0001580642-24-001619.txt : 20240308 0001580642-24-001619.hdr.sgml : 20240308 20240308152441 ACCESSION NUMBER: 0001580642-24-001619 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20231231 FILED AS OF DATE: 20240308 DATE AS OF CHANGE: 20240308 EFFECTIVENESS DATE: 20240308 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NORTHERN LIGHTS FUND TRUST III CENTRAL INDEX KEY: 0001537140 ORGANIZATION NAME: IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-22655 FILM NUMBER: 24733980 BUSINESS ADDRESS: STREET 1: 225 PICTORIA DRIVE STREET 2: SUITE 450 CITY: CINCINNATI STATE: OH ZIP: 45246 BUSINESS PHONE: 631-470-2621 MAIL ADDRESS: STREET 1: 17605 WRIGHT STREET CITY: OMAHA STATE: NE ZIP: 68130

0001537140 S000066141 HCM Defender 100 Index ETF

C000213732 HCM Defender 100 Index ETF QQH

0001537140 S000066142 HCM Defender 500 Index ETF

C000213733 HCM Defender 500 Index ETF LGH

N-CSRS 1 hcmetfs_ncsrs.htm N-CSRS

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, Ohio 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: 12/31/23

Item 1. Reports to Stockholders.

(LOGO)

HCM Defender 100 Index ETF

QQH

HCM Defender 500 Index ETF

LGH

Semi-Annual Report

December 31, 2023

1-770-642-4902

www.howardcmetfs.com

Distributed by Northern Lights Distributors, LLC

Member FINRA/SIPC

HCM Defender 100 Index ETF

PORTFOLIO REVIEW (Unaudited)

December 31, 2023

The Fund’s performance figures* for the period ended December 31, 2023, compared to its benchmarks:

				Annualized
			Annualized	Since Inception** -
	Six Months	One Year	Three Year	December 31, 2023
HCM Defender 100 Index ETF - NAV	6.86%	48.00%	7.23%	18.12%
HCM Defender 100 Index ETF - Market Price	6.73%	48.04%	7.14%	18.11%
HCM Defender 100 Index***	5.69%	46.02%	9.27%	18.85%
Nasdaq 100 Total Return Index ****	11.32%	55.13%	10.18%	21.35%

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 net asset value or “NAV” on December 31, 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 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 0.96% per the November 1, 2023 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.

HCM Defender 100 Index ETF

PORTFOLIO REVIEW (Unaudited)(Continued)

December 31, 2023

The Fund’s holdings by investment type as of December 31, 2023 were as follows:

Industry Sector/Investment Type	% of Net Assets
Exchange Traded Funds
Equity - Large Cap Blend		19.7	%
Common Stocks
Software		16.4	%
Semiconductors		14.1	%
Technology Hardware		12.2	%
Internet Media & Services		10.5	%
E-Commerce Discretionary		5.3	%
Automotive		3.8	%
Biotech & Pharma		3.1	%
Retail - Consumer Staples		1.9	%
Beverages		1.7	%
Technology Services		1.6	%
Medical Equipment & Devices		1.5	%
Cable & Satellite		1.2	%
Leisure Facilities & Services		0.9	%
Retail - Discretionary		0.8	%
Electric Utilities		0.8	%
Diversified Industrials		0.7	%
Food		0.7	%
Transportation & Logistics		0.6	%
Telecommunications		0.4	%
Entertainment Content		0.3	%
Commercial Support Services		0.3	%
Transportation Equipment		0.3	%
Wholesale - Discretionary		0.2	%
Advertising & Marketing		0.2	%
Industrial Support Services		0.2	%
Oil & Gas Services & Equipment		0.2	%
Oil & Gas Producers		0.1	%
Other Assets in Excess of Liabilities		0.3	%
		100.0	%

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

HCM Defender 500 Index ETF

PORTFOLIO REVIEW (Unaudited)

December 31, 2023

The Fund’s performance figures* for the period ended December 31, 2023, compared to its benchmarks:

				Annualized
			Annualized	Since Inception** -
	Six Months	One Year	Three Year	December 31, 2023
HCM Defender 500 Index ETF - NAV	5.42%	24.21%	8.19%	13.02%
HCM Defender 500 Index ETF - Market Price	5.21%	24.17%	8.07%	12.99%
HCM Defender 500 Index***	4.79%	21.26%	6.61%	11.44%
S&P 500 Total Return Index ****	8.04%	26.29%	10.00%	14.18%

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 net asset value or “NAV” on December 31, 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 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 0.98% per the November 1, 2023 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.

HCM Defender 500 Index ETF

PORTFOLIO REVIEW (Unaudited)(Continued)

December 31, 2023

The Fund’s holdings by investment type as of December 31, 2023 were as follows:

Industry Sector/Investment Type	% of Net Assets
Exchange Traded Funds
Equity - Large Cap Blend		19.9	%
Common Stocks
Software		9.7	%
Technology Hardware		7.3	%
Internet Media & Services		6.5	%
Semiconductors		6.2	%
Biotech & Pharma		4.8	%
Technology Services		4.2	%
E-Commerce Discretionary		3.2	%
Oil & Gas Producers		2.9	%
Medical Equipment & Devices		2.9	%
Banking		2.6	%
Insurance		2.5	%
Health Care Facilities & Services		2.4	%
Automotive		1.8	%
Electric Utilities		1.6	%
Retail - Discretionary		1.5	%
Retail - Consumer Staples		1.3	%
Aerospace & Defense		1.2	%
Chemicals		1.2	%
Leisure Facilities & Services		1.1	%
Beverages		1.1	%
Diversified Industrials		1.1	%
Transportation & Logistics		1.0	%
Household Products		1.0	%
Institutional Financial Services		0.9	%
Asset Management		0.9	%
Machinery		0.8	%
Electrical Equipment		0.7	%
Telecommunications		0.7	%
Food		0.5	%
Entertainment Content		0.5	%
Tobacco & Cannabis		0.4	%
Cable & Satellite		0.4	%

Industry Sector/Investment Type	% of Net Assets
Common Stocks (continued)
Specialty Finance		0.4	%
Infrastructure Reit		0.4	%
Commercial Support Services		0.3	%
Apparel & Textile Products		0.3	%
Home Construction		0.3	%
Residential Reit		0.3	%
Oil & Gas Services & Equipment		0.3	%
Construction Materials		0.2	%
Industrial Reit		0.2	%
Data Center Reit		0.2	%
Industrial Support Services		0.2	%
Transportation Equipment		0.2	%
Retail Reit		0.2	%
Metals & Mining		0.2	%
Wholesale - Consumer Staples		0.2	%
Self-Storage Reit		0.1	%
Steel		0.1	%
Health Care Reit		0.1	%
Wholesale - Discretionary		0.1	%
Advertising & Marketing		0.1	%
Engineering & Construction		0.1	%
Containers & Packaging		0.1	%
Gas & Water Utilities		0.1	%
Renewable Energy		0.1	%
Gaming Reit		0.1	%
Real Estate Services		0.1	%
Timber Reit		0.1	%
Office Reit		0.0	% *
Specialty Reit		0.0	% *
Leisure Products		0.0	% *
Hotel Reit		0.0	% *
Multi Asset Class Reit		0.0	% *
Right
Medical Equipment & Devices		0.0	% *
Other Assets in Excess of Liabilities		0.1	%
		100.0	%

Percentage rounds to less than 0.1%.

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

HCM DEFENDER 100 INDEX ETF

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2023

Shares			Fair Value
		COMMON STOCKS — 80.0%
		ADVERTISING & MARKETING - 0.2%
	10,347	Trade Desk, Inc. (The), Class A^(a)	$	744,570

		AUTOMOTIVE - 3.8%
	55,753	Tesla, Inc.^(a)		13,853,505

		BEVERAGES - 1.7%
	3,801	Coca-Cola Europacific Partners plc		253,679
	16,977	Keurig Dr Pepper, Inc.		565,674
	10,169	Monster Beverage Corporation^(a)		585,836
	28,042	PepsiCo, Inc.		4,762,653
				6,167,842
		BIOTECH & PHARMA - 3.1%
	2,468	Alnylam Pharmaceuticals, Inc.^(a)		472,400
	10,534	Amgen, Inc.		3,034,002
	3,088	Biogen, Inc.^(a)		799,082
	1,642	BioNTech S.E. - ADR^(a)		173,297
	25,686	Gilead Sciences, Inc.		2,080,823
	6,593	Moderna, Inc.^(a)		655,674
	2,071	Regeneron Pharmaceuticals, Inc.^(a)		1,818,939
	5,119	Vertex Pharmaceuticals, Inc.^(a)		2,082,869
				11,117,086
		CABLE & SATELLITE - 1.2%
	1,940	Charter Communications, Inc., Class A^(a)		754,039
	85,057	Comcast Corporation, Class A		3,729,750
				4,483,789
		COMMERCIAL SUPPORT SERVICES - 0.3%
	1,612	Cintas Corporation		971,488

		DIVERSIFIED INDUSTRIALS - 0.7%
	12,946	Honeywell International, Inc.		2,714,905

		E-COMMERCE DISCRETIONARY - 5.3%
	102,656	Amazon.com, Inc.^(a)		15,597,553
	10,794	eBay, Inc.		470,834

See accompanying notes to financial statements.

HCM DEFENDER 100 INDEX ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

December 31, 2023

Shares			Fair Value
		COMMON STOCKS — 80.0% (Continued)
		E-COMMERCE DISCRETIONARY - 5.3% (Continued)
	864	MercadoLibre, Inc.^(a)	$	1,357,811
	12,346	PDD Holdings, Inc. - ADR^(a)		1,806,343
				19,232,541
		ELECTRIC UTILITIES - 0.8%
	10,156	American Electric Power Company, Inc.		824,870
	6,457	Constellation Energy Corporation		754,759
	19,188	Exelon Corporation		688,849
	11,172	Xcel Energy, Inc.		691,659
				2,960,137
		ENTERTAINMENT CONTENT - 0.3%
	4,957	Electronic Arts, Inc.		678,167
	49,370	Warner Bros Discovery, Inc.^(a)		561,831
				1,239,998
		FOOD - 0.7%
	15,021	Kraft Heinz Company (The)		555,477
	25,745	Mondelez International, Inc., A		1,864,710
				2,420,187
		INDUSTRIAL SUPPORT SERVICES - 0.2%
	11,009	Fastenal Co.		713,053

		INTERNET MEDIA & SERVICES - 10.5%
	8,124	Airbnb, Inc., Class A^(a)		1,106,001
	56,236	Alphabet, Inc., Class A^(a)		7,855,606
	55,618	Alphabet, Inc., Class C^(a)		7,838,245
	663	Booking Holdings, Inc.^(a)		2,351,807
	41,803	Meta Platforms, Inc., Class A^(a)		14,796,590
	8,712	Netflix, Inc.^(a)		4,241,699
				38,189,948
		LEISURE FACILITIES & SERVICES - 0.9%
	4,866	Marriott International, Inc., Class A		1,097,332
	22,070	Starbucks Corporation		2,118,940
				3,216,272
		MEDICAL EQUIPMENT & DEVICES - 1.5%
	1,374	Align Technology, Inc.^(a)		376,476

See accompanying notes to financial statements.

HCM DEFENDER 100 INDEX ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

December 31, 2023

Shares			Fair Value
		COMMON STOCKS — 80.0% (Continued)
		MEDICAL EQUIPMENT & DEVICES - 1.5% (Continued)
	7,336	DexCom, Inc.^(a)	$	910,324
	7,175	GE HealthCare Technologies, Inc.		554,771
	1,537	IDEXX Laboratories, Inc.^(a)		853,112
	3,474	Illumina, Inc.^(a)		483,720
	6,808	Intuitive Surgical, Inc.^(a)		2,296,747
				5,475,150
		OIL & GAS PRODUCERS - 0.1%
	3,321	Diamondback Energy, Inc.		515,021

		OIL & GAS SERVICES & EQUIPMENT - 0.2%
	20,214	Baker Hughes Company		690,914

		RETAIL - CONSUMER STAPLES - 1.9%
	8,845	Costco Wholesale Corporation		5,838,408
	4,045	Dollar Tree, Inc.^(a)		574,592
	14,386	Walgreens Boots Alliance, Inc.		375,618
				6,788,618
		RETAIL - DISCRETIONARY - 0.8%
	2,156	Lululemon Athletica, Inc.^(a)		1,102,341
	1,133	O’Reilly Automotive, Inc.^(a)		1,076,441
	6,431	Ross Stores, Inc.		889,986
				3,068,768
		SEMICONDUCTORS - 14.1%
	30,930	Advanced Micro Devices, Inc.^(a)		4,559,391
	9,603	Analog Devices, Inc.		1,906,772
	15,218	Applied Materials, Inc.		2,466,381
	7,479	Broadcom, Inc.		8,348,434
	1,277	GLOBALFOUNDRIES, Inc.^(a)		77,386
	83,876	Intel Corporation		4,214,769
	2,482	KLA Corporation		1,442,787
	2,419	Lam Research Corporation		1,894,706
	15,765	Marvell Technology, Inc.		950,787
	10,308	Microchip Technology, Inc.		929,575
	20,493	Micron Technology, Inc.		1,748,873

See accompanying notes to financial statements.

HCM DEFENDER 100 INDEX ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

December 31, 2023

Shares			Fair Value
		COMMON STOCKS — 80.0% (Continued)
		SEMICONDUCTORS - 14.1% (Continued)
	30,565	NVIDIA Corporation	$	15,136,399
	4,974	NXP Semiconductors N.V.		1,142,428
	8,328	ON Semiconductor Corporation^(a)		695,638
	20,703	QUALCOMM, Inc.		2,994,275
	17,596	Texas Instruments, Inc.		2,999,414
				51,508,015
		SOFTWARE - 16.4%
	8,763	Adobe, Inc.^(a)		5,228,007
	1,583	ANSYS, Inc.^(a)		574,439
	2,818	Atlassian Corp plc, Class A^(a)		670,289
	3,931	Autodesk, Inc.^(a)		957,120
	5,032	Cadence Design Systems, Inc.^(a)		1,370,566
	4,054	Crowdstrike Holdings, Inc., Class A^(a)		1,035,067
	4,196	Datadog, Inc., Class A^(a)		509,310
	13,076	Fortinet, Inc.^(a)		765,338
	5,018	Intuit, Inc.		3,136,401
	105,193	Microsoft Corporation		39,556,777
	1,139	MongoDB, Inc.^(a)		465,680
	5,491	Palo Alto Networks, Inc.^(a)		1,619,186
	1,970	Roper Technologies, Inc.		1,073,985
	2,726	Synopsys, Inc.^(a)		1,403,645
	3,706	Workday, Inc., Class A^(a)		1,023,078
	4,808	Zoom Video Communications, Inc., Class A^(a)		345,743
				59,734,631
		TECHNOLOGY HARDWARE - 12.2%
	209,180	Apple, Inc.		40,273,425
	84,507	Cisco Systems, Inc.		4,269,294
				44,542,719
		TECHNOLOGY SERVICES - 1.6%
	7,650	Automatic Data Processing, Inc.		1,782,221
	9,987	Cognizant Technology Solutions Corporation, Class A		754,318
	7,503	CoStar Group, Inc.^(a)		655,687
	6,003	Paychex, Inc.		715,017
	21,149	PayPal Holdings, Inc.^(a)		1,298,760

See accompanying notes to financial statements.

HCM DEFENDER 100 INDEX ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

December 31, 2023

Shares			Fair Value
		COMMON STOCKS — 80.0% (Continued)
		TECHNOLOGY SERVICES - 1.6% (Continued)
	2,779	Verisk Analytics, Inc.	$	663,792
				5,869,795
		TELECOMMUNICATIONS - 0.4%
	10,074	T-Mobile US, Inc.		1,615,164

		TRANSPORTATION & LOGISTICS - 0.6%
	38,723	CSX Corporation		1,342,526
	1,850	Old Dominion Freight Line, Inc.		749,861
				2,092,387
		TRANSPORTATION EQUIPMENT - 0.3%
	9,729	PACCAR, Inc.		950,037

		WHOLESALE - DISCRETIONARY - 0.2%
	15,571	Copart, Inc.^(a)		762,979

		TOTAL COMMON STOCKS (Cost $250,927,087)		291,639,519

		EXCHANGE-TRADED FUND — 19.7%
		EQUITY - 19.7%
	1,417,000	ProShares UltraPro QQQ (Cost $63,125,933)		71,841,900

		TOTAL INVESTMENTS - 99.7% (Cost $314,053,020)	$	363,481,419
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.3%		1,193,652
		NET ASSETS - 100.0%	$	364,675,071

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.

HCM DEFENDER 500 INDEX ETF

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2023

Shares			Fair Value
		COMMON STOCKS — 80.0%
		ADVERTISING & MARKETING - 0.1%
	1,077	Omnicom Group, Inc.	$	93,171
	2,968	Trade Desk, Inc. (The), Class A^(a)		213,578
				306,749
		AEROSPACE & DEFENSE - 1.2%
	3,015	Boeing Company (The)^(a)		785,889
	1,220	General Dynamics Corporation		316,797
	2,191	Howmet Aerospace, Inc.		118,577
	1,038	L3Harris Technologies, Inc.		218,624
	1,400	Lockheed Martin Corporation		634,536
	818	Northrop Grumman Corporation		382,939
	7,873	Raytheon Technologies Corporation		662,434
	282	Teledyne Technologies, Inc.^(a)		125,854
	1,070	Textron, Inc.		86,049
	245	TransDigm Group, Inc.		247,842
				3,579,541
		APPAREL & TEXTILE PRODUCTS - 0.3%
	126	Deckers Outdoor Corporation^(a)		84,222
	6,865	NIKE, Inc., Class B		745,333
				829,555
		ASSET MANAGEMENT - 0.9%
	562	Ameriprise Financial, Inc.		213,464
	2,228	Apollo Global Management, Inc.		207,627
	762	Ares Management Corporation, Class A		90,617
	775	BlackRock, Inc.		629,146
	3,878	Blackstone, Inc.		507,708
	7,480	Charles Schwab Corporation (The)		514,624
	3,431	KKR & Company, Inc.		284,258
	355	LPL Financial Holdings, Inc.		80,805
	1,085	Raymond James Financial, Inc.		120,978
	1,170	T Rowe Price Group, Inc.		125,997
				2,775,224
		AUTOMOTIVE - 1.8%
	22,140	Ford Motor Company		269,887
	8,131	General Motors Company		292,066

See accompanying notes to financial statements.

HCM DEFENDER 500 INDEX ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

December 31, 2023

Shares			Fair Value
		COMMON STOCKS — 80.0% (Continued)
		AUTOMOTIVE - 1.8% (Continued)
	20,169	Tesla, Inc.^(a)	$	5,011,592
				5,573,545
		BANKING - 2.6%
	39,268	Bank of America Corporation		1,322,154
	10,348	Citigroup, Inc.		532,301
	2,166	Citizens Financial Group, Inc.		71,781
	4,345	Fifth Third Bancorp		149,859
	7,912	Huntington Bancshares, Inc.		100,641
	20,871	JPMorgan Chase & Company		3,550,156
	4,904	KeyCorporation		70,618
	917	M&T Bank Corporation		125,702
	2,250	PNC Financial Services Group, Inc. (The)		348,413
	5,387	Regions Financial Corporation		104,400
	7,411	Truist Financial Corporation		273,614
	7,954	US Bancorp		344,249
	19,932	Wells Fargo & Company		981,053
				7,974,941
		BEVERAGES - 1.1%
	1,899	Brown-Forman Corporation, Class B		108,433
	21,493	Coca-Cola Company (The)		1,266,582
	900	Constellation Brands, Inc., Class A		217,575
	5,224	Keurig Dr Pepper, Inc.		174,064
	2,953	Monster Beverage Corporation^(a)		170,122
	7,628	PepsiCo, Inc.		1,295,540
				3,232,316
		BIOTECH & PHARMA - 4.8%
	10,017	AbbVie, Inc.		1,552,334
	680	Alnylam Pharmaceuticals, Inc.^(a)		130,159
	2,951	Amgen, Inc.		849,947
	846	Biogen, Inc.^(a)		218,919
	965	BioMarin Pharmaceutical, Inc.^(a)		93,045
	11,928	Bristol-Myers Squibb Company		612,026
	6,147	Eli Lilly and Company		3,583,209
	7,166	Gilead Sciences, Inc.		580,518

See accompanying notes to financial statements.

HCM DEFENDER 500 INDEX ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

December 31, 2023

Shares			Fair Value
		COMMON STOCKS — 80.0% (Continued)
		BIOTECH & PHARMA - 4.8% (Continued)
	1,045	Incyte Corporation^(a)	$	65,616
	15,798	Johnson & Johnson		2,476,179
	14,412	Merck & Company, Inc.		1,571,196
	1,957	Moderna, Inc.^(a)		194,624
	33,348	Pfizer, Inc.		960,089
	578	Regeneron Pharmaceuticals, Inc.^(a)		507,652
	2,023	Royalty Pharma plc, Class A		56,826
	1,443	Vertex Pharmaceuticals, Inc.^(a)		587,142
	5,847	Viatris, Inc.		63,323
	2,563	Zoetis, Inc.		505,859
				14,608,663
		CABLE & SATELLITE - 0.4%
	527	Charter Communications, Inc., Class A^(a)		204,834
	22,656	Comcast Corporation, Class A		993,466
				1,198,300
		CHEMICALS - 1.2%
	1,110	Air Products and Chemicals, Inc.		303,918
	702	Albemarle Corporation		101,425
	454	Avery Dennison Corporation		91,781
	1,023	CF Industries Holdings, Inc.		81,329
	4,333	Corteva, Inc.		207,637
	3,836	Dow, Inc.		210,366
	2,361	DuPont de Nemours, Inc.		181,632
	1,370	Ecolab, Inc.		271,740
	1,518	International Flavors & Fragrances, Inc.		122,912
	2,637	Linde plc		1,083,041
	1,445	LyondellBasell Industries N.V., Class A		137,391
	1,616	Mosaic Company (The)		57,740
	1,255	PPG Industries, Inc.		187,685
	553	RPM International, Inc.		61,731
	1,265	Sherwin-Williams Company (The)		394,554
				3,494,882
		COMMERCIAL SUPPORT SERVICES - 0.3%
	457	Cintas Corporation		275,416

See accompanying notes to financial statements.

HCM DEFENDER 500 INDEX ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

December 31, 2023

Shares			Fair Value
		COMMON STOCKS — 80.0% (Continued)
		COMMERCIAL SUPPORT SERVICES - 0.3% (Continued)
	1,029	Republic Services, Inc.	$	169,692
	2,206	Waste Management, Inc.		395,095
				840,203
		CONSTRUCTION MATERIALS - 0.2%
	304	Carlisle Companies, Inc.		94,979
	3,642	CRH plc		251,880
	357	Martin Marietta Materials, Inc.		178,111
	766	Vulcan Materials Company		173,890
				698,860
		CONTAINERS & PACKAGING - 0.1%
	1,664	Ball Corporation		95,714
	1,643	International Paper Company		59,394
	521	Packaging Corporation of America		84,876
				239,984
		DATA CENTER REIT - 0.2%
	1,697	Digital Realty Trust, Inc.		228,382
	495	Equinix, Inc.		398,668
				627,050
		DIVERSIFIED INDUSTRIALS - 1.1%
	2,912	3M Company		318,340
	825	Dover Corporation		126,893
	2,070	Eaton Corporation PLC		498,497
	3,119	Emerson Electric Company		303,572
	5,885	General Electric Company		751,103
	3,632	Honeywell International, Inc.		761,667
	1,641	Illinois Tool Works, Inc.		429,844
				3,189,916
		E-COMMERCE DISCRETIONARY - 3.2%
	62,472	Amazon.com, Inc.^(a)		9,491,996
	2,725	eBay, Inc.		118,865
				9,610,861
		ELECTRIC UTILITIES - 1.6%
	1,660	Alliant Energy Corporation		85,158
	1,410	Ameren Corporation		101,999

See accompanying notes to financial statements.

HCM DEFENDER 500 INDEX ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

December 31, 2023

Shares			Fair Value
		COMMON STOCKS — 80.0% (Continued)
		ELECTRIC UTILITIES - 1.6% (Continued)
	2,766	American Electric Power Company, Inc.	$	224,655
	2,986	CenterPoint Energy, Inc.		85,310
	1,454	CMS Energy Corporation		84,434
	1,811	Consolidated Edison, Inc.		164,747
	1,760	Constellation Energy Corporation		205,726
	4,807	Dominion Energy, Inc.		225,929
	1,090	DTE Energy Company		120,183
	4,283	Duke Energy Corporation		415,622
	2,126	Edison International		151,988
	1,113	Entergy Corporation		112,624
	1,090	Evergy, Inc.		56,898
	1,992	Eversource Energy		122,946
	5,472	Exelon Corporation		196,445
	3,041	FirstEnergy Corporation		111,483
	11,762	NextEra Energy, Inc.		714,425
	12,844	PG&E Corporation		231,577
	4,254	PPL Corporation		115,283
	2,637	Public Service Enterprise Group, Inc.		161,253
	3,482	Sempra Energy		260,210
	5,935	Southern Company (The)		416,162
	1,681	WEC Energy Group, Inc.		141,490
	3,197	Xcel Energy, Inc.		197,926
				4,704,473
		ELECTRICAL EQUIPMENT - 0.7%
	1,261	AMETEK, Inc.		207,926
	3,139	Amphenol Corporation, Class A		311,170
	4,739	Carrier Global Corporation		272,256
	2,061	Fortive Corporation		151,751
	279	Hubbell, Inc.		91,771
	3,713	Johnson Controls International plc		214,017
	886	Keysight Technologies, Inc.^(a)		140,954
	2,317	Otis Worldwide Corporation		207,302
	631	Rockwell Automation, Inc.		195,913
	1,203	Trane Technologies PLC		293,412

See accompanying notes to financial statements.

HCM DEFENDER 500 INDEX ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

December 31, 2023

Shares			Fair Value
		COMMON STOCKS — 80.0% (Continued)
		ELECTRICAL EQUIPMENT - 0.7% (Continued)
	1,311	Trimble, Inc.^(a)	$	69,745
				2,156,217
		ENGINEERING & CONSTRUCTION - 0.1%
	608	Jacobs Solutions, Inc.		78,918
	781	Quanta Services, Inc.		168,540
				247,458
		ENTERTAINMENT CONTENT - 0.5%
	1,419	Electronic Arts, Inc.		194,133
	2,075	ROBLOX Corporation, Class A^(a)		94,869
	906	Take-Two Interactive Software, Inc.^(a)		145,821
	9,563	Walt Disney Company (The)		863,444
	13,682	Warner Bros Discovery, Inc.^(a)		155,701
				1,453,968
		FOOD - 0.5%
	2,911	Conagra Brands, Inc.		83,429
	3,300	General Mills, Inc.		214,962
	848	Hershey Company (The)		158,101
	498	J M Smucker Company (The)		62,937
	1,560	Kellogg Company		87,220
	4,097	Kraft Heinz Company (The)		151,507
	855	Lamb Weston Holdings, Inc.		92,417
	1,253	McCormick & Company, Inc.		85,730
	7,441	Mondelez International, Inc., A		538,952
	1,739	Tyson Foods, Inc., Class A		93,471
				1,568,726
		GAMING REIT - 0.1%
	5,713	VICI Properties, Inc.		182,130

		GAS & WATER UTILITIES - 0.1%
	1,083	American Water Works Company, Inc.		142,946
	726	Atmos Energy Corporation		84,143
				227,089
		HEALTH CARE FACILITIES & SERVICES - 2.4%
	1,294	Cardinal Health, Inc.		130,435

See accompanying notes to financial statements.

HCM DEFENDER 500 INDEX ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

December 31, 2023

Shares			Fair Value
		COMMON STOCKS — 80.0% (Continued)
		HEALTH CARE FACILITIES & SERVICES - 2.4% (Continued)
	951	Cencora, Inc.	$	195,316
	3,027	Centene Corporation^(a)		224,634
	1,673	Cigna Group (The)		500,980
	7,304	CVS Health Corporation		576,724
	1,300	Elevance Health, Inc.		613,028
	1,175	HCA Healthcare, Inc.		318,049
	709	Humana, Inc.		324,587
	979	IQVIA Holdings, Inc.^(a)		226,521
	528	Laboratory Corp of America Holdings		120,009
	748	McKesson Corporation		346,309
	303	Molina Healthcare, Inc.^(a)		109,477
	613	Quest Diagnostics, Inc.		84,520
	6,625	UnitedHealth Group, Inc.		3,487,865
				7,258,454
		HEALTH CARE REIT - 0.1%
	2,555	Ventas, Inc.		127,341
	2,836	Welltower, Inc.		255,722
				383,063
		HOME CONSTRUCTION - 0.3%
	1,761	DR Horton, Inc.		267,637
	1,330	Lennar Corporation, Class A		198,223
	1,445	Masco Corporation		96,786
	17	NVR, Inc.^(a)		119,008
	1,319	PulteGroup, Inc.		136,147
				817,801
		HOTEL REITS - 0.0%^(b)
	3,317	Host Hotels & Resorts, Inc.		64,582

		HOUSEHOLD PRODUCTS - 1.0%
	1,200	Church & Dwight Company, Inc.		113,472
	608	Clorox Company (The)		86,695
	4,673	Colgate-Palmolive Company		372,485
	1,185	Estee Lauder Companies, Inc. (The), Class A		173,306
	9,817	Kenvue, Inc.		211,360

See accompanying notes to financial statements.

HCM DEFENDER 500 INDEX ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

December 31, 2023

Shares			Fair Value
		COMMON STOCKS — 80.0% (Continued)
		HOUSEHOLD PRODUCTS - 1.0% (Continued)
	1,784	Kimberly-Clark Corporation	$	216,774
	12,873	Procter & Gamble Company (The)		1,886,409
				3,060,501
		INDUSTRIAL REIT - 0.2%
	5,205	Prologis, Inc.		693,827

		INDUSTRIAL SUPPORT SERVICES - 0.2%
	3,154	Fastenal Co.		204,285
	356	United Rentals, Inc.		204,138
	205	WW Grainger, Inc.		169,881
				578,304
		INFRASTRUCTURE REIT - 0.4%
	2,656	American Tower Corporation		573,377
	2,262	Crown Castle, Inc.		260,560
	614	SBA Communications Corporation		155,766
	48	Texas Pacific Land Corporation		75,478
				1,065,181
		INSTITUTIONAL FINANCIAL SERVICES - 0.9%
	4,152	Bank of New York Mellon Corporation (The)		216,112
	612	Cboe Global Markets, Inc.		109,279
	1,863	CME Group, Inc.		392,348
	1,830	Goldman Sachs Group, Inc. (The)		705,958
	2,951	Intercontinental Exchange, Inc.		378,997
	7,229	Morgan Stanley		674,104
	2,074	Nasdaq, Inc.		120,582
	1,157	Northern Trust Corporation		97,628
	1,608	State Street Corporation		124,556
				2,819,564
		INSURANCE - 2.5%
	2,977	Aflac, Inc.		245,603
	1,455	Allstate Corporation (The)		203,671
	3,828	American International Group, Inc.		259,347
	1,050	Aon PLC, Class A		305,571
	1,890	Arch Capital Group Ltd.^(a)		140,370

See accompanying notes to financial statements.

HCM DEFENDER 500 INDEX ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

December 31, 2023

Shares			Fair Value
		COMMON STOCKS — 80.0% (Continued)
		INSURANCE - 2.5% (Continued)
	1,200	Arthur J Gallagher & Company	$	269,856
	9,343	Berkshire Hathaway, Inc., Class B^(a)		3,332,274
	1,115	Brown & Brown, Inc.		79,288
	2,205	Chubb Ltd.		498,330
	816	Cincinnati Financial Corporation		84,423
	1,828	Hartford Financial Services Group, Inc. (The)		146,935
	79	Markel Group, Inc.^(a)		112,172
	2,571	Marsh & McLennan Companies, Inc.		487,127
	3,594	MetLife, Inc.		237,671
	1,171	Principal Financial Group, Inc.		92,123
	3,178	Progressive Corporation (The)		506,192
	2,063	Prudential Financial, Inc.		213,954
	1,277	Travelers Companies, Inc. (The)		243,256
	1,192	W R Berkley Corporation		84,298
	562	Willis Towers Watson PLC		135,554
				7,678,015
		INTERNET MEDIA & SERVICES - 6.5%
	2,295	Airbnb, Inc., Class A^(a)		312,441
	41,624	Alphabet, Inc., Class A^(a)		5,814,456
	35,751	Alphabet, Inc., Class C^(a)		5,038,388
	193	Booking Holdings, Inc.^(a)		684,613
	1,561	DoorDash, Inc., Class A^(a)		154,367
	682	Expedia Group, Inc.^(a)		103,521
	930	GoDaddy, Inc., Class A^(a)		98,729
	15,002	Meta Platforms, Inc., Class A^(a)		5,310,108
	2,308	Netflix, Inc.^(a)		1,123,719
	3,495	Pinterest, Inc., Class A^(a)		129,455
	10,505	Uber Technologies, Inc.^(a)		646,793
	523	VeriSign, Inc.^(a)		107,717
				19,524,307
		LEISURE FACILITIES & SERVICES - 1.1%
	138	Chipotle Mexican Grill, Inc.^(a)		315,600
	724	Darden Restaurants, Inc.		118,953
	215	Domino’s Pizza, Inc.		88,629

See accompanying notes to financial statements.

HCM DEFENDER 500 INDEX ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

December 31, 2023

Shares			Fair Value
		COMMON STOCKS — 80.0% (Continued)
		LEISURE FACILITIES & SERVICES - 1.1% (Continued)
	1,342	Hilton Worldwide Holdings, Inc.	$	244,365
	1,700	Las Vegas Sands Corporation		83,657
	1,381	Marriott International, Inc., Class A		311,429
	4,041	McDonald’s Corporation		1,198,197
	1,409	MGM Resorts International		62,954
	1,142	Royal Caribbean Cruises Ltd.^(a)		147,878
	6,303	Starbucks Corporation		605,151
	1,513	Yum! Brands, Inc.		197,689
				3,374,502
		LEISURE PRODUCTS - 0.0%^(b)
	370	Axon Enterprise, Inc.^(a)		95,582

		MACHINERY - 0.8%
	2,722	Caterpillar, Inc.		804,813
	1,453	Deere & Company		581,010
	423	IDEX Corporation		91,838
	1,983	Ingersoll Rand, Inc.		153,365
	708	Parker-Hannifin Corporation		326,176
	960	Stanley Black & Decker, Inc.		94,176
	1,152	Veralto Corporation		94,764
	1,377	Xylem, Inc.		157,474
				2,303,616
		MEDICAL EQUIPMENT & DEVICES - 2.9%
	9,590	Abbott Laboratories		1,055,571
	1,773	Agilent Technologies, Inc.		246,500
	425	Align Technology, Inc.^(a)		116,450
	2,938	Avantor, Inc.^(a)		67,075
	3,295	Baxter International, Inc.		127,385
	1,742	Becton Dickinson and Company		424,752
	958	Bio-Techne Corporation		73,919
	7,906	Boston Scientific Corporation^(a)		457,046
	247	Cooper Companies, Inc. (The)		93,475
	3,731	Danaher Corporation		863,130
	2,021	DexCom, Inc.^(a)		250,786

See accompanying notes to financial statements.

HCM DEFENDER 500 INDEX ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

December 31, 2023

Shares			Fair Value
		COMMON STOCKS — 80.0% (Continued)
		MEDICAL EQUIPMENT & DEVICES - 2.9% (Continued)
	3,361	Edwards Lifesciences Corporation^(a)	$	256,276
	1,966	GE HealthCare Technologies, Inc.		152,011
	1,138	Hologic, Inc.^(a)		81,310
	443	IDEXX Laboratories, Inc.^(a)		245,887
	1,158	Illumina, Inc.^(a)		161,240
	349	Insulet Corporation^(a)		75,726
	1,970	Intuitive Surgical, Inc.^(a)		664,599
	7,721	Medtronic PLC		636,056
	132	Mettler-Toledo International, Inc.^(a)		160,111
	760	ResMed, Inc.		130,735
	648	Revvity, Inc.		70,833
	537	STERIS plc		118,059
	1,801	Stryker Corporation		539,327
	2,200	Thermo Fisher Scientific, Inc.		1,167,738
	321	Waters Corporation^(a)		105,683
	395	West Pharmaceutical Services, Inc.		139,087
	1,041	Zimmer Biomet Holdings, Inc.		126,690
				8,607,457
		METALS & MINING - 0.2%
	8,050	Freeport-McMoRan, Inc.		342,688
	4,753	Newmont Corporation		196,727
				539,415
		MULTI ASSET CLASS REIT - 0.0%^(b)
	990	WP Carey, Inc.		64,162

		OFFICE REIT - 0.0%^(b)
	854	Alexandria Real Estate Equities, Inc.		108,262
	28	NET Lease Office Properties		517
				108,779
		OIL & GAS PRODUCERS - 2.9%
	1,467	APA Corporation		52,636
	1,258	Cheniere Energy, Inc.		214,753
	9,651	Chevron Corporation		1,439,543
	6,548	ConocoPhillips		760,026

See accompanying notes to financial statements.

HCM DEFENDER 500 INDEX ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

December 31, 2023

Shares			Fair Value
		COMMON STOCKS — 80.0% (Continued)
		OIL & GAS PRODUCERS - 2.9% (Continued)
	3,990	Coterra Energy, Inc.	$	101,825
	3,563	Devon Energy Corporation		161,404
	852	Diamondback Energy, Inc.		132,128
	3,081	EOG Resources, Inc.		372,647
	2,076	EQT Corporation		80,258
	29,241	Exxon Mobil Corporation		2,923,515
	1,529	Hess Corporation		220,421
	11,536	Kinder Morgan, Inc.		203,495
	3,227	Marathon Oil Corporation		77,964
	2,252	Marathon Petroleum Corporation		334,107
	3,562	Occidental Petroleum Corporation		212,687
	3,339	ONEOK, Inc.		234,465
	2,395	Phillips 66		318,870
	1,274	Pioneer Natural Resources Company		286,497
	1,279	Targa Resources Corporation		111,107
	1,993	Valero Energy Corporation		259,090
	6,959	Williams Companies, Inc. (The)		242,382
				8,739,820
		OIL & GAS SERVICES & EQUIPMENT - 0.3%
	5,492	Baker Hughes Company		187,717
	4,943	Halliburton Company		178,689
	7,611	Schlumberger Ltd.		396,076
				762,482
		REAL ESTATE SERVICES - 0.1%
	1,849	CBRE Group, Inc., Class A^(a)		172,123

		RENEWABLE ENERGY - 0.1%
	703	Enphase Energy, Inc.^(a)		92,894
	611	First Solar, Inc.^(a)		105,264
				198,158
		RESIDENTIAL REIT - 0.3%
	806	AvalonBay Communities, Inc.		150,899
	615	Camden Property Trust		61,063
	1,993	Equity Residential		121,892

See accompanying notes to financial statements.

HCM DEFENDER 500 INDEX ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

December 31, 2023

Shares			Fair Value
		COMMON STOCKS — 80.0% (Continued)
		RESIDENTIAL REIT - 0.3% (Continued)
	383	Essex Property Trust, Inc.	$	94,961
	3,433	Invitation Homes, Inc.		117,100
	665	Mid-America Apartment Communities, Inc.		89,416
	702	Sun Communities, Inc.		93,822
	1,670	UDR, Inc.		63,944
				793,097
		RETAIL - CONSUMER STAPLES - 1.3%
	2,392	Costco Wholesale Corporation		1,578,911
	1,149	Dollar General Corporation		156,207
	1,190	Dollar Tree, Inc.^(a)		169,040
	4,296	Kroger Company (The)		196,370
	2,531	Target Corporation		360,465
	3,954	Walgreens Boots Alliance, Inc.		103,239
	7,828	Walmart, Inc.		1,234,084
				3,798,316
		RETAIL - DISCRETIONARY - 1.5%
	99	AutoZone, Inc.^(a)		255,975
	1,278	Best Buy Company, Inc.		100,042
	796	Genuine Parts Company		110,246
	5,609	Home Depot, Inc. (The)		1,943,799
	3,241	Lowe’s Companies, Inc.		721,285
	328	O’Reilly Automotive, Inc.^(a)		311,626
	1,766	Ross Stores, Inc.		244,397
	6,258	TJX Cos., Inc. (The)		587,063
	554	Tractor Supply Company		119,127
	277	Ulta Beauty, Inc.^(a)		135,727
				4,529,287
		RETAIL REIT - 0.2%
	3,019	Kimco Realty Corporation		64,335
	3,751	Realty Income Corporation		215,382
	1,881	Simon Property Group, Inc.		268,306
				548,023
		SELF-STORAGE REIT - 0.1%
	1,126	Extra Space Storage, Inc.		180,532

See accompanying notes to financial statements.

HCM DEFENDER 500 INDEX ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

December 31, 2023

Shares			Fair Value
		COMMON STOCKS — 80.0% (Continued)
		SELF-STORAGE REIT - 0.1% (Continued)
	877	Public Storage	$	267,485
				448,017
		SEMICONDUCTORS - 6.2%
	8,432	Advanced Micro Devices, Inc.^(a)		1,242,961
	2,693	Analog Devices, Inc.		534,722
	4,359	Applied Materials, Inc.		706,463
	2,446	Broadcom, Inc.		2,730,348
	862	Entegris, Inc.		103,285
	22,974	Intel Corporation		1,154,444
	716	KLA Corporation		416,211
	679	Lam Research Corporation		531,834
	4,511	Marvell Technology, Inc.		272,058
	2,849	Microchip Technology, Inc.		256,923
	5,748	Micron Technology, Inc.		490,534
	268	Monolithic Power Systems, Inc.		169,049
	15,924	NVIDIA Corporation		7,885,883
	2,416	ON Semiconductor Corporation^(a)		201,808
	5,894	QUALCOMM, Inc.		852,449
	912	Skyworks Solutions, Inc.		102,527
	932	Teradyne, Inc.		101,141
	5,030	Texas Instruments, Inc.		857,414
				18,610,054
		SOFTWARE - 9.7%
	2,471	Adobe, Inc.^(a)		1,474,198
	736	Akamai Technologies, Inc.^(a)		87,106
	466	ANSYS, Inc.^(a)		169,102
	923	Atlassian Corp plc, CLASS A^(a)		219,545
	1,164	Autodesk, Inc.^(a)		283,411
	1,448	Cadence Design Systems, Inc.^(a)		394,392
	1,743	Cloudflare, Inc., Class A^(a)		145,122
	1,246	Crowdstrike Holdings, Inc., Class A^(a)		318,129
	1,579	Datadog, Inc., Class A^(a)		191,659
	3,754	Fortinet, Inc.^(a)		219,722
	2,845	Gen Digital, Inc.		64,923

See accompanying notes to financial statements.

HCM DEFENDER 500 INDEX ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

December 31, 2023

Shares			Fair Value
		COMMON STOCKS — 80.0% (Continued)
		SOFTWARE - 9.7% (Continued)
	251	HubSpot, Inc.^(a)	$	145,716
	1,442	Intuit, Inc.		901,293
	49,756	Microsoft Corporation		18,710,245
	359	MongoDB, Inc.^(a)		146,777
	8,413	Oracle Corporation		886,983
	9,787	Palantir Technologies, Inc., Class A^(a)		168,043
	1,601	Palo Alto Networks, Inc.^(a)		472,103
	322	Paycom Software, Inc.		66,564
	716	PTC, Inc.^(a)		125,271
	572	Roper Technologies, Inc.		311,837
	5,086	Salesforce, Inc.^(a)		1,338,329
	1,069	ServiceNow, Inc.^(a)		755,238
	1,520	Snowflake, Inc.^(a)		302,480
	917	Splunk, Inc.^(a)		139,705
	1,028	SS&C Technologies Holdings, Inc.		62,821
	780	Synopsys, Inc.^(a)		401,630
	930	Twilio, Inc., Class A^(a)		70,559
	192	Tyler Technologies, Inc.^(a)		80,279
	981	Veeva Systems, Inc., Class A^(a)		188,862
	1,051	Workday, Inc., Class A^(a)		290,139
	1,314	Zoom Video Communications, Inc., Class A^(a)		94,490
				29,226,673
		SPECIALTY FINANCE - 0.4%
	3,168	American Express Company		593,493
	2,089	Capital One Financial Corporation		273,910
	1,305	Discover Financial Services		146,682
	1,841	Synchrony Financial		70,308
				1,084,393
		SPECIALTY REITS - 0.0%^(b)
	1,366	Iron Mountain, Inc.		95,593

		STEEL - 0.1%
	1,427	Nucor Corporation		248,355
	304	Reliance Steel & Aluminum Company		85,023

See accompanying notes to financial statements.

HCM DEFENDER 500 INDEX ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

December 31, 2023

Shares			Fair Value
		COMMON STOCKS — 80.0% (Continued)
		STEEL - 0.1% (Continued)
	743	Steel Dynamics, Inc.	$	87,748
				421,126
		TECHNOLOGY HARDWARE - 7.3%
	99,938	Apple, Inc.		19,241,063
	1,302	Arista Networks, Inc.^(a)		306,634
	22,664	Cisco Systems, Inc.		1,144,985
	3,980	Corning, Inc.		121,191
	1,468	Dell Technologies, Inc., Class C		112,302
	927	Garmin Ltd.		119,157
	6,837	Hewlett Packard Enterprise Company		116,092
	4,925	HP, Inc.		148,193
	636	Jabil, Inc.		81,026
	876	Motorola Solutions, Inc.		274,267
	1,055	NetApp, Inc.		93,009
	1,124	Seagate Technology Holdings PLC		95,956
	1,816	Western Digital Corporation^(a)		95,104
	261	Zebra Technologies Corporation, Class A^(a)		71,339
				22,020,318
		TECHNOLOGY SERVICES - 4.2%
	3,651	Accenture plc, Class A		1,281,172
	2,254	Automatic Data Processing, Inc.		525,114
	3,158	Block, Inc., Class A^(a)		244,271
	638	Booz Allen Hamilton Holding Corporation		81,607
	611	Broadridge Financial Solutions, Inc.		125,713
	772	CDW Corporation		175,491
	2,881	Cognizant Technology Solutions Corporation, Class A		217,602
	2,065	CoStar Group, Inc.^(a)		180,460
	345	EPAM Systems, Inc.^(a)		102,582
	739	Equifax, Inc.		182,747
	179	FactSet Research Systems, Inc.		85,392
	133	Fair Isaac Corporation^(a)		154,813
	3,125	Fidelity National Information Services, Inc.		187,719
	3,347	Fiserv, Inc.^(a)		444,615
	350	FleetCor Technologies, Inc.^(a)		98,914

See accompanying notes to financial statements.

HCM DEFENDER 500 INDEX ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

December 31, 2023

Shares			Fair Value
		COMMON STOCKS — 80.0% (Continued)
		TECHNOLOGY SERVICES - 4.2% (Continued)
	395	Gartner, Inc.^(a)	$	178,188
	1,501	Global Payments, Inc.		190,627
	5,101	International Business Machines Corporation		834,269
	363	Jack Henry & Associates, Inc.		59,318
	778	Leidos Holdings, Inc.		84,211
	4,556	Mastercard, Inc., Class A		1,943,180
	863	Moody’s Corporation		337,053
	427	MSCI, Inc.		241,533
	1,649	Paychex, Inc.		196,412
	5,956	PayPal Holdings, Inc.^(a)		365,758
	1,719	S&P Global, Inc.		757,254
	1,029	TransUnion		70,703
	794	Verisk Analytics, Inc.		189,655
	11,788	Visa, Inc., Class A		3,069,006
				12,605,379
		TELECOMMUNICATIONS - 0.7%
	39,933	AT&T, Inc.		670,076
	2,753	T-Mobile US, Inc.		441,388
	23,435	Verizon Communications, Inc.		883,500
				1,994,964
		TIMBER REIT - 0.1%
	4,512	Weyerhaeuser Company		156,882

		TOBACCO & CANNABIS - 0.4%
	10,133	Altria Group, Inc.		408,765
	8,750	Philip Morris International, Inc.		823,200
				1,231,965
		TRANSPORTATION & LOGISTICS - 1.0%
	10,601	CSX Corporation		367,537
	3,206	Delta Air Lines, Inc.		128,977
	705	Expeditors International of Washington, Inc.		89,676
	1,213	FedEx Corporation		306,853
	466	JB Hunt Transport Services, Inc.		93,079
	1,239	Norfolk Southern Corporation		292,875

See accompanying notes to financial statements.

HCM DEFENDER 500 INDEX ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

December 31, 2023

Shares			Fair Value
		COMMON STOCKS — 80.0% (Continued)
		TRANSPORTATION & LOGISTICS - 1.0% (Continued)
	552	Old Dominion Freight Line, Inc.	$	223,742
	3,548	Southwest Airlines Company		102,466
	3,338	Union Pacific Corporation		819,879
	1,440	United Airlines Holdings, Inc.^(a)		59,414
	4,129	United Parcel Service, Inc.		649,203
				3,133,701
		TRANSPORTATION EQUIPMENT - 0.2%
	745	Cummins, Inc.		178,480
	2,761	PACCAR, Inc.		269,612
	957	Westinghouse Air Brake Technologies Corporation		121,443
				569,535
		WHOLESALE - CONSUMER STAPLES - 0.2%
	2,972	Archer-Daniels-Midland Company		214,638
	778	Bunge Global S.A.		78,539
	2,838	Sysco Corporation		207,543
				500,720
		WHOLESALE - DISCRETIONARY - 0.1%
	4,451	Copart, Inc.^(a)		218,099
	1,212	LKQ Corporation		57,921
	246	Pool Corporation		98,083
				374,103

		TOTAL COMMON STOCKS (Cost $203,067,998)		240,372,492

		EXCHANGE-TRADED FUND — 19.9%
		EQUITY - 19.9%
	576,833	Direxion Daily S&P 500 Bull 3X (Cost $44,899,527)		59,984,864

See accompanying notes to financial statements.

HCM DEFENDER 500 INDEX ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

December 31, 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 - 99.9% (Cost $247,967,525)				$	300,357,356
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%					422,554
		NET ASSETS - 100.0%				$	300,779,910

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

S/A - Société Anonyme

^(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 December 31, 2023 was $0, representing 0.0% of net assets.

See accompanying notes to financial statements.

The HCM ETFs

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)

December 31, 2023

	HCM Defender 100			HCM Defender 500
	Index ETF			Index ETF
ASSETS
Investment securities:
At cost	$	314,053,020		$	247,967,525
At fair value	$	363,481,419		$	300,357,356
Cash and cash equivalents		1,172,267			461,582
Dividends and interest receivable		283,750			213,158
Prepaid expenses		5,403			4,139
TOTAL ASSETS		364,942,839			301,036,235

LIABILITIES
Investment advisory fees payable		228,379			187,180
Custody fees payable		10,279			32,918
Payable to related parties		10,127			16,498
Accrued expenses and other liabilities		18,983			19,729
TOTAL LIABILITIES		267,768			256,325
NET ASSETS	$	364,675,071		$	300,779,910

Net Assets Consist Of:
Paid in capital	$	370,350,812		$	325,816,230
Accumulated deficit		(5,675,741	)		(25,036,320	)
NET ASSETS	$	364,675,071		$	300,779,910

Net Asset Value Per Share:
Net Assets	$	364,675,071		$	300,779,910
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		7,250,000			7,300,000
Net asset value, offering and redemption price per share (Net Assets ÷ Shares Outstanding)	$	50.30		$	41.20

See accompanying notes to financial statements.

The HCM ETFs

STATEMENTS OF OPERATIONS (Unaudited)

For the Six Months Ended December 31, 2023

	HCM Defender 100			HCM Defender 500
	Index ETF			Index ETF
INVESTMENT INCOME
Dividends (net of tax withholding of $1,495 and $293, respectively)	$	1,729,017		$	1,976,233
Interest		458,742			335,457
TOTAL INVESTMENT INCOME		2,187,759			2,311,690

EXPENSES
Investment advisory fees		1,338,363			1,114,948
Administrative services		77,431			77,431
Printing and postage expenses		14,115			14,115
Compliance officer fees		10,889			7,461
Audit fees		10,309			10,309
Custodian fees		9,075			24,198
Legal fees		8,571			8,571
Trustees fees and expenses		7,662			7,662
Transfer agent fees		6,033			6,033
Insurance expense		3,520			4,033
Other expenses		4,493			4,493
TOTAL EXPENSES		1,490,461			1,279,254

NET INVESTMENT INCOME		697,298			1,032,436

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
In-kind redemptions		53,897,371			3,997,679
Net realized loss on investments		(11,202,841	)		(5,606,340	)
Foreign currency transactions		(148	)		—
		42,694,382			(1,608,661	)
Net change in unrealized appreciation (depreciation) on investments		(22,303,874	)		15,188,861
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		20,390,508			13,580,200

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	21,087,806		$	14,612,636

See accompanying notes to financial statements.

HCM Defender 100 Index ETF

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended
	December 31, 2023			Year Ended
	(Unaudited)			June 30, 2023
FROM OPERATIONS
Net investment income	$	697,298		$	1,564,774
Net realized gain (loss) on investments, in-kind redemptions, and foreign currency transactions		42,694,382			(4,724,484	)
Net change in unrealized appreciation (depreciation) on investments		(22,303,874	)		71,732,273
Net increase in net assets resulting from operations		21,087,806			68,572,563

DISTRIBUTIONS TO SHAREHOLDERS
Total distributions paid		(992,525	)		—
Net decrease in net assets resulting from distributions to shareholders		(992,525	)		—

FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold		214,482,522			44,605,111
Cost of shares redeemed		(197,959,846	)		(36,340,067	)
Net increase in net assets resulting from shares of beneficial interest		16,522,676			8,265,044

TOTAL INCREASE IN NET ASSETS		36,617,957			76,837,607

NET ASSETS
Beginning of Period		328,057,114			251,219,507
End of Period	$	364,675,071		$	328,057,114

SHARE ACTIVITY
Shares Sold		4,450,000			1,100,000
Shares Redeemed		(4,150,000	)		(950,000	)
Net increase in shares of beneficial interest outstanding		300,000			150,000

See accompanying notes to financial statements.

HCM Defender 500 Index ETF

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended
	December 31, 2023			Year Ended
	(Unaudited)			June 30, 2023
FROM OPERATIONS
Net investment income	$	1,032,436		$	2,577,711
Net realized loss on investments, in-kind redemptions, and foreign currency transactions		(1,608,661	)		(5,780,658	)
Net change in unrealized appreciation on investments		15,188,861			37,200,970
Net increase in net assets resulting from operations		14,612,636			33,998,023

DISTRIBUTIONS TO SHAREHOLDERS
Total distributions paid		(1,881,940	)		(1,454,080	)
Net decrease in net assets resulting from distributions to shareholders		(1,881,940	)		(1,454,080	)

FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold		23,765,710			41,588,392
Cost of shares redeemed		(24,759,247	)		(45,294,648	)
Net decrease in net assets resulting from shares of beneficial interest		(993,537	)		(3,706,256	)

TOTAL INCREASE IN NET ASSETS		11,737,159			28,837,687

NET ASSETS
Beginning of Period		289,042,751			260,205,064
End of Period	$	300,779,910		$	289,042,751

SHARE ACTIVITY
Shares Sold		600,000			1,150,000
Shares Redeemed		(650,000	)		(1,300,000	)
Net decrease in shares of beneficial interest outstanding		(50,000	)		(150,000	)

See accompanying notes to financial statements.

HCM Defender 100 Index ETF

FINANCIAL HIGHLIGHTS

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

	Six Months Ended
	December 31, 2023			Year Ended			Year Ended			Year Ended			Period Ended
	(Unaudited)			June 30, 2023			June 30, 2022			June 30, 2021			June 30, 2020 (1)
Net asset value, beginning of period	$	47.20		$	36.94		$	47.92		$	30.21		$	25.00
Activity from investment operations:
Net investment income (loss) (2)		0.10			0.23			(0.18	)		(0.10	)		(0.04	)
Net realized and unrealized gain (loss) on investments		3.14			10.03			(10.80	)		17.81			5.31
Total from investment operations		3.24			10.26			(10.98	)		17.71			5.27
Less distributions from:
Net investment income		(0.14	)		—			—			—			(0.00	) (5)
Net realized gains		—			—			—			—			(0.06	)
Total distributions		(0.14	)		—			—			—			(0.06	)
Net asset value, end of period	$	50.30		$	47.20		$	36.94		$	47.92		$	30.21
Market price, end of period	$	50.27		$	47.23		$	36.96		$	47.97		$	30.25
Total return (4)		6.86	% (8)		27.77	%		(22.91	)%		58.62	%		21.11	% (8)
Market price total return		6.73	%		27.79	%		(22.95	)%		58.58	%		21.27	%
Net assets, at end of period (000s)	$	364,675		$	328,057		$	251,220		$	208,433		$	101,197
Ratio of net expenses to average net assets (6)(7)		0.85	%		0.89	%		0.89	%		0.91	%		1.02	%
Ratio of net investment income (loss) to average net assets (6)(7)		0.40	%		0.61	%		(0.37	)%		(0.26	)%		(0.18	)%
Portfolio Turnover Rate (3)		89	% (8)		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.

HCM Defender 500 Index ETF

FINANCIAL HIGHLIGHTS

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

	Six Months Ended
	December 31, 2023			Year Ended			Year Ended			Year Ended			Period Ended
	(Unaudited)			June 30, 2023			June 30, 2022			June 30, 2021			June 30, 2020 (1)
Net asset value, beginning of period	$	39.33		$	34.69		$	39.95		$	25.15		$	25.00
Activity from investment operations:
Net investment income (2)		0.14			0.36			0.03			0.09			0.07
Net realized and unrealized gain (loss) on investments		1.99			4.48			(5.23	)		14.79			0.13
Total from investment operations		2.13			4.84			(5.20	)		14.88			0.20
Less distributions from:
Net investment income		(0.26	)		(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		(0.26	)		(0.20	)		(0.06	)		(0.08	)		(0.05	)
Net asset value, end of period	$	41.20		$	39.33		$	34.69		$	39.95		$	25.15
Market price, end of period	$	41.15		$	39.36		$	34.70		$	40.00		$	25.12
Total return (4)		5.42	% (8)		14.06	%		(13.05	)%		59.23	%		0.78	% (8)
Market price total return		5.21	%		14.12	%		(13.13	)%		59.62	%		0.66	%
Net assets, at end of period (000s)	$	300,780		$	289,043		$	260,205		$	195,733		$	91,806
Ratio of net expenses to average net assets (6)(7)		0.88	%		0.92	%		0.89	%		0.94	%		1.14	%
Ratio of net investment income to average net assets (6)(7)		0.71	%		1.03	%		0.06	%		0.27	%		0.40	%
Portfolio Turnover Rate (3)		80	% (8)		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)

(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.

The HCM ETFs

NOTES TO FINANCIAL STATEMENTS (Unaudited)

December 31, 2023

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.

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 investments, 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

The HCM ETFs

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

December 31, 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.

The HCM ETFs

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

December 31, 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 December 31, 2023 for the Funds’ assets measured at fair value:

HCM Defender 100 Index ETF
Assets*	Level 1			Level 2		Level 3		Total
Common Stocks	$	291,639,519		$	—	$	—	$	291,639,519
Exchange Traded Fund		71,841,900			—		—		71,841,900
Total	$	363,481,419		$	—	$	—	$	363,481,419

HCM Defender 500 Index ETF
Assets*	Level 1			Level 2		Level 3		Total
Common Stocks	$	240,372,492		$	—	$	—	$	240,372,492
Exchange Traded Fund		59,984,864			—		—		59,984,864
Right		—	^		—		—		—
Total	$	300,357,356		$	—	$	—	$	300,357,356

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

See Schedule of Investments for industry classification.

Includes securities valued at $0.

The HCM ETFs

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

December 31, 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 six months ended December 31, 2023, QQH and LGH had a realized loss of $148 and $0 on foreign currency transactions, respectively.

The HCM ETFs

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

December 31, 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.

INVESTMENT TRANSACTIONS

For the six months ended December 31, 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	$	288,452,113	$	282,855,579
LGH	$	213,291,980	$	217,591,640

For the six months ended December 31, 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	$	201,881,161	$	188,539,241
LGH	$	23,208,426	$	19,264,193

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 six months ended December 31, 2023, the Adviser earned $1,338,363, and $1,114,948 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.

The HCM ETFs

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

December 31, 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.

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”).

The HCM ETFs

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

December 31, 2023

The Transaction Fees for the Funds 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.

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 Income		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		—

The HCM ETFs

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

December 31, 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	)

AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS

	Cost for Federal		Unrealized		Unrealized			Tax Net Unrealized
Portfolio	Tax purposes		Appreciation		Depreciation			App/Dep
HCM Defender 100 Index ETF	$	314,053,020	$	49,877,339	$	(448,940	)	$	49,428,399
HCM Defender 500 Index ETF		247,943,731		53,392,214		(978,589	)		52,413,625

REGULATORY UPDATE

On January 24, 2023, the SEC adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will not appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

The HCM ETFs

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

December 31, 2023

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.

The HCM ETFs

EXPENSE EXAMPLES (Unaudited)

December 31, 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 July 1, 2023 through December 31, 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	7/1/2023	12/31/2023	7/1/2023 - 12/31/2023	7/1/2023 - 12/31/2023
HCM Defender 100 Index ETF	$1,000.00	$1,068.60	$4.43	0.85%
HCM Defender 500 Index ETF	$1,000.00	$1,054.20	$4.56	0.88%

	Beginning Account	Ending	Expenses Paid During	Expenses Paid During
Hypothetical	Value	Account Value	Period*	Period**
(5% return before expenses)	7/1/2023	12/31/2023	7/1/2023 - 12/31/2023	7/1/2023 - 12/31/2023
HCM Defender 100 Index ETF	$1,000.00	$1,020.92	$4.33	0.85%
HCM Defender 500 Index ETF	$1,000.00	$1,020.77	$4.48	0.88%

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 (184) divided by the number of days in the fiscal year (366).

“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 184/366 (to reflect the full half-year period).

Annualized.

PRIVACY NOTICE

NORTHERN LIGHTS FUND TRUST III

Rev. February 2014

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 and income

■ assets, account transfers and transaction history

■ investment experience and risk tolerance

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 our affiliates to market to you	NO	We don’t share
For nonaffiliates to market to you	NO	We don’t share

Questions?

Call 1-888-339-4230

Page 2

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 or give us contact information ■ provide account information or give us your income information ■ make deposits or withdrawals from your account 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.

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-SA23

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Companies. Not applicable to open-end investment companies.

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) Not applicable.

(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 3/8/2024

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 3/8/2024

By (Signature and Title)

/s/ Rich Gleason

Rich Gleason, Principal Financial Officer/Treasurer

Date 3/8/2024

EX-99.CERT 2 cert1.htm

CERTIFICATIONS

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: 3/8/2024 /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);

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: 3/8/2024 /s/ Rich Gleason

Rich Gleason

Principal Financial Officer/Treasurer

EX-99.906 CERT 3 cert2.htm

certification

Brian Curley, Principal Executive Officer/ President, and Rich Gleason, Principal Financial Officer/ Treasurer 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 December 31, 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: 3/8/2024 Date: 3/8/2024

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.

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