# EDGAR Filing Document

**Accession Number:** 0001537140
**File Stem:** 0000910472-25-003974
**Filing Date:** 2025-11
**Character Count:** 20257
**Document Hash:** b72b10b72c1b31bad3140a325b907a08
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-003974.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0000910472-25-003974

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20260630

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22655
- **FILM NUMBER:** 251517370

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

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

## Series and Classes Contracts Data

### HCM Dynamic Income Fund (Series ID: S000076537)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000236510 | HCM Dynamic Income Fund Investor Class Shares | HCMFX           |
| C000236511 | HCM Dynamic Income Fund Class A Shares        | HCMBX           |
| C000236512 | HCM Dynamic Income Fund Class I Shares        | HCMUX           |

## Nport-Ex

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

ETF - Exchange-Traded Fund <br>

---

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

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** CINCINNATI

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

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

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

- **a. Name of Series:** HCM Dynamic Income Fund

- **b. EDGAR series identifier (if any):** S000076537

- **c. LEI of Series:** 549300KURG63HWXTKP17

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $125937925.54

**Total Liabilities:** $209546.05

**Net Assets:** $125728379.49

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000236512 | 1.39%                | 1.37%                | 3.08%                |
| Class ID C000236510 | 1.30%                | 1.38%                | 3.01%                |
| Class ID C000236511 | 1.39%                | 1.46%                | 2.98%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $159766.19               | $1288007.86                                |
| Month 2  | $0.00                    | $1524764.02                                |
| Month 3  | $390471.94               | $3144902.47                                |

### Schedule of Portfolio Investments

| Name              | Title             | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| iShares Trust     | ISHARES CONVT BD  | CUSIP: 46435G102<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |    304867 | NS      | $30501943.35  | 24.26%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust     | ISHARES JP MORGA  | CUSIP: 464288281<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |    131146 | NS      | $12483787.74  | 9.93%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Series Trust | SPDR BLOOMBERG H  | CUSIP: 78468R622<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |    248368 | NS      | $24337580.32  | 19.36%            |  |  |  | No            |                  1 | On Loan: No      |
| HCM BBH SWEEP     | BBH SWEEP VEHICLE | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   1639947 | PA      | $1639947.40   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust     | ISHARES IBOXX HI  | CUSIP: 464288513<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |    329641 | NS      | $26763552.79  | 21.29%            |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Series Trust | SPDR BLOOMBERG C  | CUSIP: 78464A359<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |    333351 | NS      | $30168265.50  | 23.99%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** Rich Gleason

**Name of Signer:** Rich Gleason

**Title:** Treasurer