# EDGAR Filing Document

**Accession Number:** 0001537140
**File Stem:** 0001580642-25-007647
**Filing Date:** 2025-12
**Character Count:** 102462
**Document Hash:** 6f37d4902a8b9b97df12075f1c900daf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-007647.hdr.sgml**: 20251208

**ACCESSION NUMBER**: 0001580642-25-007647

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251208

**DATE AS OF CHANGE**: 20251205

**EFFECTIVENESS DATE**: 20251208

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22655
- **FILM NUMBER:** 251554357

**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

### PlanRock Alternative Growth ETF (Series ID: S000083335)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000246894 | PlanRock Alternative Growth ETF | PRAE            |

?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, OH</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>631-470-2600</u>

Date of fiscal year end: <u>9/30</u> <br>Date of reporting period: <u>9/30/25</u>

**Item 1. Reports to Stockholders.** 

(a) #### PlanRock Alternative Growth ETF
(PRAE) NYSE Arca, Inc.

#### Annual Shareholder Report - September 30, 2025

# Fund Overview
This annual shareholder report contains important information about PlanRock Alternative Growth ETF for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **https://www.planrockfunds.com/literature-prospectus/**. You can also request this information by contacting us at 1-800-677-6025.

# What were the Fund's costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PlanRock Alternative Growth ETF | $129 | 1.25% |

---

# How did the Fund perform during the reporting period?
The Fund is offered as a potential stock replacement or complement to traditional stock portfolios. The Fund's strategy is designed to have low correlation to US and foreign stocks with similar or lower volatility.

The Fund was up 5.63% NAV (5.50% closing market price) for the 12-month period ended September 30, 2025. The MSCI ACWI Index was up 17.27% over the same period. The Fund follows the momentum of many different growth markets globally and can move from long to short positions. Since the Fund's strategy is centered around diversification away from the broader stock market, the Fund had allocations throughout the year in asset classes such as gold, options strategies, commodities, currencies, volatility futures to name a few. The Fund, of course, held stock positions in various sectors, and equity factors such as large cap stock, small cap stocks, value stocks and growth stocks within the broader market.

The Fund's lowest performers during the past year were in diversifiers that are employed within the Fund's alternative derivative investments. These alternative investments helped the Fund lower downside volatility while attempting to achieve favorable long-term performance compared to global equity markets. Within the alternative portion of the portfolio, the Fund's managed futures strategy was the largest detractor from performance as Q1 of 2025, which was a historically bad quarter for managed futures strategies in general. The Fund's long-only ETF rotation strategy was the strongest positive contributor to Fund performance during this 12-month period.

Since the Fund is expected to have lower correlation to the cap weighted stock markets, the overall performance of the Fund was as expected.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ibc5c40c2247285f593cbada0.jpg)

---

| | | |
|:---|:---|:---|
| | **PlanRock Alternative Growth ETF - NAV** | **MSCI ACWI Index Net** |
| **12/18/23** | $10000 | $10000 |
| **12/31/23** | $10083 | $10141 |
| **03/31/24** | $11040 | $10972 |
| **06/30/24** | $10990 | $11287 |
| **09/30/24** | $11340 | $12033 |
| **12/31/24** | $10896 | $11914 |
| **03/31/25** | $10314 | $11756 |
| **06/30/25** | $10792 | $13111 |
| **09/30/25** | $11978 | $14111 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (December 18, 2023)** |
| PlanRock Alternative Growth ETF - NAV | 5.63% | 10.63% |
| MSCI ACWI Index Net | 17.27% | 21.26% |

---

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

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $10299086 |
| Number of Portfolio Holdings | 24 |
| Advisory Fee (net of waivers) | $0 |
| Portfolio Turnover | 293% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i45b8ee0e91c048e84d3c8c91.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 98.9% |
| Purchased Options | 1.1% |

---

The pie chart above does not include futures in which the Fund invests.

# What did the Fund invest in?

# **Asset Weighting (% of net assets)**![Group By Sector Chart](i8cbf2c29f47ac0cd051201c5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 16.7% |
| Future Option | 0.8% |
| Commodity | 15.0% |
| Equity | 67.5% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;ProShares Ultra Gold | &nbsp;&nbsp;12.5% |
| &nbsp;&nbsp;iShares Russell 1000 Growth ETF | &nbsp;&nbsp;10.0% |
| &nbsp;&nbsp;iShares MSCI EAFE Small-Cap ETF | &nbsp;&nbsp;7.0% |
| &nbsp;&nbsp;Avantis Emerging Markets Value ETF | &nbsp;&nbsp;6.7% |
| &nbsp;&nbsp;iShares MSCI EAFE Value ETF | &nbsp;&nbsp;6.6% |
| &nbsp;&nbsp;Avantis International Small Cap Value ETF | &nbsp;&nbsp;6.4% |
| &nbsp;&nbsp;SPDR Portfolio S&P 500 ETF | &nbsp;&nbsp;6.0% |
| &nbsp;&nbsp;Communication Services Select Sector SPDR Fund | &nbsp;&nbsp;5.7% |
| &nbsp;&nbsp;Invesco QQQ Trust Series 1 | &nbsp;&nbsp;5.1% |
| &nbsp;&nbsp;iShares MSCI USA Momentum Factor ETF | &nbsp;&nbsp;5.0% |

---

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

#### PlanRock Alternative Growth ETF

#### Annual Shareholder Report - September 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-PRAE

(b) Not applicable

**Item 2. Code of Ethics.** 

(a) The
 registrant has, as of the end of the period covered by this report, adopted a code of ethics that applies to the registrant's principal
 executive officer, principal financial officer, and principal accounting officer or controller, or persons performing similar functions,
 regardless of whether these individuals are employed by the registrant or a third party.

(b) N/A

(c) During the
 period covered by this report, there were no amendments to any provision of the code of ethics.

(d) During the
 period covered by this report, there were no waivers or implicit waivers of a provision of the code of ethics.

(e) N/A

(f) See Item 19(a)(1)

**Item 3. Audit Committee Financial Expert.** 

---

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

---

**Item 4. Principal Accountant Fees and Services.** 

---

| | |
|:---|:---|
| (a) | Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the registrant's principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are as follows: |
|  | 2025 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $15500 <br> 2024 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $30000 |

---

---

| | |
|:---|:---|
| (b) | Audit-Related Fees. There were no fees billed in each of the last two fiscal years for assurances and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item. |
| (c) | Tax Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance are as follows: |
|  | 2025 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3750 <br> 2024 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7500 |

---

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

---

| | |
|:---|:---|
| (d) | All Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant's principal accountant, other than the services reported in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years ended September 30, 2025 and September 30, 2024, respectively. |
| (e)(1) | The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant. |
| (e)(2) | There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
| (f) | Not applicable. |
| (g) | All non-audit fees billed by the registrant's principal accountant for services rendered to the registrant for the fiscal years ended September 30, 2025 and September 30, 2024, respectively are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant's principal accountant for the registrant's adviser. |
| (h) | Not applicable. |
| (i) | Not applicable. |
| (j) | Not applicable. |

---

**Item 5. Audit Committee of Listed Registrants.** 

The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act") and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)A of the Exchange Act. The registrant's audit committee members are Mark H. Taylor, Mr. John Palancia, Ms. Patricia Luscombe and Mr. Jeffrey Young.

**Item 6. 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;

![(LOGO)](pl001_v1.jpg)

**PlanRock Alternative Growth ETF**

PRAE

Annual Financial Statements and Additional Information

September 30, 2025

1-800-677-6025

www.PlanRockFunds.com

---

| |
|:---|
| **PLANROCK ALTERNATIVE GROWTH ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **September 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  |  |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 82.4%** | **EXCHANGE-TRADED FUNDS — 82.4%** | **EXCHANGE-TRADED FUNDS — 82.4%** |  |
|  | **COMMODITY - 15.0%** | **COMMODITY - 15.0%** | **COMMODITY - 15.0%** |  |
| 11339 | ProShares Ultra Bloomberg Crude Oil<sup>(a)</sup> | ProShares Ultra Bloomberg Crude Oil<sup>(a)</sup> | ProShares Ultra Bloomberg Crude Oil<sup>(a)</sup> | $254901 |
| 27969 | ProShares Ultra Gold<sup>(a)</sup> | ProShares Ultra Gold<sup>(a)</sup> | ProShares Ultra Gold<sup>(a)</sup> | 1288252 |
|  |  |  |  | 1543153 |
|  | **EQUITY - 67.4%** | **EQUITY - 67.4%** | **EQUITY - 67.4%** |  |
| 12026 | Avantis Emerging Markets Value ETF | Avantis Emerging Markets Value ETF | Avantis Emerging Markets Value ETF | 689932 |
| 7453 | Avantis International Small Cap Value ETF | Avantis International Small Cap Value ETF | Avantis International Small Cap Value ETF | 663541 |
| 4953 | Communication Services Select Sector SPDR Fund | Communication Services Select Sector SPDR Fund | Communication Services Select Sector SPDR Fund | 586287 |
| 10808 | Emerging Markets Internet ETF (The) | Emerging Markets Internet ETF (The) | Emerging Markets Internet ETF (The) | 501869 |
| 873 | Invesco QQQ Trust Series 1 | Invesco QQQ Trust Series 1 | Invesco QQQ Trust Series 1 | 524123 |
| 9359 | iShares MSCI EAFE Small-Cap ETF | iShares MSCI EAFE Small-Cap ETF | iShares MSCI EAFE Small-Cap ETF | 718022 |
| 10072 | iShares MSCI EAFE Value ETF | iShares MSCI EAFE Value ETF | iShares MSCI EAFE Value ETF | 683184 |
| 2002 | iShares MSCI USA Momentum Factor ETF | iShares MSCI USA Momentum Factor ETF | iShares MSCI USA Momentum Factor ETF | 513413 |
| 2166 | iShares Russell 1000 Growth ETF | iShares Russell 1000 Growth ETF | iShares Russell 1000 Growth ETF | 1014575 |
| 7882 | SPDR Portfolio S&P 500 ETF | SPDR Portfolio S&P 500 ETF | SPDR Portfolio S&P 500 ETF | 617476 |
| 1506 | Technology Select Sector SPDR Fund | Technology Select Sector SPDR Fund | Technology Select Sector SPDR Fund | 424481 |
|  |  |  |  | 6936903 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $7,326,502)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost $7,326,502)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost $7,326,502)** | 8480056 |
| **Contracts<sup>(b)</sup>** | **Expiration <br> Date** | **Exercise<br> Price** | **Notional<br> Value** |  |
|  | **FUTURE OPTIONS PURCHASED - 0.9%** |  |  |  |
|  | **CALL OPTIONS PURCHASED - 0.9%** |  |  |  |
| 12 | 10/17/2025 | $24800 | $5976420 | $96360 |
|  | **TOTAL CALL OPTIONS PURCHASED (Cost - $114,240)** |  |  |  |
|  | **TOTAL INVESTMENTS - 83.3% (Cost $7,440,742)** |  |  | $8576416 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 16.7%** |  |  | 1722670 |
|  | **NET ASSETS - 100.0%** |  |  | $10299086 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **PLANROCK ALTERNATIVE GROWTH ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **September 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Counterparty** | **Expiration** | **Notional<br> Amount<sup>(c)</sup>** | **Value and<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| 12 | CBOE Volatility Index Future | RJO | 03/19/2026 | $254785 | $(11435) |
| 13 | CBOE Volatility Index Future | RJO | 04/16/2026 | 278850 | (1420) |
| 18 | CBOT 10 Year US Treasury Note Future | RJO | 12/22/2025 | 2025000 | (2555) |
| 20 | CBOT 2 Year US Treasury Note Future | RJO | 01/01/2026 | 4167969 | (1437) |
| 1 | CME Euro Foreign Exchange Currency Future | RJO | 12/16/2025 | 147400 | (1) |
| 8 | ICE US Mini MSCI EAFE Index Future | RJO | 12/22/2025 | 1114120 | (3035) |
| 28 | ICE US MSCI Emerging Markets EM Index Future | RJO | 12/22/2025 | 1903580 | 17345 |
| 52 | Micro E-mini S&P 500 Future | RJO | 12/22/2025 | 1752075 | 13874 |
|  | **TOTAL LONG FUTURES CONTRACTS** |  |  |  | $11336 |
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Short Futures Contracts** | **Counterparty** | **Expiration** | **Notional<br> Amount<sup>(c)</sup>** | **Value and <br> Unrealized<br> Appreciation <br> (Depreciation)** |
| 1 | CBOT US Treasure Bond Future | RJO | 12/22/2025 | $116594 | $(16) |
| 36 | CME Japanese Yen Currency Future | RJO | 12/16/2025 | 3066300 | 13261 |
|  | **TOTAL SHORT FUTURES CONTRACTS** |  |  |  | $13245 |
|  | **TOTAL FUTURES CONTRACTS** |  |  |  | $24581 |

---

---

| | |
|:---|:---|
| CBOE | - Chicago Board Options Exchange |
| CBOT | - Chicago Board of Trade |
| CME | - Chicago Mercantile Exchange |
| EAFE | - Europe, Australasia and Far East |
| ETF | - Exchange-Traded Fund |
| MSCI | - Morgan Stanley Capital International |
| SPDR | - Standard & Poor's Depositary Receipt |
| RJO | - R.J. O'Brien & Associates, LLC |

---

(a) Non-income producing security.

(b) Each contract is equivalent to one
 futures contract.

(c) The amounts shown are the underlying
 reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund
 are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of
 the Fund's futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values
 affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport
 to represent economic value at risk to the Fund.

See accompanying notes to financial statements.

---

| |
|:---|
| **PLANROCK ALTERNATIVE GROWTH ETF** |
| **STATEMENT OF ASSETS AND LIABILITIES** |
| **September 30, 2025** |

---

---

| | |
|:---|:---|
| **ASSETS** | |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, At cost | $7440742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, At value | $8576416 |
| &nbsp;&nbsp;&nbsp;Cash | 757549 |
| &nbsp;&nbsp;&nbsp;Cash at broker for futures | 1081136 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 606 |
| &nbsp;&nbsp;&nbsp;Due from Adviser | 18553 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on futures contracts | 44480 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 10479365 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 113597 |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on futures contracts | 19899 |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 14159 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 32624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 180279 |
| **NET ASSETS** | $**10299086** |
| **Net Assets Consist Of:** |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $9770655 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | 528431 |
| **NET ASSETS** | $**10299086** |
| **Net Asset Value Per Share:** |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**10299086** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **290000** |
| &nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share (Net Assets ÷ Shares Outstanding) | $**35.51** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **PLANROCK ALTERNATIVE GROWTH ETF** |
| **STATEMENT OF OPERATIONS** |
| **For the Year Ended September 30, 2025** |

---

---

| | |
|:---|:---|
| **INVESTMENT INCOME** | |
| &nbsp;&nbsp;&nbsp;Dividends | $99439 |
| &nbsp;&nbsp;&nbsp;Interest | 8900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 108339 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 105260 |
| &nbsp;&nbsp;&nbsp;Administrative services | 62012 |
| &nbsp;&nbsp;&nbsp;Accounting services fees | 41986 |
| &nbsp;&nbsp;&nbsp;Professional fees | 27399 |
| &nbsp;&nbsp;&nbsp;Audit fees | 19178 |
| &nbsp;&nbsp;&nbsp;Trustees fees and expenses | 18981 |
| &nbsp;&nbsp;&nbsp;Legal fees | 16481 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 11734 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 10481 |
| &nbsp;&nbsp;&nbsp;Printing and postage expenses | 5359 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 869 |
| &nbsp;&nbsp;&nbsp;Other expenses | 8980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 328720 |
| &nbsp;&nbsp;&nbsp;Fees waived/reimbursed by the Adviser | (219015) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 109705 |
| **NET INVESTMENT LOSS** | (1366) |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions | 374144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (221274) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (377127) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Future options purchased | 192234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Future options written | (16069) |
|  | (48092) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 797783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (117141) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Future options purchased | (17880) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Future options written | (49375) |
|  | 613387 |
| **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS** | 565295 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**563929** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **PLANROCK ALTERNATIVE GROWTH ETF** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**September 30, 2025** | **Period Ended**<br>**September 30, 2024 (a)** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | $(1366) | $(1378) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments, futures, future options purchased & future options written | (48092) | 239693 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments, futures & future options written | 613387 | 546868 |
| Net increase in net assets resulting from operations | 563929 | 785183 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions paid | (107852) |  |
| Decrease in net assets resulting from distributions to shareholders | (107852) |  |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 6442055 | 11882126 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (5103804) | (4162551) |
| Net increase in net assets resulting from shares of beneficial interest | 1338251 | 7719575 |
| **TOTAL INCREASE IN NET ASSETS** | 1794328 | 8504758 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 8504758 |  |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $**10299086** | $**8504758** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 190000 | 375000 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (150000) | (125000) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 40000 | 250000 |

---

(a) The Fund commenced operations on
 December 18, 2023.

See accompanying notes to financial statements.

---

| |
|:---|
| **PLANROCK ALTERNATIVE GROWTH ETF** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year/Period |

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**September 30, 2025** | **Period Ended**<br>**September 30, 2024 (1)** |
| Net asset value, beginning of year/period | $34.02 | $30.00 |
| Activity from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (27) | (0.01) | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 1.89 | 4.03 |
| Total from investment operations | 1.88 | 4.02 |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.07) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.32) |  |
| Total distributions | (0.39) |  |
| Net asset value, end of year/period | $35.51 | $34.02 |
| Market price, end of year/period | $35.54 | $34.09 |
| Total return (3) | 5.63% (9) | 13.40% (4) |
| Market price total return (3) | 5.50% | 13.63% (4) |
| Net assets, at end of year/period (000s) | $10299 | $8505 |
| Ratio of gross expenses to average net assets before waiver (6) | 3.75% | 5.03% (5) |
| Ratio of net expenses to average net assets after waiver (6) | 1.25% | 1.25% (5) |
| Ratio of net investment loss to average net assets (67) | (0.02)% | (0.03)% (5) |
| Portfolio Turnover Rate (8) | 293% | 170% (4) |

---

(1) The Fund commenced operations on
 December 18, 2023.

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

(3) Total return is calculated assuming
 a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are
 assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment
 dates.

(4) Not annualized for periods less
 than one year.

(5) Annualized for periods less than
 one year.

(6) Does not include the Fund's
 share of the expenses of the underlying investment companies in which the Fund invests.

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

(8) Portfolio turnover rate excludes
 portfolio securities received or delivered as a result of processing capital share transactions in Creation/Redemption Units.

(9) Includes adjustments in accordance
 with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes
 and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

See accompanying notes to financial statements.

**PLANROCK ALTERNATIVE GROWTH ETF** 

**NOTES TO FINANCIAL STATEMENTS**

**September 30, 2025**

**1.** **ORGANIZATION** 

PlanRock Alternative Growth ETF (the "Fund") is 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. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Fund is a "fund of funds" in that the Fund will generally invest in other investment companies. The investment objective of the Fund is to seek growth of principal.

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

The following is a summary of significant accounting policies followed by the Fund in preparation of their financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP"). The preparation of financial statements in conformity with GAAP 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 increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 "Financial Services – Investment Companies", including Accounting Standards Update ("ASU") 2013-08.

**Securities Valuation** – Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price ("NOCP"). In the absence of a sale, such securities shall be valued at the mean between the current bid and ask prices on the day of valuation. Futures and future options are valued at the final settled price or, in the absence of a settled price, at the last sale price on the day of valuation. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Trust's Board of Trustees (the "Board") based on methods that include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions or market quotations from a major market maker in the securities. Investments valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services. The independent pricing service does not distinguish between smaller-sized bond positions known as "odd lots" and larger institutional-sized bond positions known as "round lots". The Fund may fair value a particular bond if the advisor does not believe that the round lot value provided by the independent pricing service reflects fair value of the Fund's holding. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost, which approximates fair value. Investments in open-end investment companies are valued at net asset value.

**Valuation of Underlying Funds** – The Fund may invest in portfolios of open-end or closed-end investment companies (the "underlying funds"). Underlying open -end 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 Fund will not change.

The Fund may hold investments, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These investments will be valued using the "fair value" procedures approved by the Board. The Board has delegated execution of these procedures to the advisor 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.

**Operating Segments** - The Fund has adopted FASB ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 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

**PLANROCK ALTERNATIVE GROWTH ETF**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

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 managers and Chief Financial Officer of the Trust. The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

**Fair Valuation Process** – Fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the Board, the prices or values available do not represent the fair value of the instrument; factors which may cause the Board to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; and (iv) securities with respect to which an event that will affect the value thereof has occurred (a "significant event") since the closing prices were established on the principal exchange on which they are traded, but prior to the Fund's calculation of its net asset value. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid investments, such as private investments or non-traded securities are valued based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If the Board is unable to obtain a current bid from such independent dealers or other independent parties, it shall determine the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Fund's holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

The Fund utilizes various methods to measure the fair value of all of 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 Fund has the ability to access.

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

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

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

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

**PLANROCK ALTERNATIVE GROWTH ETF**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

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 September 30, 2025 for the Fund's investments measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Assets \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;Exchange Traded Funds | $8480056 | $— | $— | $8480056 |
| &nbsp;&nbsp;Call Options Purchased | 96360 |  |  | 96360 |
| &nbsp;&nbsp;Open Long Futures Contracts | 11336 |  |  | 11336 |
| &nbsp;&nbsp;Open Short Futures Contracts | 13245 |  |  | 13245 |
| &nbsp;&nbsp;**Total** | $**8600997** | $**—** | $**—** | $**8600997** |

---

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

\* Please refer to the Schedule of Investments for industry classifications.

**Security Transactions and Investment Income** *–* Investment security transactions are accounted for on a trade date basis. Cost is determined and 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.

**Exchange Traded Funds** – The Fund may invest in exchange traded funds ("ETFs"). ETFs are a type of fund bought and sold on a securities exchange. An ETF trades like common stock and represents a portfolio of securities. The Fund may purchase an ETF to gain exposure to a portion of the U.S. or a foreign market. 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.

**Foreign Currency Translations** – The accounting records of the Fund is maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency, and income receipts and expense payments are translated into U.S. dollars using the prevailing exchange rate at the London market close. Purchases and sales of securities are translated into U.S. dollars at the contractual currency rates established at the approximate time of the trade.

**Futures Contracts** – The Fund is subject to currency price risk, equity price risk and interest rate risk in the normal course of pursuing their investment objectives. The Fund may purchase or sell futures contracts to hedge against market risk and to reduce return volatility. During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by "marking to market" on a daily basis to reflect the market value of the contracts at the end of each day's trading. When the contracts are closed, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund's basis in the contract. If the Fund was unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Risks may exceed amounts recognized in the Statement of Assets and Liabilities. With futures, there is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

**Option Transactions** – The Fund is subject to equity price risk in the normal course of pursuing their investment objectives and the Fund may purchase or sell options to help hedge against risk. When the Fund writes a call option, an amount equal to the premium received is included in the Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option. If an option expires on its stipulated expiration date or if the Fund enters into a closing purchase transaction, a gain or loss is realized. If a written call option is exercised, a gain or loss is realized for the sale of the underlying security and the proceeds from the sale are increased by the premium originally received. As writer of an option, the Fund has no control over whether the option will be exercised and, as a result, retains the market risk of an unfavorable change in the price of the security underlying the written option.

The Fund may purchase put and call options. Put options are purchased to hedge against a decline in the value of securities held in the Fund's portfolio. If such a decline occurs, the put options will permit the Fund to sell the securities underlying such options at the exercise price, or to close out the options at a profit. The premium paid for a put or call option plus any transaction costs will reduce the benefit, if any, realized by the Fund upon exercise of the option, and, unless the price of the underlying security rises or declines sufficiently, the option may expire worthless to the Fund. In addition, in the event that the price of the security in connection with which an option was purchased moves in a direction favorable to the Fund, the benefits realized by the Fund as a result of such favorable movement will be reduced by the amount of the premium paid for the option and related transaction costs. Written and purchased options are non-income producing securities. With purchased options, there is minimal counterparty risk to the Fund since

**PLANROCK ALTERNATIVE GROWTH ETF**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

these options are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded options, guarantees against a possible default.

**Market Risk –** Overall market risks may also affect the value of the Fund. The market values of securities or other investments owned by the Fund will go up or down, sometimes rapidly or unpredictably. Factors such as economic growth and market conditions, interest rate levels, exchange rates and political events affect the securities markets. Changes in market conditions and interest rates generally do not have the same impact on all types of securities and instruments. Unexpected local, regional or global events and their aftermath, such as war; acts of terrorism; financial, political or social disruptions; natural, environmental or man-made disasters; the spread of infectious illnesses or other public health issues; tariffs and trade wars, climate change and climate-related events; recessions and depressions; or other tragedies, catastrophes and events could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the Fund's net asset value, and may impair market liquidity, thereby increasing liquidity risk. Such events can cause investor fear and panic, which can adversely affect the economies of many companies, sectors, nations, regions and the market in general, in ways that cannot necessarily be foreseen. The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected.

**Distributions to Shareholders** – Distributions from net investment income, if any, are declared and paid at least annually and are recorded on the ex-dividend date. The Fund will declare and pay net realized capital gains, if any, annually. The character of income and gains to be distributed is determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are considered either temporary (i.e., deferred losses, capital loss carry forwards) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification.

**Federal Income Taxes** – It is the Fund's policy 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 Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Fund's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns expected to be taken in the Fund's September 30, 2024, or expected to be taken in the Fund's September 30, 2025 year-end tax returns.

The Fund identifies its major tax jurisdictions as U.S. federal, Ohio, and foreign jurisdictions where the Fund makes significant investments. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the period, the Fund did not incur any interest or penalties.

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

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

**PLANROCK ALTERNATIVE GROWTH ETF**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

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

PlanRock Investment Management, LLC (the "Advisor") serves as investment advisor to the Fund. Subject to the oversight of the Board, the Advisor is responsible for the management of the Fund's investment portfolio. Pursuant to an advisory agreement with the Trust, on behalf of the Fund, the Advisor directs the daily operations of the Fund and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Advisor, the Fund pays the Advisor a fee, computed and accrued daily and paid monthly at an annual rate of 1.20% of the Fund's average daily net assets.

For the year ended September 30, 2025, the Advisor earned advisory fees as follows:

---

| |
|:---|
| **Advisory Fee** |
| $105260 |

---

Pursuant to a written agreement (the "Waiver Agreement"), the Advisor has contractually agreed to waive its fees and reimburse expenses of the Fund, until at least February 1, 2026 to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (excluding (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions; (iii) acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the Advisor))) will not exceed 1.25% of the Fund's net assets. This fee waiver and expense reimbursement are subject to possible recoupment from the Fund within the three years after the fees have been waived or reimbursed, if such recoupment can be achieved within the lesser of the foregoing expense limits in place at the time of recapture. The Waiver Agreement may be terminated by the Board only on 60 days' written notice to the Advisor.

During the year ended September 30, 2025, the Advisor waived/reimbursed advisory fees pursuant to the Waiver Agreement as follows:

---

| |
|:---|
| **Advisory Fee Waiver** |
| $219015 |

---

As of September 30, 2025, the Advisor may recapture all or a portion of the waived fees no later than the dates stated below.

---

| | |
|:---|:---|
| **September 30, 2027** | **September 30, 2028** |
| $178981 | $219015 |

---

Distributor – The distributor of the Fund is Northern Lights Distributors, LLC (the "Distributor"). The Fund has adopted a distribution and service plan (the "Plan") pursuant to Rule 12b -1 under the 1940 Act. Under the Plan, the Fund is authorized to pay distribution fees to the Distributor and other firms that provide distribution and shareholder services ("Service Providers"). If a Service Provider provides these services, the Fund may pay fees at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 under the 1940 Act. No distribution or service fees are currently paid by the Fund, and there are no current plans to impose these fees. In the event Rule 12b-1 fees were charged, over time they would increase the cost of an investment in the Fund.

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

<u>Ultimus Fund Solutions, LLC ("UFS")</u> – UFS, an affiliate of the Distributor, provides administration and fund accounting services to the Trust. Pursuant to separate servicing agreements with UFS, the Fund pays UFS customary fees for providing administration and fund accounting services to the Fund. Certain officers of the Trust are also officers of UFS, and are not paid any fees directly by the Fund for serving in such capacities.

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

**PLANROCK ALTERNATIVE GROWTH ETF**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

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

**4.** **INVESTMENT TRANSACTIONS** 

For the year ended September 30, 2025, cost of purchases and proceeds from sales of portfolio securities (excluding in-kind transactions and short-term investments) for the Fund was as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| $20547885 | $19636486 |

---

For the year ended September 30, 2025, cost of purchases and proceeds from sales of portfolio securities for in-kind transactions for the Fund was as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| $4884898 | $4524820 |

---

**5.** **DERIVATIVE TRANSACTIONS** 

The following is a summary of the effect of derivative instruments on the Fund's Statement of Assets and Liabilities as of September 30, 2025.

---

| | | |
|:---|:---|:---|
| Contract Type/Primary Risk Exposure | Statement of Assets and Liabilities | Value |
| Equity Contracts/Equity Price Risk | Investments, At value | $96360 |
| Currency Contracts/Currency Price Risk | Unrealized appreciation/depreciation on futures contracts | 13260 |
| Equity Contracts/Equity Price Risk | Unrealized appreciation/depreciation on futures contracts | 15329 |
| Interest Rate Contracts/Interest Rate Risk | Unrealized appreciation/depreciation on futures contracts | (4008) |
|  |  | 24581 |

---

The following is a summary of the effect of derivative instruments on the Fund's Statement of Operations for the year ended September 30, 2025.

---

| | | |
|:---|:---|:---|
|  | | Change in Unrealized |
| Contract type/ | Realized Loss | Depreciation |
| Primary Risk Exposure | On Futures Contracts | On Futures Contracts |
| Currency Contracts/Currency Price Risk | $(240090) | $(69775) |
| Equity Contracts/Equity Price Risk | 81068 | (33460) |
| Interest Rate Contracts/Interest Rate Risk | (218105) | (13906) |
|  | $(377127) | $(117141) |
|  |  | Change In Unrealized |
| Contract type/ | Realized Gain | Depreciation |
| Primary Risk Exposure | On Future Options Purchased | On Future Options Purchased |
| Equity Contract/Equity Price Risk | $192234 | $(17880) |
|  |  | Change in Unrealized |
| Contract type/ | Realized Loss | Depreciation |
| Primary Risk Exposure | On Future Options Written | Future Options Written |
| Equity Contracts/Equity Price Risk | $(16069) | $(49375) |

---

**PLANROCK ALTERNATIVE GROWTH ETF**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

The notional value of the derivative instruments outstanding as of September 30, 2025 as disclosed in the Schedule of Investments and the amounts realized and changes in unrealized gains and losses on derivative instruments during the period as disclosed above and within the Statement of Operations serve as indicators of the volume of derivative activity for the Fund.

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

The identified cost of investments (including open positions in options) in securities owned by the Fund for federal income tax purposes, and its respective gross unrealized appreciation and depreciation at September 30, 2025, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | Gross | Gross | Net Unrealized |
| Tax | Unrealized | Unrealized | Appreciation |
| Cost | Appreciation | Depreciation | (Depreciation) |
| $7514194 | $1160243 | $(98021) | $1062222 |

---

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

The tax character of distributions paid during the fiscal year ended September 30, 2025, and the fiscal period ended September 30, 2024, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Fiscal Year Ended**<br>**September 30, 2025** | **Fiscal Period Ended**<br>**September 30, 2024** |
| Ordinary Income | $18252 | $— |
| Long-Term Capital Gain | 89600 |  |
| Return of Capital |  |  |
|  | $107852 | $— |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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)** |
| $— | $— | $(8758) | $(525033) | $— | 1062222 | $528431 |

---

The difference between book basis and tax basis undistributed net investment income (losses), accumulated net realized gains (losses), and unrealized appreciation (depreciation) from investments is primarily attributable to the tax deferral of losses on wash sales, and mark-to-market on open futures, options and partnerships.

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 Fund incurred and elected to defer such late year losses of $8,758.

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

---

| | | | |
|:---|:---|:---|:---|
| Short-Term | Long-Term | Total | CLCF Utilized |
| $307541 | $217482 | $525023 | $— |

---

Permanent book and tax differences, primarily attributable to realized gain (loss) on in-kind redemptions and distributions in excess, resulted in reclassifications for the tax year ended September 30, 2025, as follows:

---

| | |
|:---|:---|
| **Paid**<br>**In**<br>**Capital** |<br>**Accumulated**<br>**Earnings** |
| $371336 | $(371336) |

---

**PLANROCK ALTERNATIVE GROWTH ETF**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

**8.** **CAPITAL SHARE TRANSACTIONS** 

Shares are not individually redeemable and may be redeemed by the Fund at net asset value only in large blocks known as "Creation Units." Shares are created and redeemed by the Fund only in Creation Unit size aggregations of 10,000 shares. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Fund. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Distributor. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the net asset value per share of the relevant Fund on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances. In addition, the Fund may impose transaction fees on purchases and redemptions of Fund shares to cover the custodial and other costs incurred by the Fund in effecting trades. A fixed fee payable to the custodian may be imposed on each creation and redemption transaction regardless of the number of Creation Units involved in the transaction ("Fixed Fee"). Purchases and redemptions of Creation Units for cash or involving cash-in-lieu are required to pay an additional variable charge to compensate the Fund and its ongoing shareholders for brokerage and market impact expenses relating to Creation Unit transactions ("Variable Charge," and together with the Fixed Fee, the "Transaction Fees").

The Transaction Fees for the Fund is listed in the table below:

---

| | |
|:---|:---|
| **Fixed Fee** | **Variable Charge** |
| $250 | 2.00%\* |

---

\* As a percentage of the amount invested.

For the year ended September 30, 2025, the fixed and variable fees were as follows:

---

| | |
|:---|:---|
| Fixed Fees | Variable Fees |
| $2000 | $— |

---

**9.** **NEW ACCOUNTING PRONOUNCEMENT** 

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Fund's financial statements.

**10.** **SUBSEQUENT EVENTS** 

Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

![(LOGO)](pl002_v1.jpg)

**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

To the Shareholders of PlanRock Alternative Growth ETF and

Board of Trustees of Northern Lights Fund Trust III

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PlanRock Alternative Growth ETF (the "Fund"), a series of Northern Lights Fund Trust III, as of September 30, 2025, the related statement of operations, the statements of changes in net assets, the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, the results of its operations, the changes in net assets, and the financial highlights for each of the periods indicated below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
|  |  | Statements of Changes in |  |
| Fund Name | Statement of Operations | Net Assets | Financial Highlights |
| PlanRock Alternative <br> Growth ETF | For the year ended <br> September 30, 2025 | For the year ended September 30, 2025 and the period from December 18, 2023 (commencement of operations) through September 30, 2024. | For the year ended September 30, 2025 and the period from December 18, 2023 (commencement of operations) through September 30, 2024. |

---

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Fund's auditor since 2023

![(SIGNATURE)](pl003_v1.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

November 26, 2025

---

| |
|:---|
| **COHEN & COMPANY, LTD.** |
| **Registered with the Public Company Accounting Oversight Board** |
| **800.229.1099** **I 866.818.4538 fax I cohenco.com** |

---

**PLANROCK ALTERNATIVE GROWTH ETF** 

**ADDITIONAL INFORMATION (Unaudited)**

**September 30, 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.

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

Not applicable

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

Not applicable

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

Included under Item 7

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

Included under Item 7

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

Not applicable

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

Not applicable

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

Not applicable

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

None

**Item 16. Controls and Procedures**

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

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

Not applicable

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

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

**Item 19. Exhibits.** 

(a)(1)[Code of Ethics for Principal Executive and Senior Financial Officers.](coe.htm)

(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.](ex_99cert.htm)

(a)(4) Not applicable

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): [Attached hereto.](ex_99-906cert.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.

Northern Lights Fund Trust III

---

| | |
|:---|:---|
| By | /s/ Brian Curley |
| Brian Curley | Brian Curley |
| Principal Executive Officer | Principal Executive Officer |
| Date: 12/2/2025 | Date: 12/2/2025 |

---

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 | /s/ Brian Curley |
| Brian Curley | Brian Curley |
| Principal Executive Officer | Principal Executive Officer |
| Date: 12/2/2025 | Date: 12/2/2025 |
| By | /s/ Richard Gleason |
| Richard Gleason | Richard Gleason |
| Principal Financial Officer | Principal Financial Officer |
| Date: 12/2/2025 | Date: 12/2/2025 |

---

## Ex-99.Cert

**Certification** [Exhibit 99. CERT]

I, Brian Curley, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Northern Lights Fund Trust III ("registrant");

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;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: 12/2/2025 | /s/ Brian Curley |
|  | Brian Curley |
|  | Principal Executive Officer |

---

**Certification** [Exhibit 99. CERT]

I, Richard Gleason, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Northern Lights Fund Trust III ("registrant");

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;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: 12/2/2025 | /s/ Richard Gleason |
|  | Richard Gleason |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**certification** [Exhibit 99.906 CERT]

Brian Curely, Principal Executive Officer, and Richard Gleason, Principal Financial Officer of Northern Lights Fund Trust III (the "Registrant"), each certify to the best of his/her 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 September 30, 2025, (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and

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

---

| | | | |
|:---|:---|:---|:---|
| Principal Executive Officer | Principal Executive Officer | Principal Financial Officer | Principal Financial Officer |
| 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/ Richard Gleason | /s/ Richard Gleason |
| Brian Curley | Brian Curley | Richard Gleason | Richard Gleason |
| Date: | 12/2/2025 | Date: | 12/2/2025 |

---

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.

## Ex-99.Code

**aTTACHMENT 12.B**

**Northern Lights Fund Trust III**

**CODE OF ETHICS**

Northern Lights Fund Trust III (the "Trust") and each of its series (the "Funds") has adopted this Code of Ethics (the "Code") in order to set forth guidelines and procedures that promote ethical practices and conduct by all of its Access Persons and to ensure that all Access Persons comply with the federal securities laws. Although this Code contains a number of specific standards and policies, there are four key principles embodied throughout the Code.

**The interests of the Funds must always be paramount**

Access Persons have a legal, fiduciary duty to place the interests of the Funds ahead of their own. In any decision relating to their personal investments, Access Persons must scrupulously avoid serving their own interests ahead of those of Trust.

**Access Persons may not take advantage of their relationship with the Funds**

Access Persons should avoid any situation (unusual investment opportunities, perquisites and accepting gifts of more than token value from persons seeking to do business with the Funds) that might compromise, or call into question, the exercise of their fully independent judgment in the interests of the Funds.

**All Personal Securities Transactions should avoid any actual, potential, or apparent conflicts of interest**

Although all Personal Securities Transactions by Access Persons must be conducted in a manner consistent with this Code, the Code itself is based on the premise that Access Persons owe a fiduciary duty to the Funds, and should avoid any activity that creates an actual, potential, or apparent conflict of interest. This includes executing transactions through or for the benefit of a third party when the transaction is not in keeping with the general principles of this Code.

Access Persons must adhere to these general principles as well as comply with the specific provisions of this Code. Technical compliance with the Code and its procedures will not automatically prevent scrutiny of trades that show a pattern of abuse of an individual's fiduciary duty to the Funds.

**Access Persons must comply with all applicable laws**

In both work-related and personal activities, Access Persons must comply with all applicable laws, including the federal securities laws.

**Any violations of this Code should be reported promptly to the Chief Compliance Officer or his designee. Failure to do so will be deemed a violation of the Code.**

**DEFINITIONS**

**"Access Person"** shall have the same meaning as set forth in Rule 17j-1 under the Investment Company Act of 1940, as amended (the "1940 Act") and shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. all officers and trustees (or persons occupying a similar status or performing a similar function)
of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. all officers and trustees (or persons occupying a similar status or performing a similar function)
of an Adviser with respect to its corresponding series of the Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. any employee of the Trust or the Advisers (or of any company controlling or controlled by or under
common control with the Trust or the Advisers) who, in connection with his or her regular functions or duties, makes, participates
in, or obtains information regarding the purchase or sale of Covered Securities by the Funds, or whose functions relate to the
making of any recommendations with respect to the purchase or sale; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. any other natural person controlling, controlled by or under common control with the Trust or the
Advisers who obtains information concerning recommendations made to the Funds with regard to the purchase or sale of Covered Securities
by the Funds.

**"Beneficial Ownership"** means in general and subject to the specific provisions of Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended, having or sharing, directly or indirectly, through any contract arrangement, understanding, relationship, or otherwise, a direct or indirect "pecuniary interest" in the security.

**"Chief Compliance Officer"** means the Code of Ethics Compliance Officer of the Trust with respect to Trustees and officers of the Trust, or the CCO of the Advisers with respect to Advisers personnel.

**"Code"** means this Code of Ethics.

**"Covered Security"** means any Security, except (i) direct obligations of the U.S. Government, (ii) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements, and (iii) shares issued by open-end mutual Funds, except funds services by Gemini, NLCS, or NLD.

"**Decision Making Access Person"** means any Access Person who, in connection with his or her regular functions or duties, makes or participates in or obtains information regarding recommendations on the purchase or sale of a security by the Funds, or whose functions relate to the making of any recommendations with respect to such purchases or sales. Decision Makers typically are Adviser personnel.

**"Funds"** means series of the Trust.

**"Immediate family"** means an individual's spouse, child, stepchild, grandchild, parent, stepparent, grandparent, siblings, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law and should include adoptive relationships. For purposes of determining whether an Access Person has an "indirect pecuniary interest" in securities, only ownership by "immediate family" members sharing the same household as the Access Person will be presumed to be an "indirect pecuniary interest" of the Access Person, absent special circumstances.

**"Independent Trustees"** means those Trustees of the Trust that would not be deemed an "interested person" of the Trust, as defined in Section 2(a)(19)(A) of the 1940 Act.

**"Indirect Pecuniary Interest"** includes, but is not limited to: (a) securities held by members of the person's Immediate Family sharing the same household (which ownership interest may be rebutted); (b) a

general partner's proportionate interest in Fund securities held by a general or limited partnership; (c) a person's right to dividends that is separated or separable from the underlying securities (otherwise, a right to dividends alone will not constitute a pecuniary interest in securities); (d) a person's interest in securities held by a Trust; (e) a person's right to acquire securities through the exercise or conversion of any derivative security, whether or not presently exercisable; and (f) a performance-related fee, other than an asset based fee, received by any broker, dealer, bank, insurance company, investment company, investment manager, Trustee, or person or entity performing a similar function, with certain exceptions.

**"Pecuniary Interest"** means the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in securities.

**"Personal Securities Transaction"** means any transaction in a Covered Security in which an Access Person has a direct or indirect Pecuniary Interest.

**"Purchase or Sale of a Security"** includes the writing of an option to purchase or sell a Security. A Security shall be deemed "being considered for Purchase or Sale" for the Trusts when a recommendation to purchase or sell has been made and communicated by a Decision Making Access Person, and, with respect to the person making the recommendation, when such person seriously considers making such a recommendation. These recommendations are placed on the "Restricted List" until they are no longer being considered for Purchase or Sale, or until the Security has been purchased or sold.

**"Restricted List"** means the list of securities maintained by the Chief Compliance Officer in which trading by Access Persons is generally prohibited.

**"Security"** means any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-Trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-Trusts certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, or, in general, an interest or instrument commonly known as "security", or any certificate or interest or participation in temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase (including options) any of the foregoing.

**"Advisers"** means the Advisers to the Trust.

**"Trusts"** mean Northern Lights Fund Trust and the Northern Lights Variable Trust.

**PROHIBITED ACTIONS AND ACTIVITIES**

&nbsp;&nbsp;&nbsp;&nbsp;A. No Access Person shall purchase or sell directly or indirectly, any
Covered Security in which he or she has, or by reason of such transaction acquires, any direct or indirect beneficial ownership
and which he or she knows or should have known at the time of such purchase or sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) is being considered for purchase or sale by a Fund, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) is being purchased or sold by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;B. Decision-Making Access Persons may not participate in any initial
public offering of Covered Securities in any account over which they exercise Beneficial Ownership. All Access Persons must obtain
prior written authorization from the Chief Compliance Officer or his designee prior to such participation;

&nbsp;&nbsp;&nbsp;&nbsp;C. No Access Person may purchase a Covered Security in which by reason
of such transaction they acquire Beneficial Ownership in a private placement of a Security, without prior written authorization
of the acquisition by the Chief Compliance Officer or his designee;

&nbsp;&nbsp;&nbsp;&nbsp;D. Access Persons may not accept any fee, commission, gift, or services,
other than de minimus gifts, from any single person or entity that does business with or on behalf of the Trusts;

&nbsp;&nbsp;&nbsp;&nbsp;E. Decision-Making Access Persons may not serve on the board of directors
of a publicly traded company without prior authorization from the Chief Compliance Officer or his designee based upon a determination
that such service would be consistent with the interests of the Trust. If such service is authorized, procedures will then be put
in place to isolate such Decision-Making Access Persons serving as directors of outside entities from those making investment decisions
on behalf of the Trust.

Advanced notice should be given so that the Trust or Advisers may take such action concerning the conflict as deemed appropriate by the Chief Compliance Officer or his designee.

&nbsp;&nbsp;&nbsp;&nbsp;F. Decision-Making Access Persons may execute a Personal Securities
Transaction involving a Covered Security without pre-authorization of the Chief Compliance Officer or such persons who may be designated
by the Chief Compliance Officer from time to time, provided it is permitted by the Adviser's Code of Ethics. The Chief Compliance
Officer or his designee may restrict purchases of Covered Securities pursuant to the Adviser's Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;G. It shall be a violation of this Code for any Access Person, in connection
with the purchase or sale, directly or indirectly, of any Covered Security held or to be acquired by a Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. to employ any device, scheme or artifice to defraud the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. to make to the Trust any untrue statement of a material fact or to
omit to state to the Trust a material fact necessary in order to make the statements made, in light of the circumstances under
which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. to engage in any act, practice or course of business that operates
or would operate as a fraud or deceit upon the Trust; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. to engage in any manipulative practice with respect to the Trust.

EXEMPTED TRANSACTIONS

The provisions described above under the heading Prohibited Actions and Activities and the preclearance procedures under the heading Preclearance of Personal Securities Transactions do not apply to:

· Purchases or Sales of Securities effected in any account in which
an Access Person has no Beneficial Ownership;

· Purchases or Sales of Securities which are non-volitional on the
part the Access Person (for example, the receipt of stock dividends);

· Purchase of Securities made as part of automatic dividend reinvestment
plans;

· Purchases of Securities made as part of an employee benefit plan
involving the periodic purchase of company stock or mutual Funds; and

· Purchases of Securities effected upon the exercise of rights issued
by an issuer pro rata to all holders of a class of its Securities, to the extent such rights were acquired from such issuer, and
sale of such rights so acquired.

**PRECLEARANCE OF PERSONAL SECURITIES TRANSACTIONS**

All Decision-Making Access Persons wishing to engage in a Personal Securities Transaction involving, as defined in the Securities Act of 1933, an Initial Public Offering (IPO) or a Limited Offering, must obtain prior authorization of any such Personal Securities Transaction from the Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate to make such authorizations. Personal Securities Transactions by the Chief Compliance Officer involving an IPO or Limited Offering, shall require prior authorization from the President or Chief Executive Officer of the Trust (unless such person is also the Chief Compliance Officer) or their designee, who shall perform the review and approval functions relating to reports and trading by the Chief Compliance Officer. The Trust shall adopt the appropriate forms and procedures for implementing this Code of Ethics.

Any authorization so provided is effective until the close of business on the fifth trading day after the authorization is granted. In the event that an order for the Personal Securities Transaction involving an IPO or Limited Offering, is not placed within that time period, a new authorization must be obtained. If the order for the transaction is placed but not executed within that time period, no new authorization is required unless the person placing the order originally amends the order in any manner. Authorization for "good until canceled" orders is effective unless the order conflicts with a Trusts order.

If a Decision-Making Access Person wishing to effect a Personal Securities Transaction learns, while the order is pending, that the same Security is being considered for Purchase or Sale by a Fund, he or she should consult with the Chief Compliance Officer or his or her designee.

**REPORTING AND MONITORING**

The Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate shall monitor all personal trading activity of all Access Persons pursuant to the procedures established under this Code. An Access Person of either Trust who is also an access person of the Trust's principal underwriter or their affiliates or an Access Person of a Fund's Adviser or Sub-Adviser may submit reports required by this Section on forms prescribed by the Code of Ethics of such principal underwriter, Adviser, or Sub-Adviser <u>provided</u> that such forms comply with the requirements of Rule 17j-1(d)(1) of the 1940 Act.

**Disclosure of Personal Brokerage Accounts**

Within ten days of the commencement of employment or at the commencement of a relationship with the Trust, all Access Persons, except Independent Trustees, are required to submit to the Chief Compliance Officer or his designee a report stating the names and account numbers of all of their personal brokerage accounts, brokerage accounts of members of their Immediate Family, and any brokerage accounts which they control or in which they or an Immediate Family member has Beneficial Ownership. Such report must contain the date on which it is submitted and the information in the report must be current as of a

date no more than 45 days prior to that date. In addition, if a new brokerage account is opened during the course of the year, the Chief Compliance Officer or his designee must be notified immediately.

The information required by the above paragraph must be provided to the Chief Compliance Officer or his designee on an annual basis, and the report of such should be submitted with the annual holdings reports described below.

Each of these accounts is required to furnish duplicate confirmations and statements to the Chief Compliance Officer or his designee. These statements and confirms for each series of the Trusts may be sent to the Advisers.

Initial Holdings Report

Within ten days of becoming an Access Person (and with information that is current as of a date no more than 45 days prior to the date that the report was submitted), each Access Person, except Independent Trustees must submit a holdings report that must contain, at a minimum, the title and type of Security, and as applicable, the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Covered Security in which the Access Person has any direct or indirect Beneficial Ownership. This report must state the date on which it is submitted.

Annual Holdings Reports

All Access Persons, except Independent Trustees, must supply the information that is required in the initial holdings report on an annual basis, and such information must be current as of a date no more than 45 days prior to the date that the report was submitted. Such reports must state the date on which they are submitted.

QUARTERLY TRANSACTION REPORTS

All Access Persons shall report to the Chief Compliance Officer or his designee the following information with respect to transactions in a Covered Security in which such person has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership in the Covered Security:

· The date of the transaction, the title, and as applicable the exchange
ticker symbol or CUSIP number, interest rate and maturity date, number of shares, and the principal amount of each Covered Security;

· The nature of the transaction (i.e., purchase, sale or any other
type of acquisition or disposition);

· The price of the Covered Security at which the transaction was effected;
and

· The name of the broker, dealer, or bank with or through whom the
transaction was effected.

· The date the Access Person Submits the Report.

Reports pursuant to this section of this Code shall be made no later than 30 days after the end of the calendar quarter in which the transaction to which the report relates was effected, and shall include a certification that the reporting person has reported all Personal Securities Transactions required to be disclosed or reported pursuant to the requirements of this Code. Confirmations and Brokerage Statements sent directly to each Adviser's address noted above is an acceptable form of a quarterly transaction report.

An Independent Trustee need only make a quarterly transaction report if he or she, at the time of the transaction, knew, or in the ordinary course of fulfilling his or her official duties as a Trustee, should have known that during the 15-day period immediately preceding or following the date of the transaction by

the Independent Trustee, the Covered Security was purchased or sold by a Fund or was considered for purchase or sale by a Fund.

**ENFORCEMENTS AND PENALTIES**

The Chief Compliance Officer or his designee shall review the transaction information supplied by Access Persons. If a transaction appears to be a violation of this Code, the transaction will be reported to the Trusts Board of Trustees.

Upon being informed of a violation of this Code, the Trusts Board of Trustees may impose sanctions as it deems appropriate, including but not limited to, a letter of censure or suspension, termination of the employment of the violator, or a request for disgorgement of any profits received from a securities transaction effected in violation of this Code. The Trust shall impose sanctions in accordance with the principle that no Access Person may profit at the expense of its clients. Any losses are the responsibility of the violator. Any profits realized on personal securities transactions in violation of the Code must be disgorged in a manner directed by the Board of Trustees.

At least annually, the Chief Compliance Officer a shall issue a report on Personal Securities Transactions by Access Person. The report submitted to the board shall:

· Summarize existing procedures concerning Personal Securities investing
and any changes in the procedures made during the prior year;

· Identify any violations of this Code and any significant remedial
action taken during the prior year; and;

· Identify any recommended changes in existing restrictions or procedures
based upon the experience under the Code, evolving industry practices or developments in applicable laws and regulations.

**Acknowledgement**

The Trust must provide all Access Persons with a copy of this Code. Upon receipt of this Code, all Access Persons must do the following:

All new Access Persons must read the Code, complete all relevant forms supplied by the Chief Compliance Officer or his designee (including a written acknowledgement of their receipt of the Code), and schedule a meeting with the Chief Compliance Officer or his designee to discuss the provisions herein within two calendar weeks of employment.

Existing Access Persons who did not receive this Code upon hire, for whatever reason, must read the Code, complete all relevant forms supplied by the Chief Compliance Officer or his designee (including a written acknowledgement of their receipt of the Code), and schedule a meeting with the Chief Compliance Officer or his designee to discuss the provisions herein at the earliest possible time, but no later than the end of the current quarter.

All Access Persons must certify on an annual basis that they have read and understood the Code.