SCHEDULE 13D

CUSIP No.

59982U200

Name of reporting person

BERMAN LYLE

Check the appropriate box if a member of a Group (See Instructions)

(a)

(b)

SEC use only

Source of funds (See Instructions)

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

Checkbox not checked

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 315,556.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 315,556.00
10	Shared Dispositive Power 0.00

Aggregate amount beneficially owned by each reporting person

315,556.00

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in Row (11)

5.2 %

Type of Reporting Person (See Instructions)

Comment for Type of Reporting Person:

Note to Section 7,9,11 and 13: Based on 6,062,773 shares of common stock of the issuer that were issued and outstanding as of the date of the filing of this document.

SCHEDULE 13D

Item 1.

Security and Issuer

(a)

Title of Class of Securities:

COMMON STOCK, $0.001 PAR VALUE PER SHARE

(b)

Name of Issuer:

Mill City Ventures III, Ltd

(c)

Address of Issuer's Principal Executive Offices:

1907 WAYZATA BOULEVARD, SUITE 205, WAYZATA, MINNESOTA , 55391.

Item 2.

Identity and Background

(a)

Lyle Berman

(b)

130 Cheshire Lane, Minnetonka, MN 55305

(c)

Not applicable

(d)

Not applicable

(e)

Not applicable

(f)

USA

Item 3.

Source and Amount of Funds or Other Consideration

Funded entirely with personal capital

Item 4.

Purpose of Transaction

The reporting person is a director of the issuer. This filing is being made solely as a result of a decrease in the number of issued and outstanding shares of the issuer's common stock, which in turn resulted from the issuer's repurchases of shares during May 2025.

Item 5.

Interest in Securities of the Issuer

(a)

315,556 shares of Common Stock

(b)

315,556 sole voting and sole dispositive power

(c)

The reporting person effected no transactions during the last 60 days. This filing is being made solely as a result of a decrease in the number of issued and outstanding shares of the issuer's common stock, which in turn resulted from the issuer's repurchases of shares during May 2025.

(d)

Not applicable

(e)

Not applicable

Item 6.

Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer

The reporting person is a director of the issuer.

Item 7.

Material to be Filed as Exhibits.

None.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

BERMAN LYLE

Signature:	/s/ Lyle Berman
Name/Title:	Lyle Berman
Date:	06/24/2025