Semi-Annual Report by Investment Company (Form N-CSRS)

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

811-22655

Northern Lights Fund Trust III

(Exact name of registrant as specified in charter)

225 Pictoria Drive Cincinnati, OH	45246
(Address of principal executive offices)	(Zip code)

The Corporation Trust Company

1209 Orange Street Wilmington, DE 19801

(Name and address of agent for service)

Registrant's telephone number, including area code:	631-470-2619

Date of fiscal year end:	9/30
Date of reporting period:	3/31/26

Item 1. Reports to Stockholders.

(a)

Tailored Shareholder Report

(b)

Not applicable

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

(a)

	Semi-Annual Financial Statements
	and Additional Information
	March 31, 2026

THE COVERED BRIDGE FUND

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

Shares						Fair Value
				COMMON STOCKS - 88.4%
				APPAREL & TEXTILE PRODUCTS - 1.5%
	32,000			NIKE, Inc., Class B(c)		$	1,690,240
				BANKING - 7.5%
	32,000			Bank of America Corporation^(c)			1,560,000
	8,000			JPMorgan Chase & Company^(c)			2,353,280
	40,500			Truist Financial Corporation(c)			1,861,785
	20,000			US Bancorp^(c)			1,040,200
	21,000			Wells Fargo & Company^(c)			1,671,810
							8,487,075
				BEVERAGES - 1.1%
	16,000			Coca-Cola Company^(c)			1,216,800
				BIOTECH & PHARMA - 5.8%
	20,000			Bristol-Myers Squibb Company^(c)			1,213,000
	1,500			Eli Lilly & Company^(c)			1,379,655
	6,000			Merck & Company, Inc.^(c)			721,740
	115,000			Pfizer, Inc.^(c)			3,229,200
							6,543,595
				CHEMICALS - 5.7%
	11,900			Avery Dennison Corporation(c)			2,054,892
	5,000			CF Industries Holdings, Inc.^(c)			649,200
	85,000			Chemours Company^(c)			1,872,550
	25,000			Nutrien Ltd.^(c)			1,886,500
							6,463,142
				DIVERSIFIED INDUSTRIALS - 1.0%
	5,000			Honeywell International, Inc.^(c)			1,130,150
				ELECTRIC UTILITIES - 4.6%
	38,900			Dominion Energy, Inc.(c)			2,404,798
	10,000			Duke Energy Corporation^(c)			1,309,400
	15,000			SEMPRA^(c)			1,457,550
							5,171,748

See accompanying notes to financial statements.

THE COVERED BRIDGE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2026

Shares						Fair Value
				COMMON STOCKS - 88.4% (Continued)
				ENTERTAINMENT CONTENT - 2.1%
	25,000			Walt Disney Company^(c)		$	2,409,500
				FOOD - 5.3%
	80,000			Conagra Brands, Inc.^(c)			1,257,600
	54,000			General Mills, Inc.(c)			2,009,880
	7,500			Hershey Company^(c)			1,559,175
	57,000			Kraft Heinz Company(c)			1,281,930
							6,108,585
				HEALTH CARE FACILITIES & SERVICES - 1.7%
	7,200			UnitedHealth Group, Inc.^(c)			1,948,248
				HOME CONSTRUCTION - 1.1%
	14,000			Lennar Corporation, Class A(c)			1,215,760
				HOUSEHOLD PRODUCTS - 1.9%
	15,000			Procter & Gamble Company(c)			2,166,600
				INSURANCE - 0.5%
	2,000			Travelers Companies, Inc.^(c)			583,360
				LEISURE FACILITIES & SERVICES - 3.6%
	7,500			McDonald's Corporation^(c)			2,330,925
	20,000			Starbucks Corporation(c)			1,791,800
							4,122,725
				MEDICAL EQUIPMENT & DEVICES - 1.9%
	25,000			Medtronic PLC(c)			2,166,250
				OIL & GAS PRODUCERS - 3.7%
	4,000			Chevron Corporation^(c)			827,600
	8,000			EOG Resources, Inc.^(c)			1,156,560
	15,000			Expand Energy Corporation^			1,646,700
	3,000			Exxon Mobil Corporation^(c)			508,980
							4,139,840

See accompanying notes to financial statements.

THE COVERED BRIDGE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2026

Shares						Fair Value
				COMMON STOCKS - 88.4% (Continued)
				OIL & GAS SERVICES & EQUIPMENT - 1.0%
	22,500			Schlumberger N.V.^(c)		$	1,156,275
				REAL ESTATE INVESTMENT TRUSTS - 1.0%
	45,000			Weyerhaeuser Company(c)			1,099,350
				RETAIL - CONSUMER STAPLES - 1.3%
	12,000			Target Corporation^(c)			1,454,400
				RETAIL - DISCRETIONARY - 2.3%
	7,000			Home Depot, Inc.(c)			2,302,230
	23,000			Kohl's Corporation(c)			296,700
							2,598,930
				SEMICONDUCTORS - 6.9%
	5,000			Broadcom, Inc.^(c)			1,547,550
	66,000			Intel Corporation*(c)			2,912,580
	20,000			Microchip Technology, Inc.(c)			1,292,200
	16,000			QUALCOMM, Inc.(c)			2,060,480
							7,812,810
				SOFTWARE - 8.5%
	14,000			Microsoft Corporation(c)			5,182,380
	15,000			Oracle Corporation^(c)			2,206,650
	12,000			Salesforce, Inc.^(c)			2,240,040
							9,629,070
				TECHNOLOGY HARDWARE - 3.5%
	4,400			Apple, Inc.^(c)			1,116,676
	12,000			Cisco Systems, Inc.^(c)			931,080
	80,000			Hewlett Packard Enterprise Company^(c)			1,904,800
							3,952,556
				TECHNOLOGY SERVICES - 6.2%
	14,000			Accenture plc, Class A^(c)			2,776,060
	9,000			International Business Machines Corporation^(c)			2,181,510
	24,000			PayPal Holdings, Inc.^(c)			1,085,520
	3,200			Visa, Inc., Class A^(c)			967,168
							7,010,258

See accompanying notes to financial statements.

THE COVERED BRIDGE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2026

Shares						Fair Value
				COMMON STOCKS - 88.4% (Continued)
				TELECOMMUNICATIONS - 4.8%
	80,000			AT&T, Inc.^(c)		$	2,319,200
	61,000			Verizon Communications, Inc.(c)			3,062,200
							5,381,400
				TOBACCO & CANNABIS - 0.6%
	10,000			Altria Group, Inc.^(c)			659,900
				TRANSPORTATION & LOGISTICS - 2.4%
	28,000			United Parcel Service, Inc., Class B			2,754,640
				WHOLESALE - CONSUMER STAPLES - 0.9%
	14,000			Sysco Corporation^(c)			998,620
				TOTAL COMMON STOCKS (Cost $116,301,322)			100,071,827
				RIGHT - 0.1%
				ASSET MANAGEMENT - 0.1%
	120,000			Sycamore Partners, LLC*			63,600
				TOTAL RIGHT (Cost $63,600)			63,600
				SHORT-TERM INVESTMENTS - 8.0%
				MONEY MARKET FUNDS - 8.0%
	9,105,747			First American Treasury Obligations Fund, Class X, 3.58% (Cost $9,105,747)(a),(c)			9,105,747
				TOTAL INVESTMENTS - 96.5% (Cost $125,470,669)		$	109,241,174
				CALL OPTIONS WRITTEN - (0.7)% (Premiums received - $797,940)			(829,297	)
				OTHER ASSETS IN EXCESS OF LIABILITIES - 4.2%			4,804,333
				NET ASSETS - 100.0%		$	113,216,210

See accompanying notes to financial statements.

THE COVERED BRIDGE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2026

Contracts(b)						Expiration Date			Exercise Price				Notional Value				Fair Value
				WRITTEN EQUITY OPTIONS* - (0.7)%
				CALL OPTIONS WRITTEN - (0.7)%
	20			Accenture plc		04/17/2026			$	205			$	396,580			$	7,140
	50			Altria Group, Inc.		04/17/2026				65				329,950				10,300
	22			Apple, Inc.		04/17/2026				250				558,338				18,810
	200			AT&T, Inc.		04/17/2026				28				579,800				19,200
	115			Bank of America Corporation		04/17/2026				45				560,625				48,875
	30			Bristol-Myers Squibb Company		04/17/2026				58				181,950				7,680
	70			Bristol-Myers Squibb Company		04/17/2026				60				424,550				10,360
	17			Broadcom, Inc.		04/17/2026				320				526,167				13,005
	8			Broadcom, Inc.		04/17/2026				325				247,608				4,680
	25			CF Industries Holdings, Inc.		04/17/2026				135				324,600				10,875
	350			Chemours Company		04/17/2026				20				771,050				87,850
	20			Chevron Corporation		04/17/2026				203				413,800				13,600
	60			Cisco Systems, Inc.		04/17/2026				78				465,540				11,700
	80			Coca-Cola Company		04/17/2026				75				608,400				17,760
	200			Conagra Brands, Inc.		04/17/2026				15				314,400				20,000
	15			Duke Energy Corporation		04/17/2026				125				196,410				9,000
	35			Duke Energy Corporation		04/17/2026				130				458,290				9,450
	7			Eli Lilly & Company		04/17/2026				920				643,839				21,140
	40			EOG Resources, Inc.		04/17/2026				140				578,280				23,120
	50			Expand Energy Corporation		04/17/2026				105				548,900				34,500
	15			Exxon Mobil Corporation		04/17/2026				160				254,490				17,415
	25			Hershey Company		04/17/2026				210				519,725				13,000
	100			Hewlett Packard Enterprise Company		04/17/2026				21				238,100				25,000
	300			Hewlett Packard Enterprise Company		05/15/2026				27				714,300				15,000
	25			Honeywell International, Inc.		04/17/2026				230				565,075				8,750
	45			International Business Machines Corporation		04/17/2026				250				1,090,755				18,000
	10			JPMorgan Chase & Company		04/17/2026				285				294,160				13,740
	25			McDonald's Corporation		04/17/2026				310				776,975				16,500
	30			Merck & Company, Inc.		04/17/2026				110				360,870				32,880
	100			Nutrien Ltd.		05/15/2026				75				754,600				44,000
	30			Oracle Corporation		04/17/2026				155				441,330				9,600
	80			PayPal Holdings, Inc.		04/17/2026				46				361,840				12,800
	150			Pfizer, Inc.		04/17/2026				27				421,200				20,250
	26			Salesforce, Inc.		04/17/2026				195				485,342				8,372
	75			Sempra		04/17/2026				95				728,775				25,500
	75			Schlumberger N.V		04/17/2026				48				385,425				34,875
	70			Sysco Corporation		04/17/2026				83				499,310				2,100
	60			Target Corporation		04/17/2026				115				727,200				42,600
	20			Travelers Companies, Inc.		04/17/2026				300				583,360				8,700
	24			UnitedHealth Group, Inc.		04/17/2026				290				649,416				9,720
	100			US Bancorp		04/17/2026				50				520,100				24,500
	16			Visa, Inc.		04/17/2026				310				483,584				6,320
	50			Walt Disney Company		04/17/2026				101				481,900				3,950
	60			Wells Fargo & Company		04/17/2026				80				477,660				16,680
				TOTAL CALL OPTIONS WRITTEN (Premiums received - $797,940)														829,297
				TOTAL EQUITY OPTIONS WRITTEN (Premiums received - $797,940)													$	829,297

See accompanying notes to financial statements.

THE COVERED BRIDGE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2026

	LLC	- Limited Liability Company
	LTD	- Limited Company
	NV	- Naamioze Vennootschap
	PLC	- Public Limited Company
	REIT	- Real Estate Investment Trust

	*	Non-income producing security.
	^	Security is subject written call options.
	(a)	Rate disclosed is the seven-day effective yield as of March 31, 2026.
	(b)	Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.
	(c)	All or a portion of the security is pledged as collateral for written options.

See accompanying notes to financial statements.

The Covered Bridge Fund

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

March 31, 2026

Assets:
Investments in Securities at Value (cost $125,470,669)		$	109,241,174
Deposits with Broker for Options Written			4,583,387
Receivable for Fund Shares Sold			230,983
Dividend and Interest Receivable			153,098
Prepaid Expenses and Other Assets			24,389
Total Assets			114,233,031
Liabilities:
Options Written, at value (premiums received $797,940)			829,297
Investment Advisory Fees Payable			91,436
Payable for Fund Shares Redeemed			60,000
Payable to Related Parties			20,046
Distribution (12b-1) Fees Payable			1,294
Accrued Expenses and Other Liabilities			14,748
Total Liabilities			1,016,821
Net Assets		$	113,216,210
Class A Shares:
Net Assets (Unlimited shares of no par value beneficial interest authorized; (655,265 shares of beneficial interest outstanding)		$	5,966,820
Net Asset Value and Redemption Price Per Share(a) ($5,966,820/655,265 shares of beneficial interest outstanding)		$	9.11
Maximum Offering Price Per Share (Maximum sales charge of 5.25%)		$	9.61
Class I Shares:
Net Assets (Unlimited shares of no par value interest authorized; (11,878,436 shares of beneficial interest outstanding)		$	107,249,390
Net Asset Value, Offering and Redemption Price Per Share(a) ($107,249,390/11,878,436 shares of beneficial interest outstanding)		$	9.03
Composition of Net Assets:
Paid-in-Capital		$	125,732,566
Accumulated Losses			(12,516,356	)
Net Assets		$	113,216,210

(a)

The Fund charges a fee of 1% on redemptions of shares held for less than 90 days.

See accompanying notes to financial statements.

The Covered Bridge Fund

STATEMENT OF OPERATIONS (Unaudited)

For the Six Months Ended March 31, 2026

Investment Income:
Dividend Income (Less $5,333 Foreign Taxes)		$	1,361,979
Interest Income			206,534
Total Investment Income			1,568,513
Expenses:
Investment Advisory Fees			559,829
Administration Fees			68,799
Interest Expense			63,106
Transfer Agent Fees			37,333
Third Party Administrative Servicing Fees			34,904
Fund Accounting Fees			25,786
Registration & Filing Fees			24,932
Chief Compliance Officer Fees			14,760
Trustees' Fees			10,401
Legal Fees			9,897
Audit Fees			9,510
Distribution (12b-1) Fees - Class A			8,474
Custody Fees			7,217
Printing Expense			6,015
Insurance Expense			1,995
Miscellaneous Expenses			2,347
Total Expenses			885,305
Less: Fee Waived by Adviser			(29,880	)
Net Expenses			855,425
Net Investment Income			713,088
Net Realized and Unrealized Gain on Investments:
Net Realized Gain on:
Investments and Options Purchased			3,307,040
Options Written			3,560,128
Total Net Realized Gain			6,867,168
Net Change in Unrealized Appreciation (Depreciation) on:
Investments and Options Purchased			(2,327,076	)
Options Written			59,916
Total Net Change in Unrealized Depreciation			(2,267,160	)
Net Realized and Unrealized Gain on Investments			4,600,008
Net Increase in Net Assets Resulting From Operations		$	5,313,096

See accompanying notes to financial statements.

The Covered Bridge Fund

STATEMENTS OF CHANGES IN NET ASSETS

		For the Six Months Ended March 31, 2026				For the Year Ended September 30, 2025
		(Unaudited)
Operations:
Net Investment Income		$	713,088			$	1,731,563
Net Realized Gain			6,867,168				6,823,336
Net Change in Unrealized Depreciation			(2,267,160	)			(844,118	)
Net Increase in Net Assets Resulting From Operations			5,313,096				7,710,781
Distributions to Shareholders From:
Distributable Earnings
Class A ($0.41 and $0.75, respectively)			(288,651	)			(750,783	)
Class I ($0.43 and $0.77, respectively)			(4,911,309	)			(8,414,432	)
Net Decrease in Net Assets From Distributions to Shareholders			(5,199,960	)			(9,165,215	)
Capital Share Transactions:
Class A
Proceeds from Shares Issued (426 and 2,059 shares, respectively)			3,943				18,430
Distributions Reinvested (30,764 and 82,097 shares, respectively)			279,320				733,284
Redemption Fee Proceeds			71				10
Cost of Shares Redeemed (260,405 and 335,006 shares, respectively)			(2,384,502	)			(2,974,397	)
Total Class A			(2,101,168	)			(2,222,673	)
Class I
Proceeds from Shares Issued (695,063 and 1,168,286 shares, respectively)			6,386,534				10,341,978
Distributions Reinvested (470,800 and 798,281 shares, respectively)			4,234,997				7,071,555
Redemption Fee Proceeds			1,166				106
Cost of Shares Redeemed (520,187 and 1,643,094 shares, respectively)			(4,736,944	)			(14,582,597	)
Total Class I			5,885,753				2,831,042
Net Increase in Net Assets from Capital Share Transactions			3,784,585				608,369
Total Increase (Decrease) in Net Assets			3,897,721				(846,065	)
Net Assets:
Beginning of Period			109,318,489				110,164,554
End of Period		$	113,216,210			$	109,318,489

See accompanying notes to financial statements.

The Covered Bridge Fund - Class A

FINANCIAL HIGHLIGHTS

Per share data and ratios for a share of beneficial interest throughout each period presented.

		For the Six Months Ended March 31, 2026				For the Year Ended September 30, 2025				For the Year Ended September 30, 2024				For the Year Ended September 30, 2023				For the Year Ended September 30, 2022				For the Year Ended September 30, 2021
		(Unaudited)
Net Asset Value, Beginning of Period		$	9.09			$	9.21			$	8.57			$	8.42			$	9.82			$	7.71
Increase (Decrease) From Operations:
Net investment income(1)			0.05				0.13				0.16				0.16				0.12				0.12
Net realized and unrealized gain (loss) on Investments			0.38				0.50				1.22				0.76				(0.80	)			2.64
Total from operations			0.43				0.63				1.38				0.92				(0.68	)			2.76
Less Distributions:
From net investment income			(0.04	)			(0.13	)			(0.16	)			(0.15	)			(0.12	)			(0.11	)
From net realized gain			(0.37	)			(0.62	)			(0.58	)			(0.62	)			(0.60	)			(0.54	)
Total Distributions			(0.41	)			(0.75	)			(0.74	)			(0.77	)			(0.72	)			(0.65	)
Paid in capital from redemption fees(1),(3)			0.00				0.00				0.00				0.00				0.00				0.00
Net Asset Value, End of Period		$	9.11			$	9.09			$	9.21			$	8.57			$	8.42			$	9.82
Total Return(2)			4.82	%(8)			7.26	%			16.65	%			10.74	%			(7.61	)%			35.96	%
Ratios/Supplemental Data
Net assets, end of period (in 000's)		$	5,967			$	8,039			$	10,452			$	14,874			$	14,730			$	16,009
Ratio of expenses to average net assets(5):
before reimbursement(4)			1.82	%(7)			1.81	%			1.80	%			1.76	%			1.67	%			1.73	%
net of reimbursement			1.76	%(7)			1.75	%			1.73	%			1.71	%			1.67	%			1.69	%
Ratio of expenses to average net assets, excluding interest expense(5):
before reimbursement(4)			1.71	%(7)			1.71	%			1.72	%			1.70	%			1.65	%			1.69	%
net of reimbursement			1.65	%(7)			1.65	%			1.65	%			1.65	%			1.65	%			1.65	%
Ratio of net investment income to average net assets(6)			1.05	%(7)			1.41	%			1.80	%			1.74	%			1.18	%			1.20	%
Portfolio turnover rate			58	%(8)			121	%			125	%			154	%			147	%			232	%

(1)	Per share amounts are calculated using the average shares method, which more appropriately presents the per share data for the period.
(2)	Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any, and exclude the effect of sales loads and redemptions fees. Had the adviser not absorbed a portion of Fund expenses, total returns would have been lower.
(3)	Amount is less than $0.01 per share.
(4)	Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.
(5)	Does not include the expenses of other investment companies in which the Fund invests.
(6)	Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the underlying investment companies in which the Fund invests.
(7)	Annualized.
(8)	Not annualized.

See accompanying notes to financial statements.

The Covered Bridge Fund - Class I

FINANCIAL HIGHLIGHTS

Per share data and ratios for a share of beneficial interest throughout each period presented.

		For the Six Months Ended March 31, 2026				For the Year Ended September 30, 2025				For the Year Ended September 30, 2024				For the Year Ended September 30, 2023				For the Year Ended September 30, 2022				For the Year Ended September 30, 2021
		(Unaudited)
Net Asset Value, Beginning of Period		$	9.02			$	9.14			$	8.51			$	8.37			$	9.77			$	7.68
Increase (Decrease) From Operations:
Net investment income(1)			0.06				0.15				0.18				0.18				0.14				0.14
Net realized and unrealized gain (loss) on Investments			0.38				0.50				1.21				0.75				(0.80	)			2.63
Total from operations			0.44				0.65				1.39				0.93				(0.66	)			2.77
Less Distributions:
From net investment income			(0.06	)			(0.15	)			(0.18	)			(0.17	)			(0.14	)			(0.14	)
From net realized gain			(0.37	)			(0.62	)			(0.58	)			(0.62	)			(0.60	)			(0.54	)
Total Distributions			(0.43	)			(0.77	)			(0.76	)			(0.79	)			(0.74	)			(0.68	)
Paid in capital from redemption fees(1),(3)			0.00				0.00				0.00				0.00				0.00				0.00
Net Asset Value, End of Period		$	9.03			$	9.02			$	9.14			$	8.51			$	8.37			$	9.77
Total Return(2)			4.90	%(8)			7.60	%			16.97	%			10.96	%			(7.40	)%			36.23	%
Ratios/Supplemental Data
Net assets, end of period (in 000's)		$	107,249			$	101,280			$	99,713			$	103,837			$	91,064			$	89,352
Ratio of expenses to average net assets(5):
before reimbursement(4)			1.57	%(7)			1.55	%			1.55	%			1.51	%			1.42	%			1.48	%
net of reimbursement			1.51	%(7)			1.49	%			1.48	%			1.46	%			1.42	%			1.44	%
Ratio of expenses to average net assets, excluding interest expense(5):
before reimbursement(4)			1.46	%(7)			1.46	%			1.47	%			1.45	%			1.40	%			1.44	%
net of reimbursement			1.40	%(7)			1.40	%			1.40	%			1.40	%			1.40	%			1.40	%
Ratio of net investment income to average net assets(6)			1.29	%(7)			1.65	%			2.03	%			1.99	%			1.43	%			1.46	%
Portfolio turnover rate			58	%(8)			121	%			125	%			154	%			147	%			232	%

(1)	Per share amounts are calculated using the average shares method, which more appropriately presents the per share data for the period.
(2)	Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any, and exclude the effect of redemptions fees. Had the adviser not absorbed a portion of Fund expenses, total returns would have been lower.
(3)	Amount is less than $0.01 per share.
(4)	Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.
(5)	Does not include the expenses of other investment companies in which the Fund invests.
(6)	Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the underlying investment companies in which the Fund invests.
(7)	Annualized.
(8)	Not annualized.

See accompanying notes to financial statements.

The Covered Bridge Fund

NOTES TO FINANCIAL STATEMENTS (Unaudited)

March 31, 2026

1.

ORGANIZATION

The Covered Bridge Fund (the "Fund") is a diversified series of shares of beneficial interest of Northern Lights Fund Trust III (the "Trust"), a Delaware statutory trust organized 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 investment objective of the Fund is to seek current income and realized gains from writing options with capital appreciation as a secondary objective. The Fund commenced operations on October 1, 2013.

The Fund currently offers Class A and Class I shares. Class A shares are offered at net asset value plus a maximum sales charge of 5.25%. Class I shares are offered at net asset value. The Fund charges a fee of 1.00% on redemptions of shares held for less than 90 days. Each class represents an interest in the same assets of the Fund and classes are identical except for differences in their sales charge structures and distribution charges. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plans. The Fund's income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class.

2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP"). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the year. 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.

Segment Reporting - An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Fund's CODM is comprised of the portfolio managers 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.

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

Security Valuation - The Fund's securities are valued at the last sale price on the exchange in which such securities are primarily traded, as of the close of business on the day the securities are being valued. In the absence of a sale on the primary exchange, a security shall be valued at the mean between the current bid and ask prices on the day of valuation. NASDAQ traded securities are valued using the NASDAQ Official Closing Price ("NOCP"). Exchange traded options are valued at the last sale price, or, in the absence of a sale, at the mean between the current bid and ask prices. Short-term debt obligations having 60 days or less remaining until maturity, at the time of purchase, may be valued at amortized cost.

Securities for which current market quotations are not readily available or for which quotations are not deemed to be representative of market values are valued at fair value as determined in good faith by or under the direction of the Trust's Board of Trustees (the "Board") in accordance with the Trust's Portfolio Securities Valuation Procedures (the "Procedures"). The Procedures consider the following factors, among others, to determine a security's fair value: the nature and pricing history (if any) of the security; whether any dealer quotations for the security are available; and possible valuation methodologies that could be used to determine the fair value of the security.

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

The Covered Bridge Fund

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

March 31, 2026

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

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

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

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

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

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

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, 2026 for the Fund's assets and liabilities measured at fair value:

The Covered Bridge Fund

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

March 31, 2026

Assets *		Level 1				Level 2				Level 3				Total
Common Stocks		$	100,071,827			$	-			$	-			$	100,071,827
Right			-				63,600								63,600
Short-Term Investments			9,105,747				-				-				9,105,747
Total		$	109,177,574			$	63,600			$	-			$	109,241,174
Liabilities
Call Options Written			(829,297	)			-				-				(829,297	)
Total		$	(829,297	)		$	-			$	-			$	(829,297	)

The Fund did not hold any Level 3 securities during the period ended March 31, 2026.

*

Please refer to the Schedule of Investments for Industry Classification.

Foreign Currency Translations - The books and records of the Fund are maintained in US dollars. The market values of securities which are not traded in US currency are recorded in the financial statements after translation to US dollars based on the applicable exchange rates at the end of the period. The costs of such securities are translated at exchange rates prevailing when acquired. Related interest, dividends and withholding taxes are accrued at the rates of exchange prevailing on the respective dates of such transactions.

Net realized gains and losses on foreign currency transactions represent net gains and losses from currency realized between the trade and settlement dates on securities transactions and the difference between income accrued versus income received. The effect of changes in foreign currency exchange rates on investments in securities are included with the net realized and unrealized gain or loss on investment securities.

Option Transactions - The Fund is subject to equity price risk in the normal course of pursuing its investment objective and may purchase or sell options to help hedge against risk. When the Fund writes a call option, an amount equal to the premium received is included in the statement of assets and liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option. If an option expires on its stipulated expiration date or if the Fund enters into a closing purchase transaction, a gain or loss is realized. If a written call option is exercised, a gain or loss is realized for the sale of the underlying security and the proceeds from the sale are increased by the premium originally received. As writer of an option, the Fund has no control over whether the option will be exercised and, as a result, retains the market risk of an unfavorable change in the price of the security underlying the written option.

The Fund may purchase put and call options. Put options are purchased to hedge against a decline in the value of securities held in the Fund's portfolio. If such a decline occurs, the put options will permit the Fund to sell the securities underlying such options at the exercise price, or to close out the options at a profit. The premium paid for a put or call option plus any transaction costs will reduce the benefit, if any, realized by the Fund upon exercise of the option, and, unless the price of the underlying security rises or declines sufficiently, the option may expire worthless to the Fund. In addition, in the event that the price of the security in connection with which an option was purchased moves in a direction favorable to the Fund, the benefits realized by the Fund as a result of such favorable movement will be reduced by the amount of the premium paid for the option and related transaction costs. Written and purchased options are non-income producing securities. With purchased options, there is minimal counterparty risk to the Fund since these options are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded options, guarantees against a possible default.

The notional value of the derivative instruments outstanding as of March 31, 2026 as disclosed in the Schedule of Investments and the amounts realized and changes in unrealized gains and losses on derivative instruments during the period as disclosed within the Statement of Operations serve as indicators of the volume of derivative activity for the Fund.

Impact of Derivatives on the Statement of Assets and Liabilities and Statement of Operations - The following is a summary of the location of derivative investments on the Fund's Statement of Assets and Liabilities as of March 31, 2026:

The Covered Bridge Fund

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

March 31, 2026

Derivative Investments Type		Risk			Location on the Statement of Assets and Liabilities		Amount
Options Written		Equity			Options Written, at value		$	(829,297	)

The following is a summary of the location of derivative investments in the Fund's Statement of Operations for the six months ended March 31, 2026:

Derivative Investments Type		Risk			Location of Gain/Loss on Derivative		Amount
Options Written		Equity			Net Realized Gain on Options Written		$	3,560,128
Options Written		Equity			Net Change in Unrealized Appreciation (Depreciation) on Options Written			59,916

Security Transactions and Investment Income - Investment security transactions are accounted for on a trade date basis. Cost is determined and gains and losses are based upon the specific identification method for both financial statement and federal income tax purposes. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Purchase discounts and premiums on securities are accreted and amortized over the life of the respective securities.

Withholding taxes on foreign dividends have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates.

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

Federal Income Taxes - The Fund complies with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and will distribute all of its taxable income, if any, to shareholders. Accordingly, no provision for federal income taxes is required in the financial statements. 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 taken on returns filed for open tax years ended September 30, 2023 - September 30, 2025, or expected to be taken in the Fund's September 30, 2026 tax returns. The Fund identifies its major tax jurisdictions as U.S. federal, Ohio and foreign jurisdictions where the Fund makes significant investments. 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.

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

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.

The Covered Bridge Fund

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

March 31, 2026

3.

CASH - CONCENTRATION IN UNINSURED ACCOUNT

For cash management purposes, the Fund may concentrate cash with the Fund's custodian. As of March 31, 2026, the Fund held $4,583,387 in cash at Interactive Brokers.

4.

INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES

Advisory Fees - Stonebridge Capital Advisors, LLC serves as the Fund's investment adviser (the "Adviser"). Pursuant to an investment advisory agreement with the Trust, on behalf of the Fund, the Adviser, under the oversight of the Board, directs the daily operations of the Fund and supervises the performance of administrative and professional services provided by others. As compensation for this service and the related expenses borne by the Adviser, the Fund pays the Adviser a management fee, computed and accrued daily and paid monthly, at an annual rate of 1.00% of the average daily net assets. For the six months ended March 31, 2026, the Adviser earned management fees of $559,829.

The Adviser has contractually agreed to waive all or part of its management fees and/or make payments to limit Fund expenses (exclusive of any front-end or contingent deferred loads; brokerage fees and commissions; acquired fund fees and expenses; borrowing costs (such as interest and dividend expense on securities sold short); taxes; and extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual and indemnification of Fund service providers (other than the Adviser))) at least until February 1, 2027, so that the total annual operating expenses of the Fund do not exceed 1.65% and 1.40% of the average daily net assets for its Class A and Class I shares, respectively. Contractual waivers and expense payments may be recouped by the Adviser from the Fund, to the extent that overall expenses fall below the lesser of the expense limitation then in place or in place at the time of waiver, within three years of when the amounts were waived. During the six months ended March 31, 2026, the Adviser waived $29,880 in fees pursuant to its contractual agreement.

As of September 30, 2025, the following amounts are subject to recapture by the Adviser by September 30 of the following years:

2026				2027				2028				Total
$	53,193			$	72,550			$	58,562			$	184,305

Distributor - The distributor of the Fund is Northern Lights Distributors, LLC (the "Distributor"). The Trust, with respect to the Fund, has adopted the Trust's Master Distribution and Shareholder Servicing Plan for the Fund's Class A shares (the "Plan") pursuant to Rule 12b-1 under the 1940 Act, to pay for certain distribution activities and shareholder services. The Plan provides a monthly service and/or distribution fee that is calculated by the Fund at an annual rate of 0.25% of the average daily net assets of Class A shares. For the six months ended March 31, 2026, pursuant to the Plan, the Fund paid $8,474. No such fees are payable with respect to Class I shares.

The Distributor acts as the Fund's principal underwriter in a continuous public offering of the Fund's Class A shares. For the six months ended March 31, 2026, the Distributor received $53 in underwriting commissions for sales of Class A shares, of which $8 was retained by the principal underwriter or other affiliated broker-dealers.

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

Ultimus Fund Solutions, LLC ("UFS") - 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.

Northern Lights Compliance Services, LLC ("NLCS") - 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.

The Covered Bridge Fund

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

March 31, 2026

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

5.

INVESTMENT TRANSACTIONS

The cost of purchases and proceeds from the sale of securities, other than short-term securities, for the six months ended March 31, 2026, amounted to $62,544,290 and $57,555,764, respectively.

6.

REDEMPTION FEES

The Fund may assess a short-term redemption fee of 1.00% of the total redemption amount if a shareholder sells their shares after holding them for less than 90 days. The Fund received redemption fees of $1,237 and $116, for the six months ended March 31, 2026 and the year ended September 30, 2025, respectively.

7.

AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION - TAX BASIS

The identified cost of investments (including open positions in written options) in securities owned by the Fund for federal income tax purposes and its respective gross unrealized appreciation and depreciation at March 31, 2026, were as follows:

Tax Cost				Gross Unrealized Appreciation				Gross Unrealized (Depreciation)				Net Unrealized (Depreciation)
$	124,732,269			$	3,128,347			$	(19,448,739	)		$	(16,320,392	)

8.

DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

The tax character of distributions paid during the fiscal years ended September 30, 2025, and September 30, 2024, were as follows:

		Fiscal Year Ended September 30, 2025				Fiscal Year Ended September 30, 2024
Ordinary Income		$	9,165,215			$	9,442,027
Long-Term Capital Gain			-				14,029
		$	9,165,215			$	9,456,056

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

Undistributed Ordinary Income				Undistributed Long-Term Gains				Post October Loss and Late Year Loss				Capital Loss Carry Forwards				Other Book/Tax Differences				Unrealized Appreciation/ (Depreciation)				Total Distributable Earnings/ (Accumulated Losses)
$	1,424,885			$	-			$	-			$	-			$	(997	)		$	(14,053,380	)		$	(12,629,492	)

The difference between book basis and tax basis unrealized depreciation from investments is primarily attributable to the tax deferral of losses on wash sales. In addition, the amount listed under other book/tax differences is primarily attributable to the tax deferral of losses on straddles.

The Covered Bridge Fund

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

March 31, 2026

During the fiscal year ended September 30, 2025, the Fund utilized tax equalization which is the use of earnings and profits distributions to shareholders on redemption of shares as part of the dividends paid deduction for income tax purposes. Permanent book and tax differences, primarily attributable to tax adjustments for use of tax equalization credits and adjustments for prior year tax returns, resulted in reclassifications for the Fund for the fiscal year ended September 30, 2024, as follows:

Paid In Capital				Accumulated Losses
$	(191,408	)		$	191,408

9.

CONTROL OWNERSHIP

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of March 31, 2026, Charles Schwab & Co, Inc. and Pershing LLC, accounts holding shares for the benefit of others in nominee name, held approximately 60% and 26%, respectively, of the voting securities of the Fund. The Fund has no knowledge as to whether any beneficial owner included in these nominee accounts holds more than 25% of the voting shares of either class.

10.

SUBSEQUENT EVENTS

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

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 1-855-525-2151, by visiting www.thecoveredbridgefund.com, or by referring to the Securities and Exchange Commission's ("SEC") website at http://www.sec.gov.

The Covered Bridge Fund

ADDITIONAL INFORMATION (Unaudited)

March 31, 2026

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

Not applicable

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

Not applicable

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

Not applicable

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

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)

Not applicable

(a)(2)

Not applicable

(a)(3)

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

(a)(4)

Not applicable

(b)

Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto.

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)	Northern Lights Fund Trust III
By (Signature and Title)	/s/ Brian Curley
	Brian Curley, Principal Executive Officer/President

Date	6/2/26

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 person 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	6/2/26

By (Signature and Title)	/s/ Rich Gleason
	Rich Gleason, Principal Financial Officer/Treasurer

Date

6/2/26