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      <regCik>0001537140</regCik>
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      <regStreet1>225 PICTORIA DRIVE</regStreet1>
      <regStreet2>SUITE 450</regStreet2>
      <regCity>CINCINNATI</regCity>
      <regStateConditional regCountry="US" regState="US-OH"/>
      <regZipOrPostalCode>45246</regZipOrPostalCode>
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      <seriesName>Counterpoint Tactical Income Fund</seriesName>
      <seriesId>S000046898</seriesId>
      <seriesLei>549300FOLD17KHRVDB10</seriesLei>
      <repPdEnd>2023-09-30</repPdEnd>
      <repPdDate>2022-12-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      <assetsInvested>0.00000000</assetsInvested>
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        <name>Invesco Exchange Traded Fund Trust II</name>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CDX.NA.HY Series 39</name>
        <lei>N/A</lei>
        <title>CDXHY39 12/27</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="CDX HY 39            00001"/>
        </identifiers>
        <balance>-40000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>232960.00000000</valUSD>
        <pctVal>0.021880989494</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Wells Fargo</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>CDX.NA.HY Series 37</indexName>
                <indexIdentifier>CDX.NA.HY Series 39</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="66666.67000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="5.00000000"/>
            <otherPmntDesc fixedOrFloating="Other">N/A</otherPmntDesc>
            <terminationDt>2027-12-20</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>271970.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-40000000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-39010.00000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CDXNAHY39 01/18/23 P92.5</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="CH39P92.5 01/18/2023"/>
        </identifiers>
        <balance>-500000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-63690.00000000</valUSD>
        <pctVal>-0.00598214380</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="SWO">
            <counterparties>
              <counterpartyName>GOLDMAN SACHS</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <counterparties>
              <counterpartyName>WELLS FARGO</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <nestedDerivInfo>
                <swapDeriv derivCat="SWP">
                  <counterparties>
                    <counterpartyName>Wells Fargo</counterpartyName>
                    <counterpartyLei>N/A</counterpartyLei>
                  </counterparties>
                  <derivAddlInfo>
                    <name>N/A</name>
                    <lei>N/A</lei>
                    <title>CDX.NA.HY Series 39</title>
                    <cusip>N/A</cusip>
                    <identifiers>
                      <other otherDesc="Internal ID" value="CDXHY39"/>
                    </identifiers>
                    <balance>250000000</balance>
                    <units>PA</units>
                    <curCd>USD</curCd>
                    <valUSD>N/A</valUSD>
                    <pctVal>N/A</pctVal>
                    <assetCat>DCR</assetCat>
                    <issuerCat>CORP</issuerCat>
                    <invOthCountry>US</invOthCountry>
                  </derivAddlInfo>
                  <descRefInstrmnt>
                    <indexBasketInfo>
                      <indexName>CDX.NA.HY Series 39</indexName>
                      <indexIdentifier>CDX.NA.HY Series 39</indexIdentifier>
                    </indexBasketInfo>
                  </descRefInstrmnt>
                  <fixedRecDesc amount="N/A" curCd="USD" fixedOrFloating="Fixed" fixedRt="5.00"/>
                  <otherPmntDesc fixedOrFloating="Other">N/A</otherPmntDesc>
                  <terminationDt>2027-12-20</terminationDt>
                  <upfrontPmnt>0.00000000</upfrontPmnt>
                  <pmntCurCd>USD</pmntCurCd>
                  <upfrontRcpt>0.00000000</upfrontRcpt>
                  <rcptCurCd>USD</rcptCurCd>
                  <notionalAmt>250000000</notionalAmt>
                  <curCd>USD</curCd>
                </swapDeriv>
              </nestedDerivInfo>
            </descRefInstrmnt>
            <shareNo>-500000000.00000000</shareNo>
            <exercisePrice>92.50000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2023-01-18</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>3686310.00000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury Bills</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>B 04/27/23</title>
        <cusip>912796YV5</cusip>
        <identifiers>
          <isin value="US912796YV58"/>
        </identifiers>
        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4929624.80000000</valUSD>
        <pctVal>0.463019696350</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-04-27</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Blackrock Funds V</name>
        <lei>54930077DSFQPJDWM487</lei>
        <title>BLACKROCK II-FLOAT RAT-IN</title>
        <cusip>09260B747</cusip>
        <identifiers>
          <isin value="US09260B7477"/>
        </identifiers>
        <balance>13383297.64400000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>125802997.85000000</valUSD>
        <pctVal>11.81616618459</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Prudential Investment Portfolios Inc. 15</name>
        <lei>5493004GW6X6EIMPJD18</lei>
        <title>PGIM-HI YLD-Z</title>
        <cusip>74440Y801</cusip>
        <identifiers>
          <isin value="US74440Y8012"/>
        </identifiers>
        <balance>82057892.77800000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>373363412.14000000</valUSD>
        <pctVal>35.06851347337</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Transamerica Funds</name>
        <lei>54930088ZHZE1VMYEY52</lei>
        <title>TRANSAMERICA HI YLD BND-I</title>
        <cusip>893962159</cusip>
        <identifiers>
          <isin value="US8939621590"/>
        </identifiers>
        <balance>3990703.99000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>30888048.88000000</valUSD>
        <pctVal>2.901189358930</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury Bills</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>B 02/23/23</title>
        <cusip>912796T33</cusip>
        <identifiers>
          <isin value="US912796T338"/>
        </identifiers>
        <balance>4000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3975955.64000000</valUSD>
        <pctVal>0.373445413763</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-02-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Returns are reported without deducting sales loads and redemption fees, if any." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2023-01-27</ncom:dateSigned>
      <ncom:nameOfApplicant>NORTHERN LIGHTS FUND TRUST III</ncom:nameOfApplicant>
      <ncom:signature>Brian Curley</ncom:signature>
      <ncom:signerName>Brian Curley</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
