# EDGAR Filing Document

**Accession Number:** 0001537140
**File Stem:** 0000910472-25-003970
**Filing Date:** 2025-11
**Character Count:** 38319
**Document Hash:** 941dd3fd2a6f0bc27aa4223624dd4150
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-003970.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0000910472-25-003970

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20260630

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22655
- **FILM NUMBER:** 251517366

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **HCM TACTICAL PLUS FUND** | **HCM TACTICAL PLUS FUND** | **HCM TACTICAL PLUS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 2.6%** |  |
|  | **AUTOMOTIVE - 0.1%** |  |
| 3116 | Tesla, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $1385748 |
|  | **BIOTECH & PHARMA - 0.1%** |  |
| 4240 | Amgen, Inc. | &nbsp;&nbsp;&nbsp; 1196528 |
|  | **CHEMICALS - 0.0%<sup>(b)</sup>** |  |
| 11050 | CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp; 991185 |
|  | **E-COMMERCE DISCRETIONARY - 0.1%** |  |
| 11651 | Amazon.com, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2558210 |
|  | **INFRASTRUCTURE REIT - 0.1%** |  |
| 5594 | American Tower Corporation | &nbsp;&nbsp;&nbsp; 1075838 |
| 8769 | Crown Castle, Inc. | &nbsp;&nbsp;&nbsp; 846121 |
|  |  | &nbsp;&nbsp; 1921959 |
|  | **INTERNET MEDIA & SERVICES - 0.7%** |  |
| 12288 | Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp; 2987213 |
| 6213 | Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp; 1513176 |
| 11824 | Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp; 8683309 |
|  |  | &nbsp;&nbsp; 13183698 |
|  | **OIL & GAS PRODUCERS - 0.1%** |  |
| 6500 | Chevron Corporation | &nbsp;&nbsp;&nbsp; 1009385 |
|  | **SELF-STORAGE REIT - 0.0%<sup>(b)</sup>** |  |
| 6704 | Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp; 944862 |
|  | **SEMICONDUCTORS - 1.1%** |  |
| 19502 | Advanced Micro Devices, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3155229 |
| 88960 | NVIDIA Corporation | &nbsp;&nbsp;&nbsp; 16598157 |
| 10156 | QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp; 1689552 |
|  |  | &nbsp;&nbsp; 21442938 |
|  | **SOFTWARE - 0.2%** |  |
| 1000 | Atlassian Corporation, Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 159700 |
| 5200 | Microsoft Corporation | &nbsp;&nbsp;&nbsp; 2693340 |

---

---

| | | |
|:---|:---|:---|
| **HCM TACTICAL PLUS FUND** | **HCM TACTICAL PLUS FUND** | **HCM TACTICAL PLUS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 2.6% (Continued)** |  |
|  | **SOFTWARE - 0.2% (Continued)** |  |
| 4485 | Salesforce, Inc. | &nbsp;&nbsp;&nbsp; $1062945 |
|  |  | &nbsp;&nbsp; 3915985 |
|  | **TECHNOLOGY HARDWARE - 0.1%** |  |
| 8056 | Apple, Inc. | &nbsp;&nbsp;&nbsp; 2051299 |
|  | **TECHNOLOGY SERVICES - 0.0%<sup>(b)</sup>** |  |
| 13587 | PayPal Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 911144 |
|  | **TOTAL COMMON STOCKS (Cost $22,379,750)** | &nbsp;&nbsp; 51512941 |
|  | **EXCHANGE-TRADED FUNDS — 97.2%** |  |
|  | **EQUITY - 97.2%** |  |
| 634946 | Invesco QQQ Trust Series 1 ETF | &nbsp;&nbsp;&nbsp; 381202530 |
| 2630409 | ProShares Ultra QQQ | &nbsp;&nbsp;&nbsp; 360892115 |
| 3252757 | ProShares Ultra S&P500 | &nbsp;&nbsp;&nbsp; 364731642 |
| 3209395 | ProShares UltraPro QQQ | &nbsp;&nbsp;&nbsp; 331851443 |
| 268735 | Vanguard Growth ETF | &nbsp;&nbsp;&nbsp; 128887993 |
| 932997 | Vanguard Mega Cap Growth ETF | &nbsp;&nbsp;&nbsp; 375456653 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $1,232,986,080)** | &nbsp;&nbsp; 1943022376 |
|  | **TOTAL INVESTMENTS - 99.8% (Cost $1,255,365,830)** | &nbsp;&nbsp;&nbsp; $1994535317 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%** | &nbsp;&nbsp; 3449186 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $1997984503 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| **HCM SECTOR PLUS FUND** | **HCM SECTOR PLUS FUND** | **HCM SECTOR PLUS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 10.7%** |  |
|  | **APPAREL & TEXTILE PRODUCTS - 0.4%** |  |
| 26333 | Ralph Lauren Corporation | &nbsp;&nbsp;&nbsp; $8256975 |
|  | **AUTOMOTIVE - 0.5%** |  |
| 76278 | BorgWarner, Inc. | &nbsp;&nbsp;&nbsp; 3353181 |
| 97077 | General Motors Company | &nbsp;&nbsp;&nbsp; 5918785 |
|  |  | &nbsp;&nbsp; 9271966 |
|  | **BANKING - 0.6%** |  |
| 73828 | Citigroup, Inc. | &nbsp;&nbsp;&nbsp; 7493541 |
| 23871 | M&T Bank Corporation | &nbsp;&nbsp;&nbsp; 4717387 |
|  |  | &nbsp;&nbsp; 12210928 |
|  | **BIOTECH & PHARMA - 0.4%** |  |
| 178927 | Organon & Company | &nbsp;&nbsp;&nbsp; 1910940 |
| 90184 | Pfizer, Inc. | &nbsp;&nbsp;&nbsp; 2297888 |
| 308928 | Viatris, Inc. | &nbsp;&nbsp;&nbsp; 3058388 |
|  |  | &nbsp;&nbsp; 7267216 |
|  | **CHEMICALS - 0.4%** |  |
| 19313 | Albemarle Corporation | &nbsp;&nbsp;&nbsp; 1565898 |
| 34974 | CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp; 3137168 |
| 85615 | Mosaic Company (The) | &nbsp;&nbsp;&nbsp; 2969128 |
|  |  | &nbsp;&nbsp; 7672194 |
|  | **ELECTRIC UTILITIES - 1.2%** |  |
| 237447 | AES Corporation (The) | &nbsp;&nbsp;&nbsp; 3124803 |
| 64506 | Entergy Corporation | &nbsp;&nbsp;&nbsp; 6011313 |
| 60741 | Evergy, Inc. | &nbsp;&nbsp;&nbsp; 4617531 |
| 126362 | PPL Corporation | &nbsp;&nbsp;&nbsp; 4695612 |
| 51345 | Public Service Enterprise Group, Inc. | &nbsp;&nbsp;&nbsp; 4285254 |
|  |  | &nbsp;&nbsp; 22734513 |
|  | **ENTERTAINMENT CONTENT - 0.7%** |  |
| 98267 | Fox Corporation, Class A | &nbsp;&nbsp;&nbsp; 6196717 |
| 106260 | Fox Corporation, Class B | &nbsp;&nbsp;&nbsp; 6087635 |
|  |  | &nbsp;&nbsp; 12284352 |
|  | **FOOD - 0.2%** |  |
| 63601 | Tyson Foods, Inc., Class A | &nbsp;&nbsp;&nbsp; 3453534 |

---

---

| | | |
|:---|:---|:---|
| **HCM SECTOR PLUS FUND** | **HCM SECTOR PLUS FUND** | **HCM SECTOR PLUS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 10.7% (Continued)** |  |
|  | **HEALTH CARE FACILITIES & SERVICES - 0.3%** |  |
| 5945 | Humana, Inc. | &nbsp;&nbsp;&nbsp; $1546711 |
| 23450 | Universal Health Services, Inc., Class B | &nbsp;&nbsp;&nbsp; 4794118 |
|  |  | &nbsp;&nbsp; 6340829 |
|  | **HOME CONSTRUCTION - 0.5%** |  |
| 27216 | Lennar Corporation, Class A | &nbsp;&nbsp;&nbsp; 3430305 |
| 41197 | PulteGroup, Inc. | &nbsp;&nbsp;&nbsp; 5443359 |
|  |  | &nbsp;&nbsp; 8873664 |
|  | **HOTEL OWNERS & DEVELOPERS - 0.0%<sup>(a)</sup>** |  |
| 13608 | Millrose Properties, Inc. | &nbsp;&nbsp;&nbsp; 457365 |
|  | **INSURANCE - 0.4%** |  |
| 8633 | Berkshire Hathaway, Inc., Class B<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 4340154 |
| 48523 | MetLife, Inc. | &nbsp;&nbsp;&nbsp; 3996840 |
|  |  | &nbsp;&nbsp; 8336994 |
|  | **OIL & GAS PRODUCERS - 0.9%** |  |
| 76259 | APA Corporation | &nbsp;&nbsp;&nbsp; 1851569 |
| 106605 | Coterra Energy, Inc. | &nbsp;&nbsp;&nbsp; 2521208 |
| 67680 | EQT Corporation | &nbsp;&nbsp;&nbsp; 3683822 |
| 20399 | Marathon Petroleum Corporation | &nbsp;&nbsp;&nbsp; 3931703 |
| 23556 | Valero Energy Corporation | &nbsp;&nbsp;&nbsp; 4010645 |
|  |  | &nbsp;&nbsp; 15998947 |
|  | **PUBLISHING & BROADCASTING - 0.3%** |  |
| 143272 | News Corporation, Class B | &nbsp;&nbsp;&nbsp; 4950048 |
|  | **RETAIL - CONSUMER STAPLES - 0.2%** |  |
| 68091 | Kroger Company (The) | &nbsp;&nbsp;&nbsp; 4590014 |
|  | **SEMICONDUCTORS - 0.1%** |  |
| 30558 | Skyworks Solutions, Inc. | &nbsp;&nbsp;&nbsp; 2352355 |
|  | **SPECIALTY FINANCE - 0.4%** |  |
| 102478 | Synchrony Financial | &nbsp;&nbsp;&nbsp; 7281062 |

---

---

| | | |
|:---|:---|:---|
| **HCM SECTOR PLUS FUND** | **HCM SECTOR PLUS FUND** | **HCM SECTOR PLUS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 10.7% (Continued)** |  |
|  | **STEEL - 0.3%** |  |
| 19174 | Nucor Corporation | &nbsp;&nbsp;&nbsp; $2596735 |
| 27639 | Steel Dynamics, Inc. | &nbsp;&nbsp;&nbsp; 3853706 |
|  |  | &nbsp;&nbsp; 6450441 |
|  | **TECHNOLOGY HARDWARE - 0.4%** |  |
| 178604 | Hewlett Packard Enterprise Company | &nbsp;&nbsp;&nbsp; 4386513 |
| 115577 | HP, Inc. | &nbsp;&nbsp;&nbsp; 3147162 |
|  |  | &nbsp;&nbsp; 7533675 |
|  | **TECHNOLOGY SERVICES - 0.3%** |  |
| 44068 | Cognizant Technology Solutions Corporation, Class A | &nbsp;&nbsp;&nbsp; 2955641 |
| 136795 | DXC Technology Company<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 1864516 |
|  |  | &nbsp;&nbsp; 4820157 |
|  | **TELECOMMUNICATIONS - 0.5%** |  |
| 202853 | AT&T, Inc. | &nbsp;&nbsp;&nbsp; 5728569 |
| 95278 | Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp; 4187468 |
|  |  | &nbsp;&nbsp; 9916037 |
|  | **TOBACCO & CANNABIS - 0.2%** |  |
| 70078 | Altria Group, Inc. | &nbsp;&nbsp;&nbsp; 4629353 |
|  | **TRANSPORTATION & LOGISTICS - 1.2%** |  |
| 88489 | Alaska Air Group, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 4404982 |
| 245913 | American Airlines Group, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 2764062 |
| 85071 | Delta Air Lines, Inc. | &nbsp;&nbsp;&nbsp; 4827779 |
| 113737 | Southwest Airlines Company | &nbsp;&nbsp;&nbsp; 3629348 |
| 75425 | United Airlines Holdings, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 7278513 |
|  |  | &nbsp;&nbsp; 22904684 |
|  | **WHOLESALE - CONSUMER STAPLES - 0.3%** |  |
| 40126 | Archer-Daniels-Midland Company | &nbsp;&nbsp;&nbsp; 2397128 |
| 28136 | Bunge Global S.A. | &nbsp;&nbsp;&nbsp; 2286050 |
|  |  | &nbsp;&nbsp; 4683178 |
|  | **TOTAL COMMON STOCKS (Cost $154,359,385)** | &nbsp;&nbsp; 203270481 |

---

---

| | | |
|:---|:---|:---|
| **HCM SECTOR PLUS FUND** | **HCM SECTOR PLUS FUND** | **HCM SECTOR PLUS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 89.3%** |  |
|  | **EQUITY - 89.3%** |  |
| 808817 | Direxion Daily S&P 500 Bull 3X | &nbsp;&nbsp;&nbsp; $171388322 |
| 1011427 | iShares Select Dividend ETF | &nbsp;&nbsp;&nbsp; 143723777 |
| 2364991 | ProShares Ultra QQQ | &nbsp;&nbsp;&nbsp; 324476766 |
| 2859903 | ProShares Ultra S&P500 | &nbsp;&nbsp;&nbsp; 320680923 |
| 1190076 | ProShares UltraPro S&P 500 | &nbsp;&nbsp;&nbsp; 132681573 |
| 268284 | SPDR S&P 500 ETF | &nbsp;&nbsp;&nbsp; 178725435 |
| 1231457 | Vanguard Dividend Appreciation ETF | &nbsp;&nbsp;&nbsp; 265736106 |
| 12580 | Vanguard Growth ETF | &nbsp;&nbsp;&nbsp; 6033494 |
| 1132957 | Vanguard High Dividend Yield ETF | &nbsp;&nbsp;&nbsp; 159690289 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $1,222,983,698)** | &nbsp;&nbsp; 1703136685 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $1,377,343,083)** | &nbsp;&nbsp;&nbsp; $1906407166 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.0%**<sup>(a)</sup> | &nbsp;&nbsp; 693343 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $1907100509 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| PLC | - Public Limited Company |
| S/A | - Société Anonyme |
| SPDR | - Standard & Poor's Depositary Receipt |
| <sup>(a)</sup> | Percentage rounds to less than 0.1%. |

---

---

| | | |
|:---|:---|:---|
| **HCM MULTI-ASSET PLUS FUND** | **HCM MULTI-ASSET PLUS FUND** | **HCM MULTI-ASSET PLUS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 99.4%** |  |
|  | **EQUITY - 71.7%** |  |
| 265437 | Direxion Daily S&P 500 Bull 3X | &nbsp;&nbsp;&nbsp; $56246100 |
| 221689 | Invesco QQQ Trust Series 1 ETF | &nbsp;&nbsp;&nbsp; 133095425 |
| 1225404 | ProShares Ultra QQQ | &nbsp;&nbsp;&nbsp; 168125430 |
| 775100 | ProShares Ultra S&P500 | &nbsp;&nbsp;&nbsp; 86911963 |
| 331639 | Vanguard Mega Cap Growth ETF | &nbsp;&nbsp;&nbsp; 133458166 |
|  |  | &nbsp;&nbsp; 577837084 |
|  | **FIXED INCOME - 27.7%** |  |
| 1732889 | iShares Core U.S. Aggregate Bond ETF | &nbsp;&nbsp;&nbsp; 173722122 |
| 661100 | Vanguard Total Bond Market ETF | &nbsp;&nbsp;&nbsp; 49166007 |
|  |  | &nbsp;&nbsp; 222888129 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $617,946,636)** | &nbsp;&nbsp; 800725213 |
|  | **TOTAL INVESTMENTS - 99.4% (Cost $617,946,636)** | &nbsp;&nbsp;&nbsp; $800725213 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.6%** | &nbsp;&nbsp; 4535176 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $805260389 |

---

ETF - Exchange-Traded Fund <br>

---

| | | | |
|:---|:---|:---|:---|
| **HCM DYNAMIC INCOME FUND** | **HCM DYNAMIC INCOME FUND** | **HCM DYNAMIC INCOME FUND** | **HCM DYNAMIC INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Shares** | **Shares** |  | **Fair Value** |
| | | **EXCHANGE-TRADED FUNDS — 98.8%** |  |
| | | **FIXED INCOME - 98.8%** |  |
| 304867 | 304867 | iShares Convertible Bond ETF | &nbsp;&nbsp;&nbsp; $30501943 |
| 329641 | 329641 | iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp; 26763553 |
| 131146 | 131146 | iShares J.P. Morgan USD Emerging Markets Bond ETF | &nbsp;&nbsp;&nbsp; 12483788 |
| 333351 | 333351 | SPDR Bloomberg Convertible Securities ETF | &nbsp;&nbsp;&nbsp; 30168266 |
| 248368 | 248368 | SPDR Bloomberg High Yield Bond ETF | &nbsp;&nbsp;&nbsp; 24337580 |
|  |  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $108,453,542)** | &nbsp;&nbsp; 124255130 |
|  |  | **TOTAL INVESTMENTS - 98.8% (Cost $108,453,542)** | &nbsp;&nbsp;&nbsp; $124255130 |
|  |  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.2%** | &nbsp;&nbsp; 1473249 |
|  |  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $125728379 |
| ETF | - Exchange-Traded Fund | - Exchange-Traded Fund |  |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** CINCINNATI

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

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

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

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

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

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

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

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

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $1909900942.95

**Total Liabilities:** $2800434.44

**Net Assets:** $1907100508.51

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000152642 | 2.85%                | 3.43%                | 5.16%                |
| Class ID C000152645 | 2.91%                | 3.43%                | 5.18%                |
| Class ID C000152646 | 2.86%                | 3.43%                | 5.18%                |
| Class ID C000152643 | 2.85%                | 3.42%                | 5.11%                |
| Class ID C000152644 | 2.77%                | 3.34%                | 5.11%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1783624.36              | $49150633.62                               |
| Month 2  | $0.00                    | $61971820.81                               |
| Month 3  | $1237051.60              | $89739406.94                               |

### Schedule of Portfolio Investments

| Name                                         | Title                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Public Service Enterprise Group Incorporated | PUB SERV ENTERP           | CUSIP: 744573106<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | EC               | CORP              | US        |     51345 | NS      | $4285253.70   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Synchrony Financial                          | SYNCHRONY FINANC          | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               | CORP              | US        |    102478 | NS      | $7281061.90   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| ProShares Trust                              | PRO ULTRA QQQ             | CUSIP: 74347R206<br>LEI: 5493005D9DS7C1P5AM59 | Long             | EC               | RF                | US        |   2364991 | NS      | $324476765.20 | 17.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Direxion Shares ETF Trust                    | DIREXION DAILY S          | CUSIP: 25459W862<br>LEI: 549300M501IVJM50FG12 | Long             | EC               | RF                | US        |    808817 | NS      | $171388322.30 | 8.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc.                                  | PFIZER INC                | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |     90184 | NS      | $2297888.32   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Evergy Inc                                   | EVERGY INC                | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |     60741 | NS      | $4617530.82   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T Bank Corporation                         | M&T BANK CORP             | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Long             | EC               | CORP              | US        |     23871 | NS      | $4717387.02   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Viatris Inc                                  | VIATRIS INC               | CUSIP: 92556V106<br>LEI: 254900ZZTSW7NL773X71 | Long             | EC               | CORP              | US        |    308928 | NS      | $3058387.20   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy Inc                           | COTERRA ENERGY I          | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |    106605 | NS      | $2521208.25   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Skyworks Solutions, Inc.                     | SKYWORKS SOLUTIO          | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | EC               | CORP              | US        |     30558 | NS      | $2352354.84   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| DXC Technology Company                       | DXC TECHNOLOGY C          | CUSIP: 23355L106<br>LEI: 549300DOVZ3EDJB7O259 | Long             | EC               | CORP              | US        |    136795 | NS      | $1864515.85   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Alaska Air Group Inc.                        | ALASKA AIR GROUP          | CUSIP: 011659109<br>LEI: 529900G48RT4KWLC6C27 | Long             | EC               | CORP              | US        |     88489 | NS      | $4404982.42   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp.                                    | APA CORP                  | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |     76259 | NS      | $1851568.52   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| The Kroger Co.                               | KROGER CO                 | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |     68091 | NS      | $4590014.31   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennar Corp.                                 | LENNAR CORP-A             | CUSIP: 526057104<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |     27216 | NS      | $3430304.64   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc.                      | BERKSHIRE HATH-B          | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      8633 | NS      | $4340154.42   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Airlines Co.                       | SOUTHWEST AIR             | CUSIP: 844741108<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | EC               | CORP              | US        |    113737 | NS      | $3629347.67   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| ProShares Trust                              | PROSHARES ULTRAPRO S&P 50 | CUSIP: 74347X864<br>LEI: 5493005D9DS7C1P5AM59 | Long             | EC               | RF                | US        |   1190076 | NS      | $132681573.24 | 6.96%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                                | ISHARES SELECT D          | CUSIP: 464287168<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |   1011427 | NS      | $143723776.70 | 7.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Organon & Co                                 | ORGANON & CO              | CUSIP: 68622V106<br>LEI: 549300AMCKY57OK2CO56 | Long             | EC               | CORP              | US        |    178927 | NS      | $1910940.36   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL Corporation                              | PPL CORP                  | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |    126362 | NS      | $4695611.92   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group, Inc.                           | ALTRIA GROUP INC          | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |     70078 | NS      | $4629352.68   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Nucor Corporation                            | NUCOR CORP                | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |     19174 | NS      | $2596734.82   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| American Airlines Group Inc                  | AMERICAN AIRLINE          | CUSIP: 02376R102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    245913 | NS      | $2764062.12   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| MetLife Inc.                                 | METLIFE INC               | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |     48523 | NS      | $3996839.51   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Steel Dynamics, Inc.                         | STEEL DYNAMICS            | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |     27639 | NS      | $3853705.77   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| AES Corp.                                    | AES CORP                  | CUSIP: 00130H105<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | EC               | CORP              | US        |    237447 | NS      | $3124802.52   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| United Airlines Holdings Inc                 | UNITED AIRLINES           | CUSIP: 910047109<br>LEI: 98450079DA0B78DD6764 | Long             | EC               | CORP              | US        |     75425 | NS      | $7278512.50   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc.                                  | HUMANA INC                | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |      5945 | NS      | $1546710.65   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Spdr S&P 500 Etf Trust                       | SPDR S&P 500 ETF          | CUSIP: 78462F103<br>LEI: 549300NZAMSJ8FXPQQ63 | Long             | EC               | RF                | US        |    268284 | NS      | $178725435.12 | 9.37%             |  |  |  | No            |                  1 | On Loan: No      |
| BorgWarner Inc.                              | BORGWARNER INC            | CUSIP: 099724106<br>LEI: 549300DSFX2IE88NSX47 | Long             | EC               | CORP              | US        |     76278 | NS      | $3353180.88   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Health Services, Inc.              | UNIVERSAL HLTH-B          | CUSIP: 913903100<br>LEI: 549300YGMGQDO0NMJD09 | Long             | EC               | CORP              | US        |     23450 | NS      | $4794118.00   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc.                  | VERIZON COMMUNIC          | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |     95278 | NS      | $4187468.10   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Corporation                              | FOX CORP - B              | CUSIP: 35137L204<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |    106260 | NS      | $6087635.40   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Millrose Properties Inc.                     | MILLROSE PROPERT          | CUSIP: 601137102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13608 | NS      | $457364.88    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CF Industries Holdings, Inc.                 | CF INDUSTRIES HO          | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |     34974 | NS      | $3137167.80   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Corporation                              | FOX CORP - A              | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |     98267 | NS      | $6196717.02   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Archer-Daniels-Midland Co.                   | ARCHER-DANIELS            | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |     40126 | NS      | $2397127.24   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                                     | AT&T INC                  | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |    202853 | NS      | $5728568.72   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyson Foods, Inc.                            | TYSON FOODS-A             | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |     63601 | NS      | $3453534.30   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| HCM BBH SWEEP                                | BBH SWEEP VEHICLE         | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   1596929 | PA      | $1596929.41   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Albemarle Corp                               | ALBEMARLE CORP            | CUSIP: 012653101<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | EC               | CORP              | US        |     19313 | NS      | $1565898.04   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                               | CITIGROUP INC             | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     73828 | NS      | $7493542.00   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Ralph Lauren Corp.                           | RALPH LAUREN COR          | CUSIP: 751212101<br>LEI: HO1QNWM0IXBZ0QSMMO20 | Long             | EC               | CORP              | US        |     26333 | NS      | $8256975.48   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corp.                          | VALERO ENERGY             | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |     23556 | NS      | $4010644.56   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Air Lines Inc.                         | DELTA AIR LI              | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |     85071 | NS      | $4827779.25   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Hewlett Packard Enterprise Co.               | HEWLETT PACKA             | CUSIP: 42824C109<br>LEI: 549300BX44RGX6ANDV88 | Long             | EC               | CORP              | US        |    178604 | NS      | $4386514.24   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corp.                     | MARATHON PETROLE          | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |     20399 | NS      | $3931703.26   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| The Mosaic Company                           | MOSAIC CO/THE             | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |     85615 | NS      | $2969128.20   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| HP Inc                                       | HP INC                    | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | EC               | CORP              | US        |    115577 | NS      | $3147161.71   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Bunge Global SA                              | BUNGE GLOBAL SA           | CUSIP: H11356104<br>LEI: 254900IVXSV9K0B7PO26 | Long             | EC               | CORP              | CH        |     28136 | NS      | $2286050.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| ProShares Trust                              | PRO ULTRA S&P500          | CUSIP: 74347R107<br>LEI: 5493005D9DS7C1P5AM59 | Long             | EC               | RF                | US        |   2859903 | NS      | $320680923.39 | 16.82%            |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Whitehall Funds                     | VANGUARD HI DV Y          | CUSIP: 921946406<br>LEI: 5493006QD7VQBS2FQD13 | Long             | EC               | RF                | US        |   1132957 | NS      | $159690289.15 | 8.37%             |  |  |  | No            |                  1 | On Loan: No      |
| News Corporation                             | NEWS CORP-CL B            | CUSIP: 65249B208<br>LEI: 549300ITS31QK8VRBQ14 | Long             | EC               | CORP              | US        |    143272 | NS      | $4950047.60   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corporation                              | EQT CORP                  | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |     67680 | NS      | $3683822.40   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions Corp.         | COGNIZANT TECH-A          | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |     44068 | NS      | $2955640.76   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Company                       | GENERAL MOTORS C          | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |     97077 | NS      | $5918784.69   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Index Funds                         | VANGUARD GRW ETF          | CUSIP: 922908736<br>LEI: 549300G6KNDK44WUN559 | Long             | EC               | RF                | US        |     12580 | NS      | $6033493.80   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Pulte Group Inc                              | PULTEGROUP INC            | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     41197 | NS      | $5443359.61   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Entergy Corporation                          | ENTERGY CORP              | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |     64506 | NS      | $6011314.14   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Specialized Funds                   | VANGUARD DVD A E          | CUSIP: 921908844<br>LEI: 549300OM0CLBHZ9MZW59 | Long             | EC               | RF                | US        |   1231457 | NS      | $265736106.03 | 13.93%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-28

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

**Signature:** Rich Gleason

**Name of Signer:** Rich Gleason

**Title:** Treasurer