# EDGAR Filing Document

**Accession Number:** 0001537140
**File Stem:** 0001580642-26-003571
**Filing Date:** 2026-6
**Character Count:** 129106
**Document Hash:** 100184a289df8077a714cb81b2de01b6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-003571.hdr.sgml**: 20260605

**ACCESSION NUMBER**: 0001580642-26-003571

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260605

**DATE AS OF CHANGE**: 20260605

**EFFECTIVENESS DATE**: 20260605

**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:** 261067533

**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

### The Teberg Fund (Series ID: S000043255)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000133836 | The Teberg Fund No-Load Class  | TEBRX           |
| C000248905 | The Teberg Fund Investor Class | ABSTX           |

### Absolute Capital Asset Allocator Fund (Series ID: S000051215)

| Class ID   | Class Name                                                       | Ticker Symbol   |
|:---|:---|:---|
| C000161384 | Absolute Capital Asset Allocator Fund Class A Shares             | AAMAX           |
| C000161385 | Absolute Capital Asset Allocator Fund Institutional Class Shares | AAMIX           |
| C000161386 | Absolute Capital Asset Allocator Fund Investor Class Shares      | AAMCX           |

### Absolute Capital Defender Fund (Series ID: S000051216)

| Class ID   | Class Name                                                | Ticker Symbol   |
|:---|:---|:---|
| C000161387 | Absolute Capital Defender Fund Class A Shares             | ACMAX           |
| C000161388 | Absolute Capital Defender Fund Institutional Class Shares | ACMIX           |
| C000161389 | Absolute Capital Defender Fund Investor Class Shares      | ACMDX           |

?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, Suite 450, Cincinnati, Ohio</u> <u>45246</u> <br> (Address of principal executive offices) (Zip code)

<u>Brian Curley, Ultimus Fund Solutions, LLC.</u> <br> <u>4221 North 203rd Street, Suite 100, Elkhorn, NE 68022</u> <br> (Name and address of agent for service)

Registrant's telephone number, including area code: <u>631-470-2619</u>

Date of fiscal year end: <u>9/30</u> <br>Date of reporting period: <u>3/31/26</u>

**Item 1. Reports to Stockholders.**

(a) #### Absolute Capital Asset Allocator Fund

#### Class A (AAMAX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](i761d906919e4fd74c1886bf1.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Absolute Capital Asset Allocator Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at **https://www.abscapfunds.com/**. You can also request this information by contacting us at 877-594-1249.

# What were the Fund's costs for the last six months?
(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** |
| Class A | $91 | 1.83%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $68242741 |
| Number of Portfolio Holdings | 27 |
| Advisory Fee | $322114 |
| Portfolio Turnover | 16% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| iShares Core Dividend ETF | 7.6% |
| Vanguard S&P 500 Growth ETF | 6.9% |
| United States Treasury Bill, 3.630%, 06/04/26 | 6.8% |
| State Street SPDR S&P 1500 Value Tilt ETF | 6.5% |
| Vanguard Communication Services ETF | 5.5% |
| State Street Technology Select Sector SPDR ETF | 5.1% |
| Vanguard FTSE All-World ex-US ETF | 4.5% |
| State Street SPDR Portfolio S&P 500 ETF | 4.5% |
| Goldman Sachs Group, Inc. (The) | 3.6% |
| Quanta Services, Inc. | 3.0% |

---

# **Sector Weighting (% of net assets)**![Pie Chart](i49f13aa8569ff0094c93e0f1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 2.2% |
| Communications | 2.2% |
| Technology | 2.7% |
| Fixed Income | 2.6% |
| Industrials | 3.0% |
| U.S. Treasury Obligations | 6.8% |
| Financials | 7.1% |
| Money Market Funds | 14.4% |
| Equity | 59.0% |

---

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

# Additional information is available on the Fund's website (**https://www.abscapfunds.com/**), including its:
Additional information is available on the Fund's website (**https://www.abscapfunds.com/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

* Updated performance information 

![Image](i761d906919e4fd74c1886bf1.jpg)

#### Absolute Capital Asset Allocator Fund

#### Class A (AAMAX)

#### TSR-SAR 033126-AAMAX

#### Absolute Capital Asset Allocator Fund

#### Institutional Class (AAMIX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](i761d906919e4fd74c1886bf1.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Absolute Capital Asset Allocator Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at **https://www.abscapfunds.com/**. You can also request this information by contacting us at 877-594-1249.

# What were the Fund's costs for the last six months?
(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 | $78 | 1.58%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $68242741 |
| Number of Portfolio Holdings | 27 |
| Advisory Fee | $322114 |
| Portfolio Turnover | 16% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| iShares Core Dividend ETF | 7.6% |
| Vanguard S&P 500 Growth ETF | 6.9% |
| United States Treasury Bill, 3.630%, 06/04/26 | 6.8% |
| State Street SPDR S&P 1500 Value Tilt ETF | 6.5% |
| Vanguard Communication Services ETF | 5.5% |
| State Street Technology Select Sector SPDR ETF | 5.1% |
| Vanguard FTSE All-World ex-US ETF | 4.5% |
| State Street SPDR Portfolio S&P 500 ETF | 4.5% |
| Goldman Sachs Group, Inc. (The) | 3.6% |
| Quanta Services, Inc. | 3.0% |

---

# **Sector Weighting (% of net assets)**![Pie Chart](i49f13aa8569ff0094c93e0f1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 2.2% |
| Communications | 2.2% |
| Technology | 2.7% |
| Fixed Income | 2.6% |
| Industrials | 3.0% |
| U.S. Treasury Obligations | 6.8% |
| Financials | 7.1% |
| Money Market Funds | 14.4% |
| Equity | 59.0% |

---

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

# Additional information is available on the Fund's website (**https://www.abscapfunds.com/**), including its:
Additional information is available on the Fund's website (**https://www.abscapfunds.com/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

* Updated performance information 

![Image](i761d906919e4fd74c1886bf1.jpg)

#### Absolute Capital Asset Allocator Fund

#### Institutional Class (AAMIX)

#### TSR-SAR 033126-AAMIX

#### Absolute Capital Asset Allocator Fund

#### Investor Class (AAMCX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](i761d906919e4fd74c1886bf1.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Absolute Capital Asset Allocator Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at **https://www.abscapfunds.com/**. You can also request this information by contacting us at 877-594-1249.

# What were the Fund's costs for the last six months?
(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** |
| Investor Class | $127 | 2.57%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $68242741 |
| Number of Portfolio Holdings | 27 |
| Advisory Fee | $322114 |
| Portfolio Turnover | 16% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| iShares Core Dividend ETF | 7.6% |
| Vanguard S&P 500 Growth ETF | 6.9% |
| United States Treasury Bill, 3.630%, 06/04/26 | 6.8% |
| State Street SPDR S&P 1500 Value Tilt ETF | 6.5% |
| Vanguard Communication Services ETF | 5.5% |
| State Street Technology Select Sector SPDR ETF | 5.1% |
| Vanguard FTSE All-World ex-US ETF | 4.5% |
| State Street SPDR Portfolio S&P 500 ETF | 4.5% |
| Goldman Sachs Group, Inc. (The) | 3.6% |
| Quanta Services, Inc. | 3.0% |

---

# **Sector Weighting (% of net assets)**![Pie Chart](i49f13aa8569ff0094c93e0f1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 2.2% |
| Communications | 2.2% |
| Technology | 2.7% |
| Fixed Income | 2.6% |
| Industrials | 3.0% |
| U.S. Treasury Obligations | 6.8% |
| Financials | 7.1% |
| Money Market Funds | 14.4% |
| Equity | 59.0% |

---

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

# Additional information is available on the Fund's website (**https://www.abscapfunds.com/**), including its:
Additional information is available on the Fund's website (**https://www.abscapfunds.com/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

* Updated performance information 

![Image](i761d906919e4fd74c1886bf1.jpg)

#### Absolute Capital Asset Allocator Fund

#### Investor Class (AAMCX)

#### TSR-SAR 033126-AAMCX

#### Absolute Capital Defender Fund

#### Class A (ACMAX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](i761d906919e4fd74c1886bf1.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Absolute Capital Defender Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at **https://www.abscapfunds.com/**. You can also request this information by contacting us at 877-594-1249. **This report describes changes to the Fund that occurred during the reporting period.** 

# What were the Fund's costs for the last six months?
(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** |
| Class A | $100 | 2.00%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $29278804 |
| Number of Portfolio Holdings | 22 |
| Advisory Fee (net of waivers) | $120391 |
| Portfolio Turnover | 18% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| State Street SPDR S&P 1500 Value Tilt ETF | 10.6% |
| iShares Core Dividend ETF | 9.2% |
| iShares Morningstar Value ETF | 9.0% |
| United States Treasury Bill, 3.630%, 06/04/26 | 7.8% |
| United States Treasury Note, 3.875%, 12/31/27 | 6.8% |
| Invesco S&P 500 Revenue ETF | 5.3% |
| Vanguard FTSE All-World ex-US ETF | 3.5% |
| Goldman Sachs Group, Inc. (The) | 3.5% |
| Vanguard Consumer Staples ETF | 3.5% |
| Vanguard Communication Services ETF | 3.1% |

---

# **Sector Weighting (% of net assets)**![Pie Chart](ic2eb17fed489c6256274cbba.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communications | 1.3% |
| Technology | 1.6% |
| Consumer Staples | 1.7% |
| Fixed Income | 2.6% |
| Financials | 6.0% |
| U.S. Treasury Obligations | 17.0% |
| Money Market Funds | 17.4% |
| Equity | 52.4% |

---

#### Material Fund Changes
This is a summary of certain changes to the Fund since October 1, 2025. For more complete information, you may review the Fund's prospectus, dated February 1, 2026, or upon request at 877-594-1249.

Effective February 1, 2026, the expense limitation of the Fund's Class A shares was increased from 1.99% to 2.04% of the Fund's average daily net assets.

# Additional information is available on the Fund's website (**https://www.abscapfunds.com/**), including its:
Additional information is available on the Fund's website (**https://www.abscapfunds.com/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

* Updated performance information 

![Image](i761d906919e4fd74c1886bf1.jpg)

#### Absolute Capital Defender Fund

#### Class A (ACMAX)

#### TSR-SAR 033126-ACMAX

#### Absolute Capital Defender Fund

#### Institutional Class (ACMIX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](i761d906919e4fd74c1886bf1.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Absolute Capital Defender Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at **https://www.abscapfunds.com/**. You can also request this information by contacting us at 877-594-1249. **This report describes changes to the Fund that occurred during the reporting period.** 

# What were the Fund's costs for the last six months?
(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 | $87 | 1.75%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $29278804 |
| Number of Portfolio Holdings | 22 |
| Advisory Fee (net of waivers) | $120391 |
| Portfolio Turnover | 18% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| State Street SPDR S&P 1500 Value Tilt ETF | 10.6% |
| iShares Core Dividend ETF | 9.2% |
| iShares Morningstar Value ETF | 9.0% |
| United States Treasury Bill, 3.630%, 06/04/26 | 7.8% |
| United States Treasury Note, 3.875%, 12/31/27 | 6.8% |
| Invesco S&P 500 Revenue ETF | 5.3% |
| Vanguard FTSE All-World ex-US ETF | 3.5% |
| Goldman Sachs Group, Inc. (The) | 3.5% |
| Vanguard Consumer Staples ETF | 3.5% |
| Vanguard Communication Services ETF | 3.1% |

---

# **Sector Weighting (% of net assets)**![Pie Chart](ic2eb17fed489c6256274cbba.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communications | 1.3% |
| Technology | 1.6% |
| Consumer Staples | 1.7% |
| Fixed Income | 2.6% |
| Financials | 6.0% |
| U.S. Treasury Obligations | 17.0% |
| Money Market Funds | 17.4% |
| Equity | 52.4% |

---

#### Material Fund Changes
This is a summary of certain changes to the Fund since October 1, 2025. For more complete information, you may review the Fund's prospectus, dated February 1, 2026, or upon request at 877-594-1249.

Effective February 1, 2026, the expense limitation of the Fund's Institutional Class shares was increased from 1.74% to 1.79% of the Fund's average daily net assets.

# Additional information is available on the Fund's website (**https://www.abscapfunds.com/**), including its:
Additional information is available on the Fund's website (**https://www.abscapfunds.com/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

* Updated performance information 

![Image](i761d906919e4fd74c1886bf1.jpg)

#### Absolute Capital Defender Fund

#### Institutional Class (ACMIX)

#### TSR-SAR 033126-ACMIX

#### Absolute Capital Defender Fund

#### Investor Class (ACMDX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](i761d906919e4fd74c1886bf1.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Absolute Capital Defender Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at **https://www.abscapfunds.com/**. You can also request this information by contacting us at 877-594-1249. **This report describes changes to the Fund that occurred during the reporting period.** 

# What were the Fund's costs for the last six months?
(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** |
| Investor Class | $137 | 2.74%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $29278804 |
| Number of Portfolio Holdings | 22 |
| Advisory Fee (net of waivers) | $120391 |
| Portfolio Turnover | 18% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| State Street SPDR S&P 1500 Value Tilt ETF | 10.6% |
| iShares Core Dividend ETF | 9.2% |
| iShares Morningstar Value ETF | 9.0% |
| United States Treasury Bill, 3.630%, 06/04/26 | 7.8% |
| United States Treasury Note, 3.875%, 12/31/27 | 6.8% |
| Invesco S&P 500 Revenue ETF | 5.3% |
| Vanguard FTSE All-World ex-US ETF | 3.5% |
| Goldman Sachs Group, Inc. (The) | 3.5% |
| Vanguard Consumer Staples ETF | 3.5% |
| Vanguard Communication Services ETF | 3.1% |

---

# **Sector Weighting (% of net assets)**![Pie Chart](ic2eb17fed489c6256274cbba.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communications | 1.3% |
| Technology | 1.6% |
| Consumer Staples | 1.7% |
| Fixed Income | 2.6% |
| Financials | 6.0% |
| U.S. Treasury Obligations | 17.0% |
| Money Market Funds | 17.4% |
| Equity | 52.4% |

---

#### Material Fund Changes
This is a summary of certain changes to the Fund since October 1, 2025. For more complete information, you may review the Fund's prospectus, dated February 1, 2026, or upon request at 877-594-1249.

Effective February 1, 2026, the expense limitation of the Fund's Investor Class shares was increased from 2.74% to 2.79% of the Fund's average daily net assets.

# Additional information is available on the Fund's website (**https://www.abscapfunds.com/**), including its:
Additional information is available on the Fund's website (**https://www.abscapfunds.com/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

* Updated performance information 

![Image](i761d906919e4fd74c1886bf1.jpg)

#### Absolute Capital Defender Fund

#### Investor Class (ACMDX)

#### TSR-SAR 033126-ACMDX

#### The Teberg Fund

#### No-Load Class (TEBRX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](i761d906919e4fd74c1886bf1.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about The Teberg Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at **www.abscapfunds.com**. You can also request this information by contacting us at 1-866-209-1964. **This report describes changes to the Fund that occurred during the reporting period.** 

# What were the Fund's costs for the last six months?
(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** |
| No-Load Class | $92 | 1.81%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $93412602 |
| Number of Portfolio Holdings | 45 |
| Advisory Fee (net of waivers) | $462243 |
| Portfolio Turnover | 24% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Invesco QQQ Trust Series 1 ETF | 14.5% |
| iShares Semiconductor ETF | 9.8% |
| Berkshire Hathaway, Inc. | 7.7% |
| Invesco Dow Jones Industrial Average Dividend ETF | 4.6% |
| VanEck Semiconductor ETF | 4.4% |
| Invesco PHLX Semiconductor ETF | 4.4% |
| State Street SPDR Dow Jones Industrial Average ETF | 4.2% |
| State Street SPDR S&P 500 ETF Trust | 4.2% |
| iShares Morningstar Value ETF | 4.1% |
| State Street SPDR Portfolio S&P 500 ETF | 4.0% |

---

# **Sector Weighting (% of net assets)**![Pie Chart](i352cd2c5713c038681ef5a65.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Money Market Funds | 2.2% |
| Fixed Income | 3.2% |
| Financials | 7.7% |
| Technology | 10.1% |
| Equity | 76.7% |

---

#### Material Fund Changes
This is a summary of certain changes to the Fund since October 1, 2025. For more complete information, you may review the Fund's prospectus, dated February 1, 2026, or upon request at 877-594-1249.

Effective February 1, 2026, the expense limitation of the Fund's No-Load Class shares was increased from 1.75% to 1.84% of the Fund's average daily net assets.

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

* Updated performance information 

![Image](i761d906919e4fd74c1886bf1.jpg)

#### The Teberg Fund

#### No-Load Class (TEBRX)

#### TSR-SAR 033126-TEBRX

#### The Teberg Fund

#### Investor Class (ABSTX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](i761d906919e4fd74c1886bf1.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about The Teberg Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at **www.abscapfunds.com**. You can also request this information by contacting us at 1-866-209-1964. **This report describes changes to the Fund that occurred during the reporting period.** 

# What were the Fund's costs for the last six months?
(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** |
| Investor Class | $139 | 2.76%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $93412602 |
| Number of Portfolio Holdings | 45 |
| Advisory Fee (net of waivers) | $462243 |
| Portfolio Turnover | 24% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Invesco QQQ Trust Series 1 ETF | 14.5% |
| iShares Semiconductor ETF | 9.8% |
| Berkshire Hathaway, Inc. | 7.7% |
| Invesco Dow Jones Industrial Average Dividend ETF | 4.6% |
| VanEck Semiconductor ETF | 4.4% |
| Invesco PHLX Semiconductor ETF | 4.4% |
| State Street SPDR Dow Jones Industrial Average ETF | 4.2% |
| State Street SPDR S&P 500 ETF Trust | 4.2% |
| iShares Morningstar Value ETF | 4.1% |
| State Street SPDR Portfolio S&P 500 ETF | 4.0% |

---

# **Sector Weighting (% of net assets)**![Pie Chart](i352cd2c5713c038681ef5a65.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Money Market Funds | 2.2% |
| Fixed Income | 3.2% |
| Financials | 7.7% |
| Technology | 10.1% |
| Equity | 76.7% |

---

#### Material Fund Changes
This is a summary of certain changes to the Fund since October 1, 2025. For more complete information, you may review the Fund's prospectus, dated February 1, 2026, or upon request at 877-594-1249.

Effective February 1, 2026, the expense limitation of the Fund's Investor Class shares was increased from 2.74% to 2.79% of the Fund's average daily net assets.

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

* Updated performance information 

![Image](i761d906919e4fd74c1886bf1.jpg)

#### The Teberg Fund

#### Investor Class (ABSTX)

#### TSR-SAR 033126-ABSTX
&nbsp;&nbsp;&nbsp;&nbsp;(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. Investments.** Schedule of investments in securities of unaffiliated issuers is included under Item 7.

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Long Form Financial
 Statements

---

| |
|:---|
| ![(ABSOLUTE CAPITAL LOGO)](ab001_v1.jpg) |
| Semi-Annual Financial Statements |
| & Additional Information |
| March 31, 2026 |
| **Absolute Capital Asset Allocator Fund** |
| Class A Shares (AAMAX) |
| Institutional Class Shares (AAMIX) |
| Investor Class Shares (AAMCX) |
| **Absolute Capital Defender Fund** |
| Class A Shares (ACMAX) |
| Institutional Class Shares (ACMIX) |
| Investor Class Shares (ACMDX) |
| **The Teberg Fund** |
| No-Load Shares (TEBRX) |
| Investor Shares (ABSTX) |
| 1-877-594-1249 |
| www.abscapfunds.com |

---

---

| |
|:---|
| **ABSOLUTE CAPITAL ASSET ALLOCATOR FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 17.2%** |  |
|  | **BANKING - 1.3%** |  |
| 3000 | JPMorgan Chase & Company | $882480 |
|  | **ENGINEERING & CONSTRUCTION - 3.0%** |  |
| 3700 | Quanta Services, Inc. | 2031374 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 3.6%** |  |
| 2900 | Goldman Sachs Group, Inc. (The) | 2453371 |
|  | **INSURANCE - 2.2%** |  |
| 3100 | Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 1485520 |
|  | **INTERNET MEDIA & SERVICES - 2.2%** |  |
| 16000 | Netflix, Inc.<sup>(a)</sup> | 1538400 |
|  | **RETAIL - CONSUMER STAPLES - 2.2%** |  |
| 1500 | Costco Wholesale Corporation | 1494645 |
|  | **SOFTWARE - 0.8%** |  |
| 1400 | Microsoft Corporation | 518238 |
|  | **TECHNOLOGY SERVICES - 1.9%** |  |
| 4300 | Visa, Inc., Class A | 1299632 |
|  | **TOTAL COMMON STOCKS (Cost $9,078,304)** | 11703660 |
|  | **EXCHANGE-TRADED FUNDS — 61.6%** |  |
|  | **EQUITY - 59.0%** |  |
| 45000 | Franklin International Core Dividend Tilt Index ETF | 1791450 |
| 28000 | Invesco Dow Jones Industrial Average Dividend ETF | 1672720 |
| 96600 | iShares Core Dividend ETF | 5211570 |
| 15400 | iShares Morningstar Growth ETF | 1470392 |
| 14400 | iShares Morningstar Value ETF | 1341216 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ABSOLUTE CAPITAL ASSET ALLOCATOR FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 61.6% (Continued)** |  |
|  | **EQUITY - 59.0% (Continued)** |  |
| 12300 | SPDR S&P Biotech ETF | $1571079 |
| 5200 | State Street Industrial Select Sector SPDR ETF | 840996 |
| 40000 | State Street SPDR Portfolio S&P 500 ETF | 3061600 |
| 20700 | State Street SPDR S&P 1500 Value Tilt ETF | 4450012 |
| 26000 | State Street Technology Select Sector SPDR ETF | 3455400 |
| 20800 | Vanguard Communication Services ETF | 3740672 |
| 7000 | Vanguard Consumer Staples ETF | 1572130 |
| 41100 | Vanguard FTSE All-World ex-US ETF | 3086610 |
| 7700 | Vanguard International High Dividend Yield ETF | 725648 |
| 15600 | Vanguard Russell 2000 ETF | 1562652 |
| 11500 | Vanguard S&P 500 Growth ETF | 4688435 |
|  |  | 40242582 |
|  | **FIXED INCOME - 2.6%** |  |
| 36100 | Janus Henderson AAA CLO ETF | 1818357 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $37,372,110)** | 42060939 |
|  | **SHORT-TERM INVESTMENTS — 21.2%** |  |
|  | **MONEY MARKET FUNDS - 14.4%** |  |
| 9788828 | First American Government Obligations Fund, Class X, 3.58%<sup>(b)</sup> | 9788828 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Yield (%)** | <br>**Maturity** | |
|  | **U.S. TREASURY BILLS — 6.8%** |  |  |  |
| 4700000 | United States Treasury Bill | 3.63 | 06/04/26 | 4669826 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $14,459,041)** | **TOTAL SHORT-TERM INVESTMENTS (Cost $14,459,041)** |  | 14458654 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $60,909,455)** | **TOTAL INVESTMENTS - 100.0% (Cost $60,909,455)** |  | $68223253 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.0%**<sup>(c)</sup> | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.0%**<sup>(c)</sup> |  | 19488 |
|  | **NET ASSETS - 100.0%** |  |  | $68242741 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| SPDR | - Standard & Poor's Depositary Receipt |

---

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

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

<sup>(c)</sup> Amount represents less than 0.05%.

See accompanying notes to financial statements.

---

| |
|:---|
| **ABSOLUTE CAPITAL DEFENDER FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 10.6%** |  |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 3.5%** |  |
| 1200 | Goldman Sachs Group, Inc. (The) | $1015188 |
|  | **INSURANCE - 2.5%** |  |
| 1500 | Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 718800 |
|  | **INTERNET MEDIA & SERVICES - 1.3%** |  |
| 4000 | Netflix, Inc.<sup>(a)</sup> | 384600 |
|  | **RETAIL - CONSUMER STAPLES - 1.7%** |  |
| 500 | Costco Wholesale Corporation | 498215 |
|  | **SOFTWARE - 1.6%** |  |
| 1300 | Microsoft Corporation | 481221 |
|  | **TOTAL COMMON STOCKS (Cost $2,515,243)** | 3098024 |
|  | **EXCHANGE-TRADED FUNDS — 55.0%** |  |
|  | **EQUITY - 52.4%** |  |
| 10000 | Invesco Dow Jones Industrial Average Dividend ETF | 597400 |
| 13500 | Invesco S&P 500 Revenue ETF | 1551285 |
| 50000 | iShares Core Dividend ETF | 2697500 |
| 14000 | iShares Currency Hedged MSCI EAFE ETF | 594930 |
| 28400 | iShares Morningstar Value ETF | 2645176 |
| 1800 | State Street Industrial Select Sector SPDR ETF | 291114 |
| 7900 | State Street SPDR Portfolio S&P 500 ETF | 604666 |
| 14500 | State Street SPDR S&P 1500 Value Tilt ETF | 3117158 |
| 5000 | Vanguard Communication Services ETF | 899200 |
| 4500 | Vanguard Consumer Staples ETF | 1010655 |
| 13700 | Vanguard FTSE All-World ex-US ETF | 1028870 |
| 3100 | Vanguard International High Dividend Yield ETF | 292144 |
|  |  | 15330098 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ABSOLUTE CAPITAL DEFENDER FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 55.0% (Continued)** |  |
|  | **FIXED INCOME - 2.6%** |  |
| 15000 | Janus Henderson AAA CLO ETF | $755550 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $14,056,493)** | 16085648 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** | |
|  | **U.S. GOVERNMENT & AGENCIES — 9.2%** | **U.S. GOVERNMENT & AGENCIES — 9.2%** |  |  |
|  | **U.S. TREASURY NOTES — 9.2%** |  |  |  |
| 700000 | United States Treasury Note | 4.3750 | 12/15/26 | 702993 |
| 2000000 | United States Treasury Note | 3.8750 | 12/31/27 | 2001484 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $2,698,193)** | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $2,698,193)** |  | 2704477 |

---

---

| | |
|:---|:---|
| **Shares** | |
| 5095653 First American Government Obligations Fund, Class X, 3.58%<sup>(b)</sup> | 5095653 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Yield (%)** |  | |
|  | **U.S. TREASURY BILLS — 7.8%** |  |  |  |
| 2300000 | United States Treasury Bill | 3.63 | 06/04/26 | 2285234 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $7,381,076)** | **TOTAL SHORT-TERM INVESTMENTS (Cost $7,381,076)** |  | 7380887 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $26,651,005)** | **TOTAL INVESTMENTS - 100.0% (Cost $26,651,005)** |  | $29269036 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.0%**<sup>(c)</sup> | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.0%**<sup>(c)</sup> |  | 9768 |
|  | **NET ASSETS - 100.0%** |  |  | $29278804 |

---

---

| | |
|:---|:---|
| EAFE | - Europe, Australasia and Far East |
| ETF | - Exchange-Traded Fund |
| MSCI | - Morgan Stanley Capital International |
| SPDR | - Standard & Poor's Depositary Receipt |

---

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

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

<sup>(c)</sup> Amount represents less than 0.05%.

See accompanying notes to financial statements.

---

| |
|:---|
| **THE TEBERG FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 17.8%** |  |
|  | **INSURANCE - 7.7%** |  |
| 10 | Berkshire Hathaway, Inc., Class A<sup>(a)</sup> | $7181400 |
|  | **SEMICONDUCTORS - 9.6%** |  |
| 1900 | Advanced Micro Devices, Inc.<sup>(a)</sup> | 386517 |
| 1480 | Analog Devices, Inc. | 470847 |
| 1570 | Applied Materials, Inc. | 536610 |
| 410 | ASML Holding N.V. - ADR | 541540 |
| 2280 | Broadcom, Inc. | 705683 |
| 9930 | Intel Corporation<sup>(a)</sup> | 438211 |
| 350 | KLA Corporation | 515344 |
| 2530 | Lam Research Corporation | 540560 |
| 2200 | Marvell Technology, Inc. | 217910 |
| 1440 | Microchip Technology, Inc. | 93038 |
| 1510 | Micron Technology, Inc. | 510139 |
| 110 | Monolithic Power Systems, Inc. | 120269 |
| 10450 | NVIDIA Corporation | 1822480 |
| 620 | NXP Semiconductors N.V. | 122053 |
| 2430 | QUALCOMM, Inc. | 312935 |
| 3270 | Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 1105097 |
| 420 | Teradyne, Inc. | 124513 |
| 2420 | Texas Instruments, Inc. | 469819 |
|  |  | 9033565 |
|  | **SOFTWARE - 0.5%** |  |
| 810 | Cadence Design Systems, Inc.<sup>(a)</sup> | 225075 |
| 580 | Synopsys, Inc.<sup>(a)</sup> | 229958 |
|  |  | 455033 |
|  | **TOTAL COMMON STOCKS (Cost $14,306,733)** | 16669998 |
|  | **EXCHANGE-TRADED FUNDS — 78.1%** |  |
|  | **EQUITY - 74.9%** |  |
| 72100 | Invesco Dow Jones Industrial Average Dividend ETF | 4307254 |
| 67900 | Invesco PHLX Semiconductor ETF | 4053630 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **THE TEBERG FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 78.1% (Continued)** |  |
|  | **EQUITY - 74.9% (Continued)** |  |
| 23450 | Invesco QQQ Trust Series 1 ETF | $13534871 |
| 19600 | iShares Core Dividend ETF | 1057420 |
| 18999 | iShares Core S&P Small-Cap ETF | 2361766 |
| 41100 | iShares Morningstar Value ETF | 3828054 |
| 8674 | iShares Russell 2000 ETF | 2151152 |
| 27850 | iShares Semiconductor ETF | 9153181 |
| 5000 | iShares U.S. Aerospace & Defense ETF | 1093750 |
| 9500 | iShares U.S. Home Construction ETF | 860225 |
| 59900 | State Street Financial Select Sector SPDR ETF | 2957263 |
| 8500 | State Street SPDR Dow Jones Industrial Average ETF | 3937115 |
| 49300 | State Street SPDR Portfolio S&P 500 ETF | 3773422 |
| 6020 | State Street SPDR S&P 500 ETF Trust | 3915047 |
| 10900 | State Street SPDR S&P 1500 Value Tilt ETF | 2343243 |
| 31900 | State Street SPDR S&P Regional Banking ETF | 2078285 |
| 15600 | State Street Technology Select Sector SPDR ETF | 2073240 |
| 10684 | VanEck Semiconductor ETF | 4096245 |
| 18700 | Vanguard FTSE All-World ex-US ETF | 1404370 |
| 3000 | Vanguard Total Stock Market ETF | 962430 |
|  |  | 69941963 |
|  | **FIXED INCOME - 3.2%** |  |
| 25200 | Vanguard Short-Term Corporate Bond ETF | 1997604 |
| 17100 | Vanguard Short-Term Treasury ETF | 1001034 |
|  |  | 2998638 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $47,681,955)** | 72940601 |
|  | **EXCHANGE-TRADED NOTES — 1.8%** |  |
|  | **EQUITY - 1.8%** |  |
| 28100 | MicroSectors FANG+ ETNs (Cost $1,993,534) <sup>(a)</sup> | 1675041 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **THE TEBERG FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 2.2%** |  |
|  | **MONEY MARKET FUNDS - 2.2%** |  |
| 2038886 | First American Government Obligations Fund, Class X, 3.58% (Cost $2,038,886)<sup>(b)</sup> | $2038886 |
|  | **TOTAL INVESTMENTS - 99.9% (Cost $66,021,108)** | $93324526 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%** | 88076 |
|  | **NET ASSETS - 100.0%** | $93412602 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| ETF | - Exchange-Traded Fund |
| LTD | - Limited Company |
| NV | - Naamioze Vennootschap |
| SPDR | - Standard & Poor's Depositary Receipt |

---

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

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

See accompanying notes to financial statements.

---

| |
|:---|
| **Absolute Funds** |
| **Statements of Assets and Liabilities (Unaudited)** |
| **March 31, 2026** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Absolute Capital Asset**<br>**Allocator Fund** | **Absolute Capital**<br>**Defender Fund** |<br>**The Teberg Fund** |
| **ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities, at cost | $60909455 | $26651005 | $66021108 |
| &nbsp;&nbsp;&nbsp;Investment securities, at value | $68223253 | $29269036 | $93324526 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 132743 | 8917 | 258876 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 27563 | 44069 | 39928 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 29834 | 25435 | 14515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 68413393 | 29347457 | 93637845 |
| **LIABILITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 214 |  | 2894 |
| &nbsp;&nbsp;&nbsp;Payable to Advisor | 53248 | 20182 | 90666 |
| &nbsp;&nbsp;&nbsp;Distribution fees (12b-1) payable | 54361 | 18472 | 49311 |
| &nbsp;&nbsp;&nbsp;Payable to Related Parties | 31474 | 687 | 41242 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 31355 | 29312 | 41130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 170652 | 68653 | 225243 |
| **NET ASSETS** | $**68242741** | $**29278804** | $**93412602** |
| **Net Assets Consist Of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $61481686 | $26363358 | $53625687 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | 6761055 | 2915446 | 39786915 |
| **NET ASSETS** | $**68242741** | $**29278804** | $**93412602** |
| **NET ASSET VALUE PER SHARE:** |  |  |  |
| Class A Shares: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $2708897 | $2637394 | $— |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding [$0 par value, unlimited shares authorized] | 222429 | 225444 |  |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding) and redemption price per share | $12.18 | $11.70 | $— |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (maximum sales charge of 5.75%) | $12.92 | $12.41 | $— |
| Institutional Class Shares: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $1876875 | $5427635 | $— |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding [$0 par value, unlimited shares authorized] | 153209 | 464525 |  |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $12.25 | $11.68 | $— |
| Investor Class Shares: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $63656969 | $21213775 | $47713827 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding [$0 par value, unlimited shares authorized] | 5652411 | 1952201 | 1701242 |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $11.26 | $10.87 | $28.05 |
| No-Load Class Shares: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $— | $— | $45698775 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding [$0 par value, unlimited shares authorized] |  |  | 1600931 |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $— | $— | $28.55 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **Absolute Funds** |
| **Statements of Operations (Unaudited)** |
| **For the Six Months Ended March 31, 2026** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Absolute Capital Asset**<br>**Allocator Fund** | **Absolute Capital**<br>**Defender Fund** |<br>**The Teberg Fund** |
| **INVESTMENT INCOME** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends\* | $410331 | $180116 | $361528 |
| &nbsp;&nbsp;&nbsp;Interest | 188614 | 177354 | 73220 |
| &nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 598945 | 357470 | 434748 |
| **EXPENSES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 322114 | 141017 | 527454 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 3601 | 3423 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 296467 | 99332 | 184388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No-Load Class |  |  | 59394 |
| &nbsp;&nbsp;&nbsp;Administrative services fees | 51923 | 29155 | 54453 |
| &nbsp;&nbsp;&nbsp;Registration fees | 18213 | 14755 | 37273 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 22110 | 4785 | 26970 |
| &nbsp;&nbsp;&nbsp;Accounting services fees | 19812 | 14909 | 18532 |
| &nbsp;&nbsp;&nbsp;Trustees fees and expenses | 11752 | 15798 | 11493 |
| &nbsp;&nbsp;&nbsp;Legal fees | 11469 | 12365 | 14618 |
| &nbsp;&nbsp;&nbsp;Third party administrative servicing fees | 8633 | 8681 | 19238 |
| &nbsp;&nbsp;&nbsp;Audit fees | 11504 | 10413 | 12878 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 8642 | 3964 | 16552 |
| &nbsp;&nbsp;&nbsp;Printing and postage expenses | 11443 | 4363 | 6989 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 4116 | 2877 | 10953 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 1838 | 1711 | 1121 |
| &nbsp;&nbsp;&nbsp;Other expenses | 3699 | 3932 | 2081 |
| &nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 807336 | 371480 | 1004387 |
| &nbsp;&nbsp;&nbsp;Less: Fees waived by the Advisor |  | (20626) | (65211) |
| &nbsp;&nbsp;&nbsp;**NET EXPENSES** | 807336 | 350854 | 939176 |
| **NET INVESTMENT INCOME/(LOSS)** | (208391) | 6616 | (504428) |
| **REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain/(loss) | (138534) | 633157 | 13348521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation | (598160) | (654130) | (11303819) |
| **NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS** | (736694) | (20973) | 2044702 |
| **NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $**(945085)** | $**(14357)** | $**1540274** |

---

\* Includes withholding tax of $868 for the Teberg Fund.

See accompanying notes to financial statements.

---

| |
|:---|
| **Absolute Funds** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Absolute Capital** | **Absolute Capital** | **Absolute Capital** | **Absolute Capital** | | |
|  | **Asset Allocator Fund** | **Asset Allocator Fund** | **Defender Fund** | **Defender Fund** | **The Teberg Fund** | **The Teberg Fund** |
|  | **Six Months Ended**<br>**March 31, 2026**<br>**(Unaudited)** | **Year Ended**<br>**September 30,**<br>**2025** | **Six Months Ended**<br>**March 31, 2026**<br>**(Unaudited)** | **Year Ended**<br>**September 30,**<br>**2025** | **Six Months Ended**<br>**March 31, 2026**<br>**(Unaudited)** | **Year Ended**<br>**September 30,**<br>**2025** |
| **FROM OPERATIONS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | $(208391) | $(245922) | $6616 | $22520 | $(504428) | $(391319) |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) from investments | (138534) | 1549908 | 633157 | 578177 | 13348521 | 79553 |
| &nbsp;&nbsp;&nbsp;Distributions received from underlying investment companies |  |  |  |  |  | 25440 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments | (598160) | 4290612 | (654130) | 1563180 | (11303819) | 8765135 |
| Net increase/(decrease) in net assets resulting from operations | (945085) | 5594598 | (14357) | 2163877 | 1540274 | 8478809 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions paid |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (59704) | (100826) | (79652) | (139988) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (47021) | (98437) | (181065) | (208849) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (1374142) | (1551660) | (615580) | (581661) | (43770) | (142194) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No-Load Class |  |  |  |  | (55818) | (695592) |
| Net decrease in net assets from distributions to shareholders | (1480867) | (1750923) | (876297) | (930498) | (99588) | (837786) |
| **FROM CAPITAL SHARE TRANSACTIONS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 29972 | 131324 | 26256 | 261221 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 35459 | 1697798 | 552564 | 5109310 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 14511547 | 17095877 | 4308797 | 5187433 | 24251942 | 19833475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No-Load Class |  |  |  |  | 1001663 | 1217660 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 59696 | 100816 | 79652 | 139844 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 47022 | 98437 | 181065 | 208849 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 1363793 | 1545534 | 602029 | 575934 | 43769 | 142194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No-Load Class |  |  |  |  | 55509 | 691616 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (404647) | (393355) | (561462) | (1099938) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (824808) | (2198153) | (770051) | (5119950) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (5039603) | (8933520) | (1977875) | (4702444) | (3687000) | (805899) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No-Load Class |  |  |  |  | (3040045) | (3563337) |
| Net increase in net assets from capital share transactions | 9778431 | 9144758 | 2440975 | 560259 | 18625838 | 17515709 |
| **TOTAL INCREASE IN NET ASSETS** | 7352479 | 12988433 | 1550321 | 1793638 | 20066524 | 25156732 |
| **NET ASSETS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 60890262 | 47901829 | 27728483 | 25934845 | 73346078 | 48189346 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $**68242741** | $**60890262** | $**29278804** | $**27728483** | $**93412602** | $**73346078** |
| **CAPITAL SHARE ACTIVITY** |  |  |  |  |  |  |
| Class A |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 2389 | 11124 | 2169 | 23033 |  |  |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 4791 | 8624 | 6762 | 12486 |  |  |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (31958) | (34478) | (47087) | (99098) |  |  |
| Net decrease in shares outstanding | (24778) | (14730) | (38156) | (63579) |  |  |
| Institutional Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 2811 | 140371 | 45946 | 438310 |  |  |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 3753 | 8399 | 15397 | 18681 |  |  |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (64932) | (182347) | (64418) | (440448) |  |  |
| Net increase/(decrease) in shares outstanding | (58368) | (33577) | (3075) | 16543 |  |  |
| Investor Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 1250371 | 1548260 | 387387 | 488162 | 843470 | 801375 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 118077 | 141403 | 54930 | 54695 | 1532 | 5743 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (433749) | (814763) | (176969) | (444308) | (128875) | (33125) |
| Net increase in shares outstanding | 934699 | 874900 | 265348 | 98549 | 716127 | 773993 |
| No-Load Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold |  |  |  |  | 34576 | 48900 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested |  |  |  |  | 1913 | 27773 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed |  |  |  |  | (104390) | (143082) |
| Net decrease in shares outstanding |  |  |  |  | (67901) | (66409) |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **Absolute Funds** |
| **FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Capital Stock Outstanding Throughout each Year/Period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Absolute Capital Asset Allocator Fund** | **Absolute Capital Asset Allocator Fund** | **Absolute Capital Asset Allocator Fund** | **Absolute Capital Asset Allocator Fund** | **Absolute Capital Asset Allocator Fund** | **Absolute Capital Asset Allocator Fund** |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended**<br>**March 31, 2026**<br>**(Unaudited)** |<br>**Year Ended**<br>**September 30, 2025** |<br>**Year Ended**<br>**September 30, 2024** |<br>**Year Ended**<br>**September 30, 2023** |<br>**Year Ended**<br>**September 30, 2022** |<br>**Year Ended**<br>**September 30, 2021** |
| Net Asset Value, Beginning of Year/Period | $12.56 | $11.64 | $9.82 | $9.02 | $11.71 | $10.10 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) (16) |  | 0.02 | 0.04 | 0.03 | (0.03) | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (0.10 | 1.29 | 1.78 | 0.77 | (1.67) | 1.63 |
| Total from investment operations | (0.10 | 1.31 | 1.82 | 0.80 | (1.70) | 1.61 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.28 | (0.39) |  |  | (0.99) |  |
| Net Asset Value, End of Year/Period | $12.18 | $12.56 | $11.64 | $9.82 | $9.02 | $11.71 |
| Total Return (2) | (0.88 | 11.50% | 18.53% | 8.87% | (16.36)% | 15.94% |
| Net Assets, At End of Year/Period (000s) | $2709 | $3106 | $3049 | $6687 | $6554 | $10226 |
| Ratio of gross expenses to average net assets (5) | 1.83 | 1.76% | 1.82% (3) | 1.93% (3) | 2.07% (4) | 2.02% (4) |
| Ratio of net expenses to average net assets (5) | 1.83 | 1.76% | 1.94% | 1.95% | 1.95% | 1.95% |
| Ratio of net investment income/(loss) to average net assets (56) | (0.01) | 0.16% | 0.38% | 0.32% | (0.23)% | (0.21)% |
| Portfolio Turnover Rate | 16 | 78% | 207% | 159% | 228% | 219% |

---

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

(2) Total returns shown exclude the effect
 of applicable sales charges. Total returns shown are historical in nature and assume changes in share price, reinvestment of dividends
 and distributions, if any, and exclude the effect of applicable sales charges and redemption fees. Had the advisor not waived fees and/or
 reimbursed a portion of its expenses, total returns would have been lower.

(3) Represents the ratio of expenses
 to average net assets absent of the advisor's recapture of waived/reimbursed fees from prior periods.

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

(5) The ratios of expenses to average
 net assets and net investment income/(loss) to average net assets do not reflect the expenses of the underlying investment companies in
 which the Fund invests.

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

(7) Annualized.

(8) Not annualized.

(9) Amount represents less than $0.005.

See accompanying notes to financial statements.

---

| |
|:---|
| **Absolute Funds** |
| **FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Capital Stock Outstanding Throughout each Year/Period

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Absolute Capital Asset Allocator Fund** | **Absolute Capital Asset Allocator Fund** | **Absolute Capital Asset Allocator Fund** | **Absolute Capital Asset Allocator Fund** | **Absolute Capital Asset Allocator Fund** | **Absolute Capital Asset Allocator Fund** | **Absolute Capital Asset Allocator Fund** |  |
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
|  | **Six Months Ended**<br>**March 31, 2026**<br>**(Unaudited)** |<br>**Year Ended**<br>**September 30, 2025** |<br>**Year Ended**<br>**September 30, 2024** |<br>**Year Ended**<br>**September 30, 2023** |  |<br>**Year Ended**<br>**September 30, 2022** |<br>**Year Ended**<br>**September 30, 2021** |  |
| Net Asset Value, Beginning of Year/Period | $12.62 | $11.66 | $9.82 | $9.02 |  | $11.71 | $10.10 |  |
| Activity from investment operations: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (17) | 0.01 | 0.05 | 0.11 | 0.16 |  | 0.11 | 0.15 |  |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (0.10) | 1.30 | 1.73 | 0.64 |  | (1.81 | 1.46 |  |
| Total from investment operations | (0.09) | 1.35 | 1.84 | 0.80 |  | (1.70 | 1.61 |  |
| Less distributions from: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.28) | (0.39) |  |  |  | (0.99 |  |  |
| Net Asset Value, End of Year/Period | $12.25 | $12.62 | $11.66 | $9.82 |  | $9.02 | $11.71 |  |
| Total Return (2) | (0.80)% (9) | 11.83% | 18.74% | 8.87 | % | (16.36 | 15.94 | % |
| Net Assets, At End of Year/Period (000s) | $1877 | $2671 | $2859 | $12.62 | (3) | $11.59 | $13.85 | (3) |
| Ratio of gross expenses to average net assets (6) | 1.58% (8) | 1.51% | 1.54% (4) | 1.68 | % (4) | 1.82 | 1.77 | % (5) |
| Ratio of net expenses to average net assets (6) | 1.58% (8) | 1.51% | 1.54% | 1.70 | % | 1.70 | 1.70 | % |
| Ratio of net investment income to average net assets (67) | 0.20% (8) | 0.40% | 0.97% | 0.57 | % | 0.02 | 0.04 | % |
| Portfolio Turnover Rate | 16% (9) | 78% | 207% | 159 | % | 228 | 219 | % |

---

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

(2) Total returns shown exclude the effect
 of applicable sales charges. Total returns shown are historical in nature and assume changes in share price, reinvestment of dividends
 and distributions, if any, and exclude the effect of applicable sales charges and redemption fees. Had the advisor not waived fees and/or
 reimbursed a portion of its expenses, total returns would have been lower.

(3) Actual net asset value.

(4) Represents the ratio of expenses
 to average net assets absent of the advisor's recapture of reimbursed fees from prior periods.

(5) Represents the ratio of expenses
 to average net assets absent fee waivers and/or expense reimbursements by the advisor.

(6) The ratios of expenses to average
 net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which
 the Fund invests.

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

(8) Annualized.

(9) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **Absolute Funds** |
| **FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Capital Stock Outstanding Throughout each Year/Period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Absolute Capital Asset Allocator Fund** | **Absolute Capital Asset Allocator Fund** | **Absolute Capital Asset Allocator Fund** | **Absolute Capital Asset Allocator Fund** | **Absolute Capital Asset Allocator Fund** | **Absolute Capital Asset Allocator Fund** |
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **Six Months Ended**<br>**March 31, 2026**<br>**(Unaudited)** |<br>**Year Ended**<br>**September 30, 2025** |<br>**Year Ended**<br>**September 30, 2024** |<br>**Year Ended**<br>**September 30, 2023** |<br>**Year Ended**<br>**September 30, 2022** |<br>**Year Ended**<br>**September 30, 2021** |
| Net Asset Value, Beginning of Year/Period | $11.68 | $10.93 | $9.29 | $8.60 | $11.28 | $9.81 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (16) | (0.04) | (0.06) | (0.03) | (0.04) | (0.10) | (0.11) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (0.10) | 1.20 | 1.67 | 0.73 | (1.59) | 1.58 |
| Total from investment operations | (0.14) | 1.14 | 1.64 | 0.69 | (1.69) | 1.47 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.28) | (0.39) |  |  | (0.99) |  |
| Net Asset Value, End of Year/Period | $11.26 | $11.68 | $10.93 | $9.29 | $8.60 | $11.28 |
| Total Return (2) | (1.30)% (8) | 10.67% | 17.65% | 8.02% | (16.93)% | 14.98% |
| Net Assets, At End of Year/Period (000s) | $63657 | $55114 | $41994 | $30254 | $21815 | $20931 |
| Ratio of gross expenses to average net assets (5) | 2.57% (7) | 2.51% | 2.56% (3) | 2.67% (3) | 2.81% (4) | 2.78% (4) |
| Ratio of net expenses to average net assets (5) | 2.57% (7) | 2.51% | 2.69% | 2.70% | 2.70% | 2.70% |
| Ratio of net investment loss to average net assets (56) | (0.71)% (7) | (0.57)% | (0.31)% | (0.40)% | (0.94)% | (0.96)% |
| Portfolio Turnover Rate | 16% (8) | 78% | 207% | 159% | 228% | 219% |

---

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

(2) Total returns shown exclude the effect
 of applicable sales charges. Total returns shown are historical in nature and assume changes in share price, reinvestment of dividends
 and distributions, if any, and exclude the effect of applicable sales charges and redemption fees. Had the advisor not waived fees and/or
 reimbursed a portion of its expenses, total returns would have been lower.

(3) Represents the ratio of expenses
 to average net assets absent of the advisor's recapture of waived/reimbursed fees from prior periods.

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

(5) The ratios of expenses to average
 net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which
 the Fund invests.

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

(7) Annualized.

(8) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **Absolute Funds** |
| **FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Capital Stock Outstanding Throughout each Year/Period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Absolute Capital Defender Fund** | **Absolute Capital Defender Fund** | **Absolute Capital Defender Fund** | **Absolute Capital Defender Fund** | **Absolute Capital Defender Fund** | **Absolute Capital Defender Fund** |
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended**<br>**March 31, 2026**<br>**(Unaudited)** |<br>**Year Ended**<br>**September 30, 2025** |<br>**Year Ended**<br>**September 30, 2024** |<br>**Year Ended**<br>**September 30, 2023** |<br>**Year Ended**<br>**September 30, 2022** |<br>**Year Ended**<br>**September 30, 2021** |
| Net Asset Value, Beginning of Year/Period | $12.02 | $11.43 | $9.88 | $9.28 | $11.48 | $10.09 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) (15) | 0.03 | 0.06 | 0.13 | 0.07 | (0.03) | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments & securities sold short | 0.01 | 0.96 | 1.42 | 0.53 | (1.16) | 1.40 |
| Total from investment operations | 0.04 | 1.02 | 1.55 | 0.60 | (1.19) | 1.39 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.12) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.36) | (0.31) |  |  | (1.01) |  |
| Total distributions | (0.36) | (0.43) |  |  | (1.01) |  |
| Net Asset Value, End of Year/Period | $11.70 | $12.02 | $11.43 | $9.88 | $9.28 | $11.48 |
| Total Return (2) | 0.32% (7) | 9.21% | 15.69% | 6.47% | (11.84)% | 13.78% |
| Net Assets, At End of Year/Period (000s) | $2637 | $3168 | $3740 | $9908 | $10736 | $11917 |
| Ratio of gross expenses to average net assets (34) | 2.14% (6) | 2.10% | 2.13% | 2.12% | 2.17% | 2.20% |
| Ratio of net expenses to average net assets (4) | 2.00% (6) | 1.97% | 1.95% | 1.95% | 1.95% | 1.95% |
| Ratio of net investment income/(loss) to average net assets (45) | 0.49% (6) | 0.54% | 1.26% | 0.75% | (0.32)% | (0.09)% |
| Portfolio Turnover Rate | 18% (7) | 78% | 207% | 170% | 263% | 183% |

---

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

(2) Total returns shown exclude the effect
 of applicable sales charges. Total returns shown are historical in nature and assume changes in share price, reinvestment of dividends
 and distributions, if any, and exclude the effect of applicable sales charges and redemption fees. Had the advisor not waived fees and/or
 reimbursed a portion of its expenses, total returns would have been lower.

(3) Represents the ratio of expenses
 to average net assets absent fee waivers and/or expense reimbursements by the advisor.

(4) The ratios of expenses to average
 net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which
 the Fund invests.

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

(6) Annualized.

(7) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **Absolute Funds** |
| **FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Capital Stock Outstanding Throughout each Year/Period

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Absolute Capital Defender Fund** | **Absolute Capital Defender Fund** | **Absolute Capital Defender Fund** | **Absolute Capital Defender Fund** | **Absolute Capital Defender Fund** | **Absolute Capital Defender Fund** | **Absolute Capital Defender Fund** |  |
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
|  | **Six Months Ended**<br>**March 31, 2026**<br>**(Unaudited)** |<br>**Year Ended**<br>**September 30, 2025** |<br>**Year Ended**<br>**September 30, 2024** |<br>**Year Ended**<br>**September 30, 2023** |  |<br>**Year Ended**<br>**September 30, 2022** |<br>**Year Ended**<br>**September 30, 2021** |  |
| Net Asset Value, Beginning of Year/Period | $12.02 | $11.44 | $9.88 | $9.28 |  | $11.48 | $10.09 |  |
| Activity from investment operations: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (16) | 0.05 | 0.09 | 0.16 | 0.14 |  | 0.10 | 0.15 |  |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments & securities sold short |  | 0.96 | 1.40 | 0.46 |  | (1.29 | 1.24 |  |
| Total from investment operations | 0.05 | 1.05 | 1.56 | 0.60 |  | (1.19 | 1.39 |  |
| Less distributions from: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.03) | (0.16) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.36 | (0.31) |  |  |  | (1.01 |  |  |
| Total distributions | (0.39 | (0.47) |  |  |  | (1.01 |  |  |
| Net Asset Value, End of Year/Period | $11.68 | $12.02 | $11.44 | $9.88 |  | $9.28 | $11.48 |  |
| Total Return (2) | 0.41 | 9.51% | 15.79% | 6.47 | % | (11.84 | 13.78 | % |
| Net Assets, At End of Year/Period (000s) | $5428 | $5620 | $5162 | $11.99 | (3) | $11.27 | $12.78 | (3) |
| Ratio of gross expenses to average net assets (45) | 1.90 | 1.85% | 1.92% | 1.87 | % | 1.92 | 1.95 | % |
| Ratio of net expenses to average net assets (5) | 1.75 | 1.73% | 1.71% | 1.70 | % | 1.70 | 1.70 | % |
| Ratio of net investment income/(loss) to average net assets (56) | 0.76 | 0.75% | 1.46% | 1.00 | % | (0.07) | 0.16 | % |
| Portfolio Turnover Rate | 18 | 78% | 207% | 170 | % | 263 | 183 | % |

---

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

(2) Total returns shown exclude the effect
 of applicable sales charges. Total returns shown are historical in nature and assume changes in share price, reinvestment of dividends
 and distributions, if any, and exclude the effect of applicable sales charges and redemption fees. Had the advisor not waived fees and/or
 reimbursed a portion of its expenses, total returns would have been lower.

(3) Actual net asset amount.

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

(5) The ratios of expenses to average
 net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which
 the Fund invests.

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

(7) Annualized.

(8) Not annualized.

(9) Amount represents less than $0.01

See accompanying notes to financial statements.

---

| |
|:---|
| **Absolute Funds** |
| **FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Capital Stock Outstanding Throughout each Year/Period

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Absolute Capital Defender Fund** | **Absolute Capital Defender Fund** | **Absolute Capital Defender Fund** | **Absolute Capital Defender Fund** | **Absolute Capital Defender Fund** | **Absolute Capital Defender Fund** | **Absolute Capital Defender Fund** |
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **Six Months Ended**<br>**March 31, 2026**<br>**(Unaudited)** |<br>**Year Ended**<br>**September 30, 2025** |<br>**Year Ended**<br>**September 30, 2024** |<br>**Year Ended**<br>**September 30, 2023** |  |<br>**Year Ended**<br>**September 30, 2022** |<br>**Year Ended**<br>**September 30, 2021** |
| Net Asset Value, Beginning of Year/Period | $11.23 | $10.72 | $9.34 | $8.84 |  | $11.06 | $9.79 |
| Activity from investment operations: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) (15) | (0.01) | (0.02) | 0.05 | 0.00 | (6) | (0.10) | (0.09) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments & securities sold short | 0.01 | 0.90 | 1.33 | 0.50 |  | (1.11) | 1.36 |
| Total from investment operations |  | 0.88 | 1.38 | 0.50 |  | (1.21) | 1.27 |
| Less distributions from: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.06) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.36 | (0.31) |  |  |  | (1.01) |  |
| Total distributions | (0.36 | (0.37) |  |  |  | (1.01) |  |
| Net Asset Value, End of Year/Period | $10.87 | $11.23 | $10.72 | $9.34 |  | $8.84 | $11.06 |
| Total Return (2) | (0.02 | 8.42% | 14.78% | 5.66 | % | (12.50)% | 12.97% |
| Net Assets, At End of Year/Period (000s) | $21214 | $18941 | $17033 | $16568 |  | $13064 | $9751 |
| Ratio of gross expenses to average net assets (34) | 2.89 | 2.86% | 2.90% | 2.86 | % | 2.92% | 2.95% |
| Ratio of net expenses to average net assets (4) | 2.74 | 2.73% | 2.70% | 2.70 | % | 2.70% | 2.70% |
| Ratio of net investment income/(loss) to average net assets (45) | (0.22) | (0.20)% | 0.49% | 0.01 | % | (1.03)% | (0.83)% |
| Portfolio Turnover Rate | 18 | 78% | 207% | 170 | % | 263% | 183% |

---

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

(2) Total returns shown exclude the effect
 of applicable sales charges. Total returns shown are historical in nature and assume changes in share price, reinvestment of dividends
 and distributions, if any, and exclude the effect of applicable sales charges and redemption fees. Had the advisor not waived fees and/or
 reimbursed a portion of its expenses, total returns would have been lower.

(3) Represents the ratio of expenses
 to average net assets absent fee waivers and/or expense reimbursements by the advisor.

(4) The ratios of expenses to average
 net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which
 the Fund invests.

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

(6) Amount represents less than $0.01.

(7) Annualized.

(8) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **Absolute Funds** |
| **FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Capital Stock Outstanding Throughout each Year/Period

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **The Teberg Fund** | **The Teberg Fund** | **The Teberg Fund** | **The Teberg Fund** | **The Teberg Fund** | **The Teberg Fund** | **The Teberg Fund** |
|  | **No-Load Class** | **No-Load Class** | **No-Load Class** | **No-Load Class** | **No-Load Class** | **No-Load Class** | **No-Load Class** |
|  | **Six Months Ended**<br>**March 31, 2026**<br>**(Unaudited)** |<br>**Year Ended**<br>**September 30, 2025** |<br>**Period\* Ended**<br>**September 30, 2024** |<br>**Year Ended**<br>**March 31, 2024** |<br>**Year Ended**<br>**March 31, 2023** |<br>**Year Ended**<br>**March 31, 2022** |<br>**Year Ended**<br>**March 31, 2021** |
| Net Asset Value, Beginning of Year/Period | $27.77 | $24.77 | $23.22 | $16.85 | $18.32 | $16.99 | $10.37 |
| Activity from investment operations: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (12) | (0.12) | (0.12) | (0.09) | (0.13) | (0.05) | (0.10) | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 0.93 | 3.52 | 1.64 | 6.50 | (1.42) | 1.43 | 6.70 |
| Total from investment operations | 0.81 | 3.40 | 1.55 | 6.37 | (1.47) | 1.33 | 6.69 |
| Less distributions from: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  |  |  |  |  | (0.07) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.03) | (0.40) |  |  |  |  |  |
| Total distributions | (0.03) | (0.40) |  |  |  |  | (0.07) |
| Net Asset Value, End of Year/Period | $28.55 | $27.77 | $24.77 | $23.22 | $16.85 | $18.32 | $16.99 |
| Total Return (3) | 2.89% (7) | 13.93% | 6.68% (7) | 37.80% | (8.02)% | 7.83% | 64.61% |
| Net Assets, At End of Year/Period (000s) | $45699 | $46342 | $42979 | $41078 | $32386 | $37350 | $36101 |
| Ratio of gross expenses to average net assets (45) | 2.06% (6) | 1.97% | 2.12% (6) | 2.18% | 2.18% | 2.03% | 2.16% |
| Ratio of net expenses to average net assets (5) | 1.81% (6) | 1.78% | 1.75% (6) | 1.75% | 1.75% | 1.75% | 1.75% |
| Ratio of net investment loss to average net assets (25) | (0.80)% (6) | (0.48)% | (0.77)% (6) | (0.69)% | (0.33)% | (0.55)% | (0.04)% |
| Portfolio Turnover Rate | 24.10% (7) | 1.80% | 0.17% (7) | 0.48% | 0.60% | 3.52% | 1.13% |

---

\* Effective November 27, 2023, the Fund changed its fiscal year end to September 30.

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

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

(3) Total returns shown exclude the effect
 of applicable sales charges. Total returns shown are historical in nature and assume changes in share price, reinvestment of dividends
 and distributions, if any, and exclude the effect of applicable sales charges and redemption fees. Had the advisor not waived fees and/or
 reimbursed a portion of its expenses, total returns would have been lower.

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

(5) The ratios of expenses to average
 net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which
 the Fund invests.

(6) Annualized.

(7) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **Absolute Funds** |
| **FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Capital Stock Outstanding Throughout each Year/Period

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **The Teberg Fund** | **The Teberg Fund** | **The Teberg Fund** | **The Teberg Fund** |  |
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
|  | **Six Months Ended**<br>**March 31, 2026**<br>**(Unaudited)** |<br>**Year Ended**<br>**September 30, 2025** |<br>**Period\* Ended**<br>**September 30, 2024** |<br>**Period^ Ended**<br>**March 31, 2024** |  |
| Net Asset Value, Beginning of Year/Period | $27.41 | $24.68 | $23.22 | $22.44 |  |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) (12) | (0.24) | (0.34) | (0.13) | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;(3) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 0.91 | 3.47 | 1.59 | 0.78 |  |
| Total from investment operations | 0.67 | 3.13 | 1.46 | 0.78 |  |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.03) | (0.40) |  |  |  |
| Net Asset Value, End of Year/Period | $28.05 | $27.41 | $24.68 | $23.22 |  |
| Total Return (4) | 2.46% (5) | 12.87% | 6.29% (5) | 3.48 | % (5) |
| Net Assets, At End of Year/Period (000s) | $47714 | $27004 | $5210 | $23 | (6) |
| Ratio of gross expenses to average net assets (78) | 2.79% (9) | 2.70% | 2.87% (9) | 2.93 | % (9) |
| Ratio of net expenses to average net assets (8) | 2.76% (9) | 2.70% | 2.70% (9) | 2.70 | % (9) |
| Ratio of net investment loss to average net assets (28) | (1.69)% (9) | (1.35)% | (1.08)% (9) | (1.64) |)% (9) |
| Portfolio Turnover Rate | 24.10% (5) | 1.80% | 0.17% (5) | 0.48 | % (5) |

---

^ The Fund's Investor Class commenced operations on February 29, 2024.

\* Effective November 27, 2023, the Fund changed its fiscal year end to September 30.

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

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

(3) Amount represents less than $0.01.

(4) Total returns shown exclude the effect
 of applicable sales charges. Total returns shown are historical in nature and assume changes in share price, reinvestment of dividends
 and distributions, if any, and exclude the effect of applicable sales charges and redemption fees. Had the advisor not waived fees and/or
 reimbursed a portion of its expenses, total returns would have been lower.

(5) Not annualized.

(6) Actual net asset amount.

(7) Represents the ratio of expenses
 to average net assets absent fee waivers and/or expense reimbursements by the advisor.

(8) The ratios of expenses to average
 net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which
 the Fund invests.

(9) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **Absolute Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)** |
| **March 31, 2026** |

---

**1.** **ORGANIZATION** 

Absolute Capital Asset Allocator Fund (the "Allocator Fund"), Absolute Capital Defender Fund (the "Defender Fund"), and The Teberg Fund (the "Teberg Fund"), comprising the Absolute Funds (each a "Fund" and collectively, the "Funds"), are each a diversified series of shares of beneficial interest of Northern Lights Fund Trust III (the "Trust"), a statutory trust organized under laws 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 investment objective of the Allocator Fund and the Defender Fund is long-term capital appreciation, and the investment objective of the Teberg Fund is to maximize total return (capital appreciation plus income).

The Allocator Fund and the Defender Fund each offer Class A, Institutional Class, and Investor Class shares, which commenced operations on December 18, 2015. The Teberg Fund offers the No-Load Class and Investor Class shares. No-Load Class shares commenced operations on April 1, 2002 and Investor Class shares commenced operations on February 29, 2024. Class A shares are offered at net asset value plus a maximum sales charge of 5.75%. Investor Class, Institutional Class, and No-Load Class shares are offered at net asset value. Each share class represents an interest in the same assets of the applicable Fund and classes are identical except for differences in their sales charge structures and ongoing service and distribution charges. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to any distribution and/or shareholder servicing plans. Each Fund's income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class.

At a meeting of the Audit Committee of the Trust's Board of Trustees (the "Board") held on November 27, 2023, the fiscal year end of the Teberg Fund was moved to September 30.

**2.** **SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies followed by the Funds in preparation of their financial statements. The policies are in conformity with generally accepted accounting principles in the United States of America ("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. Actual results could differ from those estimates. The Funds are 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 Accounting Standards Update ("ASU") 2013-08.

**Operating Segments –** The Funds have adopted FASB ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect any 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. Each Fund's CODM is comprised of the portfolio managers and Chief Financial Officer of the Trust. Each Fund operates as a single operating segment. Each 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 each 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 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 are valued at the mean between the current bid and ask prices on the day of valuation. 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. Debt securities, including U.S. government obligation (other than short-term obligations) not traded on an exchange, are valued each day by an independent pricing service approved by the Board based on methods which include consideration of yields or prices of securities of

---

| |
|:---|
| **Absolute Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **March 31, 2026** |

---

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.

Each Fund may hold investments, such as private investments, interest in commodity pools, other non-traded securities or temporarily illiquid investments, 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 Board. 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 in determining a security-specific fair value. The Board reviews the execution of this process and the resultant fair value prices at least quarterly to assure the process produces reliable results.

**Fair Valuation Process –** 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 Board, the prices or values available do not represent the fair value of the instrument. Factors which may cause the Board 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 via inputs from the advisor 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 the advisor is unable to obtain a current bid from such independent dealers or other independent parties, the Board 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 a 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.

**Valuation of Fund of Funds –** The Funds 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 pursuant to the methods established by the boards 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 Funds will not change.

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

**Level 1** – Unadjusted quoted prices in active markets for identical assets and liabilities that each Fund has 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

---

| |
|:---|
| **Absolute Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **March 31, 2026** |

---

each Fund's 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 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 each Fund's investments measured at fair value:

**Allocator Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | Level 1 | Level 2 | Level 3 | Total |
| Investments \* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $11703660 | $— | $— | $11703660 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds | 42060939 |  |  | 42060939 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 9788828 | 4669826 |  | 14458654 |
| Total Investments | $63553427 | $4669826 | $— | $68223253 |

---

**Defender Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | Level 1 | Level 2 | Level 3 | Total |
| Investments \* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $3098024 | $— | $— | $3098024 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds | 16085648 |  |  | 16085648 |
| &nbsp;&nbsp;&nbsp;U.S. Government & Agencies |  | 2704477 |  | 2704477 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 5095653 | 2285234 |  | 7380887 |
| Total Investments | $24279325 | $4989711 | $— | $29269036 |

---

**Teberg Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | Level 1 | Level 2 | Level 3 | Total |
| Investments \* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $16669998 | $— | $— | $16669998 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds | 72940601 |  |  | 72940601 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Notes | 1675041 |  |  | 1675041 |
| &nbsp;&nbsp;&nbsp;Short-Term Investment | 2038886 |  |  | 2038886 |
| Total Investments | $93324526 | $— | $— | $93324526 |

---

\* Refer to the Schedules of Investments for classification.

The Funds did not hold any Level 3 securities during the six months ended March 31, 2026.

**Exchange Traded Funds ("ETFs") and Exchange Traded Notes ("ETNs") –** Each Fund may invest in ETFs and ETNs. ETFs and ETNs are a type of fund bought and sold on a securities exchange. Both an ETF and an ETN trade like common stock and represent a fixed portfolio of securities. The risks of owning an ETF and ETN generally reflect the risks of owning the underlying securities they are designed to track, although the lack of liquidity on an ETF and ETN could result in it being more volatile. Additionally, ETFs and ETNs are subject to investment advisory or management and other expenses, which will be indirectly paid by the Funds. Each is subject to specific risks, depending on investment strategy. Also, each may be subject to leverage risk, which will magnify losses. ETNs are subject to default risks.

---

| |
|:---|
| **Absolute Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **March 31, 2026** |

---

**Security Transactions and Investment Income** – Security transactions are accounted for on a trade date basis. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are amortized on securities purchased over the lives of the respective securities using the effective interest method. 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 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.

**Federal Income Taxes** – Each Fund qualifies as a regulated investment company by complying with the provisions of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its taxable income and net realized gains to shareholders. Therefore, no federal income tax provision has been recorded.

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 each Fund's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions on returns filed for the open tax periods ended September 30, 2022-September 30, 2024 for the Allocator Fund and Defender Fund, the open tax periods ended March 31, 2023-March 31, 2024 and September 30, 2024 for the Teberg Fund, or expected to be taken in each Fund's September 30, 2025 year-end 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. The Funds recognize interest and penalties if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the six months ended March 31, 2026, the Funds did not incur any interest or penalties.

The Funds adopted the FASB ASU 2023-09, "Income Taxes (Topic 740) Improvements to Income Tax Disclosures" ("ASU 2023-09"), 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 Funds' adoption of ASU 2023-09 did not have a material impact on the Funds' financial statements.

**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 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 AND ASSOCIATED RISKS** 

For the six months ended March 31, 2026, the aggregate purchases and sales of investments (excluding short-term investments and U.S. government securities) were:

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| **Allocator Fund** | $9928112 | $8825093 |
| **Defender Fund** | 3994931 | 5870403 |
| **Teberg Fund** | 42406788 | 19619254 |

---

---

| |
|:---|
| **Absolute Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **March 31, 2026** |

---

**Principal Investment Risks**: As with all mutual funds, there is the risk that you could lose money through your investment in a Fund. Each Fund is not intended to be a complete investment program. Many factors affect each Fund's net asset value and performance.

● *Emerging Market Risk:* A Fund may invest in countries with newly organized or less developed securities markets. There are typically greater risks involved in investing in emerging markets securities. Generally, economic structures in these countries are less diverse and mature than those in developed countries and their political systems tend to be less stable. Emerging market countries may have different regulatory, accounting, auditing, and financial reporting and record keeping standards and may have material limitations on Public Company Accounting Oversight Board inspection, investigation, and enforcement. Therefore, the availability and reliability of information material to an investment decision, particularly financial information, in emerging market companies may be limited in scope and reliability as compared to information provided by U.S. companies. Emerging market economies may be based on only a few industries, therefore security issuers, including governments, may be more susceptible to economic weakness and more likely to default. Emerging market countries also may have relatively unstable governments, weaker economies, and less-developed legal systems with fewer security holder rights. A Fund's performance may depend on issues other than those that affect U.S. companies and may be adversely affected by different rights and remedies associated with emerging market investments, or the lack thereof, compared to those associated with U.S. companies. Investments in emerging markets countries may be affected by government policies that restrict foreign investment in certain issuers or industries. The potentially smaller size of their securities markets and lower trading volumes can make investments relatively illiquid and potentially more volatile than investments in developed countries, and such securities may be subject to abrupt and severe price declines. Due to this relative lack of liquidity, a Fund may have to accept a lower price or may not be able to sell a portfolio security at all. An inability to sell a portfolio position can adversely affect a Fund's value or prevent a Fund from being able to meet cash obligations or take advantage of other investment opportunities.

● *Exchange Traded Notes:* Similar to ETFs, owning an ETN generally reflects the risks of owning the assets that comprise the underlying market benchmark or strategy that the ETN is designed to reflect. ETNs also are subject to issuer risk.

● *Management Risk:* The net asset value of each Fund changes daily based on the performance of the securities and derivatives in which they invest. The advisor's judgments about the attractiveness, value and potential appreciation of particular asset classes and securities in which the Funds invest (long or short) may prove to be incorrect and may not produce the desired results.

● *Market and Geopolitical Risk:* The increasing interconnectivity between global economies and financial markets increase the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region, or financial market. Securities in a Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, international conflicts or civil wars, natural disasters, climate-change or climate-related events, pandemics, epidemics, terrorism, tariffs and trade wars, regulatory events, and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets.

● *Portfolio Turnover Risk:* A higher portfolio turnover may result in higher transactional and brokerage costs associated with the turnover which may reduce a Fund's returns, unless the securities traded can be bought and sold without corresponding commission costs. Active trading of securities may also increase a Fund's realized capital gains or losses, which may affect the taxes you pay as a Fund shareholder.

● *Underlying Funds Risk:* The Funds invest in Underlying Funds. As a result, your cost of investing in a Fund will be higher than the cost of investing directly in Underlying Funds and may be higher than other mutual funds that invest directly in stocks and bonds. You will indirectly bear fees and expenses charged by the Underlying Funds in addition to a Fund's direct fees and expenses. When the Funds invest in Underlying Funds that use margin, leverage, short sales and other forms of financial derivatives, such as options and futures, an investment in a Fund may be more volatile than investments in other mutual funds. Short sales are speculative investments and will cause the Funds to lose money if the value of a security sold short by a Fund, or an Underlying Fund in which the Fund invests, does not go down as the advisor expects.

---

| |
|:---|
| **Absolute Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **March 31, 2026** |

---

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

Absolute Capital Management, LLC serves as each Fund's investment advisor (the "Advisor"). First Associated Investment Advisors, Inc. (the "Sub-Advisor") serves as investment sub-adviser to the Teberg Fund. Pursuant to an advisory agreement with the Trust on behalf of the Funds, the Advisor, under the oversight of the Board, directs the daily operations of each 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, each Fund pays the Advisor a fee computed and accrued daily and paid monthly, based on each Fund's average daily net assets and is computed at the annual rate of 1.00% for the Allocator and Defender Funds, and 1.25% for the Teberg Fund. Pursuant to the advisory agreement, the Allocator Fund, Defender Fund, and Teberg Fund accrued $322,114, $141,017, and $527,454, respectively, in advisory fees for the six months ended March 31, 2026.

The Advisor has entered into a contractual agreement (the "Waiver Agreement") with each Fund under which it has agreed to waive its fees and reimburse expenses of the Funds, if necessary, in an amount that limits Total Annual Fund Operating Expenses (exclusive of (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 expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the Advisor))) to the following percentages of average daily net assets through at least February 1, 2027:

---

| | | | |
|:---|:---|:---|:---|
| | Allocator Fund | Defender Fund | Teberg Fund |
| &nbsp;&nbsp;Class A | 1.95% | 2.04% | N/A |
| &nbsp;&nbsp;Institutional Class | 1.70% | 1.79% | N/A |
| &nbsp;&nbsp;Investor Class | 2.70% | 2.79% | 2.79% |
| &nbsp;&nbsp;No-Load Class | N/A | N/A | 1.84% |

---

Prior to February 1, 2026, the expense limitations were as follows for the Defender Fund and the Teberg Fund:

---

| | | |
|:---|:---|:---|
| | Defender Fund | Teberg Fund |
| &nbsp;&nbsp;Class A | 1.99% | N/A |
| &nbsp;&nbsp;Institutional Class | 1.74% | N/A |
| &nbsp;&nbsp;Investor Class | 2.74% | 2.74% |
| &nbsp;&nbsp;No-Load Class | N/A | 1.79% |

---

Prior to February 1, 2025, the expense limitations were as follows for the Defender Fund and the Teberg Fund:

---

| | | |
|:---|:---|:---|
| | Defender Fund | Teberg Fund |
| &nbsp;&nbsp;Class A | 1.95% | N/A |
| &nbsp;&nbsp;Institutional Class | 1.70% | N/A |
| &nbsp;&nbsp;Investor Class | 2.70% | 2.70% |
| &nbsp;&nbsp;No-Load Class | N/A | 1.75% |

---

These fee waivers and expense reimbursements are subject to possible recoupment from each Fund in future years on a rolling three-year basis (within three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits or the expense limits in place at the time of recoupment. The Board may terminate the Waiver Agreement at any time on 60 days' written notice to the Advisor. For the six months ended March 31, 2026, the Advisor waived fees and/or reimbursed expenses in the amount of $20,626 and $65,211 for the Defender Fund and Teberg Fund, respectively, pursuant to the Waiver Agreement.

---

| |
|:---|
| **Absolute Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **March 31, 2026** |

---

Cumulative waivers and expense reimbursements subject to the aforementioned reimbursements will expire as follows:

---

| | | |
|:---|:---|:---|
| | Defender Fund | Teberg Fund |
| 9/30/2026 | $41165 | $— |
| 3/31/2027 | $— | $29418 |
| 9/30/2027 | $49691 | $78020 |
| 9/30/2028 | $33902 | $82982 |

---

During the year ended September 30, 2025, $54,156 of previously waived fees expired unrecouped for the Defender Fund.

The Board, on behalf of the Funds, has adopted the Trust's Master Distribution and Shareholder Servicing Plans for each of Class A, Investor Class, and No-Load Class shares (the "Plans") pursuant to Rule 12b-1 under the 1940 Act. The Plans provide that a monthly service and/or distribution fee is calculated by each Fund at an annual rate of 0.25%, 1.00%, and 0.25% of the average daily net assets attributable to Class A, Investor Class, and No-Load Class shares, respectively. The fee is paid to Northern Lights Distributors, LLC (the "Distributor") to provide compensation for ongoing distribution-related activities or services and/or maintenance of each Fund's shareholder accounts, not otherwise required to be provided by the Advisor. For the six months ended March 31, 2026, pursuant to the Plans, Allocator Fund's Class A and Investor Class shares paid $3,601 and $296,467, respectively; Defender Fund's Class A and Investor Class shares paid $3,423 and $99,332, respectively; and Teberg Fund's Investor Class and No-Load Class shares paid $184,388 and $59,394, respectively.

The Distributor acts as the Funds' principal underwriter in the continuous public offering of each Fund's Class A, Institutional Class, Investor Class, and No-Load Class shares. During the six months ended March 31, 2026, the Distributor received $435 in underwriting commissions for the sales of Class A shares for the Allocator Fund, of which $63 was retained by the principal underwriter. The Distributor received $225 in underwriting commissions for the sales of Class A shares for the Defender Fund, of which $31 was retained by the principal underwriter.

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

*<u>Ultimus Fund Services, 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 Funds pay UFS customary fees for providing administration, fund accounting and transfer agency 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.

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

*<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 Funds on an ad-hoc basis.

---

| |
|:---|
| **Absolute Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **March 31, 2026** |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax**<br>**Cost** | **Unrealized**<br>**Appreciation** | **Unrealized**<br>**Depreciation** | **Appreciation/**<br>**(Depreciation)** |
| Allocator Fund | $60907033 | $7651692 | $(335472) | $7316220 |
| Defender Fund | 26641506 | 2755770 | (128240) | 2627530 |
| Teberg Fund | 66021108 | 29017492 | (1714074) | 27303418 |

---

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

The tax character of Fund distributions paid for the year ended September 30, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For fiscal year ended**<br>**9/30/2025** | **Ordinary**<br>**Income** | **Long-Term**<br>**Capital Gains** | **Return of**<br>**Capital** |<br>**Total** |
| Absolute Capital Asset Allocator Fund | $238422 | $1512501 | $— | $1750923 |
| Absolute Capital Defender Fund | 205281 | 725217 |  | 930498 |
| The Teberg Fund |  | 837786 |  | 837786 |

---

There were no Fund distributions paid for the year or period ended September 30, 2024 for the Funds, or for the period ended March 31, 2024 for the Teberg Fund.

As of September 30, 2025, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed <br> Net Investment <br> Income** | **Undistributed <br> Lang-Term <br> Capital Gains** | **Post October Loss <br> and<br> Late Year Loss** | **Capital Loss <br> Carry <br> Forwards** | **Other <br> Book/Tax <br> Differences** | **Unrealized <br> Appreciation/ <br> (Depreciation)** | **Total<br> Accumulated <br> Earnings/(Deficit)** |
| Absolute Capital Asset Allocator Fund |  | 1480293 | (207666) | – |  | 7914380 | 9187007 |
| Absolute Capital Defender Fund | 246899 | 277541 | *—* | – |  | 3281660 | 3806100 |
| The Teberg Fund |  | 99353 | (360361) | – |  | 38607237 | 38346229 |

---

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 C-Corporation return of capital distributions.

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

---

| | |
|:---|:---|
|  | **Late Year**<br>**Losses** |
| Absolute Capital Asset Allocator Fund | $207666 |
| Absolute Capital Defender Fund |  |
| The Teberg Fund | 360361 |

---

---

| |
|:---|
| **Absolute Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **March 31, 2026** |

---

Permanent book and tax differences, primarily attributable to tax adjustments for realized gain (loss) the book/tax basis treatment of adjustments for net operating losses, resulted in reclassifications for the Funds for the fiscal year ended September 30, 2025, as follows:

---

| | | |
|:---|:---|:---|
|  | **Paid In**<br>**Capital** | **Accumulated**<br>**Earnings** |
| Absolute Capital Asset Allocator Fund | $(44448) | $44448 |
| Absolute Capital Defender Fund |  |  |
| The Teberg Fund | (199122) | 199122 |

---

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

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumption of control of the fund pursuant to Section 2(a)(9) of the 1940 Act. As of March 31, 2026, beneficial ownership in excess of 25% was as follows:

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Beneficial Owner** | **% of Outstanding Shares** |
| Allocator Fund | National Financial Services LLC | 64% |
| Defender Fund | National Financial Services LLC | 55% |
| Teberg Fund | National Financial Services LLC | 41% |

---

**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.

---

| |
|:---|
| **Absolute Funds** |
| **ADDITIONAL INFORMATION (Unaudited)** |
| **March 31, 2026** |

---

**Changes in and Disagreements with Accountants**

Not applicable

**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

**<u>PROXY VOTING POLICY</u>**

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 use to determine how to vote proxies is available without charge, upon request, by calling 1-855-645-5462, by visiting www.abscapfunds.com, or by referring to the Securities Exchange Commission's website at http://www.sec.gov.

---

| |
|:---|
| **INVESTMENT ADVISOR** |
| Absolute Capital Management, LLC |
| 101 Pennsylvania Blvd. |
| Pittsburgh, PA 15228 |
| **ADMINISTRATOR** |
| Ultimus Fund Services, LLC |
| 225 Pictoria Drive, Suite 450 |
| Cincinnati, OH 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

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

Not applicable

**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.

(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.](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](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, President/Principal Executive Officer |

---

Date <u>6/5/26</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, President/Principal Executive Officer |

---

Date <u>6/5/26</u>

---

| |
|:---|
| By (Signature and Title) |
| /s/ Rich Gleason |
| Rich Gleason, Treasurer/Principal Financial Officer |

---

Date <u>6/5/26</u>

## Ex-99.Cert

CERTIFICATIONS

I, Brian Curley, certify that:

1. I have reviewed this report on Form N-CSR of the Absolute Capital Asset Allocator Fund, Absolute Capital Defender Fund, and The Teberg Fund (each 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: | 6/5/26 | /s/ Brian Curley |
|  |  | Brian Curley |
|  |  | President/Principal Executive Officer |

---

I, Rich Gleason, certify that:

1. I have reviewed this report on Form N-CSR of the Absolute Capital Asset Allocator Fund, Absolute Capital Defender Fund, and The Teberg Fund (each 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: | 6/5/26 | /s/ Rich Gleason |
|  |  | Rich Gleason |
|  |  | Treasurer/Principal Financial Officer |

---

## Exhibit 99.906

**CERTIFICATION**

Brian Curley, President, and Rich Gleason, Treasurer 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 15(d) of the Securities Exchange Act of 1934, as amended; 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.

---

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

---

Date: <u>6/5/26</u> Date: <u>6/5/26</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.