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Company News

Financial Services

Northern Lights Fund Trust III

06/05/2026 | Press release | Distributed by Public on 06/05/2026 09:17

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, Suite 450, Cincinnati, Ohio	45246
(Address of principal executive offices)	(Zip code)

Brian Curley, Ultimus Fund Solutions, LLC.

4221 North 203rd Street, Suite 100, Elkhorn, NE 68022

(Name and address of agent for service)

Registrants 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)

Absolute Capital Asset Allocator Fund

Class A (AAMAX)

Semi-Annual Shareholder Report - March 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about Absolute Capital Asset Allocator Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.abscapfunds.com/. You can also request this information by contacting us at 877-594-1249.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$91	1.83%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Table Summary

Net Assets	$68,242,741
Number of Portfolio Holdings	27
Advisory Fee	$322,114
Portfolio Turnover	16%

Top 10 Holdings (% of net assets)

Table Summary

Holding Name	% of Net Assets
iShares Core Dividend ETF	7.6%
Vanguard S&P 500 Growth ETF	6.9%
United States Treasury Bill, 3.630%, 06/04/26	6.8%
State Street SPDR S&P 1500 Value Tilt ETF	6.5%
Vanguard Communication Services ETF	5.5%
State Street Technology Select Sector SPDR ETF	5.1%
Vanguard FTSE All-World ex-US ETF	4.5%
State Street SPDR Portfolio S&P 500 ETF	4.5%
Goldman Sachs Group, Inc. (The)	3.6%
Quanta Services, Inc.	3.0%

Sector Weighting (% of net assets)

Table Summary

Value	Value
Consumer Staples	2.2%
Communications	2.2%
Technology	2.7%
Fixed Income	2.6%
Industrials	3.0%
U.S. Treasury Obligations	6.8%
Financials	7.1%
Money Market Funds	14.4%
Equity	59.0%

Material Fund Changes

No material changes occurred during the period ended March 31, 2026.

Additional information is available on the Fund's website (https://www.abscapfunds.com/), including its:

Prospectus
Financial information
Holdings
Proxy voting information
Updated performance information

Absolute Capital Asset Allocator Fund

Class A (AAMAX)

TSR-SAR 033126-AAMAX

Absolute Capital Asset Allocator Fund

Institutional Class (AAMIX)

Semi-Annual Shareholder Report - March 31, 2026

Fund Overview

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$78	1.58%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Table Summary

Net Assets	$68,242,741
Number of Portfolio Holdings	27
Advisory Fee	$322,114
Portfolio Turnover	16%

Top 10 Holdings (% of net assets)

Table Summary

Holding Name	% of Net Assets
iShares Core Dividend ETF	7.6%
Vanguard S&P 500 Growth ETF	6.9%
United States Treasury Bill, 3.630%, 06/04/26	6.8%
State Street SPDR S&P 1500 Value Tilt ETF	6.5%
Vanguard Communication Services ETF	5.5%
State Street Technology Select Sector SPDR ETF	5.1%
Vanguard FTSE All-World ex-US ETF	4.5%
State Street SPDR Portfolio S&P 500 ETF	4.5%
Goldman Sachs Group, Inc. (The)	3.6%
Quanta Services, Inc.	3.0%

Sector Weighting (% of net assets)

Table Summary

Value	Value
Consumer Staples	2.2%
Communications	2.2%
Technology	2.7%
Fixed Income	2.6%
Industrials	3.0%
U.S. Treasury Obligations	6.8%
Financials	7.1%
Money Market Funds	14.4%
Equity	59.0%

Material Fund Changes

No material changes occurred during the period ended March 31, 2026.

Additional information is available on the Fund's website (https://www.abscapfunds.com/), including its:

Prospectus
Financial information
Holdings
Proxy voting information
Updated performance information

Absolute Capital Asset Allocator Fund

Institutional Class (AAMIX)

TSR-SAR 033126-AAMIX

Absolute Capital Asset Allocator Fund

Investor Class (AAMCX)

Semi-Annual Shareholder Report - March 31, 2026

Fund Overview

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$127	2.57%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Table Summary

Net Assets	$68,242,741
Number of Portfolio Holdings	27
Advisory Fee	$322,114
Portfolio Turnover	16%

Top 10 Holdings (% of net assets)

Table Summary

Holding Name	% of Net Assets
iShares Core Dividend ETF	7.6%
Vanguard S&P 500 Growth ETF	6.9%
United States Treasury Bill, 3.630%, 06/04/26	6.8%
State Street SPDR S&P 1500 Value Tilt ETF	6.5%
Vanguard Communication Services ETF	5.5%
State Street Technology Select Sector SPDR ETF	5.1%
Vanguard FTSE All-World ex-US ETF	4.5%
State Street SPDR Portfolio S&P 500 ETF	4.5%
Goldman Sachs Group, Inc. (The)	3.6%
Quanta Services, Inc.	3.0%

Sector Weighting (% of net assets)

Table Summary

Value	Value
Consumer Staples	2.2%
Communications	2.2%
Technology	2.7%
Fixed Income	2.6%
Industrials	3.0%
U.S. Treasury Obligations	6.8%
Financials	7.1%
Money Market Funds	14.4%
Equity	59.0%

Material Fund Changes

No material changes occurred during the period ended March 31, 2026.

Additional information is available on the Fund's website (https://www.abscapfunds.com/), including its:

Prospectus
Financial information
Holdings
Proxy voting information
Updated performance information

Absolute Capital Asset Allocator Fund

Investor Class (AAMCX)

TSR-SAR 033126-AAMCX

Absolute Capital Defender Fund

Class A (ACMAX)

Semi-Annual Shareholder Report - March 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about Absolute Capital Defender Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.abscapfunds.com/. You can also request this information by contacting us at 877-594-1249. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$100	2.00%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Table Summary

Net Assets	$29,278,804
Number of Portfolio Holdings	22
Advisory Fee (net of waivers)	$120,391
Portfolio Turnover	18%

Top 10 Holdings (% of net assets)

Table Summary

Holding Name	% of Net Assets
State Street SPDR S&P 1500 Value Tilt ETF	10.6%
iShares Core Dividend ETF	9.2%
iShares Morningstar Value ETF	9.0%
United States Treasury Bill, 3.630%, 06/04/26	7.8%
United States Treasury Note, 3.875%, 12/31/27	6.8%
Invesco S&P 500 Revenue ETF	5.3%
Vanguard FTSE All-World ex-US ETF	3.5%
Goldman Sachs Group, Inc. (The)	3.5%
Vanguard Consumer Staples ETF	3.5%
Vanguard Communication Services ETF	3.1%

Sector Weighting (% of net assets)

Table Summary

Value	Value
Communications	1.3%
Technology	1.6%
Consumer Staples	1.7%
Fixed Income	2.6%
Financials	6.0%
U.S. Treasury Obligations	17.0%
Money Market Funds	17.4%
Equity	52.4%

Material Fund Changes

This is a summary of certain changes to the Fund since October 1, 2025. For more complete information, you may review the Fund's prospectus, dated February 1, 2026, or upon request at 877-594-1249.

Effective February 1, 2026, the expense limitation of the Fund's Class A shares was increased from 1.99% to 2.04% of the Fund's average daily net assets.

Additional information is available on the Fund's website (https://www.abscapfunds.com/), including its:

Prospectus
Financial information
Holdings
Proxy voting information
Updated performance information

Absolute Capital Defender Fund

Class A (ACMAX)

TSR-SAR 033126-ACMAX

Absolute Capital Defender Fund

Institutional Class (ACMIX)

Semi-Annual Shareholder Report - March 31, 2026

Fund Overview

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$87	1.75%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Table Summary

Net Assets	$29,278,804
Number of Portfolio Holdings	22
Advisory Fee (net of waivers)	$120,391
Portfolio Turnover	18%

Top 10 Holdings (% of net assets)

Table Summary

Holding Name	% of Net Assets
State Street SPDR S&P 1500 Value Tilt ETF	10.6%
iShares Core Dividend ETF	9.2%
iShares Morningstar Value ETF	9.0%
United States Treasury Bill, 3.630%, 06/04/26	7.8%
United States Treasury Note, 3.875%, 12/31/27	6.8%
Invesco S&P 500 Revenue ETF	5.3%
Vanguard FTSE All-World ex-US ETF	3.5%
Goldman Sachs Group, Inc. (The)	3.5%
Vanguard Consumer Staples ETF	3.5%
Vanguard Communication Services ETF	3.1%

Sector Weighting (% of net assets)

Table Summary

Value	Value
Communications	1.3%
Technology	1.6%
Consumer Staples	1.7%
Fixed Income	2.6%
Financials	6.0%
U.S. Treasury Obligations	17.0%
Money Market Funds	17.4%
Equity	52.4%

Material Fund Changes

This is a summary of certain changes to the Fund since October 1, 2025. For more complete information, you may review the Fund's prospectus, dated February 1, 2026, or upon request at 877-594-1249.

Effective February 1, 2026, the expense limitation of the Fund's Institutional Class shares was increased from 1.74% to 1.79% of the Fund's average daily net assets.

Additional information is available on the Fund's website (https://www.abscapfunds.com/), including its:

Prospectus
Financial information
Holdings
Proxy voting information
Updated performance information

Absolute Capital Defender Fund

Institutional Class (ACMIX)

TSR-SAR 033126-ACMIX

Absolute Capital Defender Fund

Investor Class (ACMDX)

Semi-Annual Shareholder Report - March 31, 2026

Fund Overview

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$137	2.74%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Table Summary

Net Assets	$29,278,804
Number of Portfolio Holdings	22
Advisory Fee (net of waivers)	$120,391
Portfolio Turnover	18%

Top 10 Holdings (% of net assets)

Table Summary

Holding Name	% of Net Assets
State Street SPDR S&P 1500 Value Tilt ETF	10.6%
iShares Core Dividend ETF	9.2%
iShares Morningstar Value ETF	9.0%
United States Treasury Bill, 3.630%, 06/04/26	7.8%
United States Treasury Note, 3.875%, 12/31/27	6.8%
Invesco S&P 500 Revenue ETF	5.3%
Vanguard FTSE All-World ex-US ETF	3.5%
Goldman Sachs Group, Inc. (The)	3.5%
Vanguard Consumer Staples ETF	3.5%
Vanguard Communication Services ETF	3.1%

Sector Weighting (% of net assets)

Table Summary

Value	Value
Communications	1.3%
Technology	1.6%
Consumer Staples	1.7%
Fixed Income	2.6%
Financials	6.0%
U.S. Treasury Obligations	17.0%
Money Market Funds	17.4%
Equity	52.4%

Material Fund Changes

This is a summary of certain changes to the Fund since October 1, 2025. For more complete information, you may review the Fund's prospectus, dated February 1, 2026, or upon request at 877-594-1249.

Effective February 1, 2026, the expense limitation of the Fund's Investor Class shares was increased from 2.74% to 2.79% of the Fund's average daily net assets.

Additional information is available on the Fund's website (https://www.abscapfunds.com/), including its:

Prospectus
Financial information
Holdings
Proxy voting information
Updated performance information

Absolute Capital Defender Fund

Investor Class (ACMDX)

TSR-SAR 033126-ACMDX

The Teberg Fund

No-Load Class (TEBRX)

Semi-Annual Shareholder Report - March 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about The Teberg Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.abscapfunds.com. You can also request this information by contacting us at 1-866-209-1964. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
No-Load Class	$92	1.81%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Table Summary

Net Assets	$93,412,602
Number of Portfolio Holdings	45
Advisory Fee (net of waivers)	$462,243
Portfolio Turnover	24%

Top 10 Holdings (% of net assets)

Table Summary

Holding Name	% of Net Assets
Invesco QQQ Trust Series 1 ETF	14.5%
iShares Semiconductor ETF	9.8%
Berkshire Hathaway, Inc.	7.7%
Invesco Dow Jones Industrial Average Dividend ETF	4.6%
VanEck Semiconductor ETF	4.4%
Invesco PHLX Semiconductor ETF	4.4%
State Street SPDR Dow Jones Industrial Average ETF	4.2%
State Street SPDR S&P 500 ETF Trust	4.2%
iShares Morningstar Value ETF	4.1%
State Street SPDR Portfolio S&P 500 ETF	4.0%

Sector Weighting (% of net assets)

Table Summary

Value	Value
Other Assets in Excess of Liabilities	0.1%
Money Market Funds	2.2%
Fixed Income	3.2%
Financials	7.7%
Technology	10.1%
Equity	76.7%

Material Fund Changes

This is a summary of certain changes to the Fund since October 1, 2025. For more complete information, you may review the Fund's prospectus, dated February 1, 2026, or upon request at 877-594-1249.

Effective February 1, 2026, the expense limitation of the Fund's No-Load Class shares was increased from 1.75% to 1.84% of the Fund's average daily net assets.

Additional information is available on the Fund's website (www.abscapfunds.com), including its:

Prospectus
Financial information
Holdings
Proxy voting information
Updated performance information

The Teberg Fund

No-Load Class (TEBRX)

TSR-SAR 033126-TEBRX

The Teberg Fund

Investor Class (ABSTX)

Semi-Annual Shareholder Report - March 31, 2026

Fund Overview

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$139	2.76%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Table Summary

Net Assets	$93,412,602
Number of Portfolio Holdings	45
Advisory Fee (net of waivers)	$462,243
Portfolio Turnover	24%

Top 10 Holdings (% of net assets)

Table Summary

Holding Name	% of Net Assets
Invesco QQQ Trust Series 1 ETF	14.5%
iShares Semiconductor ETF	9.8%
Berkshire Hathaway, Inc.	7.7%
Invesco Dow Jones Industrial Average Dividend ETF	4.6%
VanEck Semiconductor ETF	4.4%
Invesco PHLX Semiconductor ETF	4.4%
State Street SPDR Dow Jones Industrial Average ETF	4.2%
State Street SPDR S&P 500 ETF Trust	4.2%
iShares Morningstar Value ETF	4.1%
State Street SPDR Portfolio S&P 500 ETF	4.0%

Sector Weighting (% of net assets)

Table Summary

Value	Value
Other Assets in Excess of Liabilities	0.1%
Money Market Funds	2.2%
Fixed Income	3.2%
Financials	7.7%
Technology	10.1%
Equity	76.7%

Material Fund Changes

This is a summary of certain changes to the Fund since October 1, 2025. For more complete information, you may review the Fund's prospectus, dated February 1, 2026, or upon request at 877-594-1249.

Effective February 1, 2026, the expense limitation of the Fund's Investor Class shares was increased from 2.74% to 2.79% of the Fund's average daily net assets.

Additional information is available on the Fund's website (www.abscapfunds.com), including its:

Prospectus
Financial information
Holdings
Proxy voting information
Updated performance information

The Teberg Fund

Investor Class (ABSTX)

TSR-SAR 033126-ABSTX

(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. Investments. Schedule of investments in securities of unaffiliated issuers is included under Item 7.

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

(a)

Long Form Financial Statements

Semi-Annual Financial Statements

& Additional Information

March 31, 2026

Absolute Capital Asset Allocator Fund

Class A Shares (AAMAX)

Institutional Class Shares (AAMIX)

Investor Class Shares (AAMCX)

Absolute Capital Defender Fund

Class A Shares (ACMAX)

Institutional Class Shares (ACMIX)

Investor Class Shares (ACMDX)

The Teberg Fund

No-Load Shares (TEBRX)

Investor Shares (ABSTX)

1-877-594-1249

www.abscapfunds.com

ABSOLUTE CAPITAL ASSET ALLOCATOR FUND

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

Shares			Fair Value
		COMMON STOCKS - 17.2%
		BANKING - 1.3%
	3,000	JPMorgan Chase & Company	$	882,480

		ENGINEERING & CONSTRUCTION - 3.0%
	3,700	Quanta Services, Inc.		2,031,374

		INSTITUTIONAL FINANCIAL SERVICES - 3.6%
	2,900	Goldman Sachs Group, Inc. (The)		2,453,371

		INSURANCE - 2.2%
	3,100	Berkshire Hathaway, Inc., Class B^(a)		1,485,520

		INTERNET MEDIA & SERVICES - 2.2%
	16,000	Netflix, Inc.^(a)		1,538,400

		RETAIL - CONSUMER STAPLES - 2.2%
	1,500	Costco Wholesale Corporation		1,494,645

		SOFTWARE - 0.8%
	1,400	Microsoft Corporation		518,238

		TECHNOLOGY SERVICES - 1.9%
	4,300	Visa, Inc., Class A		1,299,632

		TOTAL COMMON STOCKS (Cost $9,078,304)		11,703,660

		EXCHANGE-TRADED FUNDS - 61.6%
		EQUITY - 59.0%
	45,000	Franklin International Core Dividend Tilt Index ETF		1,791,450
	28,000	Invesco Dow Jones Industrial Average Dividend ETF		1,672,720
	96,600	iShares Core Dividend ETF		5,211,570
	15,400	iShares Morningstar Growth ETF		1,470,392
	14,400	iShares Morningstar Value ETF		1,341,216

See accompanying notes to financial statements.

ABSOLUTE CAPITAL ASSET ALLOCATOR FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2026

Shares			Fair Value
		EXCHANGE-TRADED FUNDS - 61.6% (Continued)
		EQUITY - 59.0% (Continued)
	12,300	SPDR S&P Biotech ETF	$	1,571,079
	5,200	State Street Industrial Select Sector SPDR ETF		840,996
	40,000	State Street SPDR Portfolio S&P 500 ETF		3,061,600
	20,700	State Street SPDR S&P 1500 Value Tilt ETF		4,450,012
	26,000	State Street Technology Select Sector SPDR ETF		3,455,400
	20,800	Vanguard Communication Services ETF		3,740,672
	7,000	Vanguard Consumer Staples ETF		1,572,130
	41,100	Vanguard FTSE All-World ex-US ETF		3,086,610
	7,700	Vanguard International High Dividend Yield ETF		725,648
	15,600	Vanguard Russell 2000 ETF		1,562,652
	11,500	Vanguard S&P 500 Growth ETF		4,688,435
				40,242,582
		FIXED INCOME - 2.6%
	36,100	Janus Henderson AAA CLO ETF		1,818,357

		TOTAL EXCHANGE-TRADED FUNDS (Cost $37,372,110)		42,060,939

		SHORT-TERM INVESTMENTS - 21.2%
		MONEY MARKET FUNDS - 14.4%
	9,788,828	First American Government Obligations Fund, Class X, 3.58%^(b)		9,788,828

Principal
Amount ($)			Yield (%)	Maturity
		U.S. TREASURY BILLS - 6.8%
	4,700,000	United States Treasury Bill	3.63	06/04/26		4,669,826

		TOTAL SHORT-TERM INVESTMENTS (Cost $14,459,041)				14,458,654

		TOTAL INVESTMENTS - 100.0% (Cost $60,909,455)			$	68,223,253
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.0%^(c)				19,488
		NET ASSETS - 100.0%			$	68,242,741

ETF	- Exchange-Traded Fund

SPDR	- Standard & Poors Depositary Receipt

^(a)

Non-income producing security.

^(b)

Rate disclosed is the seven day effective yield as of March 31, 2026.

^(c)

Amount represents less than 0.05%.

See accompanying notes to financial statements.

ABSOLUTE CAPITAL DEFENDER FUND

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

Shares			Fair Value
		COMMON STOCKS - 10.6%
		INSTITUTIONAL FINANCIAL SERVICES - 3.5%
	1,200	Goldman Sachs Group, Inc. (The)	$	1,015,188

		INSURANCE - 2.5%
	1,500	Berkshire Hathaway, Inc., Class B^(a)		718,800

		INTERNET MEDIA & SERVICES - 1.3%
	4,000	Netflix, Inc.^(a)		384,600

		RETAIL - CONSUMER STAPLES - 1.7%
	500	Costco Wholesale Corporation		498,215

		SOFTWARE - 1.6%
	1,300	Microsoft Corporation		481,221

		TOTAL COMMON STOCKS (Cost $2,515,243)		3,098,024

		EXCHANGE-TRADED FUNDS - 55.0%
		EQUITY - 52.4%
	10,000	Invesco Dow Jones Industrial Average Dividend ETF		597,400
	13,500	Invesco S&P 500 Revenue ETF		1,551,285
	50,000	iShares Core Dividend ETF		2,697,500
	14,000	iShares Currency Hedged MSCI EAFE ETF		594,930
	28,400	iShares Morningstar Value ETF		2,645,176
	1,800	State Street Industrial Select Sector SPDR ETF		291,114
	7,900	State Street SPDR Portfolio S&P 500 ETF		604,666
	14,500	State Street SPDR S&P 1500 Value Tilt ETF		3,117,158
	5,000	Vanguard Communication Services ETF		899,200
	4,500	Vanguard Consumer Staples ETF		1,010,655
	13,700	Vanguard FTSE All-World ex-US ETF		1,028,870
	3,100	Vanguard International High Dividend Yield ETF		292,144
				15,330,098

See accompanying notes to financial statements.

ABSOLUTE CAPITAL DEFENDER FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2026

Shares			Fair Value
		EXCHANGE-TRADED FUNDS - 55.0% (Continued)
		FIXED INCOME - 2.6%
	15,000	Janus Henderson AAA CLO ETF	$	755,550

		TOTAL EXCHANGE-TRADED FUNDS (Cost $14,056,493)		16,085,648

Principal			Coupon Rate
Amount ($)			(%)	Maturity
		U.S. GOVERNMENT & AGENCIES - 9.2%
		U.S. TREASURY NOTES - 9.2%
	700,000	United States Treasury Note	4.3750	12/15/26	702,993
	2,000,000	United States Treasury Note	3.8750	12/31/27	2,001,484
		TOTAL U.S. GOVERNMENT & AGENCIES (Cost $2,698,193)			2,704,477

Shares
		SHORT-TERM INVESTMENTS - 25.2%
		MONEY MARKET FUNDS - 17.4%
	5,095,653	First American Government Obligations Fund, Class X, 3.58%^(b)	5,095,653

Principal
Amount ($)			Yield (%)
		U.S. TREASURY BILLS - 7.8%
	2,300,000	United States Treasury Bill	3.63	06/04/26		2,285,234

		TOTAL SHORT-TERM INVESTMENTS (Cost $7,381,076)				7,380,887

		TOTAL INVESTMENTS - 100.0% (Cost $26,651,005)			$	29,269,036
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.0%^(c)				9,768
		NET ASSETS - 100.0%			$	29,278,804

EAFE	- Europe, Australasia and Far East

ETF	- Exchange-Traded Fund

MSCI	- Morgan Stanley Capital International

SPDR	- Standard & Poors Depositary Receipt

^(a)

Non-income producing security.

^(b)

Rate disclosed is the seven day effective yield as of March 31, 2026.

^(c)

Amount represents less than 0.05%.

See accompanying notes to financial statements.

THE TEBERG FUND

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

Shares			Fair Value
		COMMON STOCKS - 17.8%
		INSURANCE - 7.7%
	10	Berkshire Hathaway, Inc., Class A^(a)	$	7,181,400

		SEMICONDUCTORS - 9.6%
	1,900	Advanced Micro Devices, Inc.^(a)		386,517
	1,480	Analog Devices, Inc.		470,847
	1,570	Applied Materials, Inc.		536,610
	410	ASML Holding N.V. - ADR		541,540
	2,280	Broadcom, Inc.		705,683
	9,930	Intel Corporation^(a)		438,211
	350	KLA Corporation		515,344
	2,530	Lam Research Corporation		540,560
	2,200	Marvell Technology, Inc.		217,910
	1,440	Microchip Technology, Inc.		93,038
	1,510	Micron Technology, Inc.		510,139
	110	Monolithic Power Systems, Inc.		120,269
	10,450	NVIDIA Corporation		1,822,480
	620	NXP Semiconductors N.V.		122,053
	2,430	QUALCOMM, Inc.		312,935
	3,270	Taiwan Semiconductor Manufacturing Company Ltd. - ADR		1,105,097
	420	Teradyne, Inc.		124,513
	2,420	Texas Instruments, Inc.		469,819
				9,033,565
		SOFTWARE - 0.5%
	810	Cadence Design Systems, Inc.^(a)		225,075
	580	Synopsys, Inc.^(a)		229,958
				455,033

		TOTAL COMMON STOCKS (Cost $14,306,733)		16,669,998

		EXCHANGE-TRADED FUNDS - 78.1%
		EQUITY - 74.9%
	72,100	Invesco Dow Jones Industrial Average Dividend ETF		4,307,254
	67,900	Invesco PHLX Semiconductor ETF		4,053,630

See accompanying notes to financial statements.

THE TEBERG FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2026

Shares			Fair Value
		EXCHANGE-TRADED FUNDS - 78.1% (Continued)
		EQUITY - 74.9% (Continued)
	23,450	Invesco QQQ Trust Series 1 ETF	$	13,534,871
	19,600	iShares Core Dividend ETF		1,057,420
	18,999	iShares Core S&P Small-Cap ETF		2,361,766
	41,100	iShares Morningstar Value ETF		3,828,054
	8,674	iShares Russell 2000 ETF		2,151,152
	27,850	iShares Semiconductor ETF		9,153,181
	5,000	iShares U.S. Aerospace & Defense ETF		1,093,750
	9,500	iShares U.S. Home Construction ETF		860,225
	59,900	State Street Financial Select Sector SPDR ETF		2,957,263
	8,500	State Street SPDR Dow Jones Industrial Average ETF		3,937,115
	49,300	State Street SPDR Portfolio S&P 500 ETF		3,773,422
	6,020	State Street SPDR S&P 500 ETF Trust		3,915,047
	10,900	State Street SPDR S&P 1500 Value Tilt ETF		2,343,243
	31,900	State Street SPDR S&P Regional Banking ETF		2,078,285
	15,600	State Street Technology Select Sector SPDR ETF		2,073,240
	10,684	VanEck Semiconductor ETF		4,096,245
	18,700	Vanguard FTSE All-World ex-US ETF		1,404,370
	3,000	Vanguard Total Stock Market ETF		962,430
				69,941,963
		FIXED INCOME - 3.2%
	25,200	Vanguard Short-Term Corporate Bond ETF		1,997,604
	17,100	Vanguard Short-Term Treasury ETF		1,001,034
				2,998,638

		TOTAL EXCHANGE-TRADED FUNDS (Cost $47,681,955)		72,940,601

		EXCHANGE-TRADED NOTES - 1.8%
		EQUITY - 1.8%
	28,100	MicroSectors FANG+ ETNs (Cost $1,993,534) ^(a)		1,675,041

See accompanying notes to financial statements.

THE TEBERG FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2026

Shares			Fair Value
		SHORT-TERM INVESTMENTS - 2.2%
		MONEY MARKET FUNDS - 2.2%
	2,038,886	First American Government Obligations Fund, Class X, 3.58% (Cost $2,038,886)^(b)	$	2,038,886

		TOTAL INVESTMENTS - 99.9% (Cost $66,021,108)	$	93,324,526
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%		88,076
		NET ASSETS - 100.0%	$	93,412,602

ADR	- American Depositary Receipt

ETF	- Exchange-Traded Fund

LTD	- Limited Company

NV	- Naamioze Vennootschap

SPDR	- Standard & Poors Depositary Receipt

^(a)

Non-income producing security.

^(b)

Rate disclosed is the seven day effective yield as of March 31, 2026.

See accompanying notes to financial statements.

Absolute Funds

Statements of Assets and Liabilities (Unaudited)

March 31, 2026

	Absolute Capital Asset		Absolute Capital
	Allocator Fund		Defender Fund		The Teberg Fund
ASSETS
Investment securities, at cost	$	60,909,455	$	26,651,005	$	66,021,108
Investment securities, at value	$	68,223,253	$	29,269,036	$	93,324,526
Receivable for Fund shares sold		132,743		8,917		258,876
Dividends and interest receivable		27,563		44,069		39,928
Prepaid expenses and other assets		29,834		25,435		14,515
TOTAL ASSETS		68,413,393		29,347,457		93,637,845

LIABILITIES
Fund shares redeemed		214		-		2,894
Payable to Advisor		53,248		20,182		90,666
Distribution fees (12b-1) payable		54,361		18,472		49,311
Payable to Related Parties		31,474		687		41,242
Accrued expenses and other liabilities		31,355		29,312		41,130
TOTAL LIABILITIES		170,652		68,653		225,243
NET ASSETS	$	68,242,741	$	29,278,804	$	93,412,602

Net Assets Consist Of:
Paid in capital	$	61,481,686	$	26,363,358	$	53,625,687
Accumulated earnings		6,761,055		2,915,446		39,786,915
NET ASSETS	$	68,242,741	$	29,278,804	$	93,412,602

NET ASSET VALUE PER SHARE:
Class A Shares:
Net Assets	$	2,708,897	$	2,637,394	$	-
Shares of beneficial interest outstanding [$0 par value, unlimited shares authorized]		222,429		225,444		-
Net asset value (Net Assets ÷ Shares Outstanding) and redemption price per share	$	12.18	$	11.70	$	-
Maximum offering price per share (maximum sales charge of 5.75%)	$	12.92	$	12.41	$	-
Institutional Class Shares:
Net Assets	$	1,876,875	$	5,427,635	$	-
Shares of beneficial interest outstanding [$0 par value, unlimited shares authorized]		153,209		464,525		-
Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share	$	12.25	$	11.68	$	-
Investor Class Shares:
Net Assets	$	63,656,969	$	21,213,775	$	47,713,827
Shares of beneficial interest outstanding [$0 par value, unlimited shares authorized]		5,652,411		1,952,201		1,701,242
Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share	$	11.26	$	10.87	$	28.05
No-Load Class Shares:
Net Assets	$	-	$	-	$	45,698,775
Shares of beneficial interest outstanding [$0 par value, unlimited shares authorized]		-		-		1,600,931
Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share	$	-	$	-	$	28.55

See accompanying notes to financial statements.

Absolute Funds

Statements of Operations (Unaudited)

For the Six Months Ended March 31, 2026

	Absolute Capital Asset			Absolute Capital
	Allocator Fund			Defender Fund			The Teberg Fund
INVESTMENT INCOME
Dividends*	$	410,331		$	180,116		$	361,528
Interest		188,614			177,354			73,220
TOTAL INVESTMENT INCOME		598,945			357,470			434,748

EXPENSES
Investment advisory fees		322,114			141,017			527,454
Distribution (12b-1) fees:
Class A		3,601			3,423			-
Investor Class		296,467			99,332			184,388
No-Load Class		-			-			59,394
Administrative services fees		51,923			29,155			54,453
Registration fees		18,213			14,755			37,273
Transfer agent fees		22,110			4,785			26,970
Accounting services fees		19,812			14,909			18,532
Trustees fees and expenses		11,752			15,798			11,493
Legal fees		11,469			12,365			14,618
Third party administrative servicing fees		8,633			8,681			19,238
Audit fees		11,504			10,413			12,878
Compliance officer fees		8,642			3,964			16,552
Printing and postage expenses		11,443			4,363			6,989
Custodian fees		4,116			2,877			10,953
Insurance expense		1,838			1,711			1,121
Other expenses		3,699			3,932			2,081
TOTAL EXPENSES		807,336			371,480			1,004,387

Less: Fees waived by the Advisor		-			(20,626	)		(65,211	)
NET EXPENSES		807,336			350,854			939,176

NET INVESTMENT INCOME/(LOSS)		(208,391	)		6,616			(504,428	)

REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss)		(138,534	)		633,157			13,348,521

Net change in unrealized depreciation		(598,160	)		(654,130	)		(11,303,819	)

NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS		(736,694	)		(20,973	)		2,044,702

NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(945,085	)	$	(14,357	)	$	1,540,274

Includes withholding tax of $868 for the Teberg Fund.

See accompanying notes to financial statements.

Absolute Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Absolute Capital						Absolute Capital
	Asset Allocator Fund						Defender Fund						The Teberg Fund
	Six Months Ended			Year Ended			Six Months Ended			Year Ended			Six Months Ended			Year Ended
	March 31, 2026			September 30,			March 31, 2026			September 30,			March 31, 2026			September 30,
	(Unaudited)			2025			(Unaudited)			2025			(Unaudited)			2025
FROM OPERATIONS
Net investment income/(loss)	$	(208,391	)	$	(245,922	)	$	6,616		$	22,520		$	(504,428	)	$	(391,319	)
Net realized gain/(loss) from investments		(138,534	)		1,549,908			633,157			578,177			13,348,521			79,553
Distributions received from underlying investment companies		-			-			-			-			-			25,440
Net change in unrealized appreciation/(depreciation) on investments		(598,160	)		4,290,612			(654,130	)		1,563,180			(11,303,819	)		8,765,135
Net increase/(decrease) in net assets resulting from operations		(945,085	)		5,594,598			(14,357	)		2,163,877			1,540,274			8,478,809

DISTRIBUTIONS TO SHAREHOLDERS
Total distributions paid
Class A		(59,704	)		(100,826	)		(79,652	)		(139,988	)		-			-
Institutional Class		(47,021	)		(98,437	)		(181,065	)		(208,849	)		-			-
Investor Class		(1,374,142	)		(1,551,660	)		(615,580	)		(581,661	)		(43,770	)		(142,194	)
No-Load Class		-			-			-			-			(55,818	)		(695,592	)
Net decrease in net assets from distributions to shareholders		(1,480,867	)		(1,750,923	)		(876,297	)		(930,498	)		(99,588	)		(837,786	)

FROM CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold
Class A		29,972			131,324			26,256			261,221			-			-
Institutional Class		35,459			1,697,798			552,564			5,109,310			-			-
Investor Class		14,511,547			17,095,877			4,308,797			5,187,433			24,251,942			19,833,475
No-Load Class		-			-			-			-			1,001,663			1,217,660
Net asset value of shares issued in reinvestment of distributions:
Class A		59,696			100,816			79,652			139,844			-			-
Institutional Class		47,022			98,437			181,065			208,849			-			-
Investor Class		1,363,793			1,545,534			602,029			575,934			43,769			142,194
No-Load Class		-			-			-			-			55,509			691,616
Payments for shares redeemed
Class A		(404,647	)		(393,355	)		(561,462	)		(1,099,938	)		-			-
Institutional Class		(824,808	)		(2,198,153	)		(770,051	)		(5,119,950	)		-			-
Investor Class		(5,039,603	)		(8,933,520	)		(1,977,875	)		(4,702,444	)		(3,687,000	)		(805,899	)
No-Load Class		-			-			-			-			(3,040,045	)		(3,563,337	)
Net increase in net assets from capital share transactions		9,778,431			9,144,758			2,440,975			560,259			18,625,838			17,515,709

TOTAL INCREASE IN NET ASSETS		7,352,479			12,988,433			1,550,321			1,793,638			20,066,524			25,156,732

NET ASSETS
Beginning of Year/Period		60,890,262			47,901,829			27,728,483			25,934,845			73,346,078			48,189,346
End of Year/Period	$	68,242,741		$	60,890,262		$	29,278,804		$	27,728,483		$	93,412,602		$	73,346,078

CAPITAL SHARE ACTIVITY
Class A
Shares Sold		2,389			11,124			2,169			23,033			-			-
Shares Reinvested		4,791			8,624			6,762			12,486			-			-
Shares Redeemed		(31,958	)		(34,478	)		(47,087	)		(99,098	)		-			-
Net decrease in shares outstanding		(24,778	)		(14,730	)		(38,156	)		(63,579	)		-			-

Institutional Class
Shares Sold		2,811			140,371			45,946			438,310			-			-
Shares Reinvested		3,753			8,399			15,397			18,681			-			-
Shares Redeemed		(64,932	)		(182,347	)		(64,418	)		(440,448	)		-			-
Net increase/(decrease) in shares outstanding		(58,368	)		(33,577	)		(3,075	)		16,543			-			-

Investor Class
Shares Sold		1,250,371			1,548,260			387,387			488,162			843,470			801,375
Shares Reinvested		118,077			141,403			54,930			54,695			1,532			5,743
Shares Redeemed		(433,749	)		(814,763	)		(176,969	)		(444,308	)		(128,875	)		(33,125	)
Net increase in shares outstanding		934,699			874,900			265,348			98,549			716,127			773,993

No-Load Class
Shares Sold		-			-			-			-			34,576			48,900
Shares Reinvested		-			-			-			-			1,913			27,773
Shares Redeemed		-			-			-			-			(104,390	)		(143,082	)
Net decrease in shares outstanding		-			-			-			-			(67,901	)		(66,409	)

See accompanying notes to financial statements.

Absolute Funds

FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Capital Stock Outstanding Throughout each Year/Period

	Absolute Capital Asset Allocator Fund
	Class A
	Six Months Ended
	March 31, 2026			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			September 30, 2025			September 30, 2024			September 30, 2023			September 30, 2022			September 30, 2021
Net Asset Value, Beginning of Year/Period	$	12.56		$	11.64		$	9.82		$	9.02		$	11.71		$	10.10

Activity from investment operations:
Net investment income/(loss) (1,6)		-	(9)		0.02			0.04			0.03			(0.03	)		(0.02	)
Net realized and unrealized gain/(loss) on investments		(0.10	)		1.29			1.78			0.77			(1.67	)		1.63
Total from investment operations		(0.10	)		1.31			1.82			0.80			(1.70	)		1.61

Less distributions from:
Net realized gains		(0.28	)		(0.39	)		-			-			(0.99	)		-

Net Asset Value, End of Year/Period	$	12.18		$	12.56		$	11.64		$	9.82		$	9.02		$	11.71
Total Return (2)		(0.88	)% (8)		11.50	%		18.53	%		8.87	%		(16.36	)%		15.94	%
Net Assets, At End of Year/Period (000s)	$	2,709		$	3,106		$	3,049		$	6,687		$	6,554		$	10,226

Ratio of gross expenses to average net assets (5)		1.83	% (7)		1.76	%		1.82	% (3)		1.93	% (3)		2.07	% (4)		2.02	% (4)
Ratio of net expenses to average net assets (5)		1.83	% (7)		1.76	%		1.94	%		1.95	%		1.95	%		1.95	%
Ratio of net investment income/(loss) to average net assets (5,6)		(0.01	)% (7)		0.16	%		0.38	%		0.32	%		(0.23	)%		(0.21	)%
Portfolio Turnover Rate		16	% (8)		78	%		207	%		159	%		228	%		219	%

(1)

Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period.

(2)

Total returns shown exclude the effect of applicable sales charges. Total returns shown are historical in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude the effect of applicable sales charges and redemption fees. Had the advisor not waived fees and/or reimbursed a portion of its expenses, total returns would have been lower.

(3)

Represents the ratio of expenses to average net assets absent of the advisors recapture of waived/reimbursed fees from prior periods.

(4)

Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the advisor.

(5)

The ratios of expenses to average net assets and net investment income/(loss) to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

(6)

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

(7)

Annualized.

(8)

Not annualized.

(9)

Amount represents less than $0.005.

See accompanying notes to financial statements.

Absolute Funds

FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Capital Stock Outstanding Throughout each Year/Period

	Absolute Capital Asset Allocator Fund
	Institutional Class
	Six Months Ended
	March 31, 2026			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			September 30, 2025			September 30, 2024			September 30, 2023			September 30, 2022			September 30, 2021
Net Asset Value, Beginning of Year/Period	$	12.62		$	11.66		$	9.82		$	9.02		$	11.71		$	10.10

Activity from investment operations:
Net investment income (1,7)		0.01			0.05			0.11			0.16			0.11			0.15
Net realized and unrealized gain/(loss) on investments		(0.10	)		1.30			1.73			0.64			(1.81	)		1.46
Total from investment operations		(0.09	)		1.35			1.84			0.80			(1.70	)		1.61

Less distributions from:
Net realized gains		(0.28	)		(0.39	)		-			-			(0.99	)		-

Net Asset Value, End of Year/Period	$	12.25		$	12.62		$	11.66		$	9.82		$	9.02		$	11.71
Total Return (2)		(0.80	)% (9)		11.83	%		18.74	%		8.87	%		(16.36	)%		15.94	%
Net Assets, At End of Year/Period (000s)	$	1,877		$	2,671		$	2,859		$	12.62	(3)	$	11.59	(3)	$	13.85	(3)

Ratio of gross expenses to average net assets (6)		1.58	% (8)		1.51	%		1.54	% (4)		1.68	% (4)		1.82	% (5)		1.77	% (5)
Ratio of net expenses to average net assets (6)		1.58	% (8)		1.51	%		1.54	%		1.70	%		1.70	%		1.70	%
Ratio of net investment income to average net assets (6,7)		0.20	% (8)		0.40	%		0.97	%		0.57	%		0.02	%		0.04	%
Portfolio Turnover Rate		16	% (9)		78	%		207	%		159	%		228	%		219	%

(1)

Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period.

(2)

(3)

Actual net asset value.

(4)

Represents the ratio of expenses to average net assets absent of the advisors recapture of reimbursed fees from prior periods.

(5)

Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the advisor.

(6)

The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

(7)

Recognition of net investment income by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

(8)

Annualized.

(9)

Not annualized.

See accompanying notes to financial statements.

Absolute Funds

FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Capital Stock Outstanding Throughout each Year/Period

	Absolute Capital Asset Allocator Fund
	Investor Class
	Six Months Ended
	March 31, 2026			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			September 30, 2025			September 30, 2024			September 30, 2023			September 30, 2022			September 30, 2021
Net Asset Value, Beginning of Year/Period	$	11.68		$	10.93		$	9.29		$	8.60		$	11.28		$	9.81

Activity from investment operations:
Net investment loss (1,6)		(0.04	)		(0.06	)		(0.03	)		(0.04	)		(0.10	)		(0.11	)
Net realized and unrealized gain/(loss) on investments		(0.10	)		1.20			1.67			0.73			(1.59	)		1.58
Total from investment operations		(0.14	)		1.14			1.64			0.69			(1.69	)		1.47

Less distributions from:
Net realized gains		(0.28	)		(0.39	)		-			-			(0.99	)		-

Net Asset Value, End of Year/Period	$	11.26		$	11.68		$	10.93		$	9.29		$	8.60		$	11.28
Total Return (2)		(1.30	)% (8)		10.67	%		17.65	%		8.02	%		(16.93	)%		14.98	%
Net Assets, At End of Year/Period (000s)	$	63,657		$	55,114		$	41,994		$	30,254		$	21,815		$	20,931

Ratio of gross expenses to average net assets (5)		2.57	% (7)		2.51	%		2.56	% (3)		2.67	% (3)		2.81	% (4)		2.78	% (4)
Ratio of net expenses to average net assets (5)		2.57	% (7)		2.51	%		2.69	%		2.70	%		2.70	%		2.70	%
Ratio of net investment loss to average net assets (5,6)		(0.71	)% (7)		(0.57	)%		(0.31	)%		(0.40	)%		(0.94	)%		(0.96	)%
Portfolio Turnover Rate		16	% (8)		78	%		207	%		159	%		228	%		219	%

(1)

Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period.

(2)

(3)

Represents the ratio of expenses to average net assets absent of the advisors recapture of waived/reimbursed fees from prior periods.

(4)

Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the advisor.

(5)

The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

(6)

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

(7)

Annualized.

(8)

Not annualized.

See accompanying notes to financial statements.

Absolute Funds

FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Capital Stock Outstanding Throughout each Year/Period

	Absolute Capital Defender Fund
	Class A
	Six Months Ended
	March 31, 2026			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			September 30, 2025			September 30, 2024			September 30, 2023			September 30, 2022			September 30, 2021
Net Asset Value, Beginning of Year/Period	$	12.02		$	11.43		$	9.88		$	9.28		$	11.48		$	10.09

Activity from investment operations:
Net investment income/(loss) (1,5)		0.03			0.06			0.13			0.07			(0.03	)		(0.01	)
Net realized and unrealized gain/(loss) on investments & securities sold short		0.01			0.96			1.42			0.53			(1.16	)		1.40
Total from investment operations		0.04			1.02			1.55			0.60			(1.19	)		1.39

Less distributions from:
Net investment income		-			(0.12	)		-			-			-			-
Net realized gains		(0.36	)		(0.31	)		-			-			(1.01	)		-
Total distributions		(0.36	)		(0.43	)		-			-			(1.01	)		-

Net Asset Value, End of Year/Period	$	11.70		$	12.02		$	11.43		$	9.88		$	9.28		$	11.48
Total Return (2)		0.32	% (7)		9.21	%		15.69	%		6.47	%		(11.84	)%		13.78	%
Net Assets, At End of Year/Period (000s)	$	2,637		$	3,168		$	3,740		$	9,908		$	10,736		$	11,917

Ratio of gross expenses to average net assets (3,4)		2.14	% (6)		2.10	%		2.13	%		2.12	%		2.17	%		2.20	%
Ratio of net expenses to average net assets (4)		2.00	% (6)		1.97	%		1.95	%		1.95	%		1.95	%		1.95	%
Ratio of net investment income/(loss) to average net assets (4,5)		0.49	% (6)		0.54	%		1.26	%		0.75	%		(0.32	)%		(0.09	)%
Portfolio Turnover Rate		18	% (7)		78	%		207	%		170	%		263	%		183	%

(1)

Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period.

(2)

(3)

Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the advisor.

(4)

The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

(5)

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

(6)

Annualized.

(7)

Not annualized.

See accompanying notes to financial statements.

Absolute Funds

FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Capital Stock Outstanding Throughout each Year/Period

	Absolute Capital Defender Fund
	Institutional Class
	Six Months Ended
	March 31, 2026			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			September 30, 2025			September 30, 2024			September 30, 2023			September 30, 2022			September 30, 2021
Net Asset Value, Beginning of Year/Period	$	12.02		$	11.44		$	9.88		$	9.28		$	11.48		$	10.09

Activity from investment operations:
Net investment income (1,6)		0.05			0.09			0.16			0.14			0.10			0.15
Net realized and unrealized gain/(loss) on investments & securities sold short		-	(9)		0.96			1.40			0.46			(1.29	)		1.24
Total from investment operations		0.05			1.05			1.56			0.60			(1.19	)		1.39

Less distributions from:
Net investment income		(0.03	)		(0.16	)		-			-			-			-
Net realized gains		(0.36	)		(0.31	)		-			-			(1.01	)		-
Total distributions		(0.39	)		(0.47	)		-			-			(1.01	)		-

Net Asset Value, End of Year/Period	$	11.68		$	12.02		$	11.44		$	9.88		$	9.28		$	11.48
Total Return (2)		0.41	% (8)		9.51	%		15.79	%		6.47	%		(11.84	)%		13.78	%
Net Assets, At End of Year/Period (000s)	$	5,428		$	5,620		$	5,162		$	11.99	(3)	$	11.27	(3)	$	12.78	(3)

Ratio of gross expenses to average net assets (4,5)		1.90	% (7)		1.85	%		1.92	%		1.87	%		1.92	%		1.95	%
Ratio of net expenses to average net assets (5)		1.75	% (7)		1.73	%		1.71	%		1.70	%		1.70	%		1.70	%
Ratio of net investment income/(loss) to average net assets (5,6)		0.76	% (7)		0.75	%		1.46	%		1.00	%		(0.07	)%		0.16	%
Portfolio Turnover Rate		18	% (8)		78	%		207	%		170	%		263	%		183	%

(1)

Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period.

(2)

(3)

Actual net asset amount.

(4)

Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the advisor.

(5)

The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

(6)

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

(7)

Annualized.

(8)

Not annualized.

(9)

Amount represents less than $0.01

See accompanying notes to financial statements.

Absolute Funds

FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Capital Stock Outstanding Throughout each Year/Period

	Absolute Capital Defender Fund
	Investor Class
	Six Months Ended
	March 31, 2026			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			September 30, 2025			September 30, 2024			September 30, 2023			September 30, 2022			September 30, 2021
Net Asset Value, Beginning of Year/Period	$	11.23		$	10.72		$	9.34		$	8.84		$	11.06		$	9.79

Activity from investment operations:
Net investment income/(loss) (1,5)		(0.01	)		(0.02	)		0.05			0.00	(6)		(0.10	)		(0.09	)
Net realized and unrealized gain/(loss) on investments & securities sold short		0.01			0.90			1.33			0.50			(1.11	)		1.36
Total from investment operations		-	(6)		0.88			1.38			0.50			(1.21	)		1.27

Less distributions from:
Net investment income		-			(0.06	)		-			-			-			-
Net realized gains		(0.36	)		(0.31	)		-			-			(1.01	)		-
Total distributions		(0.36	)		(0.37	)		-			-			(1.01	)		-

Net Asset Value, End of Year/Period	$	10.87		$	11.23		$	10.72		$	9.34		$	8.84		$	11.06
Total Return (2)		(0.02	)% (8)		8.42	%		14.78	%		5.66	%		(12.50	)%		12.97	%
Net Assets, At End of Year/Period (000s)	$	21,214		$	18,941		$	17,033		$	16,568		$	13,064		$	9,751

Ratio of gross expenses to average net assets (3,4)		2.89	% (7)		2.86	%		2.90	%		2.86	%		2.92	%		2.95	%
Ratio of net expenses to average net assets (4)		2.74	% (7)		2.73	%		2.70	%		2.70	%		2.70	%		2.70	%
Ratio of net investment income/(loss) to average net assets (4,5)		(0.22	)% (7)		(0.20	)%		0.49	%		0.01	%		(1.03	)%		(0.83	)%
Portfolio Turnover Rate		18	% (8)		78	%		207	%		170	%		263	%		183	%

(1)

Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period.

(2)

(3)

Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the advisor.

(4)

The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

(5)

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

(6)

Amount represents less than $0.01.

(7)

Annualized.

(8)

Not annualized.

See accompanying notes to financial statements.

Absolute Funds

FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Capital Stock Outstanding Throughout each Year/Period

	The Teberg Fund
	No-Load Class
	Six Months Ended
	March 31, 2026			Year Ended			Period* Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			September 30, 2025			September 30, 2024			March 31, 2024			March 31, 2023			March 31, 2022			March 31, 2021
Net Asset Value, Beginning of Year/Period	$	27.77		$	24.77		$	23.22		$	16.85		$	18.32		$	16.99		$	10.37

Activity from investment operations:
Net investment loss (1,2)		(0.12	)		(0.12	)		(0.09	)		(0.13	)		(0.05	)		(0.10	)		(0.01	)
Net realized and unrealized gain/(loss) on investments		0.93			3.52			1.64			6.50			(1.42	)		1.43			6.70
Total from investment operations		0.81			3.40			1.55			6.37			(1.47	)		1.33			6.69

Less distributions from:
Net investment income		-			-			-			-			-			-			(0.07	)
Net realized gains		(0.03	)		(0.40	)		-			-			-			-			-
Total distributions		(0.03	)		(0.40	)		-			-			-			-			(0.07	)

Net Asset Value, End of Year/Period	$	28.55		$	27.77		$	24.77		$	23.22		$	16.85		$	18.32		$	16.99
Total Return (3)		2.89	% (7)		13.93	%		6.68	% (7)		37.80	%		(8.02	)%		7.83	%		64.61	%
Net Assets, At End of Year/Period (000s)	$	45,699		$	46,342		$	42,979		$	41,078		$	32,386		$	37,350		$	36,101

Ratio of gross expenses to average net assets (4,5)		2.06	% (6)		1.97	%		2.12	% (6)		2.18	%		2.18	%		2.03	%		2.16	%
Ratio of net expenses to average net assets (5)		1.81	% (6)		1.78	%		1.75	% (6)		1.75	%		1.75	%		1.75	%		1.75	%
Ratio of net investment loss to average net assets (2,5)		(0.80	)% (6)		(0.48	)%		(0.77	)% (6)		(0.69	)%		(0.33	)%		(0.55	)%		(0.04	)%
Portfolio Turnover Rate		24.10	% (7)		1.80	%		0.17	% (7)		0.48	%		0.60	%		3.52	%		1.13	%

Effective November 27, 2023, the Fund changed its fiscal year end to September 30.

(1)

Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period.

(2)

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

(3)

(4)

Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the advisor.

(5)

The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

(6)

Annualized.

(7)

Not annualized.

See accompanying notes to financial statements.

Absolute Funds

FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Capital Stock Outstanding Throughout each Year/Period

	The Teberg Fund
	Investor Class
	Six Months Ended
	March 31, 2026			Year Ended			Period* Ended			Period^ Ended
	(Unaudited)			September 30, 2025			September 30, 2024			March 31, 2024
Net Asset Value, Beginning of Year/Period	$	27.41		$	24.68		$	23.22		$	22.44

Activity from investment operations:
Net investment income/(loss) (1,2)		(0.24	)		(0.34	)		(0.13	)		0.00	(3)
Net realized and unrealized gain on investments		0.91			3.47			1.59			0.78
Total from investment operations		0.67			3.13			1.46			0.78

Less distributions from:
Net realized gains		(0.03	)		(0.40	)		-			-

Net Asset Value, End of Year/Period	$	28.05		$	27.41		$	24.68		$	23.22
Total Return (4)		2.46	% (5)		12.87	%		6.29	% (5)		3.48	% (5)
Net Assets, At End of Year/Period (000s)	$	47,714		$	27,004		$	5,210		$	23	(6)

Ratio of gross expenses to average net assets (7,8)		2.79	% (9)		2.70	%		2.87	% (9)		2.93	% (9)
Ratio of net expenses to average net assets (8)		2.76	% (9)		2.70	%		2.70	% (9)		2.70	% (9)
Ratio of net investment loss to average net assets (2,8)		(1.69	)% (9)		(1.35	)%		(1.08	)% (9)		(1.64	)% (9)
Portfolio Turnover Rate		24.10	% (5)		1.80	%		0.17	% (5)		0.48	% (5)

The Funds Investor Class commenced operations on February 29, 2024.

Effective November 27, 2023, the Fund changed its fiscal year end to September 30.

(1)

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

(2)

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

(3)

Amount represents less than $0.01.

(4)

(5)

Not annualized.

(6)

Actual net asset amount.

(7)

Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the advisor.

(8)

The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

(9)

Annualized.

See accompanying notes to financial statements.

Absolute Funds

NOTES TO FINANCIAL STATEMENTS (Unaudited)

March 31, 2026

ORGANIZATION

Absolute Capital Asset Allocator Fund (the Allocator Fund), Absolute Capital Defender Fund (the Defender Fund), and The Teberg Fund (the Teberg Fund), comprising the Absolute Funds (each a Fund and collectively, the Funds), are each a diversified series of shares of beneficial interest of Northern Lights Fund Trust III (the Trust), a statutory trust organized under laws 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 investment objective of the Allocator Fund and the Defender Fund is long-term capital appreciation, and the investment objective of the Teberg Fund is to maximize total return (capital appreciation plus income).

The Allocator Fund and the Defender Fund each offer Class A, Institutional Class, and Investor Class shares, which commenced operations on December 18, 2015. The Teberg Fund offers the No-Load Class and Investor Class shares. No-Load Class shares commenced operations on April 1, 2002 and Investor Class shares commenced operations on February 29, 2024. Class A shares are offered at net asset value plus a maximum sales charge of 5.75%. Investor Class, Institutional Class, and No-Load Class shares are offered at net asset value. Each share class represents an interest in the same assets of the applicable Fund and classes are identical except for differences in their sales charge structures and ongoing service and distribution charges. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to any distribution and/or shareholder servicing plans. Each Funds 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.

At a meeting of the Audit Committee of the Trusts Board of Trustees (the Board) held on November 27, 2023, the fiscal year end of the Teberg Fund was moved to September 30.

SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed by the Funds in preparation of their financial statements. The policies are in conformity with generally accepted accounting principles in the United States of America (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. Actual results could differ from those estimates. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies including Accounting Standards Update (ASU) 2013-08.

Operating Segments - The Funds have adopted FASB ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect any Funds financial position or the results of its operations. 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 entitys 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. Each Funds CODM is comprised of the portfolio managers and Chief Financial Officer of the Trust. Each Fund operates as a single operating segment. Each Funds 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 each 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 primary exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price (NOCP). In the absence of a sale, such securities are valued at the mean between the current bid and ask prices on the day of valuation. Investments valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost. Debt securities, including U.S. government obligation (other than short-term obligations) not traded on an exchange, are valued each day by an independent pricing service approved by the Board based on methods which include consideration of yields or prices of securities of

Absolute Funds

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

March 31, 2026

comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions or market quotations from a major market maker in the securities.

Each Fund may hold investments, such as private investments, interest in commodity pools, other non-traded securities or temporarily illiquid investments, for which market quotations are not readily available or are determined to be unreliable. These investments will be valued using the fair value procedures approved by the Board. The Board 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 in determining a security-specific fair value. The Board reviews the execution of this process and the resultant fair value prices at least quarterly to assure the process produces reliable results.

Fair Valuation Process - 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 Board, the prices or values available do not represent the fair value of the instrument. Factors which may cause the Board to make such a judgment include, but are not limited to, the following: only a bid price or an ask price is available; the spread between bid and ask 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 a Funds 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 via inputs from the advisor 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 the advisor is unable to obtain a current bid from such independent dealers or other independent parties, the Board 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 a Funds 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.

Valuation of Fund of Funds - The Funds 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 pursuant to the methods established by the boards 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 Funds will not change.

The Funds utilize various methods to measure the fair value of all of their 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 each 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

Absolute Funds

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

March 31, 2026

each Funds 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 each Funds investments measured at fair value:

Allocator Fund

Assets	Level 1		Level 2		Level 3		Total
Investments *
Common Stocks	$	11,703,660	$	-	$	-	$	11,703,660
Exchange-Traded Funds		42,060,939		-		-		42,060,939
Short-Term Investments		9,788,828		4,669,826		-		14,458,654
Total Investments	$	63,553,427	$	4,669,826	$	-	$	68,223,253

Defender Fund

Assets	Level 1		Level 2		Level 3		Total
Investments *
Common Stocks	$	3,098,024	$	-	$	-	$	3,098,024
Exchange-Traded Funds		16,085,648		-		-		16,085,648
U.S. Government & Agencies		-		2,704,477		-		2,704,477
Short-Term Investments		5,095,653		2,285,234		-		7,380,887
Total Investments	$	24,279,325	$	4,989,711	$	-	$	29,269,036

Teberg Fund

Assets	Level 1		Level 2		Level 3		Total
Investments *
Common Stocks	$	16,669,998	$	-	$	-	$	16,669,998
Exchange-Traded Funds		72,940,601		-		-		72,940,601
Exchange-Traded Notes		1,675,041		-		-		1,675,041
Short-Term Investment		2,038,886		-		-		2,038,886
Total Investments	$	93,324,526	$	-	$	-	$	93,324,526

Refer to the Schedules of Investments for classification.

The Funds did not hold any Level 3 securities during the six months ended March 31, 2026.

Exchange Traded Funds (ETFs) and Exchange Traded Notes (ETNs) - Each Fund may invest in ETFs and ETNs. ETFs and ETNs are a type of fund bought and sold on a securities exchange. Both an ETF and an ETN trade like common stock and represent a fixed portfolio of securities. The risks of owning an ETF and ETN generally reflect the risks of owning the underlying securities they are designed to track, although the lack of liquidity on an ETF and ETN could result in it being more volatile. Additionally, ETFs and ETNs are subject to investment advisory or management and other expenses, which will be indirectly paid by the Funds. Each is subject to specific risks, depending on investment strategy. Also, each may be subject to leverage risk, which will magnify losses. ETNs are subject to default risks.

Absolute Funds

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

March 31, 2026

Security Transactions and Investment Income - Security transactions are accounted for on a trade date basis. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are amortized on securities purchased over the lives of the respective securities using the effective interest method. 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.

Dividends and Distributions to Shareholders - Dividends from net investment income and 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.

Federal Income Taxes - Each Fund qualifies as a regulated investment company by complying with the provisions of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its taxable income and net realized gains to shareholders. Therefore, no federal income tax provision has been recorded.

The Funds recognize 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 each Funds tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions on returns filed for the open tax periods ended September 30, 2022-September 30, 2024 for the Allocator Fund and Defender Fund, the open tax periods ended March 31, 2023-March 31, 2024 and September 30, 2024 for the Teberg Fund, or expected to be taken in each Funds September 30, 2025 year-end tax returns. The Funds identify their major tax jurisdictions as U.S. federal, Ohio and foreign jurisdictions where the Funds make significant investments. The Funds are 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. The Funds recognize interest and penalties if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the six months ended March 31, 2026, the Funds did not incur any interest or penalties.

The Funds adopted the 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 Funds adoption of ASU 2023-09 did not have a material impact on the Funds financial statements.

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 Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnities. The Funds maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the risk of loss due to these warranties and indemnities appears to be remote.

INVESTMENT TRANSACTIONS AND ASSOCIATED RISKS

For the six months ended March 31, 2026, the aggregate purchases and sales of investments (excluding short-term investments and U.S. government securities) were:

	Purchases		Sales
Allocator Fund	$	9,928,112	$	8,825,093
Defender Fund		3,994,931		5,870,403
Teberg Fund		42,406,788		19,619,254

Absolute Funds

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

March 31, 2026

Principal Investment Risks: As with all mutual funds, there is the risk that you could lose money through your investment in a Fund. Each Fund is not intended to be a complete investment program. Many factors affect each Funds net asset value and performance.

●

Emerging Market Risk: A Fund may invest in countries with newly organized or less developed securities markets. There are typically greater risks involved in investing in emerging markets securities. Generally, economic structures in these countries are less diverse and mature than those in developed countries and their political systems tend to be less stable. Emerging market countries may have different regulatory, accounting, auditing, and financial reporting and record keeping standards and may have material limitations on Public Company Accounting Oversight Board inspection, investigation, and enforcement. Therefore, the availability and reliability of information material to an investment decision, particularly financial information, in emerging market companies may be limited in scope and reliability as compared to information provided by U.S. companies. Emerging market economies may be based on only a few industries, therefore security issuers, including governments, may be more susceptible to economic weakness and more likely to default. Emerging market countries also may have relatively unstable governments, weaker economies, and less-developed legal systems with fewer security holder rights. A Funds performance may depend on issues other than those that affect U.S. companies and may be adversely affected by different rights and remedies associated with emerging market investments, or the lack thereof, compared to those associated with U.S. companies. Investments in emerging markets countries may be affected by government policies that restrict foreign investment in certain issuers or industries. The potentially smaller size of their securities markets and lower trading volumes can make investments relatively illiquid and potentially more volatile than investments in developed countries, and such securities may be subject to abrupt and severe price declines. Due to this relative lack of liquidity, a Fund may have to accept a lower price or may not be able to sell a portfolio security at all. An inability to sell a portfolio position can adversely affect a Funds value or prevent a Fund from being able to meet cash obligations or take advantage of other investment opportunities.

●

Exchange Traded Notes: Similar to ETFs, owning an ETN generally reflects the risks of owning the assets that comprise the underlying market benchmark or strategy that the ETN is designed to reflect. ETNs also are subject to issuer risk.

●

Management Risk: The net asset value of each Fund changes daily based on the performance of the securities and derivatives in which they invest. The advisors judgments about the attractiveness, value and potential appreciation of particular asset classes and securities in which the Funds invest (long or short) may prove to be incorrect and may not produce the desired results.

●

Market and Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increase the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region, or financial market. Securities in a Funds portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, international conflicts or civil wars, natural disasters, climate-change or climate-related events, pandemics, epidemics, terrorism, tariffs and trade wars, regulatory events, and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets.

●

Portfolio Turnover Risk: A higher portfolio turnover may result in higher transactional and brokerage costs associated with the turnover which may reduce a Funds returns, unless the securities traded can be bought and sold without corresponding commission costs. Active trading of securities may also increase a Funds realized capital gains or losses, which may affect the taxes you pay as a Fund shareholder.

●

Underlying Funds Risk: The Funds invest in Underlying Funds. As a result, your cost of investing in a Fund will be higher than the cost of investing directly in Underlying Funds and may be higher than other mutual funds that invest directly in stocks and bonds. You will indirectly bear fees and expenses charged by the Underlying Funds in addition to a Funds direct fees and expenses. When the Funds invest in Underlying Funds that use margin, leverage, short sales and other forms of financial derivatives, such as options and futures, an investment in a Fund may be more volatile than investments in other mutual funds. Short sales are speculative investments and will cause the Funds to lose money if the value of a security sold short by a Fund, or an Underlying Fund in which the Fund invests, does not go down as the advisor expects.

Absolute Funds

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

March 31, 2026

INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES

Absolute Capital Management, LLC serves as each Funds investment advisor (the Advisor). First Associated Investment Advisors, Inc. (the Sub-Advisor) serves as investment sub-adviser to the Teberg Fund. Pursuant to an advisory agreement with the Trust on behalf of the Funds, the Advisor, under the oversight of the Board, directs the daily operations of each 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, each Fund pays the Advisor a fee computed and accrued daily and paid monthly, based on each Funds average daily net assets and is computed at the annual rate of 1.00% for the Allocator and Defender Funds, and 1.25% for the Teberg Fund. Pursuant to the advisory agreement, the Allocator Fund, Defender Fund, and Teberg Fund accrued $322,114, $141,017, and $527,454, respectively, in advisory fees for the six months ended March 31, 2026.

The Advisor has entered into a contractual agreement (the Waiver Agreement) with each Fund under which it has agreed to waive its fees and reimburse expenses of the Funds, if necessary, in an amount that limits Total Annual Fund Operating Expenses (exclusive of (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))) to the following percentages of average daily net assets through at least February 1, 2027:

	Allocator Fund	Defender Fund	Teberg Fund
Class A	1.95%	2.04%	N/A
Institutional Class	1.70%	1.79%	N/A
Investor Class	2.70%	2.79%	2.79%
No-Load Class	N/A	N/A	1.84%

Prior to February 1, 2026, the expense limitations were as follows for the Defender Fund and the Teberg Fund:

	Defender Fund	Teberg Fund
Class A	1.99%	N/A
Institutional Class	1.74%	N/A
Investor Class	2.74%	2.74%
No-Load Class	N/A	1.79%

Prior to February 1, 2025, the expense limitations were as follows for the Defender Fund and the Teberg Fund:

	Defender Fund	Teberg Fund
Class A	1.95%	N/A
Institutional Class	1.70%	N/A
Investor Class	2.70%	2.70%
No-Load Class	N/A	1.75%

These fee waivers and expense reimbursements are subject to possible recoupment from each Fund in future years on a rolling three-year basis (within three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits or the expense limits in place at the time of recoupment. The Board may terminate the Waiver Agreement at any time on 60 days written notice to the Advisor. For the six months ended March 31, 2026, the Advisor waived fees and/or reimbursed expenses in the amount of $20,626 and $65,211 for the Defender Fund and Teberg Fund, respectively, pursuant to the Waiver Agreement.

Absolute Funds

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

March 31, 2026

Cumulative waivers and expense reimbursements subject to the aforementioned reimbursements will expire as follows:

	Defender Fund		Teberg Fund
9/30/2026	$	41,165	$	-
3/31/2027	$	-	$	29,418
9/30/2027	$	49,691	$	78,020
9/30/2028	$	33,902	$	82,982

During the year ended September 30, 2025, $54,156 of previously waived fees expired unrecouped for the Defender Fund.

The Board, on behalf of the Funds, has adopted the Trusts Master Distribution and Shareholder Servicing Plans for each of Class A, Investor Class, and No-Load Class shares (the Plans) pursuant to Rule 12b-1 under the 1940 Act. The Plans provide that a monthly service and/or distribution fee is calculated by each Fund at an annual rate of 0.25%, 1.00%, and 0.25% of the average daily net assets attributable to Class A, Investor Class, and No-Load Class shares, respectively. The fee is paid to Northern Lights Distributors, LLC (the Distributor) to provide compensation for ongoing distribution-related activities or services and/or maintenance of each Funds shareholder accounts, not otherwise required to be provided by the Advisor. For the six months ended March 31, 2026, pursuant to the Plans, Allocator Funds Class A and Investor Class shares paid $3,601 and $296,467, respectively; Defender Funds Class A and Investor Class shares paid $3,423 and $99,332, respectively; and Teberg Funds Investor Class and No-Load Class shares paid $184,388 and $59,394, respectively.

The Distributor acts as the Funds principal underwriter in the continuous public offering of each Funds Class A, Institutional Class, Investor Class, and No-Load Class shares. During the six months ended March 31, 2026, the Distributor received $435 in underwriting commissions for the sales of Class A shares for the Allocator Fund, of which $63 was retained by the principal underwriter. The Distributor received $225 in underwriting commissions for the sales of Class A shares for the Defender Fund, of which $31 was retained by the principal underwriter.

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

Ultimus Fund Services, 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 Funds pay UFS customary fees for providing administration, fund accounting and transfer agency services to the Funds. Certain officers of the Trust are also officers of UFS and are not paid any fees directly by the Funds 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 Funds.

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 Funds on an ad-hoc basis.

Absolute Funds

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

March 31, 2026

AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION - TAX BASIS

The identified cost of investments in securities owned by each Fund for federal income tax purposes, and its respective gross unrealized appreciation and depreciation at March 31, 2026, were as follows:

	Tax		Unrealized		Unrealized			Appreciation/
	Cost		Appreciation		Depreciation			(Depreciation)
Allocator Fund	$	60,907,033	$	7,651,692	$	(335,472	)	$	7,316,220
Defender Fund		26,641,506		2,755,770		(128,240	)		2,627,530
Teberg Fund		66,021,108		29,017,492		(1,714,074	)		27,303,418

DISTRIBUTION TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

The tax character of Fund distributions paid for the year ended September 30, 2025 was as follows:

For fiscal year ended	Ordinary		Long-Term		Return of
9/30/2025	Income		Capital Gains		Capital		Total
Absolute Capital Asset Allocator Fund	$	238,422	$	1,512,501	$	-	$	1,750,923
Absolute Capital Defender Fund		205,281		725,217		-		930,498
The Teberg Fund		-		837,786		-		837,786

There were no Fund distributions paid for the year or period ended September 30, 2024 for the Funds, or for the period ended March 31, 2024 for the Teberg Fund.

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

	Undistributed Net Investment Income		Undistributed Lang-Term Capital Gains		Post October Loss and Late Year Loss			Capital Loss Carry Forwards		Other Book/Tax Differences		Unrealized Appreciation/ (Depreciation)		Total Accumulated Earnings/(Deficit)
Absolute Capital Asset Allocator Fund		-		1,480,293		(207,666	)		-		-		7,914,380		9,187,007
Absolute Capital Defender Fund		246,899		277,541		-			-		-		3,281,660		3,806,100
The Teberg Fund		-		99,353		(360,361	)		-		-		38,607,237		38,346,229

The difference between book basis and tax basis undistributed net investment income/(loss), accumulated net realized gain/(loss), and unrealized appreciation/(depreciation) from investments is primarily attributable to the tax deferral of losses on wash sales and C-Corporation return of capital distributions.

Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Funds incurred and elected to defer such late year losses as follows:

	Late Year
	Losses
Absolute Capital Asset Allocator Fund	$	207,666
Absolute Capital Defender Fund		-
The Teberg Fund		360,361

Absolute Funds

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

March 31, 2026

Permanent book and tax differences, primarily attributable to tax adjustments for realized gain (loss) the book/tax basis treatment of adjustments for net operating losses, resulted in reclassifications for the Funds for the fiscal year ended September 30, 2025, as follows:

	Paid In			Accumulated
	Capital			Earnings
Absolute Capital Asset Allocator Fund	$	(44,448	)	$	44,448
Absolute Capital Defender Fund		-			-
The Teberg Fund		(199,122	)		199,122

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 pursuant to Section 2(a)(9) of the 1940 Act. As of March 31, 2026, beneficial ownership in excess of 25% was as follows:

Portfolio	Beneficial Owner	% of Outstanding Shares
Allocator Fund	National Financial Services LLC	64%
Defender Fund	National Financial Services LLC	55%
Teberg Fund	National Financial Services LLC	41%

SUBSEQUENT EVENTS

Subsequent events after the date of the Statements 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.

Absolute Funds

ADDITIONAL INFORMATION (Unaudited)

March 31, 2026

Changes in and Disagreements with Accountants

Not applicable

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

PROXY VOTING POLICY

Information regarding how the Funds 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 Funds use to determine how to vote proxies is available without charge, upon request, by calling 1-855-645-5462, by visiting www.abscapfunds.com, or by referring to the Securities Exchange Commissions website at http://www.sec.gov.

INVESTMENT ADVISOR

Absolute Capital Management, LLC

101 Pennsylvania Blvd.

Pittsburgh, PA 15228

ADMINISTRATOR

Ultimus Fund Services, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

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.

Not applicable

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

Not applicable

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

Not applicable

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

Not applicable

Item 15. Submission of Matters to a Vote of Security Holders.

None

Item 16. Controls and Procedures.

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable

Item 18. Recovery of Erroneously Awarded Compensation.

(a)

Not applicable

(b)

Not applicable

Item 19. Exhibits.

(a)(1) Code of Ethics for Principal Executive and Senior Financial Officers.

(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, President/Principal Executive Officer

Date

6/5/26

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 persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)
/s/ Brian Curley
Brian Curley, President/Principal Executive Officer

Date

6/5/26

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

Date

6/5/26

Northern Lights Fund Trust III published this content on June 05, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on June 05, 2026 at 15:17 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]

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