# EDGAR Filing Document

**Accession Number:** 0001537140
**File Stem:** 0000910472-26-008148
**Filing Date:** 2026-5
**Character Count:** 37810
**Document Hash:** 098fe0603a6121ec826c126e7ee43031
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-008148.hdr.sgml**: 20260529

**ACCESSION NUMBER**: 0000910472-26-008148

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260529

**DATE AS OF CHANGE**: 20260529

**PERIOD START**: 20260630

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22655
- **FILM NUMBER:** 261039252

**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

### HCM Sector Plus Fund (Series ID: S000048332)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000152642 | HCM Sector Plus Fund Class A Shares        | HCMNX           |
| C000152643 | HCM Sector Plus Fund Class A1 Shares       | HCMWX           |
| C000152644 | HCM Sector Plus Fund Investor Class Shares | HCMPX           |
| C000152645 | HCM Sector Plus Fund Class I Shares        | HCMQX           |
| C000152646 | HCM Sector Plus Fund Class R Shares        | HCMZX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **HCM TACTICAL PLUS FUND** | **HCM TACTICAL PLUS FUND** | **HCM TACTICAL PLUS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 3.2%** |  |
|  | **AUTOMOTIVE - 0.1%** |  |
| 3116 | Tesla, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $1158373 |
|  | **BIOTECH & PHARMA - 0.1%** |  |
| 4240 | Amgen, Inc. | &nbsp;&nbsp;&nbsp; 1491844 |
|  | **CHEMICALS - 0.1%** |  |
| 11050 | CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp; 1434732 |
|  | **E-COMMERCE DISCRETIONARY - 0.1%** |  |
| 11651 | Amazon.com, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2426554 |
|  | **INFRASTRUCTURE REIT - 0.1%** |  |
| 5594 | American Tower Corporation, Class A | &nbsp;&nbsp;&nbsp; 965412 |
| 8769 | Crown Castle, Inc. | &nbsp;&nbsp;&nbsp; 713007 |
|  |  | &nbsp;&nbsp; 1678419 |
|  | **INTERNET MEDIA & SERVICES - 0.7%** |  |
| 12288 | Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp; 3533537 |
| 6213 | Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp; 1782261 |
| 11824 | Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp; 6764866 |
|  |  | &nbsp;&nbsp; 12080664 |
|  | **OIL & GAS PRODUCERS - 0.1%** |  |
| 6500 | Chevron Corporation | &nbsp;&nbsp;&nbsp; 1344850 |
|  | **SELF-STORAGE REIT - 0.0%<sup>(b)</sup>** |  |
| 6704 | Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp; 879096 |
|  | **SEMICONDUCTORS - 1.1%** |  |
| 19502 | Advanced Micro Devices, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3967292 |
| 88960 | NVIDIA Corporation | &nbsp;&nbsp;&nbsp; 15514624 |
| 10156 | QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp; 1307890 |
|  |  | &nbsp;&nbsp; 20789806 |
|  | **SOFTWARE - 0.7%** |  |
| 1000 | Atlassian Corporation, Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 68250 |
| 31150 | Microsoft Corporation | &nbsp;&nbsp;&nbsp; 11530795 |

---

---

| | | |
|:---|:---|:---|
| **HCM TACTICAL PLUS FUND** | **HCM TACTICAL PLUS FUND** | **HCM TACTICAL PLUS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 3.2% (Continued)** |  |
|  | **SOFTWARE - 0.7% (Continued)** |  |
| 4485 | Salesforce, Inc. | &nbsp;&nbsp;&nbsp; $837215 |
|  |  | &nbsp;&nbsp; 12436260 |
|  | **TECHNOLOGY HARDWARE - 0.1%** |  |
| 8056 | Apple, Inc. | &nbsp;&nbsp;&nbsp; 2044532 |
|  | **TECHNOLOGY SERVICES - 0.0%<sup>(b)</sup>** |  |
| 13587 | PayPal Holdings, Inc. | &nbsp;&nbsp;&nbsp; 614540 |
|  | **TOTAL COMMON STOCKS (Cost $32,407,170)** | &nbsp;&nbsp; 58379670 |
|  | **EXCHANGE-TRADED FUNDS — 91.0%** |  |
|  | **EQUITY - 44.9%** |  |
| 3903700 | Fundstrat Granny Shots US Large Cap ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 93181319 |
| 554196 | Invesco QQQ Trust Series 1 ETF | &nbsp;&nbsp;&nbsp; 319870847 |
| 163400 | iShares Semiconductor ETF | &nbsp;&nbsp;&nbsp; 53703044 |
| 140900 | VanEck Semiconductor ETF | &nbsp;&nbsp;&nbsp; 54021060 |
| 144235 | Vanguard Growth ETF | &nbsp;&nbsp;&nbsp; 63000406 |
| 454704 | Vanguard Mega Cap Growth ETF | &nbsp;&nbsp;&nbsp; 167076438 |
| 183200 | Vanguard Small-Cap Growth ETF | &nbsp;&nbsp;&nbsp; 55372200 |
|  |  | &nbsp;&nbsp; 806225314 |
|  | **FIXED INCOME - 46.1%** |  |
| 4105500 | iShares 0-3 Month Treasury Bond ETF | &nbsp;&nbsp;&nbsp; 413259630 |
| 4509300 | State Street SPDR Bloomberg 1-3 Month T-Bill ETF | &nbsp;&nbsp;&nbsp; 413232252 |
|  |  | &nbsp;&nbsp; 826491882 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $1,439,691,845)** | &nbsp;&nbsp; 1632717196 |
|  | **TOTAL INVESTMENTS - 94.2% (Cost $1,472,099,015)** | &nbsp;&nbsp;&nbsp; $1691096866 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 5.8%** | &nbsp;&nbsp; 103486732 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $1794583598 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| REIT | - Real Estate Investment Trust |
| SPDR | - Standard & Poor's Depositary Receipt |
| <sup>(a)</sup> | Non-income producing security. |
| <sup>(b)</sup> | Percentage rounds to less than 0.1%. |

---

---

| | | |
|:---|:---|:---|
| **HCM SECTOR PLUS FUND** | **HCM SECTOR PLUS FUND** | **HCM SECTOR PLUS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 11.8%** |  |
|  | **APPAREL & TEXTILE PRODUCTS - 0.5%** |  |
| 26333 | Ralph Lauren Corporation | &nbsp;&nbsp;&nbsp; $9058289 |
|  | **AUTOMOTIVE - 0.6%** |  |
| 76278 | BorgWarner, Inc. | &nbsp;&nbsp;&nbsp; 4138844 |
| 97077 | General Motors Company | &nbsp;&nbsp;&nbsp; 7232236 |
|  |  | &nbsp;&nbsp; 11371080 |
|  | **BANKING - 0.7%** |  |
| 73828 | Citigroup, Inc. | &nbsp;&nbsp;&nbsp; 8372834 |
| 23871 | M&T Bank Corporation | &nbsp;&nbsp;&nbsp; 4934613 |
|  |  | &nbsp;&nbsp; 13307447 |
|  | **BIOTECH & PHARMA - 0.4%** |  |
| 178927 | Organon & Company | &nbsp;&nbsp;&nbsp; 1071773 |
| 90184 | Pfizer, Inc. | &nbsp;&nbsp;&nbsp; 2532367 |
| 308928 | Viatris, Inc. | &nbsp;&nbsp;&nbsp; 4173617 |
|  |  | &nbsp;&nbsp; 7777757 |
|  | **CHEMICALS - 0.6%** |  |
| 19313 | Albemarle Corporation | &nbsp;&nbsp;&nbsp; 3467263 |
| 34974 | CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp; 4541024 |
| 85615 | Mosaic Company (The) | &nbsp;&nbsp;&nbsp; 2183183 |
|  |  | &nbsp;&nbsp; 10191470 |
|  | **ELECTRIC UTILITIES - 1.3%** |  |
| 237447 | AES Corporation (The) | &nbsp;&nbsp;&nbsp; 3345628 |
| 64506 | Entergy Corporation | &nbsp;&nbsp;&nbsp; 7247894 |
| 60741 | Evergy, Inc. | &nbsp;&nbsp;&nbsp; 4975903 |
| 126362 | PPL Corporation | &nbsp;&nbsp;&nbsp; 4827028 |
| 51345 | Public Service Enterprise Group, Inc. | &nbsp;&nbsp;&nbsp; 4156378 |
|  |  | &nbsp;&nbsp; 24552831 |
|  | **ENTERTAINMENT CONTENT - 0.6%** |  |
| 98267 | Fox Corporation, Class A | &nbsp;&nbsp;&nbsp; 5738793 |
| 106260 | Fox Corporation, Class B | &nbsp;&nbsp;&nbsp; 5642406 |
|  |  | &nbsp;&nbsp; 11381199 |
|  | **FOOD - 0.2%** |  |
| 63601 | Tyson Foods, Inc., Class A | &nbsp;&nbsp;&nbsp; 4074916 |

---

---

| | | |
|:---|:---|:---|
| **HCM SECTOR PLUS FUND** | **HCM SECTOR PLUS FUND** | **HCM SECTOR PLUS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 11.8% (Continued)** |  |
|  | **HEALTH CARE FACILITIES & SERVICES - 0.3%** |  |
| 5945 | Humana, Inc. | &nbsp;&nbsp;&nbsp; $1030804 |
| 23450 | Universal Health Services, Inc., Class B | &nbsp;&nbsp;&nbsp; 4196846 |
|  |  | &nbsp;&nbsp; 5227650 |
|  | **HOME CONSTRUCTION - 0.4%** |  |
| 27216 | Lennar Corporation, Class A | &nbsp;&nbsp;&nbsp; 2363437 |
| 41197 | PulteGroup, Inc. | &nbsp;&nbsp;&nbsp; 4845180 |
|  |  | &nbsp;&nbsp; 7208617 |
|  | **INSURANCE - 0.4%** |  |
| 8633 | Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 4136933 |
| 48523 | MetLife, Inc. | &nbsp;&nbsp;&nbsp; 3431547 |
|  |  | &nbsp;&nbsp; 7568480 |
|  | **OIL & GAS PRODUCERS - 1.2%** |  |
| 76259 | APA Corporation | &nbsp;&nbsp;&nbsp; 3236432 |
| 106605 | Coterra Energy, Inc. | &nbsp;&nbsp;&nbsp; 3746100 |
| 67680 | EQT Corporation | &nbsp;&nbsp;&nbsp; 4307155 |
| 20399 | Marathon Petroleum Corporation | &nbsp;&nbsp;&nbsp; 4981028 |
| 23556 | Valero Energy Corporation | &nbsp;&nbsp;&nbsp; 5820216 |
|  |  | &nbsp;&nbsp; 22090931 |
|  | **PUBLISHING & BROADCASTING - 0.2%** |  |
| 143272 | News Corporation, Class B | &nbsp;&nbsp;&nbsp; 4084685 |
|  | **RETAIL - CONSUMER STAPLES - 0.3%** |  |
| 68091 | Kroger Company (The) | &nbsp;&nbsp;&nbsp; 4927065 |
|  | **SEMICONDUCTORS - 0.1%** |  |
| 30558 | Skyworks Solutions, Inc. | &nbsp;&nbsp;&nbsp; 1636381 |
|  | **SPECIALTY FINANCE - 0.4%** |  |
| 102478 | Synchrony Financial | &nbsp;&nbsp;&nbsp; 6970554 |
|  | **SPECIALTY REIT - 0.0%<sup>(b)</sup>** |  |
| 13608 | Millrose Properties, Inc. | &nbsp;&nbsp;&nbsp; 381024 |

---

---

| | | |
|:---|:---|:---|
| **HCM SECTOR PLUS FUND** | **HCM SECTOR PLUS FUND** | **HCM SECTOR PLUS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 11.8% (Continued)** |  |
|  | **STEEL - 0.5%** |  |
| 19174 | Nucor Corporation | &nbsp;&nbsp;&nbsp; $3242323 |
| 27639 | Steel Dynamics, Inc. | &nbsp;&nbsp;&nbsp; 4975020 |
|  |  | &nbsp;&nbsp; 8217343 |
|  | **TECHNOLOGY HARDWARE - 0.4%** |  |
| 178604 | Hewlett Packard Enterprise Company | &nbsp;&nbsp;&nbsp; 4252561 |
| 115577 | HP, Inc. | &nbsp;&nbsp;&nbsp; 2220234 |
|  |  | &nbsp;&nbsp; 6472795 |
|  | **TECHNOLOGY SERVICES - 0.2%** |  |
| 44068 | Cognizant Technology Solutions Corporation, Class A | &nbsp;&nbsp;&nbsp; 2703572 |
| 136795 | DXC Technology Company<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1719513 |
|  |  | &nbsp;&nbsp; 4423085 |
|  | **TELECOMMUNICATIONS - 0.6%** |  |
| 202853 | AT&T, Inc. | &nbsp;&nbsp;&nbsp; 5880708 |
| 95278 | Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp; 4782956 |
|  |  | &nbsp;&nbsp; 10663664 |
|  | **TOBACCO & CANNABIS - 0.3%** |  |
| 70078 | Altria Group, Inc. | &nbsp;&nbsp;&nbsp; 4624447 |
|  | **TRANSPORTATION & LOGISTICS - 1.2%** |  |
| 88489 | Alaska Air Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3254625 |
| 245913 | American Airlines Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2641106 |
| 85071 | Delta Air Lines, Inc. | &nbsp;&nbsp;&nbsp; 5655520 |
| 113737 | Southwest Airlines Company | &nbsp;&nbsp;&nbsp; 4273099 |
| 75425 | United Airlines Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 6944380 |
|  |  | &nbsp;&nbsp; 22768730 |
|  | **WHOLESALE - CONSUMER STAPLES - 0.4%** |  |
| 40126 | Archer-Daniels-Midland Company | &nbsp;&nbsp;&nbsp; 2916759 |
| 28136 | Bunge Global S.A. | &nbsp;&nbsp;&nbsp; 3578899 |
|  |  | &nbsp;&nbsp; 6495658 |
|  | **TOTAL COMMON STOCKS (Cost $154,359,385)** | &nbsp;&nbsp; 215476098 |

---

---

| | | |
|:---|:---|:---|
| **HCM SECTOR PLUS FUND** | **HCM SECTOR PLUS FUND** | **HCM SECTOR PLUS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 83.2%** |  |
|  | **EQUITY - 41.6%** |  |
| 1011427 | iShares Select Dividend ETF | &nbsp;&nbsp;&nbsp; $153140162 |
| 268284 | State Street SPDR S&P 500 ETF Trust | &nbsp;&nbsp;&nbsp; 174475817 |
| 1201957 | Vanguard Dividend Appreciation ETF | &nbsp;&nbsp;&nbsp; 258492871 |
| 12580 | Vanguard Growth ETF | &nbsp;&nbsp;&nbsp; 5494818 |
| 1132957 | Vanguard High Dividend Yield ETF | &nbsp;&nbsp;&nbsp; 167790932 |
|  |  | &nbsp;&nbsp; 759394600 |
|  | **FIXED INCOME - 41.6%** |  |
| 3766750 | iShares 0-3 Month Treasury Bond ETF | &nbsp;&nbsp;&nbsp; 379161055 |
| 4137350 | State Street SPDR Bloomberg 1-3 Month T-Bill ETF | &nbsp;&nbsp;&nbsp; 379146754 |
|  |  | &nbsp;&nbsp; 758307809 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $1,309,248,424)** | &nbsp;&nbsp; 1517702409 |
|  | **TOTAL INVESTMENTS - 95.0% (Cost $1,463,607,809)** | &nbsp;&nbsp;&nbsp; $1733178507 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 5.0%** | &nbsp;&nbsp; 90627711 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $1823806218 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| REIT | - Real Estate Investment Trust |
| S.A. | - Société Anonyme |
| SPDR | - Standard & Poor's Depositary Receipt |
| <sup>(a)</sup> | Non-income producing security. |

---

---

| | | |
|:---|:---|:---|
| **HCM MULTI-ASSET PLUS FUND** | **HCM MULTI-ASSET PLUS FUND** | **HCM MULTI-ASSET PLUS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 1.3%** |  |
|  | **SOFTWARE - 1.3%** |  |
| 25950 | Microsoft Corporation **(Cost $10,027,420)** | &nbsp;&nbsp;&nbsp; $9605912 |
|  | **EXCHANGE-TRADED FUNDS — 94.1%** |  |
|  | **EQUITY - 32.3%** |  |
| 2922900 | Fundstrat Granny Shots US Large Cap ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 69769623 |
| 221689 | Invesco QQQ Trust Series 1 ETF | &nbsp;&nbsp;&nbsp; 127954457 |
| 65200 | iShares Semiconductor ETF | &nbsp;&nbsp;&nbsp; 21428632 |
| 56300 | VanEck Semiconductor ETF | &nbsp;&nbsp;&nbsp; 21585420 |
|  |  | &nbsp;&nbsp; 240738132 |
|  | **FIXED INCOME - 61.8%** |  |
| 1194450 | iShares 0-3 Month Treasury Bond ETF | &nbsp;&nbsp;&nbsp; 120233337 |
| 1732889 | iShares Core U.S. Aggregate Bond ETF | &nbsp;&nbsp;&nbsp; 172023891 |
| 1311950 | State Street SPDR Bloomberg 1-3 Month T-Bill ETF | &nbsp;&nbsp;&nbsp; 120227098 |
| 661100 | Vanguard Total Bond Market ETF | &nbsp;&nbsp;&nbsp; 48683404 |
|  |  | &nbsp;&nbsp; 461167730 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $677,062,519)** | &nbsp;&nbsp; 701905862 |
|  | **TOTAL INVESTMENTS - 95.4% (Cost $687,089,939)** | &nbsp;&nbsp;&nbsp; $711511774 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 4.6%** | &nbsp;&nbsp; 34049423 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $745561197 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| SPDR | - Standard & Poor's Depositary Receipt |
| <sup>(a)</sup> | Non-income producing security. |

---

---

| | | |
|:---|:---|:---|
| **HCM DYNAMIC INCOME FUND** | **HCM DYNAMIC INCOME FUND** | **HCM DYNAMIC INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 89.8%** |  |
|  | **FIXED INCOME - 89.8%** |  |
| 268400 | iShares 0-3 Month Treasury Bond ETF | &nbsp;&nbsp;&nbsp; $27017144 |
| 348191 | iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp; 27702076 |
| 136346 | iShares J.P. Morgan USD Emerging Markets Bond ETF | &nbsp;&nbsp;&nbsp; 12806980 |
| 294800 | State Street SPDR Bloomberg 1-3 Month T-Bill ETF | &nbsp;&nbsp;&nbsp; 27015472 |
| 258568 | State Street SPDR Bloomberg High Yield Bond ETF | &nbsp;&nbsp;&nbsp; 24750129 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $117,312,891)** | &nbsp;&nbsp; 119291801 |
|  | **TOTAL INVESTMENTS - 89.8% (Cost $117,312,891)** | &nbsp;&nbsp;&nbsp; $119291801 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 10.2%** | &nbsp;&nbsp; 13602351 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $132894152 |

---

ETF - Exchange-Traded Fund <br> SPDR - Standard & Poor's Depositary Receipt <br>

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** NORTHERN LIGHTS FUND TRUST III

- **b. Investment Company Act file number:** 811-22655

- **c. CIK number of Registrant:** 0001537140

- **d. LEI of Registrant:** 549300PPUECJSQFBYV98

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 225 PICTORIA DRIVE

  - **City:** CINCINNATI

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

  - **Telephone number:** 631-470-2600

**Item A.2. Information about the Series.**

- **a. Name of Series:** HCM Sector Plus Fund

- **b. EDGAR series identifier (if any):** S000048332

- **c. LEI of Series:** 549300QYTEJYTXYJCL20

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $1826574690.50

**Total Liabilities:** $2768472.79

**Net Assets:** $1823806217.71

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000152642 | 2.58%                | -0.97%               | -6.34%               |
| Class ID C000152643 | 2.58%                | -0.97%               | -6.33%               |
| Class ID C000152644 | 2.53%                | -1.04%               | -6.37%               |
| Class ID C000152645 | 2.60%                | -0.96%               | -6.30%               |
| Class ID C000152646 | 2.59%                | -0.97%               | -6.35%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $52665759.54                               |
| Month 2  | $0.00                    | $-17456598.63                              |
| Month 3  | $206905710.77            | $-331576435.89                             |

### Schedule of Portfolio Investments

| Name                                         | Title             | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AES Corp.                                    | AES CORP          | CUSIP: 00130H105<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | EC               | CORP              | US        |    237447 | NS      | $3345628.23   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                                     | AT&T INC          | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |    202853 | NS      | $5880708.47   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Alaska Air Group Inc.                        | ALASKA AIR GROUP  | CUSIP: 011659109<br>LEI: 529900G48RT4KWLC6C27 | Long             | EC               | CORP              | US        |     88489 | NS      | $3254625.42   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Albemarle Corp                               | ALBEMARLE CORP    | CUSIP: 012653101<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | EC               | CORP              | US        |     19313 | NS      | $3467262.89   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group, Inc.                           | ALTRIA GROUP INC  | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |     70078 | NS      | $4624447.22   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| American Airlines Group Inc                  | AMERICAN AIRLINE  | CUSIP: 02376R102<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | EC               | CORP              | US        |    245913 | NS      | $2641105.62   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp.                                    | APA CORP          | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |     76259 | NS      | $3236431.96   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Archer-Daniels-Midland Co.                   | ARCHER-DANIELS    | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |     40126 | NS      | $2916758.94   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc.                      | BERKSHIRE HATH-B  | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      8633 | NS      | $4136933.60   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| BorgWarner Inc.                              | BORGWARNER INC    | CUSIP: 099724106<br>LEI: 549300DSFX2IE88NSX47 | Long             | EC               | CORP              | US        |     76278 | NS      | $4138844.28   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| CF Industries Holdings, Inc.                 | CF INDUSTRIES HO  | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |     34974 | NS      | $4541024.16   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy Inc                           | COTERRA ENERGY I  | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |    106605 | NS      | $3746099.70   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                               | CITIGROUP INC     | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     73828 | NS      | $8372833.48   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions Corp.         | COGNIZANT TECH-A  | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |     44068 | NS      | $2703571.80   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| DXC Technology Company                       | DXC TECHNOLOGY C  | CUSIP: 23355L106<br>LEI: 549300DOVZ3EDJB7O259 | Long             | EC               | CORP              | US        |    136795 | NS      | $1719513.15   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Air Lines Inc.                         | DELTA AIR LI      | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |     85071 | NS      | $5655520.08   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corporation                              | EQT CORP          | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |     67680 | NS      | $4307155.20   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Entergy Corporation                          | ENTERGY CORP      | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |     64506 | NS      | $7247894.16   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Evergy Inc                                   | EVERGY INC        | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |     60741 | NS      | $4975902.72   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Corporation                              | FOX CORP - A      | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |     98267 | NS      | $5738792.80   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Corporation                              | FOX CORP - B      | CUSIP: 35137L204<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |    106260 | NS      | $5642406.00   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Company                       | GENERAL MOTORS C  | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |     97077 | NS      | $7232236.50   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| HP Inc                                       | HP INC            | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | EC               | CORP              | US        |    115577 | NS      | $2220234.17   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Hewlett Packard Enterprise Co.               | HEWLETT PACKA     | CUSIP: 42824C109<br>LEI: 549300BX44RGX6ANDV88 | Long             | EC               | CORP              | US        |    178604 | NS      | $4252561.24   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc.                                  | HUMANA INC        | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |      5945 | NS      | $1030803.55   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                                | ISHARES SELECT D  | CUSIP: 464287168<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |   1011427 | NS      | $153140162.07 | 8.40%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                                | ISHARES 0-3M T/B  | CUSIP: 46436E718<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |   3766750 | NS      | $379161055.00 | 20.79%            |  |  |  | No            |                  1 | On Loan: No      |
| The Kroger Co.                               | KROGER CO         | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |     68091 | NS      | $4927064.76   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennar Corp.                                 | LENNAR CORP-A     | CUSIP: 526057104<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |     27216 | NS      | $2363437.44   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T Bank Corporation                         | M&T BANK CORP     | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Long             | EC               | CORP              | US        |     23871 | NS      | $4934613.12   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corp.                     | MARATHON PETROLE  | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |     20399 | NS      | $4981027.82   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| MetLife Inc.                                 | METLIFE INC       | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |     48523 | NS      | $3431546.56   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Millrose Properties Inc.                     | MILLROSE PROPERT  | CUSIP: 601137102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13608 | NS      | $381024.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| The Mosaic Company                           | MOSAIC CO/THE     | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |     85615 | NS      | $2183182.50   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| News Corporation                             | NEWS CORP-CL B    | CUSIP: 65249B208<br>LEI: 549300ITS31QK8VRBQ14 | Long             | EC               | CORP              | US        |    143272 | NS      | $4084684.72   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Nucor Corporation                            | NUCOR CORP        | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |     19174 | NS      | $3242323.40   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Organon & Co                                 | ORGANON & CO      | CUSIP: 68622V106<br>LEI: 549300AMCKY57OK2CO56 | Long             | EC               | CORP              | US        |    178927 | NS      | $1071772.73   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL Corporation                              | PPL CORP          | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |    126362 | NS      | $4827028.40   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc.                                  | PFIZER INC        | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |     90184 | NS      | $2532366.72   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Service Enterprise Group Incorporated | PUB SERV ENTERP   | CUSIP: 744573106<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | EC               | CORP              | US        |     51345 | NS      | $4156377.75   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Pulte Group Inc                              | PULTEGROUP INC    | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     41197 | NS      | $4845179.17   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Ralph Lauren Corp.                           | RALPH LAUREN COR  | CUSIP: 751212101<br>LEI: HO1QNWM0IXBZ0QSMMO20 | Long             | EC               | CORP              | US        |     26333 | NS      | $9058288.67   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Spdr S&p 500 Etf Trust          | SS S&P 500 ET-US  | CUSIP: 78462F103<br>LEI: 549300NZAMSJ8FXPQQ63 | Long             | EC               | RF                | US        |    268284 | NS      | $174475816.56 | 9.57%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Series Trust                            | SPDR BLOOMBERG 1  | CUSIP: 78468R663<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |   4137350 | NS      | $379146754.00 | 20.79%            |  |  |  | No            |                  1 | On Loan: No      |
| Skyworks Solutions, Inc.                     | SKYWORKS SOLUTIO  | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | EC               | CORP              | US        |     30558 | NS      | $1636380.90   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Airlines Co.                       | SOUTHWEST AIR     | CUSIP: 844741108<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | EC               | CORP              | US        |    113737 | NS      | $4273099.09   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Steel Dynamics, Inc.                         | STEEL DYNAMICS    | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |     27639 | NS      | $4975020.00   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Synchrony Financial                          | SYNCHRONY FINANC  | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               | CORP              | US        |    102478 | NS      | $6970553.56   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyson Foods, Inc.                            | TYSON FOODS-A     | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |     63601 | NS      | $4074916.07   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| United Airlines Holdings Inc                 | UNITED AIRLINES   | CUSIP: 910047109<br>LEI: 98450079DA0B78DD6764 | Long             | EC               | CORP              | US        |     75425 | NS      | $6944379.75   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Health Services, Inc.              | UNIVERSAL HLTH-B  | CUSIP: 913903100<br>LEI: 549300YGMGQDO0NMJD09 | Long             | EC               | CORP              | US        |     23450 | NS      | $4196846.50   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corp.                          | VALERO ENERGY     | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |     23556 | NS      | $5820216.48   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Specialized Funds                   | VANGUARD DVD A E  | CUSIP: 921908844<br>LEI: 549300OM0CLBHZ9MZW59 | Long             | EC               | RF                | US        |   1201957 | NS      | $258492872.42 | 14.17%            |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Whitehall Funds                     | VANGUARD HI DV Y  | CUSIP: 921946406<br>LEI: 5493006QD7VQBS2FQD13 | Long             | EC               | RF                | US        |   1132957 | NS      | $167790931.70 | 9.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Index Funds                         | VANGUARD GRW ETF  | CUSIP: 922908736<br>LEI: 549300G6KNDK44WUN559 | Long             | EC               | RF                | US        |     12580 | NS      | $5494818.20   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc.                  | VERIZON COMMUNIC  | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |     95278 | NS      | $4782955.60   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Viatris Inc                                  | VIATRIS INC       | CUSIP: 92556V106<br>LEI: 254900ZZTSW7NL773X71 | Long             | EC               | CORP              | US        |    308928 | NS      | $4173617.28   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Bunge Global SA                              | BUNGE GLOBAL SA   | CUSIP: H11356104<br>LEI: 254900IVXSV9K0B7PO26 | Long             | EC               | CORP              | CH        |     28136 | NS      | $3578899.20   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| HCM BBH SWEEP                                | BBH SWEEP VEHICLE | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |  92501267 | PA      | $92501266.80  | 5.07%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-28

**Name of Applicant:** NORTHERN LIGHTS FUND TRUST III

**Signature:** Rich Gleason

**Name of Signer:** Rich Gleason

**Title:** Treasurer