# EDGAR Filing Document

**Accession Number:** 0001537140
**File Stem:** 0001580642-26-003652
**Filing Date:** 2026-6
**Character Count:** 85947
**Document Hash:** 8bdf4e919c8f7ffe20309d7e0b25a5da
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-003652.hdr.sgml**: 20260608

**ACCESSION NUMBER**: 0001580642-26-003652

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260608

**DATE AS OF CHANGE**: 20260608

**EFFECTIVENESS DATE**: 20260608

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NORTHERN LIGHTS FUND TRUST III
- **CENTRAL INDEX KEY:** 0001537140

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22655
- **FILM NUMBER:** 261072452

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 631-470-2621

**MAIL ADDRESS:**
- **STREET 1:** 17605 WRIGHT STREET
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68130

## Series and Classes Contracts Data

### ABS Insights Emerging Markets Fund (Series ID: S000087903)

| Class ID   | Class Name                                                          | Ticker Symbol   |
|:---|:---|:---|
| C000253925 | ABS Insights Emerging Markets Fund Institutional Class Shares       | IEMIX           |
| C000253926 | ABS Insights Emerging Markets Fund Super Institutional Class Shares | IEMSX           |

?xml version='1.0' encoding='ASCII'?

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 <u>811-22655</u>

<u>Northern Lights Fund Trust III</u> <br> (Exact name of registrant as specified in charter)

<u>225 Pictoria Drive, Ste 450, Cincinatti, Ohio</u> <u>45246</u> <br> (Address of principal executive offices) (Zip code)

<u>The Corporation Trust Company</u> <br> <u>1209 Orange Street Wilmington, DE 19801</u> <br> (Name and address of agent for service)

Registrant's telephone number, including area code: <u>631-490-4300</u>

Date of fiscal year end: <u>9/30</u>

Date of reporting period: <u>3/31/26</u>

**Item 1. Reports to Stockholders.**

(a) #### ABS Insights Emerging Markets Fund

#### Institutional Class (IEMIX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](i50fb8f2c43f51b192607a48c.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about ABS Insights Emerging Markets Fund for the period of November 21, 2025 (commencement of operations) to March 31, 2026. You can find additional information about the Fund at**https://funddocs.filepoint.com/absinv/**. You can also request this information by contacting us at (800) 813-1421.

# What were the Fund's costs for the reporting period?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $47 | 1.09%<sup>Footnote Reference\*\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Expenses for the full reporting period would be higher |
| Footnote<sup>\*\*</sup> | Annualized |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $144154082 |
| Number of Portfolio Holdings | 167 |
| Advisory Fee (net of waivers) | $532821 |
| Portfolio Turnover | 16% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i42c010cc77058a71923447ed.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Closed End Funds | 0.1% |
| Common Stocks | 96.5% |
| Money Market Funds | 1.6% |
| Preferred Stocks | 1.8% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](id23a02767814bbf6c81db11e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.4% |
| Mixed Allocation | 0.1% |
| Real Estate | 1.6% |
| Money Market Funds | 1.6% |
| Utilities | 2.2% |
| Health Care | 3.3% |
| Communications | 4.9% |
| Consumer Staples | 5.2% |
| Energy | 5.6% |
| Materials | 6.8% |
| Consumer Discretionary | 8.4% |
| Industrials | 11.9% |
| Financials | 15.6% |
| Technology | 33.2% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Company Ltd. | &nbsp;&nbsp;11.7% |
| &nbsp;&nbsp;Samsung Electronics Company Ltd. | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Alibaba Group Holding Ltd. | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;Northern Institutional Treasury Portfolio | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;SK Hynix, Inc. | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;WinWay Technology Company Ltd. | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;Elite Material Co., Ltd | &nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;Jentech Precision Industrial Co., Ltd. | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;Chroma ATE, Inc. | &nbsp;&nbsp;1.1% |

---

# Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

![Image](i20a16607a1302b294017a7d9.jpg)

#### ABS Insights Emerging Markets Fund - Institutional Class (IEMIX)

#### Semi-Annual Shareholder Report - March 31, 2026

#### Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://funddocs.filepoint.com/absinv/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

* Updated performance information

TSR-SAR 033126-IEMIX

#### ABS Insights Emerging Markets Fund

#### Super Institutional Class (IEMSX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](i50fb8f2c43f51b192607a48c.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about ABS Insights Emerging Markets Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at **https://funddocs.filepoint.com/absinv/**. You can also request this information by contacting us at (800) 813-1421.

# What were the Fund's costs for the last six months?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Super Institutional Class | $50 | 0.95%<sup>Footnote Reference\*\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Expenses for the full reporting period would be higher |
| Footnote<sup>\*\*</sup> | Annualized |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $144154082 |
| Number of Portfolio Holdings | 167 |
| Advisory Fee (net of waivers) | $532821 |
| Portfolio Turnover | 16% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i42c010cc77058a71923447ed.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Closed End Funds | 0.1% |
| Common Stocks | 96.5% |
| Money Market Funds | 1.6% |
| Preferred Stocks | 1.8% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](id23a02767814bbf6c81db11e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.4% |
| Mixed Allocation | 0.1% |
| Real Estate | 1.6% |
| Money Market Funds | 1.6% |
| Utilities | 2.2% |
| Health Care | 3.3% |
| Communications | 4.9% |
| Consumer Staples | 5.2% |
| Energy | 5.6% |
| Materials | 6.8% |
| Consumer Discretionary | 8.4% |
| Industrials | 11.9% |
| Financials | 15.6% |
| Technology | 33.2% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Company Ltd. | &nbsp;&nbsp;11.7% |
| &nbsp;&nbsp;Samsung Electronics Company Ltd. | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Alibaba Group Holding Ltd. | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;Northern Institutional Treasury Portfolio | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;SK Hynix, Inc. | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;WinWay Technology Company Ltd. | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;Elite Material Co., Ltd | &nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;Jentech Precision Industrial Co., Ltd. | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;Chroma ATE, Inc. | &nbsp;&nbsp;1.1% |

---

# Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

![Image](i20a16607a1302b294017a7d9.jpg)

#### ABS Insights Emerging Markets Fund - Super Institutional Class (IEMSX)

#### Semi-Annual Shareholder Report - March 31, 2026

#### Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://funddocs.filepoint.com/absinv/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

* Updated performance information

TSR-SAR 033126-IEMSX

(b) Not applicable

**Item 2. Code of Ethics.** Not applicable.

**Item 3. Audit Committee Financial Expert.** Not applicable.

**Item 4. Principal Accountant Fees and Services.** Not applicable.

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

**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) Long Form Financial Statements

---

| |
|:---|
| ![(ABS GLOBAL LOGO)](ab001_v1.jpg) |
| **ABS Insights Emerging Markets Fund** |
| Institutional Class Shares – IEMIX<br> Super Institutional Class Shares – IEMSX |
| Semi-Annual Financial Statements |
| and Additional Information |
| March 31, 2026 |

---

---

| |
|:---|
| **ABS INSIGHTS EMERGING MARKETS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **CLOSED END FUND — 0.1%** |  |
|  | **MIXED ALLOCATION - 0.1%** |  |
| 19725 | Vietnam Enterprise Investments Ltd.<sup>(a)</sup> | $190060 |
|  | **TOTAL CLOSED END FUND (Cost $176,526)** | 190060 |
|  | **COMMON STOCKS — 96.9%** |  |
|  | **AEROSPACE & DEFENSE - 0.2%** |  |
| 36658 | Aselsan Elektronik Sanayi Ve Ticaret A/S | 264164 |
|  | **APPAREL & TEXTILE PRODUCTS - 1.6%** |  |
| 456900 | Tongkun Group Company Ltd. | 1195571 |
| 20490 | Youngone Corporation<sup>(b)</sup> | 1069360 |
|  |  | 2264931 |
|  | **ASSET MANAGEMENT - 1.7%** |  |
| 21196 | Reinet Investments SCA<sup>(b)</sup> | 692940 |
| 3374 | SK Square Company Ltd.<sup>(a),(b)</sup> | 1046427 |
| 40100 | XP, Inc., Class A | 763504 |
|  |  | 2502871 |
|  | **AUTOMOTIVE - 0.3%** |  |
| 610 | Hyundai Motor Company | 180672 |
| 42537 | Tofas Turk Otomobil Fabrikasi A/S | 262021 |
|  |  | 442693 |
|  | **BANKING - 10.5%** |  |
| 47668 | Absa Group Ltd.<sup>(b)</sup> | 679579 |
| 74079 | Abu Dhabi Commercial Bank PJSC | 249249 |
| 28560 | Al Rajhi Bank | 811181 |
| 87266 | Alinma Bank | 671033 |
| 602100 | Bank Mandiri Persero Tbk P.T.<sup>(b)</sup> | 167181 |
| 433600 | Bank of Chengdu Company Ltd., Class A | 1076143 |
| 261400 | Bank of Ningbo Company Ltd., Class A | 1153904 |
| 64200 | Bank of the Philippine Islands | 105901 |
| 4376 | Bank Polska Kasa Opieki S.A.<sup>(b)</sup> | 256412 |
| 2616100 | Bank Syariah Indonesia Tbk P.T. | 324723 |
| 30287 | BDO Unibank, Inc. | 56411 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **ABS INSIGHTS EMERGING MARKETS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.9% (Continued)** |  |
|  | **BANKING - 10.5% (Continued)** |  |
| 241000 | China Construction Bank Corporation, H Shares<sup>(b)</sup> | $257875 |
| 224100 | China Merchants Bank Company Ltd. | 1277414 |
| 99000 | CIMB Group Holdings Bhd | 184601 |
| 27831 | Emirates NBD Bank PJSC<sup>(b)</sup> | 202662 |
| 66376 | FirstRand Ltd.<sup>(b)</sup> | 337963 |
| 39900 | Grupo Financiero Banorte SAB de CV | 441835 |
| 106417 | HDFC Bank Ltd.<sup>(b)</sup> | 833747 |
| 417601 | Ho Chi Minh City Development Joint Stock<sup>(a)</sup> | 403675 |
| 81218 | ICICI Bank Ltd.<sup>(b)</sup> | 1048921 |
| 6298 | KB Financial Group, Inc.<sup>(b)</sup> | 594152 |
| 284218 | Kotak Mahindra Bank Ltd.<sup>(b)</sup> | 1075715 |
| 50364 | National Bank of Kuwait S.A.KP | 149996 |
| 1400 | OTP Bank Nyrt | 149144 |
| 35940 | Piraeus Bank S.A.<sup>(b)</sup> | 290195 |
| 10190 | Powszechna Kasa Oszczednosci Bank Polski S.A. | 238449 |
| 174200 | Public Bank Bhd | 201347 |
| 9062 | Raiffeisen Bank International A.G.<sup>(b)</sup> | 380830 |
| 125152 | Saudi National Bank (The)<sup>(b)</sup> | 1394518 |
| 14067 | Standard Bank Group Ltd.<sup>(b)</sup> | 253146 |
|  |  | 15267902 |
|  | **BEVERAGES - 1.5%** |  |
| 26400 | Fomento Economico Mexicano S.A.B. de C.V. | 292607 |
| 138000 | Tsingtao Brewery Co Ltd | 853240 |
| 236321 | Varun Beverages Ltd.<sup>(b)</sup> | 972133 |
|  |  | 2117980 |
|  | **BIOTECH & PHARMA - 2.3%** |  |
| 68000 | Akeso, Inc. 144A<sup>(a),(c)</sup> | 1129145 |
| 2861 | Gedeon Richter plc | 101882 |
| 42499 | Glenmark Pharmaceuticals Ltd. | 970250 |
| 3098 | Hanmi Pharm Co Ltd | 1060721 |
|  |  | 3261998 |
|  | **CHEMICALS - 1.9%** |  |
| 209100 | Hubei Dinglong Company Ltd. | 1494437 |
| 14334 | Saudi Arabian Mining Company<sup>(a)</sup> | 247483 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **ABS INSIGHTS EMERGING MARKETS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.9% (Continued)** |  |
|  | **CHEMICALS - 1.9% (Continued)** |  |
| 185200 | Shandong Hualu Hengsheng Chemical Company Ltd. | $971911 |
|  |  | 2713831 |
|  | **CONSTRUCTION MATERIALS - 0.1%** |  |
| 179500 | Cemex S.A.B. de C.V. | 205521 |
|  | **CONSUMER SERVICES - 0.1%** |  |
| 154154 | Taaleem Holdings PJSC | 129668 |
|  | **E-COMMERCE DISCRETIONARY - 3.3%** |  |
| 177300 | Alibaba Group Holding Ltd.<sup>(b)</sup> | 2690824 |
| 52694 | Allegro.eu S.A. 144A<sup>(a),(b),(c)</sup> | 374204 |
| 330 | MercadoLibre, Inc.<sup>(a)</sup> | 570577 |
| 10100 | PDD Holdings, Inc. - ADR<sup>(a)</sup> | 1032018 |
|  |  | 4667623 |
|  | **ELECTRIC UTILITIES - 2.2%** |  |
| 274000 | Cia Paranaense de Energia | 816782 |
| 1717470 | Colbun S.A. | 240521 |
| 82100 | Equatorial Energia S.A. | 648456 |
| 1542000 | Huadian Power International Corp Ltd. | 792536 |
| 299606 | National Central Cooling Company PJSC | 216131 |
| 3500 | Pampa Energia S.A. - ADR<sup>(a)</sup> | 309750 |
| 54300 | Tenaga Nasional Bhd<sup>(b)</sup> | 186409 |
|  |  | 3210585 |
|  | **ELECTRICAL EQUIPMENT - 1.7%** |  |
| 36000 | Chroma ATE, Inc.<sup>(b)</sup> | 1651066 |
| 29400 | Delta Electronics Thailand PCL | 233842 |
| 123505 | Triveni Turbine Ltd. | 581793 |
|  |  | 2466701 |
|  | **ENGINEERING & CONSTRUCTION - 0.8%** |  |
| 1537980 | China State Construction Engineering Corp Ltd. | 1117031 |
|  | **FOOD - 1.8%** |  |
| 64366 | Almarai Company JSC | 752876 |
| 8022 | CJ Corporation | 1007992 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **ABS INSIGHTS EMERGING MARKETS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.9% (Continued)** |  |
|  | **FOOD - 1.8% (Continued)** |  |
| 295900 | Farm Fresh Bhd | $176122 |
| 860 | Samyang Foods Company Ltd. | 686107 |
|  |  | 2623097 |
|  | **HEALTH CARE FACILITIES & SERVICES - 1.0%** |  |
| 267200 | Bangkok Dusit Medical | 154266 |
| 66600 | Bumrungrad Hospital PCL | 333378 |
| 96737 | Global Health Ltd./India | 995727 |
|  |  | 1483371 |
|  | **HOME CONSTRUCTION - 0.4%** |  |
| 61409 | Kajaria Ceramics Ltd. | 605126 |
|  | **HOUSEHOLD PRODUCTS - 0.4%** |  |
| 4813 | Cosmax, Inc. | 628769 |
|  | **INDUSTRIAL INTERMEDIATE PROD - 2.9%** |  |
| 52829 | APL Apollo Tubes Ltd. | 1095925 |
| 22000 | Elite Material Co., Ltd | 1790689 |
| 24889 | KEI Industries Limited | 1076348 |
| 4183 | Metlen Energy & Metals plc<sup>(a)</sup> | 161480 |
|  |  | 4124442 |
|  | **INDUSTRIAL SUPPORT SERVICES - 0.9%** |  |
| 148800 | Han's Laser Technology Industry Group Company Ltd. | 1321900 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 0.9%** |  |
| 107067 | Bolsa Mexicana de Valores SAB de C.V. | 227910 |
| 20400 | Hong Kong Exchanges & Clearing Ltd.<sup>(b)</sup> | 1011027 |
|  |  | 1238937 |
|  | **INSURANCE - 0.7%** |  |
| 22048 | Company for Cooperative Insurance (The) | 751938 |
| 13141 | Powszechny Zaklad Ubezpieczen S.A.<sup>(b)</sup> | 226786 |
|  |  | 978724 |
|  | **INTERNET MEDIA & SERVICES - 3.8%** |  |
| 8650 | Naspers Ltd.<sup>(b)</sup> | 440714 |
| 64400 | Tencent Holdings Ltd.<sup>(b)</sup> | 3975218 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **ABS INSIGHTS EMERGING MARKETS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.9% (Continued)** |  |
|  | **INTERNET MEDIA & SERVICES - 3.8% (Continued)** |  |
| 421879 | Zomato Ltd<sup>(a)</sup> | $1034581 |
|  |  | 5450513 |
|  | **LEISURE FACILITIES & SERVICES - 0.4%** |  |
| 145600 | Smartfit Escola de Ginastica e Danca S.A. | 538598 |
|  | **MACHINERY - 1.4%** |  |
| 120790 | Elecon Engineering Company Ltd. | 458915 |
| 32982 | Kirloskar Brothers Ltd. | 473009 |
| 47900 | Zijin Gold International Company Ltd. 144A<sup>(c)</sup> | 1063565 |
|  |  | 1995489 |
|  | **METALS & MINING - 4.4%** |  |
| 9109 | Anglogold Ashanti plc | 884307 |
| 146496 | Glencore plc | 1108295 |
| 5278 | Gold Fields Ltd. | 237259 |
| 51000 | Grupo Mexico S.A.B. de C.V., Class B | 545543 |
| 33337 | Impala Platinum Holdings Ltd.<sup>(b)</sup> | 470815 |
| 345000 | Lingbao Gold Group Company Ltd. | 1135190 |
| 225250 | Shandong Gold Mining Company Ltd. 144A<sup>(c)</sup> | 929040 |
| 225200 | Zhongjin Gold Corp Ltd. | 872005 |
|  |  | 6182454 |
|  | **OIL & GAS PRODUCERS - 2.2%** |  |
| 374672 | Adnoc Gas plc | 326378 |
| 155884 | Aegis Logistics Ltd. | 999433 |
| 65623 | KOC Holding A/S | 287648 |
| 73700 | PRIO S.A.<sup>(a)</sup> | 943385 |
| 46937 | Reliance Industries Ltd. | 675556 |
|  |  | 3232400 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 0.8%** |  |
| 1052000 | China Oilfield Services Ltd., H Shares<sup>(b)</sup> | 1211527 |
|  | **REAL ESTATE OWNERS & DEVELOPERS - 1.6%** |  |
| 150800 | Allos S.A. | 881296 |
| 1085000 | Greentown China Holdings Ltd. | 1208018 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **ABS INSIGHTS EMERGING MARKETS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.9% (Continued)** |  |
|  | **REAL ESTATE OWNERS & DEVELOPERS - 1.6% (Continued)** |  |
| 142800 | Nam Long Investment Corporation | $157293 |
|  |  | 2246607 |
|  | **RENEWABLE ENERGY - 2.6%** |  |
| 22700 | Contemporary Amperex Technology Company Ltd. | 1321918 |
| 17569 | CS Wind Corporation | 696155 |
| 205800 | Hengtong Optic-electric Company Ltd. | 1571097 |
|  |  | 3589170 |
|  | **RETAIL - CONSUMER STAPLES - 1.5%** |  |
| 11139 | BIM Birlesik Magazalar A/S | 171192 |
| 106100 | CP All Plc.<sup>(b)</sup> | 148253 |
| 41759 | Grupo Comercial Chedraui S.A. de CV | 244445 |
| 61507 | Pepco Group N.V. 144A<sup>(c)</sup> | 442257 |
| 369400 | Puregold Price Club, Inc.<sup>(b)</sup> | 250080 |
| 2006200 | Sumber Alfaria Trijaya Tbk PT | 174668 |
| 231200 | Wal-Mart de Mexico SAB de CV | 753896 |
|  |  | 2184791 |
|  | **RETAIL - DISCRETIONARY - 1.7%** |  |
| 90500 | Azzas 2154 S.A. | 444327 |
| 98900 | Localiza Rent a Car S.A. 144A<sup>(c)</sup> | 898197 |
| 3741300 | Map Aktif Adiperkasa PT | 137556 |
| 109600 | Mobile World Investment Corporation | 340523 |
| 22421 | United International Transportation Company | 247801 |
| 83700 | Vivara Participacoes S.A. | 416597 |
|  |  | 2485001 |
|  | **SEMICONDUCTORS - 19.8%** |  |
| 14000 | Chunghwa Precision Test Tech Company Ltd. | 1349905 |
| 20341 | DB HiTek Company Ltd. | 1061584 |
| 20848 | Dongjin Semichem Company Ltd. | 613324 |
| 3754 | Eo Technics Co., Ltd.<sup>(b)</sup> | 959628 |
| 16000 | Global Unichip Corporation | 1084432 |
| 90000 | Hua Hong Semiconductor Ltd. 144A<sup>(a),(c)</sup> | 891279 |
| 222000 | Nanya Technology Corporation<sup>(b)</sup> | 1379551 |
| 4239 | SK Hynix, Inc.<sup>(b)</sup> | 2274309 |
| 305000 | Taiwan Semiconductor Manufacturing Company Ltd. | 16804933 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **ABS INSIGHTS EMERGING MARKETS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.9% (Continued)** |  |
|  | **SEMICONDUCTORS - 19.8% (Continued)** |  |
| 10000 | WinWay Technology Company Ltd. | $2238362 |
|  |  | 28657307 |
|  | **SOFTWARE - 0.4%** |  |
| 2500 | Kaspi.KZ JSC - ADR | 185175 |
| 10203 | Rasan Information Technology Company<sup>(a),(b)</sup> | 366998 |
|  |  | 552173 |
|  | **SPECIALTY FINANCE - 1.8%** |  |
| 53755 | Bajaj Finserv Ltd. | 939431 |
| 307800 | Krungthai Card PCL | 281210 |
| 66295 | Piramal Finance Ltd.<sup>(a)</sup> | 1302500 |
|  |  | 2523141 |
|  | **STEEL - 0.4%** |  |
| 7822 | East Pipes Integrated Company for Industry | 333457 |
| 306720 | Hoa Phat Group JSC<sup>(a)</sup> | 313384 |
|  |  | 646841 |
|  | **TECHNOLOGY HARDWARE - 10.5%** |  |
| 25355 | BizLink Holding, Inc. | 1381138 |
| 21000 | Delta Electronics, Inc. | 907241 |
| 25000 | Fositek Corporation | 1369627 |
| 52000 | Gold Circuit Electronics Ltd. | 1399994 |
| 169300 | ITMAX SYSTEM Bhd | 186067 |
| 14000 | Jentech Precision Industrial Co., Ltd.<sup>(b)</sup> | 1663275 |
| 50848 | Samsung Electronics Company Ltd.<sup>(b)</sup> | 5652266 |
| 28740 | Seojin System Company Ltd.<sup>(a)</sup> | 812060 |
| 113000 | Unimicron Technology Corporation | 1572442 |
| 60600 | Xiaomi Corp, Class B 144A<sup>(a),(c)</sup> | 245461 |
|  |  | 15189571 |
|  | **TECHNOLOGY SERVICES - 1.3%** |  |
| 8782 | Infosys Ltd.<sup>(b)</sup> | 117623 |
| 98861 | One 97 Communications Ltd.<sup>(a)</sup> | 1015366 |
| 54800 | StoneCompany Ltd.<sup>(a)</sup> | 773776 |
|  |  | 1906765 |
|  | **TELECOMMUNICATIONS - 1.1%** |  |
| 55625 | Bharti Airtel Ltd.<sup>(b)</sup> | 1061827 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **ABS INSIGHTS EMERGING MARKETS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.9% (Continued)** |  |
|  | **TELECOMMUNICATIONS - 1.1% (Continued)** |  |
| 73421 | Ooredoo QPSC<sup>(b)</sup> | $250485 |
| 24840 | Saudi Telecom Company | 281283 |
|  |  | 1593595 |
|  | **TRANSPORTATION & LOGISTICS - 2.7%** |  |
| 226345 | Abu Dhabi Ports Company PJSC<sup>(a)</sup> | 239069 |
| 78545 | Adani Ports & Special Economic Zone Ltd. | 1104156 |
| 554000 | Anhui Expressway Company Ltd., H Shares | 1049218 |
| 43480 | Promotora y Operadora de Infraestructura S.A.B. de C.V. | 704506 |
| 929000 | Qingdao Port International Company Ltd., H Shares 144A<sup>(c)</sup> | 806849 |
|  |  | 3903798 |
|  | **TRANSPORTATION EQUIPMENT - 1.3%** |  |
| 621452 | Ashok Leyland Ltd. | 1025826 |
| 189600 | Zhuzhou CRRC Times Electric Company Ltd., H Shares | 881143 |
|  |  | 1906969 |
|  | **TOTAL COMMON STOCKS (Cost $108,632,781)** | 139634575 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|<br>**Shares** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **PREFERRED STOCKS — 1.8%** |  |  |  |
|  | **AUTOMOTIVE — 0.7%** |  |  |  |
| 6683 | Hyundai Motor Company | 4.22% |  | 1033016 |
|  | **TECHNOLOGY HARDWARE — 1.1%** |  |  |  |
| 20143 | Samsung Electronics Company Ltd.<sup>(b)</sup> | 0.92% |  | 1526656 |
|  | **TOTAL PREFERRED STOCKS (Cost $1,364,864)** |  |  | 2559672 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **ABS INSIGHTS EMERGING MARKETS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 1.6%** |  |
|  | **MONEY MARKET FUND - 1.6%** |  |
| 2349563 | Northern Institutional Treasury Portfolio, 3.53% (Cost $2,349,563)<sup>(d)</sup> | $2349563 |
|  | **TOTAL INVESTMENTS - 100.4% (Cost $112,523,734)** | $144733870 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.4)%** | (579788) |
|  | **NET ASSETS - 100.0%** | $144154082 |

---

---

| | |
|:---|:---|
| A/S | - Aktieselskab |
| ADR | - American Depositary Receipt |
| A.G. | - Aktiengesellschaft |
| Bhd | - Bahraini Dinar |
| JSC | - Joint-stock Company |
| Inc. | - Incorporated |
| Ltd. | - Limited Company |
| Nyrt | - New York REIT, Inc. |
| P.T. | - Public Traded |
| PCL | - Public Limited Company |
| PJSC | - Private Joint Company |
| PLC | - Public Limited Company (UK) |
| QPSC | - Qualified Personal Service Corporation |
| S.A. | - Société Anonyme |
| S.A. de CV | - Sociedad Anónima de Capital Variable |
| S.A.KP | - Société Anonyme Kuwait |
| SAB de CV | - Sociedad Anonima Bursatil de Capital Variable |
| SCA | - Société en Commandite par Actions |
| Tbk P.T. | - Perseroan Terbatas Terbuka |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The value of this security has been determined in good faith under policies of the Board of Trustees.

<sup>(c)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of March 31, 2026 the total market value of 144A securities is 6,779,997 or 4.7% of net assets.

<sup>(d)</sup> Rate disclosed is the seven day effective yield as of March 31, 2026.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **ABS Insights Emerging Markets Fund** |
| **STATEMENT OF ASSETS AND LIABILITIES (Unaudited)** |
| **March 31, 2026** |

---

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $112523734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At fair value | 144733870 |
| &nbsp;&nbsp;&nbsp;Cash denominated in foreign currency (cost $280,685) | 279586 |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold | 671302 |
| &nbsp;&nbsp;&nbsp;Dividends and Interest receivable | 245850 |
| &nbsp;&nbsp;&nbsp;Deferred capital gain tax receivable on appreciated securities | 44783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 145975391 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 1474398 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable, net | 282700 |
| &nbsp;&nbsp;&nbsp;Fees payable to other affiliates | 20179 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 44032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 1821309 |
| **NET ASSETS** | $**144154082** |
| **Composition of Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $109359406 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | 34794676 |
| **NET ASSETS** | $**144154082** |
| **Net Asset Value Per Share:** |  |
| Institutional Class Shares: |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**97566** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding [$0 par value, unlimited shares authorized] | **7275** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding) and redemption price per share (a) | $**13.41** |
| Super Institutional Class Shares: |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**144056516** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding [$0 par value, unlimited shares authorized] | **10733236** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**13.42** |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **ABS Insights Emerging Markets Fund** |
| **STATEMENT OF OPERATIONS (Unaudited)** |
| **For the Six Months Ended March 31, 2026** |

---

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;Dividends | $936292 |
| &nbsp;&nbsp;&nbsp;Interest | 28892 |
| &nbsp;&nbsp;&nbsp;Less: Foreign withholding taxes | (106778) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 858406 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 657213 |
| &nbsp;&nbsp;&nbsp;Administrative services fees | 50830 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 14167 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 12336 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 11661 |
| &nbsp;&nbsp;&nbsp;Trustees fees and expenses | 10186 |
| &nbsp;&nbsp;&nbsp;Audit fees | 9086 |
| &nbsp;&nbsp;&nbsp;Printing and postage expenses | 8127 |
| &nbsp;&nbsp;&nbsp;Legal fees | 4444 |
| &nbsp;&nbsp;&nbsp;Registration fees | 590 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 133 |
| &nbsp;&nbsp;&nbsp;Other expenses | 3342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 782115 |
| &nbsp;&nbsp;&nbsp;Fees waived/recaptured by the Advisor | (124392) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 657723 |
| **NET INVESTMENT INCOME** | 200683 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;Investments | 5824055 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | (30298) |
| &nbsp;&nbsp;&nbsp;Net Realized Gain from Investments: | 5793757 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;Investments | 8817064 |
| &nbsp;&nbsp;&nbsp;Foreign capital gain tax on appreciated securities | 513561 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | (7150) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation on Investments | 9323475 |
| **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS** | 15117232 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**15317915** |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **ABS Insights Emerging Markets Fund** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Six Months Ended**<br>**March 31, 2026** | **For the**<br>**Period Ended**<br>**September 30, 2025\*** |
|  | **(Unaudited)** | |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $200683 | $1216888 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments and foreign currency transactions | 5793757 | 3023306 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments and foreign currency transactions | 9323475 | 22921458 |
| Net increase in net assets resulting from operations | 15317915 | 27161652 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class Shares\*\* | (72) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Super Institutional Class | (7158621) | (540005) |
| Total distributions to shareholders | (7158693) | (540005) |
| **SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class Shares\*\* | 101261 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Super Institutional Class | 1573517 | 100000998 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class Shares\*\* | 72 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Super Institutional Class | 7158621 | 540005 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Super Institutional Class | (1261) |  |
| Net increase from shares of beneficial interest transactions | 8832210 | 100541003 |
| **NET INCREASE IN NET ASSETS** | 16991432 | 127162650 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period \* | 127162650 |  |
| &nbsp;&nbsp;&nbsp;End of Period | $**144154082** | $**127162650** |
| **SHARE ACTIVITY** |  |  |
| Institutional Class: \*\* |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 7269 | 10000100 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 6 | 42960 |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 7275 | 10043060 |
| Super Institutional Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 113897 |  |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 576379 |  |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (100) |  |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 690176 |  |

---

\* The Fund commenced operations on January 6, 2025.

\*\* The Fund's Institutional Class commenced operations on November 21, 2025.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **ABS Insights Emerging Markets Fund** |
| **FINANCIAL HIGHLIGHTS** |

---

**Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout The Period Presented**

---

| | |
|:---|:---|
| <br>**Institutional Class** | **For The**<br>**Period Ended**<br>**March 31, 2026 (1)** |
|  | **(Unaudited)** |
| Net asset value, beginning of period | $12.56 |
| Income (loss) from investment operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment income (2) | 0.01 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain | 1.55 |
| Total from investment operations | 1.56 |
| Less distributions from: |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.23) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.48) |
| Total distributions | (0.71) |
| Net asset value, end of period | $13.41 |
| Total return (3)(7) | 6.60% |
| Net assets, at end of period (000s) | $98 |
| Ratios/Supplemental Data: |  |
| Ratio of gross expenses to average net assets before fee waiver/recapture (4)(6)(8) | 1.12% |
| Ratio of net expenses to average net assets after fee waiver/recapture (6)(8) | 1.09% |
| Ratio of net investment income to average net assets before fee waiver/recapture (5)(6)(8) | 0.22% |
| Ratio of net investment income to average net assets after fee waiver/recapture (5)(6)(8) | 0.19% |
| Portfolio Turnover Rate (7) | 16% |

---

(1) The Fund's Institutional Class
 commenced operations on November 21, 2025.

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

(3) Total returns shown exclude the effect
 of applicable sales charges and redemption fees and assumes reinvestment of all distributions, if any. Total returns would have been lower
 absent the fee waiver.

(4) Represents the ratio of expenses
 to average net assets absent fee waivers and/or fees recaptured by the advisor.

(5) Recognition of net investment income
 by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

(6) Ratio does not include the expenses
 of other investment companies in which the Fund invests.

(7) Not annualized.

(8) Annualized for periods less than
 one full year.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **ABS Insights Emerging Markets Fund** |
| **FINANCIAL HIGHLIGHTS** |

---

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

---

| | | |
|:---|:---|:---|
| <br>**Super Institutional Class** | **For The**<br>**Six Months Ended**<br>**March 31, 2026** | **For The**<br>**Period Ended**<br>**September 30, 2025 (1)** |
|  | **(Unaudited)** | |
| Net asset value, beginning of period | $12.66 | $10.00 |
| Income (loss) from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (2) | 0.02 | 0.12 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain | 1.45 | 2.59 |
| Total from investment operations | 1.47 | 2.71 |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.23) | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.48) |  |
| Total distributions | (0.71) | (0.05) |
| Net asset value, end of period | $13.42 | $12.66 |
| Total return (3)(7) | 12.09% | 27.14% |
| Net assets, at end of period (000s) | $144057 | $127163 |
| Ratios/Supplemental Data: |  |  |
| Ratio of gross expenses to average net assets before fee waiver/recapture (4)(6)(8) | 1.12% | 1.28% |
| Ratio of net expenses to average net assets after fee waiver/recapture (6)(8) | 0.95% | 0.96% |
| Ratio of net investment income to average net assets before fee waiver/recapture (5)(6)(8) | 0.29% | 1.55% |
| Ratio of net investment income to average net assets after fee waiver/recapture (5)(6)(8) | 0.11% | 1.23% |
| Portfolio Turnover Rate (7) | 16% | 72% |

---

(1) The Fund's Super Institutional
 Class commenced operations on January 6, 2025.

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

(3) Total returns shown exclude the effect
 of applicable sales charges and redemption fees and assumes reinvestment of all distributions, if any. Total returns would have been lower
 absent the fee waiver.

(4) Represents the ratio of expenses
 to average net assets absent fee waivers and/or fees recaptured by the advisor.

(5) Recognition of net investment income
 by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

(6) Ratio does not include the expenses
 of other investment companies in which the Fund invests.

(7) Not annualized.

(8) Annualized for periods less than
 one full year.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **ABS Insights Emerging Markets Fund** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)** |
| **March 31, 2026** |

---

**1.** **ORGANIZATION** 

The ABS Insights Emerging Markets Fund (the "Fund") is a diversified series of shares of beneficial interest of Northern Lights Fund Trust III (the "Trust"), a statutory trust organized under the laws of the State of Delaware on December 5, 2011, and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Fund seeks long-term capital appreciation. ABS Global Investments (the "Advisor") is the Fund's investment advisor. The Fund commenced operations on January 6, 2025.

The Fund offers two classes of shares: Institutional Class and Super Institutional Class. Institutional Class shares commenced operations on November 21, 2025. Both Institutional Class and Super Institutional Class shares are offered at net asset value and are not subject to an initial sales charge. Institutional Class shares are not subject to Rule 12b-1 distribution fees. Both classes have equal voting rights, except that each class has exclusive voting rights with respect to its own service and/or distribution plans. The Fund's income, expenses (other than class-specific distribution fees), and realized and unrealized gains and losses are allocated daily among the classes based on their respective net assets.

**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

All investments in securities are recorded at their estimated fair values. The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. The policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). The preparation of the 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 ended. Actual results could differ from those estimates. The Fund is an investment company and accordingly follows 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.

**Operating Segments** – The Fund has adopted FASB ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the portfolio manager and chief financial officer of the Fund. The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

**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 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"). If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation, or if there has been no sale on such day, at the mean between the current bid and ask prices. Option contracts listed on a securities exchange or board of trade (not including Index Options contracts) for which market quotations are readily available shall be valued at the last quoted sales price or, in the absence of a sale, at the mean between the current bid and ask prices on the valuation date. Index Options listed on a securities exchange or board of trade for which market quotations are readily available shall be valued at the mean between- the current bid and ask prices on the valuation date. The independent- pricing service does not distinguish between smaller-sized bond positions known as "odd lots" and larger institutional-sized bond positions known as "round lots". The Fund may fair value a particular bond if the Advisor does not believe that the round lot value provided by the independent pricing service reflects fair value of the Fund's holding. Investments in open-end investment companies are valued at net asset value. 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.

The Fund 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 investments will be valued using the "fair value" procedures approved by the Trust's Board of Trustees (the "Board"). The Board has delegated execution of these procedures to the Advisor as its valuation designee (the "Valuation Designee").

---

| |
|:---|
| &nbsp;&nbsp;**ABS Insights Emerging Markets Fund** |
| &nbsp;&nbsp;**NOTES TO FINANCIAL STATEMENT (Unaudited)(Continued)** |
| &nbsp;&nbsp;**March 31, 2026** |

---

The Board may also enlist third party consultants such as a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer 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.

**Valuation of Fund of Funds –** The Fund may invest in portfolios of open-end or closed-end investment companies (the "Underlying Funds"). The Underlying Funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value to the methods established by the board of directors of the Underlying Funds.

Open-end investment companies are valued at their respective net asset values as reported by such investment companies. The shares of many closed-end investment companies, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company purchased by the Fund will not change.

**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 asked price is available; the spread between bid and asked 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 the 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.

The Fund utilizes various methods to measure the fair value of all of its investments on a recurring basis. GAAP establishes a fair value hierarchy and specifies that a valuation technique used to measure fair value shall minimize the use of unobservable inputs. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants (i.e., the exit price at the measurement date). The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under U.S. GAAP are described below:

**Level 1** – Unadjusted quoted prices in active markets for identical assets and liabilities that the Fund has the ability to access at the measurement date.

**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 Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would

---

| |
|:---|
| **ABS Insights Emerging Markets Fund** |
| **NOTES TO FINANCIAL STATEMENT (Unaudited)(Continued)** |
| **March 31, 2026** |

---

be based on the best information available and may require significant management judgment or estimation.

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 fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair 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 March 31, 2026 for the Fund's assets and liabilities measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ABS Insights Emerging Markets Fund** | **ABS Insights Emerging Markets Fund** | **ABS Insights Emerging Markets Fund** | **ABS Insights Emerging Markets Fund** | **ABS Insights Emerging Markets Fund** |
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Closed End Fund** | | | | |
| &nbsp;&nbsp;&nbsp;Cayman Islands | $190060 | $— | $— | $190060 |
| **Common Stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Austria | 380830 |  |  | 380830 |
| &nbsp;&nbsp;&nbsp;Argentina | 309750 |  |  | 309750 |
| &nbsp;&nbsp;&nbsp;Brazil | 5587638 |  |  | 5587638 |
| &nbsp;&nbsp;&nbsp;Cayman Islands | 13199102 |  |  | 13199102 |
| &nbsp;&nbsp;&nbsp;Chile | 240521 |  |  | 240521 |
| &nbsp;&nbsp;&nbsp;China | 21289951 |  |  | 21289951 |
| &nbsp;&nbsp;&nbsp;Greece | 290195 |  |  | 290195 |
| &nbsp;&nbsp;&nbsp;Hong Kong | 2965870 |  |  | 2965870 |
| &nbsp;&nbsp;&nbsp;Hungary | 251026 |  |  | 251026 |
| &nbsp;&nbsp;&nbsp;India | 18161408 | 1302499 |  | 19463907 |
| &nbsp;&nbsp;&nbsp;Indonesia | 804128 |  |  | 804128 |
| &nbsp;&nbsp;&nbsp;Jersey | 1108295 |  |  | 1108295 |
| &nbsp;&nbsp;&nbsp;Kazakhstan | 185175 |  |  | 185175 |
| &nbsp;&nbsp;&nbsp;Kuwait | 149996 |  |  | 149996 |
| &nbsp;&nbsp;&nbsp;Luxembourg | 1067143 |  |  | 1067143 |
| &nbsp;&nbsp;&nbsp;Malaysia | 934547 |  |  | 934547 |
| &nbsp;&nbsp;&nbsp;Mexico | 3416263 |  |  | 3416263 |
| &nbsp;&nbsp;&nbsp;Netherlands | 442257 |  |  | 442257 |
| &nbsp;&nbsp;&nbsp;Philippines | 412392 |  |  | 412392 |
| &nbsp;&nbsp;&nbsp;Poland | 721647 |  |  | 721647 |
| &nbsp;&nbsp;&nbsp;Qatar | 250485 |  |  | 250485 |
| &nbsp;&nbsp;&nbsp;Korea (Republic of) | 18343525 |  |  | 18343525 |
| &nbsp;&nbsp;&nbsp;Saudi Arabia | 5858569 |  |  | 5858569 |
| &nbsp;&nbsp;&nbsp;South Africa | 2419476 |  |  | 2419476 |
| &nbsp;&nbsp;&nbsp;Taiwan | 33211517 |  |  | 33211517 |
| &nbsp;&nbsp;&nbsp;Thailand | 1150949 |  |  | 1150949 |
| &nbsp;&nbsp;&nbsp;Turkey | 985026 |  |  | 985026 |
| &nbsp;&nbsp;&nbsp;United Arab Emirates | 1363157 |  |  | 1363157 |
| &nbsp;&nbsp;&nbsp;United Kingdom | 1045787 |  |  | 1045787 |
| &nbsp;&nbsp;&nbsp;United States | 570577 |  |  | 570577 |
| &nbsp;&nbsp;&nbsp;Vietnam | 1214874 |  |  | 1214874 |

---

---

| |
|:---|
| **ABS Insights Emerging Markets Fund** |
| **NOTES TO FINANCIAL STATEMENT (Unaudited)(Continued)** |
| **March 31, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ABS Insights Emerging Markets Fund** | **ABS Insights Emerging Markets Fund** | **ABS Insights Emerging Markets Fund** | **ABS Insights Emerging Markets Fund** | **ABS Insights Emerging Markets Fund** |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Preferred Stocks** | | | | |
| &nbsp;&nbsp;&nbsp;Korea (Republic of) | 2559672 |  |  | 2559672 |
| Short-Term Investment | 2349563 |  |  | 2349563 |
| **Total** | $**143431371** | $**1302499** | $**—** | $**144733870** |

---

\* Refer to the Schedule of Investments for industry classification.

The Fund did not hold any Level 2 or Level 3 securities during the period. The were no transfers between levels during the period.

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

**Security Transactions and Related Income** – Security transactions are accounted for on a trade date basis. 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.

**Foreign Currency Transactions** – The Fund's transactions in foreign currencies, foreign currency-denominated debt securities and certain foreign currency options, futures contracts and forward contracts (and similar instruments) may give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the value of the foreign currency concerned.

**Foreign Securities Risk** – Because the Fund's investments may include foreign securities, the Fund is subject to risks beyond those associated with investing in domestic securities because the Fund's performance may depend on issues other than the performance of a particular company or U.S. market or sector. Changes in foreign economies and political climates are more likely to affect the Fund than a mutual fund that invests exclusively in U.S. companies. The value of foreign securities is also affected by the value of the local currency relative to the U.S. dollar. There may also be less government supervision of foreign markets, resulting in non-uniform accounting practices and less publicly available information. The values of foreign investments may be affected by changes in exchange control regulations, application of foreign tax laws (including withholding tax), changes in governmental administration or economic or monetary policy (in this country or abroad) or changed circumstances in dealings between nations. In addition, foreign brokerage commissions, custody fees and other costs of investing in foreign securities are generally higher than in the U.S. Investments in foreign issues could be affected by other factors no present in the U.S., including expropriation, armed conflict, confiscatory taxation, and potential difficulties in enforcing contractual obligations. As a result, the Fund may be exposed to greater risk and will be more dependent on the Advisor's ability to assess such risk than if the Fund invested solely in more developed countries.

**Depositary Receipt Risk** – To the extent the Fund invests in stocks of foreign corporations, the Fund's investment in such stocks may also be in the form of depositary receipts or other securities convertible into securities of foreign issuers. While the use of depositary receipts, which are traded on exchanges and represent an ownership in a foreign security, provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in depositary receipts continue to be subject to many of the risks associated with investing directly in foreign securities.

**Dividends and Distributions to Shareholders –** Dividends from net investment income are declared and distributed annually. Distributable net realized capital gains are declared and distributed annually. Dividends from net investment income and distributions from net realized gains are recorded on the ex-dividend date and determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are considered either temporary (i.e., deferred losses, capital loss carry forwards) 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.

---

| |
|:---|
| **ABS Insights Emerging Markets Fund** |
| **NOTES TO FINANCIAL STATEMENT (Unaudited)(Continued)** |
| **March 31, 2026** |

---

**Federal Income Taxes** – It is the Fund's policy to continue to qualify as a regulated investment company by complying with the provisions of the Internal Revenue Code, as amended, that are applicable to regulated investment companies and to distribute substantially all of its taxable income and net realized gains to shareholders. In addition, the Fund intends to distribute in each calendar year substantially all of its net investment income, capital gains and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision has been recorded.

The Fund recognizes 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 Fund's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions in the Fund's September 30, 2025 tax returns and expected to be taken in the Fund's September 30, 2026 tax returns. The Fund identifies its major tax jurisdictions as U.S. federal, Ohio, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is 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.

**Foreign Capital Gains Taxes** – Foreign Capital Gains taxes are generally based on either income or gains earned or repatriated cash. Foreign Capital Gains tax is provided in accordance with the Fund's understanding of applicable country's tax using a tax service in that country. The Fund accrues and applies such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains earned. The Trust is monitoring and recording deferred foreign capital gains tax on appreciated securities of $44,783 as of March 31, 2026, as shown on the Statement of Assets and Liabilities. For the six months ended March 31, 2026, the Fund recorded net realized Foreign Capital Gains Tax on Appreciated Securities of $513,561 as shown on the Statement of Operations.

**Foreign Tax Reclaims –** The Fund is subject to foreign withholding tax imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. The Fund may file withholding tax refunds in certain jurisdictions to recover a portion of amounts previously withheld. The Fund will record a receivable for such tax refunds based on several factors including an assessment of a jurisdiction's legal obligation to pay reclaims, administrative practices and payment history

**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, taking into consideration the nature and type of expense and the relative sizes of the funds in the Trust.

**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 Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnities. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund 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 AND ASSOCIATED RISKS** 

For the six months ended March 31, 2026, cost of purchases and proceeds from sales of portfolio securities, other than short sales and short-term investments amounted to $42,331,464 and $41,580,364 respectively.

**4.** **INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES** 

ABS Global Investments serves as the Fund's investment advisor. Pursuant to an advisory agreement with the Trust, on behalf of the Fund, the Advisor, under the oversight of the Board, directs the daily operations of the Fund and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Advisor, the Fund pays the Advisor a management fee computed and accrued daily and paid monthly, at an annual rate of 0.95% of the average daily net assets. For the six months ended March 31, 2026, the advisory fees incurred by the Fund amounted to $657,213.

The Advisor has contractually agreed to waive its fees and reimburse expenses of the Fund, at least until January 31, 2027 to ensure that Total Annual Fund Operating Expenses After Fee Waiver and Reimbursement (excluding (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions; (iii) acquired fund fees and expenses; (iv) borrowing costs (such as interest and dividend expense on securities sold short); (v) taxes; and (vi) extraordinary expenses, such as litigation

---

| |
|:---|
| **ABS Insights Emerging Markets Fund** |
| **NOTES TO FINANCIAL STATEMENT (Unaudited)(Continued)** |
| **March 31, 2026** |

---

expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the Advisor))) do not exceed 0.95% of average daily net assets attributable to Super Institutional Class shares. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund within the three years after the fees are waived or reimbursed, if such recoupment can be achieved within the lesser of the foregoing limits or limits in place at time of recoupment after the recoupment is taken into account. This agreement may be terminated by the Board only on 60 days' written notice to the Advisor.

For the six months ended March 31, 2026, the Advisor waived $124,392, which is subject to recapture by the Advisor by September 30, 2028.

Northern Lights Distributors, LLC (the "Distributor) acts as the Fund's principal underwriter in the continuous public offering of the Fund's Super Institutional Class shares. During the six months ended March 31, 2026, the Distributor did not receive any underwriting commissions for sales of Institutional Class shares and Super Institutional Class shares.

In addition, certain affiliates of the Distributor provide ancillary services to the Fund as follows:

*<u>Ultimus Fund Solutions, LLC ("UFS")</u>*

UFS, an affiliate of the Distributor, provides administration, fund accounting, and transfer agent services to the Trust. Pursuant to separate servicing agreements with UFS, the Fund pays UFS customary fees for providing administration, fund accounting and transfer agency services to the Fund. Certain officers of the Trust are also officers of UFS, and are not paid any fees directly by the Fund for serving in such capacities.

*<u>Northern Lights Compliance Services, LLC ("NLCS")</u>*

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 the Fund.

*<u>Blu Giant, LLC ("Blu Giant")</u>*

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

**5.** **AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS** 

The identified cost of investments in securities owned by the Fund for federal income tax purposes, and its respective gross unrealized appreciation and depreciation at March 31, 2026, are as follows:

---

| | |
|:---|:---|
| Cost for Federal Tax purposes | $114515982 |
| Unrealized Appreciation | 37988499 |
| Unrealized Depreciation | (7770611) |
| Tax Net Unrealized Appreciation | $30217888 |

---

**6.** **DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL** 

The tax character of distributions paid during the fiscal period ending September 30, 2025, was as follows:

---

| | |
|:---|:---|
|  | Fiscal Year Ended<br>September 30, 2025 |
| Ordinary Income | $540005 |
| Long-Term Capital Gain |  |
| Return of Capital |  |
|  | $540005 |

---

---

| |
|:---|
| **ABS Insights Emerging Markets Fund** |
| **NOTES TO FINANCIAL STATEMENT (Unaudited)(Continued)** |
| **March 31, 2026** |

---

As of September 30, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Undistributed | Undistributed | Post October Loss | Capital Loss | Other | Unrealized | Total |
| Ordinary | Long-Term | and | Carry | Book/Tax | Appreciation/ | Distributable Earnings/ |
| Income | Gains | Late Year Loss | Forwards | Differences | (Depreciation) | (Accumulated Deficit) |
| $5237466 | $— | $— | $— | $— | $21397988 | $26635454 |

---

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 on mark-to-market on passive foreign investment companies. The unrealized appreciation (/depreciation) in the table above includes unrealized foreign currency gains (losses) of $(2,836).

Permanent book and tax differences, primarily attributable to the book/tax basis treatment of non-deductible expenses resulted in reclassification for the year ended September 30, 2025, as follows:

---

| | |
|:---|:---|
| Paid |  |
| In | Distributable |
| Capital | Earnings |
| $(13807) | $13807 |

---

**7.** **CONTROL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of 25% or more of the outstanding shares of a fund creates a presumption of control of the fund under Section 2(a)(9) of the 1940 Act. As of March 31, 2026, for the benefit of their customers, Northern California Employee Joint Pension was the record owner of 49.4% of the Fund's outstanding shares and Construction Laborers Pension Trust for Southern California was the record owner of 49.4% of the Fund's outstanding shares.

**8.** **ACCOUNTING PRONOUNCEMENT** 

The Fund adopted the FASB ASU 2023-09, "Income Taxes (Topic 740) Improvements to Income Tax Disclosures", which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendments in ASU 2023-09 are intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income tax disclosures. The Fund's adoption of ASU 2023-09 did not have a material impact on the Fund's financial statements.

**9.** **SUBSEQUENT EVENTS** 

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

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

---

| |
|:---|
| **ABS Insights Emerging Markets Fund** |
| **ADDITIONAL INFORMATION (Unaudited)** |
| **March 31, 2026** |

---

**FOREIGN TAX CREDIT (Unaudited)**

The following Fund intends to elect to pass through shareholders the income tax credit for taxes paid to foreign countries. Foreign source income and foreign tax expense per outstanding share as of fiscal period ended September 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **For fiscal year ended**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9/30/2025** |<br>**Foreign Taxes**<br>**Paid** |<br>**Foreign Source**<br>**Income** |
| ABS Insights Emerging Markets Fund | $237009 | $1817424 |

---

---

| |
|:---|
| **ABS Insights Emerging Markets Fund** |
| **ADDITIONAL INFORMATION (Unaudited)(Continued)** |
| **March 31, 2026** |

---

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement** 

Not applicable.

PROXY VOTING POLICY

Information regarding how the Fund 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 Fund uses to determine how to vote proxies is available without charge, upon request, by calling 1-800-813-1421, by visiting the Fund's website https://funddocs.filepoint.com/absinv/, or by referring to the Security and Exchange Commission's ("SEC") website at http://www.sec.gov.

**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

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

Included under Item 7

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

**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.

(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](ex99-cert.htm)

(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. CERT](ex99-906cert.htm)

**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) <u>Northern Lights Fund Trust III</u>

By (Signature and Title)

---

| |
|:---|
| /s/ Brian Curley |
| Brian Curley, Principal Executive Officer/President |

---

Date <u>6/08/26</u>

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 <u>6/08/26</u>

By (Signature and Title)

---

| |
|:---|
| /s/ Rich Gleason |
| Rich Gleason, Principal Financial Officer/Treasurer |

---

Date <u>6/08/26</u>

## Ex-99.Cert

I, Brian Curley, certify that:

1. I have reviewed this report on Form N-CSR of the ABS Insights Emerging Markets Fund (a series of Northern Lights Fund Trust III);

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 6/08/26 | /s/ Brian Curley |
|  |  | Brian Curley |
|  |  | Principal Executive Officer/President |

---

CERTIFICATIONS

I, Rich Gleason, certify that:

1. I have reviewed this report on Form N-CSR of the ABS Insights Emerging Markets Fund (a series of Northern Lights Fund Trust III);

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 6/08/26 | /s/ Rich Gleason |
|  |  | Rich Gleason |
|  |  | Principal Executive Officer/President & Principal Financial Officer/Treasurer |

---

## Exhibit 99.906

**CERTIFICATION**

Brian Curley , Principal Executive Officer, and Rich Gleason, Principal Financial Officer of Northern Lights Fund Trust III (the "Registrant"), each certify to the best of his knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended March 31, 2026 (the "Form N-CSR") fully complies with the requirements of Sections 13(a) or Sections 15(d), as applicable, of the Securities Exchange Act of 1934, and

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

---

| | |
|:---|:---|
| Principal Executive Officer/President | Principal Financial Officer/Treasurer |
| Northern Lights Fund Trust III | Northern Lights Fund Trust III |
| /s/ Brian Curley | /s/ Rich Gleason |
| Brian Curley | Rich Gleason |

---

Date: <u>6/08/26</u> Date: <u>6/08/26</u>

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

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