# EDGAR Filing Document

**Accession Number:** 0001537140
**File Stem:** 0000910472-26-008147
**Filing Date:** 2026-5
**Character Count:** 22118
**Document Hash:** 82066f9816f88e80bad814b8c088b8ee
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-008147.hdr.sgml**: 20260529

**ACCESSION NUMBER**: 0000910472-26-008147

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260529

**DATE AS OF CHANGE**: 20260529

**PERIOD START**: 20260630

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22655
- **FILM NUMBER:** 261039251

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** CINCINNATI

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

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

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

- **a. Name of Series:** HCM Multi-Asset Plus Fund

- **b. EDGAR series identifier (if any):** S000055429

- **c. LEI of Series:** 549300QP7W4NFIHVBZ35

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $746523705.32

**Total Liabilities:** $962508.35

**Net Assets:** $745561196.97

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000174412 | 0.75%                | -2.18%               | -5.28%               |
| Class ID C000174413 | 0.67%                | -2.21%               | -5.37%               |
| Class ID C000213465 | 0.75%                | -2.12%               | -5.25%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $39009127.76             | $-32273560.79                              |
| Month 2  | $12130139.79             | $-29546372.11                              |
| Month 3  | $62935102.24             | $-104535663.73                             |

### Schedule of Portfolio Investments

| Name                        | Title             | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Invesco QQQ Trust, Series 1 | INVESCO QQQ TRUS  | CUSIP: 46090E103<br>LEI: 549300VY6FEJBCIMET58 | Long             | EC               | RF                | US        |    221689 | NS      | $127954457.02 | 17.16%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust               | ISHARES CORE U.S  | CUSIP: 464287226<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |   1732889 | NS      | $172023891.03 | 23.07%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust               | ISHARES SEMICOND  | CUSIP: 464287523<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     65200 | NS      | $21428632.00  | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust               | ISHARES 0-3M T/B  | CUSIP: 46436E718<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |   1194450 | NS      | $120233337.00 | 16.13%            |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.             | MICROSOFT CORP    | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     25950 | NS      | $9605911.50   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Series Trust           | SPDR BLOOMBERG 1  | CUSIP: 78468R663<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |   1311950 | NS      | $120227098.00 | 16.13%            |  |  |  | No            |                  1 | On Loan: No      |
| Tidal Trust I               | FNDSTR-G/S US LR  | CUSIP: 886364231<br>LEI: 549300VTYHP8U2332C46 | Long             | EC               | RF                | US        |   2922900 | NS      | $69769623.00  | 9.36%             |  |  |  | No            |                  1 | On Loan: No      |
| VanEck ETF Trust            | V/E SEMICONDUCT   | CUSIP: 92189F676<br>LEI: 549300ZLFKNTXC51ZN76 | Long             | EC               | RF                | US        |     56300 | NS      | $21585420.00  | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Bond Index Funds   | VANGUARD TOTAL B  | CUSIP: 921937835<br>LEI: 549300INE5BF80OGAZ51 | Long             | EC               | RF                | US        |    661100 | NS      | $48683404.00  | 6.53%             |  |  |  | No            |                  1 | On Loan: No      |
| HCM BBH SWEEP               | BBH SWEEP VEHICLE | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |  34934778 | PA      | $34934777.68  | 4.69%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** Rich Gleason

**Name of Signer:** Rich Gleason

**Title:** Treasurer