# EDGAR Filing Document

**Accession Number:** 0001537140
**File Stem:** 0001580642-26-000246
**Filing Date:** 2026-1
**Character Count:** 124235
**Document Hash:** aa8288d98ee769595465897067d89a4e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-000246.hdr.sgml**: 20260113

**ACCESSION NUMBER**: 0001580642-26-000246

**CONFORMED SUBMISSION TYPE**: N-CSR/A

**PUBLIC DOCUMENT COUNT**: 30

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20260113

**DATE AS OF CHANGE**: 20260113

**EFFECTIVENESS DATE**: 20260113

**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-CSR/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22655
- **FILM NUMBER:** 26529234

**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

### Pinnacle Multi-Strategy Core Fund (Series ID: S000050600)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000159719 | Pinnacle Multi-Strategy Core Fund Class A | APSHX           |
| C000159720 | Pinnacle Multi-Strategy Core Fund Class C | CPSHX           |
| C000159721 | Pinnacle Multi-Strategy Core Fund Class I | IPSHX           |

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

**FORM N-CSR/A**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

---

| | |
|:---|:---|
| Investment Company Act file number | **811-22655** |

---

**Northern Lights Fund Trust III**

(Exact name of registrant as specified in charter)

---

| | |
|:---|:---|
| **225 Pictoria Drive Cincinnati, OH** | **45246** |
| (Address of principal executive offices) | (Zip code) |

---

The Corporation Trust Company

1209 Orange Street Wilmington, DE 19801

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>631-470-2619</u> <br>

Date of fiscal year end: <u>9/30</u> <br>Date of reporting period: <u>9/30/25</u>

<u>**Reason for Amendment – Signed audit opinion was missing.**</u>

**Item 1. Reports to Stockholders.**

(a) #### Pinnacle Multi-Strategy Core Fund - Class A (APSHX)

#### Annual Shareholder Report - September 30, 2025
![Image](i87e9859b45590708517a9881.jpg)

# Fund Overview
This annual shareholder report contains important information about Pinnacle Multi-Strategy Core Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **pinnacledynamicfunds.com/document-center/**. You can also request this information by contacting us at (888) 985-9830.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $145 | 1.38% |

---

# How did the Fund perform during the reporting period?
The domestic equity market environment during the reporting period (10/1/2024-9/30/2025) was good and saw positive returns in various asset classes and sectors. However, over the past year, there was a significant difference favoring the top 50 names in the S&P 500, Developed International, and Emerging Markets, when compared to domestic mid cap and small cap equity indices.

The Fund performed well in three of the four quarters during the reporting period, enabling it to have a good return over the past year, especially in relation to both the S&P 500 Equal Weight Index and the Bloomberg U.S. Aggregate Bond Index. Here is how it looked on a quarterly basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Q4 2024&nbsp;&nbsp;&nbsp;&nbsp; Q1 2025&nbsp;&nbsp;&nbsp;&nbsp; Q2 2025 Q3 2025

APSHX (load waived)&nbsp;&nbsp;&nbsp;&nbsp; 1.72&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -8.02.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.93

APSHX (with load)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -4.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-13.29.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.59

Bloomberg U.S. Aggregate

Bond Index&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -3.06&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.78&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03

S&P 500 Equal

Weight Index&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -1.87&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -0.61&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.46&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.84

The primary cause of the significant underperformance in Q1 2025 was also the cause for the significant outperformance in Q3 2025. In both instances, the allocation to aggressive growth stocks, which were showing relative strength, was the main factor impacting the portfolio. In the first quarter, from mid-February to the end of March, these stocks declined much greater than the overall equity market. However, the reverse is also true as these stocks were the leaders in Q3 2025.

Overall, the Adviser believes its risk management signals acted appropriately during the equity market drawdown in early April and the quick turnaround within the same month. While the Adviser's risk signals did turn negative in the first several trading days of April, the majority of them turned back positive very quickly in April. The remaining ones turned positive by the end of the second quarter.

The Adviser is pleased with the overall performance of the Fund, especially considering the equity market downturn and subsequent quick rebound. The Adviser continues to believe the strategy the Adviser employs will have short periods of time of underperformance because it is a truly active strategy, but over 24-36 month time frames the Adviser believe the strategy, as a whole, provides opportunity.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i3b08554c3ec1b05ca6a4fbc5.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Pinnacle Multi-Strategy Core Fund - with load** | **S&P 500<sup>®</sup> Equal Weight Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **Oct-2015** | $9425 | $10000 | $10000 |
| **Sep-2016** | $9925 | $11617 | $10513 |
| **Sep-2017** | $11007 | $13503 | $10520 |
| **Sep-2018** | $11774 | $15386 | $10392 |
| **Sep-2019** | $10795 | $15909 | $11462 |
| **Sep-2020** | $12393 | $16307 | $12263 |
| **Sep-2021** | $14110 | $22970 | $12153 |
| **Sep-2022** | $12312 | $19862 | $10379 |
| **Sep-2023** | $13335 | $22571 | $10446 |
| **Sep-2024** | $16160 | $29078 | $11654 |
| **Sep-2025** | $17796 | $31359 | $11990 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (10/01/2015)** |
| Pinnacle Multi-Strategy Core Fund |  |  |  |
| Without Load | 10.12% | 7.50% | 6.56% |
| With Load | 3.78% | 6.24% | 5.93% |
| S&P 500<sup>®</sup> Equal Weight Index | 7.85% | 13.97% | 12.11% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.83% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $35158329 |
| Number of Portfolio Holdings | 13 |
| Advisory Fee (net of waivers) | $143207 |
| Portfolio Turnover | 350% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i5978441baf4599128a359a6f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 90.1% |
| Money Market Funds | 9.9% |

---

# What did the Fund invest in?

# **Asset Weighting (% of net assets)**![Group By Sector Chart](i4529a5f9cebefaddec174e25.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Money Market Funds | 9.9% |
| Equity | 90.2% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Pinnacle Focused Opportunities ETF | 24.6% |
| SPDR S&P 500 ETF Trust | 18.0% |
| Invesco QQQ Trust Series 1 | 11.5% |
| SPDR Portfolio Emerging Markets ETF | 11.2% |
| SPDR Portfolio S&P 500 Growth ETF | 11.1% |
| First American Government Obligations Fund, Class X | 9.9% |
| SPDR Portfolio Developed World ex-US ETF | 7.9% |
| iShares Expanded Tech-Software Sector ETF | 1.6% |
| Technology Select Sector SPDR Fund | 1.0% |
| Communication Services Select Sector SPDR Fund | 0.9% |

---

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](i91f7064b2348ceefda685ea1.jpg)

#### Pinnacle Multi-Strategy Core Fund - Class A (APSHX)

#### Annual Shareholder Report - September 30, 2025
Additional information is available on the Fund's website (**pinnacledynamicfunds.com/document-center/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-APSHX

#### Pinnacle Multi-Strategy Core Fund - Class C (CPSHX)

#### Annual Shareholder Report - September 30, 2025
![Image](i87e9859b45590708517a9881.jpg)

# Fund Overview
This annual shareholder report contains important information about Pinnacle Multi-Strategy Core Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **pinnacledynamicfunds.com/document-center/**. You can also request this information by contacting us at (888) 985-9830.

# What were the Fund's costs for the last year?
(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 C | $223 | 2.13% |

---

# How did the Fund perform during the reporting period?
The domestic equity market environment during the reporting period (10/1/2024-9/30/2025) was good and saw positive returns in various asset classes and sectors. However, over the past year, there was a significant difference favoring the top 50 names in the S&P 500, Developed International, and Emerging Markets, when compared to domestic mid cap and small cap equity indices.

The Fund performed well in three of the four quarters during the reporting period, enabling it to have a good return over the past year, especially in relation to both the S&P 500 Equal Weight Index and the Bloomberg U.S. Aggregate Bond Index. Here is how it looked on a quarterly basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Q4 2024&nbsp;&nbsp;&nbsp;&nbsp; Q1 2025&nbsp;&nbsp;&nbsp;&nbsp; Q2 2025 Q3 2025

CPSHX&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; 1.50&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -8.17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.71

Bloomberg U.S. Aggregate

Bond Index&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -3.06&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.78&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03

S&P 500 Equal

Weight Index&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -1.87&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -0.61&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.46&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.84

The primary cause of the significant underperformance in Q1 2025 was also the cause for the significant outperformance in Q3 2025. In both instances, the allocation to aggressive growth stocks, which were showing relative strength, was the main factor impacting the portfolio. In the first quarter, from mid-February to the end of March, these stocks declined much greater than the overall equity market. However, the reverse is also true as these stocks were the leaders in Q3 2025.

Overall, the Adviser believes its risk management signals acted appropriately during the equity market drawdown in early April and the quick turnaround within the same month. While the Adviser's risk signals did turn negative in the first several trading days of April, the majority of them turned back positive very quickly in April. The remaining ones turned positive by the end of the second quarter.

The Adviser is pleased with the overall performance of the Fund, especially considering the equity market downturn and subsequent quick rebound. The Adviser continues to believe the strategy the Adviser employs will have short periods of time of underperformance because it is a truly active strategy, but over 24-36 month time frames the Adviser believe the strategy, as a whole, provides opportunity.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i609684dd2a7378611301cc11.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Pinnacle Multi-Strategy Core Fund** | **Bloomberg U.S. Aggregate Bond Index** | **S&P 500<sup>®</sup> Equal Weight Index** |
| **Oct-2015** | $10000 | $10000 | $10000 |
| **Sep-2016** | $10460 | $10513 | $11617 |
| **Sep-2017** | $11503 | $10520 | $13503 |
| **Sep-2018** | $12211 | $10392 | $15386 |
| **Sep-2019** | $11118 | $11462 | $15909 |
| **Sep-2020** | $12665 | $12263 | $16307 |
| **Sep-2021** | $14312 | $12153 | $22970 |
| **Sep-2022** | $12391 | $10379 | $19862 |
| **Sep-2023** | $13323 | $10446 | $22571 |
| **Sep-2024** | $16029 | $11654 | $29078 |
| **Sep-2025** | $17517 | $11990 | $31359 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (October 1, 2015)** |
| Pinnacle Multi-Strategy Core Fund | 9.28% | 6.70% | 5.77% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.83% |
| S&P 500<sup>®</sup> Equal Weight Index | 7.85% | 13.97% | 12.11% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $35158329 |
| Number of Portfolio Holdings | 13 |
| Advisory Fee (net of waivers) | $143207 |
| Portfolio Turnover | 350% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](iad142ccd79873b35c8b26560.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 90.1% |
| Money Market Funds | 9.9% |

---

# What did the Fund invest in?

# **Asset Weighting (% of net assets)**![Group By Sector Chart](i687767cf53cdb2563c4b4a03.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Money Market Funds | 9.9% |
| Equity | 90.2% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Pinnacle Focused Opportunities ETF | 24.6% |
| SPDR S&P 500 ETF Trust | 18.0% |
| Invesco QQQ Trust Series 1 | 11.5% |
| SPDR Portfolio Emerging Markets ETF | 11.2% |
| SPDR Portfolio S&P 500 Growth ETF | 11.1% |
| First American Government Obligations Fund, Class X | 9.9% |
| SPDR Portfolio Developed World ex-US ETF | 7.9% |
| iShares Expanded Tech-Software Sector ETF | 1.6% |
| Technology Select Sector SPDR Fund | 1.0% |
| Communication Services Select Sector SPDR Fund | 0.9% |

---

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](i91f7064b2348ceefda685ea1.jpg)

#### Pinnacle Multi-Strategy Core Fund - Class C (CPSHX)

#### Annual Shareholder Report - September 30, 2025
Additional information is available on the Fund's website (**pinnacledynamicfunds.com/document-center/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-CPSHX

#### Pinnacle Multi-Strategy Core Fund - Class I (IPSHX)

#### Annual Shareholder Report - September 30, 2025
![Image](i87e9859b45590708517a9881.jpg)

# Fund Overview
This annual shareholder report contains important information about Pinnacle Multi-Strategy Core Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at **pinnacledynamicfunds.com/document-center/**. You can also request this information by contacting us at (888) 985-9830.

# What were the Fund's costs for the last year?
(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 | $118 | 1.12% |

---

# How did the Fund perform during the reporting period?
The domestic equity market environment during the reporting period (10/1/2024-9/30/2025) was good and saw positive returns in various asset classes and sectors. However, over the past year, there was a significant difference favoring the top 50 names in the S&P 500, Developed International, and Emerging Markets, when compared to domestic mid cap and small cap equity indices.

The Fund performed well in three of the four quarters during the reporting period, enabling it to have a good return over the past year, especially in relation to both the S&P 500 Equal Weight Index and the Bloomberg U.S. Aggregate Bond Index. Here is how it looked on a quarterly basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Q4 2024&nbsp;&nbsp;&nbsp;&nbsp; Q1 2025&nbsp;&nbsp;&nbsp;&nbsp; Q2 2025 Q3 2025

IPSHX (load waived)&nbsp;&nbsp;&nbsp;&nbsp; 1.79&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -7.89.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.96

Bloomberg U.S. Aggregate

Bond Index&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -3.06&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.78&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03

S&P 500 Equal

Weight Index&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -1.87&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -0.61&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.46&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.84

The primary cause of the significant underperformance in Q1 2025 was also the cause for the significant outperformance in Q3 2025. In both instances, the allocation to aggressive growth stocks, which were showing relative strength, was the main factor impacting the portfolio. In the first quarter, from mid-February to the end of March, these stocks declined much greater than the overall equity market. However, the reverse is also true as these stocks were the leaders in Q3 2025.

Overall, the Adviser believes its risk management signals acted appropriately during the equity market drawdown in early April and the quick turnaround within the same month. While the Adviser's risk signals did turn negative in the first several trading days of April, the majority of them turned back positive very quickly in April. The remaining ones turned positive by the end of the second quarter.

The Adviser is pleased with the overall performance of the Fund, especially considering the equity market downturn and subsequent quick rebound. The Adviser continues to believe the strategy the Adviser employs will have short periods of time of underperformance because it is a truly active strategy, but over 24-36 month time frames the Adviser believe the strategy, as a whole, provides opportunity.

# How has the Fund performed over the last ten years?

# Total Return Based on $1,000,000 Investment
![Growth of 10K Chart](ide44c7cd9bd5f999c636d565.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Pinnacle Multi-Strategy Core Fund** | **Bloomberg U.S. Aggregate Bond Index** | **S&P 500<sup>®</sup> Equal Weight Index** |
| **Oct-2015** | $1000000 | $1000000 | $1000000 |
| **Sep-2016** | $1057000 | $1051252 | $1161690 |
| **Sep-2017** | $1174260 | $1052016 | $1350253 |
| **Sep-2018** | $1258344 | $1039222 | $1538583 |
| **Sep-2019** | $1157570 | $1146222 | $1590940 |
| **Sep-2020** | $1332320 | $1226282 | $1630671 |
| **Sep-2021** | $1520097 | $1215305 | $2297048 |
| **Sep-2022** | $1329385 | $1037875 | $1986199 |
| **Sep-2023** | $1443629 | $1044564 | $2257119 |
| **Sep-2024** | $1753906 | $1165405 | $2907754 |
| **Sep-2025** | $1936959 | $1199012 | $3135890 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (October 1, 2015)** |
| Pinnacle Multi-Strategy Core Fund | 10.44% | 7.77% | 6.83% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.83% |
| S&P 500<sup>®</sup> Equal Weight Index | 7.85% | 13.97% | 12.11% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $35158329 |
| Number of Portfolio Holdings | 13 |
| Advisory Fee (net of waivers) | $143207 |
| Portfolio Turnover | 350% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i373cc1cc39071a8a63d03fba.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 90.1% |
| Money Market Funds | 9.9% |

---

# What did the Fund invest in?

# **Asset Weighting (% of net assets)**![Group By Sector Chart](i1c4f5384ba7df59404bbfcc5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Money Market Funds | 9.9% |
| Equity | 90.2% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Pinnacle Focused Opportunities ETF | 24.6% |
| SPDR S&P 500 ETF Trust | 18.0% |
| Invesco QQQ Trust Series 1 | 11.5% |
| SPDR Portfolio Emerging Markets ETF | 11.2% |
| SPDR Portfolio S&P 500 Growth ETF | 11.1% |
| First American Government Obligations Fund, Class X | 9.9% |
| SPDR Portfolio Developed World ex-US ETF | 7.9% |
| iShares Expanded Tech-Software Sector ETF | 1.6% |
| Technology Select Sector SPDR Fund | 1.0% |
| Communication Services Select Sector SPDR Fund | 0.9% |

---

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](i91f7064b2348ceefda685ea1.jpg)

#### Pinnacle Multi-Strategy Core Fund - Class I (IPSHX)

#### Annual Shareholder Report - September 30, 2025
Additional information is available on the Fund's website (**pinnacledynamicfunds.com/document-center/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-IPSHX

(b) Not applicable

**Item 2. Code of Ethics.** 

(a) The registrant has, as of the end of the period covered by this
report, adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal
accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the
registrant or a third party.

(b) N/A

(c) During the period covered by this report, there were no amendments
to any provision of the code of ethics.

(d) During the period covered by this report, there were no waivers
or implicit waivers of a provision of the code of ethics.

(e) N/A

(f) See Item 19(a)(1)

**Item 3. Audit Committee Financial Expert.**

(a) The Registrant's board of trustees has determined that
Mark H. Taylor is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Taylor is independent for purposes of
this Item 3.

(a)(2) Not applicable.

(a)(3) Not applicable.

**Item 4. Principal Accountant Fees and Services.**

(a) Audit Fees. The aggregate fees billed for each of the last two
fiscal years for professional services rendered by the registrant's principal accountant for the audit of the registrant's
annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings
or engagements for those fiscal years are as follows:

2025 – $16,000

2024 – $15,000

(b) Audit-Related Fees. There were no fees billed in each of the
last two fiscal years for assurances and related services by the principal accountant that are reasonably related to the performance
of the audit of the registrant's financial statements and are not reported under paragraph (a) of this item.

2025 – None

2024 – None

(c) Tax Fees. The aggregate fees billed in each of the last two
fiscal years for professional services rendered by the principal accountant for tax compliance are as follows:

2025 – $3,750

2024 – $3,750

Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

(d) All Other Fees. The aggregate fees billed in each of the last
two fiscal years for products and services provided by the registrant's principal accountant, other than the services reported
in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years ended September 30, 2025 and 2024, respectively.

(e)(1) The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant.

(e)(2) There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable. The percentage of hours expended on the principal
accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed
to work performed by persons other than the principal accountant's full-time, permanent employees was zero percent (0%).

(g) All non-audit fees billed by the registrant's principal
accountant for services rendered to the registrant for the fiscal years ended September 30, 2025 and 2024 respectively are disclosed
in (b)-(d) above. There were no audit or non-audit services performed by the registrant's principal accountant for the registrant's
adviser.

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. 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) ![](logo.jpg)

**Pinnacle Multi-Strategy Core Fund**

Class A Shares (APSHX)

Class C Shares (CPSHX)

Class I Shares (IPSHX)

**Annual Financial Statements**

**and Additional Information**

**September 30, 2025**

**PINNACLE MULTI-STRATEGY CORE FUND**

**SCHEDULE OF INVESTMENTS**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 90.2%** |  |
|  | **EQUITY - 90.2%** |  |
| 2635 | Communication Services Select Sector SPDR Fund | $311905 |
| 995 | First Trust Dow Jones Internet Index Fund<sup>(a)</sup> | 278441 |
| 1290 | First Trust NASDAQ-100 Technology Index Fund | 296197 |
| 1860 | Industrial Select Sector SPDR Fund | 286868 |
| 6765 | Invesco QQQ Trust Series 1 | 4061503 |
| 4820 | iShares Expanded Tech-Software Sector ETF<sup>(a)</sup> | 554347 |
| 271950 | Pinnacle Focused Opportunities ETF<sup>(b)</sup> | 8641075 |
| 64945 | SPDR Portfolio Developed World ex-US ETF | 2778997 |
| 84160 | SPDR Portfolio Emerging Markets ETF | 3939530 |
| 37310 | SPDR Portfolio S&P 500 Growth ETF | 3899268 |
| 9510 | SPDR S&P 500 ETF Trust | 6335372 |
| 1190 | Technology Select Sector SPDR Fund | 335413 |
|  |  | 31718916 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $26,449,660)** | 31718916 |
|  | **SHORT-TERM INVESTMENTS — 9.9%** |  |
|  | **MONEY MARKET FUND - 9.9%** |  |
| 3478534 | First American Government Obligations Fund, Class X, 4.04% (Cost $3,478,534)<sup>(c)</sup> | 3478534 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $29,928,194)** | $35197450 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | (39121) |
|  | **NET ASSETS - 100.0%** | $35158329 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| SPDR | - Standard & Poor's Depositary Receipt |
| <sup>(a)</sup> | Non-income producing security |
| <sup>(b)</sup> | Affiliated security |
| <sup>(c)</sup> | Rate disclosed is the seven-day effective yield as of September 30, 2025. |

---

See Accompanying Notes to Financial Statements.

***Pinnacle Multi-Strategy Core Fund***

**STATEMENT OF ASSETS AND LIABILITIES**

**September 30, 2025**

---

| | |
|:---|:---|
| **ASSETS** | |
| &nbsp;&nbsp;&nbsp;Investment Securities: |  |
| &nbsp;&nbsp;&nbsp;At cost (including affiliated security of $5,823,247) | $29928194 |
| &nbsp;&nbsp;&nbsp;At value (including affiliated security of $8,641,075) | 35197450 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 25000 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 12926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 35235376 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 28065 |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 10528 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees payable | 8240 |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares repurchased | 3242 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 26972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 77047 |
| **NET ASSETS** | $**35158329** |
| **Net Assets Consist Of:** |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $31310961 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | 3847368 |
| **NET ASSETS** | $**35158329** |
| **Net Asset Value Per Share:** |  |
| Class A Shares: |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**6801641** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **489384** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding) and redemption price per share (a) | $**13.90** |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (maximum sales charge of 5.75%) | $**14.75** |
| Class C Shares: |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**9336734** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **722809** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share (a) | $**12.92** |
| Class I Shares: |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**19019954** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **1342256** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share (a) | $**14.17** |

---

(a) Redemptions made within 60 days of purchase may be assessed a redemption fee of 1.00%.

See Accompanying Notes to Financial Statements.

***Pinnacle Multi-Strategy Core Fund***

**STATEMENT OF OPERATIONS**

**For the Year Ended September 30, 2025**

---

| | |
|:---|:---|
| **INVESTMENT INCOME** | |
| &nbsp;&nbsp;&nbsp;Dividends (including income on affiliated security of $1,054,400) | $1294370 |
| &nbsp;&nbsp;&nbsp;Interest | 210569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 1504939 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 382562 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 17340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 93360 |
| &nbsp;&nbsp;&nbsp;Registration fees | 50001 |
| &nbsp;&nbsp;&nbsp;Administrative services fees | 49382 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 47582 |
| &nbsp;&nbsp;&nbsp;Accounting services fees | 23662 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 23552 |
| &nbsp;&nbsp;&nbsp;Audit fees | 20000 |
| &nbsp;&nbsp;&nbsp;Legal fees | 19186 |
| &nbsp;&nbsp;&nbsp;Trustees fees and expenses | 17641 |
| &nbsp;&nbsp;&nbsp;Third party administrative servicing fees | 13575 |
| &nbsp;&nbsp;&nbsp;Printing and postage expenses | 9677 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 5000 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 3574 |
| &nbsp;&nbsp;&nbsp;Other expenses | 4004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 780098 |
| &nbsp;&nbsp;&nbsp;Less: Fees waived by the advisor for affiliated holding | (44012) |
| &nbsp;&nbsp;&nbsp;Less: Fees waived / expenses reimbursed by the advisor | (195343) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 540743 |
| **NET INVESTMENT INCOME** | 964196 |
| **REALIZED AND UNREALIZED GAIN ON INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain from security transactions (including gain on affiliated security of $915,846) | 142523 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments (including gain on affiliated security of $11,485) | 1858498 |
| **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS** | 2001021 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**2965217** |

---

See Accompanying Notes to Financial Statements.

***Pinnacle Multi-Strategy Core Fund***

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**September 30,**<br>**2025** | **Year Ended**<br>**September 30,**<br>**2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**Net investment income (loss)** | $**964196** | $**(3035)** |
| &nbsp;&nbsp;&nbsp;**Net realized gain from security transactions** | **142523** | **5563144** |
| &nbsp;&nbsp;&nbsp;**Net change in unrealized appreciation on investments** | **1858498** | **2200891** |
| **Net increase in net assets resulting from operations** | **2965217** | **7761000** |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;**Total distributions paid:** |  |  |
| &nbsp;&nbsp;&nbsp;**Class A** | **(358459)** | **-** |
| &nbsp;&nbsp;&nbsp;**Class C** | **(449328)** | **-** |
| &nbsp;&nbsp;&nbsp;**Class I** | **(1353641)** | **-** |
| **Net decrease in net assets resulting from distributions to shareholders** | **(2161428)** | **-** |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;**Proceeds from shares sold:** |  |  |
| &nbsp;&nbsp;&nbsp;**Class A** | **64869** | **224730** |
| &nbsp;&nbsp;&nbsp;**Class C** | **51106** | **109385** |
| &nbsp;&nbsp;&nbsp;**Class I** | **648081** | **9718937** |
| &nbsp;&nbsp;&nbsp;**Net asset value of shares issued in reinvestment of distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;**Class A** | **351080** | **-** |
| &nbsp;&nbsp;&nbsp;**Class C** | **445389** | **-** |
| &nbsp;&nbsp;&nbsp;**Class I** | **1349578** | **-** |
| &nbsp;&nbsp;&nbsp;**Payments for shares redeemed:** |  |  |
| &nbsp;&nbsp;&nbsp;**Class A** | **(1182738)** | **(989324)** |
| &nbsp;&nbsp;&nbsp;**Class C** | **(1453676)** | **(1140840)** |
| &nbsp;&nbsp;&nbsp;**Class I** | **(9717219)** | **(2953291)** |
| &nbsp;&nbsp;&nbsp;**Redemption fee proceeds:** |  |  |
| &nbsp;&nbsp;&nbsp;**Class A** | **27** | **118** |
| &nbsp;&nbsp;&nbsp;**Class C** | **37** | **163** |
| &nbsp;&nbsp;&nbsp;**Class I** | **97** | **383** |
| **Net increase (decrease) in net assets resulting from shares of beneficial interest** | **(9443369)** | **4970261** |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | **(8639580)** | **12731261** |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;**Beginning of Year** | **43797909** | **31066648** |
| &nbsp;&nbsp;&nbsp;**End of Year** | $**35158329** | $**43797909** |

---

See Accompanying Notes to Financial Statements.

***Pinnacle Multi-Strategy Core Fund***

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**September 30,**<br>**2025** | **Year Ended**<br>**September 30,**<br>**2024** |
| **SHARE ACTIVITY** |  |  |
| **Class A:** |  |  |
| &nbsp;&nbsp;&nbsp;**Shares Sold** | **5127** | **18030** |
| &nbsp;&nbsp;&nbsp;**Shares Reinvested** | **26985** | **-** |
| &nbsp;&nbsp;&nbsp;**Shares Redeemed** | **(92121)** | **(81728)** |
| &nbsp;&nbsp;&nbsp;**Net decrease in shares of beneficial interest outstanding** | **(60009)** | **(63698)** |
| **Class C:** |  |  |
| &nbsp;&nbsp;&nbsp;**Shares Sold** | **4323** | **9476** |
| &nbsp;&nbsp;&nbsp;**Shares Reinvested** | **36627** | **-** |
| &nbsp;&nbsp;&nbsp;**Shares Redeemed** | **(123154)** | **(100694)** |
| &nbsp;&nbsp;&nbsp;**Net decrease in shares of beneficial interest outstanding** | **(82204)** | **(91218)** |
| **Class I:** |  |  |
| &nbsp;&nbsp;&nbsp;**Shares Sold** | **47766** | **834163** |
| &nbsp;&nbsp;&nbsp;**Shares Reinvested** | **101932** | **-** |
| &nbsp;&nbsp;&nbsp;**Shares Redeemed** | **(771694)** | **(230949)** |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in shares of beneficial interest outstanding** | **(621996)** | **603214** |

---

See Accompanying Notes to Financial Statements.

***Pinnacle Multi-Strategy Core Fund***

**FINANCIAL HIGHLIGHTS**

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Class A** | **Year Ended**<br>**September 30,<br> 2025** | **Year Ended**<br>**September 30,<br> 2024** | **Year Ended**<br>**September 30,<br> 2023** | **Year Ended**<br>**September 30,<br> 2022** | **Year Ended**<br>**September 30,<br> 2021** |
| **Net asset value, beginning of year** | $**13.27** | $**10.95** | $**10.11** | $**13.48** | $**11.84** |
| **Activity from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net investment income (loss)<sup>(1)(5)</sup>** | **0.30** | **0.01** | **0.04** | **(0.04)** | **(0.07)** |
| &nbsp;&nbsp;&nbsp;**Net realized and unrealized gain (loss) on investments** | **1.00** | **2.31** | **0.80** | **(1.31)** | **1.71** |
| **Total from investment operations** | **1.30** | **2.32** | **0.84** | **(1.35)** | **1.64** |
| **Less distributions from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net investment income** | **(0.32)** | **-** | **-** | **-** | **-** |
| &nbsp;&nbsp;&nbsp;**Net realized gains** | **(0.35)** | **-** | **-** | **(2.02)** | **-** |
| **Total distributions** | **(0.67)** | **-** | **-** | **(2.02)** | **-** |
| **Paid-in-Capital From Redemption Fees<sup>(1)(6)</sup>** | **0.00** | **0.00** | **0.00** | **0.00** | **0.00** |
| **Net Asset Value, at end of year** | $**13.90** | $**13.27** | $**10.95** | $**10.11** | $**13.48** |
| **Total return<sup>(2)</sup>** | **10.12%** | **21.19%** | **8.31%** | **(12.74)%** | **13.85** **%<sup>(7)</sup>** |
| **Net assets, at end of year (000s)** | $**6802** | $**7289** | $**6711** | $**7947** | $**11864** |
| **Ratio of gross expenses to average net assets<sup>(3)(4)</sup>** | **2.01%** | **1.98%** | **2.08%** | **1.84%** | **1.67%** |
| **Ratio of net expenses to average net assets<sup>(4)</sup>** | **1.38** **%<sup>(8)</sup>** | **1.37** **%<sup>(8)</sup>** | **1.49%** | **1.49%** | **1.49%** |
| **Ratio of net investment income (loss) to average net assets<sup>(4)(5)</sup>** | **2.33** **%<sup>(8)</sup>** | **0.00** **%<sup>(8)</sup>** | **0.36%** | **(0.33** **%)** | **(0.48** **%)** |
| **Portfolio Turnover Rate** | **350%** | **424%** | **512%** | **1127%** | **551%** |

---

<sup>(1)</sup> Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year.

<sup>(2)</sup> Total returns shown are historical in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude the effect of applicable sales charges and redemption fees. Had the adviser not waived fees and/or reimbursed a portion of its expenses, total returns would have been lower.

<sup>(3)</sup> Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

<sup>(4)</sup> Does not include the expenses of other investment companies in which the Fund invests.

<sup>(5)</sup> Recognition of net investment income (loss) by the Fund is affected by the timing of declaration of dividends by the underlying investment companies in which the Fund invests.

<sup>(6)</sup> Amount represents less than $0.01 per share.

<sup>(7)</sup> 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.

<sup>(8)</sup> Includes fees waived by the advisor for affiliated holding. The impact of the affiliated holding waiver is 0.11% and 0.12% for the year ended September 30, 2025 and September 30, 2024, respectively.

See Accompanying Notes to Financial Statements.

***Pinnacle Multi-Strategy Core Fund***

**FINANCIAL HIGHLIGHTS**

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Class C** | **Year Ended**<br>**September 30,<br> 2025** | **Year Ended**<br>**September 30,<br> 2024** | **Year Ended**<br>**September 30,<br> 2023** | **Year Ended**<br>**September 30,<br> 2022** | **Year Ended**<br>**September 30,<br> 2021** |
| Net asset value, beginning of year | $12.38 | $10.29 | $9.57 | $12.95 | $11.46 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)(5)</sup> | 0.19 | (0.09) | (0.04) | (0.12) | (0.16) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.92 | 2.18 | 0.76 | (1.24) | 1.65 |
| Total from investment operations | 1.11 | 2.09 | 0.72 | (1.36) | 1.49 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.22) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.35) | - | - | (2.02) | - |
| Total distributions | (0.57) | - | - | (2.02) | - |
| Paid-in-Capital From Redemption Fees<sup>(1)(6)</sup> | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net Asset Value, at end of year | $12.92 | $12.38 | $10.29 | $9.57 | $12.95 |
| Total return<sup>(2)</sup> | 9.28% | 20.31% | 7.52% | (13.42)% | 13.00%<sup>(7)</sup> |
| Net assets, at end of year (000s) | $9337 | $9962 | $9219 | $9951 | $13781 |
| Ratio of gross expenses to average net assets<sup>(3)(4)</sup> | 2.76% | 2.73% | 2.83% | 2.60% | 2.42% |
| Ratio of net expenses to average net assets<sup>(4)</sup> | 2.13%<sup>(8)</sup> | 2.12%<sup>(8)</sup> | 2.24% | 2.24% | 2.24% |
| Ratio of net investment income (loss) to average net assets<sup>(4)(5)</sup> | 1.61%<sup>(8)</sup> | (0.75%)<sup>(8)</sup> | (0.42%) | (1.08%) | (1.24)% |
| Portfolio Turnover Rate | 350% | 424% | 512% | 1127% | 551% |

---

<sup>(1)</sup> Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year.

<sup>(2)</sup> Total returns shown are historical in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude the effect of applicable sales charges and redemption fees. Had the adviser not waived fees and/or reimbursed a portion of its expenses, total returns would have been lower.

<sup>(3)</sup> Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

<sup>(4)</sup> Does not include the expenses of other investment companies in which the Fund invests.

<sup>(5)</sup> Recognition of net investment loss by the Fund is affected by the timing of declaration of dividends by the underlying investment companies in which the Fund invests.

<sup>(6)</sup> Amount represents less than $0.01 per share.

<sup>(7)</sup> 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.

<sup>(8)</sup> Includes fees waived by the advisor for affiliated holding. The impact of the affiliated holding waiver is 0.11% and 0.12% for the year ended September 30, 2025 and September 30, 2024, respectively.

See Accompanying Notes to Financial Statements.

***Pinnacle Multi-Strategy Core Fund***

**FINANCIAL HIGHLIGHTS**

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Class I** | **Year Ended**<br>**September 30,<br> 2025** | **Year Ended**<br>**September 30,<br> 2024** | **Year Ended**<br>**September 30,<br> 2023** | **Year Ended**<br>**September 30,<br> 2022** | **Year Ended**<br>**September 30,<br> 2021** |
| **Net asset value, beginning of year** | $**13.51** | $**11.12** | $**10.24** | $**13.60** | $**11.92** |
| **Activity from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net investment income (loss)<sup>(1)(5)</sup>** | **0.39** | **0.04** | **0.07** | **(0.01)** | **(0.03)** |
| &nbsp;&nbsp;&nbsp;**Net realized and unrealized gain (loss) on investments** | **0.97** | **2.35** | **0.81** | **(1.33)** | **1.71** |
| **Total from investment operations** | **1.36** | **2.39** | **0.88** | **(1.34)** | **1.68** |
| **Less distributions from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net investment income** | **(0.35)** | **-** | **-** | **-** | **-** |
| &nbsp;&nbsp;&nbsp;**Net realized gains** | **(0.35)** | **-** | **-** | **(2.02)** | **-** |
| **Total distributions** | **(0.70)** | **-** | **-** | **(2.02)** | **-** |
| **Paid-in-Capital From Redemption Fees<sup>(1)(6)</sup>** | **0.00** | **0.00** | **0.00** | **0.00** | **0.00** |
| **Net Asset Value, at end of year** | $**14.17** | $**13.51** | $**11.12** | $**10.24** | $**13.60** |
| **Total return<sup>(2)</sup>** | **10.44%** | **21.49%** | **8.59%** | **(12.55)%** | **14.09** **%<sup>(7)</sup>** |
| **Net assets, at end of year (000s)** | $**19020** | $**26546** | $**15137** | $**19118** | $**40798** |
| **Ratio of gross expenses to average net assets<sup>(3)(4)</sup>** | **1.75%** | **1.72%** | **1.83%** | **1.56%** | **1.42%** |
| **Ratio of net expenses to average net assets<sup>(4)</sup>** | **1.12** **%<sup>(8)</sup>** | **1.12** **%<sup>(8)</sup>** | **1.24%** | **1.24%** | **1.24%** |
| **Ratio of net investment income (loss) to average net assets<sup>(4)(5)</sup>** | **2.97** **%<sup>(8)</sup>** | **0.28** **%<sup>(8)</sup>** | **0.62%** | **(0.12** **%)** | **(0.24)%** |
| **Portfolio Turnover Rate** | **350%** | **424%** | **512%** | **1127%** | **551%** |

---

<sup>(1)</sup> Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year.

<sup>(2)</sup> Total returns shown are historical in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude the effect of applicable sales charges and redemption fees. Had the adviser not waived fees and/or reimbursed a portion of its expenses, total returns would have been lower.

<sup>(3)</sup> Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

<sup>(4)</sup> Does not include the expenses of other investment companies in which the Fund invests.

<sup>(5)</sup> Recognition of net investment income (loss) by the Fund is affected by the timing of declaration of dividends by the underlying investment companies in which the Fund invests.

<sup>(6)</sup> Amount represents less than $0.01 per share.

<sup>(7)</sup> 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.

<sup>(8)</sup> Includes fees waived by the advisor for affiliated holding. The impact of the affiliated holding waiver is 0.12% and 0.12% for the year ended September 30, 2025 and September 30, 2024, respectively.

See Accompanying Notes to Financial Statements.

***PINNACLE MULTI-STRATEGY CORE FUND***

**NOTES TO FINANCIAL STATEMENTS**

**September 30, 2025**

**1.** **ORGANIZATION** 

The Pinnacle Multi-Strategy Core Fund (the "Fund") is a series of shares of beneficial interest of Northern Lights Fund Trust III (the "Trust"), a Delaware statutory trust organized on December 5, 2011. The Fund is a diversified series of the Trust. The Fund is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The investment objective of the Fund is to seek high total return with reasonable risk. The Fund commenced operations on October 1, 2015. The Fund is a "fund of funds" in that the Fund will generally invest in other investment companies.

The Fund currently offers Class A, Class C and Class I shares. Class C and Class I shares are offered at net asset value ("NAV"). Class A shares are offered at NAV plus a maximum sales charge of 5.75%. Each class represents an interest in the same assets of the Fund and classes are identical except for differences in their sales charge structures and ongoing service and distribution charges. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plans. The Fund's income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class.

**2.** **SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP"). The preparation of financial statements in conformity with GAAP 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 year. 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 Accounting Standards Update 2013-08.

**Operating Segments –** The Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the portfolio managers and Principal 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.

***PINNACLE MULTI-STRATEGY CORE FUND***

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

**Securities Valuation –** Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined or, in the case of securities listed on NASDAQ, at the NASDAQ Official Closing Price. In the absence of a sale, such securities shall be valued at the mean between the current bid and ask prices on the day of valuation. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost.

The Fund may hold investments, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These investments will be valued using the "fair value" procedures approved by the Trust's Board of Trustees (the "Board"). The Board has delegated execution of these procedures to the adviser 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 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.

**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

***PINNACLE MULTI-STRATEGY CORE FUND***

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

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.

**Cash and Cash Equivalents** – Cash and cash equivalents includes cash and overnight investments in interest-bearing demand deposits with a financial institution with original maturities of three months or less. The assets of the Fund may be placed in deposit accounts at U.S. banks and such deposits generally exceed Federal Deposit Insurance Corporation ("FDIC") insurance limits. The FDIC insures deposit accounts up to $250,000 for each accountholder. The counterparty is generally a single bank or other financial institution, rather than a group of financial institutions; thus there may be a greater counterparty credit risk. The Fund places deposits only with those counterparties which are believed to be creditworthy.

**Valuation of Underlying Funds** – The Fund may invest in portfolios of open-end or closed-end investment companies (the "underlying funds"). Underlying funds are valued at their respective NAVs as reported by such investment companies. 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 by the methods established by the board of trustees of the underlying funds. 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 NAV 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.

The Fund utilizes various methods to measure the fair value of all their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

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

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

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing 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.

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.

***PINNACLE MULTI-STRATEGY CORE FUND***

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

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 September 30, 2025 for the Fund's investments measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange Traded Funds - Equity | $31718916 | $- | $- | $31718916 |
| Short-Term Investments | 3478534 |  | - | 3478534 |
| Total | $35197450 | $- | $- | $35197450 |

---

The Fund did not hold any Level 2 and Level 3 securities during the year.

\* Refer to the Schedule of Investments for classification by asset class.

**Security Transactions and Related Income –** Investment security transactions are accounted for on a trade date basis. Cost is determined and gains and losses are based upon the specific identification method for both financial statement and federal income tax purposes. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Purchase discounts and premiums on securities are accreted and amortized over the life of the respective securities using the effective interest method.

**Dividends and Distributions to Shareholders –** Dividends from net investment income, if any, are declared and paid annually. Distributable net realized capital gains, if any, are declared and distributed annually. Dividends from net investment income and distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are considered either temporary (e.g., deferred losses) 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. Any such reclassifications will have no effect on net assets, results from operations, or net asset value per share of the Fund. Dividends and distributions to shareholders are recorded on the ex-dividend date.

**Federal Income Taxes –** The Fund complies with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income to its shareholders. Therefore, no provision for federal income tax is required. 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 for the period ended September 30, 2022 through September 30, 2024, or expected to be taken in the Fund's September 30, 2025 year-end tax returns. The Fund identifies its major tax jurisdictions as U.S. federal, Ohio and foreign jurisdictions where the Fund makes significant investments;

***PINNACLE MULTI-STRATEGY CORE FUND***

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

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.

The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the year, the Fund did not incur any interest or penalties.

**Exchange Traded Funds –** The Fund may invest in exchange traded funds ("ETFs"). ETFs are a type of fund bought and sold on a securities exchange. An ETF trades like common stock and may be actively managed or represent a fixed portfolio of securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities in which they invest, although the lack of liquidity on an ETF could result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value.

**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 (as determined by the Board), 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** 

For the year ended September 30, 2025 cost of purchases and proceeds from sales of portfolio securities, other than short-term investments and U.S. government securities, amounted to $120,132,242 and $124,509,582, respectively.

**4.** **REDEMPTION FEES** 

The Fund may assess a short-term redemption fee of 1.00% of the total redemption amount if a shareholder sells their shares after holding them for less than 60 days. The redemption fee is paid directly to the Fund. For the year ended September 30, 2025, $161 in redemption fees was paid to the Fund.

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

Pinnacle Family Advisors, LLC serves as the Fund's investment adviser (the "Adviser").

Pursuant to an advisory agreement with the Trust on behalf of the Fund, the Adviser, under the oversight

***PINNACLE MULTI-STRATEGY CORE FUND***

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

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 Adviser, the Fund pays the Adviser a management fee, computed and accrued daily and paid monthly, at an annual rate of 1.00% of the average daily net assets of the Fund, paid monthly. For the year ended September 30, 2025, the Fund incurred $382,562 in advisory fees.

Pursuant to Rule 12d1-4, the Fund invested a portion of its assets in the Pinnacle Focused Opportunities ETF ("FCUS"). The Adviser has agreed to waive its net advisory fee (after expense limitation agreement waiver) on the portion of the Fund's assets that are invested in FCUS. For the year ended September 30, 2025, the Fund waived $44,012 in advisory fees pursuant to this agreement.

Pursuant to a written contract (the "Waiver Agreement"), the Adviser has agreed, at least until August 1, 2026, to waive a portion of its advisory fees and reimburse the Fund for other expenses to the extent necessary so that the total expenses incurred by the Fund (excluding 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 sold short, taxes, or extraordinary expenses, such as litigation, not incurred in the ordinary course of the Fund's business) do not exceed 1.49% per annum of Class A average daily net assets, 2.24% per annum for Class C average daily net assets, and 1.24% per annum for Class I average daily net assets for the Fund (the "expense limitation").

If the Adviser waives any fee or reimburses any expense pursuant to the Waiver Agreement, and the Fund's operating expenses attributable to Class A, Class C and Class I shares are subsequently less than the expense limitation, the Adviser shall be entitled to reimbursement by the Fund for such waived fees or reimbursed expenses provided that such reimbursement does not cause the Fund's expenses to exceed the lesser of the expense limitation in place at the time of the waiver or at the time of the reimbursement. If the operating expenses attributable to the Class A, Class C and Class I shares subsequently exceed the expense limitation then in place or in place at time of waiver, the reimbursements shall be suspended. The Adviser may seek recoupment only for expenses waived or paid by it during the three years prior to such reimbursement; provided, however, that such expenses may only be reimbursed to the extent they were waived or paid after the date of the Waiver Agreement (or any similar agreement). The Board may terminate this expense reimbursement arrangement only on 60 days' notice to the Adviser. For the year ended September 30, 2025, the Adviser waived and/or reimbursed $195,343 for the Fund in advisory fees or expenses pursuant to the Waiver Agreement.

As of September 30, 2025, the following amounts are subject to recapture by the Adviser by September 30 of the following years:

---

| | | |
|:---|:---|:---|
| **2026** | **2027** | **2028** |
| $200003 | $200553 | $195343 |

---

*Distributor –* The Trust, on behalf of the Fund, has adopted the Trust's Class A and Class C Master Distribution and Shareholder Servicing Plans (the "Plans") pursuant to Rule 12b-1 under the 1940 Act. The Plans provide that a monthly service and/or distribution fee is calculated by the Fund up to an annual rate of 0.25% and 1.00% of the average daily net assets attributable to Class A shares and Class C shares,

***PINNACLE MULTI-STRATEGY CORE FUND***

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

respectively, and is paid to Northern Lights Distributors, LLC (the "Distributor"), to provide compensation for ongoing distribution-related activities or services and/or maintenance of the Fund's shareholder accounts, not otherwise required to be provided by the Adviser. Pursuant to the Plans, the Fund incurred distribution fees during the year ended September 30, 2025 as follows:

---

| | |
|:---|:---|
| **Class** **A** | **Class C** |
| $17340 | $93360 |

---

The Distributor acts as the Fund's principal underwriter in a continuous public offering of the Fund's shares. For the year ended September 30, 2025, the Distributor received $2,869 from front-end sales charge of which $385 was retained by the principal underwriter or other affiliated broker-dealers for the Fund's Class A shares.

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

*<u>Ultimus Fund Solutions, LLC</u>* <u>("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 each 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</u>* <u>("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</u>* <u>("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.

**6.** **INVESTMENT IN AFFILIATED COMPANY** 

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities or are affiliated through common management. The company which is an affiliate of the Fund as of September 30, 2025 is noted in the Fund's Schedule of Investments. Transactions with the affiliated company during the year ended September 30, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Holding** | **Value - Beginning<br> of Year** | **Purchases** | **Sales<br> Proceeds** | **Realized**<br> **Gain** | **Change in<br> Unrealized Gain** | **Dividend<br> Income** | **Value - End<br> of Year** | **Ending<br> Shares** |
| Pinnacle Focused Opportunities ETF | $10757561 | $3071019 | $(6114836) | $915846 | $11485 | $1054400 | $8641075 | 271950 |

---

***PINNACLE MULTI-STRATEGY CORE FUND***

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

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

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. Persons controlling the Fund can determine the outcome of any proposal submitted to the shareholders for approval, including changes to the Fund's fundamental policies or the terms of the advisory agreement with the Adviser. As of September 30, 2025, the following held in excess of 25% of the voting securities of the Fund listed, for the sole benefit of customers and may be deemed to control the Fund:

---

| | |
|:---|:---|
| **Shareholder** | **Percentage of Voting Securities as of**<br> **September 30, 2025** |
| LPL Financial | 33.6% |
| Digital Monitoring Products Inc | 28.4% |

---

**8.** **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 September 30, 2025, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Tax Cost** | **Gross Unrealized<br> Appreciation** | **Gross Unrealized<br> (Depreciation)** | **Net Unrealized Appreciation**  |
| $30318940 | $5269256 | $(390746) | $4878510 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Fiscal<br> Year Ended<br> September 30,<br> 2025** | **Fiscal<br> Year Ended<br> September 30,<br> 2024** |
| Ordinary Income | $1241951 | $- |
| Long-Term Capital Gain | 919477 | - |
|  | $2161428 | $- |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Undistributed<br> Ordinary<br> Income** | **Undistributed<br> Long-Term<br> Gains** | **Post October<br> Loss and Late<br> Year Loss** | **Capital<br> Loss Carry<br> Forwards** | **Other<br> Book/Tax<br> Differences** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **Total<br> Distributable<br> Earnings/<br> (Accumulated Deficit)** |
| $42334 | $– $| (248947) | $(824529) | $– $| 4878510 | $3847368 |

---

***PINNACLE MULTI-STRATEGY CORE FUND***

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

The difference between book basis and tax basis accumulated net realized losses, and unrealized depreciation from investments is primarily attributable to the tax deferral of losses on was sales.

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 $129,895.

Capital losses incurred after October 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 capital losses of $119,052.

During the fiscal year ended September 30, 2025, the fund utilized capital loss carry forwards to offset current year capital gains of $141,535. As a result of the acquisition of another Fund during the fiscal year ended September 30, 2020, the Pinnacle Sherman Multi-Strategy Core Fund acquired short-term capital loss carryover, of which, at September 30, 2025, $824,529 is available to offset future capital gains, subject to annual limitation of $141, 535 under the tax rules.

**10.** **NEW ACCOUNTING PRONOUNCEMENT** 

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund management is evaluating the impacts of these changes on the Fund's financial statements.

**11.** **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.

**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

To the Shareholders of Pinnacle Multi-Strategy Core Fund and Board of Trustees of

Northern Lights Fund Trust III

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Pinnacle Multi-Strategy Core Fund (the "Fund"), a series of Northern Lights Fund Trust III, as of September 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditors of one or more investment companies advised by Pinnacle Family Advisors, LLC since 2013**.**

![](cohensig2.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

November 26, 2025

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

Information regarding how the Fund voted proxies relating to portfolio securities for the most recent 12 month period ended June 30th as well as a description of the policies and procedures that the Fund used to determine how to vote proxies is available without charge, upon request, by calling 1-888-985-9830, by visiting www.pinnacledynamicfunds.com, or by referring to the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

**PINNACLE MULTI-STRATEGY CORE FUND**

**ADDITIONAL INFORMATION (Unaudited)**

**September 30, 2025**

**Changes in and Disagreements with Accountants**

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

**Proxy Disclosures**

Not applicable.

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

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

**Renewal of Advisory Agreement Pinnacle Multi-Strategy Core Fund\***

In connection with a meeting held on May 20-21, 2025, the Board, comprised entirely Trustees who are not "interested persons," as that term is defined in the 1940 Act, as amended, discussed the renewal of the investment advisory agreement (the "Advisory Agreement") between Pinnacle Family Advisors, LLC (the "Adviser") and the Trust, with respect to the Pinnacle Multi-Strategy Core Fund ("Pinnacle"). In considering the renewal of the Advisory Agreement, the Board received materials specifically relating to Pinnacle and the 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 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 2008, managed approximately $330 million in assets and provided financial investment services to individuals and businesses. The Board reviewed the background information of the Adviser's key personnel servicing Pinnacle, noting their education and financial industry experience. The Board acknowledged that the Adviser had implemented its own proprietary risk management signals to determine Pinnacle's equity, fixed income and cash allocations. The Board recognized that the Adviser's risk management program identified three key risks: individual investment risk, timing signal risk, and relative strength ranking risk, and that the Adviser monitored all risks on an ongoing basis. The Board noted that the Adviser used pre-and post-trade checklists to monitor compliance with Pinnacle's investment restrictions. The Board commented that the Adviser was not using artificial intelligence at this time and noted that the Adviser reported no material compliance, litigation or cybersecurity concerns since the last renewal of the Advisory

**PINNACLE MULTI-STRATEGY CORE FUND**

**ADDITIONAL INFORMATION (Unaudited) (Continued)**

**September 30, 2025**

Agreement. The Board concluded that it could expect the Adviser to continue providing high quality service to Pinnacle and its shareholders.

*<u>Performance</u>*. The Board noted that Pinnacle earned a 4-star Morningstar rating and outperformed its benchmark while underperforming its peer group and Morningstar category over the 1-year period. The Board recognized that Pinnacle outperformed its peer group, Morningstar category, and benchmark over the 3-year, 5-year and 10-year periods. The Board noted that while the Adviser's proprietary signals caused some underperformance over the 1-year period, it acknowledged that the Adviser's proprietary signals created better returns than the previous signals used. The Board agreed the Adviser should continue managing the Pinnacle's investment strategy using its proprietary signals.

*<u>Fees and Expenses</u>*. The Board acknowledged that the Adviser's advisory fee for Pinnacle was slightly below the peer group average, the same as the peer group median and higher than the Morningstar category average and median. The Board noted that Pinnacle's net expense ratio was below the peer group average and median and Morningstar median but higher than the Morningstar category average. The Board considered the Adviser's explanation that many of the funds within the Morningstar category had much higher assets or were part of a larger fund family than Pinnacle. The Board considered the impact of the Fund's expense limitation agreement on the Fund's expenses and noted that the Adviser intended to renew the agreement. The Board concluded that the Adviser's advisory fee for Pinnacle was not unreasonable.

*<u>Economies of Scale</u>*. The Board discussed the size of Pinnacle and its prospects for growth. The Board noted that the Adviser had indicated its willingness to discuss the matter of breakpoints with the Board as Pinnacle reached a specified asset level. The Board agreed that, in light of the expense limitation agreement, which effectively provided Pinnacle shareholders with some benefits of scale despite lower asset levels, and the Adviser's willingness to consider breakpoints as Pinnacle grew, the absence of breakpoints at this time was acceptable.

*<u>Profitability</u>.* The Board reviewed the Adviser's profitability analysis in connection with its management and acknowledged that the Adviser was managing Pinnacle at a loss and concluded, therefore, that excessive profitability was not an issue with respect to Pinnacle at this 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 renewal of the Advisory Agreement was in the best interests of Pinnacle and its shareholders.

\* Due to timing of the contract renewal schedule, these deliberations may or may not relate to the current performance results of Pinnacle.

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

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

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

Included under Item 7

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

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.**

None

**Item 16. Controls and Procedures**

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

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

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

Not applicable

**Item 18. Recovery of Erroneously Awarded Compensation.** 

(a) Not applicable

(b) Not applicable

**Item 19. Exhibits.**

(a)(1) Code of Ethics for Principal Executive and Senior Financial Officers is [attached hereto](coe.htm).

(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.](pinnacle_ex99cert.htm)

(a)(4) Not applicable

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): [Attached hereto.](pinnacle_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) | /s/ Brian Curley |
|  | Brian Curley, President |

---

Date <u>1/13/26</u> <br>

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

---

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

---

Date <u>1/13/26</u> <br>

---

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

---

Date <u>1/13/26</u>

## Ex-99.Code

**aTTACHMENT 12.B**

**Northern Lights Fund Trust III**

**CODE OF ETHICS**

Northern Lights Fund Trust III (the "Trust") and each of its series (the "Funds") has adopted this Code of Ethics (the "Code") in order to set forth guidelines and procedures that promote ethical practices and conduct by all of its Access Persons and to ensure that all Access Persons comply with the federal securities laws. Although this Code contains a number of specific standards and policies, there are four key principles embodied throughout the Code.

**The interests of the Funds must always be paramount**

Access Persons have a legal, fiduciary duty to place the interests of the Funds ahead of their own. In any decision relating to their personal investments, Access Persons must scrupulously avoid serving their own interests ahead of those of Trust.

**Access Persons may not take advantage of their relationship with the Funds**

Access Persons should avoid any situation (unusual investment opportunities, perquisites and accepting gifts of more than token value from persons seeking to do business with the Funds) that might compromise, or call into question, the exercise of their fully independent judgment in the interests of the Funds.

**All Personal Securities Transactions should avoid any actual, potential, or apparent conflicts of interest**

Although all Personal Securities Transactions by Access Persons must be conducted in a manner consistent with this Code, the Code itself is based on the premise that Access Persons owe a fiduciary duty to the Funds, and should avoid any activity that creates an actual, potential, or apparent conflict of interest. This includes executing transactions through or for the benefit of a third party when the transaction is not in keeping with the general principles of this Code.

Access Persons must adhere to these general principles as well as comply with the specific provisions of this Code. Technical compliance with the Code and its procedures will not automatically prevent scrutiny of trades that show a pattern of abuse of an individual's fiduciary duty to the Funds.

**Access Persons must comply with all applicable laws**

In both work-related and personal activities, Access Persons must comply with all applicable laws, including the federal securities laws.

**Any violations of this Code should be reported promptly to the Chief Compliance Officer or his designee. Failure to do so will be deemed a violation of the Code.**

**DEFINITIONS**

**"Access Person"** shall have the same meaning as set forth in Rule 17j-1 under the Investment Company Act of 1940, as amended (the "1940 Act") and shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. all officers and trustees (or persons occupying a similar status or performing a similar function)
of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. all officers and trustees (or persons occupying a similar status or performing a similar function)
of an Adviser with respect to its corresponding series of the Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. any employee of the Trust or the Advisers (or of any company controlling or controlled by or under
common control with the Trust or the Advisers) who, in connection with his or her regular functions or duties, makes, participates
in, or obtains information regarding the purchase or sale of Covered Securities by the Funds, or whose functions relate to the
making of any recommendations with respect to the purchase or sale; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. any other natural person controlling, controlled by or under common control with the Trust or the
Advisers who obtains information concerning recommendations made to the Funds with regard to the purchase or sale of Covered Securities
by the Funds.

**"Beneficial Ownership"** means in general and subject to the specific provisions of Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended, having or sharing, directly or indirectly, through any contract arrangement, understanding, relationship, or otherwise, a direct or indirect "pecuniary interest" in the security.

**"Chief Compliance Officer"** means the Code of Ethics Compliance Officer of the Trust with respect to Trustees and officers of the Trust, or the CCO of the Advisers with respect to Advisers personnel.

**"Code"** means this Code of Ethics.

**"Covered Security"** means any Security, except (i) direct obligations of the U.S. Government, (ii) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements, and (iii) shares issued by open-end mutual Funds, except funds services by Gemini, NLCS, or NLD.

"**Decision Making Access Person"** means any Access Person who, in connection with his or her regular functions or duties, makes or participates in or obtains information regarding recommendations on the purchase or sale of a security by the Funds, or whose functions relate to the making of any recommendations with respect to such purchases or sales. Decision Makers typically are Adviser personnel.

**"Funds"** means series of the Trust.

**"Immediate family"** means an individual's spouse, child, stepchild, grandchild, parent, stepparent, grandparent, siblings, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law and should include adoptive relationships. For purposes of determining whether an Access Person has an "indirect pecuniary interest" in securities, only ownership by "immediate family" members sharing the same household as the Access Person will be presumed to be an "indirect pecuniary interest" of the Access Person, absent special circumstances.

**"Independent Trustees"** means those Trustees of the Trust that would not be deemed an "interested person" of the Trust, as defined in Section 2(a)(19)(A) of the 1940 Act.

**"Indirect Pecuniary Interest"** includes, but is not limited to: (a) securities held by members of the person's Immediate Family sharing the same household (which ownership interest may be rebutted); (b) a

general partner's proportionate interest in Fund securities held by a general or limited partnership; (c) a person's right to dividends that is separated or separable from the underlying securities (otherwise, a right to dividends alone will not constitute a pecuniary interest in securities); (d) a person's interest in securities held by a Trust; (e) a person's right to acquire securities through the exercise or conversion of any derivative security, whether or not presently exercisable; and (f) a performance-related fee, other than an asset based fee, received by any broker, dealer, bank, insurance company, investment company, investment manager, Trustee, or person or entity performing a similar function, with certain exceptions.

**"Pecuniary Interest"** means the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in securities.

**"Personal Securities Transaction"** means any transaction in a Covered Security in which an Access Person has a direct or indirect Pecuniary Interest.

**"Purchase or Sale of a Security"** includes the writing of an option to purchase or sell a Security. A Security shall be deemed "being considered for Purchase or Sale" for the Trusts when a recommendation to purchase or sell has been made and communicated by a Decision Making Access Person, and, with respect to the person making the recommendation, when such person seriously considers making such a recommendation. These recommendations are placed on the "Restricted List" until they are no longer being considered for Purchase or Sale, or until the Security has been purchased or sold.

**"Restricted List"** means the list of securities maintained by the Chief Compliance Officer in which trading by Access Persons is generally prohibited.

**"Security"** means any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-Trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-Trusts certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, or, in general, an interest or instrument commonly known as "security", or any certificate or interest or participation in temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase (including options) any of the foregoing.

**"Advisers"** means the Advisers to the Trust.

**"Trusts"** mean Northern Lights Fund Trust and the Northern Lights Variable Trust.

**PROHIBITED ACTIONS AND ACTIVITIES**

&nbsp;&nbsp;&nbsp;&nbsp;A. No Access Person shall purchase or sell directly or indirectly, any
Covered Security in which he or she has, or by reason of such transaction acquires, any direct or indirect beneficial ownership
and which he or she knows or should have known at the time of such purchase or sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) is being considered for purchase or sale by a Fund, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) is being purchased or sold by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;B. Decision-Making Access Persons may not participate in any initial
public offering of Covered Securities in any account over which they exercise Beneficial Ownership. All Access Persons must obtain
prior written authorization from the Chief Compliance Officer or his designee prior to such participation;

&nbsp;&nbsp;&nbsp;&nbsp;C. No Access Person may purchase a Covered Security in which by reason
of such transaction they acquire Beneficial Ownership in a private placement of a Security, without prior written authorization
of the acquisition by the Chief Compliance Officer or his designee;

&nbsp;&nbsp;&nbsp;&nbsp;D. Access Persons may not accept any fee, commission, gift, or services,
other than de minimus gifts, from any single person or entity that does business with or on behalf of the Trusts;

&nbsp;&nbsp;&nbsp;&nbsp;E. Decision-Making Access Persons may not serve on the board of directors
of a publicly traded company without prior authorization from the Chief Compliance Officer or his designee based upon a determination
that such service would be consistent with the interests of the Trust. If such service is authorized, procedures will then be put
in place to isolate such Decision-Making Access Persons serving as directors of outside entities from those making investment decisions
on behalf of the Trust.

Advanced notice should be given so that the Trust or Advisers may take such action concerning the conflict as deemed appropriate by the Chief Compliance Officer or his designee.

&nbsp;&nbsp;&nbsp;&nbsp;F. Decision-Making Access Persons may execute a Personal Securities
Transaction involving a Covered Security without pre-authorization of the Chief Compliance Officer or such persons who may be designated
by the Chief Compliance Officer from time to time, provided it is permitted by the Adviser's Code of Ethics. The Chief Compliance
Officer or his designee may restrict purchases of Covered Securities pursuant to the Adviser's Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;G. It shall be a violation of this Code for any Access Person, in connection
with the purchase or sale, directly or indirectly, of any Covered Security held or to be acquired by a Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. to employ any device, scheme or artifice to defraud the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. to make to the Trust any untrue statement of a material fact or to
omit to state to the Trust a material fact necessary in order to make the statements made, in light of the circumstances under
which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. to engage in any act, practice or course of business that operates
or would operate as a fraud or deceit upon the Trust; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. to engage in any manipulative practice with respect to the Trust.

EXEMPTED TRANSACTIONS

The provisions described above under the heading Prohibited Actions and Activities and the preclearance procedures under the heading Preclearance of Personal Securities Transactions do not apply to:

· Purchases or Sales of Securities effected in any account in which
an Access Person has no Beneficial Ownership;

· Purchases or Sales of Securities which are non-volitional on the
part the Access Person (for example, the receipt of stock dividends);

· Purchase of Securities made as part of automatic dividend reinvestment
plans;

· Purchases of Securities made as part of an employee benefit plan
involving the periodic purchase of company stock or mutual Funds; and

· Purchases of Securities effected upon the exercise of rights issued
by an issuer pro rata to all holders of a class of its Securities, to the extent such rights were acquired from such issuer, and
sale of such rights so acquired.

**PRECLEARANCE OF PERSONAL SECURITIES TRANSACTIONS**

All Decision-Making Access Persons wishing to engage in a Personal Securities Transaction involving, as defined in the Securities Act of 1933, an Initial Public Offering (IPO) or a Limited Offering, must obtain prior authorization of any such Personal Securities Transaction from the Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate to make such authorizations. Personal Securities Transactions by the Chief Compliance Officer involving an IPO or Limited Offering, shall require prior authorization from the President or Chief Executive Officer of the Trust (unless such person is also the Chief Compliance Officer) or their designee, who shall perform the review and approval functions relating to reports and trading by the Chief Compliance Officer. The Trust shall adopt the appropriate forms and procedures for implementing this Code of Ethics.

Any authorization so provided is effective until the close of business on the fifth trading day after the authorization is granted. In the event that an order for the Personal Securities Transaction involving an IPO or Limited Offering, is not placed within that time period, a new authorization must be obtained. If the order for the transaction is placed but not executed within that time period, no new authorization is required unless the person placing the order originally amends the order in any manner. Authorization for "good until canceled" orders is effective unless the order conflicts with a Trusts order.

If a Decision-Making Access Person wishing to effect a Personal Securities Transaction learns, while the order is pending, that the same Security is being considered for Purchase or Sale by a Fund, he or she should consult with the Chief Compliance Officer or his or her designee.

**REPORTING AND MONITORING**

The Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate shall monitor all personal trading activity of all Access Persons pursuant to the procedures established under this Code. An Access Person of either Trust who is also an access person of the Trust's principal underwriter or their affiliates or an Access Person of a Fund's Adviser or Sub-Adviser may submit reports required by this Section on forms prescribed by the Code of Ethics of such principal underwriter, Adviser, or Sub-Adviser <u>provided</u> that such forms comply with the requirements of Rule 17j-1(d)(1) of the 1940 Act.

**Disclosure of Personal Brokerage Accounts**

Within ten days of the commencement of employment or at the commencement of a relationship with the Trust, all Access Persons, except Independent Trustees, are required to submit to the Chief Compliance Officer or his designee a report stating the names and account numbers of all of their personal brokerage accounts, brokerage accounts of members of their Immediate Family, and any brokerage accounts which they control or in which they or an Immediate Family member has Beneficial Ownership. Such report must contain the date on which it is submitted and the information in the report must be current as of a

date no more than 45 days prior to that date. In addition, if a new brokerage account is opened during the course of the year, the Chief Compliance Officer or his designee must be notified immediately.

The information required by the above paragraph must be provided to the Chief Compliance Officer or his designee on an annual basis, and the report of such should be submitted with the annual holdings reports described below.

Each of these accounts is required to furnish duplicate confirmations and statements to the Chief Compliance Officer or his designee. These statements and confirms for each series of the Trusts may be sent to the Advisers.

Initial Holdings Report

Within ten days of becoming an Access Person (and with information that is current as of a date no more than 45 days prior to the date that the report was submitted), each Access Person, except Independent Trustees must submit a holdings report that must contain, at a minimum, the title and type of Security, and as applicable, the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Covered Security in which the Access Person has any direct or indirect Beneficial Ownership. This report must state the date on which it is submitted.

Annual Holdings Reports

All Access Persons, except Independent Trustees, must supply the information that is required in the initial holdings report on an annual basis, and such information must be current as of a date no more than 45 days prior to the date that the report was submitted. Such reports must state the date on which they are submitted.

QUARTERLY TRANSACTION REPORTS

All Access Persons shall report to the Chief Compliance Officer or his designee the following information with respect to transactions in a Covered Security in which such person has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership in the Covered Security:

· The date of the transaction, the title, and as applicable the exchange
ticker symbol or CUSIP number, interest rate and maturity date, number of shares, and the principal amount of each Covered Security;

· The nature of the transaction (i.e., purchase, sale or any other
type of acquisition or disposition);

· The price of the Covered Security at which the transaction was effected;
and

· The name of the broker, dealer, or bank with or through whom the
transaction was effected.

· The date the Access Person Submits the Report.

Reports pursuant to this section of this Code shall be made no later than 30 days after the end of the calendar quarter in which the transaction to which the report relates was effected, and shall include a certification that the reporting person has reported all Personal Securities Transactions required to be disclosed or reported pursuant to the requirements of this Code. Confirmations and Brokerage Statements sent directly to each Adviser's address noted above is an acceptable form of a quarterly transaction report.

An Independent Trustee need only make a quarterly transaction report if he or she, at the time of the transaction, knew, or in the ordinary course of fulfilling his or her official duties as a Trustee, should have known that during the 15-day period immediately preceding or following the date of the transaction by

the Independent Trustee, the Covered Security was purchased or sold by a Fund or was considered for purchase or sale by a Fund.

**ENFORCEMENTS AND PENALTIES**

The Chief Compliance Officer or his designee shall review the transaction information supplied by Access Persons. If a transaction appears to be a violation of this Code, the transaction will be reported to the Trusts Board of Trustees.

Upon being informed of a violation of this Code, the Trusts Board of Trustees may impose sanctions as it deems appropriate, including but not limited to, a letter of censure or suspension, termination of the employment of the violator, or a request for disgorgement of any profits received from a securities transaction effected in violation of this Code. The Trust shall impose sanctions in accordance with the principle that no Access Person may profit at the expense of its clients. Any losses are the responsibility of the violator. Any profits realized on personal securities transactions in violation of the Code must be disgorged in a manner directed by the Board of Trustees.

At least annually, the Chief Compliance Officer a shall issue a report on Personal Securities Transactions by Access Person. The report submitted to the board shall:

· Summarize existing procedures concerning Personal Securities investing
and any changes in the procedures made during the prior year;

· Identify any violations of this Code and any significant remedial
action taken during the prior year; and;

· Identify any recommended changes in existing restrictions or procedures
based upon the experience under the Code, evolving industry practices or developments in applicable laws and regulations.

**Acknowledgement**

The Trust must provide all Access Persons with a copy of this Code. Upon receipt of this Code, all Access Persons must do the following:

All new Access Persons must read the Code, complete all relevant forms supplied by the Chief Compliance Officer or his designee (including a written acknowledgement of their receipt of the Code), and schedule a meeting with the Chief Compliance Officer or his designee to discuss the provisions herein within two calendar weeks of employment.

Existing Access Persons who did not receive this Code upon hire, for whatever reason, must read the Code, complete all relevant forms supplied by the Chief Compliance Officer or his designee (including a written acknowledgement of their receipt of the Code), and schedule a meeting with the Chief Compliance Officer or his designee to discuss the provisions herein at the earliest possible time, but no later than the end of the current quarter.

All Access Persons must certify on an annual basis that they have read and understood the Code.

## Ex-99.Cert

**EX-99.CERT**

**CERTIFICATIONS**

I, Brian Curley, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Pinnacle Multi-Strategy Core Fund (a series of Northern Lights
Fund Trust III);

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;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;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;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;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

&nbsp;&nbsp;&nbsp;&nbsp;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;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;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.

---

| | | |
|:---|:---|:---|
| Date: | 1/13/26 | /s/ Brian Curley |
|  |  | Brian Curley<br> Principal Executive Officer/President |

---

I, Rich Gleason, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Pinnacle Multi-Strategy Core Fund (a series of Northern Lights
Fund Trust III);

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;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;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;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;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

&nbsp;&nbsp;&nbsp;&nbsp;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;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;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: | 1/13/26 | /s/ Rich Gleason |
|  |  | Rich Gleason<br> Principal Financial Officer/Treasurer |

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## Exhibit 99.906

**Ex-99.906CERT**

**Certification**

Brian Curley, Principal Executive Officer/President, and Rich Gleason, Principal Financial Officer/Treasurer 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;1. The Registrant's periodic report on Form N-CSR for the period ended September 30, 2025, (the "Form N-CSR") fully complies
with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and

&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<br> Northern Lights Fund Trust III | Principal Financial Officer/Treasurer<br> Northern Lights Fund Trust III |
| /s/ Brian Curley | /s/ Rich Gleason |
| Brian Curley | Rich Gleason |

---

Date: <u>1/13/26</u> Date: <u>1/13/26</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 Fund 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.