# EDGAR Filing Document

**Accession Number:** 0001537140
**File Stem:** 0001580642-26-001647
**Filing Date:** 2026-3
**Character Count:** 72966
**Document Hash:** 99512f54dce1782570ad3b37fba2240d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-001647.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001580642-26-001647

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 19

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**EFFECTIVENESS DATE**: 20260309

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22655
- **FILM NUMBER:** 26733897

**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

### Swan Enhanced Dividend Income ETF (Series ID: S000083429)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000247041 | Swan Enhanced Dividend Income ETF | SCLZ            |

?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>6/30</u>

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

**Item 1. Reports to Stockholders.** 

(a) #### Swan Enhanced Dividend Income ETF
(SCLZ) Cboe BZX Exchange, Inc.

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

# Fund Overview
This semi-annual shareholder report contains important information about Swan Enhanced Dividend Income ETF for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://etfs.swanglobalinvestments.com/enhanced-dividend-income-etf/**. You can also request this information by contacting us at 1-877-383-7259. **This report describes changes to the Fund that occurred during the reporting period.** 

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Swan Enhanced Dividend Income ETF | $41 | 0.79%<sup>Footnote Reference\*</sup> |

---

---

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

---

# How did the Fund perform during the reporting period?
Overview: the Fund completed its first full year of operations in 2025 and is nearing the two-year anniversary of its inception (February 26, 2024). Over the last six months of 2025 the Fund had a return of 7.8% vs. the 10.3% return of the Cboe S&P 500 BuyWrite Index (BXM). For the full year, the Fund returned 10.9% vs. the 8.9% return for the BXM.

During the second half of the year, the Fund switched from a quarterly distribution schedule to monthly distributions. The Fund also increased its distribution to an annual rate of around 8% and lowered its expense ratio.

Dividends: the Fund seeks to generate a portion of its distributions via equity dividends. Between July 1st and December 31st, 2025, the Fund's dividends generated 51 basis points of return.

Call Writing: the Fund also seeks to collect and distribute premium from the writing of call options on its individual stock positions. Options on individual stocks tend to have higher premiums than options on broad indices. Also, writing options on individual stocks allows more freedom and flexibility for the portfolio managers to selectively write options during times when management believes the risk/return characteristics are more favorable. During a strong bull market like 2025, call writing tends to be defensive in nature. During the latter half of 2025, the call writing component of the Fund had a -2.8% return.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ia2c4d060e5263cde3fb78140.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Swan Enhanced Dividend Income ETF - NAV** | **CBOE S&P 500<sup>®</sup> BuyWrite Index** | **S&P 500<sup>®</sup> Index** |
| **02/26/24** | $10000 | $10000 | $10000 |
| **03/31/24** | $10194 | $10263 | $10380 |
| **06/30/24** | $10354 | $10415 | $10824 |
| **09/30/24** | $11097 | $10992 | $11461 |
| **12/31/24** | $11184 | $11628 | $11737 |
| **03/31/25** | $11131 | $11269 | $11236 |
| **06/30/25** | $11507 | $11482 | $12466 |
| **09/30/25** | $12082 | $11888 | $13478 |
| **12/31/25** | $12405 | $12664 | $13836 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **Since Inception (February 26, 2024)** |
| Swan Enhanced Dividend Income ETF - NAV | 7.80% | 10.92% | 12.38% |
| CBOE S&P 500<sup>®</sup> BuyWrite Index | 10.29% | 8.91% | 13.65% |
| S&P 500<sup>®</sup> Index | 11.00% | 17.88% | 19.22% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-877-383-7259.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $16399189 |
| Number of Portfolio Holdings | 108 |
| Advisory Fee | $55126 |
| Portfolio Turnover | 57% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i330ea3a9b33d68578b09f4d1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 97.2% |
| Money Market Funds | 2.8% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i7f592b0d9ba7044278a33007.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.4% |
| Equity Option | -2.4% |
| Materials | 1.7% |
| Real Estate | 1.8% |
| Utilities | 2.2% |
| Money Market Funds | 2.8% |
| Energy | 2.9% |
| Consumer Staples | 4.7% |
| Industrials | 5.8% |
| Financials | 9.0% |
| Health Care | 9.7% |
| Consumer Discretionary | 10.2% |
| Communications | 11.9% |
| Technology | 39.3% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;6.7% |
| &nbsp;&nbsp;NVIDIA Corporation | &nbsp;&nbsp;5.7% |
| &nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;5.3% |
| &nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;Eli Lilly & Company | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;JPMorgan Chase & Company | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;First American Government Obligations Fund, Class X | &nbsp;&nbsp;2.8% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund's prospectus dated November 1, 2025 at https://etfs.swanglobalinvestments.com/enhanced-dividend-income-etf/ or 1-877-383-7259.

Effective July 1, 2025, the distribution frequency of dividends changed from quarterly to monthly.

#### Swan Enhanced Dividend Income ETF

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

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://etfs.swanglobalinvestments.com/enhanced-dividend-income-etf/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-SCLZ

(b) 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;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Swan Enhanced Dividend Income ETF** |
| **SCLZ** |
| Semi-Annual Financial Statements |
| and Additional Information |
| December 31, 2025 |
| **1-877-383-7259** |
| **etfs.swanglobalinvestments.com** |

---

---

| |
|:---|
| **SWAN ENHANCED DIVIDEND INCOME ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.2%** |  |
|  | **AEROSPACE & DEFENSE - 3.9%** |  |
| 1319 | General Electric Company<sup>(a)</sup> | $406291 |
| 1279 | RTX Corporation<sup>(a)</sup> | 234569 |
|  |  | 640860 |
|  | **AUTOMOTIVE - 2.1%** |  |
| 750 | Tesla, Inc.<sup>(a),(b)</sup> | 337290 |
|  | **BANKING - 5.0%** |  |
| 1858 | JPMorgan Chase & Company<sup>(a)</sup> | 598685 |
| 2441 | Wells Fargo & Company<sup>(a)</sup> | 227501 |
|  |  | 826186 |
|  | **BEVERAGES - 1.4%** |  |
| 3376 | Coca-Cola Company (The)<sup>(a)</sup> | 236016 |
|  | **BIOTECH & PHARMA - 8.7%** |  |
| 1450 | AbbVie, Inc.<sup>(a)</sup> | 331311 |
| 643 | Eli Lilly & Company<sup>(a)</sup> | 691019 |
| 1896 | Johnson & Johnson<sup>(a)</sup> | 392377 |
|  |  | 1414707 |
|  | **CHEMICALS - 1.7%** |  |
| 495 | Corteva, Inc.<sup>(a)</sup> | 33180 |
| 174 | Ecolab, Inc.<sup>(a)</sup> | 45678 |
| 330 | Linde PLC<sup>(a)</sup> | 140709 |
| 161 | Sherwin-Williams Company (The)<sup>(a)</sup> | 52169 |
| 100 | Solstice Advanced Materials, Inc.<sup>(b)</sup> | 4858 |
|  |  | 276594 |
|  | **DATA CENTER REIT - 0.5%** |  |
| 111 | Equinix, Inc.<sup>(a)</sup> | 85044 |
|  | **DIVERSIFIED INDUSTRIALS - 1.0%** |  |
| 825 | Honeywell International, Inc.<sup>(a)</sup> | 160949 |
|  | **E-COMMERCE DISCRETIONARY - 3.8%** |  |
| 2762 | Amazon.com, Inc.<sup>(a),(b)</sup> | 637524 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **SWAN ENHANCED DIVIDEND INCOME ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.2% (Continued)** |  |
|  | **ELECTRIC UTILITIES - 2.2%** |  |
| 733 | American Electric Power Company, Inc.<sup>(a)</sup> | $84522 |
| 374 | Constellation Energy Corporation<sup>(a)</sup> | 132123 |
| 1299 | Duke Energy Corporation<sup>(a)</sup> | 152256 |
|  |  | 368901 |
|  | **HEALTH CARE REIT - 0.8%** |  |
| 727 | Welltower, Inc. | 134938 |
|  | **INSURANCE - 4.0%** |  |
| 897 | Berkshire Hathaway, Inc., Class B<sup>(a),(b)</sup> | 450877 |
| 872 | Progressive Corporation (The)<sup>(a)</sup> | 198572 |
|  |  | 649449 |
|  | **INTERNET MEDIA & SERVICES - 11.9%** |  |
| 2558 | Alphabet, Inc., Class A<sup>(a)</sup> | 800654 |
| 1045 | Meta Platforms, Inc., Class A<sup>(a)</sup> | 689794 |
| 2451 | Netflix, Inc. <sup>(a),(b)</sup> | 229806 |
| 2783 | Uber Technologies, Inc.<sup>(b)</sup> | 227399 |
|  |  | 1947653 |
|  | **LEISURE FACILITIES & SERVICES - 0.6%** |  |
| 298 | McDonald's Corporation<sup>(a)</sup> | 91078 |
|  | **MACHINERY - 0.9%** |  |
| 333 | Deere & Company<sup>(a)</sup> | 155035 |
|  | **MEDICAL EQUIPMENT & DEVICES - 1.0%** |  |
| 1340 | Abbott Laboratories<sup>(a)</sup> | 167889 |
|  | **OIL & GAS PRODUCERS - 2.9%** |  |
| 788 | Chevron Corporation | 120099 |
| 2366 | Exxon Mobil Corporation<sup>(a)</sup> | 284725 |
| 338 | ONEOK, Inc.<sup>(a)</sup> | 24843 |
| 675 | Williams Companies, Inc. (The)<sup>(a)</sup> | 40574 |
|  |  | 470241 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **SWAN ENHANCED DIVIDEND INCOME ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.2% (Continued)** |  |
|  | **REAL ESTATE SERVICES - 0.1%** |  |
| 100 | CBRE Group, Inc., Class A<sup>(a),(b)</sup> | $16079 |
|  | **RETAIL - CONSUMER STAPLES - 1.9%** |  |
| 2682 | Walmart, Inc.<sup>(a)</sup> | 298802 |
|  | **RETAIL - DISCRETIONARY - 3.7%** |  |
| 754 | Home Depot, Inc. (The)<sup>(a)</sup> | 259451 |
| 991 | Lowe's Companies, Inc.<sup>(a)</sup> | 238990 |
| 703 | TJX Companies, Inc. (The)<sup>(a)</sup> | 107988 |
|  |  | 606429 |
|  | **RETAIL REIT - 0.4%** |  |
| 1084 | Realty Income Corporation<sup>(a)</sup> | 61105 |
|  | **SEMICONDUCTORS - 11.7%** |  |
| 1653 | Advanced Micro Devices, Inc.<sup>(a),(b)</sup> | 354006 |
| 1850 | Broadcom, Inc. | 640285 |
| 5007 | NVIDIA Corporation<sup>(a)</sup> | 933806 |
|  |  | 1928097 |
|  | **SOFTWARE - 10.6%** |  |
| 192 | Intuit, Inc.<sup>(a)</sup> | 127185 |
| 1781 | Microsoft Corporation<sup>(a)</sup> | 861327 |
| 1385 | Oracle Corporation<sup>(a)</sup> | 269950 |
| 2251 | Palantir Technologies, Inc., Class A<sup>(a),(b)</sup> | 400115 |
| 500 | ServiceNow, Inc.<sup>(b)</sup> | 76595 |
|  |  | 1735172 |
|  | **TECHNOLOGY HARDWARE - 9.0%** |  |
| 4010 | Apple, Inc.<sup>(a)</sup> | 1090159 |
| 4929 | Cisco Systems, Inc.<sup>(a)</sup> | 379681 |
|  |  | 1469840 |
|  | **TECHNOLOGY SERVICES - 8.0%** |  |
| 569 | Automatic Data Processing, Inc.<sup>(a)</sup> | 146364 |
| 1453 | International Business Machines Corporation<sup>(a)</sup> | 430392 |
| 569 | Mastercard, Inc., Class A<sup>(a)</sup> | 324831 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **SWAN ENHANCED DIVIDEND INCOME ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.2% (Continued)** |  |
|  | **TECHNOLOGY SERVICES - 8.0% (Continued)** |  |
| 1150 | Visa, Inc., Class A<sup>(a)</sup> | $403317 |
|  |  | 1304904 |
|  | **TOBACCO & CANNABIS - 1.4%** |  |
| 1155 | Altria Group, Inc.<sup>(a)</sup> | 66597 |
| 1052 | Philip Morris International, Inc.<sup>(a)</sup> | 168741 |
|  |  | 235338 |
|  | **TOTAL COMMON STOCKS (Cost $14,770,123)** | 16256120 |
|  | **SHORT-TERM INVESTMENTS — 2.8%** |  |
|  | **MONEY MARKET FUNDS - 2.8%** |  |
| 459914 | First American Government Obligations Fund, Class X, 3.64% (Cost $459,914)<sup>(c)</sup> | 459914 |
|  | **TOTAL INVESTMENTS - 102.0% (Cost $15,230,037)** | $16716034 |
|  | **CALL OPTIONS WRITTEN - (2.4)% (Premiums received - $506,474)** | (390150) |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.4%** | 73305 |
|  | **NET ASSETS - 100.0%** | $16399189 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(d)</sup>** |  | **Expiration<br> Date** | **Exercise<br> Price** | **Notional<br> Value** | **Fair Value** |
|  | **WRITTEN EQUITY OPTIONS - (2.4)%** | **WRITTEN EQUITY OPTIONS - (2.4)%** | **WRITTEN EQUITY OPTIONS - (2.4)%** |  |  |
|  | **CALL OPTIONS WRITTEN- (2.4)%** | **CALL OPTIONS WRITTEN- (2.4)%** | **CALL OPTIONS WRITTEN- (2.4)%** |  |  |
| 13 | Abbott Laboratories | 03/20/2026 | $135.00 | $162877 | $2182 |
| 14 | AbbVie, Inc. | 02/20/2026 | 250.00 | 319886 | 2418 |
| 16 | Advanced Micro Devices, Inc. | 02/20/2026 | 240.00 | 342656 | 12441 |
| 25 | Alphabet, Inc. | 02/20/2026 | 335.00 | 782500 | 20190 |
| 11 | Altria Group, Inc. | 03/20/2026 | 62.50 | 63426 | 569 |
| 27 | Amazon.com, Inc. | 02/20/2026 | 250.00 | 623214 | 13418 |
| 7 | American Electric Power Company, Inc. | 03/20/2026 | 125.00 | 80717 | 742 |
| 40 | Apple, Inc. | 03/20/2026 | 290.00 | 1087440 | 19308 |
| 5 | Automatic Data Processing, Inc. | 02/20/2026 | 270.00 | 128615 | 2046 |
| 8 | Berkshire Hathaway, Inc. | 04/17/2026 | 540.00 | 402120 | 4775 |
| 1 | CBRE Group, Inc. | 03/20/2026 | 170.00 | 16079 | 370 |
| 49 | Cisco Systems, Inc. | 02/20/2026 | 85.00 | 377447 | 2903 |
| 33 | Coca-Cola Company (The) | 03/20/2026 | 75.00 | 230703 | 1741 |
| 3 | Constellation Energy Corporation | 01/16/2026 | 380.00 | 105981 | 1032 |
| 4 | Corteva, Inc. | 02/20/2026 | 70.00 | 26812 | 620 |
| 3 | Deere & Company | 03/20/2026 | 520.00 | 139671 | 1725 |
| 12 | Duke Energy Corporation | 04/17/2026 | 120.00 | 140652 | 3582 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **SWAN ENHANCED DIVIDEND INCOME ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(d)</sup>** |  | **Expiration <br> Date** | **Exercise<br> Price** | **Notional <br> Value** | **Fair Value** |
|  | **WRITTEN EQUITY OPTIONS - (2.4)%** | **WRITTEN EQUITY OPTIONS - (2.4)%** |  |  |  |
|  | **CALL OPTIONS WRITTEN- (2.4)% (Continued)** | **CALL OPTIONS WRITTEN- (2.4)% (Continued)** | **CALL OPTIONS WRITTEN- (2.4)% (Continued)** |  |  |
| 1 | Ecolab, Inc. | 01/16/2026 | $290.00 | $26252 | $1 |
| 6 | Eli Lilly & Company | 02/20/2026 | 1160.00 | 644808 | 15082 |
| 1 | Equinix, Inc. | 03/20/2026 | 800.00 | 76616 | 2295 |
| 23 | Exxon Mobil Corporation | 02/20/2026 | 125.00 | 276782 | 3896 |
| 13 | General Electric Company | 02/20/2026 | 320.00 | 400439 | 12969 |
| 7 | Home Depot, Inc. (The) | 03/20/2026 | 380.00 | 240870 | 3000 |
| 8 | Honeywell International, Inc. | 02/20/2026 | 210.00 | 156072 | 1530 |
| 14 | International Business Machines Corporation | 02/20/2026 | 320.00 | 414694 | 7463 |
| 1 | Intuit, Inc. | 03/20/2026 | 710.00 | 66242 | 2011 |
| 18 | Johnson & Johnson | 04/17/2026 | 230.00 | 372510 | 3441 |
| 18 | JPMorgan Chase & Company | 05/15/2026 | 340.00 | 579996 | 21143 |
| 3 | Linde plc | 03/20/2026 | 450.00 | 127917 | 2700 |
| 9 | Lowe's Companies, Inc. | 03/20/2026 | 260.00 | 217044 | 4410 |
| 5 | Mastercard, Inc. | 03/20/2026 | 580.00 | 285440 | 9761 |
| 2 | McDonald's Corporation | 03/20/2026 | 325.00 | 61126 | 736 |
| 10 | Meta Platforms, Inc. | 02/20/2026 | 675.00 | 660090 | 29000 |
| 17 | Microsoft Corporation | 02/20/2026 | 500.00 | 822154 | 21146 |
| 24 | Netflix, Inc. | 02/20/2026 | 100.00 | 225024 | 7272 |
| 50 | NVIDIA Corporation | 03/20/2026 | 200.00 | 932500 | 49696 |
| 3 | ONEOK, Inc. | 03/20/2026 | 75.00 | 22050 | 866 |
| 13 | Oracle Corporation | 03/20/2026 | 210.00 | 253383 | 17082 |
| 22 | Palantir Technologies, Inc. | 02/20/2026 | 180.00 | 391050 | 30533 |
| 10 | Philip Morris International, Inc. | 02/20/2026 | 165.00 | 160400 | 4765 |
| 8 | Progressive Corporation (The) | 02/20/2026 | 240.00 | 182176 | 2319 |
| 10 | Realty Income Corporation | 03/20/2026 | 60.00 | 56370 | 380 |
| 12 | RTX Corporation | 03/20/2026 | 190.00 | 220080 | 7260 |
| 1 | Sherwin-Williams Company (The) | 03/20/2026 | 360.00 | 32403 | 211 |
| 1 | Solstice Advanced Materials, Inc. | 01/16/2026 | 50.00 | 4858 | 32 |
| 7 | Tesla, Inc. | 01/16/2026 | 475.00 | 314804 | 4499 |
| 7 | TJX Companies, Inc. (The) | 01/16/2026 | 150.00 | 107527 | 3283 |
| 11 | Visa, Inc. | 02/20/2026 | 350.00 | 385781 | 12409 |
| 26 | Walmart, Inc. | 02/20/2026 | 115.00 | 289666 | 7471 |
| 24 | Wells Fargo & Company | 01/16/2026 | 90.00 | 223680 | 11019 |
| 6 | Williams Companies, Inc. (The) | 02/20/2026 | 65.00 | 36066 | 407 |
|  | **TOTAL EQUITY OPTIONS WRITTEN** (Premiums received - $506,474) | **TOTAL EQUITY OPTIONS WRITTEN** (Premiums received - $506,474) | **TOTAL EQUITY OPTIONS WRITTEN** (Premiums received - $506,474) |  | $390150 |

---

PLC - Public Limited Company

REIT - Real Estate Investment Trust

<sup>(a)</sup> All or a portion of the security is held as collateral for written options. As of December 31, 2025, the total value of securities held as collateral is $14,297,666.

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

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

<sup>(d)</sup> Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.

See accompanying notes to financial statements.

---

| |
|:---|
| **SWAN ENHANCED DIVIDEND INCOME ETF** |
| **STATEMENT OF ASSETS AND LIABILITIES (Unaudited)** |
| **December 31, 2025** |

---

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $15230037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At fair value | $16716034 |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold | 25380 |
| &nbsp;&nbsp;&nbsp;Cash held for collateral at broker for options | 52377 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 6098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 16799889 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;Options Written (Premiums received $506,474) | 390150 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 10550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 400700 |
| **NET ASSETS** | $**16399189** |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $16169696 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | 229493 |
| **NET ASSETS** | $**16399189** |
| **NET ASSET VALUE PER SHARE:** |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**16399189** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **300000** |
| &nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share (Net Assets ÷ Shares Outstanding) | $**54.66** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **SWAN ENHANCED DIVIDEND INCOME ETF** |
| **STATEMENT OF OPERATIONS (Unaudited)** |
| **For the Six Months Ended December 31, 2025** |

---

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | $77418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 1559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 78977 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 55126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 55126 |
| **NET INVESTMENT INCOME** | 23851 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, IN-KIND REDEMPTIONS AND OPTIONS WRITTEN** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (249678) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written | (537756) |
| &nbsp;&nbsp;&nbsp;Net realized gain on in-kind redemptions | 263503 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 1344010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written | 195209 |
| **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS, IN-KIND REDEMPTIONS AND OPTIONS WRITTEN** | 1015288 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**1039139** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **SWAN ENHANCED DIVIDEND INCOME ETF** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2025**<br>**(Unaudited)** |<br>**For the**<br>**Year Ended**<br>**June 30, 2025** |
| **FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $23851 | $77736 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments, in-kind redemptions and options written | (523931) | 632361 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments and options written | 1539219 | (42762) |
| Net increase in net assets resulting from operations | 1039139 | 667335 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributions paid | (580925) | (612810) |
| Net decrease in net assets resulting from distributions to shareholders | (580925) | (612810) |
| **FROM SHARES OF BENEFICIAL INTEREST:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 5387372 | 17274439 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (2653350) | (7945540) |
| Net increase in net assets resulting from shares of beneficial interest | 2734022 | 9328899 |
| **TOTAL INCREASE IN NET ASSETS** | 3192236 | 9383424 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 13206953 | 3823529 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $**16399189** | $**13206953** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 100000 | 325000 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (50000) | (150000) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 50000 | 175000 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **SWAN ENHANCED DIVIDEND INCOME ETF** |
| **FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year/Period

---

| | | | |
|:---|:---|:---|:---|
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2025**<br>**(Unaudited)** |<br>**For the**<br>**Year Ended**<br>**June 30, 2025** |<br>**For the**<br>**Period Ended**<br>**June 30, 2024 (1)** |
| Net asset value, beginning of year/period | $52.83 | $50.98 | $50.00 |
| Activity from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (2) | 0.09 | 0.55 | 0.19 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 3.95 | 5.01 | 1.58 |
| Total from investment operations | 4.04 | 5.56 | 1.77 |
| Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (2.21) | (3.71) | (0.14) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  | (0.65) |
| Total distributions | (2.21) | (3.71) | (0.79) |
| Net asset value, end of year/period | $54.66 | $52.83 | $50.98 |
| Market price, end of year/period | $54.74 | $52.85 | $51.01 |
| Total return (3) | 7.80% (4) | 11.14% | 3.54% (4) |
| Market Price Total return (3) | 7.91% (4) | 11.12% | 3.60% (4) |
| Net assets, at end of year/period (000s) | $16399 | $13207 | $3824 |
| Ratio of expenses to average net assets | 0.79% (5) | 0.84% | 0.85% (5) |
| Ratio of net investment income to average net assets | 0.34% (5) | 1.03% | 1.08% (5) |
| Portfolio Turnover Rate (6) | 57% (4) | 4% | 4% (4) |

---

(1) The Fund commenced operations on February
 26, 2024.

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

(3) Total returns are historical in nature
 and assume changes in share price, reinvestment of all dividends and distributions, if any.

(4) Not annualized.

(5) Annualized.

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

See accompanying notes to financial statements.

---

| |
|:---|
| **SWAN ENHANCED DIVIDEND INCOME ETF** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)** |
| **December 31, 2025** |

---

**1.** **ORGANIZATION** 

The Swan Enhanced Dividend Income ETF (the "Fund") is a diversified series of Northern Lights Fund Trust III (the "Trust"), a trust organized under the laws of the State of Delaware on December 5, 2011, and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Fund primarily seeks income and secondarily seeks modest capital appreciation. The Fund commenced operations on February 26, 2024.

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

The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP"). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increase and decrease in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 "*Financial Services – Investment Companies".*

**Segment Reporting –** An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the portfolio manager and Chief Financial Officer of the Trust. The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

**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 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. Options contracts are valued by an independent pricing service using a series of techniques, including simulation pricing models. The pricing models use various inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, curves, implied volatility, and exchange rates. Investments in open-end investment companies are valued at net asset value. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Board of Trustees of the Trust (the "Board") based on methods which include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions or market quotations from a major market maker in the securities. Short-term debt obligations, having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost.

**Valuation of Underlying Investment Companies** – The Fund may invest in portfolios of open-end or closed-end investment companies (the "Underlying Funds") . Mutual funds are valued at their net asset values as reported by such investment companies. Exchange-traded funds ("ETFs") are valued at the lasted reported sales price or official closing price. Open-end investment companies 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 in accordance with the methods established by the board of directors of the open-end funds. The shares of many closed-end investment companies and ETFs, 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

---

| |
|:---|
| **SWAN ENHANCED DIVIDEND INCOME ETF** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

discount or market premium on shares of any closed-end investment company or ETF purchased by the Fund will not change.

The Fund may hold investments, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These investments will be valued using the "fair value" procedures approved by the Board. The Board has delegated execution of these procedures to the adviser as its valuation designee (the "Valuation Designee") . The Board may also enlist third party consultants such as a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist the Valuation Designee in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee, which approval shall be based upon whether the Valuation Designee followed the valuation procedures established by the Board.

**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 the Fund's calculation of its net asset value. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid investments, such as private investments or non-traded securities are valued based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If 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 the Fund's holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

**Level 1** – Unadjusted quoted prices in active markets for identical assets and liabilities that the Fund has the ability to access.

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

**Level 3** – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the 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.

---

| |
|:---|
| **SWAN ENHANCED DIVIDEND INCOME ETF** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $16256120 | $— | $— | $16256120 |
| Money Market Fund | $459914 |  |  | $459914 |
| **Total** | $**16716034** | $**—** | $**—** | $**16716034** |
| **Liabilities \*** |  |  |  |  |
| Call Options Written | $— | $390150 | $— | $390150 |

---

The Fund did not hold any Level 3 securities during the six months ended December 31, 2025.

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

**Exchange Traded Funds –** The Fund may invest in ETFs. ETFs are a type of fund bought and sold on a securities exchange. An ETF trades like common stock and represents a portfolio of securities. The Fund may purchase an ETF to gain exposure to a portion of the U.S. or a foreign market. The risks of owning an ETF generally reflects the risks of owning the underlying securities they are designed to track, although the lack of liquidity on an ETF could result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value.

**Security Transactions and Related Income –** Security transactions are accounted for on the trade date. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are amortized on securities purchased over the lives of the respective securities using the effective yield method. Dividend income and expense are recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

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

**Option Transactions** – When the Fund writes a call option, an amount equal to the premium received is included in the Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option. If an option expires on its stipulated expiration date or if the Fund enters into a closing purchase transaction, a gain or loss is realized. If a written call option is exercised, a gain or loss is realized for the sale of the underlying security and the proceeds from the sale are increased by

---

| |
|:---|
| **SWAN ENHANCED DIVIDEND INCOME ETF** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

the premium originally received. As writer of an option, the Fund has no control over whether the option will be exercised and, as a result, retains the market risk of an unfavorable change in the price of the security underlying the written option.

The Fund may purchase put and call options. A call option on a security is a contract that gives the holder of the option, in return for a premium, the right, but not the obligation, to buy from the writer of the option the security underlying the option at a specified exercise or "strike" price by or before the contract's expiration. Put options are purchased to hedge against a decline in the value of securities held in the Fund's portfolio. If such a decline occurs, the put options will permit the Fund to sell the securities underlying such options at the exercise price, or to close out the options at a profit. The premium paid for a put or call option plus any transaction costs will reduce the benefit, if any, realized by the Fund upon exercise of the option, and, unless the price of the underlying security rises or declines sufficiently, the option may expire worthless to the Fund. In addition, in the event that the price of the security in connection with which an option was purchased moves in a direction favorable to the Fund, the benefits realized by the Fund as a result of such favorable movement will be reduced by the amount of the premium paid for the option and related transaction costs. Written and purchased options are non-income producing securities. With purchased options, there is minimal counterparty risk to the Fund since these options are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded options, guarantees against a possible default. Securities held as collateral for options are reported on the Schedule of Investments.

The Fund will sell (write) covered call options against all or a portion of the stocks in the Fund's portfolio. When the Fund sells a covered call option, the purchaser of the option has the right to buy that stock at a predetermined price (known as the strike price) up to a certain date in the future (known as the expiration date). If the purchaser exercises the option, the Fund must sell the stock to the purchaser at the strike price. Each option is "covered" because the Fund owns the stock at the time it sells the option. As the seller of the option, the Fund receives a premium from the purchaser of the call option, which may provide gains to the Fund. Selling of covered call options may reduce the volatility of the Fund because the premiums received from selling the options will reduce any losses on the underlying securities, but only by the amount of the premiums.

**Federal Income Taxes –** The Fund complies 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 Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Fund's tax positions and has concluded that no liability for unrecognized tax benefits related to uncertain tax positions taken on returns filed for the Fund's open tax years 2024-2025 or expected to be taken by the Fund in its 2026 tax returns. The Fund identified its major tax jurisdictions as U.S. federal, Ohio and foreign jurisdictions where the Fund makes significant investments. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expenses in the Statement of Operations. During the period ended December 31, 2025, the Fund did not incur any interest or penalties. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

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

---

| |
|:---|
| **SWAN ENHANCED DIVIDEND INCOME ETF** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

**Cash and Cash Equivalents** – Idle cash may be swept into various overnight demand deposits and is classified as cash and cash equivalents on the Statement of Assets and Liabilities. The Fund maintains cash in a bank deposit account which, at times, may exceed United States federally insured limits. Amounts swept overnight are available on the next business day.

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

For the six months ended December 31, 2025, cost of purchases and proceeds from sales of portfolio securities (excluding in-kind transactions and short-term investments), amounted to $12,160,922 and $8,123,195, respectively.

For the six months ended December 31, 2025, cost of purchases and proceeds from sales of portfolio securities for in-kind transactions, amounted to $0 and $2,676,371, respectively.

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

Swan Capital Management, LLC serves as the Fund's investment adviser (the "Adviser"). Pursuant to an investment advisory agreement with the Trust, on behalf of the Fund, the Adviser, under the oversight of the Board, oversees the daily operations of the Fund, manages the Fund's portfolio, and supervises the performance of administrative and professional services provided by others. Swan Global Management, LLC (the "Sub-Adviser"), serves as sub-adviser to the Fund. The Sub-Adviser is an affiliate of the Adviser with the same ownership and management as the Adviser. Subject to the oversight of the Adviser, the Sub-Adviser is responsible for management of the Fund's investment portfolio. As compensation for its services and the related expenses borne by the Adviser, the Fund pays the Adviser an advisory fee, computed and accrued daily and paid monthly, at an annual rate of 0.79% of the Fund's average daily net assets. For the six months ended December 31, 2025, the Fund incurred $55,126 in advisory fees.

The Adviser's unitary management fee is designed to pay the Fund's expenses and to compensate the Adviser for providing services for the Fund. Out of the unitary management fee, the Adviser has agreed to pay all expenses incurred by the Fund except for the brokerage fees and commissions, indirect costs of investing in other investment companies, taxes, borrowing costs (such as (a) interest and (b) dividend expenses on securities sold short), and such extraordinary or non-recurring expenses as may arise, including litigation to which the Fund may be a party and indemnification of the Trust's Trustees and officers with respect thereto. The Fund will also pay expenses that it is authorized to pay pursuant to Rule 12b-1 under the 1940 Act.

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

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

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

---

| |
|:---|
| **SWAN ENHANCED DIVIDEND INCOME ETF** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

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

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

Trustee Fees – The Independent Trustees are compensated for their services to the Fund by the Adviser as part of the administration services agreement. The Independent Trustees were paid $9,608 in fees during the six months ended December 31, 2025. In addition, the Adviser reimburses independent Trustees for out-of-pocket expenses incurred in conjunction with attendance of meetings.

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

The following is a summary of the effect of derivative transactions on the Statement of Assets and Liabilities as of December 31, 2025.

---

| | | |
|:---|:---|:---|
| Contract Type/Primary Risk Exposure | Statement of Assets and Liabilities | Value |
| Equity Contract/Equity Price Risk | Options Written at fair value | $390150 |

---

The following is a summary of the effect of derivative instruments on the Statement of Operations for the six months ended December 31, 2025.

---

| | | |
|:---|:---|:---|
|  | | Net Change in Unrealized |
|  | Realized Loss | Depreciation |
| Contract Type/Primary Risk Exposure | on Options Written | on Options Written |
| Equity Contract/Equity Price Risk | $(537756) | $195209 |

---

The notional value of the derivative instruments outstanding as of December 31, 2025 as disclosed in the Schedule of Investments and the amounts realized and changes in unrealized gains and losses on derivative instruments during the period as disclosed above and within the Statement of Operations serve as indicators of the volume of derivative activity for the Fund.

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

---

| | | | |
|:---|:---|:---|:---|
| | Gross | Gross | Net Unrealized |
| Tax | Unrealized | Unrealized | Appreciation |
| Cost | Appreciation | Depreciation | (Depreciation) |
| $14739615 | $1949990 | $(363721) | $1586269 |

---

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

The tax character of Fund distributions paid for the following years was as follows:

---

| | | |
|:---|:---|:---|
|  | Fiscal Year Ended<br>June 30, 2025 | Fiscal Period Ended<br>June 30, 2024 |
| Ordinary Income | $612810 | $10725 |
| Long-Term Capital Gain |  |  |
| Return of Capital |  | 48525 |
|  | $612810 | $59250 |

---

---

| |
|:---|
| **SWAN ENHANCED DIVIDEND INCOME ETF** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Undistributed | Undistributed | Post October Loss | Capital Loss | Other | Unrealized | Total |
| Ordinary | Long-Term | and | Carry | Book/Tax | Appreciation/ | Distributable Earnings/ |
| Income | Gains | Late Year Loss | Forwards | Differences | (Depreciation) | (Accumulated Deficit) |
| $— | $— | $(89543) | $(38704) | $(147524) | $47050 | $(228721) |

---

The difference between book basis and tax basis unrealized appreciation (depreciation) and accumulated net realized gains (losses) from investments is primarily attributable to the tax deferral of losses on wash sales. In addition, the amount listed under other book/tax differences for the Fund is primarily attributable to the tax deferral of losses on straddles.

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 Fund incurred and elected to defer such capital losses of $89,543.

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

---

| | | | |
|:---|:---|:---|:---|
| Non-Expiring | Non-Expiring |  |  |
| Short-Term | Long-Term | Total | CLCF Utilized |
| $38704 | $— | $38704 | $— |

---

Permanent book and tax differences, primarily attributable to tax adjustments for realized gain (loss) on in-kind redemptions and the book/tax basis treatment of distributions in excess, resulted in reclassifications for the Fund for the fiscal year ended June 30, 2025, as follows:

---

| | |
|:---|:---|
| Paid |  |
| In | Accumulated |
| Capital | Deficit |
| $368091 | $(368091) |

---

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

Shares are not individually redeemable and may be redeemed by the Fund at net asset value only in large blocks known as "Creation Units." Shares are created and redeemed by the Fund only in Creation Unit size aggregations of 25,000 shares. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Fund. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Distributor. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances. In addition, the Fund may impose transaction fees on purchases and redemptions of Fund shares to cover the custodial and other costs incurred by the Fund in effecting trades. A fixed fee payable to the custodian may be imposed on each creation and redemption transaction regardless of the number of Creation Units involved in the transaction ("Fixed Fee"). Purchases and redemptions of Creation Units for cash or involving cash-in-lieu are required to pay an additional variable charge to compensate the Fund and its ongoing shareholders for brokerage and market impact expenses relating to Creation Unit transactions ("Variable Charge," and together with the Fixed Fee, the "Transaction Fees"). Transactions in capital shares for the Fund are disclosed in the Statement of Changes in Net Assets.

---

| |
|:---|
| **SWAN ENHANCED DIVIDEND INCOME ETF** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fixed Fee** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Variable Charge** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%\* |

---

\* The maximum Transaction Fee may be up to 1.00% of the amount invested.

For the six months ended December 31, 2025, the fixed and variable fees were as follows:

---

| | |
|:---|:---|
| Fixed Fees | Variable Fees |
| $1500 | $2689 |

---

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

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

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

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

---

| |
|:---|
| **SWAN ENHANCED DIVIDEND INCOME ETF** |
| **ADDITIONAL INFORMATION (Unaudited)** |
| **December 31, 2025** |

---

**Changes in and Disagreements with Accountants**

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

**Proxy Disclosures**

Not applicable.

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

Refer to the notes to financial statements included herein.

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

Not applicable.

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

Not applicable

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

Not applicable

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

Not applicable.

**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) Not
 applicable

(b) 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 | /s/ Brian Curley |
| Brian Curley | Brian Curley |
| Principal Executive Officer | Principal Executive Officer |
| Date: 3/4/2026 | Date: 3/4/2026 |

---

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

---

| | |
|:---|:---|
| By | /s/ Brian Curley |
| Brian Curley | Brian Curley |
| Principal Executive Officer | Principal Executive Officer |
| Date: 3/4/2026 | Date: 3/4/2026 |

---

---

| | |
|:---|:---|
| By | /s/ Richard Gleason |
| Richard Gleason | Richard Gleason |
| Principal Financial Officer | Principal Financial Officer |
| Date: 3/4/2026 | Date: 3/4/2026 |

---

## 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: 3/4/2026 | /s/ Brian Curley |
|  | Brian Curley |
|  | Principal Executive Officer |

---

**Certification** [Exhibit 99. CERT]

I, Richard Gleason, certify that:

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

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
 and the audit committee of the registrant's board of directors (or persons performing the
 equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: 3/4/2026 | /s/ Richard Gleason |
|  | 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 December 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 Executive Officer | Principal Financial Officer | Principal Financial Officer |
| Northern Lights Fund Trust III | Northern Lights Fund Trust III | Northern Lights Fund Trust III | Northern Lights Fund Trust III |
| /s/ Brian Curley | /s/ Brian Curley | /s/ Richard Gleason | /s/ Richard Gleason |
| Brian Curley | Brian Curley | Richard Gleason | Richard Gleason |
| Date: | 3/4/2026 | Date: | 3/4/2026 |

---

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.