# EDGAR Filing Document

**Accession Number:** 0001537140
**File Stem:** 0001580642-26-003651
**Filing Date:** 2026-6
**Character Count:** 130527
**Document Hash:** c438767bb1778289bf5bac77f860a513
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-003651.hdr.sgml**: 20260608

**ACCESSION NUMBER**: 0001580642-26-003651

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 19

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260608

**DATE AS OF CHANGE**: 20260608

**EFFECTIVENESS DATE**: 20260608

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NORTHERN LIGHTS FUND TRUST III
- **CENTRAL INDEX KEY:** 0001537140

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22655
- **FILM NUMBER:** 261072446

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 631-470-2621

**MAIL ADDRESS:**
- **STREET 1:** 17605 WRIGHT STREET
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68130

## Series and Classes Contracts Data

### Persimmon Long/Short Fund (Series ID: S000039332)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000121227 | Persimmon Long/Short Fund Class I Shares | LSEIX           |

?xml version='1.0' encoding='ASCII'?

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 <u>811-22655</u>

<u>Northern Lights Fund Trust III</u> <br> (Exact name of registrant as specified in charter)

<u>225 Pictoria Drive, Ste 450, Cincinatti, Ohio</u> <u>45246</u> <br> (Address of principal executive offices) (Zip code)

<u>The Corporation Trust Company</u> <br> <u>1209 Orange Street Wilmington, DE 19801</u> <br> (Name and address of agent for service)

Registrant's telephone number, including area code: <u>631-490-4300</u>

Date of fiscal year end: <u>9/30</u>

Date of reporting period: <u>3/31/26</u>

**Item 1. Reports to Stockholders.**

(a) #### Persimmon Long/Short Fund

#### Class I (LSEIX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](ieb45f64d6a000dd96ae2977b.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Persimmon Long/Short Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at **https://www.persimmonfunds.com/documents**. You can also request this information by contacting us at 1-855-233-8300. 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $97 | 1.91%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $44869017 |
| Number of Portfolio Holdings | 370 |
| Advisory Fee | $278841 |
| Portfolio Turnover | 158% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i9ed153f8cf70331228b0f02a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.9% |
| Money Market Funds | 0.4% |
| Purchased Options | 2.5% |
| Special Case Securities | 0.0% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i5459042ca5b05b268b1f4818.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.9% |
| Information Technology | 0.2% |
| Money Market | 0.4% |
| Real Estate | 1.5% |
| Materials | 2.0% |
| Index Option | 2.4% |
| Utilities | 2.5% |
| Energy | 4.1% |
| Consumer Staples | 5.2% |
| Consumer Discretionary | 8.8% |
| Communications | 9.0% |
| Health Care | 9.2% |
| Industrials | 10.4% |
| Financials | 11.2% |
| Technology | 31.2% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;6.5% |
| &nbsp;&nbsp;NVIDIA Corporation | &nbsp;&nbsp;6.1% |
| &nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;3.8% |
| &nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;S&P 500 INDEX | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;Eli Lilly & Company | &nbsp;&nbsp;1.6% |

---

#### Short Sector Weighting (% of net assets)
![Group By Industry Chart](i000616e2fdb957e569d29ada.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Index Option | -1.7% |

---

#### 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 April 29, 2026, or upon request at 1-855-233-8300.

Effective January 1, 2026, Gregory Horn and John McNamara now serve as the Fund's portfolio managers. That same day, Persimmon Capital Management LP began serving as investment advisor pursuant to an interim advisory agreement, and Hedgeye Asset Managment LLC and Tidal Investments LLC began serving as investment sub-advisors to the Fund pursuant to interim sub-advisory agreements.

At a special meeting of shareholders of the Fund held on March 27, 2026, the Fund's shareholders (i) approved the investment advisory agreement between Northern Lights Fund Trust III and Persimmon Capital Management LP, (ii) approved the investment sub-advisory agreement between Persimmon Capital Management LP and Hedgeye Asset Management LLC, and (iii) approved the investment sub-advisory agreement among Persimmon Capital Management LP, Hedgeye Asset Management LLC and Tidal Investments LLC.

![Image](i718644a0b4d7c2b9cb20e430.jpg)

#### Persimmon Long/Short Fund - Class I (LSEIX)

#### Semi-Annual Shareholder Report - March 31, 2026

#### Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.persimmonfunds.com/documents**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

* Updated performance information

TSR-SAR 033126-LSEIX

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

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

(a) Long Form Financial Statements

---

| |
|:---|
| ![(LONG SHORT LOGO)](pe001_v1.jpg) |
| Class I Shares – LSEIX |
| Semi-Annual Financial Statements |
| and Additional Information |
| March 31, 2026 |

---

---

| |
|:---|
| **PERSIMMON LONG/SHORT FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.4%** |  |
|  | **ADVERTISING & MARKETING - 0.1%** |  |
| 361 | Omnicom Group, Inc. | $27187 |
|  | **AEROSPACE & DEFENSE - 2.9%** |  |
| 558 | Boeing Company (The)<sup>(a)</sup> | 111059 |
| 240 | General Dynamics Corporation | 82373 |
| 1155 | General Electric Company | 327754 |
| 364 | Howmet Aerospace, Inc. | 83887 |
| 48 | Huntington Ingalls Industries, Inc. | 18235 |
| 234 | L3Harris Technologies, Inc. | 80765 |
| 230 | Lockheed Martin Corporation, Class B | 139010 |
| 100 | Northrop Grumman Corporation | 68224 |
| 1536 | RTX Corporation | 296294 |
| 253 | Textron, Inc. | 22153 |
| 46 | TransDigm Group, Inc. | 53312 |
|  |  | 1283066 |
|  | **APPAREL & TEXTILE PRODUCTS - 0.2%** |  |
| 884 | NIKE, Inc., Class B | 46693 |
| 52 | Ralph Lauren Corporation | 17887 |
| 310 | Tapestry, Inc. | 43744 |
|  |  | 108324 |
|  | **ASSET MANAGEMENT - 0.7%** |  |
| 109 | Ameriprise Financial, Inc. | 48440 |
| 120 | Blackrock, Inc. | 115404 |
| 1157 | Charles Schwab Corporation (The) | 108735 |
| 264 | Franklin Resources, Inc. | 6236 |
| 392 | Invesco Ltd. | 9522 |
| 186 | Raymond James Financial, Inc. | 26931 |
| 217 | T Rowe Price Group, Inc. | 19560 |
|  |  | 334828 |
|  | **AUTOMOTIVE - 1.0%** |  |
| 235 | Aptiv plc<sup>(a)</sup> | 16318 |
| 3772 | Ford Motor Company | 43529 |
| 1149 | General Motors Company | 85601 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **PERSIMMON LONG/SHORT FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.4% (Continued)** |  |
|  | **AUTOMOTIVE - 1.0% (Continued)** |  |
| 779 | Tesla, Inc.<sup>(a)</sup> | $289593 |
|  |  | 435041 |
|  | **BANKING - 4.1%** |  |
| 7503 | Bank of America Corporation | 365771 |
| 2039 | Citigroup, Inc. | 231243 |
| 442 | Citizens Financial Group, Inc. | 26507 |
| 730 | Fifth Third Bancorp | 33916 |
| 1082 | Huntington Bancshares Inc | 16933 |
| 2363 | JPMorgan Chase & Company | 695099 |
| 1054 | KeyCorporation | 21133 |
| 442 | PNC Financial Services Group, Inc. (The) | 91976 |
| 975 | Regions Financial Corporation | 25467 |
| 3798 | Wells Fargo & Company | 302359 |
|  |  | 1810404 |
|  | **BEVERAGES - 1.1%** |  |
| 3004 | Coca-Cola Company (The) | 228454 |
| 105 | Constellation Brands, Inc., Class A | 15750 |
| 179 | Molson Coors Beverage Company, Class B | 7708 |
| 790 | Monster Beverage Corporation<sup>(a)</sup> | 57243 |
| 1045 | PepsiCo, Inc. | 162278 |
|  |  | 471433 |
|  | **BIOTECH & PHARMA - 4.7%** |  |
| 1693 | AbbVie, Inc. | 368211 |
| 424 | Amgen, Inc. | 149184 |
| 762 | Eli Lilly & Company | 700866 |
| 1882 | Johnson & Johnson | 460036 |
| 1901 | Merck & Company, Inc. | 228671 |
| 80 | Regeneron Pharmaceuticals, Inc. | 61811 |
| 258 | Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 115207 |
| 359 | Zoetis, Inc. | 42437 |
|  |  | 2126423 |
|  | **CABLE & SATELLITE - 0.2%** |  |
| 2896 | Comcast Corporation, Class A | 83144 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **PERSIMMON LONG/SHORT FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.4% (Continued)** |  |
|  | **CHEMICALS - 1.4%** |  |
| 224 | Air Products and Chemicals, Inc. | $65070 |
| 103 | Albemarle Corporation | 18492 |
| 92 | Avery Dennison Corporation | 15887 |
| 239 | CF Industries Holdings, Inc. | 31032 |
| 514 | Corteva, Inc. | 43027 |
| 723 | Dow, Inc. | 30113 |
| 676 | DuPont de Nemours, Inc. | 30961 |
| 506 | Linde PLC | 250854 |
| 228 | LyondellBasell Industries N.V., Class A | 18368 |
| 362 | Mosaic Company (The) | 9231 |
| 241 | PPG Industries, Inc. | 25758 |
| 165 | Qnity Electronics, Inc. | 19038 |
| 252 | Sherwin-Williams Company (The) | 80778 |
|  |  | 638609 |
|  | **COMMERCIAL SUPPORT SERVICES - 0.4%** |  |
| 296 | Cintas Corporation | 50065 |
| 211 | Republic Services, Inc. | 46213 |
| 210 | Rollins, Inc. | 11216 |
| 410 | Waste Management, Inc. | 94215 |
|  |  | 201709 |
|  | **CONSTRUCTION MATERIALS - 0.2%** |  |
| 67 | Martin Marietta Materials, Inc. | 39441 |
| 143 | Vulcan Materials Company | 38939 |
|  |  | 78380 |
|  | **CONTAINERS & PACKAGING - 0.1%** |  |
| 306 | Amcor plc | 12164 |
| 392 | International Paper Company | 13994 |
| 94 | Packaging Corporation of America | 19948 |
| 314 | Smurfit WestRock plc | 12513 |
|  |  | 58619 |
|  | **DATA CENTER REIT - 0.3%** |  |
| 206 | Digital Realty Trust, Inc. | 37123 |
| 82 | Equinix, Inc. | 80380 |
|  |  | 117503 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **PERSIMMON LONG/SHORT FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.4% (Continued)** |  |
|  | **DIVERSIFIED INDUSTRIALS - 0.9%** |  |
| 151 | Dover Corporation | $31476 |
| 611 | Emerson Electric Company | 80053 |
| 471 | Honeywell International, Inc. | 106460 |
| 296 | Illinois Tool Works, Inc. | 77046 |
| 109 | Parker-Hannifin Corporation | 97581 |
|  |  | 392616 |
|  | **E-COMMERCE DISCRETIONARY - 3.9%** |  |
| 8300 | Amazon.com, Inc.<sup>(a)</sup> | 1728641 |
| 341 | eBay, Inc. | 31038 |
|  |  | 1759679 |
|  | **ELECTRIC UTILITIES - 2.3%** |  |
| 691 | AES Corporation (The) | 9736 |
| 279 | Alliant Energy Corporation | 20021 |
| 277 | Ameren Corporation | 30448 |
| 540 | American Electric Power Company, Inc. | 70783 |
| 521 | CenterPoint Energy, Inc. | 22486 |
| 327 | CMS Energy Corporation | 25369 |
| 298 | Consolidated Edison, Inc. | 33728 |
| 341 | Constellation Energy Corporation | 95224 |
| 204 | DTE Energy Company | 29829 |
| 685 | Duke Energy Corporation | 89694 |
| 399 | Edison International | 29199 |
| 428 | Entergy Corporation | 48090 |
| 1024 | Exelon Corporation | 50196 |
| 621 | FirstEnergy Corporation | 31460 |
| 1908 | NextEra Energy, Inc. | 177215 |
| 238 | NRG Energy, Inc. | 34781 |
| 815 | PPL Corporation | 31133 |
| 561 | Public Service Enterprise Group, Inc. | 45413 |
| 622 | Sempra | 60440 |
| 1131 | Southern Company (The) | 109164 |
|  |  | 1044409 |
|  | **ELECTRICAL EQUIPMENT - 2.4%** |  |
| 140 | A O Smith Corporation | 9232 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **PERSIMMON LONG/SHORT FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.4% (Continued)** |  |
|  | **ELECTRICAL EQUIPMENT - 2.4% (Continued)** |  |
| 96 | Allegion plc | $13948 |
| 218 | AMETEK, Inc. | 46730 |
| 1168 | Amphenol Corporation, Class A | 147577 |
| 729 | Carrier Global Corporation | 41050 |
| 364 | Eaton Corporation PLC | 130192 |
| 316 | Fortive Corporation | 17468 |
| 288 | GE Vernova, Inc. | 251395 |
| 810 | Johnson Controls International plc | 106070 |
| 193 | Keysight Technologies, Inc.<sup>(a)</sup> | 54497 |
| 397 | Otis Worldwide Corporation | 30601 |
| 103 | Rockwell Automation, Inc. | 36965 |
| 321 | TE Connectivity plc | 67095 |
| 249 | Trane Technologies PLC | 103768 |
|  |  | 1056588 |
|  | **ENGINEERING & CONSTRUCTION - 0.2%** |  |
| 134 | Jacobs Solutions, Inc. | 17056 |
| 155 | Quanta Services, Inc. | 85098 |
|  |  | 102154 |
|  | **ENTERTAINMENT CONTENT - 0.2%** |  |
| 172 | Electronic Arts, Inc. | 35066 |
| 339 | Fox Corporation, Class A | 19798 |
| 154 | Fox Corporation, Class B | 8177 |
| 122 | Take-Two Interactive Software, Inc.<sup>(a)</sup> | 24095 |
|  |  | 87136 |
|  | **FOOD - 0.3%** |  |
| 524 | Conagra Brands, Inc. | 8237 |
| 416 | General Mills, Inc. | 15484 |
| 168 | Hershey Company (The) | 34926 |
| 139 | Lamb Weston Holdings, Inc. | 5874 |
| 990 | Mondelez International, Inc., Class A | 57063 |
| 635 | The Kraft Heinz Company | 14281 |
|  |  | 135865 |
|  | **GAS & WATER UTILITIES - 0.2%** |  |
| 201 | American Water Works Company, Inc. | 27354 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **PERSIMMON LONG/SHORT FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.4% (Continued)** |  |
|  | **GAS & WATER UTILITIES - 0.2% (Continued)** |  |
| 132 | Atmos Energy Corporation | $24383 |
| 372 | NiSource, Inc. | 17358 |
|  |  | 69095 |
|  | **HEALTH CARE FACILITIES & SERVICES - 2.1%** |  |
| 291 | Cardinal Health, Inc. | 61491 |
| 157 | Cencora, Inc. | 49320 |
| 332 | Centene Corporation<sup>(a)</sup> | 10870 |
| 325 | Cigna Group (The) | 86694 |
| 1386 | CVS Health Corporation | 99543 |
| 88 | DaVita, Inc.<sup>(a)</sup> | 13525 |
| 252 | Elevance Health, Inc. | 73773 |
| 119 | HCA Healthcare, Inc. | 56316 |
| 142 | Henry Schein, Inc.<sup>(a)</sup> | 10465 |
| 88 | Humana, Inc. | 15258 |
| 174 | IQVIA Holdings, Inc.<sup>(a)</sup> | 29674 |
| 95 | Labcorp Holdings, Inc. | 25347 |
| 190 | McKesson Corporation | 164418 |
| 130 | Quest Diagnostics, Inc. | 25477 |
| 738 | UnitedHealth Group, Inc. | 199695 |
| 76 | Universal Health Services, Inc., Class B | 13602 |
|  |  | 935468 |
|  | **HEALTH CARE REIT - 0.4%** |  |
| 373 | Ventas, Inc. | 30504 |
| 410 | Welltower, Inc. | 81061 |
|  |  | 111565 |
|  | **HOME CONSTRUCTION - 0.2%** |  |
| 274 | DR Horton, Inc. | 37599 |
| 287 | Masco Corporation | 17326 |
| 3 | NVR, Inc.<sup>(a)</sup> | 19769 |
| 213 | PulteGroup, Inc. | 25051 |
|  |  | 99745 |
|  | **HOTEL REIT - 0.0%<sup>(b)</sup>** |  |
| 699 | Host Hotels & Resorts, Inc. | 13393 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **PERSIMMON LONG/SHORT FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.4% (Continued)** |  |
|  | **HOUSEHOLD PRODUCTS - 0.8%** |  |
| 272 | Church & Dwight Company, Inc. | $25383 |
| 826 | Colgate-Palmolive Company | 70400 |
| 1800 | Procter & Gamble Company (The) | 259992 |
|  |  | 355775 |
|  | **INDUSTRIAL REIT - 0.4%** |  |
| 866 | Prologis, Inc. | 114469 |
|  | **INDUSTRIAL SUPPORT SERVICES - 0.3%** |  |
| 1100 | Fastenal Company | 51040 |
| 66 | United Rentals, Inc. | 48085 |
| 41 | WW Grainger, Inc. | 44723 |
|  |  | 143848 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 2.1%** |  |
| 922 | Bank of New York Mellon Corporation (The) | 109377 |
| 118 | Cboe Global Markets, Inc. | 33166 |
| 387 | CME Group, Inc. | 114300 |
| 326 | Goldman Sachs Group, Inc. (The) | 275794 |
| 588 | Intercontinental Exchange, Inc. | 92481 |
| 1418 | Morgan Stanley | 233360 |
| 351 | Nasdaq, Inc. | 29796 |
| 231 | Northern Trust Corporation | 32241 |
| 206 | State Street Corporation | 26071 |
|  |  | 946586 |
|  | **INSURANCE - 3.5%** |  |
| 361 | Aflac, Inc. | 39605 |
| 199 | Allstate Corporation (The) | 41261 |
| 410 | American International Group, Inc. | 30853 |
| 220 | Aon PLC, Class A | 71012 |
| 164 | Arthur J. Gallagher & Company | 35519 |
| 67 | Assurant, Inc. | 14593 |
| 1492 | Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 714967 |
| 279 | Chubb Ltd. | 90934 |
| 119 | Cincinnati Financial Corporation | 18725 |
| 38 | Everest Group Ltd. | 12420 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **PERSIMMON LONG/SHORT FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.4% (Continued)** |  |
|  | **INSURANCE - 3.5% (Continued)** |  |
| 111 | Globe Life, Inc. | $15448 |
| 396 | Hartford Insurance Group, Inc. (The) | 53551 |
| 259 | Loews Corporation | 27646 |
| 532 | Marsh & McLennan Companies, Inc. | 92275 |
| 421 | MetLife, Inc. | 29773 |
| 227 | Principal Financial Group, Inc. | 20455 |
| 652 | Progressive Corporation (The) | 129252 |
| 265 | Prudential Financial, Inc. | 25888 |
| 293 | Travelers Companies, Inc. (The) | 85462 |
| 328 | W R Berkley Corporation | 21740 |
| 73 | Willis Towers Watson PLC | 21221 |
|  |  | 1592600 |
|  | **INTERNET MEDIA & SERVICES - 8.3%** |  |
| 5680 | Alphabet, Inc., Class A | 1633340 |
| 3960 | Alphabet, Inc., Class C | 1135965 |
| 41 | Booking Holdings, Inc. | 172623 |
| 121 | Expedia Group, Inc. | 27938 |
| 597 | Meta Platforms, Inc., Class A | 341562 |
| 4630 | Netflix, Inc.<sup>(a)</sup> | 445175 |
|  |  | 3756603 |
|  | **LEISURE FACILITIES & SERVICES - 1.5%** |  |
| 369 | Carnival Corporation | 9550 |
| 1150 | Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 36812 |
| 113 | Darden Restaurants, Inc. | 22153 |
| 38 | Domino's Pizza, Inc. | 13634 |
| 284 | Hilton Worldwide Holdings, Inc. | 86358 |
| 127 | Live Nation Entertainment, Inc.<sup>(a)</sup> | 19369 |
| 258 | Marriott International Inc, Class A | 84384 |
| 548 | McDonald's Corporation | 170312 |
| 475 | MGM Resorts International<sup>(a)</sup> | 17580 |
| 210 | Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 3927 |
| 166 | Royal Caribbean Cruises Ltd. | 45680 |
| 1246 | Starbucks Corporation | 111628 |
| 92 | Wynn Resorts Ltd. | 9343 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **PERSIMMON LONG/SHORT FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.4% (Continued)** |  |
|  | **LEISURE FACILITIES & SERVICES - 1.5% (Continued)** |  |
| 212 | Yum! Brands, Inc. | $32962 |
|  |  | 663692 |
|  | **MACHINERY - 1.6%** |  |
| 581 | Caterpillar, Inc. | 411616 |
| 323 | Deere & Company | 181946 |
| 73 | IDEX Corporation | 13837 |
| 342 | Ingersoll Rand, Inc. | 27401 |
| 154 | Pentair PLC | 13415 |
| 51 | Snap-on, Inc. | 18524 |
| 205 | Veralto Corporation | 18126 |
| 186 | Xylem Inc | 22227 |
|  |  | 707092 |
|  | **MEDICAL EQUIPMENT & DEVICES - 2.4%** |  |
| 1310 | Abbott Laboratories | 134498 |
| 44 | ABIOMED, Inc. - CVR<sup>(a)</sup> |  |
| 299 | Agilent Technologies, Inc. | 34080 |
| 1472 | Boston Scientific Corporation<sup>(a)</sup> | 92368 |
| 192 | Cooper Companies, Inc. (The)<sup>(a)</sup> | 13728 |
| 615 | Danaher Corporation | 116604 |
| 376 | Dexcom, Inc.<sup>(a)</sup> | 23613 |
| 441 | Edwards Lifesciences Corporation<sup>(a)</sup> | 35315 |
| 385 | GE HealthCare Technologies, Inc. | 27404 |
| 249 | Hologic, Inc.<sup>(a)</sup> | 18822 |
| 79 | IDEXX Laboratories, Inc.<sup>(a)</sup> | 44389 |
| 342 | Intuitive Surgical, Inc.<sup>(a)</sup> | 157658 |
| 23 | Mettler-Toledo International, Inc.<sup>(a)</sup> | 29008 |
| 139 | ResMed, Inc. | 31203 |
| 83 | STERIS plc | 18354 |
| 335 | Stryker Corporation | 110078 |
| 281 | Thermo Fisher Scientific, Inc. | 138120 |
| 61 | Waters Corporation<sup>(a)</sup> | 18166 |
| 74 | West Pharmaceutical Services, Inc. | 18547 |
|  |  | 1061955 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **PERSIMMON LONG/SHORT FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.4% (Continued)** |  |
|  | **METALS & MINING - 0.2%** |  |
| 1337 | Freeport-McMoRan, Inc. | $78589 |
|  | **OIL & GAS PRODUCERS - 3.8%** |  |
| 372 | APA Corporation | 15788 |
| 1366 | Chevron Corporation | 282625 |
| 943 | ConocoPhillips | 124476 |
| 411 | Coterra Energy, Inc. | 14443 |
| 376 | Devon Energy Corporation | 18920 |
| 160 | Diamondback Energy, Inc. | 31646 |
| 573 | EOG Resources, Inc. | 82839 |
| 3598 | Exxon Mobil Corporation | 610436 |
| 637 | Marathon Petroleum Corporation | 155543 |
| 850 | Occidental Petroleum Corporation | 55250 |
| 436 | ONEOK, Inc. | 39410 |
| 424 | Phillips 66 | 77244 |
| 398 | Valero Energy Corporation | 98338 |
| 1200 | Williams Companies, Inc. (The) | 87336 |
|  |  | 1694294 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 0.3%** |  |
| 649 | Baker Hughes Company | 39621 |
| 865 | Halliburton Company | 33726 |
| 1377 | SLB Ltd. | 70765 |
|  |  | 144112 |
|  | **PUBLISHING & BROADCASTING - 0.0%<sup>(b)</sup>** |  |
| 306 | News Corporation, Class A | 7628 |
| 101 | News Corporation, Class B | 2880 |
|  |  | 10508 |
|  | **REAL ESTATE INVESTMENT TRUSTS - 0.1%** |  |
| 316 | Iron Mountain, Inc. | 32276 |
|  | **REAL ESTATE SERVICES - 0.1%** |  |
| 224 | CBRE Group, Inc., Class A<sup>(a)</sup> | 30343 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **PERSIMMON LONG/SHORT FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.4% (Continued)** |  |
|  | RESIDENTIAL REIT - 0.0%<sup>(b)</sup> |  |
| 137 | AvalonBay Communities, Inc. | $22379 |
| 334 | Equity Residential | 19756 |
| 64 | Essex Property Trust, Inc. | 15488 |
| 117 | Mid-America Apartment Communities, Inc. | 14288 |
|  |  | 71911 |
|  | **RETAIL - CONSUMER STAPLES - 2.2%** |  |
| 392 | Costco Wholesale Corporation | 390601 |
| 247 | Dollar Tree, Inc.<sup>(a)</sup> | 27049 |
| 469 | Kroger Company (The) | 33937 |
| 339 | Target Corporation | 41087 |
| 3789 | Walmart, Inc. | 470897 |
|  |  | 963571 |
|  | **RETAIL - DISCRETIONARY - 1.9%** |  |
| 23 | AutoZone, Inc.<sup>(a)</sup> | 77689 |
| 213 | Best Buy Company, Inc. | 13675 |
| 149 | Genuine Parts Company | 15757 |
| 761 | Home Depot, Inc. (The) | 250284 |
| 424 | Lowe's Companies, Inc. | 100183 |
| 1125 | O'Reilly Automotive, Inc.<sup>(a)</sup> | 103849 |
| 356 | Ross Stores, Inc. | 77120 |
| 1188 | TJX Companies, Inc. (The) | 189724 |
| 570 | Tractor Supply Company | 25821 |
| 34 | Ulta Beauty, Inc.<sup>(a)</sup> | 17772 |
|  |  | 871874 |
|  | **RETAIL REIT - 0.1%** |  |
| 69 | Federal Realty Investment Trust | 7328 |
| 425 | Kimco Realty Corporation | 9550 |
| 155 | Regency Centers Corporation | 11727 |
| 323 | Simon Property Group, Inc. | 60249 |
|  |  | 88854 |
|  | **SELF-STORAGE REIT - 0.1%** |  |
| 123 | Extra Space Storage, Inc. | 16129 |
| 151 | Public Storage | 40903 |
|  |  | 57032 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **PERSIMMON LONG/SHORT FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.4% (Continued)** |  |
|  | **SEMICONDUCTORS - 13.1%** |  |
| 909 | Advanced Micro Devices, Inc.<sup>(a)</sup> | $184918 |
| 531 | Analog Devices, Inc. | 168932 |
| 984 | Applied Materials, Inc. | 336321 |
| 4100 | Broadcom, Inc. | 1268991 |
| 153 | KLA Corporation | 225279 |
| 1350 | Lam Research Corporation | 288441 |
| 432 | Microchip Technology, Inc. | 27912 |
| 942 | Micron Technology, Inc. | 318245 |
| 15560 | NVIDIA Corporation | 2713664 |
| 817 | QUALCOMM, Inc. | 105213 |
| 100 | Sandisk Corporation<sup>(a)</sup> | 63534 |
| 899 | Texas Instruments, Inc. | 174532 |
|  |  | 5875982 |
|  | **SOFTWARE - 6.9%** |  |
| 364 | Adobe, Inc.<sup>(a)</sup> | 88481 |
| 150 | Akamai Technologies, Inc.<sup>(a)</sup> | 17228 |
| 224 | Autodesk, Inc.<sup>(a)</sup> | 53626 |
| 261 | Cadence Design Systems, Inc.<sup>(a)</sup> | 72524 |
| 650 | Fortinet, Inc.<sup>(a)</sup> | 53118 |
| 581 | Gen Digital, Inc. | 10940 |
| 246 | Intuit, Inc. | 106365 |
| 5544 | Microsoft Corporation | 2052223 |
| 1307 | Oracle Corporation | 192272 |
| 628 | Palantir Technologies, Inc., CLASS A<sup>(a)</sup> | 91864 |
| 95 | Roper Technologies, Inc. | 33617 |
| 771 | Salesforce, Inc. | 143923 |
| 845 | ServiceNow, Inc.<sup>(a)</sup> | 88345 |
| 163 | Synopsys, Inc.<sup>(a)</sup> | 64626 |
| 40 | Tyler Technologies, Inc.<sup>(a)</sup> | 13695 |
|  |  | 3082847 |
|  | **SPECIALTY FINANCE - 0.8%** |  |
| 643 | American Express Company | 194495 |
| 722 | Capital One Financial Corporation | 131714 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **PERSIMMON LONG/SHORT FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.4% (Continued)** |  |
|  | **SPECIALTY FINANCE - 0.8% (Continued)** |  |
| 286 | Synchrony Financial | $19454 |
|  |  | 345663 |
|  | **STEEL - 0.1%** |  |
| 304 | Nucor Corporation | 51406 |
|  | **TECHNOLOGY HARDWARE - 8.1%** |  |
| 11516 | Apple, Inc. | 2922645 |
| 816 | Arista Networks, Inc.<sup>(a)</sup> | 100188 |
| 3045 | Cisco Systems, Inc. | 236263 |
| 61 | F5, Inc.<sup>(a)</sup> | 17649 |
| 149 | Garmin Ltd. | 34569 |
| 1288 | Hewlett Packard Enterprise Company | 30667 |
| 728 | HP, Inc. | 13985 |
| 161 | Motorola Solutions, Inc. | 69869 |
| 217 | NetApp, Inc. | 22219 |
| 217 | Seagate Technology Holdings PLC | 85012 |
| 45 | Teledyne Technologies Incorporated<sup>(a)</sup> | 27225 |
| 302 | Western Digital Corporation | 81688 |
|  |  | 3641979 |
|  | **TECHNOLOGY SERVICES - 3.4%** |  |
| 464 | Accenture PLC, Class A | 92007 |
| 435 | Automatic Data Processing, Inc. | 88383 |
| 115 | Broadridge Financial Solutions, Inc. | 18685 |
| 142 | CDW Corp | 17185 |
| 114 | Equifax, Inc. | 20528 |
| 399 | Fiserv, Inc.<sup>(a)</sup> | 22264 |
| 88 | Gartner, Inc.<sup>(a)</sup> | 13934 |
| 897 | International Business Machines Corporation | 217424 |
| 80 | Jack Henry & Associates, Inc. | 12643 |
| 124 | Leidos Holdings, Inc. | 19284 |
| 612 | Mastercard, Inc., Class A | 305792 |
| 166 | Moody's Corporation | 72418 |
| 83 | MSCI, Inc. | 44738 |
| 311 | Paychex, Inc. | 28649 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **PERSIMMON LONG/SHORT FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.4% (Continued)** |  |
|  | **TECHNOLOGY SERVICES - 3.4% (Continued)** |  |
| 293 | S&P Global, Inc. | $124625 |
| 170 | Verisk Analytics, Inc. | 32258 |
| 1253 | Visa, Inc., Class A | 378706 |
|  |  | 1509523 |
|  | **TELECOMMUNICATIONS - 0.2%** |  |
| 424 | T-Mobile US, Inc. | 89053 |
|  | **TOBACCO & CANNABIS - 0.7%** |  |
| 1895 | Altria Group, Inc. | 125051 |
| 1195 | Philip Morris International, Inc. | 197581 |
|  |  | 322632 |
|  | **TRANSPORTATION & LOGISTICS - 1.3%** |  |
| 134 | CH Robinson Worldwide, Inc. | 22253 |
| 2331 | CSX Corporation | 95688 |
| 620 | Delta Air Lines, Inc. | 41218 |
| 179 | Expeditors International of Washington, Inc. | 25638 |
| 221 | FedEx Corporation | 78716 |
| 89 | JB Hunt Transport Services, Inc. | 18859 |
| 253 | Norfolk Southern Corporation | 72611 |
| 188 | Old Dominion Freight Line, Inc. | 36735 |
| 449 | Union Pacific Corporation | 108937 |
| 244 | United Airlines Holdings, Inc.<sup>(a)</sup> | 22465 |
| 706 | United Parcel Service, Inc., Class B | 69456 |
|  |  | 592576 |
|  | **TRANSPORTATION EQUIPMENT - 0.4%** |  |
| 149 | Cummins, Inc. | 80165 |
| 534 | PACCAR, Inc. | 61677 |
| 178 | Westinghouse Air Brake Technologies Corporation | 44484 |
|  |  | 186326 |
|  | **WHOLESALE - CONSUMER STAPLES - 0.1%** |  |
| 363 | Archer-Daniels-Midland Company | 26386 |
| 526 | Sysco Corporation | 37520 |
|  |  | 63906 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **PERSIMMON LONG/SHORT FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.4% (Continued)** |  |
|  | **WHOLESALE - DISCRETIONARY - 0.1%** |  |
| 704 | Copart, Inc.<sup>(a)</sup> | $23373 |
| 39 | Pool Corporation | 7892 |
|  |  | 31264 |
|  | **TOTAL COMMON STOCKS (Cost $17,048,753)** | 42761525 |
|  | **SHORT-TERM INVESTMENT — 0.4%** |  |
|  | **MONEY MARKET FUND - 0.4%** |  |
| 194062 | First American Government Obligations Fund, Class X, 3.57% (Cost $194,062)<sup>(c)</sup> | 194062 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(d)</sup>** |  | **Broker/<br> Counterparty** | **Expiration<br> Date** | **Exercise<br> Price** | **Notional<br> Value** | **Fair Value** |
|  | **INDEX OPTIONS PURCHASED - 2.4%** |  |  |  |  |  |
|  | **PUT OPTIONS PURCHASED - 2.4%** |  |  |  |  |  |
| 64 | S&P 500 INDEX | CST | 04/17/2026 | $6635 | $42464000 | $1080640 |
|  | **TOTAL PUT OPTIONS PURCHASED** (Cost - $1,058,566) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $1,058,566) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $1,058,566) |  |  |  |
|  | **TOTAL INDEX OPTIONS PURCHASED** (Cost - $1,058,566) | **TOTAL INDEX OPTIONS PURCHASED** (Cost - $1,058,566) | **TOTAL INDEX OPTIONS PURCHASED** (Cost - $1,058,566) |  |  | 1080640 |
|  | **TOTAL INVESTMENTS - 98.2% (Cost $18,301,381)** | **TOTAL INVESTMENTS - 98.2% (Cost $18,301,381)** | **TOTAL INVESTMENTS - 98.2% (Cost $18,301,381)** |  |  | $44036227 |
|  | **CALL OPTIONS WRITTEN - (0.4)% (Premiums received - $475,467)** | **CALL OPTIONS WRITTEN - (0.4)% (Premiums received - $475,467)** | **CALL OPTIONS WRITTEN - (0.4)% (Premiums received - $475,467)** | **CALL OPTIONS WRITTEN - (0.4)% (Premiums received - $475,467)** |  | (160000) |
|  | **PUT OPTIONS WRITTEN - (1.3)% (Premiums received - $671,564)** | **PUT OPTIONS WRITTEN - (1.3)% (Premiums received - $671,564)** | **PUT OPTIONS WRITTEN - (1.3)% (Premiums received - $671,564)** | **PUT OPTIONS WRITTEN - (1.3)% (Premiums received - $671,564)** |  | (597760) |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 3.5%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 3.5%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 3.5%** |  |  | 1590550 |
|  | **NET ASSETS - 100.0%** |  |  |  |  | $44869017 |
| **Contracts<sup>(d)</sup>** |  | **Counterparty** | **Expiration<br> Date** | **Exercise<br> Price** | **Notional<br> Value** | **Fair Value** |
|  | **WRITTEN INDEX OPTIONS - (1.7)%** |  |  |  |  |  |
|  | **CALL OPTIONS WRITTEN - (0.4)%** |  |  |  |  |  |
| 64 | S&P 500 INDEX | Clear Street | 04/17/2026 | $6755 | $42232000 | $160000 |
|  | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $475,467) | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $475,467) | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $475,467) | **TOTAL CALL OPTIONS WRITTEN** (Proceeds - $475,467) |  |  |
|  | **PUT OPTIONS WRITTEN - (1.3)%** |  |  |  |  |  |
| 64 | S&P 500 INDEX | Clear Street | 04/17/2026 | $6455 | $41312000 | $597760 |
|  | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $671,564) | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $671,564) | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $671,564) | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $671,564) |  |  |
|  | **TOTAL INDEX OPTIONS WRITTEN** (Proceeds - $1,147,031) | **TOTAL INDEX OPTIONS WRITTEN** (Proceeds - $1,147,031) | **TOTAL INDEX OPTIONS WRITTEN** (Proceeds - $1,147,031) | **TOTAL INDEX OPTIONS WRITTEN** (Proceeds - $1,147,031) |  | $757760 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **PERSIMMON LONG/SHORT FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| LTD | - Limited Company |
| MSCI | - Morgan Stanley Capital International |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Percentage rounds to less than 0.1%.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of March 31, 2026.

<sup>(d)</sup> Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.

See accompanying notes to financial statements.

---

| |
|:---|
| **Persimmon Long/Short Fund** |
| **STATEMENT OF ASSETS AND LIABILITIES (Unaudited)** |
| **March 31, 2026** |

---

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $18301381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At fair value | 44036227 |
| &nbsp;&nbsp;&nbsp;&nbsp;Segregated cash at broker | 1731186 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and Interest receivable | 21236 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 21012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 45809661 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees payable, net | 139669 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options written, at fair value (proceeds $1,147,031) | 757760 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees payable to other affiliates | 42583 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 940644 |
| **NET ASSETS** | $**44869017** |
| **Composition of Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid in capital | $20225578 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated earnings | 24643439 |
| **NET ASSETS** | $**44869017** |
| **Net Asset Value Per Share:** |  |
| Class I Shares: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $**44869017** |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding [$0 par value, unlimited shares authorized] | **2556974** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share (a) | $**17.55** |

---

(a) The Fund will impose a 1.00% redemption
 fee for any redemptions of Fund shares occurring within 60 days of purchase.

See accompanying notes to financial statements.

---

| |
|:---|
| **Persimmon Long/Short Fund** |
| **STATEMENT OF OPERATIONS (Unaudited)** |
| **For the Six Months Ended March 31, 2026** |

---

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $220760 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 12486 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Foreign withholding taxes | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 233468 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 278841 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fees | 52218 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounting services fees | 16628 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | 15909 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compliance officer fees | 15515 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees fees and expenses | 11894 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | 11136 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 11063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 4507 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage expenses | 4393 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | 4356 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance expense | 1039 |
| &nbsp;&nbsp;&nbsp;&nbsp;Third party administrative service fees | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 1585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 429174 |
| **NET INVESTMENT LOSS** | (195706) |
| **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | 901258 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities sold short | (640109) |
| &nbsp;&nbsp;&nbsp;&nbsp;Options contracts purchased | 283503 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options contracts written | 1446898 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Realized Gain** | 1991550 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | (843434) |
| &nbsp;&nbsp;&nbsp;&nbsp;Options contracts purchased | 22074 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options contracts written | 389271 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Change in Unrealized Depreciation** | (432089) |
| **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS** | 1559461 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $1363755 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **Persimmon Long/Short Fund** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Six Months Ended**<br>**March 31, 2026** | **For the**<br>**Year Ended**<br>**September 30, 2025** |
|  | **(Unaudited)** | |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment loss | $(195706) | $(421387) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on investments, securities sold short, and options | 1991550 | 677121 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments and options | (432089) | 3615148 |
| Net increase in net assets resulting from operations | 1363755 | 3870882 |
| **SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 632916 | 1263612 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (845361) | (3344274) |
| Net decrease from shares of beneficial interest transactions | (212445) | (2080662) |
| **NET INCREASE IN NET ASSETS** | 1151310 | 1790220 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Period | 43717707 | 41927487 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Period | $44869017 | $43717707 |
| **SHARE ACTIVITY** |  |  |
| Class I: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 36379 | 79575 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (48646) | (214498) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (12267) | (134923) |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **Persimmon Long/Short Fund** |
| **FINANCIAL HIGHLIGHTS** |
| **Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Six Months Ended**<br>**March 31, 2026** | **Year Ended**<br>**September 30, 2025** | **Year Ended**<br>**September 30, 2024** | **Year Ended**<br>**September 30, 2023** | **Year Ended**<br>**September 30, 2022** | **Year Ended**<br>**September 30, 2021** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of period | $17.02 | $15.50 | $11.91 | $11.08 | $11.82 | $10.50 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment loss (1) | (0.08) | (0.16) | (0.05) | (0.05) | (0.06) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) (2) | 0.61 | 1.68 | 3.64 | 0.88 | (0.68) | 1.40 |
| Total from investment operations | 0.53 | 1.52 | 3.59 | 0.83 | (0.74) | 1.32 |
| Net asset value, end of period | $17.55 | $17.02 | $15.50 | $11.91 | $11.08 | $11.82 |
| Total return (3) | 3.11% (9) | 9.81% | 30.14% | 7.49% | (6.26)% (8) | 12.57% (8) |
| Net assets, at end of period (000s) | $44869 | $43718 | $41927 | $34697 | $38218 | $37378 |
| Ratios/Supplemental Data: |  |  |  |  |  |  |
| Ratio of gross expenses to average net assets before fee waiver/recapture (4)(6)(7) | 1.91% (10) | 2.13% | 1.92% | 2.09% | 1.91% | 2.07% |
| Ratio of net expenses to average net assets after fee waiver/recapture (6)(7) | 1.91% (10) | 2.13% | 1.92% | 2.09% | 1.91% | 2.15% |
| Ratio of net investment loss to average net assets before fee waiver/recapture (5)(7) | (0.87)% (10) | (1.02)% | (0.38)% | (0.44)% | (0.47)% | (0.62)% |
| Ratio of net investment loss to average net assets after fee waiver/recapture (5)(7) | (0.87)% (10) | (1.02)% | (0.38)% | (0.44)% | (0.47)% | (0.70)% |
| Portfolio Turnover Rate | 158% (9) | 509% | 449% | 0% | 0% | 6% |
| (1) Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year. | (1) Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year. | (1) Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year. | (1) Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year. | (1) Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year. | (1) Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year. | (1) Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year. |
| (2) Realized and unrealized gains (loss) per share in this caption are balancing amounts necessary to reconcile the change in net assets value per share for the period, and may not reconcile with aggregate gains and losses in the of share transactions during the year. | (2) Realized and unrealized gains (loss) per share in this caption are balancing amounts necessary to reconcile the change in net assets value per share for the period, and may not reconcile with aggregate gains and losses in the of share transactions during the year. | (2) Realized and unrealized gains (loss) per share in this caption are balancing amounts necessary to reconcile the change in net assets value per share for the period, and may not reconcile with aggregate gains and losses in the of share transactions during the year. | (2) Realized and unrealized gains (loss) per share in this caption are balancing amounts necessary to reconcile the change in net assets value per share for the period, and may not reconcile with aggregate gains and losses in the of share transactions during the year. | (2) Realized and unrealized gains (loss) per share in this caption are balancing amounts necessary to reconcile the change in net assets value per share for the period, and may not reconcile with aggregate gains and losses in the of share transactions during the year. | (2) Realized and unrealized gains (loss) per share in this caption are balancing amounts necessary to reconcile the change in net assets value per share for the period, and may not reconcile with aggregate gains and losses in the of share transactions during the year. | (2) Realized and unrealized gains (loss) per share in this caption are balancing amounts necessary to reconcile the change in net assets value per share for the period, and may not reconcile with aggregate gains and losses in the of share transactions during the year. |
| (3) Total returns shown exclude the effect of applicable sales charges and redemption fees and assumes reinvestment of all distributions, if any. Total returns would have been lower absent the fee waiver. | (3) Total returns shown exclude the effect of applicable sales charges and redemption fees and assumes reinvestment of all distributions, if any. Total returns would have been lower absent the fee waiver. | (3) Total returns shown exclude the effect of applicable sales charges and redemption fees and assumes reinvestment of all distributions, if any. Total returns would have been lower absent the fee waiver. | (3) Total returns shown exclude the effect of applicable sales charges and redemption fees and assumes reinvestment of all distributions, if any. Total returns would have been lower absent the fee waiver. | (3) Total returns shown exclude the effect of applicable sales charges and redemption fees and assumes reinvestment of all distributions, if any. Total returns would have been lower absent the fee waiver. | (3) Total returns shown exclude the effect of applicable sales charges and redemption fees and assumes reinvestment of all distributions, if any. Total returns would have been lower absent the fee waiver. | (3) Total returns shown exclude the effect of applicable sales charges and redemption fees and assumes reinvestment of all distributions, if any. Total returns would have been lower absent the fee waiver. |
| (4) Represents the ratio of expenses to average net assets absent fee waivers and/or fees recaptured by the advisor. | (4) Represents the ratio of expenses to average net assets absent fee waivers and/or fees recaptured by the advisor. | (4) Represents the ratio of expenses to average net assets absent fee waivers and/or fees recaptured by the advisor. | (4) Represents the ratio of expenses to average net assets absent fee waivers and/or fees recaptured by the advisor. | (4) Represents the ratio of expenses to average net assets absent fee waivers and/or fees recaptured by the advisor. | (4) Represents the ratio of expenses to average net assets absent fee waivers and/or fees recaptured by the advisor. | (4) Represents the ratio of expenses to average net assets absent fee waivers and/or fees recaptured by the advisor. |
| (5) Recognition of net investment loss by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. | (5) Recognition of net investment loss by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. | (5) Recognition of net investment loss by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. | (5) Recognition of net investment loss by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. | (5) Recognition of net investment loss by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. | (5) Recognition of net investment loss by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. | (5) Recognition of net investment loss by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
| (6) Excluding interest expense and dividends on securities sold short, the following ratios would have been: | (6) Excluding interest expense and dividends on securities sold short, the following ratios would have been: | (6) Excluding interest expense and dividends on securities sold short, the following ratios would have been: | (6) Excluding interest expense and dividends on securities sold short, the following ratios would have been: | (6) Excluding interest expense and dividends on securities sold short, the following ratios would have been: | (6) Excluding interest expense and dividends on securities sold short, the following ratios would have been: | (6) Excluding interest expense and dividends on securities sold short, the following ratios would have been: |
| Gross expenses to average net assets | 1.91% (10) | 1.89% | 1.92% | 1.93% | 1.82% | 2.01% |
| Net expenses to average net assets | 1.91% (10) | 1.89% | 1.92% | 1.93% | 1.82% | 2.09% |
| (7) Ratio does not include the expenses of other investment companies in which the Fund invests. | (7) Ratio does not include the expenses of other investment companies in which the Fund invests. | (7) Ratio does not include the expenses of other investment companies in which the Fund invests. | (7) Ratio does not include the expenses of other investment companies in which the Fund invests. | (7) Ratio does not include the expenses of other investment companies in which the Fund invests. | (7) Ratio does not include the expenses of other investment companies in which the Fund invests. | (7) Ratio does not include the expenses of other investment companies in which the Fund invests. |
| (8) Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | (8) Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | (8) Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | (8) Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | (8) Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | (8) Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | (8) Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (9) Not annualized. | (9) Not annualized. | (9) Not annualized. | (9) Not annualized. | (9) Not annualized. | (9) Not annualized. | (9) Not annualized. |
| (10) Annualized for periods less than one full year. | (10) Annualized for periods less than one full year. | (10) Annualized for periods less than one full year. | (10) Annualized for periods less than one full year. | (10) Annualized for periods less than one full year. | (10) Annualized for periods less than one full year. | (10) Annualized for periods less than one full year. |

---

See accompanying notes to financial statements.

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| |
|:---|
| **Persimmon Long/Short Fund** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)** |
| **March 31, 2026** |

---

**1.** **ORGANIZATION** 

The Persimmon Long/Short Fund (the "Fund") is a diversified series of shares of beneficial interest of Northern Lights Fund Trust III (the "Trust"), a statutory trust organized under the laws of the State 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 Fund commenced operations on December 31, 2012. The Fund seeks long-term capital appreciation.

The Fund offers Class I shares. Effective May 25, 2016, sales and operations of Class A shares of the Fund were suspended. A principal of the advisor solely held the Class A shares for the period from October 1, 2015 to May 25, 2016. The Fund may recommence offering and operation of Class A shares of the Fund in the future. Class I shares of the Fund are sold at Net Asset Value ("NAV") without an initial sales charge and are not subject to 12b-1 distribution fees. Class I shares are subject to a 1.00% redemption fee on redemptions made within 60 days of the original purchase.

**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

All investments in securities are recorded at their estimated fair values. The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. The policies are in conformity with U.S. generally accepted accounting principles ("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 ended. Actual results could differ from those estimates. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 "Financial Services – Investment Companies," including FASB Accounting Standards Update ("ASU") 2013-08.

**Operating Segments** – The Fund has 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 the Fund's 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 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. The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

**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 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"). If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation, or if there has been no sale on such day, at the mean between the current bid and ask prices. Option contracts listed on a securities exchange or board of trade (not including Index Options contracts) for which market quotations are readily available shall be valued at the last quoted sales price or, in the absence of a sale, at the mean between the current bid and ask prices on the valuation date. Index Options listed on a securities exchange or board of trade for which market quotations are readily available shall be valued at the mean between the current bid and ask prices on the valuation date. The independent pricing service does not distinguish between smaller-sized bond positions known as "odd lots" and larger institutional-sized bond positions known as "round lots". The Fund may fair value a particular bond if the advisor does not believe that the round lot value provided by the independent pricing service reflects fair value of the Fund's holding. Investments in open-end investment companies are valued at net asset value. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase may be valued at amortized cost, which approximates fair value.

The Fund may hold investments, such as private investments, interests 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 securities will be valued using the "fair value" procedures approved by the Trust's Board of Trustees (the "Board"). The Board has delegated execution of these procedures to the advisor as its valuation designee (the "Valuation Designee"). The Board may also enlist third party consultants such as a valuation specialist at a public accounting firm, valuation

---

| |
|:---|
| **Persimmon Long/Short Fund** |
| **NOTES TO FINANCIAL STATEMENT (Unaudited)(Continued)** |
| **March 31, 2026** |

---

consultant or financial officer of a security issuer on an as-needed basis to assist the Valuation Designee in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee, which approval shall be based upon whether the Valuation Designee followed the valuation procedures established by the Board.

**Valuation of Fund of Funds –** The Fund 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 to the methods established by the board 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 Fund will not change.

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

The Fund utilizes various methods to measure the fair value of all of its investments on a recurring basis. GAAP establishes a fair value hierarchy and specifies that a valuation technique used to measure fair value shall minimize the use of unobservable inputs. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants (i.e., the exit price at the measurement date). The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under U.S. GAAP are described below:

**Level 1** – Unadjusted quoted prices in active markets for identical assets and liabilities that the Fund has the ability to access at the measurement date.

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

**Level 3** – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available and may require significant management judgment or estimation.

---

| |
|:---|
| **Persimmon Long/Short Fund** |
| **NOTES TO FINANCIAL STATEMENT (Unaudited)(Continued)** |
| **March 31, 2026** |

---

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of March 31, 2026 for the Fund's assets and liabilities measured at fair value:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Assets** | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;Investments \* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $42761525 | $— | $— | $42761525 |
| &nbsp;&nbsp;&nbsp;Purchased Options | 1080640 |  |  | 1080640 |
| &nbsp;&nbsp;&nbsp;Short-Term Investment | 194062 |  |  | 194062 |
| &nbsp;&nbsp;Total | $44036227 | $— | $— | $44036227 |
| &nbsp;&nbsp;Liabilities\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Options Written | $757760 | $— | $— | $757760 |
| &nbsp;&nbsp;Total | $757760 | $— | $— | $757760 |

---

\* Refer to the Schedule of Investments for industry classification.

The Fund did not hold any Level 2 and Level 3 securities during the period. The were no transfers between levels during the period.

**Security Transactions and Related Income** – Security transactions are accounted for on a trade date basis. Interest income is recognized on an accrual basis. 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.

**Foreign Currency Transactions** – The Fund's transactions in foreign currencies, foreign currency-denominated debt securities and certain foreign currency options, futures contracts and forward contracts (and similar instruments) may give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the value of the foreign currency concerned.

**Futures Contracts –** The Fund may purchase or sell futures contracts to gain exposure to, or hedge against, changes in the value of equities, interest rates, foreign currencies or commodities. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral for the account of the broker (the Fund's agent in acquiring the futures position). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by "marking to market" on a daily basis to reflect the market value of the contracts at the end of each day's trading. Variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. When the contracts are closed, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund's basis in the contract. If the Fund was unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. The Fund segregates liquid securities having a value at least equal to the amount of the current obligation under any open futures contract. Risks may exceed amounts recognized in the statement of assets and liabilities. With futures, there is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

**Short Sales –** A "short sale" is a transaction in which the Fund sells a security it does not own but has borrowed in anticipation that the market price of that security will decline. The Fund is obligated to replace the security borrowed by purchasing it on the open market at a later date. If the price of the security sold short increases between the time of the short sale and the time the Fund replaces the borrowed security, the Fund will incur a loss. Conversely, if the price declines upon replacing the borrowed security, the Fund will realize a gain.

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| |
|:---|
| **Persimmon Long/Short Fund** |
| **NOTES TO FINANCIAL STATEMENT (Unaudited)(Continued)** |
| **March 31, 2026** |

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**Option Transactions** – Options are derivative financial instruments that give the buyer, in exchange for a premium payment, the right, but not the obligation, to either purchase from (call option) or sell to (put option) the writer a specified underlying instrument at a specified price on or before a specified date. The Fund enters into option contracts to meet the requirements of its trading activities.

The risk in writing a call option is that the Fund may incur a loss if the market price of the security increases and the option is exercised. The risk in writing a put option is that the Fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Fund pays a premium whether or not the option is exercised. The Fund also has the additional risk of not being able to enter into a closing transaction if a liquid secondary market does not exist.

For the six months ended March 31, 2026 the Fund had gains from options contracts purchased of $283,503, which is included in the net realized gain from options contracts purchased in the Statement of Operations. For the six months ended March 31, 2026, the Fund had gains from options contracts written of $1,446,898, which is included in the net realized gain from options contracts written in the Statement of Operations. Net change in unrealized appreciation (depreciation) in the Statement of Operations includes $22,074 of net unrealized gains on options contracts purchased and $389,271 of net unrealized gains on options contracts written for the six months ended March 31, 2026.

The number of option contracts written and the premiums received by the Fund for the six months ended March 31, 2026, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Put Options** | **Put Options** | **Call Options** | **Call Options** |
| <br>**Written Options** | **Number of**<br>**Contracts** | **Premiums**<br>**Received** | **Number of**<br>**Contracts** | **Premiums**<br>**Received** |
| **Options outstanding, beginning of period** |  | $— |  | $— |
| Options written | 896 | 6991087 | 576 | 3312184 |
| Options closed | (832) | (6319524 | (512) | (2836717) |
| **Options outstanding, end of period** | 64 | $671563 | 64 | $475467 |

---

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

As of March 31, 2026, the Fund's written options had notional values of $42,232,000 for calls and $41,312,000 for puts.

The derivative instruments outstanding, as of March 31, 2026, as disclosed in the Notes to the Financial Statements, and the amounts of realized and changes in unrealized gains and losses on derivative instruments during the period, as disclosed in the Statement of Operations, serve as indicators of the volume of derivative activity for the Fund.

**Segregated Cash at Broker –** The Fund, as of March 31, 2026, has $1,731,186 due to the prime broker representing the proceeds of securities sold short. Withdrawal of these amounts is restricted based on the level of short trading in the Fund.

---

| |
|:---|
| **Persimmon Long/Short Fund** |
| **NOTES TO FINANCIAL STATEMENT (Unaudited)(Continued)** |
| **March 31, 2026** |

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**Impact of Derivatives on the Statement of Assets and Liabilities and Statement of Operations**

The locations on the Statements of Assets and Liabilities of derivative instruments by type of exposure, all of which are not accounted for as hedging instruments under GAAP, are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Derivatives Not**<br>**Accounted for as Hedging**<br>**Instruments under GAAP** | <br>**Primary Risk Exposure** | <br>**Location of Derivatives on**<br>**Statement of Assets and Liabilities** |<br>**Fair Value of**<br>**Liability Derivatives** |
| Call options written | Equity Risk | Options written, at fair value | $(160000) |
| Put options written | Equity Risk | Options written, at fair value | (597760) |
| Total |  |  | $(757760) |

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

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| | |
|:---|:---|
| Derivative Investment Type | Location of Gain/Loss on Derivative |
| Equity | Net realized gain (loss) from options purchased |
|  | Net realized gain (loss) from options written |
|  | Net change in unrealized appreciation (depreciation) on option contracts purchased |
|  | Net change in unrealized appreciation (depreciation) on option contracts written |

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The following is a summary of the Fund's derivative investments activity recognized in the Statement of Operations categorized by primary risk exposure for the six months ended March 31, 2026:

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| | | |
|:---|:---|:---|
| Realized gain (loss) on derivatives recognized in the Statement of Operations | Realized gain (loss) on derivatives recognized in the Statement of Operations | Realized gain (loss) on derivatives recognized in the Statement of Operations |
|  |  | Total for the |
|  |  | Six Months Ended |
| Derivative Investment Type | Equity Risk | March 31, 2026 |
| Options purchased | $289503 | $289503 |
| Options written | 1446898 | 1446898 |
|  | $1736401 | $1736401 |
| Changes in unrealized appreciation/(depreciation) on derivatives recognized in the Statement of Operations | Changes in unrealized appreciation/(depreciation) on derivatives recognized in the Statement of Operations | Changes in unrealized appreciation/(depreciation) on derivatives recognized in the Statement of Operations |
|  |  | Total for the |
|  |  | Six Months Ended |
| Derivative Investment Type | Equity Risk | March 31, 2026 |
| Options purchased | $22074 | $22074 |
| Options written | 389271 | 389271 |
|  | $411345 | $411345 |

---

**Offsetting of Financial Assets and Derivative Liabilities**

The following table presents the Fund's liability derivatives available for offset under a master netting arrangement net of collateral pledged as of March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | Gross Amounts Not Offset in the Statement of | Gross Amounts Not Offset in the Statement of | |
|  | | | | Assets & Liabilities | Assets & Liabilities | |
|  | | Gross Amounts | Net Amounts of | | | |
|  | Gross Amounts of | Offset in the | Liabilities Presented | | | |
|  | Recognized | Statement of Assets | in the Statement of | Financial | Cash Collateral | |
| Derivative Assets | Assets/Liabilities | & Liabilities | Assets & Liabilities | Instruments | Received | Net Amount |
| Purchased Options | $1080640 | $— | $1080640 | $(757760) | $— | $322880 |
| Derivative Liabilities |  |  |  |  |  |  |
| Written Options | $757760 | $— | $757760 | $(757760) | $— | $— |

---

---

| |
|:---|
| **Persimmon Long/Short Fund** |
| **NOTES TO FINANCIAL STATEMENT (Unaudited)(Continued)** |
| **March 31, 2026** |

---

**Dividends and Distributions to Shareholders –** Dividends from net investment income are declared and distributed annually. Distributable 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** – It is the Fund's policy to continue to qualify as a regulated investment company by complying with the provisions of the Internal Revenue Code, as amended, that are applicable to regulated investment companies and to distribute substantially all of its taxable income and net realized gains to shareholders. In addition, the Fund intends to distribute in each calendar year substantially all of its net investment income, capital gains and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision has been recorded.

The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Fund's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions expected to be taken on returns filed for open tax years 2023-2025 or expected to be taken in the Fund's 2026 returns. The Fund identifies its major tax jurisdictions as U.S. federal, Ohio, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

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

**3.** **INVESTMENT TRANSACTIONS AND ASSOCIATED RISKS** 

For the six months ended March 31, 2026, cost of purchases and proceeds from sales of portfolio securities, other than short sales and short-term investments amounted to $70,703,969 and $72,627,384, respectively.

**4.** **INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES** 

As of January 1, 2026, Persimmon Capital Management, LP. serves as the Fund's investment advisor (the "Advisor"). The Advisor has engaged Hedgeye Asset Management LLC ("HAM") and Tidal Investments LLC ("Tidal") to serve as sub-advisors to the Fund. The Advisor allocates portions of the Fund's portfolio to be managed by HAM and Tidal. Prior to Persimmon serving in this role, Dakota Wealth Management served as the Fund's investment advisor.

Pursuant to an advisory agreement with the Trust, on behalf of the Fund, the Advisor, under the oversight of the Board, directs the daily operations of the Fund and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Advisor, the Fund pays the Advisor a management fee computed and accrued daily and paid monthly, at an annual rate of 1.25% of the average daily net assets. Any sub-advisory fees payable to HAM and Tidal under their respective sub-advisory agreements are paid by the Advisor from the advisory fee it receives. Any sub-advisory fees payable to Tidal under its sub-advisory agreement are paid by the Advisor and HAM. The Fund does not pay any sub-advisory fees to HAM or Tidal. For the six months ended March 31, 2026, the advisory fees incurred by the Fund totaled $278,841.

The Advisor has contractually agreed to reduce its fees and/or absorb expenses of the Fund, until at least April 29, 2027, to ensure that Total Annual Fund Operating Expenses (exclusive of any front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses; borrowing costs (such as interest and dividend expenses on securities

---

| |
|:---|
| **Persimmon Long/Short Fund** |
| **NOTES TO FINANCIAL STATEMENT (Unaudited)(Continued)** |
| **March 31, 2026** |

---

sold short); taxes; expenses incurred in connection with any merger or reorganization; and extraordinary expenses (such as litigation expenses, which may include indemnification of Fund officers and Trustees, and contractual indemnification of Fund service providers (other than the Advisor))) will not exceed 1.99% of the daily average net assets attributable to Class I shares. The Advisor may seek reimbursement only for fees waived or expenses paid by it during the prior three years; provided, however, that such fees and expenses may only be reimbursed to the extent they were waived or paid after the date of the waiver agreement (or any similar agreement). Reimbursements will only be sought if total expenses remain below the expense's limitation in place now or at the time of waiver or reimbursement. The Board may terminate this expense reimbursement arrangement at any time. For the six months ended March 31, 2026, the Advisor did not recapture or reimburse any expenses. There are no future amounts eligible for recapture in future periods.

Northern Lights Distributors, LLC (the "Distributor) acts as the Fund's principal underwriter in the continuous public offering of the Fund's Class I shares. During the six months ended March 31, 2026, the Distributor did not receive any underwriting commissions for sales of Class I shares.

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

*<u>Ultimus Fund Solutions, LLC ("UFS")</u>*

UFS, an affiliate of the Distributor, provides administration, fund accounting, and transfer agent services to the Trust. Pursuant to separate servicing agreements with UFS, the Fund pays UFS customary fees for providing administration, fund accounting and transfer agency services to the Fund. Certain officers of the Trust are also officers of UFS, and are not paid any fees directly by the Fund for serving in such capacities.

*<u>Northern Lights Compliance Services, LLC ("NLCS")</u>*

NLCS, an affiliate of UFS and the Distributor, provides a chief compliance officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives customary fees from the Fund.

*<u>Blu Giant, LLC ("Blu Giant")</u>*

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

**5.** **AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS** 

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

---

| | |
|:---|:---|
| Cost for Federal Tax purposes | $17142115 |
| Unrealized Appreciation | 26437683 |
| Unrealized Depreciation | (301331) |
| Tax Net Unrealized Appreciation | $26136352 |

---

**6.** **DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL** 

The tax character of Fund distributions paid for the years ended September 30, 2025 and September 30, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | Fiscal Year Ended<br>September 30, 2025 | Fiscal Year Ended<br>September 30, 2024 |
| Ordinary Income | $— | $— |
| Long-Term Capital Gain |  |  |
| Return of Capital |  |  |
|  | $— | $— |

---

---

| |
|:---|
| **Persimmon Long/Short Fund** |
| **NOTES TO FINANCIAL STATEMENT (Unaudited)(Continued)** |
| **March 31, 2026** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Undistributed | Undistributed | Post October Loss | Capital Loss | Other | Unrealized | Total |
| Ordinary | Long-Term | and | Carry | Book/Tax | Appreciation/ | Accumulated |
| Income | Gains | Late Year Loss | Forwards | Differences | (Depreciation) | Earnings/(Deficits) |
| $— | $— | $(307960) | $(2980797) | $— | $26568441 | $23279684 |

---

The difference between book basis and tax basis accumulated net investment losses, accumulated net realized gain (loss), and unrealized appreciation from investments is primarily attributable to the tax deferral of losses on wash sales, adjustments for real estate investment trusts 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 Fund incurred and elected to defer such late year losses of $307,960.

At September 30, 2025, the Fund had capital loss carry forwards for federal income tax purposes available to offset future capital gains, as follows:

---

| | | | |
|:---|:---|:---|:---|
| Non-Expiring | Non-Expiring |  |  |
| Short-Term | Long-Term | Total | CLCF Utilized |
| $2980797 | $— | $2980797 | $— |

---

Permanent book and tax differences, primarily attributable to the book/tax basis treatment of net operating losses and tax adjustments for prior year tax returns, resulted in reclassification for the year ended September 30, 2025 as follows:

---

| | |
|:---|:---|
| | Accumulated |
| Paid in Capital | Earnings |
| $(195425) | $195425 |

---

**7.** **CONTROL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of 25% or more of the outstanding shares of a fund creates a presumption of control of the fund under Section 2(a)(9) of the 1940 Act. As of March 31, 2026, for the benefit of their customers, Pershing was the record owner of 70.52% of the Fund's outstanding shares and Charles Schwab was the record owner of 29.48% of the Fund's outstanding shares.

**8.** **ACCOUNTING PRONOUNCEMENT** 

The Fund 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 Fund's adoption of ASU 2023-09 did not have a material impact on the Fund's financial statements.

**9.** **SUBSEQUENT EVENTS** 

Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued.

Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

---

| |
|:---|
| **Persimmon Long/Short Fund** |
| **ADDITIONAL INFORMATION (Unaudited)** |
| **March 31, 2026** |

---

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosures**

A special meeting of shareholders of the Persimmon Long/Short Fund was held on March 27, 2026 at 10:00 a.m. ET at the offices of Thompson Hine LLP, 41 S. High Street, Suite 1700, Columbus, OH 43215. The following proposal was approved by the Fund's shareholders.

Proposal 1: To approve a new investment advisory agreement by and between the Trust and Persimmon Capital Management LP.

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;Shares Voted | &nbsp;&nbsp;% Of Shares Voted | &nbsp;&nbsp;% Of Total Shares<br> Outstanding |
| &nbsp;&nbsp;For | &nbsp;&nbsp;1920896 | &nbsp;&nbsp;100% | &nbsp;&nbsp;74.97% |
| &nbsp;&nbsp;Against | &nbsp;&nbsp;0 | &nbsp;&nbsp;0% | &nbsp;&nbsp;0% |
| &nbsp;&nbsp;Abstain | &nbsp;&nbsp;0 | &nbsp;&nbsp;0% | &nbsp;&nbsp;0% |

---

Proposal 2: To approve a new investment sub-advisory agreement by and between Persimmon Capital Management LP and Hedgeye Asset Management LLC.

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;Shares Voted | &nbsp;&nbsp;% Of Shares Voted | &nbsp;&nbsp;% Of Total Shares<br> Outstanding |
| &nbsp;&nbsp;For | &nbsp;&nbsp;1920896 | &nbsp;&nbsp;100% | &nbsp;&nbsp;74.97% |
| &nbsp;&nbsp;Against | &nbsp;&nbsp;0 | &nbsp;&nbsp;0% | &nbsp;&nbsp;0% |
| &nbsp;&nbsp;Abstain | &nbsp;&nbsp;0 | &nbsp;&nbsp;0% | &nbsp;&nbsp;0% |

---

Proposal 3: To approve a new investment sub-advisory agreement among Persimmon Capital Management LP, Hedgeye Asset Management LLC and Tidal Investments LLC.

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;Shares Voted | &nbsp;&nbsp;% Of Shares Voted | &nbsp;&nbsp;% Of Total Shares<br> Outstanding |
| &nbsp;&nbsp;For | &nbsp;&nbsp;1920896 | &nbsp;&nbsp;100% | &nbsp;&nbsp;74.97% |
| &nbsp;&nbsp;Against | &nbsp;&nbsp;0 | &nbsp;&nbsp;0% | &nbsp;&nbsp;0% |
| &nbsp;&nbsp;Abstain | &nbsp;&nbsp;0 | &nbsp;&nbsp;0% | &nbsp;&nbsp;0% |

---

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement and Investment Sub-Advisory Agreements**

**Approval of Advisory Agreement \***

In connection with a meeting held on November 19, 2025, the Board, including a majority of the Trustees who are not "interested persons," as that term is defined in the 1940 Act, discussed the approval of the proposed investment advisory agreement (the "Advisory Agreement") between Persimmon Capital Management LP (the "Adviser") and the Trust, with respect to the Fund. In considering the approval of the Advisory Agreement, the Board received materials specifically relating to the Adviser and the Advisory Agreement.

---

| |
|:---|
| **Persimmon Long/Short Fund** |
| **ADDITIONAL INFORMATION (Unaudited)(Continued)** |
| **September 30, 2025** |

---

The Board relied upon the advice of independent legal counsel and its own business judgment in determining the material factors to be considered in evaluating the Advisory Agreement and the weight to be given to each such factor. The Board's conclusions were based on an evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching conclusions with respect to the Advisory Agreement.

*<u>Nature, Extent & Quality of Services</u>*. The Board noted that the Adviser was founded in 1998 and had approximately $349 million assets under management. The Board noted its familiarity with the portfolio manager that would be responsible for managing the Fund and recalled his experience and background. The Board discussed that the Fund's investment objective and strategies would mainly remain unchanged except the hedge portion would be modified to use a dynamic option overlay. The Board discussed that PCM proposed to delegate the day-to-day management of the Fund to two sub-advisers, subject to the direction and oversight of the Adviser. The Board noted that the Adviser engaged a third-party consulting firm to assist with the development and implementation of its sub-adviser oversight process and to help with other compliance services. The Board stated that the Adviser would monitor compliance with the Fund's investment limitations by reviewing and monitoring daily reports and pre- and post-trade exceptions. The Board remarked that the Adviser did not currently use artificial intelligence for advisory services but may implement artificial intelligence tools in the future. The Board noted that the Adviser reported no material regulatory, compliance, litigation, or cybersecurity concerns in the past 36 months. The Board concluded that it expected the Adviser would provide satisfactory service to the Fund and its shareholders.

*<u>Performance</u>*. The Board observed the Adviser did not manage any other with a similar strategy to the Fund, but noted that the portfolio manager had managed the Fund since its inception through July 2025 and that during that time, the Fund earned a three-star Morningstar rating. The Board recognized that the Fund underperformed its benchmark, peer group and Morningstar category over the 1-year period while outperforming its benchmark, peer group and Morningstar category over the 3-year and 5-year periods and outperforming its benchmark and peer group over the since inception period. The Board noted that the modified hedging strategy had the potential to capture more upside and reduce the negative effects of a market downturn. The Board determined that the Adviser could be expected to manage the Fund with acceptable performance.

*<u>Fees and Expenses</u>*. The Board remarked that while the proposed advisory fee and net expense ratio for the Fund were both higher than the averages and medians of its peer group and Morningstar category, the Adviser proposed no changes to the Fund's current advisory fee or expense limitation. The Board determined that the Adviser's advisory fee for the Fund would not be unreasonable.

*<u>Profitability</u>*. The Board reviewed the profitability analysis provided by the Adviser and noted that the Adviser anticipated realizing a reasonable profit during the first two years of the Advisory Agreement. The Board concluded that excessive profitability was not an issue for the Adviser.

*<u>Economies of Scale</u>*. The Board considered whether the Adviser would realize economies of scale in connection with its providing investment advisory services to the Fund. The Board noted that the Adviser would consider breakpoints in the future given an increase in the Fund's assets. The Board agreed that in light of the current asset size of the Fund, the lack of breakpoints was acceptable at the time.

*<u>Conclusion</u>*. Having requested and reviewed such information from the Adviser as the Board believed to be reasonably necessary to evaluate the terms of the Advisory Agreement, and as assisted by the advice of independent counsel, the Board concluded that the Adviser's advisory fee charged to the Fund was not unreasonable and that approval of the Advisory Agreement was in the best interests of the Fund and its shareholders.

---

| |
|:---|
| **Persimmon Long/Short Fund** |
| **ADDITIONAL INFORMATION (Unaudited)(Continued)** |
| **September 30, 2025** |

---

\* Due to timing of the contract approvals, these deliberations may or may not relate to the current performance results of the Fund.

**Approval of Sub-Advisory Agreement (Hedgeye Asset Management LLC)\***

In connection with a meeting held on November 19, 2025, the Board, including a majority of the Trustees who are not "interested persons," as that term is defined in the 1940 Act, discussed the approval of the proposed investment sub-advisory agreement (the "Sub-Advisory Agreement") between Persimmon Capital Management LP (the "Adviser") and Hedgeye Asset Management LLC ("HAM"), with respect to the Fund. In considering the approval of the Sub-Advisory Agreement, the Board received materials specifically relating to HAM and the Sub-Advisory Agreement.

The Board relied upon the advice of independent legal counsel and its own business judgment in determining the material factors to be considered in evaluating the Sub-Advisory Agreement and the weight to be given to each such factor. The Board's conclusions were based on an evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching conclusions with respect to the Sub-Advisory Agreement.

*<u>Nature, Extent & Quality of Services</u>*. The Board observed that HAM was established in 2024 and had approximately $90 million in assets under management of which approximately $42 million were non-discretionary. The Board reviewed the background information of the key investment personnel that would be responsible for sub-advising the Fund, taking into consideration their education and financial industry experience. The Board discussed the investment services HAM would provide to the Fund, including portfolio management, security selection and position sizing based on proprietary models, research inputs and market conditions. The Board noted that investment decisions would be made utilizing a systematic, rules-based framework, driven by proprietary Risk Range® signals. The Board observed that HAM's chief compliance officer would be responsible for reviewing all quantitative model development, design and dissemination process and methodology. The Board observed that HAM would review weekly internal exposure reports to ensure compliance with investment limitations. The Board noted that HAM would not use artificial intelligence to provide advisory services to the Fund. The Board acknowledged that HAM reported no material regulatory, compliance, litigation, or cybersecurity concerns since its formation in 2024. The Board concluded that it could expect HAM to provide quality services to the Fund and its shareholders.

*<u>Performance</u>*. The Board reviewed the performance of another strategy advised by HAM that was designed to track an index. The Board noted that HAM was able to track the index since inception. The Board concluded that HAM had the potential to provide favorable returns to the Fund and its shareholders.

*<u>Fees and Expenses</u>*. The Board observed that HAM's proposed sub-advisory fee was 0.50% of the Fund's average daily net assets. The Board noted that the proposed sub-advisory fee was below the fee provided by other accounts managed by HAM. The Board concluded that the proposed sub-advisory fees for the Fund were not unreasonable.

*<u>Profitability</u>*. The Board reviewed the profitability analysis provided by HAM for the Fund and observed that HAM expected to earn a reasonable profit for the first two years of the Fund's operations. The Board determined that excessive profitability was not an issue for HAM at this time.

*<u>Economies of Scale</u>*. The Board considered whether HAM would expect realized economies of scale with respect to the sub-advisory services provided to the Fund. The Board agreed that this was primarily an advisor-level

---

| |
|:---|
| **Persimmon Long/Short Fund** |
| **ADDITIONAL INFORMATION (Unaudited)(Continued)** |
| **September 30, 2025** |

---

issue and should be considered with respect to the overall management agreement, taking into consideration the impact of the sub-advisory expense. The Board noted it would continue to revisit the issue as time progressed.

*<u>Conclusion</u>*. Having requested and reviewed such information from HAM as the Board believed to be reasonably necessary to evaluate the terms of the Sub-Advisory Agreement, and as assisted by the advice of independent counsel, the Board concluded that HAM's sub-advisory fee charged to the Fund was not unreasonable and that approval of the Sub-Advisory Agreement was in the best interests of the Fund and its shareholders.

\* Due to timing of the contract approvals, these deliberations may or may not relate to the current performance results of the Fund.

**Approval of Sub-Advisory Agreement – (Tidal Investments LLC)\***

In connection with a meeting held on November 19, 2025, the Board, including a majority of the Trustees who are not "interested persons," as that term is defined in the 1940 Act, discussed the approval of the proposed investment sub-advisory agreement (the "Sub-Advisory Agreement") between Persimmon Capital Management LP, Hedgeye Asset Management LLC and Tidal Investments LLC ("Tidal"), with respect to the Fund. In considering the approval of the Sub-Advisory Agreement, the Board received materials specifically relating to Tidal and the Sub-Advisory Agreement.

The Board relied upon the advice of independent legal counsel and its own business judgment in determining the material factors to be considered in evaluating the Sub-Advisory Agreement and the weight to be given to each such factor. The Board's conclusions were based on an evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching conclusions with respect to the Sub-Advisory Agreement.

*<u>Nature, Extent & Quality of Services</u>*. The Board noted that Tidal was established in 2012 and had approximately $49 billion assets under management. The Board reviewed the background information of the key investment professionals who would service the Fund and noted their education and experience in the investment management industry. The Board observed that Tidal would provide trade compliance services, compliance oversight and risk management services to the Fund. The Board discussed that Tidal would execute trades based on securities selected by the adviser and sub-adviser. The Board remarked that Tidal would utilize third-party systems and internal tools to facilitate trades and ensure alignment with the Fund's strategy and regulatory requirements. The Board observed that Tidal would select broker-dealers on the basis of best execution, taking into consideration commissions, price, abilities to affect the transactions, facilities, reliability and financial responsibility. The Board observed that Tidal reported a material compliance issue in April 2025 and, separately, that the SEC had issued a deficiency letter to Tidal in September 2023, but noted that both addressed by Tidal. The Board remarked that the SEC and National Futures Association each commenced an examination of Tidal in March 2025 and April 2025, respectively, and that they were both ongoing, but there were no material litigation or cybersecurity issues in the past 36 months. The Board acknowledged that Tidal would not utilize artificial intelligence to provide services to the Fund. The Board concluded that it could expect Tidal to provide satisfactory services to the Fund and its shareholders.

*<u>Performance</u>*. The Board noted that Tidal would be providing trade execution services to the Fund only and that the performance history of other funds managed by Tidal was not relevant to its consideration.

*<u>Fees and Expenses</u>*. The Board observed that Tidal's proposed sub-advisory fee of 0.05% of the Fund's average daily net assets. The Board noted that Tidal did not provide similar services to any other accounts with

---

| |
|:---|
| **Persimmon Long/Short Fund** |
| **ADDITIONAL INFORMATION (Unaudited)(Continued)** |
| **September 30, 2025** |

---

comparable investment objectives and strategies to the Fund. The Board concluded that Tidal's proposed sub-advisory fee for the Fund was not unreasonable.

*<u>Profitability</u>*. The Board discussed the profitability analysis provided by Tidal and noted that it anticipated realizing a modest profit in connection with sub-advising the Fund during the first and second year of the Sub-Advisory Agreement. The Board concluded that those projected profits were not excessive.

*<u>Economies of Scale</u>*. The Board considered whether there would be economies of scale with respect to the management of the Fund. The Board agreed that this was primarily an adviser-level issue and had been considered with respect to the overall advisory agreement, taking into consideration the impact of the sub-advisory expense. The Board noted that it would continue to revisit the issue as time progressed.

*<u>Conclusion</u>*. Having requested and reviewed such information from Tidal as the Board believed to be reasonably necessary to evaluate the terms of the Sub-Advisory Agreement, and as assisted by the advice of independent counsel, the Board concluded that Tidal's sub-advisory fee charged to the Fund was not unreasonable and that approval of the Sub-Advisory Agreement was in the best interests of the Fund and its shareholders.

\* Due to timing of the contract approvals, these deliberations may or may not relate to the current performance results of the Fund.

**<u>PRIVACY NOTICE</u>**

*Rev. February 2014*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FACTS** | &nbsp;&nbsp;&nbsp;&nbsp;**WHAT DOES NORTHERN LIGHTS FUND TRUST III DO WITH YOUR PERSONAL INFORMATION?** | &nbsp;&nbsp;&nbsp;&nbsp;**WHAT DOES NORTHERN LIGHTS FUND TRUST III DO WITH YOUR PERSONAL INFORMATION?** | &nbsp;&nbsp;&nbsp;&nbsp;**WHAT DOES NORTHERN LIGHTS FUND TRUST III DO WITH YOUR PERSONAL INFORMATION?** | &nbsp;&nbsp;&nbsp;&nbsp;**WHAT DOES NORTHERN LIGHTS FUND TRUST III DO WITH YOUR PERSONAL INFORMATION?** |
| **Why?** | &nbsp;&nbsp;&nbsp;&nbsp;Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | &nbsp;&nbsp;&nbsp;&nbsp;Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | &nbsp;&nbsp;&nbsp;&nbsp;Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | &nbsp;&nbsp;&nbsp;&nbsp;Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| **What?** | &nbsp;&nbsp;&nbsp;&nbsp;The types of personal information we collect and share depend on the product or service you have with us. This information can include: | &nbsp;&nbsp;&nbsp;&nbsp;The types of personal information we collect and share depend on the product or service you have with us. This information can include: | &nbsp;&nbsp;&nbsp;&nbsp;The types of personal information we collect and share depend on the product or service you have with us. This information can include: | &nbsp;&nbsp;&nbsp;&nbsp;The types of personal information we collect and share depend on the product or service you have with us. This information can include: |
|  | ■ | &nbsp;&nbsp;&nbsp;Social Security number | ■ | Purchase History |
|  | ■ | &nbsp;&nbsp;&nbsp;Assets | ■ | Account Balances |
|  | ■ | &nbsp;&nbsp;&nbsp;Retirement Assets | ■ | Account Transactions |
|  | ■ | &nbsp;&nbsp;&nbsp;Transaction History | ■ | Wire Transfer Instructions |
|  | ■ | &nbsp;&nbsp;&nbsp;Checking Account Information |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;When you are *no longer* our customer, we continue to share your information as described in this notice. | &nbsp;&nbsp;&nbsp;&nbsp;When you are *no longer* our customer, we continue to share your information as described in this notice. | &nbsp;&nbsp;&nbsp;&nbsp;When you are *no longer* our customer, we continue to share your information as described in this notice. | &nbsp;&nbsp;&nbsp;&nbsp;When you are *no longer* our customer, we continue to share your information as described in this notice. |
| **How?** | &nbsp;&nbsp;&nbsp;&nbsp;All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Northern Lights Fund Trust III chooses to share; and whether you can limit this sharing. | &nbsp;&nbsp;&nbsp;&nbsp;All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Northern Lights Fund Trust III chooses to share; and whether you can limit this sharing. | &nbsp;&nbsp;&nbsp;&nbsp;All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Northern Lights Fund Trust III chooses to share; and whether you can limit this sharing. | &nbsp;&nbsp;&nbsp;&nbsp;All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Northern Lights Fund Trust III chooses to share; and whether you can limit this sharing. |

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| | | |
|:---|:---|:---|
| **Reasons we can share your personal information** | **Does Northern** <br> **Lights Fund** <br> **Trust III share?** | **Can you limit this**<br> **sharing?** |
| **For our everyday business purposes –**<br> such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| **For our marketing purposes –**<br> to offer our products and services to you | No | We don't share |
| **For joint marketing with other financial companies** | No | We don't share |
| **For our affiliates' everyday business purposes –**<br> information about your transactions and experiences | No | We don't share |
| **For our affiliates' everyday business purposes –**<br> information about your creditworthiness | No | We don't share |
| **For nonaffiliates to market to you** | No | We don't share |

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| | |
|:---|:---|
| **Questions?** | Call **(402) 493-4603** |

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| | |
|:---|:---|
| **Who we are** | **Who we are** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Who is providing this notice?** | Northern Lights Fund Trust III |
| **What we do** | **What we do** |
| **How does Northern Lights Fund Trust III protect my personal information?** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.<br>Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information. |
| **How does Northern Lights Fund Trust III collect my personal information?** | We collect your personal information, for example, when you<br>■ Open an account<br>■ Provide account information<br>■ Give us your contact information<br>■ Make deposits or withdrawals from your account<br>■ Make a wire transfer<br>■ Tell us where to send the money<br>■ Tells us who receives the money<br>■ Show your government-issued ID<br>■ Show your driver's license<br>We also collect your personal information from other companies. |
| **Why can't I limit all sharing?** | Federal law gives you the right to limit only <br> ■ &nbsp;&nbsp;&nbsp;&nbsp;Sharing for affiliates' everyday business purposes – information about your creditworthiness<br>■ &nbsp;&nbsp;&nbsp;&nbsp;Affiliates from using your information to market to you<br>■ &nbsp;&nbsp;&nbsp;&nbsp;Sharing for nonaffiliates to market to you<br>State laws and individual companies may give you additional rights to limit sharing. |
| **Definitions** | **Definitions** |
| **Affiliates** | Companies related by common ownership or control. They can be financial and nonfinancial companies.<br>■ &nbsp;&nbsp;&nbsp;&nbsp;*Northern Lights Fund Trust III does not share with our affiliates.* |
| **Nonaffiliates** | Companies not related by common ownership or control. They can be financial and nonfinancial companies <br> ■ *&nbsp;&nbsp;&nbsp;&nbsp;Northern Lights Fund Trust III does not share with nonaffiliates so they can market to you.* |
| **Joint marketing** | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.<br>■ *&nbsp;&nbsp;&nbsp;&nbsp;Northern Lights Fund Trust III doesn't jointly market.* |

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**<u>PROXY VOTING POLICY</u>**

Information regarding how the Fund voted proxies relating to portfolio securities for the most recent twelve month period ended June 30 as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies is available without charge, upon request, (1) by calling 1-855-233-8300, (2) on the Fund's website at http://www.persimmonfunds.com, or (3) by referring to the Securities and Exchange Commission's website at http://sec.gov. calling 1-855-233-8300 or by referring to the Security and Exchange Commission's ("SEC") website at http://www.sec.gov.

**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.**

Included under Item 7

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

Included under Item 7

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

Included under Item 7

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

Included under Item 7

**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. [Exhibit 99. CERT](ex99-cert.htm)

(a)(4) Not applicable

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto [Exhibit 99. CERT](ex99-906cert.htm)

**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) <u>Northern Lights Fund Trust III</u>

By (Signature and Title)

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| |
|:---|
| /s/ Brian Curley |
| Brian Curley, Principal Executive Officer/President |

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Date <u>6/08/26</u>

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)

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| |
|:---|
| /s/ Brian Curley |
| Brian Curley, Principal Executive Officer/President |

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Date <u>6/08/26</u>

By (Signature and Title)

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| |
|:---|
| /s/ Rich Gleason |
| Rich Gleason, Principal Financial Officer/Treasurer |

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Date <u>6/08/26</u>

## Ex-99.Cert

I, Brian Curley, certify that:

1. I have reviewed this report on Form N-CSR of the Persimmon Long/Short Fund (a series of Northern Lights Fund Trust III);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: | 6/08/26 | /s/ Brian Curley |
|  |  | Brian Curley |
|  |  | Principal Executive Officer/President |

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CERTIFICATIONS

I, Rich Gleason, certify that:

1. I have reviewed this report on Form N-CSR of the Persimmon Long/Short Fund (a series of Northern Lights Fund Trust III);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: | 6/08/26 | /s/ Rich Gleason |
|  |  | Rich Gleason |
|  |  | Principal Executive Officer/President & Principal Financial Officer/Treasurer |

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## Exhibit 99.906

**CERTIFICATION**

Brian Curley , Principal Executive Officer, and Rich Gleason, Principal Financial Officer of Northern Lights Fund Trust III (the "Registrant"), each certify to the best of his knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended March 31, 2026 (the "Form N-CSR") fully complies with the requirements of Sections 13(a) or Sections 15(d), as applicable, of the Securities Exchange Act of 1934, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

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| | |
|:---|:---|
| Principal Executive Officer/President | Principal Financial Officer/Treasurer |
| Northern Lights Fund Trust III | Northern Lights Fund Trust III |
| /s/ Brian Curley | /s/ Rich Gleason |
| Brian Curley | Rich Gleason |

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Date: <u>6/08/26</u> Date: <u>6/08/26</u>

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Northern Lights Funds Trust III and will be retained by Northern Lights Fund Trust III and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.