# EDGAR Filing Document

**Accession Number:** 0001537140
**File Stem:** 0001580642-25-003589
**Filing Date:** 2025-6
**Character Count:** 96007
**Document Hash:** 4836eb6648bc545faae06646b82e29c4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-003589.hdr.sgml**: 20250609

**ACCESSION NUMBER**: 0001580642-25-003589

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250609

**DATE AS OF CHANGE**: 20250609

**EFFECTIVENESS DATE**: 20250609

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22655
- **FILM NUMBER:** 251033676

**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

### RESQ Strategic Income Fund (Series ID: S000043339)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000134180 | RESQ Strategic Income Fund Class A Shares | RQIAX           |
| C000134181 | RESQ Strategic Income Fund Class I Shares | RQIIX           |

### RESQ Dynamic Allocation Fund (Series ID: S000043340)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000134182 | RESQ Dynamic Allocation Class A Shares | RQEAX           |
| C000134183 | RESQ Dynamic Allocation Class I Shares | RQEIX           |
| C000145676 | RESQ Dynamic Allocation Class C Shares | RQECX           |

?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>

Date of reporting period: <u>3/31/25</u>

**Item 1. Reports to Stockholders.** 

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

#### RESQ Dynamic Allocation Fund

#### Class A (RQEAX)

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

# Fund Overview
This semi-annual shareholder report contains important information about RESQ Dynamic Allocation Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at **https://www.resqfunds.com/shareholder_reports**. You can also request this information by contacting us at 1-877-940-2526.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $111 | 2.20% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $35655880 |
| Number of Portfolio Holdings | 24 |
| Advisory Fee (net of waivers) | $169354 |
| Portfolio Turnover | 58% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](id485d48f3684318e6a6cf83b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 85.1% |
| Money Market Funds | 14.9% |

---

# What did the Fund invest in?

# **Asset Weighting (% of net assets)**![Group By Sector Chart](i2926b30692641c35041daf41.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 14.9% |
| Equity | 85.1% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| First American Government Obligations Fund, Class X | 14.9% |
| iShares MSCI ACWI ETF | 8.9% |
| iShares Russell 2000 ETF | 8.7% |
| Invesco China Technology ETF | 8.3% |
| iShares China Large-Cap ETF | 7.8% |
| Technology Select Sector SPDR Fund | 6.5% |
| Vanguard S&P 500 ETF | 5.8% |
| KraneShares Bosera MSCI China A 50 Connect Index | 5.6% |
| SPDR S&P Oil & Gas Exploration & Production ETF | 5.1% |
| Financial Select Sector SPDR Fund | 3.7% |

---

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

#### RESQ Dynamic Allocation Fund - Class A (RQEAX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033125-RQEAX

#### RESQ Dynamic Allocation Fund

#### Class C (RQECX)

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

# Fund Overview
This semi-annual shareholder report contains important information about RESQ Dynamic Allocation Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at **https://www.resqfunds.com/shareholder_reports**. You can also request this information by contacting us at 1-877-940-2526.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $142 | 2.80% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $35655880 |
| Number of Portfolio Holdings | 24 |
| Advisory Fee (net of waivers) | $169354 |
| Portfolio Turnover | 58% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i003f7166892ba64e2b62358d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 85.1% |
| Money Market Funds | 14.9% |

---

# What did the Fund invest in?

# **Asset Weighting (% of net assets)**![Group By Sector Chart](ic0257a989884b99e02311716.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 14.9% |
| Equity | 85.1% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| First American Government Obligations Fund, Class X | 14.9% |
| iShares MSCI ACWI ETF | 8.9% |
| iShares Russell 2000 ETF | 8.7% |
| Invesco China Technology ETF | 8.3% |
| iShares China Large-Cap ETF | 7.8% |
| Technology Select Sector SPDR Fund | 6.5% |
| Vanguard S&P 500 ETF | 5.8% |
| KraneShares Bosera MSCI China A 50 Connect Index | 5.6% |
| SPDR S&P Oil & Gas Exploration & Production ETF | 5.1% |
| Financial Select Sector SPDR Fund | 3.7% |

---

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

#### RESQ Dynamic Allocation Fund - Class C (RQECX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033125-RQECX

#### RESQ Dynamic Allocation Fund

#### Class I (RQEIX)

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

# Fund Overview
This semi-annual shareholder report contains important information about RESQ Dynamic Allocation Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at **https://www.resqfunds.com/shareholder_reports**. You can also request this information by contacting us at 1-877-940-2526.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $91 | 1.80% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $35655880 |
| Number of Portfolio Holdings | 24 |
| Advisory Fee (net of waivers) | $169354 |
| Portfolio Turnover | 58% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i038bf66942bba02c61f23533.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 85.1% |
| Money Market Funds | 14.9% |

---

# What did the Fund invest in?

# **Asset Weighting (% of net assets)**![Group By Sector Chart](ie4d97ddedb191cbc7290aad3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 14.9% |
| Equity | 85.1% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| First American Government Obligations Fund, Class X | 14.9% |
| iShares MSCI ACWI ETF | 8.9% |
| iShares Russell 2000 ETF | 8.7% |
| Invesco China Technology ETF | 8.3% |
| iShares China Large-Cap ETF | 7.8% |
| Technology Select Sector SPDR Fund | 6.5% |
| Vanguard S&P 500 ETF | 5.8% |
| KraneShares Bosera MSCI China A 50 Connect Index | 5.6% |
| SPDR S&P Oil & Gas Exploration & Production ETF | 5.1% |
| Financial Select Sector SPDR Fund | 3.7% |

---

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

#### RESQ Dynamic Allocation Fund - Class I (RQEIX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033125-RQEIX

#### RESQ Strategic Income Fund

#### Class A (RQIAX)

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

# Fund Overview
This semi-annual shareholder report contains important information about RESQ Strategic Income Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at **https://www.resqfunds.com/shareholder_reports**. You can also request this information by contacting us at 1-877-940-2526.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $106 | 2.20% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $32818244 |
| Number of Portfolio Holdings | 9 |
| Advisory Fee (net of waivers) | $101063 |
| Portfolio Turnover | 2% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i8035650d5f7d22b593c798d1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 99.7% |
| Money Market Funds | 0.3% |

---

# What did the Fund invest in?

# **Asset Weighting (% of net assets)**![Group By Sector Chart](iafc5ed9771f109fc909d61bc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 0.3% |
| Fixed Income | 99.7% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| SPDR Portfolio Long Term Treasury ETF | 16.2% |
| Vanguard Long-Term Treasury ETF | 14.6% |
| Direxion Daily 20 Year Plus Treasury Bull 3x Shares | 14.5% |
| iShares 20+ Year Treasury Bond ETF | 14.4% |
| Vanguard Extended Duration Treasury ETF | 10.2% |
| iShares 1-3 Year Treasury Bond ETF | 10.0% |
| JPMorgan Ultra-Short Income ETF | 9.9% |
| PIMCO Enhanced Short Maturity Active ETF | 9.9% |
| First American Government Obligations Fund, Class X | 0.3% |

---

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

#### RESQ Strategic Income Fund - Class A (RQIAX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033125-RQIAX

#### RESQ Strategic Income Fund

#### Class I (RQIIX)

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

# Fund Overview
This semi-annual shareholder report contains important information about RESQ Strategic Income Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at **https://www.resqfunds.com/shareholder_reports**. You can also request this information by contacting us at 1-877-940-2526.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $87 | 1.80% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $32818244 |
| Number of Portfolio Holdings | 9 |
| Advisory Fee (net of waivers) | $101063 |
| Portfolio Turnover | 2% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i5114c80432d2289bac66bdbc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 99.7% |
| Money Market Funds | 0.3% |

---

# What did the Fund invest in?

# **Asset Weighting (% of net assets)**![Group By Sector Chart](i02dce855d9249fd91b300c35.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 0.3% |
| Fixed Income | 99.7% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| SPDR Portfolio Long Term Treasury ETF | 16.2% |
| Vanguard Long-Term Treasury ETF | 14.6% |
| Direxion Daily 20 Year Plus Treasury Bull 3x Shares | 14.5% |
| iShares 20+ Year Treasury Bond ETF | 14.4% |
| Vanguard Extended Duration Treasury ETF | 10.2% |
| iShares 1-3 Year Treasury Bond ETF | 10.0% |
| JPMorgan Ultra-Short Income ETF | 9.9% |
| PIMCO Enhanced Short Maturity Active ETF | 9.9% |
| First American Government Obligations Fund, Class X | 0.3% |

---

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

#### RESQ Strategic Income Fund - Class I (RQIIX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033125-RQIIX

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

**Item 2. Code of Ethics.** 

Not applicable

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

Not applicable

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

Not applicable

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

Not applicable

**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;

---

| |
|:---|
| ![(RESQ FUNDS LOGO)](re001_v1.jpg) |
| Semi-Annual Financial Statements and Additional |
| Information |
| March 31, 2025 |
| RESQ Dynamic Allocation Fund |
| Class A - RQEAX |
| Class C - RQECX |
| Class I - RQEIX |
| RESQ Strategic Income Fund |
| Class A - RQIAX |
| Class I - RQIIX |
| **1-877-940-2526** |
| **www.RESQFunds.com** |

---

---

| |
|:---|
| **RESQ DYNAMIC ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **March 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 85.1%** |  |
|  | **EQUITY - 85.1%** |  |
| 17800 | Amplify Transformational Data Sharing ETF | $656464 |
| 44400 | CoinShares Valkyrie Bitcoin Miners ETF | 566988 |
| 8200 | Communication Services Select Sector SPDR Fund | 790890 |
| 4900 | Consumer Discretionary Select Sector SPDR Fund | 967554 |
| 6900 | Consumer Staples Select Sector SPDR Fund | 563523 |
| 3850 | Energy Select Sector SPDR Fund | 359783 |
| 26200 | Financial Select Sector SPDR Fund | 1305022 |
| 18200 | Global X Blockchain ETF | 601146 |
| 7263 | Health Care Select Sector SPDR Fund | 1060471 |
| 5900 | Industrial Select Sector SPDR Fund | 773313 |
| 66400 | Invesco China Technology ETF | 2942184 |
| 77400 | iShares China Large-Cap ETF | 2774016 |
| 27200 | iShares MSCI ACWI ETF | 3165807 |
| 15600 | iShares Russell 2000 ETF | 3112044 |
| 2100 | iShares U.S. Utilities ETF | 212982 |
| 85000 | KraneShares Bosera MSCI China A 50 Connect Index | 2007700 |
| 2200 | Materials Select Sector SPDR Fund | 189156 |
| 4800 | Real Estate Select Sector SPDR Fund | 200880 |
| 1800 | SPDR S&P 500 ETF Trust | 1006902 |
| 13800 | SPDR S&P Oil & Gas Exploration & Production ETF | 1817598 |
| 11300 | Technology Select Sector SPDR Fund | 2333224 |
| 3300 | VanEck Oil Services ETF | 864996 |
| 4000 | Vanguard S&P 500 ETF | 2055640 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $29,746,715)** | 30328283 |
|  | **SHORT-TERM INVESTMENTS — 14.9%** |  |
|  | **MONEY MARKET FUNDS - 14.9%** |  |
| 5330118 | First American Government Obligations Fund, Class X, 4.27% (Cost $5,330,118)<sup>(a)</sup> | 5330118 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $35,076,833)** | $35658401 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS – (0.0)%<sup>(b)</sup>** | (2521) |
|  | **NET ASSETS - 100.0%** | $35655880 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| MSCI | - Morgan Stanley Capital International |
| SPDR | - Standard & Poor's Depositary Receipt |

---

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of March 31, 2025.

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

See accompanying notes to financial statements.

---

| |
|:---|
| **RESQ STRATEGIC INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **March 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 99.7%** |  |
|  | **FIXED INCOME - 99.7%** |  |
| 108000 | Direxion Daily 20 Year Plus Treasury Bull 3x Shares | $4752000 |
| 39700 | iShares 1-3 Year Treasury Bond ETF | 3284381 |
| 52000 | iShares 20+ Year Treasury Bond ETF | 4733560 |
| 64500 | JPMorgan Ultra-Short Income ETF | 3265635 |
| 32300 | PIMCO Enhanced Short Maturity Active ETF | 3250026 |
| 195000 | SPDR Portfolio Long Term Treasury ETF | 5315700 |
| 47100 | Vanguard Extended Duration Treasury ETF | 3349281 |
| 83000 | Vanguard Long-Term Treasury ETF | 4781630 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $33,752,241)** | 32732213 |
|  | **SHORT-TERM INVESTMENTS — 0.3%** |  |
|  | **MONEY MARKET FUNDS - 0.3%** |  |
| 81846 | First American Government Obligations Fund, Class X, 4.27% (Cost $81,846)<sup>(a)</sup> | 81846 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $33,834,087)** | $32814059 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.0%<sup>(b)</sup>** | 4185 |
|  | **NET ASSETS - 100.0%** | $32818244 |

---

---

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

---

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of March 31, 2025.

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

See accompanying notes to financial statements.

---

| |
|:---|
| **RESQ FUNDS** |
| **Statements of Assets and Liabilities (Unaudited)** |
| **March 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **RESQ**<br>**Dynamic**<br>**Allocation**<br>**Fund** |<br>**RESQ**<br>**Strategic**<br>**Income Fund** |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities, at cost | $35076833 | $33834087 |
| &nbsp;&nbsp;&nbsp;Investment securities, at value | $35658401 | $32814059 |
| Dividends and interest receivable | $18704 | $28431 |
| Receivable for fund shares sold |  | 75 |
| Prepaid expenses and other assets | 34328 | 34450 |
| **Total Assets** | 35711433 | 32877015 |
| **Liabilities** |  |  |
| Accrued advisory fees | 30719 | 24893 |
| Distribution (12b-1) fees payable | 11569 | 10600 |
| Payable to Related Parties | 8613 | 17876 |
| Other accrued expenses | 4652 | 5402 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 55553 | 58771 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $35655880 | $32818244 |
| **Net Assets consist of:** |  |  |
| Paid-in capital | 33797607 | 44536608 |
| Accumulated earnings (deficits) | 1858273 | (11718364) |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $35655880 | $32818244 |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $33160443 | $31156699 |
| &nbsp;&nbsp;&nbsp;Shares outstanding (unlimited number of shares authorized, no par value) | 3089896 | 4356405 |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding) and redemption price per share | $10.73 | $7.15 |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (net asset value plus maximum sales charge) | $11.38 | $7.51 |
| &nbsp;&nbsp;&nbsp;Net asset value maximum sales charge | 5.75% | 4.75% |
| **Class C<sup>(b)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $26404 | $**—** |
| &nbsp;&nbsp;&nbsp;Shares outstanding (unlimited number of shares authorized, no par value) | 2611 |  |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding) and redemption price per share | $10.11 | $— |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $2469033 | $**1661545** |
| &nbsp;&nbsp;&nbsp;Shares outstanding (unlimited number of shares authorized, no par value) | 221032 | 229638 |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding) and redemption price per share | $11.17 | $7.24 |

---

(a) Redemptions made within 30 days of
 purchase may be assessed a redemption fee of 2.00%.

(b) As of January 8, 2025 Class C shares
 of the RESQ Strategic Income Fund were dissolved.

See accompanying notes to financial statements.

---

| |
|:---|
| **RESQ FUNDS** |
| **Statements of Operations (Unaudited)** |
| **For the Six Months Ended March 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **RESQ**<br>**Dynamic**<br>**Allocation**<br>**Fund** |<br>**RESQ**<br>**Strategic**<br>**Income Fund** |
| **Investment Income** |  |  |
| Dividend income | $369714 | $513692 |
| Interest income | 74224 | 30385 |
| **Total investment income** | 443938 | 544077 |
| **Expenses** |  |  |
| Investment advisor fees | 210684 | 165992 |
| Distribution (12b-1) fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 65010 | 52409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 136 | 11 |
| Registration and filing fees | 34876 | 34876 |
| Administration fees | 29407 | 29407 |
| Transfer agent fees | 20900 | 22883 |
| Fund accounting fees | 17387 | 17025 |
| Audit fees | 9346 | 9346 |
| Trustees' fees | 8721 | 8721 |
| Compliance officer fees | 7729 | 7730 |
| Legal fees | 7480 | 7480 |
| Printing expense | 3747 | 3747 |
| Custody fees | 2496 | 2496 |
| Insurance expense | 1498 | 1497 |
| Third party administrative service fees | 1246 | 995 |
| Miscellaneous expense | 1997 | 1997 |
| **Total expenses** | 422660 | 366612 |
| (Less) expenses waived by adviser | (41330) | (64929) |
| Net operating expenses | 381330 | 301683 |
| **Net Investment Income** | 62608 | 242394 |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments** |  |  |
| Net Realized Gain (Loss): |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 1899376 | (1604) |
|  | 1899376 | (1604) |
| Net Change in Unrealized Depreciation: |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (989156) | (1793189) |
|  | (989156) | (1793189) |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments** | 910220 | (1794793) |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | $972828 | $(1552399) |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **RESQ FUNDS** |
| **Statements of Changes in Net Assets** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **RESQ Dynamic Allocation Fund** | **RESQ Dynamic Allocation Fund** | **RESQ Strategic Income Fund** | **RESQ Strategic Income Fund** |
|  | **Six Months**<br>**Ended March**<br>**31, 2025**<br>**(Unaudited)** | **Year Ended**<br>**September**<br>**30, 2024** | **Six Months**<br>**Ended March**<br>**31, 2025 (a)**<br>**(Unaudited)** | **Year Ended**<br>**September**<br>**30, 2024** |
| **Operations** |  |  |  |  |
| Net investment income (loss) | $62608 | $(75971) | $242394 | $642184 |
| Net realized gain (loss) from investment transactions | 1899376 | 159462 | (1604) | (1252983) |
| Net change in unrealized gain (loss) of investment transactions | (989156) | 4783936 | (1793189) | 3826529 |
| **Net increase (decrease) in Net Assets Resulting From Operations** | 972828 | 4867427 | (1552399) | 3215730 |
| **Distributions to Shareholders** |  |  |  |  |
| Distributions paid: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  |  | (233041) | (607831) |
| &nbsp;&nbsp;&nbsp;Class C<sup>(a)</sup> |  |  | (8) | (192) |
| &nbsp;&nbsp;&nbsp;Class I |  |  | (17040) | (34161) |
| Return of capital: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | (82039) |  | (3525) |
| &nbsp;&nbsp;&nbsp;Class C<sup>(a)</sup> |  | (15) |  | (1) |
| &nbsp;&nbsp;&nbsp;Class I |  | (8407) |  | (193) |
| Net Decrease in Net Assets from Distributions to Shareholders |  | (90461) | (250089) | (645903) |
| **Shares of Beneficial Interest** |  |  |  |  |
| Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 4863498 | 2740083 | 9113650 | 3330576 |
| &nbsp;&nbsp;&nbsp;Class I | 8 | 581231 | 339492 | 580778 |
| Proceeds from redemption fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 1707 | 720 | 1847 | 309 |
| Reinvestment of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 81925 | 232873 | 610587 |
| &nbsp;&nbsp;&nbsp;Class C<sup>(a)</sup> |  | 15 | 8 | 193 |
| &nbsp;&nbsp;&nbsp;Class I |  | 8407 | 17040 | 34354 |
| Cost of shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (3058422) | (5124372) | (2903445) | (4723765) |
| &nbsp;&nbsp;&nbsp;Class C<sup>(a)</sup> |  |  | (10826) |  |
| &nbsp;&nbsp;&nbsp;Class I | (130115) | (213022) | (71134) | (236633) |
| Net Increase (Decrease) in Net Assets from Share Transactions of Beneficial Interest | 1676676 | (1925013) | 6719505 | (403601) |
| **Net Increase in Net Assets** | 2649504 | 2851953 | 4917017 | 2166226 |

---

<sup>(a)</sup> As of January 8, 2025 Class C shares of the RESQ Strategic Income Fund were dissolved.

See accompanying notes to financial statements.

---

| |
|:---|
| **RESQ FUNDS** |
| **Statements of Changes in Net Assets (continued)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **RESQ Dynamic Allocation Fund** | **RESQ Dynamic Allocation Fund** | **RESQ Strategic Income Fund** | **RESQ Strategic Income Fund** |
|  | **Six Months**<br>**Ended March**<br>**31, 2025**<br>**(Unaudited)** | **Year Ended**<br>**September**<br>**30, 2024** | **Six Months**<br>**Ended March**<br>**31, 2025 (a)**<br>**(Unaudited)** | **Year Ended**<br>**September**<br>**30, 2024** |
| **Net Assets** |  |  |  |  |
| Beginning of period | 33006376 | 30154423 | 27901227 | 25735001 |
| End of period | $35655880 | $33006376 | $32818244 | $27901227 |
| **Share Transactions - Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 432612 | 291448 | 1305155 | 447581 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  | 9039 | 32844 | 83760 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (275377) | (538177) | (405812) | (642638) |
| &nbsp;&nbsp;&nbsp;Total Class A | 157235 | (237690) | 932187 | (111297) |
| **Share Transactions - Class C<sup>(a)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  | 2 | 1 | 27 |
| &nbsp;&nbsp;&nbsp;Shares redeemed |  |  | (1514) |  |
| &nbsp;&nbsp;&nbsp;Total Class C |  | 2 | (1513) | 27 |
| **Share Transactions - Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1 | 58430 | 48664 | 78783 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  | 890 | 2378 | 4645 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (11164) | (21538) | (9504) | (30772) |
| &nbsp;&nbsp;&nbsp;Total Class I | (11163) | 37782 | 41538 | 52656 |

---

<sup>(a)</sup> As of January 8, 2025 Class C shares of the RESQ Strategic Income Fund were dissolved.

See accompanying notes to financial statements.

---

| |
|:---|
| **RESQ Dynamic Allocation Fund – Class A** |
| **Financial Highlights** |

---

**(For Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period Presented)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months**<br>**Ended**<br>**March 31,**<br>**2025**<br>**(Unaudited)** |<br>**Year**<br>**Ended**<br>**September**<br>**30, 2024** |<br>**Year**<br>**Ended**<br>**September**<br>**30, 2023** |<br>**Year**<br>**Ended**<br>**September**<br>**30, 2022** |<br>**Year**<br>**Ended**<br>**September**<br>**30, 2021** |<br>**Year**<br>**Ended**<br>**September**<br>**30, 2020** |
| Net asset value, beginning of period | $10.39 | $8.94 | $7.72 | $9.72 | $9.40 | $9.02 |
| Investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(a)</sup> | 0.02 | (0.02) | (0.07) | (0.02) | (0.12) | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.32 | 1.50 | 1.29 | (1.96) | 0.44 | 0.44 |
| Total from investment operations | 0.34 | 1.48 | 1.22 | (1.98) | 0.32 | 0.39 |
| **Less distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (0.03) |  | (0.02) |  | (0.01) |
| Total distributions |  | (0.03) |  | (0.02) |  | (0.01) |
| Paid in capital from redemption fees | — <sup>(b)</sup> | — <sup>(b)</sup> | — <sup>(b)</sup> | — <sup>(b)</sup> | — <sup>(b)</sup> |  |
| Net asset value, end of period | $10.73 | $10.39 | $8.94 | $7.72 | $9.72 | $9.40 |
| **Total Return <sup>(c)</sup>** | 3.27 % <sup>(d)</sup> | 16.54% | 15.80% | (20.44)% | 3.40% | 4.35% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000 omitted) | $33160 | $30474 | $28332 | $26305 | $34558 | $32933 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;average net assets, before reimbursement <sup>(f)</sup> | 2.44 % <sup>(e)</sup> | 2.48% | 2.50% | 2.41% | 2.26% | 2.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;average net assets, net of reimbursement <sup>(f)</sup> | 2.20 % <sup>(e)</sup> | 2.20% | 2.20% | 2.20% | 2.20% | 2.20% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets <sup>(f)(g)</sup> | 0.33 % <sup>(e)</sup> | (0.26)% | (0.81)% | (0.30)% | (1.13)% | (0.53)% |
| Portfolio turnover rate | 58 % <sup>(d)</sup> | 127% | 190% | 691% | 441% | 710% |

---

<sup>(a)</sup> Per share amounts are calculated using the average shares method, which appropriately presents the per share data for the year.

<sup>(b)</sup> Rounds to less than $0.005 per share.

<sup>(c)</sup> Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any, and exclude the effect of applicable sales charges and redemption fees. Had the adviser not waived fees and/or reimbursed expenses, total returns would have been lower.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Annualized.

<sup>(f)</sup> Does not include the expenses of the underlying investment companies in which the Fund invests.

<sup>(g)</sup> The recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

See accompanying notes to financial statements.

---

| |
|:---|
| **RESQ Dynamic Allocation Fund – Class C** |
| **Financial Highlights** |

---

**(For Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period Presented)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months**<br>**Ended**<br>**March 31,**<br>**2025**<br>**(Unaudited)** |<br>**Year**<br>**Ended**<br>**September**<br>**30, 2024** |<br>**Year**<br>**Ended**<br>**September**<br>**30, 2023** |<br>**Year**<br>**Ended**<br>**September**<br>**30, 2022** |<br>**Year**<br>**Ended**<br>**September**<br>**30, 2021** |<br>**Year**<br>**Ended**<br>**September**<br>**30, 2020** |
| Net asset value, beginning of period | $9.82 | $8.48 | $7.37 | $9.32 | $9.06 | $8.76 |
| Investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss <sup>(a)</sup> | (0.01) | (0.08) | (0.12) | (0.07) | (0.16) | (0.11) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.30 | 1.43 | 1.23 | (1.88) | 0.42 | 0.43 |
| Total from investment operations | 0.29 | 1.35 | 1.11 | (1.95) | 0.26 | 0.32 |
| **Less distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (0.01) |  |  |  | (0.02) |
| Total distributions |  | (0.01) |  |  |  | (0.02) |
| Net asset value, end of period | $10.11 | $9.82 | $8.48 | $7.37 | $9.32 | $9.06 |
| **Total Return <sup>(b)</sup>** | 2.95 % <sup>(c)</sup> | 15.88% | 15.06% | (20.92)% | 2.87% | 3.65% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000 omitted) | $26 | $26 | $22 | $19 | $24 | $41 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;average net assets, before reimbursement <sup>(e)</sup> | 3.04 % <sup>(d)</sup> | 3.08% | 3.10% | 3.01% | 2.86% | 3.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;average net assets, net of reimbursement <sup>(e)</sup> | 2.80 % <sup>(d)</sup> | 2.80% | 2.80% | 2.80% | 2.80% | 2.80% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment loss to average net assets <sup>(e)(f)</sup> | (0.25)% <sup>(d)</sup> | (0.86)% | (1.40)% | (0.91)% | (1.59)% | (1.19)% |
| Portfolio turnover rate | 58 % <sup>(c)</sup> | 127% | 190% | 691% | 441% | 710% |

---

<sup>(a)</sup> Per share amounts are calculated using the average shares method, which appropriately presents the per share data for the year.

<sup>(b)</sup> Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any, and exclude the effect of applicable sales charges and redemption fees. Had the adviser not waived fees and/or reimbursed expenses, total returns would have been lower.

<sup>(c)</sup> Not annualized.

<sup>(d)</sup> Annualized.

<sup>(e)</sup> Does not include the expenses of the underlying investment companies in which the Fund invests.

<sup>(f)</sup> The recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

See accompanying notes to financial statements.

---

| |
|:---|
| **RESQ Dynamic Allocation Fund – Class I** |
| **Financial Highlights** |

---

**(For Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period Presented)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months**<br>**Ended**<br>**March 31,**<br>**2025**<br>**(Unaudited)** |<br>**Year**<br>**Ended**<br>**September**<br>**30, 2024** |<br>**Year**<br>**Ended**<br>**September**<br>**30, 2023** |<br>**Year**<br>**Ended**<br>**September**<br>**30, 2022** |<br>**Year**<br>**Ended**<br>**September**<br>**30, 2021** |<br>**Year**<br>**Ended**<br>**September**<br>**30, 2020** |
| Net asset value, beginning of period | $10.79 | $9.26 | $7.97 | $10.02 | $9.65 | $9.24 |
| Investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(a)</sup> | 0.04 | 0.01 | (0.02) | 0.01 | (0.08) | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.34 | 1.56 | 1.31 | (2.03) | 0.45 | 0.46 |
| Total from investment operations | 0.38 | 1.57 | 1.29 | (2.02) | 0.37 | 0.44 |
| **Less distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (0.04) |  | (0.03) |  | (0.03) |
| Total distributions |  | (0.04) |  | (0.03) |  | (0.03) |
| Net asset value, end of period | $11.17 | $10.79 | $9.26 | $7.97 | $10.02 | $9.65 |
| **Total Return <sup>(b)</sup>** | 3.52 % <sup>(c)</sup> | 17.05% | 16.19% | (20.19)% | 3.83% | 4.73% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000 omitted) | $2469 | $2506 | $1801 | $175 | $262 | $418 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;average net assets, before reimbursement <sup>(e)</sup> | 2.04 % <sup>(d)</sup> | 2.08% | 2.10% | 2.01% | 1.86% | 2.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;average net assets, net of reimbursement <sup>(e)</sup> | 1.80 % <sup>(d)</sup> | 1.80% | 1.80% | 1.80% | 1.80% | 1.80% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets <sup>(e)(f)</sup> | 0.70 % <sup>(d)</sup> | 0.08% | (0.26)% | 0.13% | (0.72)% | (0.28)% |
| Portfolio turnover rate | 58 % <sup>(c)</sup> | 127% | 190% | 691% | 441% | 710% |

---

<sup>(a)</sup> Per share amounts are calculated using the average shares method, which appropriately presents the per share data for the year.

<sup>(b)</sup> Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any, and exclude the effect of applicable sales charges and redemption fees. Had the adviser not waived fees and/or reimbursed expenses, total returns would have been lower.

<sup>(c)</sup> Not annualized.

<sup>(d)</sup> Annualized.

<sup>(e)</sup> Does not include the expenses of the underlying investment companies in which the Fund invests.

<sup>(f)</sup> The recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

See accompanying notes to financial statements.

---

| |
|:---|
| **RESQ Strategic Income Fund – Class A** |
| **Financial Highlights** |

---

**(For Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period Presented)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months**<br>**Ended**<br>**March 31,**<br>**2025**<br>**(Unaudited)** |<br>**Year**<br>**Ended**<br>**September**<br>**30, 2024** |<br>**Year**<br>**Ended**<br>**September**<br>**30, 2023** |<br>**Year**<br>**Ended**<br>**September**<br>**30, 2022** |<br>**Year**<br>**Ended**<br>**September**<br>**30, 2021** |<br>**Year**<br>**Ended**<br>**September**<br>**30, 2020** |
| Net asset value, beginning of period | $7.72 | $7.00 | $7.53 | $9.18 | $9.44 | $8.89 |
| Investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(a)</sup> | 0.06 | 0.17 | 0.09 | 0.04 | (0.07) | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.57) | 0.72 | (0.53) | (1.63) | (0.18) | 0.59 |
| Total from investment operations | (0.51) | 0.89 | (0.44) | (1.59) | (0.25) | 0.57 |
| **Less distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.06) | (0.17) | (0.09) |  | (0.01) | (0.02) |
| &nbsp;&nbsp;&nbsp;Return of capital |  | — <sup>(b)</sup> |  | (0.06) |  |  |
| Total distributions | (0.06) | (0.17) | (0.09) | (0.06) | (0.01) | (0.02) |
| Paid in capital from redemption fees |  | — <sup>(b)</sup> |  | — <sup>(b)</sup> | — <sup>(b)</sup> |  |
| Net asset value, end of period | $7.15 | $7.72 | $7.00 | $7.53 | $9.18 | $9.44 |
| **Total Return <sup>(c)</sup>** | (6.53)% <sup>(d)</sup> | 12.90% | (5.91)% | (17.37)% | (2.66)% | 6.40% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000 omitted) | $31157 | $26422 | $24766 | $26162 | $32532 | $31543 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;average net assets, before reimbursement <sup>(f)</sup> | 2.67 % <sup>(e)</sup> | 2.63% | 2.54% | 2.46% | 2.34% | 2.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;average net assets, net of reimbursement <sup>(f)</sup> | 2.20 % <sup>(e)</sup> | 2.20% | 2.20% | 2.20% | 2.20% | 2.20% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets <sup>(f)(g)</sup> | 1.73 % <sup>(e)</sup> | 2.32% | 1.20% | 0.54% | (0.70)% | (0.27)% |
| Portfolio turnover rate | 2 % <sup>(d)</sup> | 296% | 221% | 713% | 318% | 526% |

---

<sup>(a)</sup> Per share amounts are calculated using the average shares method, which appropriately presents the per share data for the year.

<sup>(b)</sup> Rounds to less than $0.005 per share.

<sup>(c)</sup> Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any, and exclude the effect of applicable sales charges and redemption fees. Had the adviser not waived fees and/or reimbursed expenses, total returns would have been lower.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Annualized.

<sup>(f)</sup> Does not include the expenses of the underlying investment companies in which the Fund invests.

<sup>(g)</sup> The recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

See accompanying notes to financial statements.

---

| |
|:---|
| **RESQ Strategic Income Fund – Class I** |
| **Financial Highlights** |

---

**(For Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period Presented)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months**<br>**Ended**<br>**March 31,**<br>**2025**<br>**(Unaudited)** |<br>**Year**<br>**Ended**<br>**September**<br>**30, 2024** |<br>**Year**<br>**Ended**<br>**September**<br>**30, 2023** |<br>**Year**<br>**Ended**<br>**September**<br>**30, 2022** |<br>**Year**<br>**Ended**<br>**September**<br>**30, 2021** |<br>**Year**<br>**Ended**<br>**September**<br>**30, 2020** |
| Net asset value, beginning of period | $7.80 | $7.08 | $7.60 | $9.27 | $9.52 | $8.95 |
| Investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(a)</sup> | 0.08 | 0.19 | 0.13 | 0.08 | (0.03) | — <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.56) | 0.73 | (0.53) | (1.67) | (0.19) | 0.61 |
| Total from investment operations | (0.48) | 0.92 | (0.40) | (1.59) | (0.22) | 0.61 |
| **Less distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.08) | (0.20) | (0.12) |  | (0.03) | (0.04) |
| &nbsp;&nbsp;&nbsp;Return of capital |  | — <sup>(b)</sup> |  | (0.08) |  |  |
| Total distributions | (0.08) | (0.20) | (0.12) | (0.08) | (0.03) | (0.04) |
| Net asset value, end of period | $7.24 | $7.80 | $7.08 | $7.60 | $9.27 | $9.52 |
| **Total Return <sup>(c)</sup>** | (6.15)% <sup>(d)</sup> | 13.19% | (5.36)% | (17.11)% | (2.36)% | 6.90% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000 omitted) | $1662 | $1468 | $959 | $2 | $3 | $23 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;average net assets, before reimbursement <sup>(f)</sup> | 2.27 % <sup>(e)</sup> | 2.23% | 2.14% | 2.06% | 1.94% | 2.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;average net assets, net of reimbursement <sup>(f)</sup> | 1.80 % <sup>(e)</sup> | 1.80% | 1.80% | 1.80% | 1.80% | 1.80% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets <sup>(f)(g)</sup> | 2.19 % <sup>(e)</sup> | 2.58% | 1.67% | 0.96% | (0.29)% | 0.02% |
| Portfolio turnover rate | 2 % <sup>(d)</sup> | 296% | 221% | 713% | 318% | 526% |

---

<sup>(a)</sup> Per share amounts are calculated using the average shares method, which appropriately presents the per share data for the year.

<sup>(b)</sup> Rounds to less than $0.005 per share.

<sup>(c)</sup> Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any, and exclude the effect of applicable sales charges and redemption fees. Had the adviser not waived fees and/or reimbursed expenses, total returns would have been lower.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Annualized.

<sup>(f)</sup> Does not include the expenses of the underlying investment companies in which the Fund invests

<sup>(g)</sup> The recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

See accompanying notes to financial statements.

---

| |
|:---|
| **RESQ FUNDS** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)** |
| **March 31, 2025** |

---

**1.** **ORGANIZATION** 

The RESQ Dynamic Allocation Fund and the RESQ Strategic Income Fund (each a "Fund" and collectively the "Funds"), are each a diversified series of shares of beneficial interest of Northern Lights Fund Trust III (the "Trust"), a Delaware statutory trust organized under the laws of the state of Delaware 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 investment objective of the RESQ Dynamic Allocation Fund is to seek long term capital appreciation with capital preservation as a secondary objective. The investment objective of the RESQ Strategic Income Fund is to seek income with an emphasis on total return and capital preservation as a secondary objective. The Funds are "fund of funds" in that the Funds will generally invest in other investment companies.

The RESQ Dynamic Allocation Fund currently offers three classes of shares: Class A, Class C and Class I shares. The RESQ Strategic Income Fund currently offers Class A and I shares. Class A and Class I shares of each Fund commenced operations on December 20, 2013. Class C shares of each Fund commenced operations on October 17, 2014. As of January 8, 2025, Class C shares of the RESQ Strategic Income Fund were dissolved. RESQ Dynamic Allocation Fund Class A shares are offered at net asset value plus a maximum sales charge of 5.75%. RESQ Strategic Income Fund Class A shares are offered at net asset value plus a maximum sales charge of 4.75%. Class C shares of RESQ Dynamic Allocation Fund and Class I shares of the Funds are offered at net asset value. Each class represents an interest in the same assets of the applicable Fund and classes are identical except for differences in their distribution charges. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plans. Each Fund's income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class.

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

The following is a summary of significant accounting policies followed by the Funds 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 Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 "Financial Services – Investment Companies."

**Operating Segments** – The Funds have adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect each 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 public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the portfolio manager and Chief Financial Officer of the Funds. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**Securities Valuation** – Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price ("NOCP"). In the absence of a sale, such securities shall be valued at the mean between the current bid and ask prices on the day of valuation. Investments valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost. Investments in open-end investment companies are valued at net asset value.

---

| |
|:---|
| **RESQ FUNDS** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **March 31, 2025** |

---

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

The Funds may hold investments, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These investments will be valued using the "fair value" procedures approved by the Trust's Board of Trustees (the "Board"). The Board has delegated execution of these procedures to the advisor as its valuation designee (the "Valuation Designee"). The Board may also enlist third party consultants such 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.

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

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

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

---

| |
|:---|
| **RESQ FUNDS** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **March 31, 2025** |

---

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

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of March 31, 2025 for each Fund's investments measured at fair value:

**RESQ Dynamic Allocation Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange-Traded Funds | $30328283 | $— | $— | $30328283 |
| Short-Term Investment | 5330118 |  |  | 5330118 |
| **Total** | $**35658401** | $**—** | $**—** | $**35658401** |

---

**RESQ Strategic Income Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange-Traded Funds | $32732213 | $— | $— | $32732213 |
| Short-Term Investment | 81846 |  |  | 81846 |
| **Total** | $**32814059** | $**—** | $**—** | $**32814059** |

---

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

\* Please refer to the Schedules of Investments for classification by asset type.

**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 using the effective interest method.

**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 Funds 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 classification.

**Federal Income Taxes** – It is each Fund's policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income to its shareholders. Therefore, no provision for federal income tax is required. The Funds recognize the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Funds' tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years 2022-2024 or expected to be taken in the Funds' 2025 tax returns. Each Fund identifies its major tax jurisdictions as U.S. federal, Ohio, and foreign jurisdictions where the Fund makes significant investments. Neither Fund is aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Funds recognize interest and

---

| |
|:---|
| **RESQ FUNDS** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **March 31, 2025** |

---

penalties if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the period, the Funds did not incur any interest or penalties.

**Exchange Traded Funds** – The Funds 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 may be actively managed or represent a fixed portfolio of securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities in which they invest, 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.

**Exchange Traded Notes** – The Funds may invest in exchange traded notes ("ETNs"). ETNs are a type of debt security that is linked to the performance of underlying securities. The risks of owning ETNs generally reflect the risks of owning the underlying securities they are designed to track. In addition, ETNs are subject to credit risk generally to the same extent as debt securities.

**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 Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnities. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss due to these warranties and indemnities to be remote.

**Cash and Cash Equivalents** – Cash and cash equivalents include cash and overnight investments in interest-bearing demand deposits with a financial institution with original maturities of three months or less. The Funds maintain deposits with a high quality financial institution in an amount that is in excess of federally insured limits.

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

RESQ Investment Partners, LLC (the "Advisor"), serves as investment advisor to the Funds. Subject to the oversight of the Board, the Advisor is responsible for the management of each Fund's investment portfolio. Pursuant to an investment advisory agreement with the Trust, on behalf of each Fund, the Advisor directs the daily operations of each Fund and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Advisor, each Fund pays the Advisor a fee, computed and accrued daily and paid monthly at an annual rate of 1.20% of each Fund's average daily net assets. For the six months ended March 31, 2025, the Advisor earned advisory fees of $210,684 and $165,992 for the RESQ Dynamic Allocation Fund and RESQ Strategic Income Fund, respectively.

Pursuant to a written contract (the "Waiver Agreement"), the Advisor has agreed to waive a portion of its advisory fee and reimburse the Funds for other expenses until at least February 1, 2026 to the extent necessary so that the total operating expenses incurred by a Fund exclusive of any front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, borrowing costs (such as interest and dividend expense on securities sold short), taxes and 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)) do not exceed the following:

---

| | | | |
|:---|:---|:---|:---|
|  | Class A | Class C | Class I |
| RESQ Dyanmic Allocation Fund | 2.20% | 2.80% | 1.80% |
| RESQ Strategic Income Fund | 2.20% | N/A | 1.80% |

---

During the six months ended March 31, 2025, the Advisor waived fees pursuant to the Waiver Agreement in the amount of $41,330 and $64,929 for the RESQ Dynamic Allocation Fund and the RESQ Strategic Income Fund, respectively.

---

| |
|:---|
| **RESQ FUNDS** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **March 31, 2025** |

---

If the Advisor waives any fee or reimburses any expense pursuant to the Waiver Agreement, and a Fund's operating expenses are subsequently less than the expense limitation, the Advisor shall be entitled to reimbursement by the Fund for such waived fees or reimbursed expenses provided that such reimbursement does not cause the Fund's expenses to exceed the expense limitation then in effect or in effect at time of waiver. If Fund operating expenses subsequently exceed the expense limitation, the reimbursements shall be suspended. The Advisor may seek reimbursement only for expenses waived or paid by it during the three years prior to such reimbursement; provided, however, that such expenses may only be reimbursed to the extent they were waived or paid after the date of the Waiver Agreement (or any similar agreement). The Board may terminate this expense reimbursement arrangement at any time upon 60 days written notice to the Advisor. As of March 31, 2025, the total amount of expense reimbursement subject to recapture for the Funds were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Expires<br>September 30, 2025 | Expires<br>September 30, 2026 | Expires<br>September 30, 2027 |
| RESQ Dynamic Allocation Fund | $65027 | $91961 | $92657 |
| RESQ Strategic Income Fund | $76569 | $98239 | $119377 |

---

Distributor – The distributor of the Funds is Northern Lights Distributors, LLC (the "Distributor"). The Board has adopted, on behalf of the Funds, the Trust's Master Distribution and Shareholder Servicing Plans for Class A and Class C shares, as amended (the "Plans"), pursuant to Rule 12b-1 under the 1940 Act, to pay for certain distribution activities and shareholder services related to Class A and Class C shares. Under the Plans, the Funds may each pay 0.40% per year of the average daily net assets of Class A shares and 1.00% per year of the average daily net assets of Class C shares for such distribution and shareholder service activities. For the six months ended March 31, 2025, the Funds incurred distribution fees as follows:

---

| | | |
|:---|:---|:---|
|  | Class A | Class C |
| RESQ Dynamic Allocation Fund | $65010 | $136 |
| RESQ Strategic Income Fund | $52409 | $11 |

---

The Distributor acts as the Funds' principal underwriter in a continuous public offering of the Funds' shares. During the six months ended March 31, 2025, the Distributor did not receive any underwriting commissions for sales of RESQ Dynamic Allocation Fund's Class A shares or RESQ Strategic Income Fund's Class A shares.

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

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

<u>Northern Lights Compliance Services, LLC</u> ("NLCS") – NLCS, an affiliate of UFS and the Distributor, provides a Chief Compliance Officer to the Funds, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Funds. Under the terms of such agreement, NLCS receives customary fees from the Funds. An officer of the Funds are also an officer of NLCS, and are not paid any fees directly by the Funds for serving in such capacity.

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

**4.** **REDEMPTION FEES** 

Each Fund may assess a short-term redemption fee of 2.00% of the total redemption amount if a shareholder sells his shares after holding them for less than 30 days. The redemption fee is paid directly to the applicable Fund. For the six months ended March 31, 2025, the RESQ Dynamic Allocation Fund and RESQ Strategic Income Fund received $1,707 and $1,847 in redemption fees, respectively.

---

| |
|:---|
| **RESQ FUNDS** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **March 31, 2025** |

---

**5.** **INVESTMENT TRANSACTIONS** 

For the six months ended March 31, 2025, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments, amounted to the following:

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| RESQ Dynamic Allocation Fund | $18062437 | $21578597 |
| RESQ Strategic Income Fund | $12922691 | $504886 |

---

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

The identified cost of investments in securities owned by each Fund for federal income tax purposes, and its respective gross unrealized appreciation and depreciation at March 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund** |<br>**Tax**<br>**Cost** | **Gross**<br>**Unrealized**<br>**Appreciation** | **Gross**<br>**Unrealized**<br>**Depreciation** | **Net Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| RESQ Dynamic Allocation Fund | $34749740 | $2533647 | $(1624986) | $908661 |
| RESQ Strategic Income Fund | 34487873 | 218024 | (1891838) | (1673814) |

---

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

The tax character of distributions paid during the fiscal years ended September 30, 2024 and September 30, 2023 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For fiscal year ended**<br>**9/30/2024** | **Ordinary**<br>**Income** | **Long-Term**<br>**Capital Gains** | **Return of**<br>**Capital** |<br>**Total** |
| RESQ Dynamic Allocation Fund | $— | $— | $90461 | $90461 |
| RESQ Strategic Income Fund | 642184 |  | 3719 | 645903 |
| **For fiscal year ended** | **Ordinary** | **Long-Term** | **Return of** |  |
| **9/20/2023** | **Income** | **Capital Gains** | **Capital** | **Total** |
| RESQ Dynamic Allocation Fund | $— | $— | $— | $— |
| RESQ Strategic Income Fund | 352647 |  |  | 352647 |

---

As of September 30, 2024, 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)** |
| RESQ Dynamic Allocation Fund | $— | $— | $(200918) | $(811454) | $— | $1897817 | $885445 |
| RESQ Strategic Income Fund |  |  | (620007) | (9415245) |  | 119375 | (9915877) |

---

The difference between book basis and tax basis accumulated net realized loss and unrealized appreciation/(depreciation) from investments is primarily attributable to the tax deferral of losses on wash sales, and adjustments for 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 RESQ Dynamic Allocation Fund incurred and elected to defer such late year losses of $200,918.

Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The RESQ Strategic Income Fund incurred and elected to defer such capital losses of $620,007.

---

| |
|:---|
| **RESQ FUNDS** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **March 31, 2025** |

---

At September 30, 2024, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Non-Expiring**<br>**Short-Term** | **Non-Expiring**<br>**Long-Term** |<br>**Total** |<br>**CLCF Utilized** |
| RESQ Dynamic Allocation Fund | $281444 | $530010 | $811454 | $— |
| RESQ Strategic Income Fund | 8504582 | 910663 | 9415245 |  |

---

Permanent book and tax differences, primarily attributable to the reclass of net operating losses resulted in reclassifications for the fiscal year ended September 30, 2024 as follows:

---

| | | |
|:---|:---|:---|
|  | **Paid**<br>**In**<br>**Capital** |<br>**Accumulated**<br>**Earnings (Deficit)** |
| RESQ Dynamic Allocation Fund | $(121101) | $121101 |
| RESQ Strategic Income Fund |  |  |

---

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

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of March 31, 2025, the shareholders listed below held more than 25% of a Fund and may be deemed to control that Fund.

---

| | | |
|:---|:---|:---|
| **Shareholder** | **Fund** | **Percent** |
| Charles Schwab & Co. | RESQ Dynamic Allocation Fund | 62.71% |
| NFS LLC | RESQ Dynamic Allocation Fund | 37.21% |
| Charles Schwab & Co. | RESQ Strategic Income Fund | 62.83% |
| NFS LLC | RESQ Strategic Income Fund | 37.17% |

---

**9.** **SUBSEQUENT EVENTS** 

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

---

| |
|:---|
| **RESQ FUNDS** |
| **ADDITIONAL INFORMATION (Unaudited)** |
| **March 31, 2025** |

---

**Changes in and Disagreements with Accountants**

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

**Proxy Disclosures**

Not applicable.

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

Refer to the financial statements included herein.

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

**Renewal of Advisory Agreement – RESQ Dynamic Allocation Fund and RESQ Strategic Income Fund\***

In connection with a meeting held on November 20, 2024, the Board, including a majority of the Trustees who are not "interested persons," as that term is defined in the 1940 Act, as amended, discussed the renewal of the investment advisory agreement (the "Advisory Agreement") between the Adviser and the Trust, with respect to the RESQ Dynamic Allocation Fund ("RESQ DA") and RESQ Strategic Income Fund ("RESQ SI") (collectively, the "RESQ Funds"). In considering the renewal of the Advisory Agreement, the Board received materials specifically relating to the RESQ Funds and the Advisory Agreement.

The Board relied upon the advice of independent legal counsel and its own business judgment in determining the material factors to be considered in evaluating the Advisory Agreement and the weight to be given to each such factor. The Board's conclusions were based on an evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching conclusions with respect to the Advisory Agreement.

*<u>Nature, Extent & Quality of Services</u>*. The Board noted that the Adviser was founded in 2013 and had approximately $59 million in assets under management. The Board reviewed the background information of the key investment personnel servicing the RESQ Funds and recognized the breadth and length of their financial industry experience. The Board observed that Adviser's advisory services for each RESQ Fund included trading, execution, research portfolio construction and compliance services. The Board noted that the Adviser attempted to replicate the technical-based asset classes called for by each RESQ Fund's investment model, and that trades were based on price data, risk metrics and the preset objectives of each investment model. The Board noted that the Adviser contracted with multiple signal providers to confirm market trends. The Board noted that the Adviser used a checklist system to monitor trades to ensure acquired positions were within the applicable model's parameters and any compliance constraints. The Board discussed that the Adviser's risk committee performed daily oversight of each RESQ Fund's model and trading. The Board recognized that the Adviser monitored each trade for best execution, customer service and price and reviewed broker dealers used by the firm annually. The Board noted that the Adviser engaged a third-party consultant for cybersecurity services and that the Adviser's CCO regularly met with its consultant to address areas of concerns pertaining to cybersecurity. The Board observed that the Adviser did not use Artificial Intelligence tools to provide advisory services to either RESQ Fund. The Board acknowledged that the Adviser had reported no material compliance, litigation or cybersecurity issues since the Advisory Agreement was last renewed. The Board determined that it could expect the Adviser to continue providing quality services to each RESQ Fund and its shareholders.

*<u>Performance</u>*.

*RESQ DA—*The Board noted that RESQ DA earned a 1-star Morningstar rating and underperformed its peer group, Morningstar category and benchmark across all periods. The Board noted that the Adviser's models favored an overweighting in value stocks, but such positioning proved harmful and contributed to RESQ DA's underperformance over the 1-year period. The Board considered the Adviser's explanation that RESQ DA's relative underperformance over the 3-year and 5-year periods was attributable to its inflationary positioning in 2021 that ultimately performed poorly due to the

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| |
|:---|
| **RESQ FUNDS** |
| **ADDITIONAL INFORMATION (Unaudited) (Continued)** |
| **March 31, 2025** |

---

strong U.S. dollar. The Board concluded that the Adviser should continue to be afforded additional time to allow it to manage RESQ DA over a full market cycle.

*RESQ SI—*The Board noted that RESQ SI earned a 1-star Morningstar rating and underperformed its peer group, Morningstar category, and benchmark across all periods. The Board acknowledged that the Adviser attributed underperformance over the 1-year period to RESQ SI initiating a position in long-dated U.S. treasuries too early. The Board noted that the yields of those U.S. treasuries reached unprecedented levels due to comments made by the Federal Reserve, but that as the initial spike began to decline, RESQ SI experienced a recovery. The Board noted RESQ SI invested primarily in fixed income whereas its peer group invested primarily in equities. It observed that the strong performance of equities led RESQ SI to underperform relative to its peer group despite its positive performance for the 1-year period. The Board concluded that the Adviser had delivered reasonable returns to RESQ SI and its shareholders.

*<u>Fees and Expenses</u>*.

The Board noted that the Adviser had fee waivers in place that benefited shareholders. The Board discussed the Adviser's explanation that the business, regulatory, litigation, and operational risks related to managing a mutual fund and rising costs of service providers, justified the higher advisory fee charted to each RESQ Fund. The Board concluded that the Adviser's advisory fee for each RESQ Fund was not unreasonable.

*RESQ DA*—The Board observed that the advisory fee for RESQ DA was higher than the medians and averages of its Morningstar category and the high of its peer group. The Board discussed RESQ DA's net expense ratio, acknowledging that it was higher than medians and averages of its peer group and Morningstar category but below the highs of each.

*RESQ SI—*The Board noted that the advisory fee for RESQ SI was tied with the high of its Morningstar category and higher than its peer group average and median. The Board commented that the expense ratio for RESQ SI was higher than the averages and medians of its peer group and Morningstar category, but lower than the highs of each.

*<u>Economies of Scale</u>*. The Board discussed the size of the RESQ Funds and their prospects for growth, concluding neither RESQ Fund had achieved meaningful economies that would necessitate the establishment of breakpoints. The Board noted the Adviser was willing to discuss the implementation of breakpoints as the assets of the RESQ Funds grew and the Adviser achieved material economies of scale related to their operations. The Board agreed to monitor and revisit the issue at the appropriate time.

*<u>Profitability</u>*. The Board reviewed the Adviser's profitability analysis in connection with its management of each RESQ Fund and noted that the Adviser was managing RESQ DA at a modest profit and RESQ SI at a loss. The Board concluded that excessive profitability was not an issue for the Adviser with respect to either RESQ Fund.

*<u>Conclusion</u>*. Having requested and reviewed such information from the Adviser as the Board believed to be reasonably necessary to evaluate the terms of the Advisory Agreement, and as assisted by the advice of independent counsel, the Board concluded that renewal of the Advisory Agreement was in the best interests of each RESQ Fund and its shareholders.

\* Due to timing of the contract renewal schedule, these deliberations may or may not relate to the current performance results of the RESQ Funds.

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

Not applicable

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

Not applicable

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

Included under Item 7

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

Not applicable

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

Not applicable

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

Not applicable

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

Not applicable

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

None

**Item 16. Controls and Procedures** 

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

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

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

Not applicable

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

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

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

**Item 19. Exhibits.** 

(a)(1) Not applicable.

(a)(2) Not applicable

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

(a)(4) Not applicable

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

**SIGNATURES**

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

Northern Lights Fund Trust III

---

| |
|:---|
| By <u>/s/ Brian Curley</u> |
| Brian Curley |
| Principal Executive Officer |
| Date: 6/3/2025 |

---

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 <u>/s/ Brian Curley</u> |
| Brian Curley |
| Principal Executive Officer |
| Date: 6/3/2025 |

---

---

| |
|:---|
| By <u>/s/ Richard Gleason</u> |
| Richard Gleason |
| Principal Financial Officer |
| Date: 6/3/2025 |

---

## 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: 6/3/2025 | <u>/s/ Brian Curley</u> |
|  | 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: 6/3/2025 | <u>/s/ Richard Gleason</u> |
|  | Richard Gleason |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**certification** [Exhibit 99.906CERT]

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 March 31, 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 Financial Officer |
| Northern Lights Fund Trust III | Northern Lights Fund Trust III |
| /s/ Brian Curley | /s/ Richard Gleason |
| Brian Curley | Richard Gleason |

---

Date: <u>6/3/2025</u> Date: <u>6/3/2025</u>

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.