# EDGAR Filing Document

**Accession Number:** 0001537140
**File Stem:** 0001580642-25-003553
**Filing Date:** 2025-6
**Character Count:** 97983
**Document Hash:** e63cb96d2ac697cbabae0ab5e7b6ad32
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-003553.hdr.sgml**: 20250606

**ACCESSION NUMBER**: 0001580642-25-003553

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250606

**DATE AS OF CHANGE**: 20250606

**EFFECTIVENESS DATE**: 20250606

**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:** 251032107

**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

### ABS Insights Emerging Markets Fund (Series ID: S000087903)

| Class ID   | Class Name                                                          | Ticker Symbol   |
|:---|:---|:---|
| C000253926 | ABS Insights Emerging Markets Fund Super Institutional Class Shares | IEMSX           |

?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, Ste 450, Cincinatti, Ohio</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>631-490-4300</u>

Date of fiscal year end: <u>9/30</u>

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

**Item 1. Reports to Stockholders.**

(a) Long Form Financial Statements

#### ABS Insights Emerging Markets Fund

#### Super Institutional Class (IEMSX)

#### Semi-Annual Shareholder Report - March 31, 2025
![Image](ie23cb586ce8eff9d83eb22da.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about ABS Insights Emerging Markets Fund for the period of January 6, 2025 to March 31, 2025. You can find additional information about the Fund at **https://funddocs.filepoint.com/absinv/**. You can also request this information by contacting us at (800) 813-1421.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Super Institutional Class | $65 | 1.30% |

---

\* Expenses for the full reporting period would be higher.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $100084215 |
| Number of Portfolio Holdings | 148 |
| Advisory Fee (net of waivers) | $134891 |
| Portfolio Turnover | 57% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i446cecbbabd1c84bbc40a137.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 78.2% |
| Exchange-Traded Funds | 18.2% |
| Money Market Funds | 2.3% |
| Preferred Stocks | 1.3% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](idd140962443aace167197867.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.7% |
| Money Market Funds | 2.4% |
| Materials | 3.1% |
| Real Estate | 3.4% |
| Utilities | 3.6% |
| Energy | 3.7% |
| Health Care | 3.8% |
| Communications | 4.8% |
| Consumer Staples | 5.6% |
| Industrials | 7.6% |
| Consumer Discretionary | 10.7% |
| Financials | 14.1% |
| Equity | 18.3% |
| Technology | 19.6% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| iShares MSCI India ETF | 18.3% |
| Taiwan Semiconductor Manufacturing Company Ltd. | 7.9% |
| Tencent Holdings Ltd. | 3.4% |
| Northern Institutional Treasury Portfolio | 2.4% |
| Alibaba Group Holding Ltd. | 2.2% |
| China Merchants Bank Company Ltd., H Shares | 1.5% |
| Greentown China Holdings Ltd. | 1.5% |
| Samsung Electronics Company Ltd. | 1.5% |
| Bank of Ningbo Company Ltd. | 1.1% |
| Saudi National Bank (The) | 1.0% |

---

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

![Image](i84169b885f73702bf5c49373.jpg)

#### ABS Insights Emerging Markets Fund - Super Institutional Class (IEMSX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033125-IEMSX

(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 Companies.** Not applicable to open-end investment companies.

**Item 6. Schedule of 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) ---

| |
|:---|
| ![(ABS GLOBAL LOGO)](ab001_v1.jpg) |
| **ABS Insights Emerging Markets Fund** |
| Super Institutional Class Shares – IEMSX |
| Semi-Annual Financial Statements |
| and Additional Information |
| March 31, 2025 |

---

---

| |
|:---|
| **ABS INSIGHTS EMERGING MARKETS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **March 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 79.3%** |  |
|  | **AEROSPACE & DEFENSE - 0.4%** |  |
| 2496 | LIG Nex1 Company Ltd.<sup>(b)</sup> | $420148 |
|  | **APPAREL & TEXTILE PRODUCTS - 1.0%** |  |
| 75000 | Makalot Industrial Company Ltd.<sup>(b)</sup> | 690834 |
| 10565 | Youngone Corporation<sup>(b)</sup> | 351375 |
|  |  | 1042209 |
|  | **ASSET MANAGEMENT - 0.7%** |  |
| 11345 | SK Square Company Ltd.<sup>(a),(b)</sup> | 719213 |
|  | **AUTOMOTIVE - 1.0%** |  |
| 389200 | Sailun Group Company Ltd.<sup>(b)</sup> | 773586 |
| 42537 | Tofas Turk Otomobil Fabrikasi A/S | 200978 |
|  |  | 974564 |
|  | **BANKING - 11.1%** |  |
| 47668 | Absa Group Ltd.<sup>(b)</sup> | 460276 |
| 119972 | Abu Dhabi Commercial Bank PJSC<sup>(b)</sup> | 356019 |
| 28560 | Al Rajhi Bank<sup>(b)</sup> | 776791 |
| 61425 | Alinma Bank<sup>(b)</sup> | 502839 |
| 71477 | Alpha Bank AE<sup>(b)</sup> | 170128 |
| 89405 | Arab National Bank<sup>(b)</sup> | 550705 |
| 672981 | Banco de Chile<sup>(b)</sup> | 88858 |
| 2705440 | Banco Santander Chile<sup>(b)</sup> | 153730 |
| 562600 | Bank Central Asia Tbk P.T. <sup>(b)</sup> | 288792 |
| 432000 | Bank Mandiri Persero Tbk P.T.<sup>(b)</sup> | 135660 |
| 330600 | Bank of Chengdu Company Ltd., Class A<sup>(b)</sup> | 782795 |
| 320600 | Bank of Ningbo Company Ltd.<sup>(b)</sup> | 1140221 |
| 4376 | Bank Polska Kasa Opieki S.A.<sup>(b)</sup> | 198673 |
| 600300 | Bank Rakyat Indonesia Persero Tbk P.T.<sup>(b)</sup> | 146821 |
| 30080 | BDO Unibank, Inc.<sup>(b)</sup> | 80518 |
| 548000 | China Construction Bank Corporation, H Shares<sup>(b)</sup> | 484539 |
| 263500 | China Merchants Bank Company Ltd., H Shares<sup>(b)</sup> | 1554364 |
| 66376 | FirstRand Ltd.<sup>(b)</sup> | 260148 |
| 39900 | Grupo Financiero Banorte SAB de CV | 276978 |
| 13961 | KB Financial Group, Inc.<sup>(b)</sup> | 748599 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ABS INSIGHTS EMERGING MARKETS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 79.3% (Continued)** |  |
|  | **BANKING - 11.1% (Continued)** |  |
| 47966 | National Bank of Kuwait S.A.KP<sup>(b)</sup> | $162876 |
| 1400 | OTP Bank Nyrt<sup>(b)</sup> | 93972 |
| 35940 | Piraeus Financial Holdings S.A.<sup>(b)</sup> | 196284 |
| 10190 | Powszechna Kasa Oszczednosci Bank Polski S.A.<sup>(b)</sup> | 197895 |
| 9062 | Raiffeisen Bank International A.G.<sup>(b)</sup> | 232555 |
| 104793 | Saudi National Bank (The)<sup>(b)</sup> | 1001768 |
| 6239 | Standard Bank Group Ltd.<sup>(b)</sup> | 81489 |
|  |  | 11124293 |
|  | **BEVERAGES - 1.3%** |  |
| 10074 | Anheuser-Busch InBev S.A.<sup>(b)</sup> | 621373 |
| 26400 | Fomento Economico Mexicano S.A.B. de C.V. | 256902 |
| 13800 | Heineken Malaysia Bhd<sup>(b)</sup> | 83224 |
| 174900 | Ichitan Group PCL<sup>(b)</sup> | 58187 |
| 361600 | PT Indofood CBP Sukses Makmur Tbk | 222192 |
| 39800 | Sappe PCL<sup>(b)</sup> | 40719 |
|  |  | 1282597 |
|  | **BIOTECH & PHARMA - 3.0%** |  |
| 80000 | Akeso, Inc.<sup>(a)</sup> | 783438 |
| 1278000 | CSPC Pharmaceutical Group Ltd.<sup>(b)</sup> | 811367 |
| 2861 | Gedeon Richter plc<sup>(b)</sup> | 78813 |
| 21900 | Legend Biotech Corporation - ADR<sup>(a)</sup> | 743067 |
| 772 | Samsung Biologics Company Ltd.<sup>(a),(b)</sup> | 531326 |
|  |  | 2948011 |
|  | **CHEMICALS - 0.2%** |  |
| 1081300 | AKR Corporindo Tbk P.T.<sup>(b)</sup> | 71503 |
| 14334 | Saudi Arabian Mining Company<sup>(a),(b)</sup> | 176968 |
|  |  | 248471 |
|  | **COMMERCIAL SUPPORT SERVICES - 0.4%** |  |
| 10359 | Almoosa Health Company<sup>(a),(b)</sup> | 414890 |
|  | **CONSUMER SERVICES - 0.9%** |  |
| 161100 | New Oriental Education & Technology Group, Inc. | 756732 |
| 202000 | SISB PCL<sup>(b)</sup> | 95749 |
|  |  | 852481 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ABS INSIGHTS EMERGING MARKETS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 79.3% (Continued)** |  |
|  | **E-COMMERCE DISCRETIONARY - 4.3%** |  |
| 132900 | Alibaba Group Holding Ltd.<sup>(b)</sup> | $2186223 |
| 42600 | Meituan<sup>(a),(b)</sup> | 852976 |
| 300 | MercadoLibre, Inc.<sup>(a)</sup> | 585261 |
| 6100 | PDD Holdings, Inc. - ADR<sup>(a)</sup> | 721935 |
|  |  | 4346395 |
|  | **ELECTRIC UTILITIES - 3.3%** |  |
| 318862 | Dubai Electricity & Water Authority PJSC | 214421 |
| 113800 | Equatorial Energia S.A. | 636155 |
| 1542000 | Huadian Power International Corp Ltd.<sup>(b)</sup> | 895741 |
| 1418000 | Huaneng Power International, Inc.<sup>(b)</sup> | 821887 |
| 4183 | Metlen Energy & Metals S.A.<sup>(b)</sup> | 183739 |
| 299606 | National Central Cooling Company PJSC<sup>(b)</sup> | 220233 |
| 3300 | Pampa Energia S.A. - ADR<sup>(a)</sup> | 254760 |
|  |  | 3226936 |
|  | **ENGINEERING & CONSTRUCTION - 0.7%** |  |
| 953880 | China State Construction Engineering Corp Ltd.<sup>(b)</sup> | 691113 |
|  | **FOOD - 2.2%** |  |
| 326600 | Century Pacific Food, Inc.<sup>(b)</sup> | 208438 |
| 1348800 | Mayora Indah Tbk PT<sup>(b)</sup> | 165352 |
| 1198 | Nongshim Co., Ltd.<sup>(b)</sup> | 328913 |
| 60764 | Remgro Ltd.<sup>(b)</sup> | 523113 |
| 1273 | Samyang Foods Company Ltd.<sup>(b)</sup> | 743076 |
| 675800 | Ultrajaya Milk Industry & Trading Co.<sup>(b)</sup> | 60401 |
| 109320 | Universal Robina Corporation<sup>(b)</sup> | 133620 |
|  |  | 2162913 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS - 0.5%** |  |
| 49000 | Suzano S.A. | 456211 |
|  | **GAS & WATER UTILITIES - 0.5%** |  |
| 43280 | Power & Water Utility Company for Jubail & Yanbu<sup>(b)</sup> | 529719 |
|  | **HEALTH CARE FACILITIES & SERVICES - 0.8%** |  |
| 105200 | Bangkok Dusit Medical<sup>(b)</sup> | 67519 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ABS INSIGHTS EMERGING MARKETS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 79.3% (Continued)** |  |
|  | **HEALTH CARE FACILITIES & SERVICES - 0.8% (Continued)** |  |
| 219000 | Wuxi Biologics Cayman, Inc.<sup>(a)</sup> | $761327 |
|  |  | 828846 |
|  | **HOUSEHOLD PRODUCTS - 1.1%** |  |
| 3058 | Cosmax, Inc.<sup>(b)</sup> | 341228 |
| 62900 | Mao Geping Cosmetics Company LTD<sup>(a),(b)</sup> | 801499 |
|  |  | 1142727 |
|  | **INDUSTRIAL INTERMEDIATE PROD - 1.1%** |  |
| 40000 | ELITE MATERIAL CO LTD<sup>(b)</sup> | 655147 |
| 69000 | Shin Zu Shing Company Ltd.<sup>(b)</sup> | 466566 |
|  |  | 1121713 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 1.5%** |  |
| 92500 | Banco BTG Pactual S.A. | 549181 |
| 20400 | Hong Kong Exchanges & Clearing Ltd.<sup>(b)</sup> | 903976 |
|  |  | 1453157 |
|  | **INSURANCE - 0.8%** |  |
| 15342 | Company for Cooperative Insurance (The)<sup>(b)</sup> | 583374 |
| 13141 | Powszechny Zaklad Ubezpieczen S.A.<sup>(b)</sup> | 190046 |
|  |  | 773420 |
|  | **INTERNET MEDIA & SERVICES - 4.2%** |  |
| 2263 | Naspers Ltd.<sup>(b)</sup> | 557793 |
| 1902 | NAVER Corporation<sup>(b)</sup> | 246575 |
| 52800 | Tencent Holdings Ltd.<sup>(b)</sup> | 3372484 |
|  |  | 4176852 |
|  | **LEISURE FACILITIES & SERVICES - 0.4%** |  |
| 106900 | Smartfit Escola de Ginastica e Danca S.A. | 384214 |
|  | **LEISURE PRODUCTS - 0.9%** |  |
| 115000 | Giant Manufacturing Company Ltd.<sup>(b)</sup> | 485575 |
| 96000 | Merida Industry Company Ltd.<sup>(b)</sup> | 434200 |
|  |  | 919775 |
|  | **MACHINERY - 0.8%** |  |
| 1062200 | Zoomlion Heavy Industry Science and Technology<sup>(b)</sup> | 780840 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ABS INSIGHTS EMERGING MARKETS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 79.3% (Continued)** |  |
|  | **METALS & MINING - 1.9%** |  |
| 16530 | Anglogold Ashanti plc<sup>(b)</sup> | $619381 |
| 635000 | China Coal Energy Company Ltd., H Shares<sup>(b)</sup> | 647153 |
| 5278 | Gold Fields Ltd.<sup>(b)</sup> | 116739 |
| 99900 | Grupo Mexico S.A.B. de C.V. - Series B | 499029 |
|  |  | 1882302 |
|  | **OIL & GAS PRODUCERS - 1.3%** |  |
| 374672 | Adnoc Gas plc<sup>(b)</sup> | 326414 |
| 12476 | Polski Koncern Naftowy ORLEN S.A.<sup>(b)</sup> | 219285 |
| 73700 | PRIO S.A.<sup>(a)</sup> | 515958 |
| 7600 | Transportadora de Gas del Sur S.A. - ADR<sup>(a)</sup> | 201096 |
|  |  | 1262753 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 1.4%** |  |
| 846000 | China Oilfield Services Ltd., H Shares<sup>(b)</sup> | 696928 |
| 158500 | Yantai Jereh Oilfield Services Group Company Ltd.<sup>(b)</sup> | 791638 |
|  |  | 1488566 |
|  | **REAL ESTATE OWNERS & DEVELOPERS - 2.6%** |  |
| 39398 | Arriyadh Development Company<sup>(b)</sup> | 349836 |
| 73500 | Cyrela Brazil Realty S.A. Empreendimentos e | 307447 |
| 66305 | Emaar Development PJSC<sup>(b)</sup> | 221131 |
| 1085000 | Greentown China Holdings Ltd. | 1533846 |
| 77462 | Plaza S.A.<sup>(b)</sup> | 160132 |
|  |  | 2572392 |
|  | **REAL ESTATE SERVICES - 0.8%** |  |
| 203600 | Poly Property Services Company Ltd.<sup>(b)</sup> | 818996 |
|  | **RENEWABLE ENERGY - 1.0%** |  |
| 21300 | Contemporary Amperex Technology Company Ltd.<sup>(b)</sup> | 742107 |
| 9776 | CS Wind Corporation<sup>(b)</sup> | 224940 |
|  |  | 967047 |
|  | **RETAIL - CONSUMER STAPLES - 1.0%** |  |
| 4192 | BGF Retail Company Ltd.<sup>(b)</sup> | 311275 |
| 106100 | CP All Plc.<sup>(b)</sup> | 154624 |
| 61507 | Pepco Group N.V.<sup>(a),(b)</sup> | 236278 |
| 63680 | Philippine Seven Corporation<sup>(b)</sup> | 64325 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ABS INSIGHTS EMERGING MARKETS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 79.3% (Continued)** |  |
|  | **RETAIL - CONSUMER STAPLES - 1.0% (Continued)** |  |
| 99000 | Wal-Mart de Mexico SAB de CV | $273628 |
|  |  | 1040130 |
|  | **RETAIL - DISCRETIONARY - 1.2%** |  |
| 63000 | Azzas 2154 S.A. | 269377 |
| 94900 | Localiza Rent a Car S.A. | 559106 |
| 16816 | United International Transportation Company<sup>(b)</sup> | 372623 |
|  |  | 1201106 |
|  | **SEMICONDUCTORS - 10.5%** |  |
| 12000 | ASMedia Technology, Inc.<sup>(b)</sup> | 631104 |
| 12839 | DB HiTek Company Ltd.<sup>(b)</sup> | 372540 |
| 14367 | Dongjin Semichem Company Ltd.<sup>(b)</sup> | 284257 |
| 2573 | Eo Technics Co., Ltd.<sup>(a),(b)</sup> | 231574 |
| 8000 | MediaTek, Inc.<sup>(b)</sup> | 334185 |
| 6194 | SK Hynix, Inc.<sup>(b)</sup> | 801729 |
| 289000 | Taiwan Semiconductor Manufacturing Company Ltd.<sup>(b)</sup> | 7903530 |
|  |  | 10558919 |
|  | **SOFTWARE - 0.9%** |  |
| 2500 | Kaspi.KZ JSC - ADR | 232125 |
| 408000 | Kingdee International Software Group Company Ltd.<sup>(a)</sup> | 690042 |
|  |  | 922167 |
|  | **STEEL - 0.5%** |  |
| 655300 | Fushun Special Steel Company Ltd.<sup>(b)</sup> | 524428 |
|  | **TECHNOLOGY HARDWARE - 6.7%** |  |
| 49000 | BizLink Holding, Inc. | 742179 |
| 366000 | Compeq Manufacturing Company Ltd.<sup>(b)</sup> | 622557 |
| 90000 | E Ink Holdings, Inc.<sup>(b)</sup> | 716754 |
| 22000 | Jentech Precision Industrial Company Ltd.<sup>(b)</sup> | 645289 |
| 10000 | Largan Precision Company Ltd.<sup>(b)</sup> | 707739 |
| 17000 | Lotes Company Ltd.<sup>(b)</sup> | 702479 |
| 45000 | Phison Electronics Corporation<sup>(b)</sup> | 711345 |
| 37547 | Samsung Electronics Company Ltd.<sup>(b)</sup> | 1473022 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ABS INSIGHTS EMERGING MARKETS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 79.3% (Continued)** |  |
|  | **TECHNOLOGY HARDWARE - 6.7% (Continued)** |  |
| 60600 | Xiaomi Corp 144A<sup>(a),(b),(c)</sup> | $383175 |
|  |  | 6704539 |
|  | **TECHNOLOGY SERVICES - 0.9%** |  |
| 588000 | TravelSky Technology Ltd., H Shares<sup>(b)</sup> | 873564 |
|  | **TELECOMMUNICATIONS - 0.6%** |  |
| 104500 | America Movil S.A.B. de C.V. | 74441 |
| 73421 | Ooredoo QPSC<sup>(b)</sup> | 237964 |
| 24840 | Saudi Telecom Company<sup>(b)</sup> | 300383 |
|  |  | 612788 |
|  | **TRANSPORTATION & LOGISTICS - 2.6%** |  |
| 226345 | Abu Dhabi Ports Company PJSC<sup>(a),(b)</sup> | 267441 |
| 554000 | Anhui Expressway Company Ltd., H Shares<sup>(b)</sup> | 778908 |
| 48835 | Jazeera Airways Company KSCP<sup>(a),(b)</sup> | 161554 |
| 56545 | Promotora y Operadora de Infraestructura S.A.B. de | 569613 |
| 929000 | Qingdao Port International Company Ltd., H Shares 144A <sup>(b),(c)</sup> | 768885 |
|  |  | 2546401 |
|  | **TRANSPORTATION EQUIPMENT - 1.4%** |  |
| 3453 | HD Hyundai Heavy Industries Company Ltd.<sup>(b)</sup> | 653893 |
| 189600 | Zhuzhou CRRC Times Electric Company Ltd., H Shares<sup>(b)</sup> | 784610 |
|  |  | 1438503 |
|  | **WHOLESALE - DISCRETIONARY - 0.3%** |  |
| 249900 | Sendas Distribuidora S/A<sup>(a)</sup> | 330193 |
|  | **TOTAL COMMON STOCKS (Cost $78,950,318)** | 78766502 |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUND — 18.3%** |  |
|  | **EQUITY - 18.3%** |  |
| 355500 | iShares MSCI India ETF | 18301140 |
|  | **TOTAL EXCHANGE-TRADED FUND (Cost $18,693,843)** | 18301140 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ABS INSIGHTS EMERGING MARKETS FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|<br>**Shares** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **PREFERRED STOCK — 1.3%** |  |  |  |
|  | **AUTOMOTIVE — 0.7%** |  |  |  |
| 6683 | Hyundai Motor Company<sup>(b)</sup> | 8.16% |  | $672695 |
|  | **TECHNOLOGY HARDWARE — 0.6%** |  |  |  |
| 20143 | Samsung Electronics Company Ltd.<sup>(b)</sup> | 3.08% |  | 645315 |
|  | **TOTAL PREFERRED STOCK (Cost $1,364,864)** |  |  | 1318010 |
| **Shares** |  |  |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 2.4%** | **SHORT-TERM INVESTMENT — 2.4%** | **SHORT-TERM INVESTMENT — 2.4%** |  |
|  | **MONEY MARKET FUND - 2.4%** | **MONEY MARKET FUND - 2.4%** | **MONEY MARKET FUND - 2.4%** |  |
| 2355186 | Northern Institutional Treasury Portfolio, 4.16% (Cost $2,355,186)<sup>(d)</sup> | Northern Institutional Treasury Portfolio, 4.16% (Cost $2,355,186)<sup>(d)</sup> | Northern Institutional Treasury Portfolio, 4.16% (Cost $2,355,186)<sup>(d)</sup> | 2355186 |
|  | **TOTAL INVESTMENTS - 100.7% (Cost $101,364,211)** | **TOTAL INVESTMENTS - 100.7% (Cost $101,364,211)** | **TOTAL INVESTMENTS - 100.7% (Cost $101,364,211)** | $100740838 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.7)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.7)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.7)%** | (656623) |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $100084215 |

---

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

<sup>(b)</sup> The value of this security has been determined in good faith under policies of the Board of Trustees.

<sup>(c)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of March 31, 2025 the total market value of 144A securities is 1,152,060 or 1.2% of net assets.

 

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

See accompanying notes to financial statements.

---

| |
|:---|
| **ABS Insights Emerging Markets Fund** |
| **STATEMENT OF ASSETS AND LIABILITIES (Unaudited)** |
| **March 31, 2025** |

---

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $101364211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At fair value | 100740838 |
| &nbsp;&nbsp;&nbsp;Cash denominated in foreign currency (cost $11,810) | 11810 |
| &nbsp;&nbsp;&nbsp;Dividends and Interest receivable | 195589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 100948237 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 650245 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable, net | 134891 |
| &nbsp;&nbsp;&nbsp;Fees payable to other affiliates | 29246 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 49640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 864022 |
| **NET ASSETS** | $**100084215** |
| **Composition of Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $99999490 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | 84725 |
| **NET ASSETS** | $**100084215** |
| **Net Asset Value Per Share:** |  |
| Super Institutional Class Shares: |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**100084215** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding [$0 par value, unlimited shares authorized] | **10000100** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**10.01** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ABS Insights Emerging Markets Fund** |
| **STATEMENT OF OPERATIONS (Unaudited)** |
| **For the Period Ended March 31, 2025 (1)** |

---

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;Dividends | $382778 |
| &nbsp;&nbsp;&nbsp;Interest | 41031 |
| &nbsp;&nbsp;&nbsp;Less: Foreign withholding taxes | (51113) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 372696 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 218189 |
| &nbsp;&nbsp;&nbsp;Administrative services fees | 19671 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 18904 |
| &nbsp;&nbsp;&nbsp;Registration fees | 10424 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 9575 |
| &nbsp;&nbsp;&nbsp;Audit fees | 5849 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 5808 |
| &nbsp;&nbsp;&nbsp;Legal fees | 5507 |
| &nbsp;&nbsp;&nbsp;Trustees fees and expenses | 3726 |
| &nbsp;&nbsp;&nbsp;Printing and postage expenses | 2791 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 1412 |
| &nbsp;&nbsp;&nbsp;Other expenses | 2196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 304052 |
| &nbsp;&nbsp;&nbsp;Fees waived/ recaptured by the Advisor | (83298) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 220754 |
| **NET INVESTMENT INCOME** | 151942 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;Net Realized Gain from Investments: | 556156 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Depreciation on Investments | (623373) |
| **NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS** | (67217) |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**84725** |

---

(1) The Fund's Super Institutional
 Class commenced operations on January 6, 2025.

See accompanying notes to financial statements.

---

| |
|:---|
| **ABS Insights Emerging Markets Fund** |
| **STATEMENT OF CHANGES IN NET ASSETS** |

---

---

| | |
|:---|:---|
|  | **For the**<br>**Period Ended**<br>**March 31, 2025 (1)** |
|  | **(Unaudited)** |
| **FROM OPERATIONS** |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $151942 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 556156 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | (623373) |
| Net increase in net assets resulting from operations | 84725 |
| **SHARES OF BENEFICIAL INTEREST** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Super Institutional Class | 99999490 |
| Net increase from shares of beneficial interest transactions | 99999490 |
| **NET INCREASE IN NET ASSETS** | 100084215 |
| **NET ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period |  |
| &nbsp;&nbsp;&nbsp;End of Period \* | $**100084215** |
| **SHARE ACTIVITY** |  |
| Super Institutional Class: |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 10000100 |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 10000100 |

---

(1) The Fund's Super Institutional
 Class commenced operations on January 6, 2025.

See accompanying notes to financial statements.

---

| |
|:---|
| **ABS Insights Emerging Markets Fund** |
| **FINANCIAL HIGHLIGHTS** |

---

**Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout The Period**

---

| | |
|:---|:---|
| <br>**Super Institutional Class** | **Six Months Ended**<br>**March 31, 2025 (1)** |
|  | **(Unaudited)** |
| Net asset value, beginning of period | $10.00 |
| Income (loss) from investment operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment income (2) | 0.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss | (0.01) |
| Total from investment operations | 0.01 |
| Net asset value, end of period | $10.01 |
| Total return (3) | 0.10% (7) |
| Net assets, at end of period (000s) | $100084 |
| Ratios/Supplemental Data: |  |
| Ratio of gross expenses to average net assets before fee waiver/recapture (4)(6) | 0.94% (8) |
| Ratio of net expenses to average net assets after fee waiver/recapture (6) | 1.30% (8) |
| Ratio of net investment loss to average net assets before fee waiver/recapture (5)(6) | 0.65% (8) |
| Ratio of net investment loss to average net assets after fee waiver/recapture (5)(6) | 0.29% (8) |
| Portfolio Turnover Rate | 57% (7) |

---

(1) The Fund's Super Institutional
 Class commenced operations on January 6, 2025.

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

(3) Total returns shown exclude the
 effect of applicable sales charges and redemption fees and assumes reinvestment of all distributions, if any. Total returns would have
 been lower absent the fee waiver.

(4) Represents the ratio of expenses
 to average net assets absent fee waivers and/or fees recaptured by the advisor.

(5) Recognition of net investment loss
 by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

(6) Ratio does not include the expenses
 of other investment companies in which the Fund invests.

(7) Not annualized.

(8) Annualized for periods less than
 one full year.

See accompanying notes to financial statements.

---

| |
|:---|
| **ABS Insights Emerging Markets Fund** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)** |
| **March 31, 2025** |

---

**1.** **ORGANIZATION** 

The ABS Insights Emerging Markets Fund (the "Fund") is a diversified series of shares of beneficial interest of Northern Lights Fund Trust III (the "Trust"), a statutory 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 seeks long-term capital appreciation. ABS Global Investments (the "Advisor") is the Fund's investment advisor. The Fund commenced operations on January 6, 2025.

The Fund offers Super Institutional Class shares. Super Institutional Class shares are offered at net asset value without an initial sales charge.

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

All investments in securities are recorded at their estimated fair values. The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. The policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). The preparation of the 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 income and expenses for the period ended. Actual results could differ from those estimates. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 "Financial Services – Investment Companies," including FASB Accounting Standards Update ("ASU") 2013-08.

**Operating Segments** – The Fund has adopted FASB ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the 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"). If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation, or if there has been no sale on such day, at the mean between the current bid and ask prices. Option contracts listed on a securities exchange or board of trade (not including Index Options contracts) for which market quotations are readily available shall be valued at the last quoted sales price or, in the absence of a sale, at the mean between the current bid and ask prices on the valuation date. Index Options listed on a securities exchange or board of trade for which market quotations are readily available shall be valued at the mean between- the current bid and ask prices on the valuation date. The independent- pricing service does not distinguish between smaller sized bond positions known as "odd lots" and larger institutional sized bond positions known as "round lots". The Fund may fair value a particular bond if the Advisor does not believe that the round lot value provided by the independent pricing service reflects fair value of the Fund's holding. Investments in open-end investment companies are valued at net asset value. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase may be valued at amortized cost, which approximates fair value.

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 Trust's Board of Trustees (the "Board"). The Board has delegated execution of these procedures to the Advisor as its valuation designee (the "Valuation Designee"). The Board may also enlist third party consultants such a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist the Valuation Designee in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee, which approval shall be based upon whether the Valuation Designee followed the valuation procedures established

---

| |
|:---|
| **ABS Insights Emerging Markets Fund** |
| **NOTES TO FINANCIAL STATEMENT (Unaudited)(Continued)** |
| **March 31, 2025** |

---

by the Board.

**Valuation of Fund of Funds –** The Fund may invest in portfolios of open-end or closed-end investment companies (the "Underlying Funds"). The Underlying Funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value to the methods established by the board of directors of the Underlying Funds.

Open-end investment companies are valued at their respective net asset values as reported by such investment companies. The shares of many closed-end investment companies, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company purchased by the Fund will not change.

**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 invsestments, 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 all of its investments on a recurring basis. GAAP establishes a fair value hierarchy and specifies that a valuation technique used to measure fair value shall minimize the use of unobservable inputs. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants (i.e., the exit price at the measurement date). The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under U.S. GAAP are described below:

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

**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 and may require significant management judgment or estimation.

---

| |
|:---|
| **ABS Insights Emerging Markets Fund** |
| **NOTES TO FINANCIAL STATEMENT (Unaudited)(Continued)** |
| **March 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 March 31, 2025 for the Fund's assets and liabilities measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ABS Insights Emerging Markets Fund** | **ABS Insights Emerging Markets Fund** | **ABS Insights Emerging Markets Fund** | **ABS Insights Emerging Markets Fund** | **ABS Insights Emerging Markets Fund** |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks\* |  |  |  |  |
| Austria | $— | $232555 | $— | $232555 |
| Argentina | 455856 |  |  | 455856 |
| Belgium |  | 621374 |  | 621374 |
| Brazil | 4007842 |  |  | 4007842 |
| Cayman Islands | 13527425 |  |  | 13527425 |
| Chile |  | 402720 |  | 402720 |
| China |  | 16153801 |  | 16153801 |
| Greece |  | 550151 |  | 550151 |
| Hong Kong |  | 1715343 |  | 1715343 |
| Hungary |  | 172785 |  | 172785 |
| Indonesia |  | 1090722 |  | 1090722 |
| Kazakhstan | 232125 |  |  | 232125 |
| Kuwait |  | 324430 |  | 324430 |
| Malaysia |  | 83224 |  | 83224 |
| Mexico | 1950592 |  |  | 1950592 |
| Netherlands |  | 236278 |  | 236278 |
| Philippines |  | 486900 |  | 486900 |
| Poland |  | 805899 |  | 805899 |
| Qatar |  | 237964 |  | 237964 |
| Korea (Republic of) |  | 8783682 |  | 8783682 |
| Saudi Arabia |  | 5559894 |  | 5559894 |
| South Africa |  | 1999558 |  | 1999558 |
| Taiwan |  | 15707306 |  | 15707306 |
| Thailand |  | 416797 |  | 416797 |
| Turkey |  | 200978 |  | 200978 |
| United Arab Emirates |  | 1605658 |  | 1605658 |
| United Kingdom |  | 619381 |  | 619381 |
| United States | 585261 |  |  | 585261 |

---

---

| |
|:---|
| **ABS Insights Emerging Markets Fund** |
| **NOTES TO FINANCIAL STATEMENT (Unaudited)(Continued)** |
| **March 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange Traded Funds |  |  |  |  |
| United States | 18301140 |  |  | 18301140 |
| Preferred Stocks |  |  |  |  |
| Korea (Republic of) |  | 1318011 |  | 1318011 |
| Short-Term Investment | 2355186 |  |  | 2355186 |
| **Total** | $**23394570** | $**77346268** | $**—** | $**100740838** |

---

\* Refer to the Schedule of Investments for industry classification.

The Fund did not hold any Level 3 securities during the period. The were no transfers between levels during the period.

**Exchange Traded Funds –** The Fund may invest in exchange traded funds ("ETFs"). ETFs are a type of fund bought and sold on a securities exchange. An ETF trades like common stock and represents a fixed portfolio of securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although the lack of liquidity in 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 a trade date basis. Interest income is recognized on an accrual basis. Dividend income is 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.

**Foreign Currency Transactions** – The Fund's transactions in foreign currencies, foreign currency-denominated debt securities and certain foreign currency options, futures contracts and forward contracts (and similar instruments) may give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the value of the foreign currency concerned.

**Foreign Securities Risk** – Because the Fund's investments may include foreign securities, the Fund is subject to risks beyond those associated with investing in domestic securities because the Fund's performance may depend on issues other than the performance of a particular company or U.S. market or sector. Changes in foreign economies and political climates are more likely to affect the Fund than a mutual fund that invests exclusively in U.S. companies. The value of foreign securities is also affected by the value of the local currency relative to the U.S. dollar. There may also be less government supervision of foreign markets, resulting in non-uniform accounting practices and less publicly available information. The values of foreign investments may be affected by changes in exchange control regulations, application of foreign tax laws (including withholding tax), changes in governmental administration or economic or monetary policy (in this country or abroad) or changed circumstances in dealings between nations. In addition, foreign brokerage commissions, custody fees and other costs of investing in foreign securities are generally higher than in the U.S. Investments in foreign issues could be affected by other factors no present in the U.S., including expropriation, armed conflict, confiscatory taxation, and potential difficulties in enforcing contractual obligations. As a result, the Fund may be exposed to greater risk and will be more dependent on the Advisor's ability to assess such risk than if the Fund invested solely in more developed countries.

**Depositary Receipt Risk** – To the extent the Fund invests in stocks of foreign corporations, the Fund's investment in such stocks may also be in the form of depositary receipts or other securities convertible into securities of foreign issuers. While the use of depositary receipts, which are traded on exchanges and represent an ownership in a foreign security, provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in depositary receipts continue to be subject to many of the risks associated with investing directly in foreign securities.

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

---

| |
|:---|
| **ABS Insights Emerging Markets Fund** |
| **NOTES TO FINANCIAL STATEMENT (Unaudited)(Continued)** |
| **March 31, 2025** |

---

**Federal Income Taxes** – It is the Fund's policy to continue to qualify as a regulated investment company by complying with the provisions of the Internal Revenue Code, as amended, that are applicable to regulated investment companies and to distribute substantially all of its taxable income and net realized gains to shareholders. In addition, the Fund intends to distribute in each calendar year substantially all of its net investment income, capital gains and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision has been recorded.

The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Fund's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions expected to be taken in the Fund's 2025 returns. The Fund identifies its major tax jurisdictions as U.S. federal, Ohio, and foreign jurisdictions where the Fund makes significant investments; however, 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.

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

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

**3.** **INVESTMENT TRANSACTIONS AND ASSOCIATED RISKS** 

For the period ended March 31, 2025, cost of purchases and proceeds from sales of portfolio securities, other than short sales and short-term investments amounted to $117,097,463 and $18,723,677 respectively.

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

ABS Global Investments serves as the Fund's investment advisor. Pursuant to an advisory agreement with the Trust, on behalf of the Fund, the Advisor, under the oversight of the Board, directs the daily operations of the Fund and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Advisor, the Fund pays the Advisor a management fee computed and accrued daily and paid monthly, at an annual rate of 0.95% of the average daily net assets. For the period ended March 31, 2025, the advisory fees incurred by the Fund amounted to $218,189.

The Advisor has contractually agreed to waive its fees and reimburse expenses of the Fund, at least until January 26, 2026 to ensure that Total Annual Fund Operating Expenses After Fee Waiver and Reimbursement (excluding (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions; (iii) acquired fund fees and expenses; (iv) borrowing costs (such as interest and dividend expense on securities sold short); (v) taxes; and (vi) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the Advisor))) do not exceed 0.95% of average daily net assets attributable to Super Institutional Class shares. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund within the three years after the fees are waived or reimbursed, if such recoupment can be achieved within the lesser of the foregoing limits or limits in place at time of recoupment after the recoupment is taken into account. This agreement may be terminated by the Board only on 60 days' written notice to the Advisor.

For the period ended March 31, 2025, the Advisor waived $82,298.

Northern Lights Distributors, LLC (the "Distributor) acts as the Fund's principal underwriter in the continuous public offering of the Fund's Super Institutional Class shares. During the period ended ended March 31, 2025, the Distributor did not receive any underwriting commissions for sales of Super Institutional Class shares.

---

| |
|:---|
| **ABS Insights Emerging Markets Fund** |
| **NOTES TO FINANCIAL STATEMENT (Unaudited)(Continued)** |
| **March 31, 2025** |

---

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

*<u>Ultimus Fund Solutions, LLC ("UFS")</u>*

UFS, an affiliate of the Distributor, provides administration, fund accounting, and transfer agent services to the Trust. Pursuant to separate servicing agreements with UFS, the Fund pays UFS customary fees for providing administration, fund accounting and transfer agency services to the Fund. Certain officers of the Trust are also officers of UFS, and are not paid any fees directly by the Fund for serving in such capacities.

*<u>Northern Lights Compliance Services, LLC ("NLCS")</u>*

NLCS, an affiliate of UFS and the Distributor, provides a chief compliance officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives customary fees from the Fund.

*<u>Blu Giant, LLC ("Blu Giant")</u>*

Blu Giant, an affiliate of UFS and the Distributor, provides EDGAR conversion and filing services as well as print management services for the Fund on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Fund.

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

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

---

| | |
|:---|:---|
| Cost for Federal Tax purposes | $101375617 |
| Unrealized Appreciation | 5133541 |
| Unrealized Depreciation | (5756914) |
| Tax Net Unrealized Depreciation | $(623373) |

---

**7.** **CONTROL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of 25% or more of the outstanding shares of a fund creates a presumption of control of the fund under Section 2(a)(9) of the 1940 Act. As of March 31, 2025, for the benefit of their customers, Northern California Employee Joint Pension was the record owner of 50.0% of the Fund's outstanding shares and Construction Laborers Pension Trust for Southern California was the record owner of 50.0% of the Fund's outstanding shares.

**8.** **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.

---

| |
|:---|
| **ABS Insights Emerging Markets Fund** |
| **ADDITIONAL INFORMATION (Unaudited)** |
| **March 31, 2025** |

---

**Changes in and Disagreements with Accountants**

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

**Proxy Disclosures**

Not applicable

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

Refer to the financial statements included herein

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

**Approval of Advisory Agreement – ABS Insights Emerging Markets Fund \***

In connection with a meeting held on August 21-22, 2024, the Board, including a majority of the Trustees who are not "interested persons," as that term is defined in the 1940 Act, discussed the approval of the proposed investment advisory agreement (the "Advisory Agreement") between ABS Global Investments (the "Adviser") and the Trust, with respect to ABS Insights Emerging Markets Fund ("ABS Insights"). In considering the approval of the Advisory Agreement, the Board received materials specifically relating to ABS Insights and the Advisory Agreement.

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

*<u>Nature, Extent and Quality of Service</u>*. The Board noted that the Adviser was founded in 2002 and had approximately $7.3 billion in assets under management. The Board reviewed the background of the Adviser's key personnel servicing ABS Insights, noting its satisfaction with each individual's educational background, long employment history at the Adviser and industry expertise. The Board acknowledged that the Adviser specialized in emerging market opportunities, and that the Adviser aimed to select investments from its legacy business based on a ranking system that considered the most heavily traded stock positions by country relative to the MSCI Emerging Market Index with the portfolio manager making the final investment decision. The Board discussed that the Adviser maintained a comprehensive risk management program focused on market risk and unwanted factor biases and used a proprietary internal tool to measure key risks against the MSCI Emerging Market Index. The Board noted that the Adviser would conduct pre-and post-trade compliance trades on ABS Insights' portfolio. The Board remarked that the Adviser employed a third-party to select brokers but would review based on best execution standards that were cognizant of cost and previous execution statistics. The Board acknowledged that the Adviser completed a SEC examination in April 2024 that resulted in minor revisions to its compliance manual, but otherwise the Board noted that the Adviser reported no material compliance, litigation, or cybersecurity concerns in the past three years. The Board concluded that it expected the Adviser would provide satisfactory service to ABS Insights and its future shareholders.

---

| |
|:---|
| **ABS Insights Emerging Markets Fund** |
| **ADDITIONAL INFORMATION (Unaudited) (Continued)** |
| **March 31, 2025** |

---

*<u>Performance</u>*. The Board noted that ABS Insights had not yet commenced operations and remarked that, based on the other funds the Adviser managed outside the Trust, the Adviser had the ability to implement investment strategies effectively. The Board reviewed the performance of a private fund the Adviser managed with a similar investment strategy. The Board observed that the private fund slightly underperformed its benchmark over the 1-year period but outperformed the benchmark over the 5-year and since inception periods. Although past performance is not indicative of future returns, the Board concluded that the Adviser had the potential to provide satisfactory results to ABS Insights and its shareholders.

*<u>Fees and Expenses</u>*. The Board noted that the Adviser's proposed advisory fee of 0.95% was equal to its peer group median and on par with its peer group average and higher than its Morningstar category median and average. The Board observed that the Adviser's estimated net expense ratio of 1.10% was the same as its peer group median and on par with the average of its peer group and above the median and average of its Morningstar category. The Board acknowledged the Adviser's belief that the fee was reasonable because the Adviser expected to execute all trades, handle proxies, managing corporate actions and navigate the complexities of a daily traded registered product. Given these considerations, the Board concluded that the Adviser's proposed advisory fee was not unreasonable.

*<u>Economies of Scale</u>.* The Board reviewed the Adviser's assertion of the asset levels at which economies of scale would be achieved. The Board concluded that based on ABS Insights' projected asset size during the initial term of the Advisory Agreement, the absence of breakpoints was acceptable at this time.

*<u>Profitability</u>.* The Board considered the profitability analysis provided by the Adviser in connection with the operation of ABS Insights and whether the Adviser estimated profit in the first two years was fair with respect to the services to be provided to ABS Insights. The Board agreed that the profits, both in actual dollars and as a percentage of total revenue, would not be excessive.

*<u>Conclusion</u>.* Having requested and received such information from the Adviser as the Board believed reasonably necessary to evaluate the terms of the Advisory Agreement, and as assisted by the advice of counsel, the Board concluded that approval of the Advisory Agreement was in the best interests of future shareholders of ABS Insights.

\* Due to timing of the contract approvals, these deliberations may or may not relate to the current performance results of ABS Insights.

PROXY VOTING POLICY

Information regarding how the Fund voted proxies relating to portfolio securities for the most recent twelve month period ended June 30 as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies is available without charge, upon request, by calling 1-800-813-1421, by visiting the Fund's website https://funddocs.filepoint.com/absinv/, or by referring to the Security and Exchange Commission's ("SEC") website at http://www.sec.gov.

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

Not applicable.

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

Not applicable

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

Included under Item 7

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

Included under Item 7

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

(a)(2) Not applicable

(a)(3) [A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto. Exhibit 99. CERT](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 Exhibit 99. CERT](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.

(Registrant) <u>Northern Lights Fund Trust III</u>

By (Signature and Title)

---

| |
|:---|
| /s/ Brian Curley |
| Brian Curley, Principal Executive Officer/President |

---

Date <u>6/06/25</u>

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 (Signature and Title)

---

| |
|:---|
| /s/ Brian Curley |
| Brian Curley, Principal Executive Officer/President |

---

Date <u>6/06/25</u>

By (Signature and Title)

---

| |
|:---|
| /s/ Rich Gleason |
| Rich Gleason, Principal Financial Officer/Treasurer |

---

Date <u>6/06/25</u>

## Ex-99.Code

**aTTACHMENT 12.B**

**Northern Lights Fund Trust III**

**CODE OF ETHICS**

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

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

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

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

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

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

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

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

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

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

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

**DEFINITIONS**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**PROHIBITED ACTIONS AND ACTIVITIES**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

EXEMPTED TRANSACTIONS

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

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

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

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

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

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

**PRECLEARANCE OF PERSONAL SECURITIES TRANSACTIONS**

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

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

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

**REPORTING AND MONITORING**

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

**Disclosure of Personal Brokerage Accounts**

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

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

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

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

Initial Holdings Report

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

Annual Holdings Reports

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

QUARTERLY TRANSACTION REPORTS

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

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

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

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

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

· The date the Access Person Submits the Report.

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

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

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

**ENFORCEMENTS AND PENALTIES**

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

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

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

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

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

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

**Acknowledgement**

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

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

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

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

## Ex-99.Cert

I, Brian Curley, certify that:

1. I have reviewed this report on Form N-CSR of the ABS Insights Emerging Markets Fund (a series of Northern Lights Fund Trust III);

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;

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;

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 6/06/25 | /s/ Brian Curley |
|  |  | Brian Curley |
|  |  | Principal Executive Officer/President |

---

CERTIFICATIONS

I, Rich Gleason, certify that:

1. I have reviewed this report on Form N-CSR of the ABS Insights Emerging Markets Fund (a series of Northern Lights Fund Trust III);

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;

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;

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 6/06/25 | /s/ Rich Gleason |
|  |  | Rich Gleason |
|  |  | Principal Executive Officer/President & Principal Financial Officer/Treasurer |

---

## Exhibit 99.906

**certification**

Brian Curley , Principal Executive Officer, and Rich Gleason, Principal Financial Officer of Northern Lights Fund Trust III (the "Registrant"), each certify to the best of his knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended March 31, 2025 (the "Form N-CSR") fully complies with the requirements of Sections 13(a) or Sections 15(d) of the Securities Exchange Act of 1934, as amended; 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/President | Principal Financial Officer/Treasurer |
| Northern Lights Fund Trust III | Northern Lights Fund Trust III |
| /s/ Brian Curley | /s/ Rich Gleason |
| Brian Curley | Rich Gleason |

---

Date: <u>6/06/25</u> Date: <u>6/06/25</u>

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Northern Lights Funds Trust III and will be retained by Northern Lights Fund Trust III and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

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.