799	Direxion Daily S&P 500 Bull 3X		57,749,074
		TOTAL EXCHANGE-TRADED FUNDS (Cost $49,557,106)		58,118,216

See accompanying notes to financial statements.

31

HCM DEFENDER 500 INDEX ETF

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2023

Shares			Expiration Date	Exercise Price		Fair Value
		RIGHT - 0.0%(b)
		MEDICAL EQUIPMENT & DEVICES – 0.0%(b)
	143	ABIOMED, Inc. - CVR(a) (c) (Cost $0)	12/31/2029	$	35	$	—
		TOTAL INVESTMENTS - 99.3% (Cost $249,931,613)				$	287,132,583
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.7%					1,910,168
		NET ASSETS - 100.0%				$	289,042,751

CVR - Contingent Value Right

ETF - Exchange-Traded Fund

LTD - Limited Company

MSCI - Morgan Stanley Capital International

NV - Naamioze Vennootschap

PLC - Public Limited Company

REIT - Real Estate Investment Trust

^(a) - Non-income producing security.

^(b) - Percentage rounds to less than 0.1%.

^(c) - Illiquid security. The total fair value of these securities as of June 30, 2023 was $0, representing 0.0% of net assets.

See accompanying notes to financial statements.

32

The HCM ETFs

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2023

	HCM Defender 100			HCM Defender 500
	Index ETF			Index ETF
ASSETS
Investment securities:
At cost	$	252,420,036		$	249,931,613
At fair value	$	324,152,309		$	287,132,583
Cash and cash equivalents		4,106,733			2,017,597
Dividends and interest receivable		47,179			133,106
Prepaid expenses		3,500			3,369
TOTAL ASSETS		328,309,721			289,286,655
LIABILITIES
Investment advisory fees payable		196,180			169,163
Audit fees payable		20,361			20,435
Custody fees payable		17,159			37,516
Payable to related parties		11,910			11,829
Accrued expenses and other liabilities		6,997			4,961
TOTAL LIABILITIES		252,607			243,904
NET ASSETS	$	328,057,114		$	289,042,751
Net Assets Consist Of:
Paid in capital	$	353,828,136		$	326,809,767
Accumulated deficit		(25,771,022	)		(37,767,016	)
NET ASSETS	$	328,057,114		$	289,042,751
Net Asset Value Per Share:
Net Assets	$	328,057,114		$	289,042,751
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		6,950,000			7,350,000
Net asset value, offering and redemption price per share (Net Assets ÷ Shares Outstanding)	$	47.20		$	39.33

See accompanying notes to financial statements.

33

The HCM ETFs

STATEMENTS OF OPERATIONS

For the Year Ended June 30, 2023

	HCM Defender 100			HCM Defender 500
	Index ETF			Index ETF
INVESTMENT INCOME
Dividends (net of tax withholding of $1,871 and $1,425, respectively)	$	1,426,463		$	2,445,189
Interest		2,429,665			2,442,507
TOTAL INVESTMENT INCOME		3,856,128			4,887,696
EXPENSES
Investment advisory fees		1,980,948			1,935,198
Administrative services		138,870			148,445
Custodian fees		38,951			101,898
Printing and postage expenses		23,378			23,981
Audit fees		21,905			22,005
Professional fees		21,027			15,080
Trustees fees and expenses		15,484			15,484
Legal fees		15,263			15,263
Transfer agent fees		12,233			12,513
Insurance expense		5,001			5,000
Other expenses		18,294			15,118
TOTAL EXPENSES		2,291,354			2,309,985
NET INVESTMENT INCOME		1,564,774			2,577,711
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
In-kind redemptions		1,724,066			642,838
Net realized loss on investments		(6,448,514	)		(6,423,303	)
Foreign currency transactions		(36	)		(193	)
		(4,724,484	)		(5,780,658	)
Net change in unrealized appreciation on investments		71,732,273			37,200,970
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		67,007,789			31,420,312
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	68,572,563		$	33,998,023

See accompanying notes to financial statements.

34

HCM Defender 100 Index ETF

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended			Year Ended
	June 30, 2023			June 30, 2022
FROM OPERATIONS
Net investment income (loss)	$	1,564,774		$	(1,147,736	)
Net realized loss on investments, in-kind redemptions, and foreign currency transactions		(4,724,484	)		(27,279,195	)
Net change in unrealized appreciation (depreciation) on investments		71,732,273			(69,663,592	)
Net increase (decrease) in net assets resulting from operations		68,572,563			(98,090,523	)
FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold		44,605,111			362,188,640
Cost of shares redeemed		(36,340,067	)		(221,311,794	)
Net increase in net assets resulting from shares of beneficial interest		8,265,044			140,876,846
TOTAL INCREASE IN NET ASSETS		76,837,607			42,786,323
NET ASSETS
Beginning of Year		251,219,507			208,433,184
End of Year	$	328,057,114		$	251,219,507
SHARE ACTIVITY
Shares Sold		1,100,000			7,250,000
Shares Redeemed		(950,000	)		(4,800,000	)
Net increase in shares of beneficial interest outstanding		150,000			2,450,000

See accompanying notes to financial statements.

35

HCM Defender 500 Index ETF

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended			Year Ended
	June 30, 2023			June 30, 2022
FROM OPERATIONS
Net investment income	$	2,577,711		$	183,782
Net realized gain (loss) on investments, in-kind redemptions, and foreign currency transactions		(5,780,658	)		90,055
Net change in unrealized appreciation (depreciation) on investments		37,200,970			(57,551,430	)
Net increase (decrease) in net assets resulting from operations		33,998,023			(57,277,593	)
DISTRIBUTIONS TO SHAREHOLDERS
From return of capital		—			(19,389	)
Total distributions paid		(1,454,080	)		(458,426	)
Net decrease in net assets resulting from distributions to shareholders		(1,454,080	)		(477,815	)
FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold		41,588,392			357,551,600
Cost of shares redeemed		(45,294,648	)		(235,324,196	)
Net increase (decrease) in net assets resulting from shares of beneficial interest		(3,706,256	)		122,227,404
TOTAL INCREASE IN NET ASSETS		28,837,687			64,471,996
NET ASSETS
Beginning of Year		260,205,064			195,733,068
End of Year	$	289,042,751		$	260,205,064
SHARE ACTIVITY
Shares Sold		1,150,000			8,450,000
Shares Redeemed		(1,300,000	)		(5,850,000	)
Net increase (decrease) in shares of beneficial interest outstanding		(150,000	)		2,600,000

See accompanying notes to financial statements.

36

HCM Defender 100 Index ETF

FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period

	Year Ended			Year Ended			Year Ended			Period Ended
	June 30, 2023			June 30, 2022			June 30, 2021			June 30, 2020 (1)
Net asset value, beginning of period	$	36.94		$	47.92		$	30.21		$	25.00
Activity from investment operations:
Net investment income (loss) (2)		0.23			(0.18	)		(0.10	)		(0.04	)
Net realized and unrealized gain (loss) on investments		10.03			(10.80	)		17.81			5.31
Total from investment operations		10.26			(10.98	)		17.71			5.27
Less distributions from:
Net investment income		—			—			—			(0.00	) (5)
Net realized gains		—			—			—			(0.06	)
Total distributions		—			—			—			(0.06	)
Net asset value, end of period	$	47.20		$	36.94		$	47.92		$	30.21
Market price, end of period	$	47.23		$	36.96		$	47.97		$	30.25
Total return (4)		27.77	%		(22.91	)%		58.62	%		21.11	% (8)
Market price total return		27.79	%		(22.95	)%		58.58	%		21.27	%
Net assets, at end of period (000s)	$	328,057		$	251,220		$	208,433		$	101,197
Ratio of net expenses to average net assets (6)(7)		0.89	%		0.89	%		0.91	%		1.02	%
Ratio of net investment income (loss) to average net assets (6)(7)		0.61	%		(0.37	)%		(0.26	)%		(0.18	)%
Portfolio Turnover Rate (3)		45	%		73	%		5	%		150	% (8)

(1) The HCM Defender 100 Index ETF commenced operations on October 9, 2019.

(2) Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.

(3) Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

(4) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment dates.

(5) Represents less than $0.005.

(6) Does not include the expenses of other investment companies in which the Fund invests, as these expenses are included in the realized and unrealized gain/(loss) on investments.

(7) Annualized for periods less than one year.

(8) Not annualized.

See accompanying notes to financial statements.

37

HCM Defender 500 Index ETF

FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period

	Year Ended			Year Ended			Year Ended			Period Ended
	June 30, 2023			June 30, 2022			June 30, 2021			June 30, 2020 (1)
Net asset value, beginning of period	$	34.69		$	39.95		$	25.15		$	25.00
Activity from investment operations:
Net investment income (2)		0.36			0.03			0.09			0.07
Net realized and unrealized gain (loss) on investments		4.48			(5.23	)		14.79			0.13
Total from investment operations		4.84			(5.20	)		14.88			0.20
Less distributions from:
Net investment income		(0.20	)		(0.06	)		(0.08	)		(0.05	)
Net realized gains		—			—			—			(0.00	) (5)
Return of capital		—			(0.00	) (5)		—			(0.00	) (5)
Total distributions		(0.20	)		(0.06	)		(0.08	)		(0.05	)
Net asset value, end of period	$	39.33		$	34.69		$	39.95		$	25.15
Market price, end of period	$	39.36		$	34.70		$	40.00		$	25.12
Total return (4)		14.06	%		(13.05	)%		59.23	%		0.78	% (8)
Market price total return		14.12	%		(13.13	)%		59.62	%		0.66	%
Net assets, at end of period (000s)	$	289,043		$	260,205		$	195,733		$	91,806
Ratio of net expenses to average net assets (6)(7)		0.92	%		0.89	%		0.94	%		1.14	%
Ratio of net investment income to average net assets (6)(7)		1.03	%		0.06	%		0.27	%		0.40	%
Portfolio Turnover Rate (3)		59	%		73	%		3	%		128	% (8)

(1) The HCM Defender 500 Index ETF commenced operations on October 9, 2019.

(2) Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.

(3) Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

(4) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment dates.

(5) Represents less than $0.005.

(6) Does not include the expenses of other investment companies in which the Fund invests, as these expenses are included in the realized and unrealized gain/(loss) on investments.

(7) Annualized for periods less than one year.

(8) Not annualized.

See accompanying notes to financial statements.

38

The HCM ETFs
NOTES TO FINANCIAL STATEMENTS
June 30, 2023

1. ORGANIZATION

The HCM Defender 100 Index ETF (“QQH”) and the HCM Defender 500 Index ETF (“LGH”) (each a “Fund” and collectively the “Funds”) are each diversified series of Northern Lights Fund Trust III (the “Trust”), a statutory trust organized under the laws of the State of Delaware on December 5, 2011, which is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. QQH’s investment objective seeks to provide investment results that correspond, before fees and expenses, generally to the performance of the HCM Defender 100 Index. LGH’s investment objective seeks to provide investment results that correspond, before fees and expenses, generally to the performance of the HCM Defender 500 Index. The investment objectives of each fund are non-fundamental. QQH and LGH commenced operations on October 9, 2019.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed by the Funds in preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Funds are each investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services – Investment Companies” including FASB Accounting Standards Update (“ASU”) 2013-08.

Securities valuation – Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ, at the NASDAQ Official Closing Price (“NOCP”). In the absence of a sale, such securities shall be valued at the mean between the current bid and ask prices on the primary exchange on the day of valuation. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Trust’s Board of Trustees (the “Board”) based on methods which include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions or market quotations from a major market maker in the securities. Investments valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost, which approximates fair value. Investments in open-end investment companies are valued at net asset value.

The Funds may hold securities, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These securities will be valued using the “fair value” procedures approved by the Board. The Board has delegated execution of these procedures to the Adviser as its valuation designee (the “Valuation Designee”). The Board may also enlist third party consultants such a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer

39

The HCM ETFs
NOTES TO FINANCIAL STATEMENTS (Continued)
June 30, 2023

on an as-needed basis to assist the Valuation Designee in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee, which approval shall be based upon whether the Valuation Designee followed the valuation procedures established by the Board.

Fair Valuation Process – Applicable investments are valued by the Valuation Designee pursuant to valuation procedures established by the Board. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the Valuation Designee, the prices or values available do not represent the fair value of the instrument; factors which may cause the Valuation Designee to make such a judgment include, but are not limited to, the following: only a bid price or an ask price is available; the spread between bid and ask prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; and (iv) securities with respect to which an event that will affect the value thereof has occurred (a “significant event”) since the closing prices were established on the principal exchange on which they are traded, but prior to a Fund’s calculation of its net asset value. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid investments, such as private investments or non-traded securities are valued based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If a current bid from such independent dealers or other independent parties is unavailable, the Valuation Designee shall determine, the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Fund’s holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

Exchange Traded Funds (“ETFs”) – The Funds may invest in ETFs. ETFs are generally a type of fund bought and sold on a securities exchange. An ETF trades like common stock and represents a portfolio of securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities they hold, although the lack of liquidity on an ETF could result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value.

40

The HCM ETFs
NOTES TO FINANCIAL STATEMENTS (Continued)
June 30, 2023

The Funds utilize various methods to measure the fair value of all of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities that the Funds have the ability to access.

Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of value requires more judgment. Accordingly, the degree of judgment exercised in determining value is greatest for instruments categorized in Level 3.

The inputs used to measure value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of June 30, 2023 for the Funds’ assets measured at fair value:

HCM Defender 100 Index ETF
Assets*	Level 1		Level 2		Level 3		Total
Common Stocks	$	253,825,726	$	—	$	—	$	253,825,726
Exchange Traded Funds		70,326,583		—		—		70,326,583
Total	$	324,152,309	$	—	$	—	$	324,152,309

HCM Defender 500 Index ETF
Assets*	Level 1		Level 2		Level 3		Total
Common Stocks	$	229,014,367	$	—	$	—	$	229,014,367
Exchange Traded Funds		58,118,216		—		—		58,118,216
Right		—		—		—		—
Total	$	287,132,583	$	—	$	—	$	287,132,583

The Funds did not hold any Level 2 or 3 securities during the period.

* See Schedule of Investments for industry classification.

41

The HCM ETFs
NOTES TO FINANCIAL STATEMENTS (Continued)
June 30, 2023

Security transactions and related income – Security transactions are accounted for on the trade date. Interest income is recognized on an accrual basis. Dividend income is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

Dividends and distributions to shareholders – Dividends from net investment income and net realized capital gains, if any, are declared and paid annually for each Fund. Dividends from net investment income and distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either temporary (e.g., deferred losses) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification. Dividends and distributions to shareholders are recorded on the ex-dividend date.

Federal Income Taxes – The Funds intend to continue to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of their taxable income to their shareholders. Therefore, no provision for federal income tax is required. The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Funds’ tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax year June 30, 2020 through June 30, 2022, or expected to be taken in the Funds’ June 30, 2023 tax returns.

The Funds identify their major tax jurisdictions as U.S. federal, Ohio and foreign jurisdictions where the Funds make significant investments. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Expenses – Expenses of the Trust that are directly identifiable to a specific Fund are charged to that Fund. Expenses, which are not readily identifiable to a specific Fund, are allocated in such a manner as deemed equitable (as determined by the Board), taking into consideration the nature and type of expense and the relative sizes of the Funds in the Trust.

Foreign Currency – The accounting records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency, and income receipts and expense payments are translated into U.S. dollars using the prevailing exchange rate at the London market close. Purchases and sales of securities are translated into U.S. dollars at the contractual currency rates established at the approximate time of the trade. Net realized gains and losses on foreign currency transactions represent net gains and losses from currency realized between the trade and settlement dates on securities transactions, gains and losses on the purchase and sale of foreign currencies and the difference between income accrued versus income received. The effects of changes in foreign currency exchange rates on investments in securities are included with the net realized and unrealized gain or loss on investment securities. For the year ended June 30, 2023, QQH and LGH had a realized loss of $36 and $193 on foreign currency transactions, respectively.

42

The HCM ETFs
NOTES TO FINANCIAL STATEMENTS (Continued)
June 30, 2023

Indemnification – The Trust indemnifies its officers and Trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnities. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the risk of loss due to these warranties and indemnities appears to be remote.

3. INVESTMENT TRANSACTIONS

For the year ended June 30, 2023, cost of purchases and proceeds from sales of portfolio securities (excluding in-kind transactions and short-term investments) for the Funds were as follows:

Ticker Symbol	Purchases		Sales
QQH	$	328,109,785	$	75,681,064
LGH	$	346,386,297	$	95,196,022

For the year ended June 30, 2023, cost of purchases and proceeds from sales of portfolio securities for in-kind transactions for the Funds were as follows:

Ticker Symbol	Purchases		Sales
QQH	$	30,872,660	$	26,156,898
LGH	$	31,318,333	$	26,772,534

4. INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES

Howard Capital Management, Inc. (the “Adviser”) serves as the Fund’s investment adviser pursuant to an Investment Advisory Agreement with the Trust (the “Advisory Agreement”). The Trust has entered into a Global Custody Agreement with Brown Brothers Harriman & Co. (the “Custodian”) to serve as custodian and to act as transfer and shareholder services agent. The Trust has also entered into an Underwriting Agreement with Northern Lights Distributors, LLC (the “Distributor”) to serve as the principal underwriter and distributor for the Trust.

Pursuant to the Advisory Agreement, the Adviser, under the oversight of the Board, directs the daily operations of the Funds and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Adviser, each Fund pays the Adviser a fee, computed and accrued daily and paid monthly, at an annual rate of 0.77% of each Fund’s average daily net assets. For the year ended June 30, 2023, the Adviser earned $1,980,948, and $1,935,198 in advisory fees for QQH and LGH, respectively.

The Trust, with respect to the Funds, has adopted a distribution and service plan (“Plan”) pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Funds are authorized to pay distribution fees to the Distributor and other firms that provide distribution and shareholder services (“Service Providers”). If a Service Provider provides these services, the Funds may pay fees at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 under the 1940 Act.

43

The HCM ETFs
NOTES TO FINANCIAL STATEMENTS (Continued)
June 30, 2023

No distribution or service fees are currently paid by the Funds and there are no current plans to impose these fees. In the event Rule 12b-1 fees were charged, over time they would increase the cost of an investment in the Funds.

Ultimus Fund Solutions, LLC (“UFS”) – UFS provides administration and fund accounting services to the Trust. Pursuant to separate servicing agreements with UFS, the Funds pay UFS customary fees for providing administration and fund accounting services to the Funds. Certain officers of the Trust are also officers of UFS, and are not paid any fees directly by the Funds for serving in such capacities.

Northern Lights Compliance Services, LLC (“NLCS”) – NLCS, an affiliate of UFS and the Distributor, provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives customary fees from each Fund.

Blu Giant, LLC (“Blu Giant”) – Blu Giant, an affiliate of UFS, provides EDGAR conversion and filing services as well as print management services for the Funds on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Funds.

5. CAPITAL SHARE TRANSACTIONS

Shares are not individually redeemable and may be redeemed by the Funds at the net asset value (“NAV”) only in large blocks known as “Creation Units.” Shares are created and redeemed by the Funds only in Creation Unit size aggregations of 50,000 shares for both QQH and LGH. Only Authorized Participants or transactions done through an Authorized Participant are permitted to purchase or redeem Creation Units from the Funds. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Distributor. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per share of the Funds on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances. In addition, the Funds may impose transaction fees on purchases and redemptions of Funds’ shares to cover the custodial and other costs incurred by the Funds in effecting trades. A fixed fee may be imposed on each creation and redemption transaction regardless of the number of Creation Units involved in the transaction (“Fixed Fee”). Purchases and redemptions of Creation Units for cash or involving cash-in-lieu are required to pay an additional variable charge to compensate the Funds and its ongoing shareholders for brokerage and market impact expenses relating to Creation Unit transactions (“Variable Charge,” and together with the Fixed Fee, the “Transaction Fees”).

44

The HCM ETFs
NOTES TO FINANCIAL STATEMENTS (Continued)
June 30, 2023

The Transaction Fees for the Fund’s are listed in the table below:

ETFs	Fee for In-Kind and Cash Purchases	Maximum Additional Variable Charge for Cash Purchases*
HCM Defender 100 Index ETF	$500	2.00%*
HCM Defender 500 Index ETF	$1,000	2.00%*

* The maximum Transaction Fee may be up to 2.00% of the amount invested.

6. DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

The tax character of distributions paid for the years ended June 30, 2023, and June 30, 2022, was as follows:

For the year ended June 30, 2023:
	Ordinary		Long-Term		Return		Tax-Exempt
Portfolio	Income		Capital Gains		of Capital		Income		Total
HCM Defender 100 Index ETF	$	—	$	—	$	—	$	—	$	—
HCM Defender 500 Index ETF		1,454,080		—		—		—		1,454,080
For the year ended June 30, 2022:
	Ordinary		Long-Term		Return		Tax-Exempt
Portfolio	Income		Capital Gains		of Capital		Income		Total
HCM Defender 100 Index ETF	$	—	$	—	$	—	$	—	$	—
HCM Defender 500 Index ETF		458,426		—		19,389		—		477,815

As of June 30, 2023, the components of accumulated earnings on a tax basis were as follows:

	Undistributed		Undistributed		Undistributed		Post October Loss			Capital Loss			Other			Unrealized		Total
	Ordinary		Ordinary		Long-Term		and			Carry			Book/Tax			Appreciation/		Accumulated
Portfolio	Tax-Exempt Incom		Income		Capital Gains		Late Year Loss			Forwards			Differences			(Depreciation)		Earnings/(Deficits)
HCM Defender 100 Index ETF	$	—	$	833,092	$	—	$	(6,418,628	)	$	(91,917,759	)	$	—			71,732,273	$	(25,771,022	)
HCM Defender 500 Index ETF		—		937,310		—		—			(75,928,943	)		(147	)		37,224,764		(37,767,016	)

The difference between book basis and tax basis undistributed net investment income/(loss), accumulated net realized gain/(loss), and unrealized appreciation/(depreciation) from investments is primarily attributable to the tax deferral of losses on wash sales, mark-to-market on passive foreign investment companies, and adjustments for real estate investment trusts Form 2439, and C-Corporation return of capital distributions.

Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Funds incurred and elected to defer such late year losses as follows:

	Late Year
Portfolio	Losses
HCM Defender 100 Index ETF	$	—
HCM Defender 500 Index ETF		—

45

The HCM ETFs
NOTES TO FINANCIAL STATEMENTS (Continued)
June 30, 2023

Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Funds incurred and elected to defer such capital losses as follows:

	Post October
Portfolio	Losses
HCM Defender 100 Index ETF	$	6,418,628
HCM Defender 500 Index ETF		—

At June 30, 2023, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains, as follows:

	Non-Expiring
Portfolio	Short-Term		Long-Term		Total		CLCF Utilized
HCM Defender 100 Index ETF	$	88,964,090	$	2,953,669	$	91,917,759	$	—
HCM Defender 500 Index ETF		75,734,811		194,132		75,928,943		—

Permanent book and tax differences, primarily attributable to the tax adjustments for prior year tax returns resulted in reclassifications for the Funds for the fiscal year ended June 30, 2023, as follows:

	Paid
	In		Accumulated
Portfolio	Capital		Earnings (Losses)
HCM Defender 100 Index ETF	$	1,694,180	$	(1,694,180	)
HCM Defender 500 Index ETF		644,814		(644,814	)

7. AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS

	Cost for							Tax Net
	Federal Tax		Unrealized		Unrealized			Unrealized
Portfolio	purposes		Appreciation		Depreciation			App/Dep
HCM Defender 100 Index ETF	$	252,420,036	$	73,957,167	$	(2,224,894	)	$	71,732,273
HCM Defender 500 Index ETF		249,907,819		42,690,042		(5,465,278	)		37,224,764

8. SUBSEQUENT EVENTS

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued.

Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

46

Report of Independent Registered Public Accounting Firm

To the Shareholders of HCM Defender 100 Index ETF and HCM Defender 500 Index ETF and the Board of Trustees of Northern Lights Fund Trust III

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of HCM Defender 100 Index ETF and HCM Defender 500 Index ETF (collectively, the Funds), including the schedules of investments, as of June 30, 2023, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the related notes to the financial statements (collectively, the financial statements), and the financial highlights for each of the three years in the period then ended and the period from October 9, 2019 (commencement of operations) through June 30, 2020. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of June 30, 2023, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended and for the period from October 9, 2019 (commencement of operations) through June 30, 2020, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2023, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ RSM US LLP

We have served as the auditor of one or more Howard Capital Management, Inc. investment companies since 2015.

Denver, Colorado

August 29, 2023

47

The HCM ETFs
EXPENSE EXAMPLES (Unaudited)
June 30, 2023

As a shareholder of the HCM ETFs, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of Fund shares; and (2) ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund’s and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2023 through June 30, 2023.

Actual Expenses

The “Actual” lines in the table below provide information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The “Hypothetical” lines in the table below provide information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not any Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account	Ending	Expenses Paid During	Expenses Paid During
	Value	Account Value	Period*	Period**
Actual	1/1/2023	6/30/2023	1/1/2023 - 6/30/2023	1/1/2023 - 6/30/2023
HCM Defender 100 Index ETF	$1,000.00	$1,385.00	$5.20	0.88%
HCM Defender 500 Index ETF	$1,000.00	$1,178.30	$4.86	0.90%
	Beginning Account	Ending	Expenses Paid During	Expenses Paid During
Hypothetical	Value	Account Value	Period*	Period**
(5% return before expenses)	1/1/2023	6/30/2023	1/1/2023 - 6/30/2023	1/1/2023 - 6/30/2023
HCM Defender 100 Index ETF	$1,000.00	$1,020.43	$4.41	0.88%
HCM Defender 500 Index ETF	$1,000.00	$1,020.33	$4.51	0.90%

* Expenses are equal to the average account value over the period, multiplied by the Fund’s annualized expense ratio net of waived/reimbursed fees, multiplied by the number of days in the period (181) divided by the number of days in the fiscal year (365).

“Hypothetical” expense information is presented on the basis of the full one-half year period to enable a comparison to other funds. It is based on assuming the same net expense ratio and average account value over the period, but is multiplied by 181/365 (to reflect the full half-year period).

** Annualized.

48

THE HCM ETFs
SUPPLEMENTAL INFORMATION (Unaudited)
June 30, 2023

Renewal of Advisory Agreement – HCM Defender 100 Index ETF and HCM Defender 500 Index ETF

In connection with a meeting held on February 22-23, 2023, the Board, including a majority of the Trustees who are not “interested persons” as that term is defined in the 1940 Act, discussed the renewal of the investment advisory agreement (the “Advisory Agreement”) between Howard Capital Management, Inc. (the “Adviser”) and the Trust, with respect to HCM Defender 100 Index ETF (“HCM 100”) and HCM Defender 500 Index ETF (“HCM 500”), (collectively, the “HCM ETFs”). In considering the renewal of the Advisory Agreement, the Board reviewed materials specifically relating to the HCM ETFs and the Advisory Agreement.

The Board discussed the Adviser’s presentation and materials. The Board relied upon the advice of independent legal counsel and its own business judgment in determining the material factors to be considered in evaluating the Advisory Agreement and the weight to be given to each such factor. The Board’s conclusions were based on an evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his or her conclusions with respect to the Advisory Agreement.

Nature, Extent and Quality of Services. The Board recognized that the Adviser had approximately $4.7 billion in total assets under management. The Board noted the broad investment experience and academic credentials of the Adviser’s investment personnel. The Board discussed how the Adviser utilized a proprietary quantitative model to determine when and in which market sectors the HCM ETFs should be invested and augmented its models with third-party research on interest rate direction, international markets and macroeconomic factors. The Board reviewed the Adviser’s risk management plan that employed stop losses, closely monitored the market during times of market growth, and used mathematical market ratios in an effort to avoid major market downturns. The Board noted that the Adviser had defined inputs in its proprietary model to ensure compliance with each HCM ETF’s investment limitations, and that trades were verified weekly by the Adviser’s chief compliance officer and two third-party compliance consultants. The Board observed that the Adviser selected broker/dealers on the basis of best execution.

HCM 100 & HCM 500—With respect to HCM 100 and HCM 500, the Board observed that the Adviser monitored bid/ask spreads, share price, NAV per share and volume during market hours. The Board discussed that the Adviser reviewed the quality of creation and redemption units each time shares are created or redeemed and that tracking error was monitored on a real time basis. The Board recognized that HCM 100 and HCM 500 were monitored using a checklist designed specifically for oversight of exchange traded funds.

The Board concluded that it could expect the Adviser to continue providing quality service to the HCM ETFs and their respective shareholders.

49

THE HCM ETFs
SUPPLEMENTAL INFORMATION (Unaudited)(Continued)
June 30, 2023

Performance.

HCM 100—The Board commented that HCM 100 earned a 3-star Morningstar rating and had underperformed its custom index, Morningstar category, and peer group over the 1-year period. The Board further observed that HCM 100 had underperformed its custom index and Morningstar category over the 3-year and since inception periods but outperformed its peer group over the same periods. The Board noted that whipsaws and overweighting of HCM 100’s positions to the technology sector had dramatically detracted from performance over the past year. The Board also noted that the Adviser attributed underperformance to HCM 100’s use of leveraged ETFs. The Board acknowledged that HCM 100’s Standard Deviation ranked in the top quartile among its peer group and Morningstar category over the 1-year period. After further discussion, the Board concluded that the Adviser’s performance was not unsatisfactory.

HCM 500—The Board noted that HCM 500 earned a 2-star Morningstar rating and had underperformed its peer group and Morningstar category across all periods. The Board further observed that HCM 500 underperformed its custom index over the 1-year period but outperformed its index over the 3-year and since inception periods. The Board noted that whipsaws and overweighting of HCM 500’s positions to the technology sector had dramatically penalized performance over the past year. The Board also noted that the Adviser attributed underperformance to the use of leveraged ETFs. The Board acknowledged that HCM 500’s Standard Deviation ranked in the top quartile among its peer group and Morningstar category over the 1-year period. After further discussion, the Board concluded that the Adviser’s performance was not unsatisfactory and should be afforded an opportunity to manage HCM 500 over a full market cycle.

Fees and Expenses.

HCM 100—The Board observed that the advisory fee and net expense ratio for HCM 100 was higher than its peer group and Morningstar category medians and averages, but below the highs of each. The Board considered the Adviser’s explanation for its fees which included that its proprietary model had been developed over many years through extensive research. The Board discussed that the Adviser believed the utilization of its proprietary model commanded a premium, and that most of the funds in its peer group were extremely large organizations with much greater economies of scale. The Board concluded that the advisory fee for HCM 100 was not unreasonable.

HCM 500—The Board observed that the advisory fee for HCM 500 was higher than its peer group and its Morningstar category medians and averages, but below the Morningstar category high of each. The Board further observed that the net expense ratio for HCM 500 was the highest of its peer group and higher than its Morningstar category median and average. The Board considered the Adviser’s explanation that its proprietary model had been developed over many years and believed that the utilization of its proprietary model commanded a premium. The Board also recalled the Adviser’s statement that most of the funds in its peer group were

50

THE HCM ETFs
SUPPLEMENTAL INFORMATION (Unaudited)(Continued)
June 30, 2023

extremely large organizations with much greater economies of scale. The Board concluded that the advisory fee for HCM 500 was not unreasonable.

Economies of Scale.

HCM 100 & HCM 500—The Board discussed the size of HCM 100 and HCM 500 and their prospects for growth and concluded that that neither had achieved meaningful economies that would necessitate the establishment of breakpoints. The Board noted the Adviser was willing to discuss the implementation of breakpoints if the Adviser was to achieve material economies of scale related to HCM 100’s or HCM 500’s operations. The Board acknowledged that the Adviser believed it may achieve economies of scale when each of HCM 100 and HCM 500 reached specified asset levels. The Board agreed to monitor and revisit this issue at a later time.

Profitability. The Board reviewed the Adviser’s profitability analysis in connection with its advisory services provided to each of the HCM ETFs and noted that the Adviser had earned a reasonable profit in connection with each HCM ETF. The Board acknowledged the rising cost of labor, additional regulatory and compliance requirements, and the Adviser’s continuing investments in technology and the HCM-BuyLine. The Board concluded that the Adviser’s profitability for each of the HCM ETFs was not excessive.

Conclusion. Having requested and reviewed such information from the Adviser as the Board believed to be reasonably necessary to evaluate the terms of the Advisory Agreement, and as assisted by the advice of independent counsel, the Board concluded that renewal of the Advisory Agreement was in the best interests of the HCM ETFs and their respective shareholders.

* Due to timing of the contract renewal schedule, these deliberations may or may not relate to the current performance results of the HCM ETFs.

51

The HCM ETFs
SUPPLEMENTAL INFORMATION (Unaudited)
June 30, 2023

The Trustees and officers of the Trust, together with information as to their principal business occupations during the past five years and other information, are shown below. Unless otherwise noted, the address of each Trustee and officer is 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246.

Independent Trustees

Name, Address, Year of Birth	Position(s) Held with Registrant	Length of Service and Term	Principal Occupation(s) During Past 5 Years	Number of Funds Overseen In The Fund Complex*	Other Directorships Held During Past 5 Years**
Patricia Luscombe 1961	Trustee	Since January 2015, Indefinite	Managing Director of the Valuations and Opinions Group, Lincoln International LLC (since August 2007).	6	Northern Lights Fund Trust III (for series not affiliated with the Fund since 2015); Monetta Mutual Funds (since November 2015).
John V. Palancia 1954	Trustee, Chairman	Trustee, since February 2012, Indefinite; Chairman of the Board since May 2014.	Retired (since 2011); formerly, Director of Global Futures Operations Control, Merrill Lynch, Pierce, Fenner & Smith, Inc. (1975-2011).	6	Northern Lights Fund Trust III (for series not affiliated with the Fund since 2012); Northern Lights Fund Trust (since 2011); Northern Lights Variable Trust (since 2011); Alternative Strategies Fund (since 2012).
Mark H. Taylor 1964	Trustee, Chairman of the Audit Committee	Since February 2012, Indefinite	PhD (Accounting), CPA; Professor and Director, Lynn Pippenger School of Accountancy, Muma College of Business, University of South Florida (2019 – present); Professor and Department of Accountancy Chair, Case Western Reserve University (2009-2019); President, American Accounting Association (AAA) commencing August 2022 (President- Elect 2022-2023, President 2023-2024; Past President 2024-2025). AAA Vice President-Finance (2017-2020); President, Auditing Section of the AAA; Member, AICPA Auditing Standards Board (2009-2012); Academic Fellow, Office of the Chief Accountant, United States Securities Exchange Commission (2005-2006); Center for Audit Quality research grants (2014, 2012).	6	Northern Lights Fund Trust III (for series not affiliated with the Fund since 2012); Northern Lights Fund Trust (since 2007); Northern Lights Variable Trust (since 2007); Alternative Strategies Fund (since June 2010).
Jeffery D. Young 1956	Trustee	Since January 2015, Indefinite	Co-owner and Vice President, Latin America Agriculture Development Corp. (since May 2015); President, Celeritas Rail Consulting (since June 2014); Asst. Vice President - Transportation Systems, Union Pacific Railroad Company (June 1976 to April 2014).	6	Northern Lights Fund Trust III (for series not affiliated with the Fund since 2015).

* As of June 30, 2023, the Trust was comprised of 29 active portfolios managed by 14 unaffiliated investment advisers. The term “Fund Complex” applies only to the Funds. The Funds do not hold themselves out as related to any other series within the Trust for investment purposes, nor do they share the same investment adviser with any other series.

** Only includes directorships held within the past 5 years in a company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934 or subject to the requirements of Section 15(d) of the Securities Exchange Act of 1934, or any company registered as an investment company under the 1940 Act.

6/30/23-NLFT III-v3

52

The HCM ETFs
SUPPLEMENTAL INFORMATION (Unaudited) (Continued)
June 30, 2023

Officers of the Trust

Name, Address, Year of Birth	Position(s) Held with Registrant	Length of Service and Term	Principal Occupation(s) During Past 5 Years
Brian Curley 1970	President	Since May 2023, indefinite	Vice President, Ultimus Fund Solutions, LLC (since 2020); Vice President, Gemini Fund Services, LLC (2015-2020).
Timothy Burdick 1986	Vice President	Since May 2023, indefinite	Vice President and Senior Managing Counsel, Ultimus Fund Solutions, LLC (2023 – present); Vice President and Managing Counsel,  Ultimus  Fund  Solutions,  LLC  (2022  –  2023); Assistant Vice President and Counsel, Ultimus Fund Solutions, LLC (2019 – 2022).
Richard Gleason 1977	Treasurer	Since May 2023, indefinite	Assistant Vice President, Ultimus Fund Solutions, LLC (since 2020); Assistant Vice President, Gemini Fund Services, LLC (2015-2020).
Viktoriya Pallino 1995	Secretary	Since August 2022, indefinite	Senior  Legal  Administrator,  Ultimus  Fund  Solutions,  LLC (since 2023); Legal Administrator II, Ultimus Fund Solutions, LLC  (2021-2023);  Legal  Administrator  I,  Ultimus  Fund Solutions, LLC (2019-2021); Legal Administration Associate, Gemini Fund Services, LLC (2017-2019).
William Kimme 1962	Chief Compliance Officer	Since February 2012, indefinite	Senior Compliance Officer of Northern Lights Compliance Services, LLC (since 2011).

The Fund’s Statement of Additional Information includes additional information about the Trustees and is available free of charge, upon request, by calling toll-free at 1-855-969-8464.

6/30/23-NLFT III-v3

53

The HCM ETFs
SUPPLEMENTAL INFORMATION (Unaudited)
June 30, 2023

LIQUIDITY RISK MANAGEMENT PROGRAM

The Funds have adopted and implemented a written liquidity risk management program as required by Rule 22e-4 (the “Liquidity Rule”) under the 1940 Act. The program is reasonably designed to assess and manage the Funds’ liquidity risk, taking into consideration, among other factors, each Fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings and access to other funding sources.

During the year ended June 30, 2023, the Trust’s Liquidity Risk Management Program Committee (the “Committee”) reviewed the Funds’ investments and determined that the Funds held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements. Accordingly, the Committee concluded that (i) the Funds’ liquidity risk management program is reasonably designed to prevent violations of the Liquidity Rule and (ii) the Funds’ liquidity risk management program has been effectively implemented.

54

PRIVACY NOTICE
Rev. June 2021
FACTS	WHAT DOES NORTHERN LIGHTS FUND TRUST III DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information.  Federal law gives consumers the right to limit some but not all sharing.  Federal law also requires us to tell you how we collect, share, and protect your personal information.  Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us.  This information can include:
	■    Social Security number ■    Assets ■    Retirement Assets ■    Transaction History ■    Checking Account Information	■    Purchase History ■    Account Balances ■    Account Transactions ■    Wire Transfer Instructions
	When you are no longer our customer, we continue to share your information as described in this notice.
How?	All financial companies need to share customers’ personal information to run their everyday business.  In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Northern Lights Fund Trust III chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information		Does Northern Lights Fund Trust III share?	Can you limit this sharing?
For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus		Yes	No
For our marketing purposes – to offer our products and services to you		No	We don’t share
For joint marketing with other financial companies		No	We don’t share
For our affiliates’ everyday business purposes – information about your transactions and experiences		No	We don’t share
For our affiliates’ everyday business purposes – information about your creditworthiness		No	We don’t share
For nonaffiliates to market to you		No	We don’t share
Questions?	Call (631) 490-4300

35

Who we are
Who is providing this notice?	Northern Lights Fund Trust III
What we do
How does Northern Lights Fund Trust III protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information.
How does Northern Lights Fund Trust III collect my personal information?	We collect your personal information, for example, when you ■    Open an account ■    Provide account information ■    Give us your contact information ■    Make deposits or withdrawals from your account ■    Make a wire transfer ■    Tell us where to send the money ■    Tells us who receives the money ■    Show your government-issued ID ■    Show your driver’s license We also collect your personal information from other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ■    Sharing for affiliates’ everyday business purposes – information about your creditworthiness ■    Affiliates from using your information to market to you ■    Sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ■     Northern Lights Fund Trust III does not share with our affiliates.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies ■    Northern Lights Fund Trust III does not share with nonaffiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ■    Northern Lights Fund Trust III doesn’t jointly market.

36

PROXY VOTING POLICY

Information regarding how the Funds voted proxies relating to portfolio securities for the most recent twelve-month period ended June 30 as well as a description of the policies and procedures that the Funds used to determine how to vote proxies is available without charge, upon request, by calling 1-888-985-9830 or by referring to the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

PORTFOLIO HOLDINGS

The Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT, within sixty days after the end of the period. Form N-PORT reports are available at the SEC’s website at www.sec.gov.

INVESTMENT ADVISER

Howard Capital Management, Inc.

1145 Hembree Road

Roswell, Georgia 30076

ADMINISTRATOR

Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, Ohio 45246

HCMETFS-AR23

Item 2. Code of Ethics.

(a)       As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(b)        For purposes of this item, “code of ethics” means written standards that are reasonably designed to deter wrongdoing and to promote:

(1) Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

(2) Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the Commission and in other public communications made by the registrant;

(3)        Compliance with applicable governmental laws, rules, and regulations;

(4) The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and

(5)        Accountability for adherence to the code.

(c)        Amendments: During the period covered by the report, there have not been any amendments to the provisions of the code of ethics.

(d)        Waivers: During the period covered by the report, the registrant has not granted any express or implicit waivers from the provisions of the code of ethics.

(e) The Code of Ethics is not posted on Registrant’ website.

(f) A copy of the Code of Ethics is attached as an exhibit.

Item 3. Audit Committee Financial Expert.

(a)(1)ii The Registrant’s board of trustees has determined that Mark H. Taylor is an audit committee financial expert, as defined in Item 3 of Form N-CSR.  Mr. Taylor is independent for purposes of this Item 3.

(a)(2) Not applicable.

(a)(3)   In this regard, no member of the audit committee was identified as having all of the required technical attributes identified in instruction 2 (b) to item 3 of Form N-CSR to qualify as an “audit committee financial expert,” whether through the type of specialized education or experience required by that instruction.   At this time, the board believes the experience provided by each member of the audit committee collectively offers the fund adequate oversight by its audit committee given the fund’s level of financial complexity.   The board will from time to time reexamine such belief.   

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees

2023 – $35,500

2022 – $33,750

(b) Audit-Related Fees

2023 – None

2022 – None

(c) Tax Fees

2023 – $7,500

2022 – $7,150

Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

(d) All Other Fees

2023 - None

2022 - None

(e) (1) Audit Committee’s Pre-Approval Policies

The registrant’s Audit Committee is required to pre-approve all audit services and, when appropriate, any non-audit services (including audit-related, tax and all other services) to the registrant. The registrant’s Audit Committee also is required to pre-approve, when appropriate, any non-audit services (including audit-related, tax and all other services) to its adviser, or any entity controlling, controlled by or under common control with the adviser that provides ongoing services to the registrant, to the extent that the services

may be determined to have an impact on the operations or financial reporting of the registrant. Services are reviewed on an engagement by engagement basis by the Audit Committee.

(2) Percentages of Services Approved by the Audit Committee

2023               2022

Audit-Related Fees:                                0.00%            0.00%

Tax Fees:                                               0.00%           0.00%

All Other Fees:                                       0.00%           0.00%

(f) During the audit of registrant's financial statements for the most recent fiscal year, less than 50 percent of the hours expended on the principal accountant's engagement were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant:

2023 - $7,500

2022 - $7,150

(h)        The registrant's audit committee has considered whether the provision of non-audit services to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

Item 5. Audit Committee of Listed Companies. The Registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant’s audit committee members are Mark H. Taylor (chairman), Patricia Luscombe, John V. Palancia and Jeffrey D. Young.

Item 6. Schedule of Investments. Schedule of investments in securities of unaffiliated issuers is included under Item 1.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds. Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies. Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Funds. Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders. None

Item 11. Controls and Procedures.

(a)       Based on an evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of filing date of this Form N-CSR, the principal executive officer and principal financial officer of the Registrant have concluded that the disclosure controls and procedures of the Registrant are reasonably designed to ensure that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported by the filing date, including that information required to be disclosed is accumulated and communicated to the Registrant’s management, including the Registrant’s principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

(b)       There were no significant changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. - Not applicable to open-end investment companies.

Item 13. Exhibits.

(a)(1) Code of Ethics herewith.

(a)(2) Certifications required by Section 302 of the Sarbanes-Oxley Act of 2002 (and Item 11(a)(2) of Form N-CSR) are filed herewith.

(a)(3) Not applicable for open-end investment companies.

(b)       Certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 (and Item 11(b) of Form N-CSR) are filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Northern Lights Fund Trust III

By (Signature and Title)

/s/ Brian Curley

Brian Curley, Principal Executive Officer/President

Date 9/8/23

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)

/s/ Brian Curley

Brian Curley Principal Executive Officer/President

Date 9/8/23

By (Signature and Title)

/s/ Rich Gleason

Rich Gleason, Principal Financial Officer/Treasurer

Date 9/8/23

EX-99.CERT

I, Brian Curley, certify that:

1. I have reviewed this report on Form N-CSR of the HCM Defender 100 Index ETF and HCM Defender 500 Index ETF (both a series of Northern Lights Fund Trust III);

2.       Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.       Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.       The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)       designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)       designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)       evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d)       disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.       The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)       all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b)       any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: 9/8/23                                                                                 /s/ Brian Curley

        Brian Curley

Principal Executive Officer/President

I, Rich Gleason, certify that:

1.       I have reviewed this report on Form N-CSR of the HCM Defender 100 Index ETF and HCM Defender 500 Index ETF (both a series of Northern Lights Fund Trust III);

2.       Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.       Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.       The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)       designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)       designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)       evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d)       disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.       The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)       all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b)       any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: 9/8/23                                                                               /s/ Rich Gleason

Rich Gleason

Principal Financial Officer/Treasurer

EX-99.906 CERT

certification

Brain Curley, Principal Executive Officer/President, and Rich Gleason, Principal Financial Officer/Treasurer Treasurer/Principal Financial Officer of Northern Lights Fund Trust III (the “Registrant”), each certify to the best of his knowledge that:

1.       The Registrant’s periodic report on Form N-CSR for the period ended June 30, 2023 (the “Form N-CSR”) fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and

2.       The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Principal Executive Officer/President                             Principal Financial Officer/Treasurer

Northern Lights Fund Trust III                                      Northern Lights Fund Trust III

/s/ Brian Curley                                                           /s/ Rich Gleason

Brian Curley                                                                Rich Gleason

Date: 9/8/23                                                                Date: 9/8/23

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Northern Lights Funds Trust III and will be retained by Northern Lights Fund Trust III and furnished to the Securities and Exchange Commission (the “Commission”) or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

EX-99.CODE ETH

aTTACHMENT 12.B

Northern Lights Fund Trust III

CODE OF ETHICS

Northern Lights Fund Trust III (the “Trust”) and each of its series (the “Funds”) has adopted this Code of Ethics (the “Code”) in order to set forth guidelines and procedures that promote ethical practices and conduct by all of its Access Persons and to ensure that all Access Persons comply with the federal securities laws. Although this Code contains a number of specific standards and policies, there are four key principles embodied throughout the Code.

The interests of the Funds must always be paramount

Access Persons have a legal, fiduciary duty to place the interests of the Funds ahead of their own. In any decision relating to their personal investments, Access Persons must scrupulously avoid serving their own interests ahead of those of Trust.

Access Persons may not take advantage of their relationship with the Funds

Access Persons should avoid any situation (unusual investment opportunities, perquisites and accepting gifts of more than token value from persons seeking to do business with the Funds) that might compromise, or call into question, the exercise of their fully independent judgment in the interests of the Funds.

All Personal Securities Transactions should avoid any actual, potential, or apparent conflicts of interest

Although all Personal Securities Transactions by Access Persons must be conducted in a manner consistent with this Code, the Code itself is based on the premise that Access Persons owe a fiduciary duty to the Funds, and should avoid any activity that creates an actual, potential, or apparent conflict of interest. This includes executing transactions through or for the benefit of a third party when the transaction is not in keeping with the general principles of this Code.

Access Persons must adhere to these general principles as well as comply with the specific provisions of this Code. Technical compliance with the Code and its procedures will not automatically prevent scrutiny of trades that show a pattern of abuse of an individual’s fiduciary duty to the Funds.

Access Persons must comply with all applicable laws

In both work-related and personal activities, Access Persons must comply with all applicable laws, including the federal securities laws.

Any violations of this Code should be reported promptly to the Chief Compliance Officer or his designee. Failure to do so will be deemed a violation of the Code.

DEFINITIONS

“Access Person” shall have the same meaning as set forth in Rule 17j-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) and shall include:

1. all officers and trustees (or persons occupying a similar status or performing a similar function) of the Funds;

2. all officers and trustees (or persons occupying a similar status or performing a similar function) of an Adviser with respect to its corresponding series of the Trust

3. any employee of the Trust or the Advisers (or of any company controlling or controlled by or under common control with the Trust or the Advisers) who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of Covered Securities by the Funds, or whose functions relate to the making of any recommendations with respect to the purchase or sale; and

4. any other natural person controlling, controlled by or under common control with the Trust or the Advisers who obtains information concerning recommendations made to the Funds with regard to the purchase or sale of Covered Securities by the Funds.

“Beneficial Ownership” means in general and subject to the specific provisions of Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended, having or sharing, directly or indirectly, through any contract arrangement, understanding, relationship, or otherwise, a direct or indirect “pecuniary interest” in the security.

“Chief Compliance Officer” means the Code of Ethics Compliance Officer of the Trust with respect to Trustees and officers of the Trust, or the CCO of the Advisers with respect to Advisers personnel.

“Code” means this Code of Ethics.

“Covered Security” means any Security, except (i) direct obligations of the U.S. Government, (ii) bankers’ acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements, and (iii) shares issued by open-end mutual Funds, except funds services by Gemini, NLCS, or NLD.

“Decision Making Access Person” means any Access Person who, in connection with his or her regular functions or duties, makes or participates in or obtains information regarding recommendations on the purchase or sale of a security by the Funds, or whose functions relate to the making of any recommendations with respect to such purchases or sales. Decision Makers typically are Adviser personnel.

“Funds” means series of the Trust.

“Immediate family” means an individual’s spouse, child, stepchild, grandchild, parent, stepparent, grandparent, siblings, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law and should include adoptive relationships. For purposes of determining whether an Access Person has an “indirect pecuniary interest” in securities, only ownership by “immediate family” members sharing the same household as the Access Person will be presumed to be an “indirect pecuniary interest” of the Access Person, absent special circumstances.

“Independent Trustees” means those Trustees of the Trust that would not be deemed an “interested person” of the Trust, as defined in Section 2(a)(19)(A) of the 1940 Act.

“Indirect Pecuniary Interest” includes, but is not limited to: (a) securities held by members of the person’s Immediate Family sharing the same household (which ownership interest may be rebutted); (b) a

general partner’s proportionate interest in Fund securities held by a general or limited partnership; (c) a person’s right to dividends that is separated or separable from the underlying securities (otherwise, a right to dividends alone will not constitute a pecuniary interest in securities); (d) a person’s interest in securities held by a Trust; (e) a person’s right to acquire securities through the exercise or conversion of any derivative security, whether or not presently exercisable; and (f) a performance-related fee, other than an asset based fee, received by any broker, dealer, bank, insurance company, investment company, investment manager, Trustee, or person or entity performing a similar function, with certain exceptions.

“Pecuniary Interest” means the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in securities.

“Personal Securities Transaction” means any transaction in a Covered Security in which an Access Person has a direct or indirect Pecuniary Interest.

“Purchase or Sale of a Security” includes the writing of an option to purchase or sell a Security. A Security shall be deemed “being considered for Purchase or Sale” for the Trusts when a recommendation to purchase or sell has been made and communicated by a Decision Making Access Person, and, with respect to the person making the recommendation, when such person seriously considers making such a recommendation. These recommendations are placed on the “Restricted List” until they are no longer being considered for Purchase or Sale, or until the Security has been purchased or sold.

“Restricted List” means the list of securities maintained by the Chief Compliance Officer in which trading by Access Persons is generally prohibited.

“Security” means any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-Trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-Trusts certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, or, in general, an interest or instrument commonly known as “security”, or any certificate or interest or participation in temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase (including options) any of the foregoing.

“Advisers” means the Advisers to the Trust.

“Trusts” mean Northern Lights Fund Trust and the Northern Lights Variable Trust.

PROHIBITED ACTIONS AND ACTIVITIES

A. No Access Person shall purchase or sell directly or indirectly, any Covered Security in which he or she has, or by reason of such transaction acquires, any direct or indirect beneficial ownership and which he or she knows or should have known at the time of such purchase or sale;

(1) is being considered for purchase or sale by a Fund, or

(2) is being purchased or sold by a Fund.

B. Decision-Making Access Persons may not participate in any initial public offering of Covered Securities in any account over which they exercise Beneficial Ownership. All Access Persons must obtain prior written authorization from the Chief Compliance Officer or his designee prior to such participation;

C. No Access Person may purchase a Covered Security in which by reason of such transaction they acquire Beneficial Ownership in a private placement of a Security, without prior written authorization of the acquisition by the Chief Compliance Officer or his designee;

D. Access Persons may not accept any fee, commission, gift, or services, other than de minimus gifts, from any single person or entity that does business with or on behalf of the Trusts;

E. Decision-Making Access Persons may not serve on the board of directors of a publicly traded company without prior authorization from the Chief Compliance Officer or his designee based upon a determination that such service would be consistent with the interests of the Trust. If such service is authorized, procedures will then be put in place to isolate such Decision-Making Access Persons serving as directors of outside entities from those making investment decisions on behalf of the Trust.

Advanced notice should be given so that the Trust or Advisers may take such action concerning the conflict as deemed appropriate by the Chief Compliance Officer or his designee.

F. Decision-Making Access Persons may execute a Personal Securities Transaction involving a Covered Security without pre-authorization of the Chief Compliance Officer or such persons who may be designated by the Chief Compliance Officer from time to time, provided it is permitted by the Adviser’s Code of Ethics. The Chief Compliance Officer or his designee may restrict purchases of Covered Securities pursuant to the Adviser’s Code of Ethics.

G. It shall be a violation of this Code for any Access Person, in connection with the purchase or sale, directly or indirectly, of any Covered Security held or to be acquired by a Fund:

a. to employ any device, scheme or artifice to defraud the Trust;

b. to make to the Trust any untrue statement of a material fact or to omit to state to the Trust a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

c. to engage in any act, practice or course of business that operates or would operate as a fraud or deceit upon the Trust; or

d. to engage in any manipulative practice with respect to the Trust.

EXEMPTED TRANSACTIONS

The provisions described above under the heading Prohibited Actions and Activities and the preclearance procedures under the heading Preclearance of Personal Securities Transactions do not apply to:

· Purchases or Sales of Securities effected in any account in which an Access Person has no Beneficial Ownership;

· Purchases or Sales of Securities which are non-volitional on the part the Access Person (for example, the receipt of stock dividends);

· Purchase of Securities made as part of automatic dividend reinvestment plans;

· Purchases of Securities made as part of an employee benefit plan involving the periodic purchase of company stock or mutual Funds; and

· Purchases of Securities effected upon the exercise of rights issued by an issuer pro rata to all holders of a class of its Securities, to the extent such rights were acquired from such issuer, and sale of such rights so acquired.

PRECLEARANCE OF PERSONAL SECURITIES TRANSACTIONS

All Decision-Making Access Persons wishing to engage in a Personal Securities Transaction involving, as defined in the Securities Act of 1933, an Initial Public Offering (IPO) or a Limited Offering, must obtain prior authorization of any such Personal Securities Transaction from the Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate to make such authorizations. Personal Securities Transactions by the Chief Compliance Officer involving an IPO or Limited Offering, shall require prior authorization from the President or Chief Executive Officer of the Trust (unless such person is also the Chief Compliance Officer) or their designee, who shall perform the review and approval functions relating to reports and trading by the Chief Compliance Officer. The Trust shall adopt the appropriate forms and procedures for implementing this Code of Ethics.

Any authorization so provided is effective until the close of business on the fifth trading day after the authorization is granted. In the event that an order for the Personal Securities Transaction involving an IPO or Limited Offering, is not placed within that time period, a new authorization must be obtained. If the order for the transaction is placed but not executed within that time period, no new authorization is required unless the person placing the order originally amends the order in any manner. Authorization for “good until canceled” orders is effective unless the order conflicts with a Trusts order.

If a Decision-Making Access Person wishing to effect a Personal Securities Transaction learns, while the order is pending, that the same Security is being considered for Purchase or Sale by a Fund, he or she should consult with the Chief Compliance Officer or his or her designee.

REPORTING AND MONITORING

The Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate shall monitor all personal trading activity of all Access Persons pursuant to the procedures established under this Code. An Access Person of either Trust who is also an access person of the Trust’s principal underwriter or their affiliates or an Access Person of a Fund’s Adviser or Sub-Adviser may submit reports required by this Section on forms prescribed by the Code of Ethics of such principal underwriter, Adviser, or Sub-Adviser provided that such forms comply with the requirements of Rule 17j-1(d)(1) of the 1940 Act.

Disclosure of Personal Brokerage Accounts

Within ten days of the commencement of employment or at the commencement of a relationship with the Trust, all Access Persons, except Independent Trustees, are required to submit to the Chief Compliance Officer or his designee a report stating the names and account numbers of all of their personal brokerage accounts, brokerage accounts of members of their Immediate Family, and any brokerage accounts which they control or in which they or an Immediate Family member has Beneficial Ownership. Such report must contain the date on which it is submitted and the information in the report must be current as of a

date no more than 45 days prior to that date. In addition, if a new brokerage account is opened during the course of the year, the Chief Compliance Officer or his designee must be notified immediately.

The information required by the above paragraph must be provided to the Chief Compliance Officer or his designee on an annual basis, and the report of such should be submitted with the annual holdings reports described below.

Each of these accounts is required to furnish duplicate confirmations and statements to the Chief Compliance Officer or his designee. These statements and confirms for each series of the Trusts may be sent to the Advisers.

Initial Holdings Report

Within ten days of becoming an Access Person (and with information that is current as of a date no more than 45 days prior to the date that the report was submitted), each Access Person, except Independent Trustees must submit a holdings report that must contain, at a minimum, the title and type of Security, and as applicable, the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Covered Security in which the Access Person has any direct or indirect Beneficial Ownership. This report must state the date on which it is submitted.

Annual Holdings Reports

All Access Persons, except Independent Trustees, must supply the information that is required in the initial holdings report on an annual basis, and such information must be current as of a date no more than 45 days prior to the date that the report was submitted. Such reports must state the date on which they are submitted.

QUARTERLY TRANSACTION REPORTS

All Access Persons shall report to the Chief Compliance Officer or his designee the following information with respect to transactions in a Covered Security in which such person has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership in the Covered Security:

· The date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number, interest rate and maturity date, number of shares, and the principal amount of each Covered Security;

· The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

· The price of the Covered Security at which the transaction was effected; and

· The name of the broker, dealer, or bank with or through whom the transaction was effected.

· The date the Access Person Submits the Report.

Reports pursuant to this section of this Code shall be made no later than 30 days after the end of the calendar quarter in which the transaction to which the report relates was effected, and shall include a certification that the reporting person has reported all Personal Securities Transactions required to be disclosed or reported pursuant to the requirements of this Code. Confirmations and Brokerage Statements sent directly to each Adviser’s address noted above is an acceptable form of a quarterly transaction report.

An Independent Trustee need only make a quarterly transaction report if he or she, at the time of the transaction, knew, or in the ordinary course of fulfilling his or her official duties as a Trustee, should have known that during the 15-day period immediately preceding or following the date of the transaction by

the Independent Trustee, the Covered Security was purchased or sold by a Fund or was considered for purchase or sale by a Fund.

ENFORCEMENTS AND PENALTIES

The Chief Compliance Officer or his designee shall review the transaction information supplied by Access Persons. If a transaction appears to be a violation of this Code, the transaction will be reported to the Trusts Board of Trustees.

Upon being informed of a violation of this Code, the Trusts Board of Trustees may impose sanctions as it deems appropriate, including but not limited to, a letter of censure or suspension, termination of the employment of the violator, or a request for disgorgement of any profits received from a securities transaction effected in violation of this Code. The Trust shall impose sanctions in accordance with the principle that no Access Person may profit at the expense of its clients. Any losses are the responsibility of the violator. Any profits realized on personal securities transactions in violation of the Code must be disgorged in a manner directed by the Board of Trustees.

At least annually, the Chief Compliance Officer a shall issue a report on Personal Securities Transactions by Access Person. The report submitted to the board shall:

· Summarize existing procedures concerning Personal Securities investing and any changes in the procedures made during the prior year;

· Identify any violations of this Code and any significant remedial action taken during the prior year; and;

· Identify any recommended changes in existing restrictions or procedures based upon the experience under the Code, evolving industry practices or developments in applicable laws and regulations.

Acknowledgement

The Trust must provide all Access Persons with a copy of this Code. Upon receipt of this Code, all Access Persons must do the following:

All new Access Persons must read the Code, complete all relevant forms supplied by the Chief Compliance Officer or his designee (including a written acknowledgement of their receipt of the Code), and schedule a meeting with the Chief Compliance Officer or his designee to discuss the provisions herein within two calendar weeks of employment.

Existing Access Persons who did not receive this Code upon hire, for whatever reason, must read the Code, complete all relevant forms supplied by the Chief Compliance Officer or his designee (including a written acknowledgement of their receipt of the Code), and schedule a meeting with the Chief Compliance Officer or his designee to discuss the provisions herein at the earliest possible time, but no later than the end of the current quarter.

All Access Persons must certify on an annual basis that they have read and understood the Code.