# EDGAR Filing Document

**Accession Number:** 0001537140
**File Stem:** 0001580642-26-001655
**Filing Date:** 2026-3
**Character Count:** 176413
**Document Hash:** 5212b765aebb57c6facffb710da20f74
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-001655.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001580642-26-001655

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**EFFECTIVENESS DATE**: 20260309

**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:** 26734166

**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 Tactical Plus Fund (Series ID: S000045942)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000143207 | HCM Tactical Plus Fund Class A Shares  | HCMGX           |
| C000143208 | HCM Tactical Plus Fund Investor Shares | HCMDX           |
| C000143209 | HCM Tactical Plus Fund Class I Shares  | HCMIX           |
| C000143210 | HCM Tactical Plus Fund Class R Shares  | HCMSX           |

### 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           |

### HCM Multi-Asset Plus Fund (Series ID: S000055429)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000174412 | HCM Multi-Asset Plus Fund Class A Shares        | HCMEX           |
| C000174413 | HCM Multi-Asset Plus Fund Investor Class Shares | HCMKX           |
| C000213465 | HCM Multi-Asset Plus Fund Class I Shares        | HCMLX           |

### HCM Dynamic Income Fund (Series ID: S000076537)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000236510 | HCM Dynamic Income Fund Investor Class Shares | HCMFX           |
| C000236511 | HCM Dynamic Income Fund Class A Shares        | HCMBX           |
| C000236512 | HCM Dynamic Income Fund Class I Shares        | HCMUX           |

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

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

Date of fiscal year end: <u>6/30</u>

Date of reporting period: <u>12/31/25</u>

**Item 1. Reports to Stockholders.** 

# HCM Sector Plus Fund

# Class A1 Shares (HCMWX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i46992f77f68d78353c22ee92.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about HCM Sector Plus Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **www.howardcmfunds.com/resources/**. You can also request this information by contacting us at 1-855-969-8464.

## 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 A1 Shares | $94 | 1.73%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 
* Net Assets$1,948,291,599

* Number of Portfolio Holdings60

* Advisory Fee $11,792,809

* Portfolio Turnover0%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i616cbc78d52d1920c45a3d2a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 11.1% |
| Exchange-Traded Funds | 88.9% |

---

#### What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](id7657d2a345efd8e316e1176.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.7% |
| Real Estate | 0.0%<sup>Footnote Reference\*</sup> |
| Health Care | 0.7% |
| Technology | 0.7% |
| Materials | 0.8% |
| Energy | 0.8% |
| Consumer Staples | 0.9% |
| Utilities | 1.1% |
| Communications | 1.4% |
| Industrials | 1.4% |
| Consumer Discretionary | 1.5% |
| Financials | 1.6% |
| Equity | 87.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Percentage rounds to less than 0.1% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;ProShares Ultra S&P500 | &nbsp;&nbsp;17.0% |
| &nbsp;&nbsp;ProShares Ultra QQQ | &nbsp;&nbsp;17.0% |
| &nbsp;&nbsp;Vanguard Dividend Appreciation ETF | &nbsp;&nbsp;13.9% |
| &nbsp;&nbsp;SPDR S&P 500 ETF | &nbsp;&nbsp;9.4% |
| &nbsp;&nbsp;Vanguard High Dividend Yield ETF | &nbsp;&nbsp;8.3% |
| &nbsp;&nbsp;Direxion Daily S&P 500 Bull 3X | &nbsp;&nbsp;8.1% |
| &nbsp;&nbsp;iShares Select Dividend ETF | &nbsp;&nbsp;7.3% |
| &nbsp;&nbsp;ProShares UltraPro S&P 500 | &nbsp;&nbsp;6.1% |
| &nbsp;&nbsp;Ralph Lauren Corporation | &nbsp;&nbsp;0.5% |
| &nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;0.4% |

---

## Material Fund Changes
No material changes occurred during the period ended December 31, 2025.

![Image](i46992f77f68d78353c22ee92.jpg)

# HCM Sector Plus Fund - Class A1 Shares (HCMWX)

#### Semi-Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (www.howardcmfunds.com/resources/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-HCMWX

# HCM Sector Plus Fund

# Class A Shares (HCMNX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i46992f77f68d78353c22ee92.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about HCM Sector Plus Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **www.howardcmfunds.com/resources/**. You can also request this information by contacting us at 1-855-969-8464.

## 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 Shares | $86 | 1.58%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 
* Net Assets$1,948,291,599

* Number of Portfolio Holdings60

* Advisory Fee $11,792,809

* Portfolio Turnover0%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i616cbc78d52d1920c45a3d2a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 11.1% |
| Exchange-Traded Funds | 88.9% |

---

#### What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](id7657d2a345efd8e316e1176.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.7% |
| Real Estate | 0.0%<sup>Footnote Reference\*</sup> |
| Health Care | 0.7% |
| Technology | 0.7% |
| Materials | 0.8% |
| Energy | 0.8% |
| Consumer Staples | 0.9% |
| Utilities | 1.1% |
| Communications | 1.4% |
| Industrials | 1.4% |
| Consumer Discretionary | 1.5% |
| Financials | 1.6% |
| Equity | 87.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Percentage rounds to less than 0.1% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;ProShares Ultra S&P500 | &nbsp;&nbsp;17.0% |
| &nbsp;&nbsp;ProShares Ultra QQQ | &nbsp;&nbsp;17.0% |
| &nbsp;&nbsp;Vanguard Dividend Appreciation ETF | &nbsp;&nbsp;13.9% |
| &nbsp;&nbsp;SPDR S&P 500 ETF | &nbsp;&nbsp;9.4% |
| &nbsp;&nbsp;Vanguard High Dividend Yield ETF | &nbsp;&nbsp;8.3% |
| &nbsp;&nbsp;Direxion Daily S&P 500 Bull 3X | &nbsp;&nbsp;8.1% |
| &nbsp;&nbsp;iShares Select Dividend ETF | &nbsp;&nbsp;7.3% |
| &nbsp;&nbsp;ProShares UltraPro S&P 500 | &nbsp;&nbsp;6.1% |
| &nbsp;&nbsp;Ralph Lauren Corporation | &nbsp;&nbsp;0.5% |
| &nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;0.4% |

---

## Material Fund Changes
No material changes occurred during the period ended December 31, 2025.

![Image](i46992f77f68d78353c22ee92.jpg)

# HCM Sector Plus Fund - Class A Shares (HCMNX)

#### Semi-Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (www.howardcmfunds.com/resources/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-HCMNX

# HCM Sector Plus Fund

# Class I Shares (HCMQX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i46992f77f68d78353c22ee92.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about HCM Sector Plus Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **www.howardcmfunds.com/resources/**. You can also request this information by contacting us at 1-855-969-8464.

## 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 I Shares | $72 | 1.33%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 
* Net Assets$1,948,291,599

* Number of Portfolio Holdings60

* Advisory Fee $11,792,809

* Portfolio Turnover0%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i616cbc78d52d1920c45a3d2a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 11.1% |
| Exchange-Traded Funds | 88.9% |

---

#### What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](id7657d2a345efd8e316e1176.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.7% |
| Real Estate | 0.0%<sup>Footnote Reference\*</sup> |
| Health Care | 0.7% |
| Technology | 0.7% |
| Materials | 0.8% |
| Energy | 0.8% |
| Consumer Staples | 0.9% |
| Utilities | 1.1% |
| Communications | 1.4% |
| Industrials | 1.4% |
| Consumer Discretionary | 1.5% |
| Financials | 1.6% |
| Equity | 87.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Percentage rounds to less than 0.1% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;ProShares Ultra S&P500 | &nbsp;&nbsp;17.0% |
| &nbsp;&nbsp;ProShares Ultra QQQ | &nbsp;&nbsp;17.0% |
| &nbsp;&nbsp;Vanguard Dividend Appreciation ETF | &nbsp;&nbsp;13.9% |
| &nbsp;&nbsp;SPDR S&P 500 ETF | &nbsp;&nbsp;9.4% |
| &nbsp;&nbsp;Vanguard High Dividend Yield ETF | &nbsp;&nbsp;8.3% |
| &nbsp;&nbsp;Direxion Daily S&P 500 Bull 3X | &nbsp;&nbsp;8.1% |
| &nbsp;&nbsp;iShares Select Dividend ETF | &nbsp;&nbsp;7.3% |
| &nbsp;&nbsp;ProShares UltraPro S&P 500 | &nbsp;&nbsp;6.1% |
| &nbsp;&nbsp;Ralph Lauren Corporation | &nbsp;&nbsp;0.5% |
| &nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;0.4% |

---

## Material Fund Changes
No material changes occurred during the period ended December 31, 2025.

![Image](i46992f77f68d78353c22ee92.jpg)

# HCM Sector Plus Fund - Class I Shares (HCMQX)

#### Semi-Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (www.howardcmfunds.com/resources/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-HCMQX

# HCM Sector Plus Fund

# Class R Shares (HCMZX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i46992f77f68d78353c22ee92.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about HCM Sector Plus Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **www.howardcmfunds.com/resources/**. You can also request this information by contacting us at 1-855-969-8464.

## 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 R Shares | $78 | 1.43%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 
* Net Assets$1,948,291,599

* Number of Portfolio Holdings60

* Advisory Fee $11,792,809

* Portfolio Turnover0%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i616cbc78d52d1920c45a3d2a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 11.1% |
| Exchange-Traded Funds | 88.9% |

---

#### What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](id7657d2a345efd8e316e1176.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.7% |
| Real Estate | 0.0%<sup>Footnote Reference\*</sup> |
| Health Care | 0.7% |
| Technology | 0.7% |
| Materials | 0.8% |
| Energy | 0.8% |
| Consumer Staples | 0.9% |
| Utilities | 1.1% |
| Communications | 1.4% |
| Industrials | 1.4% |
| Consumer Discretionary | 1.5% |
| Financials | 1.6% |
| Equity | 87.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Percentage rounds to less than 0.1% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;ProShares Ultra S&P500 | &nbsp;&nbsp;17.0% |
| &nbsp;&nbsp;ProShares Ultra QQQ | &nbsp;&nbsp;17.0% |
| &nbsp;&nbsp;Vanguard Dividend Appreciation ETF | &nbsp;&nbsp;13.9% |
| &nbsp;&nbsp;SPDR S&P 500 ETF | &nbsp;&nbsp;9.4% |
| &nbsp;&nbsp;Vanguard High Dividend Yield ETF | &nbsp;&nbsp;8.3% |
| &nbsp;&nbsp;Direxion Daily S&P 500 Bull 3X | &nbsp;&nbsp;8.1% |
| &nbsp;&nbsp;iShares Select Dividend ETF | &nbsp;&nbsp;7.3% |
| &nbsp;&nbsp;ProShares UltraPro S&P 500 | &nbsp;&nbsp;6.1% |
| &nbsp;&nbsp;Ralph Lauren Corporation | &nbsp;&nbsp;0.5% |
| &nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;0.4% |

---

## Material Fund Changes
No material changes occurred during the period ended December 31, 2025.

![Image](i46992f77f68d78353c22ee92.jpg)

# HCM Sector Plus Fund - Class R Shares (HCMZX)

#### Semi-Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (www.howardcmfunds.com/resources/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-HCMZX

# HCM Sector Plus Fund

# Investor Class Shares (HCMPX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i46992f77f68d78353c22ee92.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about HCM Sector Plus Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **www.howardcmfunds.com/resources/**. You can also request this information by contacting us at 1-855-969-8464.

## 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 Shares | $126 | 2.33%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 
* Net Assets$1,948,291,599

* Number of Portfolio Holdings60

* Advisory Fee $11,792,809

* Portfolio Turnover0%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i616cbc78d52d1920c45a3d2a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 11.1% |
| Exchange-Traded Funds | 88.9% |

---

#### What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](id7657d2a345efd8e316e1176.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.7% |
| Real Estate | 0.0%<sup>Footnote Reference\*</sup> |
| Health Care | 0.7% |
| Technology | 0.7% |
| Materials | 0.8% |
| Energy | 0.8% |
| Consumer Staples | 0.9% |
| Utilities | 1.1% |
| Communications | 1.4% |
| Industrials | 1.4% |
| Consumer Discretionary | 1.5% |
| Financials | 1.6% |
| Equity | 87.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Percentage rounds to less than 0.1% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;ProShares Ultra S&P500 | &nbsp;&nbsp;17.0% |
| &nbsp;&nbsp;ProShares Ultra QQQ | &nbsp;&nbsp;17.0% |
| &nbsp;&nbsp;Vanguard Dividend Appreciation ETF | &nbsp;&nbsp;13.9% |
| &nbsp;&nbsp;SPDR S&P 500 ETF | &nbsp;&nbsp;9.4% |
| &nbsp;&nbsp;Vanguard High Dividend Yield ETF | &nbsp;&nbsp;8.3% |
| &nbsp;&nbsp;Direxion Daily S&P 500 Bull 3X | &nbsp;&nbsp;8.1% |
| &nbsp;&nbsp;iShares Select Dividend ETF | &nbsp;&nbsp;7.3% |
| &nbsp;&nbsp;ProShares UltraPro S&P 500 | &nbsp;&nbsp;6.1% |
| &nbsp;&nbsp;Ralph Lauren Corporation | &nbsp;&nbsp;0.5% |
| &nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;0.4% |

---

## Material Fund Changes
No material changes occurred during the period ended December 31, 2025.

![Image](i46992f77f68d78353c22ee92.jpg)

# HCM Sector Plus Fund - Investor Class Shares (HCMPX)

#### Semi-Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (www.howardcmfunds.com/resources/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-HCMPX

# HCM Dynamic Income Fund

# Class A Shares (HCMBX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i46992f77f68d78353c22ee92.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about HCM Dynamic Income Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **www.howardcmfunds.com/resources/**. You can also request this information by contacting us at 1-855-969-8464.

## 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 Shares | $96 | 1.84%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 
* Net Assets$127,772,456

* Number of Portfolio Holdings5

* Advisory Fee $782,628

* Portfolio Turnover1%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ie2fa334d3d967a41e94699da.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 100.0% |

---

#### What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ie1675a4efd31d7425a4ae849.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 4.0% |
| Fixed Income | 96.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;iShares Convertible Bond ETF | &nbsp;&nbsp;22.7% |
| &nbsp;&nbsp;SPDR Bloomberg Convertible Securities ETF | &nbsp;&nbsp;22.5% |
| &nbsp;&nbsp;iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp;21.6% |
| &nbsp;&nbsp;SPDR Bloomberg High Yield Bond ETF | &nbsp;&nbsp;19.3% |
| &nbsp;&nbsp;iShares J.P. Morgan USD Emerging Markets Bond ETF | &nbsp;&nbsp;9.9% |

---

## Material Fund Changes
No material changes occurred during the period ended December 31, 2025.

![Image](i46992f77f68d78353c22ee92.jpg)

# HCM Dynamic Income Fund - Class A Shares (HCMBX)

#### Semi-Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (www.howardcmfunds.com/resources/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-HCMBX

# HCM Dynamic Income Fund

# Class I Shares (HCMUX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i46992f77f68d78353c22ee92.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about HCM Dynamic Income Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **www.howardcmfunds.com/resources/**. You can also request this information by contacting us at 1-855-969-8464.

## 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 I Shares | $83 | 1.59%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 
* Net Assets$127,772,456

* Number of Portfolio Holdings5

* Advisory Fee $782,628

* Portfolio Turnover1%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ie2fa334d3d967a41e94699da.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 100.0% |

---

#### What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ie1675a4efd31d7425a4ae849.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 4.0% |
| Fixed Income | 96.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;iShares Convertible Bond ETF | &nbsp;&nbsp;22.7% |
| &nbsp;&nbsp;SPDR Bloomberg Convertible Securities ETF | &nbsp;&nbsp;22.5% |
| &nbsp;&nbsp;iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp;21.6% |
| &nbsp;&nbsp;SPDR Bloomberg High Yield Bond ETF | &nbsp;&nbsp;19.3% |
| &nbsp;&nbsp;iShares J.P. Morgan USD Emerging Markets Bond ETF | &nbsp;&nbsp;9.9% |

---

## Material Fund Changes
No material changes occurred during the period ended December 31, 2025.

![Image](i46992f77f68d78353c22ee92.jpg)

# HCM Dynamic Income Fund - Class I Shares (HCMUX)

#### Semi-Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (www.howardcmfunds.com/resources/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-HCMUX

# HCM Dynamic Income Fund

# Investor Class Shares (HCMFX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i46992f77f68d78353c22ee92.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about HCM Dynamic Income Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **www.howardcmfunds.com/resources/**. You can also request this information by contacting us at 1-855-969-8464.

## 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 Shares | $134 | 2.59%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 
* Net Assets$127,772,456

* Number of Portfolio Holdings5

* Advisory Fee $782,628

* Portfolio Turnover1%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ie2fa334d3d967a41e94699da.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 100.0% |

---

#### What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ie1675a4efd31d7425a4ae849.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 4.0% |
| Fixed Income | 96.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;iShares Convertible Bond ETF | &nbsp;&nbsp;22.7% |
| &nbsp;&nbsp;SPDR Bloomberg Convertible Securities ETF | &nbsp;&nbsp;22.5% |
| &nbsp;&nbsp;iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp;21.6% |
| &nbsp;&nbsp;SPDR Bloomberg High Yield Bond ETF | &nbsp;&nbsp;19.3% |
| &nbsp;&nbsp;iShares J.P. Morgan USD Emerging Markets Bond ETF | &nbsp;&nbsp;9.9% |

---

## Material Fund Changes
No material changes occurred during the period ended December 31, 2025.

![Image](i46992f77f68d78353c22ee92.jpg)

# HCM Dynamic Income Fund - Investor Class Shares (HCMFX)

#### Semi-Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (www.howardcmfunds.com/resources/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-HCMFX

# HCM Multi-Asset Plus Fund

# Class A Shares (HCMEX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i46992f77f68d78353c22ee92.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about HCM Multi-Asset Plus Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **www.howardcmfunds.com/resources/**. You can also request this information by contacting us at 1-855-969-8464.

## 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 Shares | $70 | 1.31%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 
* Net Assets$805,784,569

* Number of Portfolio Holdings7

* Advisory Fee $3,782,550

* Portfolio Turnover14%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ie2fa334d3d967a41e94699da.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 100.0% |

---

#### What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i213e852b22b62e9eba29bf3d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.5% |
| Fixed Income | 27.6% |
| Equity | 70.9% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;iShares Core U.S. Aggregate Bond ETF | &nbsp;&nbsp;21.5% |
| &nbsp;&nbsp;ProShares Ultra QQQ | &nbsp;&nbsp;19.8% |
| &nbsp;&nbsp;Vanguard Mega Cap Growth ETF | &nbsp;&nbsp;17.0% |
| &nbsp;&nbsp;Invesco QQQ Trust Series 1 ETF | &nbsp;&nbsp;16.9% |
| &nbsp;&nbsp;ProShares Ultra S&P500 | &nbsp;&nbsp;11.1% |
| &nbsp;&nbsp;Direxion Daily S&P 500 Bull 3X | &nbsp;&nbsp;6.1% |
| &nbsp;&nbsp;Vanguard Total Bond Market ETF | &nbsp;&nbsp;6.1% |

---

## Material Fund Changes
No material changes occurred during the period ended December 31, 2025.

![Image](i46992f77f68d78353c22ee92.jpg)

# HCM Multi-Asset Plus Fund - Class A Shares (HCMEX)

#### Semi-Annual Shareholder Report - December 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-HCMEX

# HCM Multi-Asset Plus Fund

# Class I Shares (HCMLX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i46992f77f68d78353c22ee92.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about HCM Multi-Asset Plus Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **www.howardcmfunds.com/resources/**. You can also request this information by contacting us at 1-855-969-8464.

## 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 I Shares | $57 | 1.06%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 
* Net Assets$805,784,569

* Number of Portfolio Holdings7

* Advisory Fee $3,782,550

* Portfolio Turnover14%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ie2fa334d3d967a41e94699da.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 100.0% |

---

#### What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i213e852b22b62e9eba29bf3d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.5% |
| Fixed Income | 27.6% |
| Equity | 70.9% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;iShares Core U.S. Aggregate Bond ETF | &nbsp;&nbsp;21.5% |
| &nbsp;&nbsp;ProShares Ultra QQQ | &nbsp;&nbsp;19.8% |
| &nbsp;&nbsp;Vanguard Mega Cap Growth ETF | &nbsp;&nbsp;17.0% |
| &nbsp;&nbsp;Invesco QQQ Trust Series 1 ETF | &nbsp;&nbsp;16.9% |
| &nbsp;&nbsp;ProShares Ultra S&P500 | &nbsp;&nbsp;11.1% |
| &nbsp;&nbsp;Direxion Daily S&P 500 Bull 3X | &nbsp;&nbsp;6.1% |
| &nbsp;&nbsp;Vanguard Total Bond Market ETF | &nbsp;&nbsp;6.1% |

---

## Material Fund Changes
No material changes occurred during the period ended December 31, 2025.

![Image](i46992f77f68d78353c22ee92.jpg)

# HCM Multi-Asset Plus Fund - Class I Shares (HCMLX)

#### Semi-Annual Shareholder Report - December 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-HCMLX

# HCM Multi-Asset Plus Fund

# Investor Class Shares (HCMKX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i46992f77f68d78353c22ee92.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about HCM Multi-Asset Plus Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **www.howardcmfunds.com/resources/**. You can also request this information by contacting us at 1-855-969-8464.

## 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 Shares | $110 | 2.06%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 
* Net Assets$805,784,569

* Number of Portfolio Holdings7

* Advisory Fee $3,782,550

* Portfolio Turnover14%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ie2fa334d3d967a41e94699da.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 100.0% |

---

#### What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i213e852b22b62e9eba29bf3d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.5% |
| Fixed Income | 27.6% |
| Equity | 70.9% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;iShares Core U.S. Aggregate Bond ETF | &nbsp;&nbsp;21.5% |
| &nbsp;&nbsp;ProShares Ultra QQQ | &nbsp;&nbsp;19.8% |
| &nbsp;&nbsp;Vanguard Mega Cap Growth ETF | &nbsp;&nbsp;17.0% |
| &nbsp;&nbsp;Invesco QQQ Trust Series 1 ETF | &nbsp;&nbsp;16.9% |
| &nbsp;&nbsp;ProShares Ultra S&P500 | &nbsp;&nbsp;11.1% |
| &nbsp;&nbsp;Direxion Daily S&P 500 Bull 3X | &nbsp;&nbsp;6.1% |
| &nbsp;&nbsp;Vanguard Total Bond Market ETF | &nbsp;&nbsp;6.1% |

---

## Material Fund Changes
No material changes occurred during the period ended December 31, 2025.

![Image](i46992f77f68d78353c22ee92.jpg)

# HCM Multi-Asset Plus Fund - Investor Class Shares (HCMKX)

#### Semi-Annual Shareholder Report - December 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-HCMKX

# HCM Tactical Plus Fund

# Class A Shares (HCMGX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i46992f77f68d78353c22ee92.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about HCM Tactical Plus Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **www.howardcmfunds.com/resources/**. You can also request this information by contacting us at 1-855-969-8464.

## 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 Shares | $86 | 1.58%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 
* Net Assets$2,001,513,992

* Number of Portfolio Holdings25

* Advisory Fee $12,292,469

* Portfolio Turnover0%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ib0c49bc9e6291aba29f4124a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 2.6% |
| Exchange-Traded Funds | 97.4% |

---

#### What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i2d85f0af81ae12ff3ab7d761.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.0%<sup>Footnote Reference\*</sup> |
| Materials | 0.0%<sup>Footnote Reference\*</sup> |
| Energy | 0.0%<sup>Footnote Reference\*</sup> |
| Health Care | 0.1% |
| Real Estate | 0.1% |
| Consumer Discretionary | 0.2% |
| Communications | 0.7% |
| Technology | 1.5% |
| Equity | 97.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Percentage rounds to less than 0.1% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Invesco QQQ Trust Series 1 ETF | &nbsp;&nbsp;19.5% |
| &nbsp;&nbsp;Vanguard Mega Cap Growth ETF | &nbsp;&nbsp;19.2% |
| &nbsp;&nbsp;ProShares Ultra S&P500 | &nbsp;&nbsp;18.8% |
| &nbsp;&nbsp;ProShares Ultra QQQ | &nbsp;&nbsp;18.3% |
| &nbsp;&nbsp;ProShares UltraPro QQQ | &nbsp;&nbsp;15.0% |
| &nbsp;&nbsp;Vanguard Growth ETF | &nbsp;&nbsp;6.6% |
| &nbsp;&nbsp;NVIDIA Corporation | &nbsp;&nbsp;0.8% |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;0.4% |
| &nbsp;&nbsp;Advanced Micro Devices, Inc. | &nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;0.2% |

---

## Material Fund Changes
No material changes occurred during the period ended December 31, 2025.

![Image](i46992f77f68d78353c22ee92.jpg)

# HCM Tactical Plus Fund - Class A Shares (HCMGX)

#### Semi-Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (www.howardcmfunds.com/resources/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-HCMGX

# HCM Tactical Plus Fund

# Investor Class Shares (HCMDX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i46992f77f68d78353c22ee92.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about HCM Tactical Plus Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **www.howardcmfunds.com/resources/**. You can also request this information by contacting us at 1-855-969-8464.

## 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 Shares | $127 | 2.33%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 
* Net Assets$2,001,513,992

* Number of Portfolio Holdings25

* Advisory Fee $12,292,469

* Portfolio
Turnover0%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ib0c49bc9e6291aba29f4124a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 2.6% |
| Exchange-Traded Funds | 97.4% |

---

#### What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i2d85f0af81ae12ff3ab7d761.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.0%<sup>Footnote Reference\*</sup> |
| Materials | 0.0%<sup>Footnote Reference\*</sup> |
| Energy | 0.0%<sup>Footnote Reference\*</sup> |
| Health Care | 0.1% |
| Real Estate | 0.1% |
| Consumer Discretionary | 0.2% |
| Communications | 0.7% |
| Technology | 1.5% |
| Equity | 97.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Percentage rounds to less than 0.1% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Invesco QQQ Trust Series 1 ETF | &nbsp;&nbsp;19.5% |
| &nbsp;&nbsp;Vanguard Mega Cap Growth ETF | &nbsp;&nbsp;19.2% |
| &nbsp;&nbsp;ProShares Ultra S&P500 | &nbsp;&nbsp;18.8% |
| &nbsp;&nbsp;ProShares Ultra QQQ | &nbsp;&nbsp;18.3% |
| &nbsp;&nbsp;ProShares UltraPro QQQ | &nbsp;&nbsp;15.0% |
| &nbsp;&nbsp;Vanguard Growth ETF | &nbsp;&nbsp;6.6% |
| &nbsp;&nbsp;NVIDIA Corporation | &nbsp;&nbsp;0.8% |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;0.4% |
| &nbsp;&nbsp;Advanced Micro Devices, Inc. | &nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;0.2% |

---

## Material Fund Changes
No material changes occurred during the period ended December 31, 2025.

![Image](i46992f77f68d78353c22ee92.jpg)

# HCM Tactical Plus Fund - Investor Class Shares (HCMDX)

#### Semi-Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (www.howardcmfunds.com/resources/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-HCMDX

# HCM Tactical Plus Fund

# Class I Shares: (HCMIX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i46992f77f68d78353c22ee92.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about HCM Tactical Plus Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **www.howardcmfunds.com/resources/**. You can also request this information by contacting us at 1-855-969-8464.

## 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 I Shares | $73 | 1.33%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 
* Net Assets$2,001,513,992

* Number of Portfolio Holdings25

* Advisory Fee $12,292,469

* Portfolio Turnover0%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ib0c49bc9e6291aba29f4124a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 2.6% |
| Exchange-Traded Funds | 97.4% |

---

#### What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i2d85f0af81ae12ff3ab7d761.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.0%<sup>Footnote Reference\*</sup> |
| Materials | 0.0%<sup>Footnote Reference\*</sup> |
| Energy | 0.0%<sup>Footnote Reference\*</sup> |
| Health Care | 0.1% |
| Real Estate | 0.1% |
| Consumer Discretionary | 0.2% |
| Communications | 0.7% |
| Technology | 1.5% |
| Equity | 97.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Percentage rounds to less than 0.1% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Invesco QQQ Trust Series 1 ETF | &nbsp;&nbsp;19.5% |
| &nbsp;&nbsp;Vanguard Mega Cap Growth ETF | &nbsp;&nbsp;19.2% |
| &nbsp;&nbsp;ProShares Ultra S&P500 | &nbsp;&nbsp;18.8% |
| &nbsp;&nbsp;ProShares Ultra QQQ | &nbsp;&nbsp;18.3% |
| &nbsp;&nbsp;ProShares UltraPro QQQ | &nbsp;&nbsp;15.0% |
| &nbsp;&nbsp;Vanguard Growth ETF | &nbsp;&nbsp;6.6% |
| &nbsp;&nbsp;NVIDIA Corporation | &nbsp;&nbsp;0.8% |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;0.4% |
| &nbsp;&nbsp;Advanced Micro Devices, Inc. | &nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;0.2% |

---

## Material Fund Changes
No material changes occurred during the period ended December 31, 2025.

![Image](i46992f77f68d78353c22ee92.jpg)

# HCM Tactical Plus Fund - Class I Shares (HCMIX)

#### Semi-Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (www.howardcmfunds.com/resources/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-HCMIX

# HCM Tactical Plus Fund

# Class R Shares: (HCMSX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](i46992f77f68d78353c22ee92.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about HCM Tactical Plus Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **www.howardcmfunds.com/resources/**. You can also request this information by contacting us at 1-855-969-8464.

## 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 R Shares | $78 | 1.43%<sup>Footnote Reference\*</sup> |

---

---

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

---

## **Fund Statistics** 
* Net Assets$2,001,513,992

* Number of Portfolio Holdings25

* Advisory Fee $12,292,469

* Portfolio Turnover0%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ib0c49bc9e6291aba29f4124a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 2.6% |
| Exchange-Traded Funds | 97.4% |

---

#### What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i2d85f0af81ae12ff3ab7d761.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.0%<sup>Footnote Reference\*</sup> |
| Materials | 0.0%<sup>Footnote Reference\*</sup> |
| Energy | 0.0%<sup>Footnote Reference\*</sup> |
| Health Care | 0.1% |
| Real Estate | 0.1% |
| Consumer Discretionary | 0.2% |
| Communications | 0.7% |
| Technology | 1.5% |
| Equity | 97.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Percentage rounds to less than 0.1% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Invesco QQQ Trust Series 1 ETF | &nbsp;&nbsp;19.5% |
| &nbsp;&nbsp;Vanguard Mega Cap Growth ETF | &nbsp;&nbsp;19.2% |
| &nbsp;&nbsp;ProShares Ultra S&P500 | &nbsp;&nbsp;18.8% |
| &nbsp;&nbsp;ProShares Ultra QQQ | &nbsp;&nbsp;18.3% |
| &nbsp;&nbsp;ProShares UltraPro QQQ | &nbsp;&nbsp;15.0% |
| &nbsp;&nbsp;Vanguard Growth ETF | &nbsp;&nbsp;6.6% |
| &nbsp;&nbsp;NVIDIA Corporation | &nbsp;&nbsp;0.8% |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;0.4% |
| &nbsp;&nbsp;Advanced Micro Devices, Inc. | &nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;0.2% |

---

## Material Fund Changes
No material changes occurred during the period ended December 31, 2025.

![Image](i46992f77f68d78353c22ee92.jpg)

# HCM Tactical Plus Fund - Class R Shares (HCMSX)

#### Semi-Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (www.howardcmfunds.com/resources/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-HCMSX

(a)&nbsp;&nbsp;&nbsp;&nbsp; Tailored Shareholder Report

(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

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

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

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

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

**Item 6. Schedule of Investments.** The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

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

(a)&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| ![(HOWARD LOGO)](hc001_v1.jpg) |
| **HCM Tactical Plus Fund** |
| Class A Shares: HCMGX |
| Class I Shares: HCMIX |
| Class R Shares: HCMSX |
| Investor Class Shares: HCMDX |
| **HCM Sector Plus Fund** |
| Class A Shares: HCMNX |
| Class I Shares: HCMQX |
| Class R Shares: HCMZX |
| Class A1 Shares: HCMWX |
| Investor Class Shares: HCMPX |
| **HCM Multi-Asset Plus Fund** |
| Class A Shares: HCMEX |
| Class I Shares: HCMLX |
| Investor Class Shares: HCMKX |
| **HCM Dynamic Income Fund** |
| Class A Shares: HCMBX |
| Class I Shares: HCMUX |
| Investor Class Shares: HCMFX |
| Semi-Annual Financial Statements |
| and Additional Information |
| December 31, 2025 |
| 1-855-969-8464 |
| www.howardcmfunds.com |

---

---

| |
|:---|
| **HCM TACTICAL PLUS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 2.6%** |  |
|  | **AUTOMOTIVE - 0.1%** |  |
| 3116 | Tesla, Inc.<sup>(a)</sup> | $1401328 |
|  | **BIOTECH & PHARMA - 0.1%** |  |
| 4240 | Amgen, Inc. | 1387794 |
|  | **CHEMICALS - 0.0%<sup>(b)</sup>** |  |
| 11050 | CF Industries Holdings, Inc. | 854607 |
|  | **E-COMMERCE DISCRETIONARY - 0.1%** |  |
| 11651 | Amazon.com, Inc.<sup>(a)</sup> | 2689283 |
|  | **INFRASTRUCTURE REIT - 0.1%** |  |
| 5594 | American Tower Corporation, A | 982138 |
| 8769 | Crown Castle, Inc. | 779301 |
|  |  | 1761439 |
|  | **INTERNET MEDIA & SERVICES - 0.7%** |  |
| 12288 | Alphabet, Inc., Class A | 3846144 |
| 6213 | Alphabet, Inc., Class C | 1949639 |
| 11824 | Meta Platforms, Inc., Class A | 7804905 |
|  |  | 13600688 |
|  | **OIL & GAS PRODUCERS - 0.0%<sup>(b)</sup>** |  |
| 6500 | Chevron Corporation | 990665 |
|  | **SELF-STORAGE REIT - 0.0%<sup>(b)</sup>** |  |
| 6704 | Extra Space Storage, Inc. | 872995 |
|  | **SEMICONDUCTORS - 1.2%** |  |
| 19502 | Advanced Micro Devices, Inc.<sup>(a)</sup> | 4176548 |
| 88960 | NVIDIA Corporation | 16591041 |
| 10156 | QUALCOMM, Inc. | 1737184 |
|  |  | 22504773 |
|  | **SOFTWARE - 0.2%** |  |
| 1000 | Atlassian Corporation, Class A<sup>(a)</sup> | 162140 |
| 5200 | Microsoft Corporation | 2514824 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **HCM TACTICAL PLUS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 2.6% (Continued)** |  |
|  | **SOFTWARE - 0.2% (Continued)** |  |
| 4485 | Salesforce, Inc. | $1188121 |
|  |  | 3865085 |
|  | **SPECIALTY FINANCE - 0.0%<sup>(b)</sup>** |  |
| 13587 | PayPal Holdings, Inc. | 793209 |
|  | **TECHNOLOGY HARDWARE - 0.1%** |  |
| 8056 | Apple, Inc. | 2190104 |
|  | **TOTAL COMMON STOCKS (Cost $22,322,462)** | 52911970 |
|  | **EXCHANGE-TRADED FUNDS — 97.4%** |  |
|  | **EQUITY - 97.4%** |  |
| 634946 | Invesco QQQ Trust Series 1 ETF | 390053678 |
| 5190918 | ProShares Ultra QQQ | 365492536 |
| 6505514 | ProShares Ultra S&P500 | 376799371 |
| 5684496 | ProShares UltraPro QQQ | 299686629 |
| 268735 | Vanguard Growth ETF | 131105057 |
| 932997 | Vanguard Mega Cap Growth ETF | 385113172 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $1,204,999,751)** | 1948250443 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $1,227,322,213)** | $2001162413 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.0%**<sup>(b)</sup> | 351579 |
|  | **NET ASSETS - 100.0%** | $2001513992 |

---

ETF - Exchange-Traded Fund <br>REIT - Real Estate Investment Trust

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

<sup>(b)</sup> Percentage rounds to less than 0.1%.

See accompanying notes to financial statements.

---

| |
|:---|
| **HCM SECTOR PLUS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 10.9%** |  |
|  | **APPAREL & TEXTILE PRODUCTS - 0.5%** |  |
| 26333 | Ralph Lauren Corporation | $9311612 |
|  | **AUTOMOTIVE - 0.6%** |  |
| 76278 | BorgWarner, Inc. | 3437087 |
| 97077 | General Motors Company | 7894302 |
|  |  | 11331389 |
|  | **BANKING - 0.7%** |  |
| 73828 | Citigroup, Inc. | 8614990 |
| 23871 | M&T Bank Corporation | 4809529 |
|  |  | 13424519 |
|  | **BIOTECH & PHARMA - 0.4%** |  |
| 178927 | Organon & Company | 1282907 |
| 90184 | Pfizer, Inc. | 2245582 |
| 308928 | Viatris, Inc. | 3846153 |
|  |  | 7374642 |
|  | **CHEMICALS - 0.4%** |  |
| 19313 | Albemarle Corporation | 2731631 |
| 34974 | CF Industries Holdings, Inc. | 2704889 |
| 85615 | Mosaic Company (The) | 2062465 |
|  |  | 7498985 |
|  | **ELECTRIC UTILITIES - 1.1%** |  |
| 237447 | AES Corporation (The) | 3404990 |
| 64506 | Entergy Corporation | 5962289 |
| 60741 | Evergy, Inc. | 4403115 |
| 126362 | PPL Corporation | 4425197 |
| 51345 | Public Service Enterprise Group, Inc. | 4123004 |
|  |  | 22318595 |
|  | **ENTERTAINMENT CONTENT - 0.7%** |  |
| 98267 | Fox Corporation, Class A | 7180370 |
| 106260 | Fox Corporation, Class B | 6899462 |
|  |  | 14079832 |
|  | **FOOD - 0.2%** |  |
| 63601 | Tyson Foods, Inc., Class A | 3728291 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **HCM SECTOR PLUS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 10.9% (Continued)** |  |
|  | **HEALTH CARE FACILITIES & SERVICES - 0.3%** |  |
| 5945 | Humana, Inc. | $1522693 |
| 23450 | Universal Health Services, Inc., Class B | 5112569 |
|  |  | 6635262 |
|  | **HOME CONSTRUCTION - 0.4%** |  |
| 27216 | Lennar Corporation, Class A | 2797805 |
| 41197 | PulteGroup, Inc. | 4830760 |
|  |  | 7628565 |
|  | **INSURANCE - 0.4%** |  |
| 8633 | Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 4339377 |
| 48523 | MetLife, Inc. | 3830406 |
|  |  | 8169783 |
|  | **OIL & GAS PRODUCERS - 0.8%** |  |
| 76259 | APA Corporation | 1865295 |
| 106605 | Coterra Energy, Inc. | 2805844 |
| 67680 | EQT Corporation | 3627648 |
| 20399 | Marathon Petroleum Corporation | 3317489 |
| 23556 | Valero Energy Corporation | 3834681 |
|  |  | 15450957 |
|  | **PUBLISHING & BROADCASTING - 0.2%** |  |
| 143272 | News Corporation, Class B | 4245149 |
|  | **RETAIL - CONSUMER STAPLES - 0.2%** |  |
| 68091 | Kroger Company (The) | 4254326 |
|  | **SEMICONDUCTORS - 0.1%** |  |
| 30558 | Skyworks Solutions, Inc. | 1937683 |
|  | **SPECIALTY FINANCE - 0.4%** |  |
| 102478 | Synchrony Financial | 8549740 |
|  | **SPECIALTY REIT - 0.0%<sup>(b)</sup>** |  |
| 13608 | Millrose Properties, Inc. | 406471 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **HCM SECTOR PLUS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 10.9% (Continued)** |  |
|  | **STEEL - 0.4%** |  |
| 19174 | Nucor Corporation | $3127471 |
| 27639 | Steel Dynamics, Inc. | 4683429 |
|  |  | 7810900 |
|  | **TECHNOLOGY HARDWARE - 0.4%** |  |
| 178604 | Hewlett Packard Enterprise Company | 4290067 |
| 115577 | HP, Inc. | 2575056 |
|  |  | 6865123 |
|  | **TECHNOLOGY SERVICES - 0.3%** |  |
| 44068 | Cognizant Technology Solutions Corporation, Class A | 3657644 |
| 136795 | DXC Technology Company<sup>(a)</sup> | 2004047 |
|  |  | 5661691 |
|  | **TELECOMMUNICATIONS - 0.5%** |  |
| 202853 | AT&T, Inc. | 5038868 |
| 95278 | Verizon Communications, Inc. | 3880673 |
|  |  | 8919541 |
|  | **TOBACCO & CANNABIS - 0.2%** |  |
| 70078 | Altria Group, Inc. | 4040697 |
|  | **TRANSPORTATION & LOGISTICS - 1.4%** |  |
| 88489 | Alaska Air Group, Inc.<sup>(a)</sup> | 4450997 |
| 245913 | American Airlines Group, Inc.<sup>(a)</sup> | 3769846 |
| 85071 | Delta Air Lines, Inc. | 5903927 |
| 113737 | Southwest Airlines Company | 4700750 |
| 75425 | United Airlines Holdings, Inc.<sup>(a)</sup> | 8434024 |
|  |  | 27259544 |
|  | **WHOLESALE - CONSUMER STAPLES - 0.3%** |  |
| 40126 | Archer-Daniels-Midland Company | 2306844 |
| 28136 | Bunge Global S.A. | 2506354 |
|  |  | 4813198 |
|  | **TOTAL COMMON STOCKS (Cost $154,359,385)** | 211716495 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **HCM SECTOR PLUS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 87.4%** |  |
|  | **EQUITY - 87.4%** |  |
| 712994 | Direxion Daily S&P 500 Bull 3X | $157293606 |
| 1011427 | iShares Select Dividend ETF | 142752807 |
| 4701582 | ProShares Ultra QQQ | 331038389 |
| 5719806 | ProShares Ultra S&P500 | 331291163 |
| 1025589 | ProShares UltraPro S&P 500 | 118722183 |
| 268284 | SPDR S&P 500 ETF | 182948225 |
| 1231457 | Vanguard Dividend Appreciation ETF | 270649619 |
| 12580 | Vanguard Growth ETF | 6137279 |
| 1132957 | Vanguard High Dividend Yield ETF | 162601989 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $1,194,854,396)** | 1703435260 |
|  | **TOTAL INVESTMENTS - 98.3% (Cost $1,349,213,781)** | $1915151755 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.7%** | 33139844 |
|  | **NET ASSETS - 100.0%** | $1948291599 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |
| S.A. | - Société Anonyme |
| SPDR | - Standard & Poor's Depositary Receipt |

---

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

See accompanying notes to financial statements.

---

| |
|:---|
| **HCM MULTI-ASSET PLUS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 98.5%** |  |
|  | **EQUITY - 70.9%** |  |
| 222150 | Direxion Daily S&P 500 Bull 3X | $49008512 |
| 221689 | Invesco QQQ Trust Series 1 ETF | 136185770 |
| 2265618 | ProShares Ultra QQQ | 159522163 |
| 1550200 | ProShares Ultra S&P500 | 89787584 |
| 331639 | Vanguard Mega Cap Growth ETF | 136890630 |
|  |  | 571394659 |
|  | **FIXED INCOME - 27.6%** |  |
| 1732889 | iShares Core U.S. Aggregate Bond ETF | 173080953 |
| 661100 | Vanguard Total Bond Market ETF | 48967677 |
|  |  | 222048630 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $602,665,857)** | 793443289 |
|  | **TOTAL INVESTMENTS - 98.5% (Cost $602,665,857)** | $793443289 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.5%** | 12341280 |
|  | **NET ASSETS - 100.0%** | $805784569 |

---

ETF - Exchange-Traded Fund

See accompanying notes to financial statements.

---

| |
|:---|
| **HCM DYNAMIC INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 96.0%** |  |
|  | **FIXED INCOME - 96.0%** |  |
| 295117 | iShares Convertible Bond ETF | $29069025 |
| 341991 | iShares iBoxx $ High Yield Corporate Bond ETF | 27574734 |
| 131146 | iShares J.P. Morgan USD Emerging Markets Bond ETF | 12626737 |
| 322481 | SPDR Bloomberg Convertible Securities ETF | 28765305 |
| 253468 | SPDR Bloomberg High Yield Bond ETF | 24639624 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $108,416,839)** | 122675425 |
|  | **TOTAL INVESTMENTS - 96.0% (Cost $108,416,839)** | $122675425 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 4.0%** | 5097031 |
|  | **NET ASSETS - 100.0%** | $127772456 |

---

ETF - Exchange-Traded Fund

See accompanying notes to financial statements.

---

| |
|:---|
| ***The HCM Funds*** |
| **STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)** |
| **December 31 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **HCM Tactical Plus**<br>**Fund** | **HCM Sector Plus**<br>**Fund** | **HCM Multi-Asset**<br>**Plus Fund** | **HCM Dynamic**<br>**Income Fund** |
| **ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $1227322213 | $1349213781 | $602665857 | $108416839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At fair value | $2001162413 | $1915151755 | $793443289 | $122675425 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 2900241 | 35196278 | 13686366 | 5191070 |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold | 1160835 | 1108255 | 643374 | 111220 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 57369 | 899395 | 40002 | 3587 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 81445 | 65925 | 46638 | 24659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 2005362303 | 1952421608 | 807859669 | 128005961 |
| **LIABILITIES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 2165305 | 2078834 | 666737 | 132315 |
| &nbsp;&nbsp;&nbsp;Payable for fund shares redeemed | 774919 | 1093943 | 1028646 | 9711 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees payable | 817463 | 843075 | 288418 | 23245 |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 21238 | 34494 | 26747 | 9483 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 69386 | 79663 | 64552 | 58751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 3848311 | 4130009 | 2075100 | 233505 |
| **NET ASSETS** | $**2001513992** | $**1948291599** | $**805784569** | $**127772456** |
| **Net Assets Consist Of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $1270685461 | $1432354162 | $620249158 | $122184793 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | 730828531 | 515937437 | 185535411 | 5587663 |
| **NET ASSETS** | $**2001513992** | $**1948291599** | $**805784569** | $**127772456** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***The HCM Funds*** |
| **STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)** |
| **December 31 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **HCM Tactical Plus**<br>**Fund** | **HCM Sector Plus**<br>**Fund** | **HCM Multi-Asset**<br>**Plus Fund** | **HCM Dynamic**<br>**Income Fund** |
| **Net Asset Value Per Share:** |  |  |  |  |
| Class A Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**1149169985** | $**1037634787** | $**488630238** | $**112253324** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **33727115** | **47038972** | **26212200** | **10717711** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding) and redemption price per share (a) | $**34.07** | $**22.06** | $**18.64** | $**10.47** |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (maximum sales charge of 5.75%) | $**36.15** | $**23.40** | $**19.78** | $**11.11** |
| Class I Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**190974887** | $**188682514** | $**95513297** | $**15502773** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **5514419** | **8441448** | **5099856** | **1483175** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share (a) | $**34.63** | $**22.35** | $**18.73** | $**10.45** |
| Class R Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**43** | $**40** |  |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **1** | **2** |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share (a) | $**34.08** **\*** | $**22.01** **\*** |  |  |
| Class A1 Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets |  | $**6732** |  |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) |  | **305** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding) and redemption price per share (a) |  | $**22.10** **\*** |  |  |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (maximum sales charge of 5.75%) |  | $**23.45** |  |  |
| Investor Class Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**661369077** | $**721967526** | $**221641034** | $**16359** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **21278323** | **35093452** | **12343144** | **1570** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share (a) | $**31.08** | $**20.57** | $**17.96** | $**10.42** |

---

(a) Redemptions of shares held less than
 30 days may be assessed a redemption fee of 1.00%.

\* NAV may not recalculate due to rounding of shares.

See accompanying notes to financial statements.

---

| |
|:---|
| ***The HCM Funds*** |
| **STATEMENTS OF OPERATIONS (Unaudited)** |
| **For the Six Months Ended December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **HCM Tactical**<br>**Plus Fund** | **HCM Sector Plus**<br>**Fund** | **HCM Multi-Asset**<br>**Plus Fund** | **HCM Dynamic**<br>**Income Fund** |
| **INVESTMENT INCOME** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $4462022 | $12732048 | $6280676 | $2782126 |
| &nbsp;&nbsp;&nbsp;Interest | 208291 | 499401 | 118534 | 21863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 4670313 | 13231449 | 6399210 | 2803989 |
| **EXPENSES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 12292469 | 11792809 | 3782550 | 782628 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 1463535 | 1308189 | 612621 | 137749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A1 |  | 14 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 3123784 | 3393299 | 1081577 | 83 |
| &nbsp;&nbsp;&nbsp;Third party administrative servicing fees | 240563 | 227691 | 88664 | 32395 |
| &nbsp;&nbsp;&nbsp;Administrative services fees | 212168 | 209400 | 97845 | 25167 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 145381 | 145668 | 99176 | 60068 |
| &nbsp;&nbsp;&nbsp;Accounting services fees | 96652 | 99209 | 45541 | 13257 |
| &nbsp;&nbsp;&nbsp;Registration fees | 59942 | 61524 | 43645 | 29095 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 40735 | 46553 | 25716 | 8658 |
| &nbsp;&nbsp;&nbsp;Printing and postage expenses | 27936 | 28136 | 18436 | 5820 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 19689 | 20126 | 13278 | 8648 |
| &nbsp;&nbsp;&nbsp;Audit fees | 10975 | 10981 | 10974 | 10968 |
| &nbsp;&nbsp;&nbsp;Trustees fees and expenses | 10419 | 10440 | 10251 | 10167 |
| &nbsp;&nbsp;&nbsp;Legal fees | 9246 | 9631 | 9757 | 9855 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 7562 | 7568 | 4140 | 1774 |
| &nbsp;&nbsp;&nbsp;Other expenses | 2975 | 3852 | 2489 | 1975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 17764031 | 17375090 | 5946660 | 1138307 |
| **NET INVESTMENT INCOME (LOSS)** | (13093718) | (4143641) | 452550 | 1665682 |
| **REALIZED AND UNREALIZED GAIN ON INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain from investments | 30538458 | 18871271 | 12096011 | 1015790 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 271363078 | 237735753 | 74584748 | 4414673 |
| **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS** | 301901536 | 256607024 | 86680759 | 5430463 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**288807818** | $**252463383** | $**87133309** | $**7096145** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***HCM Tactical Plus Fund*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**December 31, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**June 30, 2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | $(13093718) | $(10354341) |
| &nbsp;&nbsp;&nbsp;Net realized gain from investments | 30538458 | 123961715 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 271363078 | 41968924 |
| Net increase in net assets resulting from operations | 288807818 | 155576298 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions paid: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (30492640) | (108834173) |
| &nbsp;&nbsp;&nbsp;Class I | (4962445) | (10529589) |
| &nbsp;&nbsp;&nbsp;Class R | (1) | (4) |
| &nbsp;&nbsp;&nbsp;Investor Class | (19162732) | (54734366) |
| Net decrease in net assets resulting from distributions to shareholders | (54617818) | (174098132) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 71426834 | 305330931 |
| &nbsp;&nbsp;&nbsp;Class I | 40545537 | 80195262 |
| &nbsp;&nbsp;&nbsp;Investor Class | 62443378 | 127828392 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 29108367 | 104739899 |
| &nbsp;&nbsp;&nbsp;Class I | 4832317 | 9634722 |
| &nbsp;&nbsp;&nbsp;Class R | 1 | 4 |
| &nbsp;&nbsp;&nbsp;Investor Class | 19062266 | 54249901 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (181509333) | (361991208) |
| &nbsp;&nbsp;&nbsp;Class I | (18507151) | (48884964) |
| &nbsp;&nbsp;&nbsp;Investor Class | (44589147) | (85401600) |
| Net increase (decrease) in net assets resulting from shares of beneficial interest | (17186931) | 185701339 |
| **TOTAL INCREASE IN NET ASSETS** | 217003069 | 167179505 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 1784510923 | 1617331418 |
| &nbsp;&nbsp;&nbsp;End of Period | $**2001513992** | $**1784510923** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***HCM Tactical Plus Fund*** |
| **STATEMENTS OF CHANGES IN NET ASSETS (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**December 31, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**June 30, 2025** |
| **SHARE ACTIVITY** |  |  |
| Class A: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 2146208 | 10369414 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 833096 | 3483999 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (5396942 | (12470758 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | (2417638 | 1382655 |
| Class I: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 1200494 | 2809139 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 136083 | 316307 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (551458 | (1673027 |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 785119 | 1452419 |
| Class R: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding |  |  |
| Investor Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 2019116 | 4819535 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 598126 | 1958480 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (1465600 | (3196784 |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 1151642 | 3581231 |

---

---

| | |
|:---|:---|
| + | Amount represents less than one share. |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***HCM Sector Plus Fund*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**December 31, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**June 30, 2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $(4143641) | $3585047 |
| &nbsp;&nbsp;&nbsp;Net realized gain from investments | 18871271 | 73762158 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 237735753 | 7745002 |
| Net increase in net assets resulting from operations | 252463383 | 85092207 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions paid: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (5548879) | (123845220) |
| &nbsp;&nbsp;&nbsp;Class I | (1433702) | (13178980) |
| &nbsp;&nbsp;&nbsp;Class R | (0) | (4) |
| &nbsp;&nbsp;&nbsp;Class A1 | (28) | (704) |
| &nbsp;&nbsp;&nbsp;Investor Class | (3096573 | (73046457) |
| Net decrease in net assets resulting from distributions to shareholders | (10079182 | (210071365) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 60702623 | 215557390 |
| &nbsp;&nbsp;&nbsp;Class I | 46494577 | 66355282 |
| &nbsp;&nbsp;&nbsp;Class A1 |  | 392 |
| &nbsp;&nbsp;&nbsp;Investor Class | 75909679 | 153547408 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 5324623 | 120509238 |
| &nbsp;&nbsp;&nbsp;Class I | 1419399 | 12374229 |
| &nbsp;&nbsp;&nbsp;Class R | 0 | 4 |
| &nbsp;&nbsp;&nbsp;Class A1 | 27 | 704 |
| &nbsp;&nbsp;&nbsp;Investor Class | 3077204 | 72212403 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (146439135) | (273327085) |
| &nbsp;&nbsp;&nbsp;Class I | (15991218) | (36194010) |
| &nbsp;&nbsp;&nbsp;Class A1 | (460) | (206) |
| &nbsp;&nbsp;&nbsp;Investor Class | (46647646 | (97489026) |
| Net increase (decrease) in net assets resulting from shares of beneficial interest | (16150327 | 233546723 |
| **TOTAL INCREASE IN NET ASSETS** | 226233874 | 108567565 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 1722057725 | 1613490160 |
| &nbsp;&nbsp;&nbsp;End of Period | $**1948291599** | $**1722057725** |

---

\* Amount represents less than $0.50

See accompanying notes to financial statements.

---

| |
|:---|
| ***HCM Sector Plus Fund*** |
| **STATEMENTS OF CHANGES IN NET ASSETS (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**December 31, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**June 30, 2025** |
| **SHARE ACTIVITY** |  |  |
| Class A: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 2870965 | 10921253 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 236335 | 6379187 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (6889287 | (14097069 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | (3781987 | 3203371 |
| Class I: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 2141846 | 3455267 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 62173 | 646511 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (751204 | (1875033 |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 1452815 | 2226745 |
| Class R: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding |  |  |
| Class A1: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold |  | 21 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 1 | 37 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (20 | (9 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | (19 | 49 |
| Investor Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 3826531 | 8418439 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 146394 | 4070598 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (2370786 | (5397294 |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 1602139 | 7091743 |

---

---

| | |
|:---|:---|
| + | Amount represents less than one share. |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***HCM Multi-Asset Plus Fund*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**December 31, 2025**<br>**(Unaudited)** | <br>**Year Ended**<br>**June 30, 2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $452550 | $3106221 |
| &nbsp;&nbsp;&nbsp;Net realized gain from investments | 12096011 | 81903362 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 74584748 | (32931098) |
| Net increase in net assets resulting from operations | 87133309 | 52078485 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions paid: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (17657835) | (43430519) |
| &nbsp;&nbsp;&nbsp;Class I | (3651638) | (8524275) |
| &nbsp;&nbsp;&nbsp;Investor Class | (7843646) | (17230650) |
| Net decrease in net assets resulting from distributions to shareholders | (29153119) | (69185444) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 36135215 | 94106446 |
| &nbsp;&nbsp;&nbsp;Class I | 13086341 | 31026403 |
| &nbsp;&nbsp;&nbsp;Investor Class | 20538050 | 41656517 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 17074230 | 42337135 |
| &nbsp;&nbsp;&nbsp;Class I | 3568939 | 8153208 |
| &nbsp;&nbsp;&nbsp;Investor Class | 7696850 | 16972287 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (66817948) | (130005344) |
| &nbsp;&nbsp;&nbsp;Class I | (12040273) | (37503837) |
| &nbsp;&nbsp;&nbsp;Investor Class | (20111185) | (38744358) |
| Net increase (decrease) in net assets resulting from shares of beneficial interest | (869781) | 27998457 |
| **TOTAL INCREASE IN NET ASSETS** | 57110409 | 10891498 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 748674160 | 737782662 |
| &nbsp;&nbsp;&nbsp;End of Period | $**805784569** | $**748674160** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***HCM Multi-Asset Plus Fund*** |
| **STATEMENTS OF CHANGES IN NET ASSETS (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**December 31, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**June 30, 2025** |
| **SHARE ACTIVITY** |  |  |
| Class A: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 1941824 | 5558297 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 900540 | 2529100 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (3597831) | (7705477) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | (755467) | 381920 |
| Class I: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 695469 | 1843814 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 187346 | 485599 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (655516) | (2335989) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | 227299 | (6576) |
| Investor Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 1144039 | 2571098 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 421284 | 1045092 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (1115508) | (2408492) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 449815 | 1207698 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***HCM Dynamic Income Fund*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**December 31, 2025**<br>**(Unaudited)** | <br>**Year Ended**<br>**June 30, 2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1665682 | $2568975 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from investments | 1015790 | (3816031) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 4414673 | 7935163 |
| Net increase in net assets resulting from operations | 7096145 | 6688107 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions paid: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (2312997) | (2344625) |
| &nbsp;&nbsp;&nbsp;Class I | (369868) | (345683) |
| &nbsp;&nbsp;&nbsp;Investor Class | (243) | (254) |
| Net decrease in net assets resulting from distributions to shareholders | (2683108) | (2690562) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 10606781 | 37824967 |
| &nbsp;&nbsp;&nbsp;Class I | 1526427 | 3898888 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 2227768 | 2273040 |
| &nbsp;&nbsp;&nbsp;Class I | 364317 | 312837 |
| &nbsp;&nbsp;&nbsp;Investor Class | 32 | 33 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (11887013) | (45633553) |
| &nbsp;&nbsp;&nbsp;Class I | (1068629) | (4300058) |
| Net increase (decrease) in net assets resulting from shares of beneficial interest | 1769683 | (5623846) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 6182720 | (1626301) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 121589736 | 123216037 |
| &nbsp;&nbsp;&nbsp;End of Period | $**127772456** | $**121589736** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***HCM Dynamic Income Fund*** |
| **STATEMENTS OF CHANGES IN NET ASSETS (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**December 31, 2025**<br>**(Unaudited)** | <br>**Year Ended**<br>**June 30, 2025** |
| **SHARE ACTIVITY** |  |  |
| Class A: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 1007270 | 3804851 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 211363 | 230767 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (1128895) | (4587071) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | 89738 | (551453) |
| Class I: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 144161 | 388419 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 34631 | 31825 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (101670) | (434315) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | 77122 | (14071) |
| Investor Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 3 | 3 |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 3 | 3 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***HCM Tactical Plus Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Class A** | **Six Months Ended**<br>**December 31, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**June 30, 2025** |<br>**Year Ended**<br>**June 30, 2024** |<br>**Year Ended**<br>**June 30, 2023** |<br>**Year Ended**<br>**June 30, 2022** |<br>**Year Ended**<br>**June 30, 2021** |
| Net asset value, beginning of period | $30.03 | $30.23 | $23.47 | $20.26 | $26.15 | $16.32 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (1) | (0.19) | (0.12) | (0.09) | (0.07) | (0.31) | (0.29) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 5.16 | 3.11 | 6.85 | 3.41 | (5.30 | 10.80 |
| Total from investment operations | 4.97 | 2.99 | 6.76 | 3.34 | (5.61 | 10.51 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (0.00) |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.93) | (3.19) |  | (0.13 | (0.28 | (0.68 |
| Total distributions | (0.93) | (3.19) |  | (0.13 | (0.28 | (0.68 |
| Paid-in-Capital From Redemption Fees |  |  |  |  | 0.00 | 0.00 |
| Net asset value, end of period | $34.07 | $30.03 | $30.23 | $23.47 | $20.26 | $26.15 |
| Total return (2) | 16.46% (8) | 9.87% | 28.80% | 16.64 | (21.77 | 65.30 |
| Net assets, at end of period (000s) | $1149170 | $1085528 | $1050839 | $934122 | $752628 | $626800 |
| Ratio of gross expenses to average net assets (3)(4) | 1.58% (7) | 1.61% | 1.61% | 1.63 | 1.64 | 1.65 |
| Ratio of net expenses to average net assets (4) | 1.58% (7) | 1.61% | 1.61% | 1.63 | 1.64 | 1.65 |
| Ratio of net investment loss to average net assets (4)(5) | (1.12)% (7) | (0.42)% | (0.38)% | (0.37) | (1.20) | (1.33) |
| Portfolio Turnover Rate | 0% (8) | 264% | 188% | 298 | 107 | 23 |

---

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

(2) 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.

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

(4) Does not include the expenses of other
 investment companies in which the Fund invests, as these expenses are included in the realized and unrealized gain/(loss) on investments.

(5) Recognition of net investment loss
 by the Fund is affected by the timing of declaration of dividends by the underlying investments in which the Fund invests as well as timing
 of subscriptions and redemptions within each share class.

(6) Amount represents less than $0.005
 per share.

(7) Annualized for periods less than one
 year.

(8) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| ***HCM Tactical Plus Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Class I** | **Six Months Ended**<br>**December 31, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**June 30, 2025** |<br>**Year Ended**<br>**June 30, 2024** |<br>**Year Ended**<br>**June 30, 2023** |<br>**Year Ended**<br>**June 30, 2022** |<br>**Year Ended**<br>**June 30, 2021** |
| Net asset value, beginning of period | $30.47 | $30.56 | $23.66 | $20.38 | $26.23 | $16.33 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (1) | (0.14) | (0.04) | (0.02) | (0.03) | (0.25) | (0.25) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 5.23 | 3.14 | 6.92 | 3.44 | (5.32 | 10.83 |
| Total from investment operations | 5.09 | 3.10 | 6.90 | 3.41 | (5.57 | 10.58 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (0.00) |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.93) | (3.19) |  | (0.13 | (0.28 | (0.68) |
| Total distributions | (0.93) | (3.19) |  | (0.13 | (0.28 | (0.68) |
| Paid-in-Capital From Redemption Fees |  |  |  |  | 0.00 |  |
| Net asset value, end of period | $34.63 | $30.47 | $30.56 | $23.66 | $20.38 | $26.23 |
| Total return (2) | 16.62% (8) | 10.14% | 29.16% | 16.88 | (21.55 | 65.70% |
| Net assets, at end of period (000s) | $190975 | $144123 | $100139 | $25235 | $15316 | $7960 |
| Ratio of gross expenses to average net assets (3)(4) | 1.33% (7) | 1.36% | 1.36% | 1.37 | 1.39 | 1.40% |
| Ratio of net expenses to average net assets (4) | 1.33% (7) | 1.36% | 1.36% | 1.37 | 1.39 | 1.40% |
| Ratio of net investment loss to average net assets (4)(5) | (0.84)% (7) | (0.14)% | (0.10)% | (0.13) | (0.95) | (1.08)% |
| Portfolio Turnover Rate | 0% (8) | 264% | 188% | 298 | 107 | 23% |

---

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

(2) 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.

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

(4) Does not include the expenses of other
 investment companies in which the Fund invests, as these expenses are included in the realized and unrealized gain/(loss) on investments.

(5) Recognition of net investment loss
 by the Fund is affected by the timing of declaration of dividends by the underlying investments in which the Fund invests as well as timing
 of subscriptions and redemptions within each share class.

(6) Amount represents less than $0.005
 per share.

(7) Annualized for periods less than one
 year.

(8) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| ***HCM Tactical Plus Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Period |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Class R** | **Six Months Ended**<br>**December 31, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**June 30, 2025** |<br>**Year Ended**<br>**June 30, 2024** |  |<br>**Year Ended**<br>**June 30, 2023** |<br>**Year Ended**<br>**June 30, 2022** |<br>**Year Ended**<br>**June 30, 2021** |
| Net asset value, beginning of period | $30.04 | $30.24 | $23.48 |  | $20.27 | $26.16 | $16.33 |
| Activity from investment operations: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.07 | 0.18 | 0.15 | (7) | 0.06 | 0.07 | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 4.90 | 2.81 | 6.61 |  | 3.28 | (5.68) | 10.48 |
| Total from investment operations | 4.97 | 2.99 | 6.76 |  | 3.34 | (5.61) | 10.51 |
| Less distributions from: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  |  | (0.00) |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.93 | (3.19 |  |  | (0.13 | (0.28) | (0.68) |
| Total distributions | (0.93 | (3.19 |  |  | (0.13 | (0.28) | (0.68) |
| Net asset value, end of period | $34.08 | $30.04 | $30.24 |  | $23.48 | $20.27 | $26.16 |
| Total return (2) | 16.45 | 9.87 | 28.79 | % | 16.63 | (21.76)% | 65.26% |
| Net assets, at end of period (6) | $43 | $37 | $34 |  | $26 | $23 | $29 |
| Ratio of gross expenses to average net assets (3)(4) | 1.43 | 1.46 | 1.46 | % | 1.48 | 1.49% | 1.50% |
| Ratio of net expenses to average net assets (4) | 1.43 | 1.46 | 1.46 | % | 1.48 | 1.49% | 1.50% |
| Ratio of net investment income (loss) to average net assets (4)(5) | 0.22 | 0.61 | 0.61 | % | 0.31 | (1.05)% | (1.18)% |
| Portfolio Turnover Rate | 0 | 264 | 188 | % | 298 | 107% | 23% |

---

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

(2) 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.

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

(4) Does not include the expenses of other
 investment companies in which the Fund invests, as these expenses are included in the realized and unrealized gain/(loss) on investments.

(5) Recognition of net investment income
 by the Fund is affected by the timing of declaration of dividends by the underlying investments in which the Fund invests as well as timing
 of subscriptions and redemptions within each share class.

(6) Actual net assets, not truncated.

(7) Net investment income per share are
 balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not accord with the aggregate income
 and loss in the Statements of Operations due to timing of shareholder transactions for the year.

(8) Amount represents less than $0.005
 per share.

(9) Annualized for periods less than one
 year.

(10) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| ***HCM Tactical Plus Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Investor Class** | **Six Months Ended**<br>**December 31, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**June 30, 2025** |<br>**Year Ended**<br>**June 30, 2024** |<br>**Year Ended**<br>**June 30, 2023** |<br>**Year Ended**<br>**June 30, 2022** |<br>**Year Ended**<br>**June 30, 2021** |
| Net asset value, beginning of period | $27.57 | $28.19 | $22.04 | $19.18 | $24.96 | $15.71 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (1) | (0.28) | (0.31) | (0.26) | (0.22) | (0.49) | (0.44) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 4.72 | 2.88 | 6.41 | 3.21 | (5.01 | 10.37 |
| Total from investment operations | 4.44 | 2.57 | 6.15 | 2.99 | (5.50 | 9.93 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (0.00) |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.93) | (3.19) |  | (0.13 | (0.28 | (0.68 |
| Total distributions | (0.93) | (3.19) |  | (0.13 | (0.28 | (0.68 |
| Paid-in-Capital From Redemption Fees |  |  |  |  | 0.00 | 0.00 |
| Net asset value, end of period | $31.08 | $27.57 | $28.19 | $22.04 | $19.18 | $24.96 |
| Total return (2) | 16.01% (8) | 9.06% | 27.90% | 15.75 | (22.37 | 64.13 |
| Net assets, at end of period (000s) | $661369 | $554861 | $466354 | $311717 | $208464 | $179812 |
| Ratio of gross expenses to average net assets (3)(4) | 2.33% (7) | 2.36% | 2.36% | 2.37 | 2.39 | 2.40 |
| Ratio of net expenses to average net assets (4) | 2.33% (7) | 2.36% | 2.36% | 2.37 | 2.39 | 2.40 |
| Ratio of net investment loss to average net assets (4)(5) | (1.85)% (7) | (1.16)% | (1.09)% | (1.14) | (1.95) | (2.08) |
| Portfolio Turnover Rate | 0% (8) | 264% | 188% | 298 | 107 | 23 |

---

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

(2) 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.

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

(4) Does not include the expenses of other
 investment companies in which the Fund invests, as these expenses are included in the realized and unrealized gain/(loss) on investments.

(5) Recognition of net investment loss
 by the Fund is affected by the timing of declaration of dividends by the underlying investments in which the Fund invests as well as timing
 of subscriptions and redemptions within each share class.

(6) Amount represents less than $0.005
 per share.

(7) Annualized for periods less than one
 year.

(8) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| ***HCM Sector Plus Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Class A** | **Six Months Ended**<br>**December 31, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**June 30, 2025** |<br>**Year Ended**<br>**June 30, 2024** |<br>**Year Ended**<br>**June 30, 2023** |<br>**Year Ended**<br>**June 30, 2022** |<br>**Year Ended**<br>**June 30, 2021** |
| Net asset value, beginning of period | $19.30 | $20.82 | $17.90 | $17.28 | $19.05 | $11.94 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | (0.02) | 0.09 | 0.01 | 0.06 | (0.03) | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 2.90 | 1.02 | 3.80 | 1.85 | (1.74 | 7.14 |
| Total from investment operations | 2.88 | 1.11 | 3.81 | 1.91 | (1.77 | 7.11 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.03) |  | (0.03) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.09) | (2.63) | (0.86 | (1.29) |  |  |
| Total distributions | (0.12) | (2.63) | (0.89 | (1.29) |  |  |
| Paid-in-Capital From Redemption Fees |  |  |  |  | 0.00 | 0.00 |
| Net asset value, end of period | $22.06 | $19.30 | $20.82 | $17.90 | $17.28 | $19.05 |
| Total return (2) | 14.90% (9) | 5.61% | 22.18 | 12.17% | (9.29 | 59.55 |
| Net assets, at end of period (000s) | $1037635 | $980802 | $991374 | $949351 | $920476 | $739011 |
| Ratio of gross expenses to average net assets (3)(5) | 1.58% (8) | 1.61% | 1.62 | 1.61% | 1.63 | 1.64 |
| Ratio of net expenses to average net assets (5) | 1.58% (8) | 1.61% | 1.62 | 1.61% | 1.63 | 1.64 |
| Ratio of net investment income (loss) to average net assets (4)(5) | (0.20)% (8) | 0.44% | 0.05 | 0.38% | (0.14) | (0.18) |
| Portfolio Turnover Rate | 0% (9) | 226% | 108 | 178% | 49 | 2 |

---

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

(2) 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.

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

(4) Recognition of net investment income
 (loss) by the Fund is affected by the timing of declaration of dividends by the underlying investments in which the Fund invests as well
 as timing of subscriptions and redemptions within each share class.

(5) Does not include the expenses of other
 investment companies in which the Fund invests, as these expenses are included in the realized and unrealized gain/(loss) on investments.

(6) Amount represents less than $0.005
 per share.

(7) Net investment income (loss) per share
 are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not accord with the aggregate
 income and loss in the Statements of Operations due to timing of shareholder transactions for the year.

(8) Annualized for periods less than one
 year.

(9) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| ***HCM Sector Plus Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Period |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Class I** | **Six Months Ended**<br>**December 31, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**June 30, 2025** |<br>**Year Ended**<br>**June 30, 2024** |<br>**Year Ended**<br>**June 30, 2023** |<br>**Year Ended**<br>**June 30, 2022** |<br>**Year Ended**<br>**June 30, 2021** |  |
| Net asset value, beginning of period | $19.57 | $21.03 | $18.07 | $17.39 | $19.12 | $11.95 |  |
| Activity from investment operations: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.01 | 0.15 | 0.06 | 0.11 | (0.01) | 0.03 |  |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 2.94 | 1.02 | 3.83 | 1.86 | (1.72 | 7.14 |  |
| Total from investment operations | 2.95 | 1.17 | 3.89 | 1.97 | (1.73 | 7.17 |  |
| Less distributions from: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.08) |  | (0.07) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.09 | (2.63) | (0.86 | (1.29) |  |  |  |
| Total distributions | (0.17 | (2.63) | (0.93 | (1.29) |  |  |  |
| Paid-in-Capital From Redemption Fees |  |  |  |  | 0.00 | 0.00 | (6) |
| Net asset value, end of period | $22.35 | $19.57 | $21.03 | $18.07 | $17.39 | $19.12 |  |
| Total return (2) | 15.06 | 5.85% | 22.51 | 12.45% | (9.05 | 60.00 | % |
| Net assets, at end of period (000s) | $188683 | $136800 | $100145 | $24163 | $17170 | $33183 |  |
| Ratio of gross expenses to average net assets (3)(5) | 1.33 | 1.36% | 1.37 | 1.36% | 1.38 | 1.39 | % |
| Ratio of net expenses to average net assets (5) | 1.33 | 1.36% | 1.37 | 1.36% | 1.38 | 1.39 | % |
| Ratio of net investment income (loss) |  |  |  |  |  |  |  |
| to average net assets (4)(5) | 0.09 | 0.75% | 0.34 | 0.63% | (0.04) | 0.18 | % |
| Portfolio Turnover Rate | 0 | 226% | 108 | 178% | 49 | 2 | % |

---

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

(2) 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.

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

(4) Recognition of net investment income
 (loss) by the Fund is affected by the timing of declaration of dividends by the underlying investments in which the Fund invests as well
 as timing of subscriptions and redemptions within each share class.

(5) Does not include the expenses of other
 investment companies in which the Fund invests, as these expenses are included in the realized and unrealized gain/(loss) on investments.

(6) Amount represents less than $0.005
 per share.

(7) Net investment income (loss) per share
 are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not accord with the aggregate
 income and loss in the Statements of Operations due to timing of shareholder transactions for the year.

(8) Annualized for periods less than one
 year.

(9) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| ***HCM Sector Plus Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Class R** | **Six Months Ended**<br>**December 31, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**June 30, 2025** |<br>**Year Ended**<br>**June 30, 2024** |<br>**Year Ended**<br>**June 30, 2023** |<br>**Year Ended**<br>**June 30, 2022** |<br>**Year Ended**<br>**June 30, 2021** |
| Net asset value, beginning of period | $19.25 | $20.77 | $17.90 | $17.28 | $19.05 | $11.94 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.11 | 0.26 | 0.19 | 0.16 | 0.19 | 0.18 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 2.82 | 0.85 | 3.61 | 1.75 | (1.96) | 6.93 |
| Total from investment operations | 2.93 | 1.11 | 3.80 | 1.91 | (1.77) | 7.11 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.08) |  | (0.07) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.09 | (2.63) | (0.86 | (1.29) |  |  |
| Total distributions | (0.17 | (2.63) | (0.93 | (1.29) |  |  |
| Net asset value, end of period | $22.01 | $19.25 | $20.77 | $17.90 | $17.28 | $19.05 |
| Total return (2) | 15.21 | 5.62% | 22.20 | 12.17% | (9.29)% | 59.55% |
| Net assets, at end of year (6) | $40 | $35 | $33 | $27 | $24 | $26 |
| Ratio of gross expenses to average net assets (3)(5) | 1.43 | 1.46% | 1.47 | 1.46% | 1.48% | 1.49% |
| Ratio of net expenses to average net assets (5) | 1.43 | 1.46% | 1.47 | 1.46% | 1.48% | 1.49% |
| Ratio of net investment income to average net assets (4)(5) | 1.04 | 1.33% | 1.03 | 0.96% | 0.80% | 1.00% |
| Portfolio Turnover Rate | 0 | 226% | 108 | 178% | 49% | 2% |

---

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

(2) 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.

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

(4) Recognition of net investment income
 by the Fund is affected by the timing of declaration of dividends by the underlying investments in which the Fund invests as well as timing
 of subscriptions and redemptions within each share class.

(5) Does not include the expenses of other
 investment companies in which the Fund invests, as these expenses are included in the realized and unrealized gain/(loss) on investments.

(6) Actual net assets, not truncated.

(7) Net investment income per share are
 balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not accord with the aggregate income
 and loss in the Statements of Operations due to timing of shareholder transactions for the year.

(8) Annualized for periods less than one
 year.

(9) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| ***HCM Sector Plus Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Class A1** | **Six Months Ended**<br>**December 31, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**June 30, 2025** |<br>**Year Ended**<br>**June 30, 2024** |<br>**Year Ended**<br>**June 30, 2023** |<br>**Year Ended**<br>**June 30, 2022** |<br>**Year Ended**<br>**June 30, 2021** |
| Net asset value, beginning of period | $19.33 | $20.88 | $17.95 | $17.35 | $19.16 | $12.04 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | (0.04) | 0.06 | (0.03) | 0.03 | (0.07) | (0.09) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 2.90 | 1.02 | 3.82 | 1.86 | (1.74) | 7.21 |
| Total from investment operations | 2.86 | 1.08 | 3.79 | 1.89 | (1.81) | 7.12 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.00) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.09) | (2.63) | (0.86) | (1.29) |  |  |
| Total distributions | (0.09) | (2.63) | (0.86) | (1.29) |  |  |
| Paid-in-Capital From Redemption Fees |  |  |  |  |  | 0.00 |
| Net asset value, end of period | $22.10 | $19.33 | $20.88 | $17.95 | $17.35 | $19.16 |
| Total return (2) | 14.79% (8) | 5.43% | 22.01% | 11.99% | (9.45)% | 59.14 |
| Net assets, at end of period (000s) | $7 | $6 | $6 | $7 | $6 | $5 |
| Ratio of gross expenses to average net assets (3)(5) | 1.73% (7) | 1.76% | 1.77% | 1.76% | 1.78% | 1.79 |
| Ratio of net expenses to average net assets (5) | 1.73% (7) | 1.76% | 1.77% | 1.76% | 1.78% | 1.79 |
| Ratio of net investment income (loss) to average net assets (4)(5) | (0.39)% (7) | 0.30% | (0.15)% | 0.20% | (0.33)% | (0.60) |
| Portfolio Turnover Rate | 0% (8) | 226% | 108% | 178% | 49% | 2 |

---

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

(2) 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.

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

(4) Recognition of net investment income
 (loss) by the Fund is affected by the timing of declaration of dividends by the underlying investments in which the Fund invests as well
 as timing of subscriptions and redemptions within each share class.

(5) Does not include the expenses of other
 investment companies in which the Fund invests, as these expenses are included in the realized and unrealized gain/(loss) on investments.

(6) Amount represents less than $0.005
 per share.

(7) Annualized for periods less than one
 year.

(8) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| ***HCM Sector Plus Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Investor Class** | **Six Months Ended**<br>**December 31, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**June 30, 2025** |<br>**Year Ended**<br>**June 30, 2024** |<br>**Year Ended**<br>**June 30, 2023** |<br>**Year Ended**<br>**June 30, 2022** |<br>**Year Ended**<br>**June 30, 2021** |
| Net asset value, beginning of period | $18.05 | $19.77 | $17.14 | $16.72 | $18.58 | $11.73 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (1) | (0.09) | (0.05) | (0.11) | (0.06) | (0.17) | (0.14) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 2.70 | 0.96 | 3.60 | 1.77 | (1.69 | 6.99 |
| Total from investment operations | 2.61 | 0.91 | 3.49 | 1.71 | (1.86 | 6.85 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.09) | (2.63 | (0.86) | (1.29) |  |  |
| Total distributions | (0.09) | (2.63 | (0.86) | (1.29) |  |  |
| Paid-in-Capital From Redemption Fees |  |  |  |  | 0.00 | 0.00 |
| Net asset value, end of period | $20.57 | $18.05 | $19.77 | $17.14 | $16.72 | $18.58 |
| Total return (2) | 14.44% (9) | 4.84 | 21.28% | 11.34% | (10.01 | 58.40 |
| Net assets, at end of period (000s) | $721968 | $604450 | $521965 | $369389 | $269388 | $205855 |
| Ratio of gross expenses to average net assets (3)(5) | 2.33% (8) | 2.36 | 2.37% | 2.36% | 2.38 | 2.39 |
| Ratio of net expenses to average net assets (5) | 2.33% (8) | 2.36 | 2.37% | 2.36% | 2.38 | 2.39 |
| Ratio of net investment loss to average net assets (4)(5) | (0.94)% (8) | (0.30) | (0.68)% | (0.41)% | (0.89) | (0.90) |
| Portfolio Turnover Rate | 0% (9) | 226 | 108% | 178% | 49 | 2 |

---

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

(2) 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.

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

(4) Recognition of net investment loss
 by the Fund is affected by the timing of declaration of dividends by the underlying investments in which the Fund invests as well as timing
 of subscriptions and redemptions within each share class.

(5) Does not include the expenses of other
 investment companies in which the Fund invests, as these expenses are included in the realized and unrealized gain/(loss) on investments.

(6) Amount represents less than $0.005
 per share.

(7) Net investment loss per share are
 balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not accord with the aggregate income
 and loss in the Statements of Operations due to timing of shareholder transactions for the year.

(8) Annualized for periods less than one
 year.

(9) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| ***HCM Multi-Asset Plus Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Class A** | **Six Months Ended**<br>**December 31, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**June 30, 2025** |<br>**Year Ended**<br>**June 30, 2024** |<br>**Year Ended**<br>**June 30, 2023** |<br>**Year Ended**<br>**June 30, 2022** |<br>**Year Ended**<br>**June 30, 2021** |
| Net asset value, beginning of period | $17.27 | $17.63 | $14.52 | $13.22 | $16.25 | $12.30 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.03 | 0.10 | 0.11 | 0.06 | (0.01) | 0.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 2.04 | 1.22 | 3.10 | 1.24 | (2.95 | 4.01 |
| Total from investment operations | 2.07 | 1.32 | 3.21 | 1.30 | (2.96 | 4.03 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.04) | (0.10) | (0.10) |  | (0.04) | (0.04) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  |  | (0.00) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.66) | (1.58) |  |  | (0.03 | (0.04 |
| Total distributions | (0.70) | (1.68) | (0.10) |  | (0.07 | (0.08 |
| Paid-in-Capital From Redemption Fees |  |  |  |  | 0.00 | 0.00 |
| Net asset value, end of period | $18.64 | $17.27 | $17.63 | $14.52 | $13.22 | $16.25 |
| Total return (2) | 11.91% (8) | 7.77% | 22.19% | 9.83% | (18.28 | 32.85 |
| Net assets, at end of period (000s) | $488630 | $465667 | $468644 | $468047 | $565518 | $416354 |
| Ratio of gross expenses to average net assets (3)(4) | 1.31% (7) | 1.33% | 1.34% | 1.35% | 1.35 | 1.38 |
| Ratio of net expenses to average net assets (4) | 1.31% (7) | 1.33% | 1.34% | 1.35% | 1.35 | 1.38 |
| Ratio of net investment income (loss) to average net assets (4)(5) | 0.29% (7) | 0.58% | 0.69% | 0.43% | (0.05) | 0.19 |
| Portfolio Turnover Rate | 14% (8) | 187% | 106% | 232% | 128 | 5 |

---

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

(2) 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.

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

(4) Does not include the expenses of other
 investment companies in which the Fund invests, as these expenses are included in the realized and unrealized gain on investments.

(5) Recognition of net investment income
 (loss) by the Fund is affected by the timing of declaration of dividends by the underlying investments in which the Fund invests as well
 as timing of subscriptions and redemptions within each share class.

(6) Amount represents less than $0.005
 per share.

(7) Annualized for periods less than one
 year.

(8) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| ***HCM Multi-Asset Plus Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Class I** | **Six Months Ended**<br>**December 31, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**June 30, 2025** |<br>**Year Ended**<br>**June 30, 2024** |<br>**Year Ended**<br>**June 30, 2023** |<br>**Year Ended**<br>**June 30, 2022** |<br>**Year Ended**<br>**June 30, 2021** |
| Net asset value, beginning of period | $17.36 | $17.69 | $14.57 | $13.23 | $16.26 | $12.30 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.05 | 0.14 | 0.14 | 0.10 | 0.05 | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 2.06 | 1.25 | 2.99 | 1.24 | (2.98 | 4.08 |
| Total from investment operations | 2.11 | 1.39 | 3.13 | 1.34 | (2.93 | 4.07 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.08) | (0.14) | (0.01) |  | (0.07) | (0.07) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  |  | (0.00) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.66) | (1.58) |  |  | (0.03 | (0.04 |
| Total distributions | (0.74) | (1.72) | (0.01) |  | (0.10 | (0.11 |
| Paid-in-Capital From Redemption Fees |  |  |  |  | 0.00 | 0.00 |
| Net asset value, end of period | $18.73 | $17.36 | $17.69 | $14.57 | $13.23 | $16.26 |
| Total return (2) | 12.11% (8) | 8.19% | 22.49% | 10.13% | (18.12 | 33.15 |
| Net assets, at end of period (000s) | $95513 | $84608 | $86325 | $9838 | $4376 | $6600 |
| Ratio of gross expenses to average net assets (3)(4) | 1.06% (7) | 1.08% | 1.09% | 1.10% | 1.10 | 1.13 |
| Ratio of net expenses to average net assets (4) | 1.06% (7) | 1.08% | 1.09% | 1.10% | 1.10 | 1.13 |
| Ratio of net investment income (loss) to average net assets (4)(5) | 0.54% (7) | 0.85% | 0.92% | 0.79% | 0.31 | (0.08) |
| Portfolio Turnover Rate | 14% (8) | 187% | 106% | 232% | 128 | 5 |

---

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

(2) 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.

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

(4) Does not include the expenses of other
 investment companies in which the Fund invests, as these expenses are included in the realized and unrealized gain on investments.

(5) Recognition of net investment income
 (loss) by the Fund is affected by the timing of declaration of dividends by the underlying investments in which the Fund invests as well
 as timing of subscriptions and redemptions within each share class.

(6) Amount represents less than $0.005
 per share.

(7) Annualized for periods less than one
 year.

(8) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| ***HCM Multi-Asset Plus Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Investor Class** | **Six Months Ended**<br>**December 31, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**June 30, 2025** |<br>**Year Ended**<br>**June 30, 2024** |<br>**Year Ended**<br>**June 30, 2023** |<br>**Year Ended**<br>**June 30, 2022** |<br>**Year Ended**<br>**June 30, 2021** |
| Net asset value, beginning of period | $16.68 | $17.11 | $14.12 | $12.95 | $16.00 | $12.16 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (1) | (0.04) | (0.03) | (0.01) | (0.03) | (0.11) | (0.08) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.98 | 1.18 | 3.14 | 1.20 | (2.91 | 3.96 |
| Total from investment operations | 1.94 | 1.15 | 3.13 | 1.17 | (3.02 | 3.88 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  | (0.14) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.66 | (1.58 |  |  | (0.03 | (0.04 |
| Total distributions | (0.66 | (1.58 | (0.14 |  | (0.03 | (0.04 |
| Paid-in-Capital From Redemption Fees |  |  |  |  | 0.00 | 0.00 |
| Net asset value, end of period | $17.96 | $16.68 | $17.11 | $14.12 | $12.95 | $16.00 |
| Total return (2) | 11.54 | 6.94 | 21.22 | 9.03 | (18.90 | 31.93 |
| Net assets, at end of period (000s) | $221641 | $198399 | $182813 | $143501 | $119876 | $97342 |
| Ratio of gross expenses to average net assets (3)(4) | 2.06 | 2.08 | 2.09 | 2.10 | 2.10 | 2.13 |
| Ratio of net expenses to average net assets (4) | 2.06 | 2.08 | 2.09 | 2.10 | 2.10 | 2.13 |
| Ratio of net investment loss to average net assets (4)(5) | (0.46) | (0.16) | (0.06) | (0.29) | (0.75) | (0.55) |
| Portfolio Turnover Rate | 14 | 187 | 106 | 232 | 128 | 5 |

---

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

(2) 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.

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

(4) Does not include the expenses of other
 investment companies in which the Fund invests, as these expenses are included in the realized and unrealized gain on investments.

(5) Recognition of net investment loss
 by the Fund is affected by the timing of declaration of dividends by the underlying investments in which the Fund invests as well as timing
 of subscriptions and redemptions within each share class.

(6) Amount represents less than $0.005
 per share.

(7) Net investment loss per share are
 balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not accord with the aggregate income
 and loss in the Statements of Operations due to timing of shareholder transactions for the year.

(8) Annualized for periods less than one
 year.

(9) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| ***HCM Dynamic Income Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Period |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Class A** | **Six Months Ended**<br>**December 31, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**June 30, 2025** |<br>**Year Ended**<br>**June 30, 2024** |<br>**Year Ended**<br>**June 30, 2023 (1)** |
| Net asset value, beginning of period | $10.10 | $9.78 | $9.74 | $10.00 |
| Activity from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (2) | 0.14 | 0.20 | 0.24 | 0.15 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.46 | 0.33 | 0.06 | (0.37) |
| Total from investment operations | 0.60 | 0.53 | 0.30 | (0.22) |
| Less distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.23) | (0.21) | (0.26) | (0.04) |
| Total distributions | (0.23) | (0.21) | (0.26) | (0.04) |
| Net asset value, end of period | $10.47 | $10.10 | $9.78 | $9.74 |
| Total return (3) | 5.91% (8) | 5.50% | 2.97% | (2.16)% |
| Net assets, at end of period (000s) | $112253 | $107378 | $109322 | $129341 |
| Ratio of gross expenses to average net assets (4)(5) | 1.84% (7) | 1.86% | 1.88% | 1.92% |
| Ratio of net expenses to average net assets (5) | 1.84% (7) | 1.86% | 1.88% | 1.92% |
| Ratio of net investment income to average net assets (5)(6) | 2.62% (7) | 1.98% | 2.42% | 1.57% |
| Portfolio Turnover Rate | 1% (8) | 201% | 179% | 298% |

---

(1) The HCM Dynamic Income Fund's
 Class A shares commenced operations on June 30, 2022.

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

(3) 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.

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

(5) Does not include the expenses of other
 investment companies in which the Fund invests, as these expenses are included in the realized and unrealized gain on investments.

(6) Recognition of net investment income
 by the Fund is affected by the timing of declaration of dividends by the underlying investments in which the Fund invests as well as timing
 of subscriptions and redemptions within each share class.

(7) Annualized for periods less than one
 year.

(8) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| ***HCM Dynamic Income Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Period |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Class I** | **Six Months Ended**<br>**December 31, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**June 30, 2025** |<br>**Year Ended**<br>**June 30, 2024** |<br>**Year Ended**<br>**June 30, 2023 (1)** |
| Net asset value, beginning of period | $10.10 | $9.77 | $9.74 | $10.00 |
| Activity from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (2) | 0.15 | 0.22 | 0.24 | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.46 | 0.35 | 0.07 | (0.24) |
| Total from investment operations | 0.61 | 0.57 | 0.31 | (0.21) |
| Less distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.26) | (0.24) | (0.28) | (0.05) |
| Total distributions | (0.26) | (0.24) | (0.28) | (0.05) |
| Net asset value, end of period | $10.45 | $10.10 | $9.77 | $9.74 |
| Total return (3) | 5.98% (8) | 5.89% | 3.14% | (2.06)% |
| Net assets, at end of period (000s) | $15503 | $14196 | $13879 | $4 |
| Ratio of gross expenses to average net assets (4)(5) | 1.59% (7) | 1.61% | 1.62% | 1.66% |
| Ratio of net expenses to average net assets (5) | 1.59% (7) | 1.61% | 1.62% | 1.66% |
| Ratio of net investment income to average net assets (5)(6) | 2.86% (7) | 2.22% | 2.45% | 0.31% |
| Portfolio Turnover Rate | 1% (8) | 201% | 179% | 298% |

---

(1) The HCM Dynamic Income Fund's
 Class I shares commenced operations on June 30, 2022.

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

(3) 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.

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

(5) Does not include the expenses of other
 investment companies in which the Fund invests, as these expenses are included in the realized and unrealized gain on investments.

(6) Recognition of net investment income
 by the Fund is affected by the timing of declaration of dividends by the underlying investments in which the Fund invests as well as timing
 of subscriptions and redemptions within each share class.

(7) Annualized for periods less than one
 year.

(8) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| ***HCM Dynamic Income Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Period |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Investor Class** | **Six Months Ended**<br>**December 31, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**June 30, 2025** |<br>**Year Ended**<br>**June 30, 2024** |<br>**Year Ended**<br>**June 30, 2023 (1)** |
| Net asset value, beginning of period | $10.02 | $9.72 | $9.74 | $10.00 |
| Activity from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (2) | 0.09 | 0.12 | 0.08 | (0.23) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 0.46 | 0.34 | 0.18 | 0.02 |
| Total from investment operations | 0.55 | 0.46 | 0.26 | (0.21 |
| Less distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.15) | (0.16) | (0.28) | (0.05 |
| Total distributions | (0.15) | (0.16) | (0.28) | (0.05 |
| Net asset value, end of period | $10.42 | $10.02 | $9.72 | $9.74 |
| Total return (3) | 5.53% (10) | 4.80% | 2.61% | (2.06 |
| Net assets, at end of period (000s) | $16 | $16 | $15 | $10 |
| Ratio of gross expenses to average net assets (4)(5) | 2.59% (9) | 2.61% | 2.62% | 2.67 |
| Ratio of net expenses to average net assets (5) | 2.59% (9) | 2.61% | 2.62% | 2.67 |
| Ratio of net investment income (loss) to average net assets (5)(6) | 1.87% (9) | 1.22% | 0.84% | (2.32) |
| Portfolio Turnover Rate | 1% (10) | 201% | 179% | 298 |

---

(1) The HCM Dynamic Income Fund's
 Investor Class shares commenced operations on June 30, 2022.

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

(3) 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.

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

(5) Does not include the expenses of other
 investment companies in which the Fund invests, as these expenses are included in the realized and unrealized gain on investments.

(6) Recognition of net investment income
 (loss) by the Fund is affected by the timing of declaration of dividends by the underlying investments in which the Fund invests as well
 as timing of subscriptions and redemptions within each share class.

(7) Actual net assets, not truncated.

(8) Net investment income (loss) per share
 are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not accord with the aggregate
 income and loss in the Statements of Operations due to timing of shareholder transactions for the year.

(9) Annualized for periods less than one
 year.

(10) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| ***The HCM Funds*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)** |
| **December 31, 2025** |

---

**1.** **ORGANIZATION** 

The HCM Tactical Plus Fund ("HTPF"), formerly known as HCM Tactical Growth Fund, HCM Sector Plus Fund ("HSPF"), formerly known as HCM Dividend Sector Plus Fund, HCM Multi-Asset Plus Fund ("HMAPF"), formerly known as HCM Income Plus Fund and HCM Dynamic Income Fund ("HDIF") (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 Delaware statutory trust organized on December 5, 2011 under the laws of the state of Delaware. The Trust is registered under the Investment Company Act of 1940, as amended, (the "1940 Act"), as an open-end management investment company. HTPF's and HSPF's investment objective is to seek long-term capital appreciation. HMAPF's and HDIF's investment objective is to seek total return. Each Fund is a "fund of funds", in that they will generally invest in other investment companies. HTPF commenced operations on July 30, 2014. HSPF commenced operations on March 11, 2015. HMAPF commenced operations on November 9, 2016. HDIF commenced operations on June 30, 2022.

The Funds offer Class A, Class I and Investor Class shares. HTPF and HSPF also offer Class R shares although such Class R shares are not currently available for sale. HSPF also offers Class A1 shares. Class I, Class R and Investor Class shares are offered at net asset value. Class A and Class A1 shares are offered at net asset value plus a maximum sales charge of 5.75%. HTPF's Investor Class shares were formerly known as Class C shares. Each class represents an interest in the same assets of each 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 its service and/or distribution 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.

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

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

**Operating Segments –** An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the portfolio manager and Chief Financial Officer of the Trust. Each Fund's operates as a single operating segment. Each Fund's income,

---

| |
|:---|
| ***The HCM Funds*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **December 31, 2025** |

---

expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Funds, using the information presented in the financial statements and financial highlights.

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

**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 the NASDAQ, at the NASDAQ Official Closing Price ("NOCP"). In the absence of a sale, such securities shall be valued at the mean between the current bid and ask prices on the day of valuation. Investments in open-end investment non-exchange traded companies are valued at net asset value. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost, which approximates fair value.

**Valuation of Fund of Funds** - The Funds may invest in portfolios of open-end or closed-end investment companies (the "Underlying Funds"). Underlying open-end non-exchange traded investment companies are valued at their respective net asset values as reported by such investment companies. 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 by the methods established by the boards of the Underlying Funds. 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 may hold investments, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These investments will be valued using the "fair value" procedures approved by the Trust's Board of Trustees (the "Board"). The Board has delegated execution of these procedures to the Adviser as its valuation designee (the "Valuation Designee"). The Board may also enlist third party consultants such as a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist the Valuation Designee in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee, which approval shall be based upon whether the Valuation Designee followed the valuation procedures established by the Board.

---

| |
|:---|
| ***The HCM Funds*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **December 31, 2025** |

---

**Fair Valuation Process –** Applicable investments are valued by the Valuation Designee pursuant to valuation procedures established by the Board. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the Valuation Designee, the prices or values available do not represent the fair value of the instrument; factors which may cause the Valuation Designee to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; and (iv) securities with respect to which an event that will affect the value thereof has occurred (a "significant event") since the closing prices were established on the principal exchange on which they are traded, but prior to a Fund's calculation of its net asset value. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid investments, such as private investments or non-traded securities are valued based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If a current bid from such independent dealers or other independent parties is unavailable, the Valuation Designee shall determine, the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of 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.

The Funds utilize various methods to measure the fair value of all 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 the Funds have the ability to access.

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

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

---

| |
|:---|
| ***The HCM Funds*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **December 31, 2025** |

---

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 December 31, 2025 for each Fund's assets measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **HCM Tactical Plus Fund** | **HCM Tactical Plus Fund** | **HCM Tactical Plus Fund** | **HCM Tactical Plus Fund** | **HCM Tactical Plus Fund** |
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $52911970 | $— | $— | $52911970 |
| Exchange-Traded Funds | 1948250443 |  |  | 1948250443 |
| Total | $2001162413 | $— | $— | $2001162413 |
| **HCM Sector Plus Fund** | **HCM Sector Plus Fund** | **HCM Sector Plus Fund** | **HCM Sector Plus Fund** | **HCM Sector Plus Fund** |
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $211716495 | $— | $— | $211716495 |
| Exchange-Traded Funds | 1703435260 |  |  | 1703435260 |
| Total | $1915151755 | $— | $— | $1915151755 |
| **HCM Multi-Asset Plus Fund** | **HCM Multi-Asset Plus Fund** | **HCM Multi-Asset Plus Fund** | **HCM Multi-Asset Plus Fund** | **HCM Multi-Asset Plus Fund** |
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $793443289 | $— | $— | $793443289 |
| Total | $793443289 | $— | $— | $793443289 |
| **HCM Dynamic Income Fund** | **HCM Dynamic Income Fund** | **HCM Dynamic Income Fund** | **HCM Dynamic Income Fund** | **HCM Dynamic Income Fund** |
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $122675425 | $— | $— | $122675425 |
| Total | $122675425 | $— | $— | $122675425 |

---

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

\* See Schedule of Investments for industry classification.

**Security Transactions and Related Income –** Investment security transactions are accounted for on a trade date basis. Cost is determined and realized gains and losses are based upon the specific identification method for both financial statement and federal income tax purposes. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Purchase discounts and premiums on securities are accreted and amortized over the life of the respective securities.

---

| |
|:---|
| ***The HCM Funds*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **December 31, 2025** |

---

**Dividends and Distributions to Shareholders –** Dividends from net investment income, if any, are declared and paid quarterly. Distributable net realized capital gains, if any, are declared and distributed annually. Dividends from net investment income and distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are considered either temporary (e.g., deferred losses) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification. Any such reclassifications will have no effect on net assets, results from operations, or net asset value per share of the Funds. Dividends and distributions to shareholders are recorded on the ex-dividend date.

**Federal Income Taxes –** The Funds have qualified income and intend to continue to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of their taxable income to their shareholders. Therefore, no provision for federal income tax is required. The Funds recognize the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Funds' tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years June 30, 2023 through June 30, 2025, or expected to be taken in the Funds' June 30, 2026 tax returns. The Funds have identified their major tax jurisdictions as U.S. federal, Ohio and foreign jurisdictions where the Funds make significant investments; however, 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.

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

Please refer to the Funds' prospectus for a full listing of risks associated with these investments.

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

**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.

---

| |
|:---|
| ***The HCM Funds*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **December 31, 2025** |

---

**3.** **INVESTMENT TRANSACTIONS** 

For the six months ended December 31, 2025, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments and U.S. government securities, were as follows:

---

| | | |
|:---|:---|:---|
| Portfolio | Purchases | Sales |
| HCM Tactical Plus Fund | $— | $82020383 |
| HCM Sector Plus Fund |  | 56489238 |
| HCM Multi-Asset Plus Fund | 109016777 | 147986843 |
| HCM Dynamic Income Fund | 1499950 | 5002457 |

---

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

Howard Capital Management, Inc. serves as the Funds' investment adviser (the "Adviser"). Pursuant to advisory agreements with the Trust, on behalf of each Fund, the Adviser, under the oversight of the Board, directs the daily operations of the Funds and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Adviser, the Funds paid the Adviser an investment advisory fee, computed and accrued daily and paid monthly, at an annual rate of 1.25% of each Fund's average daily net assets for HTPF,

HSPF and HDIF, and 0.95% for HMAPF. For the six months ended December 31, 2025, the Adviser earned investment advisory fees of $12,292,469, $11,792,809, $3,782,550, and $782,628 for HTPF, HSPF, HMAPF and HDIF, respectively.

Effective February 26, 2024, the annual advisory fee for HTPF, HSPF and HDIF is 1.25% of the Fund's average daily net assets up to $2 billion, 1.20% on assets between $2 billion and $3 billion and 1.15% on assets greater than $3 billion.

Pursuant to a written contract (the "Waiver Agreement"), the Adviser has agreed until November 1, 2026 to waive a portion of its advisory fee and agreed to reimburse HDIF for other expenses to the extent necessary so that the total expenses incurred by the Fund (excluding front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, borrowing costs such as interest and dividend expenses on securities sold short, taxes, or extraordinary expenses, such as litigation expenses, not incurred in the ordinary course of the Fund's business) do not exceed the following amounts per annum of the average daily net assets of each class of shares:

---

| | | | |
|:---|:---|:---|:---|
| | Class A | Class I | Investor Class |
| HDIF | 1.99% | 1.74% | 2.74% |

---

These fee waivers and reimbursements are subject to possible recoupment from the Fund by the Adviser in future years (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the lesser of the expense limitation in place at the time of waiver. HTGF, HDSPF and HIPF currently do not have a Waiver Agreement in place. During the six months ended December 31, 2025, the Adviser waived $0 in fees pursuant to the Waiver Agreement for HDIF and there are no waived fees available for recoupment.

---

| |
|:---|
| ***The HCM Funds*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **December 31, 2025** |

---

Distributor – The Trust, on behalf of the Funds, has adopted the Trust's Master Distribution and Shareholder Servicing Plans (the "Plans") pursuant to Rule 12b-1 under the 1940 Act. The Plans provide that a monthly service and/or distribution fee is calculated at an annual rate of 0.25%, 1.00% and 0.10% of the average daily net assets attributable to Class A, Investor Class and Class R shares, respectively, for HTPF, 0.25%, 0.40%, 1.00%, and 0.10% of the average daily net assets attributable to Class A, Class A1, Investor Class and Class R shares, respectively for HSPF, 0.25% and 1.00% of the average daily net assets attributable to Class A and Investor Class shares, respectively for HMAPF and 0.25% and 1.00% of the average daily net assets attributable to Class A and Investor Class shares, respectively for HDIF and is paid to Northern Lights Distributors, LLC (the "Distributor") to provide compensation for ongoing distribution-related activities or services and/or maintenance of the Funds' shareholder accounts, not otherwise required to be provided by the Adviser. Class R shares are not currently accruing fees as they are not currently available for sale. For the six months ended December 31, 2025, pursuant to the Plans, distribution fees for Class A shares, Class A1 shares and Investor Class shares were as follows:

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| | | | |
|:---|:---|:---|:---|
| Portfolio | Class A | Class A1 | Investor Class |
| HCM Tactical Plus Fund | $1463535 | $— | $3123784 |
| HCM Sector Plus Fund | 1308189 | 14 | 3393299 |
| HCM Multi-Asset Plus Fund | 612621 |  | 1081577 |
| HCM Dynamic Income Fund | 137749 |  | 83 |

---

The Distributor acts as each Fund's principal underwriter in a continuous public offering of the Funds' shares. On sales of HTPF's Class A shares for the six months ended December 31, 2025, the Distributor received $77,666 from front-end sales charges of which $10,629 was retained by the principal underwriter or other affiliated broker-dealers. On sales of HSPF's Class A shares for the six months ended December 31, 2025, the Distributor received $16,726 from front-end sales charges of which $2,301 was retained by the principal underwriter or other affiliated broker-dealers. On sales of HMAPF's Class A shares for the six months ended December 31, 2025, the Distributor received $2,186 from front-end sales charges, of which $314 was retained by the principal underwriter or other affiliated broker-dealers. On sales of HDIF's Class A shares for the six months ended December 31, 2025, the Distributor received $568 from front-end sales charges, of which $77 was retained by the principal underwriter or other affiliated broker-dealers.

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

*<u>Ultimus Fund Solutions, LLC</u>* <u>("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 either Funds for serving in such capacities.

---

| |
|:---|
| ***The HCM Funds*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **December 31, 2025** |

---

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

*<u>Blu Giant, LLC</u>* <u>("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 Trust on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Funds.

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

The tax character of distributions paid for the years ended June 30, 2025, and June 30, 2024, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** | **For the year ended June 30, 2025** |
|  | **Ordinary** | **Long-Term** | **Return** | **Tax-Exempt** | |
| **Portfolio** | **Income** | **Capital Gains** | **of Capital** | **Income** | **Total** |
| HCM Tactical Plus Fund | $136306404 | $37791728 | $— | $— | $174098132 |
| HCM Sector Plus Fund | 166269817 | 43801548 |  |  | 210071365 |
| HCM Multi-Asset Plus Fund | 14909700 | 54275744 |  |  | 69185444 |
| HCM Dynamic Income Fund | 2690562 |  |  |  | 2690562 |
| **For the year ended June 30, 2024** | **For the year ended June 30, 2024** | **For the year ended June 30, 2024** | **For the year ended June 30, 2024** | **For the year ended June 30, 2024** | **For the year ended June 30, 2024** |
|  | **Ordinary** | **Long-Term** | **Return** | **Tax-Exempt** |  |
| **Portfolio** | **Income** | **Capital Gains** | **of Capital** | **Income** | **Total** |
| HCM Tactical Plus Fund | $— | $— | $— | $— | $— |
| HCM Sector Plus Fund | 65189207 | 1641041 |  |  | 66830248 |
| HCM Multi-Asset Plus Fund | 3278561 |  |  |  | 3278561 |
| HCM Dynamic Income Fund | 3507389 |  |  |  | 3507389 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Portfolio** | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-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/(Deficits)** |
| HCM Tactical Plus Fund | $— | $35242654 | $(4687412) | $— | $— | $466083289 | $496638531 |
| HCM Sector Plus Fund | 2099135 |  | (3435457) |  |  | 274889558 | 273553236 |
| HCM Multi-Asset Plus Fund | 20414396 |  |  |  |  | 107140825 | 127555221 |
| HCM Dynamic Income Fund | 958798 |  |  | (8923973) |  | 9139801 | 1174626 |

---

The difference between book basis and tax basis unrealized appreciation, undistributed net investment income, and accumulated net realized gains from investments is primarily attributable to the tax deferral of losses on wash sales.

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: The HCM Tactical Plus Fund incurred and elected to defer such late year losses of $4,687,412.

---

| |
|:---|
| ***The HCM Funds*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **December 31, 2025** |

---

Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. HCM Sector Plus Fund incurred elected to defer such capital losses of $3,435,457.

At June 30, 2025, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Non-Expiring** | **Non-Expiring** | | |
| <br>**Portfolio** | **Short-Term** | **Long-Term** |<br>**Total** |<br>**CLCF Utilized** |
| HCM Tactical Plus Fund | $— | $— | $— | $— |
| HCM Sector Plus Fund |  |  |  |  |
| HCM Multi-Asset Plus Fund |  |  |  |  |
| HCM Dynamic Income Fund | 8923973 |  | 8923973 |  |

---

Permanent book and tax differences, primarily attributable to the book/tax treatment of use of tax equalization credits and adjustments for prior year tax returns, resulted in reclassification for the year ended June 30, 2025, as follows:

---

| | | |
|:---|:---|:---|
| <br>**Portfolio** | **Paid In**<br>**Capital** | **Accumulated**<br>**Earnings (Losses)** |
| HCM Tactical Plus Fund | $10109749 | $(10109749) |
| HCM Sector Plus Fund | 2204936 | (2204936) |
| HCM Multi-Asset Plus Fund | 3114129 | (3114129) |
| HCM Dynamic Income Fund |  |  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Portfolio** |<br>**Cost for Federal**<br>**Tax purposes** | **Gross**<br>**Unrealized**<br>**Appreciation** | **Gross**<br>**Unrealized**<br>**(Depreciation)** | **Tax Net Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| HCM Tactical Plus Fund | $1263716046 | $776353960 | $(38907593) | $737446367 |
| HCM Sector Plus Fund | 1402526444 | 580316652 | (67691341) | 512625311 |
| HCM Multi-Asset Plus Fund | 611717716 | 192609825 | (10884252) | 181725573 |
| HCM Dynamic Income Fund | 109120951 | 14258586 | (704112) | 13554474 |

---

**7.** **REDEMPTION FEES** 

The Funds may assess a short-term redemption fee of 1.00% of the total redemption amount if a shareholder sells their shares after holding them for less than 30 days. The redemption fee is paid directly to the specific Fund in which the short-term redemption fee occurs. For the six months ended December 31, 2025, no Fund assessed redemption fees.

**8.** **CONTROL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a portfolio creates presumption of the control of the portfolio, under section 2(a)(9) of the 1940 Act. As of December 31, 2025, National Financial Services owned 31.0% of HTPF. As of December 31, 2025 National Financial Services and Pershing LLC owned 32.7% and 26.2% of HSPF, respectively. As of December 31, 2025, Charles Schwab, Pershing LLC, and National Financial Services owned 28.3%, 28.6%, and 26.3% of HMAPF, respectively. As of December 31, 2025, Charles Schwab owned 25.7% of HDIF.

---

| |
|:---|
| ***The HCM Funds*** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **December 31, 2025** |

---

**9.** **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.

---

| |
|:---|
| ***The HCM Funds*** |
| **Additional Information (Unaudited)** |
| **December 31, 2025** |

---

**Changes in and Disagreements with Accountants**

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

**Proxy Disclosures**

Not applicable.

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

Refer to the financial statements included herein.

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

Not applicable.

**<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 used to determine how to vote proxies is available without charge, upon request, by calling 1-855-969-8464, by visiting https://howardcmfunds.com/, or by referring to the Securities and Exchange Commission's ("SEC") website at http://www.sec.gov.

**<u>PORTFOLIO HOLDINGS</u>**

The Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT, within sixty days after the end of the period. Form N-PORT reports are available at the SEC's website at www.sec.gov.

---

| |
|:---|
| **INVESTMENT ADVISER** |
| Howard Capital Management, Inc. |
| 1145 Hembree Road |
| Roswell, Georgia 30076 |
| **ADMINISTRATOR** |
| Ultimus Fund Solutions, LLC |
| 225 Pictoria Drive, Suite 450 |
| Cincinnati, Ohio 45246 |

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**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** Not applicable

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** Not applicable

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** Included under Item 7 of this Form.

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

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)&nbsp;&nbsp;&nbsp;&nbsp; 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)&nbsp;&nbsp;&nbsp;&nbsp; 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)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

**Item 19. Exhibits.** 

(a)(1) Not applicable.

(a)(2) Not applicable.

[(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto. Exhibit 99. CERT](ex99-cert.htm)

(a)(4) Not applicable.

[(b)&nbsp;&nbsp;&nbsp;&nbsp; Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto Exhibit 99.906CERT](ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) <u>Northern Lights Fund Trust III</u>

By (Signature and Title)

---

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

---

Date <u>03/09/26</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)

---

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

---

Date <u>03/09/26</u>

By (Signature and Title)

---

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

---

Date <u>03/09/26</u>

## Ex-99.Cert

CERTIFICATIONS

I, Brian Curley, certify that:

1. I have reviewed this report on Form N-CSR of the HCM Tactical Plus Fund, HCM Sector Plus Fund, HCM Multi-Asset Plus Fund and HCM Dynamic Income 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.

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| | | |
|:---|:---|:---|
| Date: | 03/09/26 | /s/ Brian Curley |
|  |  | Brian Curley |
|  |  | Principal Executive Officer/President |

---

I, Rich Gleason, certify that:

1. I have reviewed this report on Form N-CSR of the HCM Tactical Plus Fund, HCM Sector Plus Fund, HCM Multi-Asset Plus Fund and HCM Dynamic Income 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: | 03/09/26 | /s/ Rich Gleason |
|  |  | Rich Gleason |
|  |  | Principal Financial Officer/Treasurer |

---

## Exhibit 99.906

**certification**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended December 31, 2025 (the "Form N-CSR") fully complies with the requirements of Section 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.

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| | | | |
|:---|:---|:---|:---|
| Principal Executive Officer/President | Principal Executive Officer/President | Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| Northern Lights Fund Trust III | Northern Lights Fund Trust III | Northern Lights Fund Trust III | Northern Lights Fund Trust III |
| /s/ Brian Curley | /s/ Brian Curley | /s/ Rich Gleason | /s/ Rich Gleason |
| Brian Curley | Brian Curley | Rich Gleason | Rich Gleason |
| Date: | 03/09/26 | Date: | 03/09/26 |

---

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.