form n-csr

certified shareholder report of registered management
investment companies

Absolute Capital Asset Allocator Fund

Class A (AAMAX )

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

This semi-annual shareholder report contains important information about Absolute Capital Asset Allocator Fund for the period of October 1, 2024 to March 31, 2025. 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)

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

* Annualized

Fund Statistics

Net Assets	$49,357,460
Number of Portfolio Holdings	27
Advisory Fee	$251,592
Portfolio Turnover	46%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
United States Treasury Note, 2.875%, 06/15/25	8.1%
iShares Core Dividend ETF	7.8%
SPDR S&P 1500 Value Tilt ETF	7.7%
iShares Morningstar Growth ETF	7.5%
Technology Select Sector SPDR Fund	7.3%
Vanguard Communication Services ETF	6.3%
Vanguard Total Stock Market ETF	4.1%
Berkshire Hathaway, Inc.	3.3%
Goldman Sachs Group, Inc. (The)	3.2%
Vanguard Consumer Staples ETF	3.1%

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-0.3%
Industrials	0.8%
Health Care	1.1%
Communications	3.0%
Consumer Staples	3.4%
Technology	5.1%
U.S. Treasury Obligations	8.1%
Financials	9.0%
Money Market Funds	13.9%
Equity	55.9%

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

Prospectus
Financial information
Holdings
Proxy voting information

Absolute Capital Asset Allocator Fund

Class A (AAMAX )

TSR-SAR 033125-AAMAX

Absolute Capital Asset Allocator Fund

Institutional (AAMIX )

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$74	1.50%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$49,357,460
Number of Portfolio Holdings	27
Advisory Fee	$251,592
Portfolio Turnover	46%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
United States Treasury Note, 2.875%, 06/15/25	8.1%
iShares Core Dividend ETF	7.8%
SPDR S&P 1500 Value Tilt ETF	7.7%
iShares Morningstar Growth ETF	7.5%
Technology Select Sector SPDR Fund	7.3%
Vanguard Communication Services ETF	6.3%
Vanguard Total Stock Market ETF	4.1%
Berkshire Hathaway, Inc.	3.3%
Goldman Sachs Group, Inc. (The)	3.2%
Vanguard Consumer Staples ETF	3.1%

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-0.3%
Industrials	0.8%
Health Care	1.1%
Communications	3.0%
Consumer Staples	3.4%
Technology	5.1%
U.S. Treasury Obligations	8.1%
Financials	9.0%
Money Market Funds	13.9%
Equity	55.9%

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

Prospectus
Financial information
Holdings
Proxy voting information

Absolute Capital Asset Allocator Fund

Institutional (AAMIX )

TSR-SAR 033125-AAMIX

Absolute Capital Asset Allocator Fund

Investor Class (AAMCX )

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$124	2.50%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$49,357,460
Number of Portfolio Holdings	27
Advisory Fee	$251,592
Portfolio Turnover	46%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
United States Treasury Note, 2.875%, 06/15/25	8.1%
iShares Core Dividend ETF	7.8%
SPDR S&P 1500 Value Tilt ETF	7.7%
iShares Morningstar Growth ETF	7.5%
Technology Select Sector SPDR Fund	7.3%
Vanguard Communication Services ETF	6.3%
Vanguard Total Stock Market ETF	4.1%
Berkshire Hathaway, Inc.	3.3%
Goldman Sachs Group, Inc. (The)	3.2%
Vanguard Consumer Staples ETF	3.1%

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-0.3%
Industrials	0.8%
Health Care	1.1%
Communications	3.0%
Consumer Staples	3.4%
Technology	5.1%
U.S. Treasury Obligations	8.1%
Financials	9.0%
Money Market Funds	13.9%
Equity	55.9%

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

Prospectus
Financial information
Holdings
Proxy voting information

Absolute Capital Asset Allocator Fund

Investor Class (AAMCX )

TSR-SAR 033125-AAMCX

Absolute Capital Defender Fund

Class A (ACMAX )

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

This semi-annual shareholder report contains important information about Absolute Capital Defender Fund for the period of October 1, 2024 to March 31, 2025. 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)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$98	1.96%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$24,515,398
Number of Portfolio Holdings	22
Advisory Fee (net of waivers)	$115,842
Portfolio Turnover	44%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
United States Treasury Note, 2.875%, 06/15/25	14.2%
SPDR S&P 1500 Value Tilt ETF	10.9%
iShares Core Dividend ETF	8.3%
iShares Morningstar Value ETF	6.8%
Vanguard Communication Services ETF	6.7%
United States Treasury Note, 3.875%, 12/31/27	5.7%
Technology Select Sector SPDR Fund	5.6%
Vanguard Consumer Staples ETF	4.0%
Berkshire Hathaway, Inc.	3.3%
United States Treasury Note, 4.375%, 12/15/26	2.9%

Sector Weighting (% of net assets)

Value	Value
Health Care	0.8%
Communications	1.5%
Consumer Staples	2.8%
Technology	3.4%
Financials	8.3%
Money Market Funds	12.9%
U.S. Treasury Obligations	22.8%
Equity	47.5%

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

Prospectus
Financial information
Holdings
Proxy voting information

Absolute Capital Defender Fund

Class A (ACMAX )

TSR-SAR 033125-ACMAX

Absolute Capital Defender Fund

Institutional (ACMIX )

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$85	1.71%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$24,515,398
Number of Portfolio Holdings	22
Advisory Fee (net of waivers)	$115,842
Portfolio Turnover	44%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
United States Treasury Note, 2.875%, 06/15/25	14.2%
SPDR S&P 1500 Value Tilt ETF	10.9%
iShares Core Dividend ETF	8.3%
iShares Morningstar Value ETF	6.8%
Vanguard Communication Services ETF	6.7%
United States Treasury Note, 3.875%, 12/31/27	5.7%
Technology Select Sector SPDR Fund	5.6%
Vanguard Consumer Staples ETF	4.0%
Berkshire Hathaway, Inc.	3.3%
United States Treasury Note, 4.375%, 12/15/26	2.9%

Sector Weighting (% of net assets)

Value	Value
Health Care	0.8%
Communications	1.5%
Consumer Staples	2.8%
Technology	3.4%
Financials	8.3%
Money Market Funds	12.9%
U.S. Treasury Obligations	22.8%
Equity	47.5%

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

Prospectus
Financial information
Holdings
Proxy voting information

Absolute Capital Defender Fund

Institutional (ACMIX )

TSR-SAR 033125-ACMIX

Absolute Capital Defender Fund

Investor (ACMDX )

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$135	2.71%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$24,515,398
Number of Portfolio Holdings	22
Advisory Fee (net of waivers)	$115,842
Portfolio Turnover	44%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
United States Treasury Note, 2.875%, 06/15/25	14.2%
SPDR S&P 1500 Value Tilt ETF	10.9%
iShares Core Dividend ETF	8.3%
iShares Morningstar Value ETF	6.8%
Vanguard Communication Services ETF	6.7%
United States Treasury Note, 3.875%, 12/31/27	5.7%
Technology Select Sector SPDR Fund	5.6%
Vanguard Consumer Staples ETF	4.0%
Berkshire Hathaway, Inc.	3.3%
United States Treasury Note, 4.375%, 12/15/26	2.9%

Sector Weighting (% of net assets)

Value	Value
Health Care	0.8%
Communications	1.5%
Consumer Staples	2.8%
Technology	3.4%
Financials	8.3%
Money Market Funds	12.9%
U.S. Treasury Obligations	22.8%
Equity	47.5%

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

Prospectus
Financial information
Holdings
Proxy voting information

Absolute Capital Defender Fund

Investor (ACMDX )

TSR-SAR 033125-ACMDX

The Teberg Fund

No-Load Class (TEBRX)

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

This semi-annual shareholder report contains important information about The Teberg Fund for the period of October 1, 2024 to March 31, 2025. 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.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
No-Load Class	$87	1.79%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$52,183,358
Number of Portfolio Holdings	14
Advisory Fee	$273,779
Portfolio Turnover	0%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	12.2%
Exchange-Traded Funds	70.2%
Money Market Funds	8.0%
Open End Funds	1.6%
U.S. Government & Agencies	8.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Other Assets in Excess of Liabilities	0.1%
Fixed Income	0.3%
Money Market Funds	8.0%
U.S. Treasury Obligations	8.0%
Financials	12.2%
Equity	71.4%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
VanEck Semiconductor ETF	16.8%
Invesco QQQ Trust Series 1 ETF	16.5%
Berkshire Hathaway, Inc.	12.2%
SPDR S&P 500 ETF Trust ETF	9.6%
SPDR Dow Jones Industrial Average ETF	9.2%
iShares Semiconductor ETF	8.5%
United States Treasury Note, 2.875%, 06/15/25	8.0%
iShares Core S&P Small-Cap ETF	3.8%
iShares Russell 2000 ETF	3.3%
Financial Select Sector SPDR ETF	1.6%

The Teberg Fund - No-Load Class (TEBRX)

Semi-Annual Shareholder Report - March 31, 2025

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033125-TEBRX

The Teberg Fund

Investor Class (ABSTX)

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$132	2.72%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$52,183,358
Number of Portfolio Holdings	14
Advisory Fee	$273,779
Portfolio Turnover	0%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	12.2%
Exchange-Traded Funds	70.2%
Money Market Funds	8.0%
Open End Funds	1.6%
U.S. Government & Agencies	8.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Other Assets in Excess of Liabilities	0.1%
Fixed Income	0.3%
Money Market Funds	8.0%
U.S. Treasury Obligations	8.0%
Financials	12.2%
Equity	71.4%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
VanEck Semiconductor ETF	16.8%
Invesco QQQ Trust Series 1 ETF	16.5%
Berkshire Hathaway, Inc.	12.2%
SPDR S&P 500 ETF Trust ETF	9.6%
SPDR Dow Jones Industrial Average ETF	9.2%
iShares Semiconductor ETF	8.5%
United States Treasury Note, 2.875%, 06/15/25	8.0%
iShares Core S&P Small-Cap ETF	3.8%
iShares Russell 2000 ETF	3.3%
Financial Select Sector SPDR ETF	1.6%

The Teberg Fund - Investor Class (ABSTX)

Semi-Annual Shareholder Report - March 31, 2025

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033125-ABSTX

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.

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 Fund’s income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class.

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

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 2013-08.

Operating Segments – The Funds have adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of the standard impacted financial statement disclosures only and did not affect each Fund’s financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the portfolio managers and Chief Financial Officer of the Trust. Each Fund operates as a single operating segment. Each Fund’s income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of 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

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 Fund’s calculation of its net asset value. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid investments, such as private investments or non-traded securities are valued 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 Fund’s holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

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

each Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

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

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

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

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

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.

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 Fund’s 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, 2021-September 30, 2023 for the Allocator Fund and Defender Fund, the open tax periods ended March 31, 2022-March 31, 2024 for the Teberg Fund, or expected to be taken in each Fund’s September 30, 2024 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 period, the Funds did not incur any interest or penalties.

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.

For the six months ended March 31, 2025, the aggregate purchases and sales of investments (excluding short-term investments and U.S. government securities) were:

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 Fund’s net asset value and performance.

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 Fund’s 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 Fund’s value or prevent a Fund from being able to meet cash obligations or take advantage of other investment opportunities.

Absolute Capital Management, LLC serves as each Fund’s 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 Fund’s 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 $251,592, $129,223, and $322,885, respectively, in advisory fees for the six months ended March 31, 2025.

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, 2026:

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

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 this Waiver Agreement at any time on 60 days’ written notice to the Advisor. For the six months ended March 31, 2025, the Advisor waived fees and/or reimbursed expenses in the amount of $13,381 and $49,106 for the Defender Fund and Teberg Fund, respectively, pursuant to the Waiver Agreement.

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

The Board, on behalf of the Funds, has adopted the Trust’s 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 Fund’s shareholder accounts, not otherwise required to be provided by the Advisor. For the six months ended March 31, 2025, pursuant to the Plans, Allocator Fund Class A and Investor Class paid $3,818 and $ 221,310, respectively; Defender Fund Class A and Investor Class paid $4,509 and $85,596, respectively; and Teberg Fund Investor Class and No-Load Class paid $44,569 and $53,435, respectively.

The Distributor acts as the Funds’ principal underwriter in the continuous public offering of each Fund’s Class A, Institutional Class, Investor Class, and No-Load Class shares. During the six months ended March 31, 2025, the Distributor received $284 in underwriting commissions for the sales of Class A for the Allocator Fund, of which $47 was retained by the principal underwriter. The Distributor received $47 in underwriting commissions for the sales of Class A for the Defender Fund, of which $9 was retained by the principal underwriter.

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

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.

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, 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.

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, 2025, were as follows:

There were no Fund distributions for the years ended September 30, 2024, September 30, 2023 for the Allocator and Defender Funds, and March 31, 2024 and March 31, 2023 for the Teberg Fund.

As of September 30, 2024, the components of accumulated earnings/(deficit) on a tax basis were as follows:

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 Teberg Fund incurred and elected to defer such late year losses of $170,582.

At September 30, 2024, the Funds had no capital loss carry forwards for federal income tax purposes available to offset future capital gains. Capital loss carryforwards utilized are as follows:

Permanent book and tax differences, primarily attributable to tax adjustments for realized gain (loss) the book/tax basis treatment of adjustments for prior year tax returns, resulted in reclassifications for the Funds for the fiscal year ended September 30, 2024, as follows:

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, 2025, beneficial ownership in excess of 25% was as follows:

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.

Statement Regarding Basis for Approval of Investment Advisory Agreement (Unaudited)

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

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

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

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

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

(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.

(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.

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

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.

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.

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

Date of fiscal year end:	9/30

Date of reporting period:	3/31/25

Shares			Fair Value
		COMMON STOCKS — 22.4%
		ASSET MANAGEMENT - 0.9%
	3,300	Blackstone, Inc.	$	461,274

		BANKING - 1.5%
	3,000	JPMorgan Chase & Company		735,900

		ENGINEERING & CONSTRUCTION - 0.8%
	1,500	Quanta Services, Inc.		381,270

		INSTITUTIONAL FINANCIAL SERVICES - 3.2%
	2,900	Goldman Sachs Group, Inc. (The)		1,584,241

		INSURANCE - 3.3%
	3,100	Berkshire Hathaway, Inc., Class B^(a)		1,650,998

		INTERNET MEDIA & SERVICES - 3.0%
	1,600	Netflix, Inc.^(a)		1,492,048

		MEDICAL EQUIPMENT & DEVICES - 1.1%
	7,900	Baxter International, Inc.		270,417
	3,300	GE HealthCare Technologies, Inc.		266,343
				536,760
		RETAIL - CONSUMER STAPLES - 2.9%
	1,500	Costco Wholesale Corporation		1,418,670

		SOFTWARE - 2.1%
	2,700	Microsoft Corporation		1,013,553

		TECHNOLOGY SERVICES - 3.0%
	4,300	Visa, Inc., Class A		1,506,978

Shares			Fair Value
		COMMON STOCKS — 22.4% (Continued)
		TOBACCO & CANNABIS - 0.6%
	4,600	Altria Group, Inc.	$	276,092

		TOTAL COMMON STOCKS (Cost $9,987,548)		11,057,784

		EXCHANGE-TRADED FUNDS — 55.9%
		EQUITY - 55.9%
	18,400	Fidelity Momentum Factor ETF		1,197,104
	45,000	Franklin International Core Dividend Tilt Index ETF		1,466,550
	79,000	iShares Core Dividend ETF		3,833,080
	45,700	iShares Morningstar Growth ETF		3,701,243
	3,300	iShares Semiconductor ETF		620,961
	20,700	SPDR S&P 1500 Value Tilt ETF		3,805,053
	7,600	SPDR S&P Health Care Services ETF		745,701
	17,400	Technology Select Sector SPDR ETF		3,592,752
	20,800	Vanguard Communication Services ETF		3,086,512
	7,000	Vanguard Consumer Staples ETF		1,531,740
	2,000	Vanguard Health Care ETF		529,460
	2,800	Vanguard S&P 500 ETF		1,438,948
	7,400	Vanguard Total Stock Market ETF		2,033,816
		TOTAL EXCHANGE-TRADED FUNDS (Cost $27,016,388)		27,582,920

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 13.9%
		MONEY MARKET FUNDS - 13.9%
	6,878,466	First American Government Obligations Fund, Class, Class X, 4.27% (Cost $6,878,466)^(b)	$	6,878,466

		TOTAL INVESTMENTS - 100.3% (Cost $47,871,576)	$	49,507,219
		LIABILITIES IN EXCESS OF OTHER ASSETS – (0.3)%		(149,759	)
		NET ASSETS - 100.0%	$	49,357,460

ETF	- Exchange-Traded Fund

SPDR	- Standard & Poor’s Depositary Receipt

Shares			Fair Value
		COMMON STOCKS — 16.8%
		ASSET MANAGEMENT - 2.3%
	4,100	Blackstone, Inc.	$	573,098

		INSTITUTIONAL FINANCIAL SERVICES - 2.7%
	1,200	Goldman Sachs Group, Inc. (The)		655,548

		INSURANCE - 3.3%
	1,500	Berkshire Hathaway, Inc., Class B^(a)		798,870

		INTERNET MEDIA & SERVICES - 1.5%
	400	Netflix, Inc.^(a)		373,012

		MEDICAL EQUIPMENT & DEVICES - 0.8%
	6,000	Baxter International, Inc.		205,380

		RETAIL - CONSUMER STAPLES - 1.9%
	500	Costco Wholesale Corporation		472,890

		SOFTWARE - 2.0%
	1,300	Microsoft Corporation		488,007

		TECHNOLOGY SERVICES - 1.4%
	1,000	Visa, Inc., Class A		350,460

		TOBACCO & CANNABIS - 0.9%
	3,600	Altria Group, Inc.		216,072

		TOTAL COMMON STOCKS (Cost $3,691,324)		4,133,337

		EXCHANGE-TRADED FUNDS — 47.5%
		EQUITY - 47.5%
	42,000	iShares Core Dividend ETF		2,037,840
	14,000	iShares Currency Hedged MSCI EAFE ETF		508,060

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 47.5% (Continued)
		EQUITY - 47.5% (Continued)
	3,300	iShares Morningstar Growth ETF	$	267,267
	20,500	iShares Morningstar Value ETF		1,669,725
	3,200	iShares U.S. Aerospace & Defense ETF		489,920
	14,500	SPDR S&P 1500 Value Tilt ETF		2,665,376
	6,700	Technology Select Sector SPDR ETF		1,383,416
	11,000	Vanguard Communication Services ETF		1,632,290
	4,500	Vanguard Consumer Staples ETF		984,690
		TOTAL EXCHANGE-TRADED FUNDS (Cost $11,019,546)		11,638,584

Principal			Coupon Rate
Amount ($)			(%)	Maturity
		U.S. GOVERNMENT & AGENCIES — 22.8%
		U.S. TREASURY NOTES — 22.8%
	3,500,000	United States Treasury Note	2.8750	06/15/25	3,489,543
	700,000	United States Treasury Note	4.3750	12/15/26	704,799
	1,400,000	United States Treasury Note	3.8750	12/31/27	1,398,879
		TOTAL U.S. GOVERNMENT & AGENCIES (Cost $5,582,427)			5,593,221

Shares
		SHORT-TERM INVESTMENTS — 12.9%
		MONEY MARKET FUNDS - 12.9%
	3,156,201	First American Government Obligations Fund, Class, Class X, 4.27% (Cost $3,156,201)^(b)		3,156,201

		TOTAL INVESTMENTS - 100.0% (Cost $23,449,498)	$	24,521,343
		LIABILITIES IN EXCESS OF OTHER ASSETS – (0.0)% ^(c)		(5,945	)
		NET ASSETS - 100.0%	$	24,515,398

EAFE	- Europe, Australasia and Far East

ETF	- Exchange-Traded Fund

MSCI	- Morgan Stanley Capital International

SPDR	- Standard & Poor’s Depositary Receipt

Shares			Fair Value
		COMMON STOCKS — 12.2%
		INSURANCE - 12.2%
	8	Berkshire Hathaway, Inc., Class A (Cost $2,763,707)^(a)	$	6,387,533

		EXCHANGE-TRADED FUNDS — 70.1%
		EQUITY - 70.1%
	17,000	Financial Select Sector SPDR ETF		846,770
	18,400	Invesco QQQ Trust Series 1 ETF		8,628,128
	18,999	iShares Core S&P Small-Cap ETF		1,986,725
	8,674	iShares Russell 2000 ETF		1,730,376
	23,550	iShares Semiconductor ETF		4,431,404
	11,400	SPDR Dow Jones Industrial Average ETF		4,786,632
	8,920	SPDR S&P 500 ETF Trust ETF		4,989,759
	2,100	Technology Select Sector SPDR Fund		433,608
	41,484	VanEck Semiconductor ETF^(a)		8,772,621
		TOTAL EXCHANGE-TRADED FUNDS (Cost $13,100,842)		36,606,023

		OPEN END FUNDS — 1.6%
		EQUITY - 1.3%
	16,581	Fidelity Low-Priced Stock Fund		666,734

		FIXED INCOME - 0.3%
	60,978	Franklin Income Fund, Advisor Class		143,907

		TOTAL OPEN END FUNDS (Cost $799,196)		810,641

Shares
		SHORT-TERM INVESTMENTS — 8.0%
		MONEY MARKET FUNDS - 8.0%
	4,159,260	First American Government Obligations Fund, Class, Class X, 4.27% (Cost $4,159,260)^(b)		4,159,260

		TOTAL INVESTMENTS - 99.9% (Cost $25,011,638)	$	52,150,909
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%		32,449
		NET ASSETS - 100.0%	$	52,183,358

	Absolute Capital Asset		Absolute Capital
	Allocator Fund		Defender Fund		The Teberg Fund
ASSETS
Investment securities, at cost	$	47,871,576	$	23,449,498	$	25,011,638
Investment securities, at value	$	49,507,219	$	24,521,343	$	52,150,909
Dividends and interest receivable		62,065		68,286		86,569
Prepaid expenses and other assets		27,802		23,377		32,500
TOTAL ASSETS		49,597,086		24,613,006		52,269,978

LIABILITIES
Fund shares redeemed		148,110		48,177		25
Payable to Advisor		38,229		15,433		48,383
Distribution fees (12b-1) payable		38,418		14,932		18,709
Payable to Related Parties		6,875		10,365		8,711
Accrued expenses and other liabilities		7,994		8,701		10,792
TOTAL LIABILITIES		239,626		97,608		86,620
NET ASSETS	$	49,357,460	$	24,515,398	$	52,183,358

Net Assets Consist Of:
Paid in capital	$	46,780,882	$	23,072,167	$	25,351,462
Accumulated earnings		2,576,578		1,443,231		26,831,896
NET ASSETS	$	49,357,460	$	24,515,398	$	52,183,358

NET ASSET VALUE PER SHARE:
Class A Shares:
Net Assets	$	2,733,680	$	3,143,581	$	—
Shares of beneficial interest outstanding [$0 par value, unlimited shares authorized]		246,206		286,948		—
Net asset value (Net Assets ÷ Shares Outstanding) and redemption price per share	$	11.10	$	10.96	$	—
Maximum offering price per share (maximum sales charge of 5.75%)	$	11.78	$	11.63	$	—

Institutional Class Shares:
Net Assets	$	2,871,829	$	4,839,814	$	—
Shares of beneficial interest outstanding [$0 par value, unlimited shares authorized]		257,812		442,266		—
Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share	$	11.14	$	10.94	$	—

Investor Class Shares:
Net Assets	$	43,751,951	$	16,532,003	$	12,297,400
Shares of beneficial interest outstanding [$0 par value, unlimited shares authorized]		4,222,281		1,608,998		535,590
Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share	$	10.36	$	10.27	$	22.96

No-Load Class Shares:
Net Assets	$	—	$	—	$	39,885,958
Shares of beneficial interest outstanding [$0 par value, unlimited shares authorized]		—		—		1,722,800
Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share	$	—	$	—	$	23.15

	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			Period* Ended			Year Ended
	March 31, 2025			September 30,			March 31, 2025			September 30,			March 31, 2025			September 30,			March 31,
	(Unaudited)			2024			(Unaudited)			2024			(Unaudited)			2024			2024
FROM OPERATIONS
Net investment income/(loss)	$	(117,763	)	$	(81,321	)	$	21,100		$	206,612		$	(158,951	)	$	(170,582	)	$	(242,906	)
Net realized gain/(loss) from investments and securities sold short		1,132,083			3,497,732			417,044			1,937,454			(60	)		1,055,096			1,033,610
Distributions received from underlying investment companies		—			—			—			—			25,440			59,543			142,846
Net change in unrealized appreciation/(depreciation) on investments		(1,985,703	)		3,490,422			(637,136	)		1,518,118			(2,702,831	)		1,975,623			10,675,203
Net increase/(decrease) in net assets resulting from operations		(971,383	)		6,906,833			(198,992	)		3,662,184			(2,836,402	)		2,919,680			11,608,753

DISTRIBUTIONS TO SHAREHOLDERS
Total distributions paid
Class A		(100,826	)		—			(139,988	)		—			—			—			—
Institutional Class		(98,437	)		—			(208,849	)		—			—			—			—
Investor Class		(1,551,660	)		—			(581,661	)		—			(142,194	)		—			—
No-Load Class		—			—			—			—			(695,592	)		—			—
Net decrease in net assets from distributions to shareholders		(1,750,923	)		—			(930,498	)		—			(837,786	)		—			—

FROM CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold
Class A		82,697			918,822			224,658			1,598,497			—			—			—
Institutional Class		378,877			3,262,806			693,201			5,444,537			—			—			—
Investor Class		7,135,333			12,862,804			2,533,494			3,892,564			8,302,741			5,001,192			22
No-Load Class		—			—			—			—			841,560			574,454			675,741
Net asset value of shares issued in reinvestment of distributions:
Class A		100,815			—			139,844			—			—			—			—
Institutional Class		98,437			—			208,849			—			—			—			—
Investor Class		1,545,534			—			575,934			—			142,194			—			—
No-Load Class		—			—			—			—			691,616			—			—
Payments for shares redeemed
Class A		(356,497	)		(5,557,408	)		(804,335	)		(8,867,066	)		—			—			—
Institutional Class		(325,351	)		(518,245	)		(995,935	)		(601,639	)		—			—			—
Investor Class		(4,481,908	)		(6,914,164	)		(2,865,667	)		(5,670,090	)		(483,923	)		(4,612	)		—
No-Load Class		—			—			—			—			(1,825,988	)		(1,378,963	)		(3,592,437	)
Net increase/(decrease) in net assets from capital share transactions		4,177,937			4,054,615			(289,957	)		(4,203,197	)		7,668,200			4,192,071			(2,916,674	)

TOTAL INCREASE/(DECREASE) IN NET ASSETS		1,455,631			10,961,448			(1,419,447	)		(541,013	)		3,994,012			7,111,751			8,692,079

NET ASSETS
Beginning of Year/Period		47,901,829			36,940,381			25,934,845			26,475,858			48,189,346			41,077,595			32,385,516
End of Year/Period	$	49,357,460		$	47,901,829		$	24,515,398		$	25,934,845		$	52,183,358		$	48,189,346		$	41,077,595

CAPITAL SHARE ACTIVITY
Class A
Shares Sold		7,012			86,923			19,878			154,784			—			—			—
Shares Reinvested		8,624			—			12,486			—			—			—			—
Shares Redeemed		(31,367	)		(505,730	)		(72,595	)		(830,586	)		—			—			—
Net decrease in shares outstanding		(15,731	)		(418,807	)		(40,231	)		(675,802	)		—			—			—

Institutional Class
Shares Sold		31,814			290,987			59,517			506,313			—			—			—
Shares Reinvested		8,399			—			18,681			—			—			—			—
Shares Redeemed		(27,555	)		(45,834	)		(86,989	)		(55,257	)		—			—			—
Net increase/(decrease) in shares outstanding		12,658			245,153			(8,791	)		451,056			—			—			—

Investor Class
Shares Sold		648,868			1,252,040			236,502			384,907			339,028			211,309			1
Shares Reinvested		141,403			—			54,695			—			5,743			—			—
Shares Redeemed		(410,802	)		(665,932	)		(270,503	)		(571,192	)		(20,303	)		(188	)		—
Net increase/(decrease) in shares outstanding		379,469			586,108			20,694			(186,285	)		324,468			211,121			1

No-Load Class
Shares Sold		—			—			—			—			33,665			23,936			33,726
Shares Reinvested		—			—			—			—			27,773			—			—
Shares Redeemed		—			—			—			—			(73,879	)		(58,081	)		(186,859	)
Net decrease in shares outstanding		—			—			—			—			(12,441	)		(34,145	)		(153,133	)

Assets	Level 1		Level 2		Level 3		Total
Investments *
Common Stocks	$	11,057,784	$	—	$	—	$	11,057,784
Exchange-Traded Funds		27,582,920		—		—		27,582,920
U.S. Government & Agencies		—		3,988,049		—		3,988,049
Short-Term Investments		6,878,466		—		—		6,878,466
Total Investments	$	45,519,170	$	3,988,049	$	—	$	49,507,219

	Purchases		Sales
Allocator Fund	$	22,337,643	$	18,061,740
Defender Fund		8,124,210		8,730,416
Teberg Fund		3,735,260		1,227

		Defender Fund		Teberg Fund
9/30/2025	$	54,156	$	—
9/30/2026	$	41,165	$	—
3/31/2027	$	—	$	29,418
9/30/2027	$	49,691	$	78,020

	Tax		Unrealized		Unrealized			Appreciation/
	Cost		Appreciation		Depreciation			(Depreciation)
Allocator Fund	$	47,944,530	$	2,646,768	$	(1,084,079	)	$	1,562,689
Defender Fund		23,447,908		1,309,519		(236,084	)		1,073,435
Teberg Fund		25,014,718		27,210,727		(74,536	)		27,136,191

	Undistributed		Undistributed		Post October Loss			Capital Loss		Other		Unrealized		Total
	Net Investment		Long-Term		and			Carry		Book/Tax		Appreciation/		Accumulated
	Income		Capital Gains		Late Year Loss			Forwards		Differences		(Depreciation)		Earnings/(Deficit)
Allocator Fund	$	238,422	$	1,512,070	$	—		$	—	$	—	$	3,548,392	$	5,298,884
Defender Fund		205,108		657,042		—			—		—		1,710,571		2,572,721
Teberg Fund		—		837,644		(170,582	)		—		—		29,839,022		30,506,084

	Short-Term		Long-Term		Total		CLCF Utilized
Allocator Fund	$	—	$	—	$	—	$	1,561,004
Defender Fund		—		—		—		1,246,003
Teberg Fund		—		—		—		272,733

	Paid
	In			Accumulated
	Capital			Earnings
Allocator Fund	$	—		$	—
Defender Fund		(1,332	)		1,332
Teberg Fund		(98,936	)		98,936

Portfolio	Beneficial Owner	% of Outstanding Shares
Allocator Fund	National Financial Services LLC	55%
Defender Fund	National Financial Services LLC	48%
Teberg Fund	Constellation Trust	37%

(Registrant) Northern Lights Fund Trust III

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

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