INTERNAL CONTROL RPT

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Boyd Watterson Limited Duration
Enhanced Income Fund and Board of Trustees of Northern
LightsFund Trust III

In planning and performing our audit of the financial
statements of Boyd Watterson Limited Duration Enhanced
Income Fund (the Fund), a series of Northern Lights Fund
Trust III, as of and for the year ended June 30, 2023,
in accordance with the standards of the Public Company
Accounting Oversight Board (United States) (PCAOB),
we considered the Funds internal control over financial
reporting, including controls over safeguarding securities,
as a basis for designing our auditing procedures for the
purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form
N-CEN, but not for the purpose of expressing an opinion
on the effectiveness of the Funds internal control over
financial reporting. Accordingly, we express no such
opinion.

The management of the Fund is responsible for
establishing and maintaining effective internal control
over financial reporting. In fulfilling this
responsibility, estimates and judgments by management
are required to assess the expected benefits and
related costs of controls. A funds internal control
over financial reporting is a process designed 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 (GAAP). A funds
internal control over financial reporting includes
those policies and procedures that (1) pertain to
the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and
dispositions of the assets of the fund; (2) provide
reasonable assurance that transactions are recorded
as necessary to permit preparation of financial
statements in accordance with GAAP, and that receipts
and expenditures of the fund are being made only in
accordance with authorizations of management and
trustees of the fund; and (3) provide reasonable
assurance regarding prevention or timely detection
of unauthorized acquisition, use or disposition
of a funds assets that could have a material effect
on the financial statements.

Because of its inherent limitations, internal control
over financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation
of effectiveness to future periods are subject to
the risk that controls may become inadequate because
of changes in conditions, or that the degree of
compliance with the policies or procedures may
deteriorate.

A deficiency in internal control over financial
reporting exists when the design or operation of
a control does not allow management or employees,
in the normal course of performing their assigned
functions, to prevent or detect misstatements on a
timely basis. A material weakness is a deficiency,
or combination of deficiencies, in internal control
over financial reporting, such that there is a
reasonable possibility that a material misstatement
of the Funds annual or interim financial statements
will not be prevented or detected on a timely basis.

Our consideration of the Funds internal control over
financial reporting was for the limited purpose described
in the first paragraph and would not necessarily disclose
all deficiencies in internal control that might be material
weaknesses under standards established by the PCAOB.
However, we noted no deficiencies in the Funds internal
control over financial reporting and its operation,
including controls over safeguarding securities, that we
consider to be a material weakness as defined above as of
June 30, 2023.

This report is intended solely for the information and use
of management and the Board of Trustees of the Fund and the
Securities and Exchange Commission and is not intended to
be and should not be used by anyone other than these
specified parties.

/s/ COHEN & COMPANY, LTD.
Cleveland, Ohio
August 29, 2023

INTERNAL CONTROL RPT

Report of Independent Registered Public Accounting
Firm

Board of Trustees of Northern Lights Fund Trust III and
the Shareholders of HCM Tactical Growth Fund, HCM
Dividend Sector Plus Fund, HCM Income Plus Fund and
HCM Dynamic Income Fund

In planning and performing our audits of the financial
statements of HCM Tactical Growth Fund, HCM
Dividend Sector Plus Fund, HCM Income Plus Fund and
HCM Dynamic Income Fund (collectively, the Funds) as
of and for the year ended June 30, 2023, in accordance
with the standards of the Public Company Accounting
Oversight Board (United States) (PCAOB), we
considered the Funds internal control over financial
reporting, including controls over safeguarding
securities, as a basis for designing our auditing
procedures for the purpose of expressing our opinion on
the financial statements and to comply with the
requirements of Form N-CEN, but not for the purpose of
expressing an opinion on the effectiveness of the Funds
internal control over financial reporting. Accordingly, we
express no such opinion.

The management of the Funds is responsible for
establishing and maintaining effective internal control
over financial reporting. In fulfilling this responsibility,
estimates and judgments by management are required
to assess the expected benefits and related costs of
controls. A funds internal control over financial reporting
is a process designed 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 (GAAP). A funds internal control over financial
reporting includes those policies and procedures that (a)
pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and
dispositions of the assets of the fund; (b) provide
reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements
in accordance with GAAP, and that receipts and
expenditures of the fund are being made only in
accordance with authorizations of management and
trustees of the fund; and (c) provide reasonable
assurance regarding prevention or timely detection of
unauthorized acquisition, use or disposition of a funds
assets that could have a material effect on the financial
statements.

Because of inherent limitations, internal control over
financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk that
controls may become inadequate because of changes in
conditions, or that the degree of compliance with the
policies or procedures may deteriorate.

A deficiency in internal control over financial reporting
exists when the design or operation of a control does not
allow management or employees, in the normal course
of performing their assigned functions, to prevent or
detect misstatements on a timely basis. A material
weakness is a deficiency, or combination of deficiencies,
in internal control over financial reporting, such that there
is a reasonable possibility that a material misstatement
of the Funds annual or interim financial statements will
not be prevented or detected on a timely basis.

Our consideration of the Funds internal control over
financial reporting was for the limited purpose described
in the first paragraph and would not necessarily disclose
all deficiencies in internal control that might be material
weaknesses under standards established by the
PCAOB. However, we noted no deficiencies in the
Funds internal control over financial reporting and their
operation, including controls over safeguarding
securities, that we consider to be a material weakness
as defined above as of June 30, 2023.

This report is intended solely for the information and use
of management and the Board of Trustees of the Funds
and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other
than these specified parties.

/s/ RSM US LLP

Denver, Colorado
August 29, 2023







1

INTERNAL CONTROL RPT

Report of Independent Registered Public Accounting
Firm

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

In planning and performing our audits of the financial
statements of HCM Defender 100 Index ETF and HCM
Defender 500 Index ETF (collectively, the Funds) as of
and for the year ended June 30, 2023, in accordance
with the standards of the Public Company Accounting
Oversight Board (United States) (PCAOB), we
considered the Funds internal control over financial
reporting, including controls over safeguarding
securities, as a basis for designing our auditing
procedures for the purpose of expressing our opinion on
the financial statements and to comply with the
requirements of Form N-CEN, but not for the purpose of
expressing an opinion on the effectiveness of the Funds
internal control over financial reporting. Accordingly, we
express no such opinion.

The management of the Funds is responsible for
establishing and maintaining effective internal control
over financial reporting. In fulfilling this responsibility,
estimates and judgments by management are required
to assess the expected benefits and related costs of
controls. A funds internal control over financial reporting
is a process designed 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 (GAAP). A funds internal control over financial
reporting includes those policies and procedures that (a)
pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and
dispositions of the assets of the fund; (b) provide
reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements
in accordance with GAAP, and that receipts and
expenditures of the fund are being made only in
accordance with authorizations of management and
trustees of the fund; and (c) provide reasonable
assurance regarding prevention or timely detection of
unauthorized acquisition, use or disposition of a funds
assets that could have a material effect on the financial
statements.

Because of inherent limitations, internal control over
financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk that
controls may become inadequate because of changes in
conditions, or that the degree of compliance with the
policies or procedures may deteriorate.

A deficiency in internal control over financial reporting
exists when the design or operation of a control does not
allow management or employees, in the normal course
of performing their assigned functions, to prevent or
detect misstatements on a timely basis. A material
weakness is a deficiency, or combination of deficiencies,
in internal control over financial reporting, such that there
is a reasonable possibility that a material misstatement
of the Funds annual or interim financial statements will
not be prevented or detected on a timely basis.

Our consideration of the Funds internal control over
financial reporting was for the limited purpose described
in the first paragraph and would not necessarily disclose
all deficiencies in internal control that might be material
weaknesses under standards established by the
PCAOB. However, we noted no deficiencies in the
Funds internal control over financial reporting and their
operation, including controls over safeguarding
securities, that we consider to be a material weakness
as defined above as of June 30, 2023.

This report is intended solely for the information and use
of management and the Board of Trustees of the Funds
and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other
than these specified parties.

/s/ RSM US LLP

Denver, Colorado
August 29, 2023



1

INTERNAL CONTROL RPT

REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM

To the Shareholders and Board of Trustees of the
Northern Lights Fund Trust III:

In planning and performing our audits of the financial
statements of the Northern Lights Fund Trust, including
the Swan Defined Risk Fund, Swan Defined Risk
Emerging Markets Fund, Swan Defined Risk Foreign
Fund, Swan Defined Risk Growth Fund, and Swan
Defined Risk U.S. Small Cap Fund  (collectively, the
"Funds") as of and for the year ended June 30, 2023, in
accordance with the standards of the Public Company
Accounting Oversight Board (United States) (PCAOB),
we considered the Funds' internal control over financial
reporting, including controls over safeguarding
securities, as a basis for designing our auditing
procedures for the purpose of expressing our opinion on
the financial statements and to comply with the
requirements of Form N-CEN, but not for the purpose of
expressing an opinion on the effectiveness of the Funds'
internal control over financial reporting. Accordingly, we
express no such opinion.
The management of the Funds is responsible for
establishing and maintaining effective internal control
over financial reporting. In fulfilling this responsibility,
estimates and judgments by management are required
to assess the expected benefits and related costs of
controls. A fund's internal control over financial reporting
is a process designed 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. A fund's internal control over financial
reporting includes those policies and procedures that (1)
pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and
dispositions of the assets of the fund; (2) provide
reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements
in accordance with generally accepted accounting
principles, and that receipts and expenditures of the fund
are being made only in accordance with authorizations
of management and trustees of the fund; and (3) provide
reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use, or disposition
of a fund's assets that could have a material effect on
the financial statements.
Because of its inherent limitations, internal control over
financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk that
controls may become inadequate because of changes in
conditions or that the degree of compliance with the
policies or procedures may deteriorate.
A deficiency in internal control over financial reporting
exists when the design or operation of a control does not
allow management or employees, in the normal course
of performing their assigned functions, to prevent or
detect misstatements on a timely basis. A material
weakness is a deficiency, or a combination of
deficiencies, in internal control over financial reporting,
such that there is a reasonable possibility that a material
misstatement of the fund's annual or interim financial
statements will not be prevented or detected on a timely
basis.
Our consideration of the Funds' internal control over
financial reporting was for the limited purpose described
in the first paragraph and would not necessarily disclose
all deficiencies in internal control that might be material
weaknesses under standards established by the
PCAOB. However, we noted no deficiencies in the
Funds' internal control over financial reporting and its
operation, including controls for safeguarding securities,
that we consider to be a material weakness, as defined
above, as of June 30, 2023.
This report is intended solely for the information and use
of management and the Board of Trustees of the
Northern Lights Fund Trust III and the Securities and
Exchange Commission and is not intended to be and
should not be used by anyone other than these specified
parties.


/s/Deloitte & Touche LLP
Costa Mesa, California
August 29, 2023