Northern Lights Fund Trust III

09/09/2024 | Press release | Distributed by Public on 09/09/2024 18:20

Annual Report by Investment Company Form N CSR

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

form n-csr

certified shareholder report of registered
management investment companies

Investment Company Act file number 811-22655

Northern Lights Fund Trust III

(Exact name of registrant as specified in charter)

225 Pictoria Drive, Suite 450, Cincinnati, 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: 6/30/24

Item 1. Reports to Stockholders.

(a)

HCM Defender 100 Index ETF

(QQH) NYSEArca, Inc.

Annual Shareholder Report - June 30, 2024

Fund Overview

This annual shareholder report contains important information about HCM Defender 100 Index ETF for the period of July 1, 2023 to June 30, 2024.You can find additional information about the Fund at www.howardcmetfs.com. You can also request this information by contacting us at 1-770-642-4902.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
HCM Defender 100 Index ETF
$86
0.86%

How did the Fund perform during the reporting period?

In the early part of the third quarter of 2023 equity markets continued their upward trajectory. However, by August and September 2023 several factors began to weigh on the major indices. Renewed inflation fears and concerns about economic slowdown weighed heavy on the equity markets. October saw continued downward pressure with additional geopolitical concerns around the Israel- Hamas conflict. This downward pressure caused the HCM-BuyLine® to go negative, pushing us to reduce exposure. The downtrend, as determined by the HCM-BuyLine®, was short lived as the markets staged an impressive reversal thanks to a dovish pivot from the Federal Reserve accompanied by solid economic activity and declining inflation. This reversal quickly pushed us back above the HCM-BuyLine® resulting in us deploying cash back into the markets. The 2023 rally continued into 2024 with no signs of slowing down. However, April 2024 saw a pickup in volatility as fears of no rate cuts in 2024, or even a rate hike, pressured stocks. The higher then expected March Consumer Price Index (CPI) reversed several months of declines in CPI reports and the markets sold off quickly. This swift selloff triggered HCM Pivot Point® sell stops. Quickly liquidating leveraged ETF positions helped us significantly limit our drawdown and preserve capital. Cash was quickly redeployed as the HCM Pivot Point® turned back up. All the money we took off was reinvested at a lower price. Following dovish comments from Fed Chair Powell at the May 1, 2024 Federal Open Market Committee (FOMC) meeting, markets continued to climb. The resumption of disinflation and increased rate cut expectations fueled the S&P 500 to new highs as we were well positioned to take part in this powerful move higher. HCM Defender 100 Index ETF outperformance can be attributed to the use of leveraged Nasdaq 100 ETFs. We believe that the Fund makes for a great core holding in everyone's portfolio. As we look beyond the reporting period, we remain cautiously optimistic. The HCM-BuyLine® and HCM Pivot Point® will be our compass and we are confident it will lead us in the right direction.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

HCM Defender 100 Index ETF - NAV
HCM Defender 100 Index
NASDAQ- 100 Total Return Index
10/09/19
$10,000
$10,000
$10,000
06/30/20
$12,111
$12,542
$13,304
06/30/21
$19,210
$18,158
$19,205
06/30/22
$14,809
$15,127
$15,292
06/30/23
$18,922
$19,632
$20,358
06/30/24
$24,731
$25,588
$26,622

Average Annual Total Returns

1 Year
Since Inception (October 9, 2019)
HCM Defender 100 Index ETF - NAV
30.70%
21.12%
HCM Defender 100 Index ETF - Market Price
30.62%
21.12%
HCM Defender 100 Index
30.34%
21.99%
NASDAQ- 100 Total Return Index
30.77%
23.02%

The Fund's past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Fund Statistics

  • Net Assets$495,215,889
  • Number of Portfolio Holdings99
  • Advisory Fee $2,940,585
  • Portfolio Turnover124%

Asset Weighting (% of total investments)

Value
Value
Common Stocks
80.5%
Exchange-Traded Funds
19.5%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value
Value
Other Assets in Excess of Liabilities
0.1%
Energy
0.3%
Utilities
0.8%
Materials
1.0%
Industrials
1.7%
Consumer Staples
3.6%
Health Care
3.8%
Consumer Discretionary
9.4%
Communications
13.0%
Equity
19.4%
Technology
46.9%

Top 10 Holdings (% of net assets)

Holding Name
% of Net Assets
ProShares UltraPro QQQ
19.4%
Microsoft Corporation
12.2%
Apple, Inc.
11.5%
NVIDIA Corporation
5.0%
Amazon.com, Inc.
4.7%
Meta Platforms, Inc., Class A
4.5%
Broadcom, Inc.
3.5%
Tesla, Inc.
2.4%
Alphabet, Inc., Class A
2.3%
Alphabet, Inc., Class C
2.3%

Material Fund Changes

No material changes occurred during the year ended June 30, 2024.

TSR-AR 063024-QQH

HCM Defender 100 Index ETF

Annual Shareholder Report - June 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (www.howardcmetfs.com), including its:

  • Prospectus

  • Financial information

  • Holdings

  • Proxy voting information

TSR-AR 063024-QQH

HCM Defender 500 Index ETF

(LGH) NYSEArca, Inc.

Annual Shareholder Report - June 30, 2024

Fund Overview

This annual shareholder report contains important information about HCM Defender 500 Index ETF for the period of July 1, 2023 to June 30, 2024.You can find additional information about the Fund at www.howardcmetfs.com. You can also request this information by contacting us at 1-770-642-4902.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
HCM Defender 500 Index ETF
$89
0.89%

How did the Fund perform during the reporting period?

In the early part of the third quarter of 2023 equity markets continued their upward trajectory. However, by August and September 2023 several factors began to weigh on the major indices. Renewed inflation fears and concerns about economic slowdown weighed heavily on the equity markets. October saw continued downward pressure with additional geopolitical concerns around the Israel- Hamas conflict. This downward pressure caused the HCM-BuyLine® to go negative, pushing us to reduce exposure. The downtrend, as determined by the HCM-BuyLine®, was short-lived as the markets staged an impressive reversal thanks to a dovish pivot from the Federal Reserve accompanied by solid economic activity and declining inflation. This reversal quickly pushed us back above the HCM-BuyLine® resulting in us deploying cash back into the markets. The 2023 rally continued into 2024 with no signs of slowing down. However, April 2024 saw a pickup in volatility as fears of no rate cuts in 2024, or even a rate hike, pressured stocks. The higher then expected March Consumer Price Index (CPI) reversed several months of declines in CPI reports and the markets sold off quickly. This swift selloff triggered HCM Pivot Point® sell stops. Quickly liquidating leveraged ETF positions helped us significantly limit our drawdown. Cash was quickly redeployed as the HCM Pivot Point® turned back up. All the money we took off was reinvested at a lower price. Following dovish comments from Fed Chair Powell at the May 1, 2024 Federal Open Market Committee (FOMC) meeting, markets continued to climb. The resumption of disinflation and increased rate cut expectations fueled the S&P 500 to new highs as we were well positioned to take part in this powerful move higher. HCM Defender 500 Index ETF outperformance can be attributed to the use of leveraged S&P 500 ETFs. We believe that the Fund makes for a great core holding in everyone's portfolio. As we look beyond the reporting period, we remain cautiously optimistic. The HCM-BuyLine® and HCM Pivot Point® will be our compass and we are confident it will lead us in the right direction.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

HCM Defender 500 Index ETF - NAV
HCM Defender 500 Index
S&P 500® Index
10/09/19
$10,000
$10,000
$10,000
06/30/20
$10,078
$10,559
$10,772
06/30/21
$16,047
$15,005
$15,166
06/30/22
$13,953
$13,307
$13,556
06/30/23
$15,916
$15,084
$16,212
06/30/24
$20,130
$18,243
$20,193

Average Annual Total Returns

1 Year
Since Inception (October 9, 2019)
HCM Defender 500 Index ETF - NAV
26.48%
15.96%
HCM Defender 500 Index ETF - Market Price
26.48%
15.97%
HCM Defender 500 Index
20.94%
13.57%
S&P 500® Index
24.56%
16.03%

The Fund's past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Fund Statistics

  • Net Assets$397,883,445
  • Number of Portfolio Holdings467
  • Advisory Fee $2,445,601
  • Portfolio Turnover114%

Asset Weighting (% of total investments)

Value
Value
Common Stocks
80.6%
Exchange-Traded Funds
19.4%
Right
0.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value
Value
Other Assets in Excess of Liabilities
0.1%
Real Estate
1.4%
Utilities
1.5%
Materials
1.5%
Energy
2.9%
Consumer Staples
4.0%
Industrials
5.0%
Financials
7.0%
Consumer Discretionary
7.8%
Communications
8.8%
Health Care
9.1%
Equity
19.4%
Technology
31.5%

Top 10 Holdings (% of net assets)

Holding Name
% of Net Assets
Direxion Daily S&P 500 Bull 3X
19.4%
Microsoft Corporation
7.0%
Apple, Inc.
6.6%
NVIDIA Corporation
6.3%
Amazon.com, Inc.
3.7%
Meta Platforms, Inc., Class A
2.3%
Alphabet, Inc., Class A
2.2%
Alphabet, Inc., Class C
1.9%
Eli Lilly & Company
1.5%
Broadcom, Inc.
1.4%

Material Fund Changes

No material changes occurred during the year ended June 30, 2024.

HCM Defender 500 Index ETF

Annual Shareholder Report - June 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (www.howardcmetfs.com), including its:

  • Prospectus

  • Financial information

  • Holdings

  • Proxy voting information

TSR-AR 063024-LGH

(b) Not applicable

Item 2. Code of Ethics.

(a) The registrant has, as of the end of the period covered by this report, adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, and principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.
(b) N/A
(c) During the period covered by this report, there were no amendments to any provision of the code of ethics.
(d) During the period covered by this report, there were no waivers or implicit waivers of a provision of the code of ethics.
(e) N/A
(f) See Item 19(a)(1)

Item 3. Audit Committee Financial Expert.

(a)(1) The Registrant's board of trustees has determined that Mark H. Taylor is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Taylor is independent for purposes of this Item.
(a)(2) Not applicable.
(a)(3) Not applicable.

Item 4. Principal Accountant Fees and Services.

(a)

Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the registrant's principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are as follows:

2024 - $ 36,500

2023 - $ 35,500

(b) Audit-Related Fees. There were no fees billed in each of the last two fiscal years for assurances and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this item.
(c) Tax Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance are as follows:

2024 - $ 8,000

2023 - $ 7,500

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

(d) All Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant's principal accountant, other than the services reported in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years ended June 30, 2023, and 2024 respectively.
(e)(1)

The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant.

(e)(2)

There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable. The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was zero percent (0%).
(g)

All non-audit fees billed by the registrant's principal accountant for services rendered to the registrant for the fiscal years ended June 30, 2023, and 2024 respectively are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant's principal accountant for the registrant's adviser.

(h)

Not applicable.

(i)

Not applicable.

(j)

Not applicable.

Item 5. Audit Committee of Listed Companies.

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

Item 6. Schedule of Investments.

The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

(a)

HCM Defender 100 Index ETF

QQH

HCM Defender 500 Index ETF

LGH

Annual Financial Statements

June 30, 2024

1-770-642-4902
www.howardcmetfs.com

HCM DEFENDER 100 INDEX ETF

SCHEDULE OF INVESTMENTS

June 30, 2024

Shares Fair Value
COMMON STOCKS - 80.5%
ADVERTISING & MARKETING - 0.2%
11,483 Trade Desk, Inc. (The), Class A(a) $ 1,121,545
AUTOMOTIVE - 2.4%
60,539 Tesla, Inc.(a) 11,979,457
BEVERAGES - 1.3%
4,217 Coca-Cola Europacific Partners plc 307,293
18,849 Keurig Dr Pepper, Inc. 629,557
11,289 Monster Beverage Corporation(a) 563,886
31,130 PepsiCo, Inc. 5,134,270
6,635,006
BIOTECH & PHARMA - 2.5%
11,686 Amgen, Inc. 3,651,290
3,424 Biogen, Inc.(a) 793,752
1,818 BioNTech S.E. - ADR(a) 146,094
28,518 Gilead Sciences, Inc. 1,956,620
640 GRAIL, Inc.(a) 9,837
7,313 Moderna, Inc.(a) 868,419
2,295 Regeneron Pharmaceuticals, Inc.(a) 2,412,114
5,679 Vertex Pharmaceuticals, Inc.(a) 2,661,861
12,499,987
CABLE & SATELLITE - 0.9%
2,148 Charter Communications, Inc., Class A(a) 642,166
94,433 Comcast Corporation, Class A 3,697,996
4,340,162
CHEMICALS - 1.0%
10,794 Linde plc 4,736,515
COMMERCIAL SUPPORT SERVICES - 0.3%
1,788 Cintas Corporation 1,252,065
DIVERSIFIED INDUSTRIALS - 0.6%
14,370 Honeywell International, Inc. 3,068,569

See accompanying notes to financial statements.

1

HCM DEFENDER 100 INDEX ETF

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2024

Shares Fair Value
COMMON STOCKS - 80.5% (Continued)
E-COMMERCE DISCRETIONARY - 5.6%
119,005 Amazon.com, Inc.(a) $ 22,997,717
11,978 eBay, Inc. 643,458
944 MercadoLibre, Inc.(a) 1,551,370
13,706 PDD Holdings, Inc. - ADR(a) 1,822,213
27,014,758
ELECTRIC UTILITIES - 0.8%
11,276 American Electric Power Company, Inc. 989,356
7,161 Constellation Energy Corporation 1,434,133
21,300 Exelon Corporation 737,193
12,404 Xcel Energy, Inc. 662,498
3,823,180
ENTERTAINMENT CONTENT - 0.2%
5,501 Electronic Arts, Inc. 766,455
54,810 Warner Bros Discovery, Inc.(a) 407,786
1,174,241
FOOD - 0.5%
16,669 Kraft Heinz Company (The) 537,075
28,577 Mondelez International, Inc., A 1,870,079
2,407,154
INDUSTRIAL SUPPORT SERVICES - 0.2%
12,209 Fastenal Company 767,214
INTERNET MEDIA & SERVICES - 11.3%
9,020 Airbnb, Inc., Class A(a) 1,367,703
62,428 Alphabet, Inc., Class A 11,371,260
61,746 Alphabet, Inc., Class C 11,325,451
727 Booking Holdings, Inc. 2,880,011
44,542 Meta Platforms, Inc., Class A 22,458,967
9,672 Netflix, Inc.(a) 6,527,439
55,930,831
LEISURE FACILITIES & SERVICES - 0.6%
5,394 Marriott International, Inc., Class A 1,304,107
24,502 Starbucks Corporation 1,907,481
3,211,588

See accompanying notes to financial statements.

2

HCM DEFENDER 100 INDEX ETF

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2024

Shares Fair Value
COMMON STOCKS - 80.5% (Continued)
MEDICAL EQUIPMENT & DEVICES - 1.3%
1,518 Align Technology, Inc.(a) $ 366,491
8,136 DexCom, Inc.(a) 922,460
7,959 GE HealthCare Technologies, Inc. 620,165
1,697 IDEXX Laboratories, Inc.(a) 826,778
3,842 Illumina, Inc.(a) 401,028
7,544 Intuitive Surgical, Inc.(a) 3,355,948
6,492,870
OIL & GAS PRODUCERS - 0.1%
3,673 Diamondback Energy, Inc. 735,298
OIL & GAS SERVICES & EQUIPMENT - 0.2%
22,438 Baker Hughes Company 789,144
RETAIL - CONSUMER STAPLES - 1.8%
9,821 Costco Wholesale Corporation 8,347,752
4,477 Dollar Tree, Inc.(a) 478,009
8,825,761
RETAIL - DISCRETIONARY - 0.6%
2,380 Lululemon Athletica, Inc.(a) 710,906
1,245 O'Reilly Automotive, Inc.(a) 1,314,795
7,135 Ross Stores, Inc. 1,036,858
3,062,559
SEMICONDUCTORS - 16.2%
37,528 Advanced Micro Devices, Inc.(a) 6,087,417
10,659 Analog Devices, Inc. 2,433,023
21,196 Applied Materials, Inc. 5,002,044
10,701 Broadcom, Inc. 17,180,777
1,405 GLOBALFOUNDRIES, Inc.(a) 71,037
93,124 Intel Corporation 2,884,050
2,754 KLA Corporation 2,270,701
2,675 Lam Research Corporation 2,848,474
17,493 Marvell Technology, Inc. 1,222,761
11,444 Microchip Technology, Inc. 1,047,126
22,749 Micron Technology, Inc. 2,992,176

See accompanying notes to financial statements.

3

HCM DEFENDER 100 INDEX ETF

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2024

Shares Fair Value
COMMON STOCKS - 80.5% (Continued)
SEMICONDUCTORS - 16.2% (Continued)
201,770 NVIDIA Corporation $ 24,926,665
5,518 NXP Semiconductors N.V. 1,484,839
9,240 ON Semiconductor Corporation(a) 633,402
28,052 QUALCOMM, Inc. 5,587,397
19,532 Texas Instruments, Inc. 3,799,560
80,471,449
SOFTWARE - 16.9%
10,670 Adobe, Inc.(a) 5,927,613
1,743 ANSYS, Inc.(a) 560,375
3,122 Atlassian Corporation, Class A(a) 552,219
4,363 Autodesk, Inc.(a) 1,079,624
5,576 Cadence Design Systems, Inc.(a) 1,716,014
4,486 Crowdstrike Holdings, Inc., Class A(a) 1,718,990
4,644 Datadog, Inc., Class A(a) 602,280
14,516 Fortinet, Inc.(a) 874,879
5,562 Intuit, Inc. 3,655,402
135,525 Microsoft Corporation 60,572,900
1,251 MongoDB, Inc.(a) 312,700
6,083 Palo Alto Networks, Inc.(a) 2,062,198
2,178 Roper Technologies, Inc. 1,227,651
3,014 Synopsys, Inc.(a) 1,793,511
4,106 Workday, Inc., Class A(a) 917,937
83,574,293
TECHNOLOGY HARDWARE - 12.5%
271,010 Apple, Inc. 57,080,126
93,819 Cisco Systems, Inc. 4,457,341
518 Super Micro Computer, Inc.(a) 424,423
61,961,890
TECHNOLOGY SERVICES - 1.3%
8,482 Automatic Data Processing, Inc. 2,024,568
11,075 Cognizant Technology Solutions Corporation, Class A 753,100
8,319 CoStar Group, Inc.(a) 616,771
6,659 Paychex, Inc. 789,491
23,469 PayPal Holdings, Inc.(a) 1,361,906

See accompanying notes to financial statements.

4

HCM DEFENDER 100 INDEX ETF

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2024

Shares Fair Value
COMMON STOCKS - 80.5% (Continued)
TECHNOLOGY SERVICES - 1.3% (Continued)
3,083 Verisk Analytics, Inc. $ 831,023
6,376,859
TELECOMMUNICATIONS - 0.4%
11,178 T-Mobile US, Inc. 1,969,340
TRANSPORTATION & LOGISTICS - 0.4%
42,995 CSX Corporation 1,438,183
4,024 Old Dominion Freight Line, Inc. 710,638
2,148,821
TRANSPORTATION EQUIPMENT - 0.2%
10,801 PACCAR, Inc. 1,111,855
WHOLESALE - DISCRETIONARY - 0.2%
17,283 Copart, Inc.(a) 936,047
TOTAL COMMON STOCKS (Cost $302,459,669) 398,418,458
EXCHANGE-TRADED FUND - 19.4%
EQUITY - 19.4%
1,303,417 ProShares UltraPro QQQ (Cost $71,339,923) 96,218,243
TOTAL INVESTMENTS - 99.9% (Cost $373,799,592) $ 494,636,701
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1% 579,188
NET ASSETS - 100.0% $ 495,215,889
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.

5

HCM DEFENDER 500 INDEX ETF

SCHEDULE OF INVESTMENTS

June 30, 2024

Shares Fair Value
COMMON STOCKS - 80.5%
ADVERTISING & MARKETING - 0.1%
1,182 Omnicom Group, Inc. $ 106,025
3,268 Trade Desk, Inc. (The), Class A(a) 319,186
425,211
AEROSPACE & DEFENSE - 1.0%
3,315 Boeing Company (The)(a) 603,362
1,340 General Dynamics Corporation 388,788
2,416 Howmet Aerospace, Inc. 187,554
1,143 L3Harris Technologies, Inc. 256,695
1,535 Lockheed Martin Corporation 716,998
893 Northrop Grumman Corporation 389,303
8,668 RTX Corporation 870,180
297 Teledyne Technologies, Inc.(a) 115,230
1,175 Textron, Inc. 100,886
260 TransDigm Group, Inc. 332,179
3,961,175
APPAREL & TEXTILE PRODUCTS - 0.2%
126 Deckers Outdoor Corporation(a) 121,962
7,570 NIKE, Inc., Class B 570,551
692,513
ASSET MANAGEMENT - 0.8%
607 Ameriprise Financial, Inc. 259,304
2,453 Apollo Global Management, Inc. 289,626
837 Ares Management Corporation, Class A 111,555
850 BlackRock, Inc. 669,222
4,268 Blackstone, Inc. 528,378
8,245 Charles Schwab Corporation (The) 607,574
3,776 KKR & Company, Inc. 397,386
385 LPL Financial Holdings, Inc. 107,531
1,190 Raymond James Financial, Inc. 147,096
1,290 T Rowe Price Group, Inc. 148,750
3,266,422
AUTOMOTIVE - 1.3%
24,405 Ford Motor Company 306,039
8,956 General Motors Company 416,096

See accompanying notes to financial statements.

6

HCM DEFENDER 500 INDEX ETF

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2024

Shares Fair Value
COMMON STOCKS - 80.5% (Continued)
AUTOMOTIVE - 1.3% (Continued)
22,239 Tesla, Inc.(a) $ 4,400,653
5,122,788
BANKING - 2.5%
43,288 Bank of America Corporation 1,721,564
11,398 Citigroup, Inc. 723,317
2,376 Citizens Financial Group, Inc. 85,607
4,780 Fifth Third Bancorp 174,422
8,722 Huntington Bancshares, Inc. 114,956
23,001 JPMorgan Chase & Company 4,652,182
5,399 KeyCorporation 76,720
1,007 M&T Bank Corporation 152,420
2,475 PNC Financial Services Group, Inc. (The) 384,813
5,927 Regions Financial Corporation 118,777
8,161 Truist Financial Corporation 317,055
8,764 US Bancorp 347,931
21,972 Wells Fargo & Company 1,304,917
10,174,681
BEVERAGES - 0.9%
2,094 Brown-Forman Corporation, Class B 90,440
23,698 Coca-Cola Company (The) 1,508,378
990 Constellation Brands, Inc., Class A 254,707
5,749 Keurig Dr Pepper, Inc. 192,017
3,253 Monster Beverage Corporation(a) 162,487
8,408 PepsiCo, Inc. 1,386,731
3,594,760
BIOTECH & PHARMA - 4.6%
11,037 AbbVie, Inc. 1,893,066
740 Alnylam Pharmaceuticals, Inc.(a) 179,820
3,251 Amgen, Inc. 1,015,775
921 Biogen, Inc.(a) 213,506
1,055 BioMarin Pharmaceutical, Inc.(a) 86,858
13,143 Bristol-Myers Squibb Company 545,829
6,777 Eli Lilly & Company 6,135,760
7,901 Gilead Sciences, Inc. 542,088

See accompanying notes to financial statements.

7

HCM DEFENDER 500 INDEX ETF

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2024

Shares Fair Value
COMMON STOCKS - 80.5% (Continued)
BIOTECH & PHARMA - 4.6% (Continued)
210 GRAIL, Inc.(a) $ 3,228
17,418 Johnson & Johnson 2,545,815
15,882 Merck & Company, Inc. 1,966,192
2,152 Moderna, Inc.(a) 255,550
36,768 Pfizer, Inc. 1,028,769
623 Regeneron Pharmaceuticals, Inc.(a) 654,792
1,578 Vertex Pharmaceuticals, Inc.(a) 739,640
6,447 Viatris, Inc. 68,532
2,818 Zoetis, Inc. 488,528
18,363,748
CABLE & SATELLITE - 0.3%
572 Charter Communications, Inc., Class A(a) 171,005
24,981 Comcast Corporation, Class A 978,256
1,149,261
CHEMICALS - 1.0%
1,215 Air Products and Chemicals, Inc. 313,531
762 Albemarle Corporation 72,786
499 Avery Dennison Corporation 109,106
1,128 CF Industries Holdings, Inc. 83,607
4,768 Corteva, Inc. 257,186
4,226 Dow, Inc. 224,189
2,601 DuPont de Nemours, Inc. 209,354
1,505 Ecolab, Inc. 358,190
1,668 International Flavors & Fragrances, Inc. 158,810
2,907 Linde plc 1,275,620
1,580 LyondellBasell Industries N.V., Class A 151,143
1,375 PPG Industries, Inc. 173,099
598 RPM International, Inc. 64,393
1,385 Sherwin-Williams Company (The) 413,326
3,864,340
COMMERCIAL SUPPORT SERVICES - 0.3%
502 Cintas Corporation 351,531
1,134 Republic Services, Inc. 220,382

See accompanying notes to financial statements.

8

HCM DEFENDER 500 INDEX ETF

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2024

Shares Fair Value
COMMON STOCKS - 80.5% (Continued)
COMMERCIAL SUPPORT SERVICES - 0.3% (Continued)
2,431 Waste Management, Inc. $ 518,629
1,090,542
CONSTRUCTION MATERIALS - 0.2%
334 Carlisle Companies, Inc. 135,340
4,002 CRH plc 300,070
387 Martin Marietta Materials, Inc. 209,677
841 Vulcan Materials Company 209,140
854,227
CONTAINERS & PACKAGING - 0.1%
1,829 Ball Corporation 109,777
1,808 International Paper Company 78,015
566 Packaging Corporation of America 103,329
291,121
DATA CENTER REIT - 0.2%
1,862 Digital Realty Trust, Inc. 283,117
540 Equinix, Inc. 408,564
691,681
DIVERSIFIED INDUSTRIALS - 1.0%
3,197 3M Company 326,701
900 Dover Corporation 162,405
2,280 Eaton Corporation PLC 714,894
3,434 Emerson Electric Company 378,289
6,485 General Electric Company 1,030,921
3,992 Honeywell International, Inc. 852,452
1,806 Illinois Tool Works, Inc. 427,950
3,893,612
E-COMMERCE DISCRETIONARY - 3.8%
76,954 Amazon.com, Inc.(a) 14,871,362
2,995 eBay, Inc. 160,891
15,032,253
ELECTRIC UTILITIES - 1.4%
1,825 Alliant Energy Corporation 92,893
1,545 Ameren Corporation 109,865
3,036 American Electric Power Company, Inc. 266,379

See accompanying notes to financial statements.

9

HCM DEFENDER 500 INDEX ETF

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2024

Shares Fair Value
COMMON STOCKS - 80.5% (Continued)
ELECTRIC UTILITIES - 1.4% (Continued)
3,286 CenterPoint Energy, Inc. $ 101,800
1,589 CMS Energy Corporation 94,593
1,991 Consolidated Edison, Inc. 178,035
1,940 Constellation Energy Corporation 388,524
5,287 Dominion Energy, Inc. 259,063
1,195 DTE Energy Company 132,657
4,718 Duke Energy Corporation 472,885
2,336 Edison International 167,748
1,218 Entergy Corporation 130,326
1,195 Evergy, Inc. 63,299
2,187 Eversource Energy 124,025
6,027 Exelon Corporation 208,594
3,341 FirstEnergy Corporation 127,860
12,962 NextEra Energy, Inc. 917,838
14,149 PG&E Corporation 247,042
4,689 PPL Corporation 129,651
2,907 Public Service Enterprise Group, Inc. 214,246
3,827 SEMPRA 291,082
6,535 Southern Company (The) 506,920
1,846 WEC Energy Group, Inc. 144,837
3,512 Xcel Energy, Inc. 187,576
5,557,738
ELECTRICAL EQUIPMENT - 0.8%
1,381 AMETEK, Inc. 230,227
6,908 Amphenol Corporation, Class A 465,392
5,219 Carrier Global Corporation 329,215
2,271 Fortive Corporation 168,281
1,561 GE Vernova, LLC(a) 267,727
294 Hubbell, Inc. 107,451
4,088 Johnson Controls International plc 271,729
976 Keysight Technologies, Inc.(a) 133,468
2,542 Otis Worldwide Corporation 244,693
691 Rockwell Automation, Inc. 190,218
1,323 Trane Technologies PLC 435,174

See accompanying notes to financial statements.

10

HCM DEFENDER 500 INDEX ETF

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2024

Shares Fair Value
COMMON STOCKS - 80.5% (Continued)
ELECTRICAL EQUIPMENT - 0.8% (Continued)
1,431 Trimble, Inc.(a) $ 80,022
2,845 Vertiv Holdings Company 246,292
3,169,889
ENGINEERING & CONSTRUCTION - 0.1%
668 Jacobs Solutions, Inc. 93,326
856 Quanta Services, Inc. 217,501
310,827
ENTERTAINMENT CONTENT - 0.4%
1,554 Electronic Arts, Inc. 216,519
2,285 ROBLOX Corporation, Class A(a) 85,025
996 Take-Two Interactive Software, Inc.(a) 154,868
10,538 Walt Disney Company (The) 1,046,318
15,077 Warner Bros Discovery, Inc.(a) 112,173
1,614,903
FOOD - 0.4%
3,196 Conagra Brands, Inc. 90,830
3,630 General Mills, Inc. 229,634
923 Hershey Company (The) 169,675
543 JM Smucker Co./The 59,209
1,710 Kellanova 98,633
4,517 Kraft Heinz Company (The) 145,538
930 Lamb Weston Holdings, Inc. 78,194
1,373 McCormick & Company, Inc. 97,401
8,191 Mondelez International, Inc. 536,018
1,904 Tyson Foods, Inc., Class A 108,795
1,613,927
GAMING REIT - 0.0%(b)
6,298 VICI Properties, Inc. 180,375
GAS & WATER UTILITIES - 0.1%
1,188 American Water Works Company, Inc. 153,442
786 Atmos Energy Corporation 91,687
245,129

See accompanying notes to financial statements.

11

HCM DEFENDER 500 INDEX ETF

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2024

Shares Fair Value
COMMON STOCKS - 80.5% (Continued)
HEALTH CARE FACILITIES & SERVICES - 2.0%
1,414 Cardinal Health, Inc. $ 139,024
1,041 Cencora, Inc. 234,537
3,327 Centene Corporation(a) 220,580
1,838 Cigna Group (The) 607,588
8,054 CVS Health Corporation 475,669
1,420 Elevance Health, Inc. 769,441
1,295 HCA Healthcare, Inc. 416,058
769 Humana, Inc. 287,337
1,069 IQVIA Holdings, Inc.(a) 226,029
573 Labcorp Holdings, Inc. 116,611
823 McKesson Corporation 480,665
333 Molina Healthcare, Inc.(a) 99,001
673 Quest Diagnostics, Inc. 92,120
7,300 UnitedHealth Group, Inc. 3,717,599
7,882,259
HEALTH CARE REIT - 0.1%
2,810 Ventas, Inc. 144,041
3,121 Welltower, Inc. 325,364
469,405
HOME CONSTRUCTION - 0.2%
1,941 DR Horton, Inc. 273,544
1,465 Lennar Corporation, Class A 219,560
1,580 Masco Corporation 105,339
17 NVR, Inc.(a) 129,006
1,454 PulteGroup, Inc. 160,085
887,534
HOTEL REIT - 0.0%(b)
3,647 Host Hotels & Resorts, Inc. 65,573
HOUSEHOLD PRODUCTS - 0.9%
1,320 Church & Dwight Company, Inc. 136,858
668 Clorox Company (The) 91,162
5,153 Colgate-Palmolive Company 500,047
1,305 Estee Lauder Companies, Inc. (The), Class A 138,852

See accompanying notes to financial statements.

12

HCM DEFENDER 500 INDEX ETF

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2024

Shares Fair Value
COMMON STOCKS - 80.5% (Continued)
HOUSEHOLD PRODUCTS - 0.9% (Continued)
10,822 Kenvue, Inc. $ 196,744
1,964 Kimberly-Clark Corporation 271,425
14,858 Procter & Gamble Company (The) 2,450,381
3,785,469
INDUSTRIAL REIT - 0.2%
5,730 Prologis, Inc. 643,535
INDUSTRIAL SUPPORT SERVICES - 0.2%
3,469 Fastenal Company 217,992
386 United Rentals, Inc. 249,638
220 WW Grainger, Inc. 198,493
666,123
INFRASTRUCTURE REIT - 0.3%
2,926 American Tower Corporation 568,756
2,487 Crown Castle, Inc. 242,980
674 SBA Communications Corporation 132,306
144 Texas Pacific Land Corporation 105,735
1,049,777
INSTITUTIONAL FINANCIAL SERVICES - 0.8%
4,572 Bank of New York Mellon Corporation (The) 273,817
672 Cboe Global Markets, Inc. 114,280
2,043 CME Group, Inc. 401,654
2,010 Goldman Sachs Group, Inc. (The) 909,164
3,251 Intercontinental Exchange, Inc. 445,029
7,964 Morgan Stanley 774,021
2,284 Nasdaq, Inc. 137,634
1,262 Northern Trust Corporation 105,983
1,773 State Street Corporation 131,202
3,292,784
INSURANCE - 2.5%
3,277 Aflac, Inc. 292,669
1,590 Allstate Corporation (The) 253,859
4,218 American International Group, Inc. 313,144
1,155 Aon PLC, Class A 339,085

See accompanying notes to financial statements.

13

HCM DEFENDER 500 INDEX ETF

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2024

Shares Fair Value
COMMON STOCKS - 80.5% (Continued)
INSURANCE - 2.5% (Continued)
2,070 Arch Capital Group Ltd.(a) $ 208,842
1,320 Arthur J Gallagher & Company 342,289
10,665 Berkshire Hathaway, Inc., Class B(a) 4,338,523
1,220 Brown & Brown, Inc. 109,080
2,430 Chubb Ltd. 619,844
891 Cincinnati Financial Corporation 105,227
2,008 Hartford Financial Services Group, Inc. (The) 201,884
79 Markel Group, Inc.(a) 124,477
2,826 Marsh & McLennan Companies, Inc. 595,495
3,954 MetLife, Inc. 277,531
1,291 Principal Financial Group, Inc. 101,279
3,493 Progressive Corporation (The) 725,532
2,273 Prudential Financial, Inc. 266,373
1,397 Travelers Companies, Inc. (The) 284,066
1,312 W R Berkley Corporation 103,097
607 Willis Towers Watson PLC 159,119
9,761,415
INTERNET MEDIA & SERVICES - 7.4%
2,520 Airbnb, Inc., Class A(a) 382,108
46,961 Alphabet, Inc., Class A 8,553,945
40,474 Alphabet, Inc., Class C 7,423,740
208 Booking Holdings, Inc. 823,992
1,711 DoorDash, Inc., Class A(a) 186,123
742 Expedia Group, Inc.(a) 93,485
1,020 GoDaddy, Inc., Class A(a) 142,504
18,011 Meta Platforms, Inc., Class A 9,081,506
2,533 Netflix, Inc.(a) 1,709,471
3,840 Pinterest, Inc., Class A(a) 169,229
11,570 Uber Technologies, Inc.(a) 840,908
568 VeriSign, Inc.(a) 100,990
29,508,001
LEISURE FACILITIES & SERVICES - 0.9%
6,900 Chipotle Mexican Grill, Inc.(a) 432,285
784 Darden Restaurants, Inc. 118,635

See accompanying notes to financial statements.

14

HCM DEFENDER 500 INDEX ETF

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2024

Shares Fair Value
COMMON STOCKS - 80.5% (Continued)
LEISURE FACILITIES & SERVICES - 0.9% (Continued)
230 Domino's Pizza, Inc. $ 118,756
1,477 Hilton Worldwide Holdings, Inc. 322,281
1,865 Las Vegas Sands Corporation 82,526
1,516 Marriott International, Inc., Class A 366,523
4,446 McDonald's Corporation 1,133,019
1,247 Royal Caribbean Cruises Ltd.(a) 198,809
6,948 Starbucks Corporation 540,902
1,663 Yum! Brands, Inc. 220,281
3,534,017
LEISURE PRODUCTS - 0.0%(b)
400 Axon Enterprise, Inc.(a) 117,696
MACHINERY - 0.7%
2,992 Caterpillar, Inc. 996,634
1,588 Deere & Company 593,324
453 IDEX Corporation 91,144
2,178 Ingersoll Rand, Inc. 197,850
768 Parker-Hannifin Corporation 388,462
1,050 Stanley Black & Decker, Inc. 83,885
1,257 Veralto Corporation 120,006
1,512 Xylem, Inc. 205,073
2,676,378
MEDICAL EQUIPMENT & DEVICES - 2.4%
10,565 Abbott Laboratories 1,097,809
1,953 Agilent Technologies, Inc. 253,167
455 Align Technology, Inc.(a) 109,851
3,238 Avantor, Inc.(a) 68,646
3,625 Baxter International, Inc. 121,256
1,907 Becton Dickinson and Company 445,685
8,716 Boston Scientific Corporation(a) 671,219
1,066 Cooper Companies, Inc. (The) 93,062
4,106 Danaher Corporation 1,025,884
2,216 DexCom, Inc.(a) 251,250
3,706 Edwards Lifesciences Corporation(a) 342,323

See accompanying notes to financial statements.

15

HCM DEFENDER 500 INDEX ETF

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2024

Shares Fair Value
COMMON STOCKS - 80.5% (Continued)
MEDICAL EQUIPMENT & DEVICES - 2.4% (Continued)
2,161 GE HealthCare Technologies, Inc. $ 168,385
1,243 Hologic, Inc.(a) 92,293
488 IDEXX Laboratories, Inc.(a) 237,754
1,263 Illumina, Inc.(a) 131,832
379 Insulet Corporation(a) 76,482
2,165 Intuitive Surgical, Inc.(a) 963,100
8,501 Medtronic PLC 669,114
132 Mettler-Toledo International, Inc.(a) 184,482
835 ResMed, Inc. 159,836
708 Revvity, Inc. 74,241
582 STERIS plc 127,772
1,981 Stryker Corporation 674,035
2,425 Thermo Fisher Scientific, Inc. 1,341,025
351 Waters Corporation(a) 101,832
425 West Pharmaceutical Services, Inc. 139,991
1,146 Zimmer Biomet Holdings, Inc. 124,375
9,746,701
METALS & MINING - 0.2%
8,875 Freeport-McMoRan, Inc. 431,325
5,233 Newmont Corporation 219,106
650,431
MULTI ASSET CLASS REIT - 0.0%(b)
1,080 WP Carey, Inc. 59,454
OFFICE REIT - 0.0%(b)
929 Alexandria Real Estate Equities, Inc. 108,665
OIL & GAS PRODUCERS - 2.7%
1,617 APA Corporation 47,604
1,378 Cheniere Energy, Inc. 240,916
10,641 Chevron Corporation 1,664,465
7,208 ConocoPhillips 824,451
4,395 Coterra Energy, Inc. 117,215
3,923 Devon Energy Corporation 185,950

See accompanying notes to financial statements.

16

HCM DEFENDER 500 INDEX ETF

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2024

Shares Fair Value
COMMON STOCKS - 80.5% (Continued)
OIL & GAS PRODUCERS - 2.7% (Continued)
927 Diamondback Energy, Inc. $ 185,576
3,396 EOG Resources, Inc. 427,455
2,286 EQT Corporation 84,536
35,386 Exxon Mobil Corporation 4,073,637
1,679 Hess Corporation 247,686
12,721 Kinder Morgan, Inc. 252,766
3,557 Marathon Oil Corporation 101,979
2,477 Marathon Petroleum Corporation 429,710
3,922 Occidental Petroleum Corporation 247,204
3,669 ONEOK, Inc. 299,207
2,635 Phillips 66 371,983
1,399 Targa Resources Corporation 180,163
2,188 Valero Energy Corporation 342,991
7,664 Williams Companies, Inc. (The) 325,720
10,651,214
OIL & GAS SERVICES & EQUIPMENT - 0.2%
6,047 Baker Hughes Company 212,673
5,438 Halliburton Company 183,696
8,391 Schlumberger Limited 395,887
792,256
REAL ESTATE SERVICES - 0.0%(b)
2,029 CBRE Group, Inc., Class A(a) 180,804
RENEWABLE ENERGY - 0.1%
763 Enphase Energy, Inc.(a) 76,079
671 First Solar, Inc.(a) 151,283
227,362
RESIDENTIAL REIT - 0.2%
881 AvalonBay Communities, Inc. 182,270
2,188 Equity Residential 151,716
413 Essex Property Trust, Inc. 112,419
3,778 Invitation Homes, Inc. 135,592
725 Mid-America Apartment Communities, Inc. 103,392

See accompanying notes to financial statements.

17

HCM DEFENDER 500 INDEX ETF

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2024

Shares Fair Value
COMMON STOCKS - 80.5% (Continued)
RESIDENTIAL REIT - 0.2% (Continued)
762 Sun Communities, Inc. $ 91,699
777,088
RETAIL - CONSUMER STAPLES - 1.3%
2,742 Costco Wholesale Corporation 2,330,673
1,254 Dollar General Corporation 165,816
1,310 Dollar Tree, Inc.(a) 139,869
4,731 Kroger Company (The) 236,219
2,786 Target Corporation 412,439
4,359 Walgreens Boots Alliance, Inc. 52,722
25,545 Walmart, Inc. 1,729,652
5,067,390
RETAIL - DISCRETIONARY - 1.3%
99 AutoZone, Inc.(a) 293,446
1,398 Best Buy Company, Inc. 117,837
871 Genuine Parts Company 120,477
6,179 Home Depot, Inc. (The) 2,127,059
3,571 Lowe's Companies, Inc. 787,263
358 O'Reilly Automotive, Inc.(a) 378,069
1,946 Ross Stores, Inc. 282,793
6,888 TJX Companies, Inc. (The) 758,369
599 Tractor Supply Company 161,730
292 Ulta Beauty, Inc.(a) 112,674
5,139,717
RETAIL REIT - 0.1%
3,319 Kimco Realty Corporation 64,588
4,126 Realty Income Corporation 217,935
2,061 Simon Property Group, Inc. 312,860
595,383
SELF-STORAGE REIT - 0.1%
1,231 Extra Space Storage, Inc. 191,310
967 Public Storage 278,158
469,468
SEMICONDUCTORS - 10.3%
9,886 Advanced Micro Devices, Inc.(a) 1,603,608

See accompanying notes to financial statements.

18

HCM DEFENDER 500 INDEX ETF

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2024

Shares Fair Value
COMMON STOCKS - 80.5% (Continued)
SEMICONDUCTORS - 10.3% (Continued)
2,963 Analog Devices, Inc. $ 676,334
4,794 Applied Materials, Inc. 1,131,336
3,502 Broadcom, Inc. 5,622,567
937 Entegris, Inc. 126,870
25,329 Intel Corporation 784,439
776 KLA Corporation 639,820
739 Lam Research Corporation 786,924
4,961 Marvell Technology, Inc. 346,774
3,134 Microchip Technology, Inc. 286,761
6,333 Micron Technology, Inc. 832,979
283 Monolithic Power Systems, Inc. 232,535
203,883 NVIDIA Corporation 25,187,707
2,656 ON Semiconductor Corporation(a) 182,069
6,494 QUALCOMM, Inc. 1,293,475
1,002 Skyworks Solutions, Inc. 106,793
1,022 Teradyne, Inc. 151,552
5,540 Texas Instruments, Inc. 1,077,696
41,070,239
SOFTWARE - 10.0%
2,711 Adobe, Inc.(a) 1,506,069
811 Akamai Technologies, Inc.(a) 73,055
511 ANSYS, Inc.(a) 164,287
1,013 Atlassian Corporation, Class A(a) 179,179
1,269 Autodesk, Inc.(a) 314,014
1,583 Cadence Design Systems, Inc.(a) 487,168
1,908 Cloudflare, Inc., Class A(a) 158,040
1,366 Crowdstrike Holdings, Inc., Class A(a) 523,438
1,729 Datadog, Inc., Class A(a) 224,234
4,129 Fortinet, Inc.(a) 248,855
3,130 Gen Digital, Inc. 78,187
266 HubSpot, Inc.(a) 156,884
1,577 Intuit, Inc. 1,036,420
62,438 Microsoft Corporation 27,906,665
389 MongoDB, Inc.(a) 97,234

See accompanying notes to financial statements.

19

HCM DEFENDER 500 INDEX ETF

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2024

Shares Fair Value
COMMON STOCKS - 80.5% (Continued)
SOFTWARE - 10.0% (Continued)
9,268 Oracle Corporation $ 1,308,642
10,792 Palantir Technologies, Inc., Class A(a) 273,361
1,751 Palo Alto Networks, Inc.(a) 593,607
776 PTC, Inc.(a) 140,976
617 Roper Technologies, Inc. 347,778
5,596 Salesforce, Inc. 1,438,732
1,174 ServiceNow, Inc.(a) 923,551
1,670 Snowflake, Inc.(a) 225,600
1,133 SS&C Technologies Holdings, Inc. 71,005
855 Synopsys, Inc.(a) 508,776
207 Tyler Technologies, Inc.(a) 104,075
1,071 Veeva Systems, Inc., Class A(a) 196,004
1,156 Workday, Inc., Class A(a) 258,435
1,449 Zoom Video Communications, Inc., Class A(a) 85,766
39,630,037
SPECIALTY FINANCE - 0.3%
3,483 American Express Company 806,488
2,299 Capital One Financial Corporation 318,297
1,425 Discover Financial Services 186,404
2,021 Synchrony Financial 95,371
1,406,560
SPECIALTY REIT - 0.0%(b)
1,501 Iron Mountain, Inc. 134,520
STEEL - 0.1%
1,562 Nucor Corporation 246,921
334 Reliance, Inc. 95,390
818 Steel Dynamics, Inc. 105,931
448,242
TECHNOLOGY HARDWARE - 7.6%
124,079 Apple, Inc. 26,133,519
1,422 Arista Networks, Inc.(a) 498,383
24,989 Cisco Systems, Inc. 1,187,227
4,385 Corning, Inc. 170,357

See accompanying notes to financial statements.

20

HCM DEFENDER 500 INDEX ETF

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2024

Shares Fair Value
COMMON STOCKS - 80.5% (Continued)
TECHNOLOGY HARDWARE - 7.6% (Continued)
1,618 Dell Technologies, Inc., Class C $ 223,138
1,017 Garmin Ltd. 165,690
7,527 Hewlett Packard Enterprise Company 159,347
5,420 HP, Inc. 189,808
696 Jabil, Inc. 75,718
966 Motorola Solutions, Inc. 372,924
1,160 NetApp, Inc. 149,408
1,229 Seagate Technology Holdings PLC 126,919
438 Super Micro Computer, Inc.(a) 358,875
1,996 Western Digital Corporation(a) 151,237
276 Zebra Technologies Corporation, Class A(a) 85,265
30,047,815
TECHNOLOGY SERVICES - 3.7%
4,026 Accenture PLC, Class A 1,221,529
2,479 Automatic Data Processing, Inc. 591,713
3,473 Block, Inc., Class A(a) 223,974
698 Booz Allen Hamilton Holding Corporation 107,422
671 Broadridge Financial Solutions, Inc. 132,187
847 CDW Corporation 189,592
3,166 Cognizant Technology Solutions Corporation, Class A 215,288
1,275 Coinbase Global, Inc., Class A(a) 283,343
380 Corpay, Inc.(a) 101,236
2,275 CoStar Group, Inc.(a) 168,669
375 EPAM Systems, Inc.(a) 70,541
814 Equifax, Inc. 197,362
194 FactSet Research Systems, Inc. 79,204
133 Fair Isaac Corporation(a) 197,992
3,440 Fidelity National Information Services, Inc. 259,238
3,677 Fiserv, Inc.(a) 548,020
425 Gartner, Inc.(a) 190,851
1,651 Global Payments, Inc. 159,652
5,611 International Business Machines Corporation 970,422
393 Jack Henry & Associates, Inc. 65,246
853 Leidos Holdings, Inc. 124,436

See accompanying notes to financial statements.

21

HCM DEFENDER 500 INDEX ETF

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2024

Shares Fair Value
COMMON STOCKS - 80.5% (Continued)
TECHNOLOGY SERVICES - 3.7% (Continued)
6,025 Mastercard, Inc., Class A $ 2,657,989
938 Moody's Corporation 394,832
457 MSCI, Inc. 220,160
1,814 Paychex, Inc. 215,068
6,556 PayPal Holdings, Inc.(a) 380,445
1,884 S&P Global, Inc. 840,264
1,134 TransUnion 84,097
869 Verisk Analytics, Inc. 234,239
12,988 Visa, Inc., Class A 3,408,960
14,533,971
TELECOMMUNICATIONS - 0.6%
44,028 AT&T, Inc. 841,375
3,023 T-Mobile US, Inc. 532,592
25,835 Verizon Communications, Inc. 1,065,436
2,439,403
TIMBER REIT - 0.0%(b)
4,962 Weyerhaeuser Company 140,871
TOBACCO & CANNABIS - 0.4%
11,168 Altria Group, Inc. 508,702
9,635 Philip Morris International, Inc. 976,315
1,485,017
TRANSPORTATION & LOGISTICS - 0.8%
11,681 CSX Corporation 390,729
3,521 Delta Air Lines, Inc. 167,036
765 Expeditors International of Washington, Inc. 95,464
1,333 FedEx Corporation 399,687
511 JB Hunt Transport Services, Inc. 81,760
1,359 Norfolk Southern Corporation 291,764
1,176 Old Dominion Freight Line, Inc. 207,682
3,908 Southwest Airlines Company 111,808
3,668 Union Pacific Corporation 829,921
1,575 United Airlines Holdings, Inc.(a) 76,640

See accompanying notes to financial statements.

22

HCM DEFENDER 500 INDEX ETF

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2024

Shares Fair Value
COMMON STOCKS - 80.5% (Continued)
TRANSPORTATION & LOGISTICS - 0.8% (Continued)
4,549 United Parcel Service, Inc. $ 622,531
3,275,022
TRANSPORTATION EQUIPMENT - 0.2%
820 Cummins, Inc. 227,083
3,031 PACCAR, Inc. 312,011
1,047 Westinghouse Air Brake Technologies Corporation 165,478
704,572
WHOLESALE - CONSUMER STAPLES - 0.1%
3,272 Archer-Daniels-Midland Company 197,792
853 Bunge Global S.A. 91,075
3,123 Sysco Corporation 222,951
511,818
WHOLESALE - DISCRETIONARY - 0.1%
4,901 Copart, Inc.(a) 265,438
1,332 LKQ Corporation 55,398
261 Pool Corporation 80,213
401,049
TOTAL COMMON STOCKS (Cost $242,016,090) 320,196,158
EXCHANGE-TRADED FUND - 19.4%
EQUITY - 19.4%
528,892 Direxion Daily S&P 500 Bull 3X (Cost $63,818,753) 77,255,254

See accompanying notes to financial statements.

23

HCM DEFENDER 500 INDEX ETF

SCHEDULE OF INVESTMENTS (Continued)

June 30, 2024

Shares Expiration Date Exercise Price Fair Value
RIGHT - 0.0%(b)
MEDICAL EQUIPMENT & DEVICES - 0.0%(b)
143 ABIOMED, Inc. - CVR(a)(c)(d)(Cost $0) 12/31/2029 $35 $ - (e)
TOTAL INVESTMENTS - 99.9% (Cost $305,834,843) $ 397,451,412
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1% 432,033
NET ASSETS - 100.0% $ 397,883,445
CVR - Contingent Value Right
ETF - Exchange-Traded Fund
LLC - Limited Liability Company
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 June 30, 2024 was $0, representing 0.0% of net assets.
(d) The fair value of this investment is determined using significant unobservable inputs.
(e) Amount represents less than $1.

See accompanying notes to financial statements.

24

The HCM ETFs

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2024


HCM Defender 100
Index ETF

HCM Defender 500
Index ETF
ASSETS
Investment securities:
At cost $ 373,799,592 $ 305,834,843
At fair value $ 494,636,701 $ 397,451,412
Cash and cash equivalents 469,961 419,058
Dividends and interest receivable 437,503 335,255
Prepaid expenses 2,369 661
TOTAL ASSETS 495,546,534 398,206,386
LIABILITIES
Investment advisory fees payable 298,498 242,213
Payable to related parties 12,306 25,725
Accrued expenses and other liabilities 19,841 55,003
TOTAL LIABILITIES 330,645 322,941
NET ASSETS $ 495,215,889 $ 397,883,445
Net Assets Consist Of:
Paid in capital $ 468,197,624 $ 363,268,305
Accumulated earnings 27,018,265 34,615,140
NET ASSETS $ 495,215,889 $ 397,883,445
Net Asset Value Per Share:
Net Assets $ 495,215,889 $ 397,883,445
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) 8,050,000 8,050,000
Net asset value, offering and redemption price per share (Net Assets ÷ Shares Outstanding) $ 61.52 $ 49.43

See accompanying notes to financial statements.

25

The HCM ETFs

STATEMENTS OF OPERATIONS

For the Year Ended June 30, 2024

HCM Defender 100 HCM Defender 500
Index ETF Index ETF
INVESTMENT INCOME
Dividends (net of tax withholding of $3,127 and $1,767, respectively) $ 3,711,609 $ 4,207,766
Interest 766,589 515,330
TOTAL INVESTMENT INCOME 4,478,198 4,723,096
EXPENSES
Investment advisory fees 2,940,585 2,445,601
Administrative services 203,909 189,834
Legal fees 23,663 22,334
Compliance officer fees 23,325 24,611
Audit fees 22,706 22,629
Printing and postage expenses 22,681 23,101
Custodian fees 20,041 41,656
Trustees fees and expenses 17,288 17,231
Transfer agent fees 9,450 11,640
Insurance expense 7,057 7,967
Other expenses 10,982 16,878
TOTAL EXPENSES 3,301,687 2,823,482
NET INVESTMENT INCOME 1,176,511 1,899,614
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
In-kind redemptions 53,897,371 3,997,679
Net realized gain on investments 3,811,461 17,949,967
Foreign currency transactions (180 ) -
57,708,652 21,947,646
Net change in unrealized appreciation on investments 49,104,836 54,415,599
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS 106,813,488 76,363,245
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 107,989,999 $ 78,262,859

See accompanying notes to financial statements.

26

HCM Defender 100 Index ETF

STATEMENTS OF CHANGES IN NET ASSETS

Year Ended
June 30,
2024 		Year Ended
June 30,
2023
FROM OPERATIONS
Net investment income $ 1,176,511 $ 1,564,774
Net realized gain (loss) on investments, in-kind redemptions, and foreign currency transactions 57,708,652 (4,724,484 )
Net change in unrealized appreciation on investments 49,104,836 71,732,273
Net increase in net assets resulting from operations 107,989,999 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 258,121,147 44,605,111
Cost of shares redeemed (197,959,846 ) (36,340,067 )
Net increase in net assets resulting from shares of beneficial interest 60,161,301 8,265,044
TOTAL INCREASE IN NET ASSETS 167,158,775 76,837,607
NET ASSETS
Beginning of Year 328,057,114 251,219,507
End of Year $ 495,215,889 $ 328,057,114
SHARE ACTIVITY
Shares Sold 5,250,000 1,100,000
Shares Redeemed (4,150,000 ) (950,000 )
Net increase in shares of beneficial interest outstanding 1,100,000 150,000

See accompanying notes to financial statements.

27

HCM Defender 500 Index ETF

STATEMENTS OF CHANGES IN NET ASSETS

Year Ended
June 30,
2024 		Year Ended
June 30,
2023
FROM OPERATIONS
Net investment income $ 1,899,614 $ 2,577,711
Net realized gain (loss) on investments, in-kind redemptions, and foreign currency transactions 21,947,646 (5,780,658 )
Net change in unrealized appreciation on investments 54,415,599 37,200,970
Net increase in net assets resulting from operations 78,262,859 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 57,219,022 41,588,392
Cost of shares redeemed (24,759,247 ) (45,294,648 )
Net increase (decrease) in net assets resulting from shares of beneficial interest 32,459,775 (3,706,256 )
TOTAL INCREASE IN NET ASSETS 108,840,694 28,837,687
NET ASSETS
Beginning of Year 289,042,751 260,205,064
End of Year $ 397,883,445 $ 289,042,751
SHARE ACTIVITY
Shares Sold 1,350,000 1,150,000
Shares Redeemed (650,000 ) (1,300,000 )
Net increase (decrease) in shares of beneficial interest outstanding 700,000 (150,000 )

See accompanying notes to financial statements.

28

HCM Defender 100 Index ETF

FINANCIAL HIGHLIGHTS

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


Year Ended
June 30,
2024

Year Ended
June 30,
2023

Year Ended
June 30,
2022

Year Ended
June 30,
2021

Period Ended
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) 0.16 0.23 (0.18 ) (0.10 ) (0.04 )
Net realized and unrealized gain (loss) on investments 14.30 10.03 (10.80 ) 17.81 5.31
Total from investment operations 14.46 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 $ 61.52 $ 47.20 $ 36.94 $ 47.92 $ 30.21
Market price, end of period $ 61.52 $ 47.23 $ 36.96 $ 47.97 $ 30.25
Total return(4) 30.70 % 27.77 % (22.91 )% 58.62 % 21.11 %(8)
Market price total return 30.62 % 27.79 % (22.95 )% 58.58 % 21.27 %
Net assets, at end of period (000s) $ 495,216 $ 328,057 $ 251,220 $ 208,433 $ 101,197
Ratio of net expenses to average net assets(6)(7) 0.86 % 0.89 % 0.89 % 0.91 % 1.02 %
Ratio of net investment income (loss) to average net assets(6)(7) 0.31 % 0.61 % (0.37 )% (0.26 )% (0.18 )%
Portfolio Turnover Rate(3) 124 % 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.

29

HCM Defender 500 Index ETF

FINANCIAL HIGHLIGHTS

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

Year Ended
June 30,
2024 		Year Ended
June 30,
2023 		Year Ended
June 30,
2022 		Year Ended
June 30,
2021 		Period Ended
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) 0.26 0.36 0.03 0.09 0.07
Net realized and unrealized gain (loss) on investments 10.10 4.48 (5.23 ) 14.79 0.13
Total from investment operations 10.36 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 $ 49.43 $ 39.33 $ 34.69 $ 39.95 $ 25.15
Market price, end of period $ 49.47 $ 39.36 $ 34.70 $ 40.00 $ 25.12
Total return(4) 26.48 % 14.06 % (13.05 )% 59.23 % 0.78 %(8)
Market price total return 26.48 % 14.12 % (13.13 )% 59.62 % 0.66 %
Net assets, at end of period (000s) $ 397,883 $ 289,043 $ 260,205 $ 195,733 $ 91,806
Ratio of net expenses to average net assets(6)(7) 0.89 % 0.92 % 0.89 % 0.94 % 1.14 %
Ratio of net investment income to average net assets(6)(7) 0.60 % 1.03 % 0.06 % 0.27 % 0.40 %
Portfolio Turnover Rate(3) 114 % 59 % 73 % 3 % 128 %(8)
(1) The HCM Defender 500 Index ETF commenced operations on October 9, 2019.
(2) Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.
(3) Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.
(4) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment dates.
(5) Represents less than $0.005.
(6) Does not include the expenses of other investment companies in which the Fund invests, as these expenses are included in the realized and unrealized gain/(loss) on investments.
(7) Annualized for periods less than one year.
(8) Not annualized.

See accompanying notes to financial statements.

30

The HCM ETFs

NOTES TO FINANCIAL STATEMENTS

June 30, 2024

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

The Funds may hold 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

31

The HCM ETFs

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2024

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 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:

32

The HCM ETFs

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2024

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

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of June 30, 2024 for the Funds' assets measured at fair value:

HCM Defender 100 Index ETF
Assets* Level 1 Level 2 Level 3 Total
Common Stocks $ 398,418,458 $ - $ - $ 398,418,458
Exchange Traded Fund 96,218,243 - - 96,218,243
Total $ 494,636,701 $ - $ - $ 494,636,701
HCM Defender 500 Index ETF
Assets* Level 1 Level 2 Level 3 Total
Common Stocks $ 320,196,158 $ - $ - $ 320,196,158
Exchange Traded Fund 77,255,254 - - 77,255,254
Right - ^ - - -
Total $ 397,451,412 $ - $ - $ 397,451,412

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

* See Schedule of Investments for industry classification.
^ Includes securities valued at $0.

33

The HCM ETFs

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2024

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, 2021 through June 30, 2023, or expected to be taken in the Funds' June 30, 2024 tax returns. The Funds identify their major tax jurisdictions as U.S. federal, Ohio and foreign jurisdictions where the Funds make significant investments. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

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

Foreign Currency - The accounting records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency, and income receipts and expense payments are translated into U.S. dollars using the prevailing exchange rate at the London market close. Purchases and sales of securities are translated into U.S. dollars at the contractual currency rates established at the approximate time of the trade. Net realized gains and losses on foreign currency transactions represent net gains and losses from currency realized between the trade and settlement dates on securities transactions, gains and losses on the purchase and sale of foreign currencies and the difference between income accrued versus income received. The effects of changes in foreign currency exchange rates on investments in securities are included with the net realized and unrealized gain or loss on investment securities. For the year ended June 30, 2024, QQH and LGH had a realized loss of $180 and $0 on foreign currency transactions, respectively.

34

The HCM ETFs

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2024

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

3. INVESTMENT TRANSACTIONS

For the year ended June 30, 2024, 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 $ 462,281,958 $ 454,033,304
LGH $ 350,938,417 $ 352,712,791

For the year ended June 30, 2024, 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 $ 243,961,311 $ 188,539,241
LGH $ 55,019,457 $ 19,264,193

4. INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES

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

Pursuant to the Advisory Agreement, the Adviser, under the oversight of the Board, directs the daily operations of the Funds and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Adviser, each Fund pays the Adviser a fee, computed and accrued daily and paid monthly, at an annual rate of 0.77% of each Fund's average daily net assets. For the year ended June 30, 2024, the Adviser earned $2,940,585, and $2,445,601 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.

35

The HCM ETFs

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2024

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

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

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

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

5. CAPITAL SHARE TRANSACTIONS

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

36

The HCM ETFs

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2024

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.
6. DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

The tax character of distributions paid for the periods ended June 30, 2024, and June 30, 2023, was as follows:

For the period ended June 30, 2024:
Portfolio Ordinary
Income 		Long-Term
Capital Gains 		Return
of Capital 		Tax-Exempt
Income 		Total
HCM Defender 100 Index ETF $ 992,525 $ - $ - $ - $ 992,525
HCM Defender 500 Index ETF 1,881,940 - - - 1,881,940
For the period ended June 30, 2023:
Portfolio Ordinary
Income 		Long-Term
Capital Gains 		Return
of Capital 		Tax-Exempt
Income 		Total
HCM Defender 100 Index ETF $ - $ - $ - $ - $ -
HCM Defender 500 Index ETF 1,454,080 - - - 1,454,080

As of June 30, 2024, the components of accumulated earnings on a tax basis were as follows:

Portfolio Undistributed
Ordinary
Tax-Exempt Income 		Undistributed
Ordinary
Income 		Undistributed
Long-Term
Capital Gains 		Post October Loss
and
Late Year Loss 		Capital Loss
Carry
Forwards 		Other
Book/Tax
Differences 		Unrealized
Appreciation/
(Depreciation) 		Total
Accumulated
Earnings/
(Deficits)
HCM Defender 100 Index ETF $ - $ 1,024,305 $ - $ - $ (83,844,488 ) $ - 109,838,448 $ 27,018,265
HCM Defender 500 Index ETF - 940,121 - - (49,048,427 ) - 82,723,446 34,615,140

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, and adjustments for C-Corporation return of capital distributions.

At June 30, 2024, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains, along with capital loss carryforwards utilized as follows:

Non-Expiring CLCF
Portfolio Short-Term Long-Term Total Utilized
HCM Defender 100 Index ETF $ 80,632,235 $ 3,212,253 $ 83,844,488 $ 8,073,271
HCM Defender 500 Index ETF 49,048,427 - 49,048,427 26,881,204

37

The HCM ETFs

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2024

Permanent book and tax differences, primarily attributable to the tax adjustments for realized gain (loss) on in-kind redemptions, the book/tax basis treatment of non-deductible expenses, prior year tax returns resulted in reclassifications for the Funds for the fiscal year ended June 30, 2024, as follows:

Portfolio Paid In
Capital 		Accumulated
Earnings (Losses)
HCM Defender 100 Index ETF $ 54,208,187 $ (54,208,187 )
HCM Defender 500 Index ETF 3,998,763 (3,998,763 )

7. AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION - TAX BASIS

Portfolio Cost for Federal
Tax purposes 		Unrealized
Appreciation 		Unrealized
Depreciation 		Tax Net
Unrealized
App/Dep
HCM Defender 100 Index ETF $ 384,798,253 $ 126,147,437 $ (16,308,989 ) $ 109,838,448
HCM Defender 500 Index ETF 314,727,966 94,641,434 (11,917,988 ) 82,723,446

8. SUBSEQUENT EVENTS

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

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

38

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of HCM Defender 100 Index ETF and HCM Defender 500 Index ETF (collectively, the Funds), including the schedules of investments, as of June 30, 2024, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the related notes to the financial statements (collectively, the financial statements), and the financial highlights for each of the four years in the period then ended and for the period from October 9, 2019 (commencement of operations) through June 30, 2020. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of June 30, 2024, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended and for the period from October 9, 2019 (commencement of operations) through June 30, 2020, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2024, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ RSM US LLP

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

Denver, Colorado

August 29, 2024

39

THE HCM ETFs

SUPPLEMENTAL INFORMATION (Unaudited)

June 30, 2024

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

In connection with a meeting held on February 26 & March 4, 2024, the Board, including a majority of the Trustees who are not "interested persons" as that term is defined in the 1940 Act, discussed the renewal of the investment advisory agreement (the "Advisory Agreement") between Howard Capital Management, Inc. (the "Adviser") and the Trust, with respect to HCM Defender 100 Index ETF ("HCM 100") and HCM Defender 500 Index ETF ("HCM 500"), (collectively, the "HCM ETFs"). In considering the renewal of the Advisory Agreement, the Board reviewed materials specifically relating to the HCM ETFs and the Advisory Agreement.

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

Nature, Extent and Quality of Services. The Board recognized that the Adviser had approximately $4.8 billion in total assets under management. The Board noted the broad investment experience and academic credentials of the Adviser's investment personnel. The Board discussed how the Adviser continually utilized its proprietary quantitative model to determine when and in which market sectors the HCM ETFs should be invested and augmented its models with third-party research on interest rate direction, international markets and macroeconomic factors. The Board reviewed the Adviser's risk management plan that employed stop losses, closely monitored the market during times of market growth, and used mathematical market ratios in an effort to avoid major market downturns. The Board noted that the Adviser had defined inputs in its proprietary model to ensure compliance with each HCM ETF's investment limitations. The Board discussed the Adviser's cybersecurity protocols. The Board observed that the Adviser selected broker/dealers based on best execution. The Trust's CCO and the Board observed that the Adviser had reported no material compliance issues or data security incidents since the Advisory Agreement was last approved.

With respect to the HCM ETFs, the Board observed that the Adviser monitored liquidity, bid/ask spreads, share price, NAV per share and volume during market hours. The Board discussed that the Adviser reviewed the quality of creation and redemption units each time shares were created or redeemed, and that tracking error was monitored on a real time basis.

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

40

THE HCM ETFs

SUPPLEMENTAL INFORMATION (Unaudited)(Continued)

June 30, 2024

Performance.

HCM 100 - The Board noted that HCM 100 earned a 3-star Morningstar rating and outperformed its Morningstar category and peer group over the 1-year, 3-year and since inception periods. They considered that HCM 100 moderately underperformed the HCM Defender 100 Index since inception, noting that unlike HCM 100, the Index does not incur operating expenses.

HCM 500 - The Board commented that HCM 500 earned a 2-star Morningstar rating and moderately underperformed its peer group and Morningstar category over the 1-year, 3-year, and since inception periods. They considered that HCM 500 moderately outperformed the HCM Defender 500 Index since inception, despite that fact that the Index does not incur operating expenses.

The Board considered the Adviser's analysis of the factors that impacted performance, and the Adviser's ongoing efforts to achieve superior results. After further discussion, the Board concluded that the performance of each HCM ETF was satisfactory.

Fees and Expenses. The Board noted that the advisory fee of each HCM ETF was higher than its peer group and Morningstar category medians and averages. The Board considered the Adviser's explanation for its fees which included that its proprietary model had been developed over many years through extensive research and was continually being reviewed and refined, as deemed appropriate. The Board discussed that the Adviser believed the utilization of its proprietary model commanded a premium. The Board concluded that the advisory fee for each HCM ETF was not unreasonable.

Economies of Scale. The Board discussed the size of HCM 100 and HCM 500 and their respective prospects for growth and concluded that that neither had achieved meaningful economies that would necessitate the establishment of breakpoints. The Board agreed to monitor and revisit this issue at the next renewal.

Profitability. The Board reviewed the Adviser's profitability analysis in connection with its advisory services provided to each of the HCM ETFs and noted that the Adviser had earned a reasonable profit in connection with each HCM ETF. The Board acknowledged the Adviser's continuing investments in resources to effectively manage the HCM ETFs. The Board concluded that the Adviser's profitability for each of the HCM ETFs was not excessive.

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

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

41

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 1-770-642-4902 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

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Included under Item 7 of this Form.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Included under Item 7 of this Form.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

None.

Item 16. Controls and Procedures.

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.
(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable.
(b) Not applicable.

Item 19. Exhibits.

(a)(1) Code of Ethics for Principal Executive and Senior Financial Officers. Exhibit 99.CODE
(a)(2) Not applicable
(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto. Exhibit 99. CERT
(a)(4) Not applicable.
(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto Exhibit 99.906CERT

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 09/06/24

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 09/06/24

By (Signature and Title)

/s/ Rich Gleason

Rich Gleason, Principal Financial Officer/Treasurer

Date 09/06/24