Form N-CSRS NORTHERN LIGHTS FUND For: Mar 31 – StreetInsider.com

Form N-CSRS NORTHERN LIGHTS FUND For: Mar 31 – StreetInsider.com

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united
states
securities and exchange commission
washington, d.c. 20549

form n-csr

certified shareholder report of registered management
investment companies

Investment Company Act file number 811-22655

Northern Lights Fund Trust III

(Exact name of registrant as specified in charter)

225 Pictoria Drive, Suite 450, Cincinatti, OH 45246

(Address of principal executive offices) (Zip code)

Eric Kane, Gemini Fund Services

80 Arkay Drive, Suite 110 Hauppauge, NY 11788

(Name and address of agent for service)

Registrant’s telephone number, including area code: 631-470-2688

Date of fiscal year end: 9/30

Date of reporting period: 3/31/22

Item 1. Reports to Stockholders.

Class
I Shares – LSEIX

Semi-Annual
Report

March
31, 2022

1-855-233-8300

www.persimmonfunds.com.

Distributed
by Northern Lights Distributors, LLC

Member
FINRA

Persimmon
Long/Short Fund

Portfolio
Review (Unaudited)

March
31, 2022

The
Funds performance figures* for the period ended March 31, 2022, as compared to its benchmark:

				Annualized
			Annualized	Since Inception
	Six Months	One Year	Five Years	(12/31/2012)
Persimmon Long Short Fund – Class I	3.30%	9.11%	5.12%	4.28%
HFRX Equity Hedge Index **	2.35%	8.92%	4.23%	3.88%
S&P 500 Total Return Index ***	5.92%	15.65%	15.99%	15.55%

The
performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower
than the performance data quoted. The principal value and return of an will fluctuate so that your shares, when
redeemed, may be worth more or less than their original cost. Total returns are calculated using the traded net asset value on March
31, 2022. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions
of Fund shares. Returns greater than 1 year are annualized. The total annual gross operating expenses as stated in the fee table of the
Funds prospectus dated February 1, 2022 are 2.06% for Class I Shares. Redemptions made within 60 days of purchase may be assessed a
redemption fee of 1.00%. The Advisor has contractually agreed to reduce its fees and/or absorb expenses of the Fund, until at least January
31, 2023, to ensure that Total Annual Fund Operating Expenses (exclusive of any front-end or contingent deferred loads, brokerage fees
and commissions, acquired fund fees and expenses; borrowing costs (such as interest and dividend expenses on securities sold short);
taxes; expenses incurred in connection with any merger or reorganization; and extraordinary expenses (such as litigation expenses, which
may include indemnification of Fund officers and Trustees, and contractual indemnification of Fund service providers (other than the
Advisor)) will not exceed 1.99% of the daily average net assets attributable to Class I shares. The Advisor may seek reimbursement only
for fees waived or expenses paid by it during the prior three years; provided, however, that such fees and expenses may only be reimbursed
to the extent they were waived or paid after the date of the waiver agreement (or any similar agreement). Reimbursements will only be
sought if total expenses remain below the expenses limitation in place now or at the time of waiver or reimbursement. The Board may terminate
this expense reimbursement arrangement at any time. For performance information current to the most recent month-end, please call 1-855-233-8300.

HFRX
Equity Hedge Index is a daily index of Long/Short Equity Hedge Fund Returns provided by Hedge Fund Research (hedgefundresearch.com).
Index performance returns do not reflect any management fees, transaction costs or expenses. You cannot invest directly in an index.

***

The
S&P 500 Total Return Index is an unmanaged composite of 500 large capitalization companies and includes the reinvestment of dividends.
This index is widely used by professional investors as a performance benchmark for large-cap stocks. You cannot invest directly in an
index.

Asset Class	% of Net Assets
Common Stocks		89.1	%
Short-Term Investment		6.0	%
Exchanged-Traded Fund		2.7	%
Other Assets In Excess of Liabilities		2.2	%
Total		100.0	%

Please refer to the Schedule of Investments in this semi-annual report for a detailed listing of the Funds holdings.

PERSIMMON
LONG/SHORT FUND

SCHEDULE
OF INVESTMENTS (Unaudited)

March
31, 2022

Shares			Fair Value
		COMMON STOCKS — 89.1%
		ADVERTISING & MARKETING – 0.1%
	383	Interpublic Group of Companies, Inc.	$	13,577
	230	Omnicom Group, Inc.		19,523
				33,100
		AEROSPACE & DEFENSE – 1.5%
	558	Boeing Company^(a)		106,857
	240	General Dynamics Corporation		57,883
	364	Howmet Aerospace, Inc.		13,082
	48	Huntington Ingalls Industries, Inc.		9,573
	234	L3Harris Technologies, Inc.		58,142
	230	Lockheed Martin Corporation		101,522
	174	Northrop Grumman Corporation		77,816
	1,536	Raytheon Technologies Corporation		152,173
	45	Teledyne Technologies, Inc.^(a)		21,268
	253	Textron, Inc.		18,818
	46	TransDigm Group, Inc.^(a)		29,971
				647,105
		APPAREL & TEXTILE PRODUCTS – 0.5%
	340	Hanesbrands, Inc.		5,063
	1,239	NIKE, Inc., Class B		166,719
	75	PVH Corporation		5,746
	52	Ralph Lauren Corporation		5,899
	310	Tapestry, Inc.		11,517
	234	Under Armour, Inc., Class A^(a)		3,983
	244	Under Armour, Inc., Class C^(a)		3,797
	344	VF Corporation		19,559
				222,283
		ASSET MANAGEMENT – 0.7%
	109	Ameriprise Financial, Inc.		32,739
	120	BlackRock, Inc.		91,700
	1,157	Charles Schwab Corporation (The)		97,547
	264	Franklin Resources, Inc.		7,371
	392	Invesco Ltd.		9,040
	186	Raymond James Financial, Inc.		20,443

See
accompanying notes to financial statements.

PERSIMMON
LONG/SHORT FUND

SCHEDULE
OF INVESTMENTS (Unaudited) (Continued)

March
31, 2022

Shares			Fair Value
		COMMON STOCKS — 89.1% (Continued)
		ASSET MANAGEMENT – 0.7% (Continued)
	217	T Rowe Price Group, Inc.	$	32,808
				291,648
		AUTOMOTIVE – 2.3%
	235	Aptiv plc^(a)		28,132
	198	BorgWarner, Inc.		7,702
	3,772	Ford Motor Company		63,785
	1,149	General Motors Company^(a)		50,257
	765	Tesla, Inc.^(a)		824,365
				974,241
		BANKING – 3.5%
	7,503	Bank of America Corporation		309,273
	2,039	Citigroup, Inc.		108,883
	442	Citizens Financial Group, Inc.		20,036
	147	Comerica, Inc.		13,293
	730	Fifth Third Bancorp		31,419
	183	First Republic Bank		29,664
	1,082	Huntington Bancshares, Inc.		15,819
	2,980	JPMorgan Chase & Company		406,233
	1,054	KeyCorporation		23,589
	139	M&T Bank Corporation		23,561
	471	Peoples United Financial, Inc.		9,415
	442	PNC Financial Services Group, Inc. (The)		81,527
	975	Regions Financial Corporation		21,704
	49	SVB Financial Group^(a)		27,413
	1,321	Truist Financial Corporation		74,901
	1,389	US Bancorp		73,825
	3,798	Wells Fargo & Company		184,051
	173	Zions Bancorp		11,342
				1,465,948
		BEVERAGES – 1.3%
	175	Brown-Forman Corporation, Class B		11,729
	3,879	Coca-Cola Company (The)		240,497
	162	Constellation Brands, Inc., Class A		37,312
	179	Molson Coors Beverage Company, Class B		9,555

See
accompanying notes to financial statements.

PERSIMMON
LONG/SHORT FUND

SCHEDULE
OF INVESTMENTS (Unaudited) (Continued)

March
31, 2022

Shares			Fair Value
		COMMON STOCKS — 89.1% (Continued)
		BEVERAGES – 1.3% (Continued)
	395	Monster Beverage Corporation^(a)	$	31,561
	1,355	PepsiCo, Inc.		226,800
				557,454
		BIOTECH & PHARMA – 5.1%
	1,693	AbbVie, Inc.		274,452
	577	Amgen, Inc.		139,530
	452	AstraZeneca plc – ADR		29,986
	155	Biogen, Inc.^(a)		32,643
	2,195	Bristol-Myers Squibb Company		160,301
	762	Eli Lilly & Company		218,214
	1,166	Gilead Sciences, Inc.		69,319
	232	Incyte Corporation^(a)		18,425
	2,708	Johnson & Johnson		479,939
	2,403	Merck & Company, Inc.		197,166
	240	Organon & Company		8,383
	136	Perrigo Company plc		5,226
	5,243	Pfizer, Inc.		271,430
	80	Regeneron Pharmaceuticals, Inc.^(a)		55,874
	258	Vertex Pharmaceuticals, Inc.^(a)		67,330
	718	Viatris, Inc.		7,812
	359	Zoetis, Inc.		67,704
				2,103,734
		CABLE & SATELLITE – 0.7%
	140	Charter Communications, Inc., Class A^(a)		76,373
	4,450	Comcast Corporation, Class A		208,349
	216	DISH Network Corporation, Class A^(a)		6,836
				291,558
		CHEMICALS – 1.6%
	224	Air Products and Chemicals, Inc.		55,980
	103	Albemarle Corporation		22,778
	92	Avery Dennison Corporation		16,005
	119	Celanese Corporation		17,002
	239	CF Industries Holdings, Inc.		24,631
	764	Corteva, Inc.		43,915

See
accompanying notes to financial statements.

PERSIMMON
LONG/SHORT FUND

SCHEDULE
OF INVESTMENTS (Unaudited) (Continued)

March
31, 2022

Shares			Fair Value
		COMMON STOCKS — 89.1% (Continued)
		CHEMICALS – 1.6% (Continued)
	723	Dow, Inc.	$	46,070
	676	DuPont de Nemours, Inc.		49,740
	126	Eastman Chemical Company		14,120
	244	Ecolab, Inc.		43,081
	132	FMC Corporation		17,367
	101	International Flavors & Fragrances, Inc.		13,264
	506	Linde PLC		161,631
	228	LyondellBasell Industries N.V., Class A		23,443
	362	Mosaic Company (The)		24,073
	241	PPG Industries, Inc.		31,588
	252	Sherwin-Williams Company (The)		62,904
				667,592
		COMMERCIAL SUPPORT SERVICES – 0.3%
	74	Cintas Corporation		31,478
	211	Republic Services, Inc.		27,958
	114	Robert Half International, Inc.		13,017
	210	Rollins, Inc.		7,361
	410	Waste Management, Inc.		64,984
				144,798
		CONSTRUCTION MATERIALS – 0.1%
	67	Martin Marietta Materials, Inc.		25,788
	143	Vulcan Materials Company		26,269
				52,057
		CONTAINERS & PACKAGING – 0.3%
	1,530	Amcor plc		17,335
	345	Ball Corporation		31,050
	392	International Paper Company		18,091
	94	Packaging Corporation of America		14,674
	158	Sealed Air Corporation		10,580
	314	Westrock Company		14,767
				106,497
		DATA CENTER REIT – 0.2%
	206	Digital Realty Trust, Inc.		29,211

See
accompanying notes to financial statements.

PERSIMMON
LONG/SHORT FUND

SCHEDULE
OF INVESTMENTS (Unaudited) (Continued)

March
31, 2022

Shares			Fair Value
		COMMON STOCKS — 89.1% (Continued)
		DATA CENTER REIT – 0.2% (Continued)
	82	Equinix, Inc.	$	60,812
				90,023
		DIVERSIFIED INDUSTRIALS – 1.3%
	582	3M Company		86,648
	151	Dover Corporation		23,692
	364	Eaton Corp PLC		55,241
	611	Emerson Electric Company		59,909
	1,155	General Electric Company		105,683
	728	Honeywell International, Inc.		141,654
	296	Illinois Tool Works, Inc.		61,982
	154	Pentair plc		8,348
				543,157
		E-COMMERCE DISCRETIONARY – 3.4%
	415	Amazon.com, Inc.^(a)		1,352,880
	740	eBay, Inc.		42,372
	120	Etsy, Inc.^(a)		14,914
				1,410,166
		ELECTRIC UTILITIES – 2.4%
	691	AES Corporation (The)		17,779
	279	Alliant Energy Corporation		17,432
	277	Ameren Corporation		25,972
	540	American Electric Power Company, Inc.		53,876
	521	CenterPoint Energy, Inc.		15,963
	327	CMS Energy Corporation		22,870
	298	Consolidated Edison, Inc.		28,215
	341	Constellation Energy Corporation		19,181
	745	Dominion Energy, Inc.		63,303
	204	DTE Energy Company		26,971
	685	Duke Energy Corporation		76,487
	399	Edison International		27,970
	214	Entergy Corporation		24,985
	241	Evergy, Inc.		16,470
	382	Eversource Energy		33,689
	1,024	Exelon Corporation		48,773

See
accompanying notes to financial statements.

PERSIMMON
LONG/SHORT FUND

SCHEDULE
OF INVESTMENTS (Unaudited) (Continued)

March
31, 2022

Shares			Fair Value
		COMMON STOCKS — 89.1% (Continued)
		ELECTRIC UTILITIES – 2.4% (Continued)
	621	FirstEnergy Corporation	$	28,479
	1,908	NextEra Energy, Inc.		161,626
	238	NRG Energy, Inc.		9,130
	108	Pinnacle West Capital Corporation		8,435
	815	PPL Corporation		23,276
	561	Public Service Enterprise Group, Inc.		39,270
	311	Sempra Energy		52,285
	1,131	Southern Company (The)		82,008
	346	WEC Energy Group, Inc.		34,534
	574	Xcel Energy, Inc.		41,426
				1,000,405
		ELECTRICAL EQUIPMENT – 1.0%
	140	A O Smith Corporation		8,945
	96	Allegion plc		10,539
	218	AMETEK, Inc.		29,033
	584	Amphenol Corporation, Class A		44,004
	729	Carrier Global Corporation		33,439
	316	Fortive Corporation		19,254
	810	Johnson Controls International plc		53,112
	193	Keysight Technologies, Inc.^(a)		30,488
	397	Otis Worldwide Corporation		30,549
	103	Rockwell Automation, Inc.		28,843
	95	Roper Technologies, Inc.		44,862
	321	TE Connectivity Ltd.		42,045
	249	Trane Technologies plc		38,022
	126	Vontier Corporation		3,199
				416,334
		ENGINEERING & CONSTRUCTION – 0.1%
	134	Jacobs Engineering Group, Inc.		18,467
	155	Quanta Services, Inc.		20,399
	86	Technip Energies N.V. – ADR^(a)		1,041
				39,907
		ENTERTAINMENT CONTENT – 1.0%
	831	Activision Blizzard, Inc.		66,571

See
accompanying notes to financial statements.

PERSIMMON
LONG/SHORT FUND

SCHEDULE
OF INVESTMENTS (Unaudited) (Continued)

March
31, 2022

Shares			Fair Value
		COMMON STOCKS — 89.1% (Continued)
		ENTERTAINMENT CONTENT – 1.0% (Continued)
	163	Discovery, Inc. – Series A^(a)	$	4,062
	352	Discovery, Inc. – Series C^(a)		8,789
	319	Electronic Arts, Inc.		40,357
	339	Fox Corporation, Class A		13,374
	154	Fox Corporation – Class B		5,587
	122	Take-Two Interactive Software, Inc.^(a)		18,756
	459	ViacomCBS, Inc., Class B		17,355
	1,908	Walt Disney Company (The)^(a)		261,702
				436,553
		FOOD – 0.8%
	177	Campbell Soup Company		7,889
	524	Conagra Brands, Inc.		17,591
	649	General Mills, Inc.		43,950
	168	Hershey Company (The)		36,394
	279	Hormel Foods Corporation		14,380
	118	J M Smucker Company (The)		15,978
	269	Kellogg Company		17,348
	635	Kraft Heinz Company (The)		25,013
	139	Lamb Weston Holdings, Inc.		8,327
	262	McCormick & Company, Inc.		26,148
	1,397	Mondelez International, Inc., Class A		87,703
	321	Tyson Foods, Inc., Class A		28,771
				329,492
		FORESTRY, PAPER & WOOD PRODUCTS – 0.0%^(b)
	35	Sylvamo Corporation^(a)		1,165

		GAS & WATER UTILITIES – 0.1%
	201	American Water Works Company, Inc.		33,271
	132	Atmos Energy Corporation		15,773
	372	NiSource, Inc.		11,830
				60,874
		HEALTH CARE FACILITIES & SERVICES – 2.9%
	157	AmerisourceBergen Corporation		24,289
	252	Anthem, Inc.		123,787

See
accompanying notes to financial statements.

PERSIMMON
LONG/SHORT FUND

SCHEDULE
OF INVESTMENTS (Unaudited) (Continued)

March
31, 2022

Shares			Fair Value
		COMMON STOCKS — 89.1% (Continued)
		HEALTH CARE FACILITIES & SERVICES – 2.9% (Continued)
	291	Cardinal Health, Inc.	$	16,500
	164	Catalent, Inc.^(a)		18,188
	657	Centene Corporation^(a)		55,313
	325	Cigna Corporation		77,873
	1,386	CVS Health Corporation		140,277
	88	DaVita, Inc.^(a)		9,954
	257	HCA Healthcare, Inc.		64,409
	142	Henry Schein, Inc.^(a)		12,381
	135	Humana, Inc.		58,748
	174	IQVIA Holdings, Inc.^(a)		40,231
	95	Laboratory Corp of America Holdings^(a)		25,048
	190	McKesson Corporation		58,165
	130	Quest Diagnostics, Inc.		17,792
	918	UnitedHealth Group, Inc.		468,152
	76	Universal Health Services, Inc., Class B		11,016
				1,222,123
		HEALTH CARE REIT – 0.2%
	527	Healthpeak Properties, Inc.		18,092
	373	Ventas, Inc.		23,036
	410	Welltower, Inc.		39,417
				80,545
		HOME & OFFICE PRODUCTS – 0.1%
	137	Leggett & Platt, Inc.		4,768
	421	Newell Brands, Inc.		9,014
	58	Whirlpool Corporation		10,020
				23,802
		HOME CONSTRUCTION – 0.2%
	274	DR Horton, Inc.		20,415
	109	Fortune Brands Home & Security, Inc.		8,097
	287	Lennar Corporation, Class A		23,295
	287	Masco Corporation		14,637
	64	Mohawk Industries, Inc.^(a)		7,949
	3	NVR, Inc.^(a)		13,402

See
accompanying notes to financial statements.

PERSIMMON
LONG/SHORT FUND

SCHEDULE
OF INVESTMENTS (Unaudited) (Continued)

March
31, 2022

Shares			Fair Value
		COMMON STOCKS — 89.1% (Continued)
		HOME CONSTRUCTION – 0.2% (Continued)
	213	PulteGroup, Inc.	$	8,925
				96,720
		HOTEL REITS – 0.0%^(b)
	699	Host Hotels & Resorts, Inc.		13,582

		HOUSEHOLD PRODUCTS – 1.4%
	272	Church & Dwight Company, Inc.		27,031
	139	Clorox Company (The)		19,325
	826	Colgate-Palmolive Company		62,636
	222	Estee Lauder Companies, Inc. (The), Class A		60,455
	314	Kimberly-Clark Corporation		38,672
	2,385	Procter & Gamble Company (The)		364,428
				572,547
		INDUSTRIAL REIT – 0.3%
	364	Duke Realty Corporation		21,134
	694	Prologis, Inc.		112,066
				133,200
		INDUSTRIAL SUPPORT SERVICES – 0.2%
	550	Fastenal Company		32,670
	66	United Rentals, Inc.^(a)		23,444
	41	WW Grainger, Inc.		21,147
				77,261
		INFRASTRUCTURE REIT – 0.5%
	408	American Tower Corporation		102,497
	401	Crown Castle International Corporation		74,025
	110	SBA Communications Corporation		37,851
				214,373
		INSTITUTIONAL FINANCIAL SERVICES – 1.3%
	922	Bank of New York Mellon Corporation (The)		45,759
	118	Cboe Global Markets, Inc.		13,502
	387	CME Group, Inc.		92,052
	326	Goldman Sachs Group, Inc. (The)		107,613
	588	Intercontinental Exchange, Inc.		77,687
	1,418	Morgan Stanley		123,932

See
accompanying notes to financial statements.

PERSIMMON
LONG/SHORT FUND

SCHEDULE
OF INVESTMENTS (Unaudited) (Continued)

March
31, 2022

Shares			Fair Value
		COMMON STOCKS — 89.1% (Continued)
		INSTITUTIONAL FINANCIAL SERVICES – 1.3% (Continued)
	117	Nasdaq, Inc.	$	20,849
	231	Northern Trust Corporation		26,900
	384	State Street Corporation		33,454
				541,748
		INSURANCE – 3.8%
	795	Aflac, Inc.		51,190
	356	Allstate Corporation (The)		49,310
	753	American International Group, Inc.		47,266
	220	Aon plc, Class A		71,639
	164	Arthur J Gallagher & Company		28,634
	67	Assurant, Inc.		12,183
	2,072	Berkshire Hathaway, Inc., Class B^(a)		731,230
	464	Chubb Ltd.		99,250
	237	Cincinnati Financial Corporation		32,223
	38	Everest Re Group Ltd.		11,452
	111	Globe Life, Inc.		11,167
	396	Hartford Financial Services Group, Inc. (The)		28,437
	173	Lincoln National Corporation		11,307
	259	Loews Corporation		16,788
	532	Marsh & McLennan Companies, Inc.		90,663
	806	MetLife, Inc.		56,646
	227	Principal Financial Group, Inc.		16,664
	652	Progressive Corporation (The)		74,321
	407	Prudential Financial, Inc.		48,095
	293	Travelers Companies, Inc. (The)		53,540
	226	Unum Group		7,121
	219	W R Berkley Corporation		14,583
	134	Willis Towers Watson plc		31,653
				1,595,362
		INTERNET MEDIA & SERVICES – 5.8%
	284	Alphabet, Inc., Class A^(a)		789,904
	273	Alphabet, Inc., Class C^(a)		762,487
	41	Booking Holdings, Inc.^(a)		96,286
	121	Expedia Group, Inc.^(a)		23,676

See
accompanying notes to financial statements.

PERSIMMON
LONG/SHORT FUND

SCHEDULE
OF INVESTMENTS (Unaudited) (Continued)

March
31, 2022

Shares			Fair Value
		COMMON STOCKS — 89.1% (Continued)
		INTERNET MEDIA & SERVICES – 5.8% (Continued)
	2,304	Meta Platforms, Inc., Class A^(a)	$	512,317
	463	Netflix, Inc.^(a)		173,435
	730	Twitter, Inc.^(a)		28,244
	96	VeriSign, Inc.^(a)		21,356
				2,407,705
		LEISURE FACILITIES & SERVICES – 1.3%
	369	Carnival Corporation^(a)		7,461
	23	Chipotle Mexican Grill, Inc.^(a)		36,387
	113	Darden Restaurants, Inc.		15,023
	38	Dominos Pizza, Inc.		15,466
	284	Hilton Worldwide Holdings, Inc.^(a)		43,094
	343	Las Vegas Sands Corporation^(a)		13,332
	127	Live Nation Entertainment, Inc.^(a)		14,940
	258	Marriott International, Inc., Class A^(a)		45,344
	707	McDonalds Corporation		174,827
	475	MGM Resorts International		19,922
	210	Norwegian Cruise Line Holdings Ltd.^(a)		4,595
	166	Royal Caribbean Cruises Ltd.^(a)		13,907
	1,246	Starbucks Corporation		113,349
	92	Wynn Resorts Ltd.^(a)		7,336
	319	Yum! Brands, Inc.		37,811
				562,794
		LEISURE PRODUCTS – 0.0%^(b)
	146	Hasbro, Inc.		11,960

		MACHINERY – 0.9%
	581	Caterpillar, Inc.		129,458
	323	Deere & Company		134,195
	140	Flowserve Corporation		5,026
	73	IDEX Corporation		13,996
	342	Ingersoll Rand, Inc.		17,220
	109	Parker-Hannifin Corporation		30,930
	51	Snap-on, Inc.		10,479
	136	Stanley Black & Decker, Inc.		19,011

See
accompanying notes to financial statements.

PERSIMMON
LONG/SHORT FUND

SCHEDULE
OF INVESTMENTS (Unaudited) (Continued)

March
31, 2022

Shares			Fair Value
		COMMON STOCKS — 89.1% (Continued)
		MACHINERY – 0.9% (Continued)
	186	Xylem, Inc.	$	15,858
				376,173
		MEDICAL EQUIPMENT & DEVICES – 4.0%
	1,715	Abbott Laboratories		202,987
	44	ABIOMED, Inc.^(a)		14,575
	299	Agilent Technologies, Inc.		39,567
	70	Align Technology, Inc.^(a)		30,520
	487	Baxter International, Inc.		37,762
	297	Becton Dickinson and Company		79,002
	21	Bio-Rad Laboratories, Inc., Class A^(a)		11,828
	1,472	Boston Scientific Corporation^(a)		65,195
	48	Cooper Companies, Inc.		20,044
	615	Danaher Corporation		180,398
	214	Dentsply Sirona, Inc.		10,533
	94	DexCom, Inc.^(a)		48,090
	681	Edwards Lifesciences Corporation^(a)		80,167
	249	Hologic, Inc.^(a)		19,128
	79	IDEXX Laboratories, Inc.^(a)		43,218
	157	Illumina, Inc.^(a)		54,856
	342	Intuitive Surgical, Inc.^(a)		103,175
	1,329	Medtronic plc		147,453
	23	Mettler-Toledo International, Inc.^(a)		31,583
	111	PerkinElmer, Inc.		19,365
	139	ResMed, Inc.		33,709
	83	STERIS plc		20,067
	335	Stryker Corporation		89,562
	45	Teleflex, Inc.		15,967
	395	Thermo Fisher Scientific, Inc.		233,306
	61	Waters Corporation^(a)		18,934
	74	West Pharmaceutical Services, Inc.		30,393
	204	Zimmer Biomet Holdings, Inc.		26,092
	20	Zimvie, Inc.^(a)		457
				1,707,933

See
accompanying notes to financial statements.

PERSIMMON
LONG/SHORT FUND

SCHEDULE
OF INVESTMENTS (Unaudited) (Continued)

March
31, 2022

Shares			Fair Value
		COMMON STOCKS — 89.1% (Continued)
		METALS & MINING – 0.3%
	1,337	Freeport-McMoRan, Inc.	$	66,502
	880	Newmont Corporation		69,916
				136,418
		MULTI ASSET CLASS REIT – 0.0%^(b)
	154	Vornado Realty Trust		6,979

		OFFICE REIT – 0.1%
	118	Alexandria Real Estate Equities, Inc.		23,748
	139	Boston Properties, Inc.		17,903
	32	Orion Office REIT, Inc.		448
	68	SL Green Realty Corporation		5,520
				47,619
		OIL & GAS PRODUCERS – 3.1%
	372	APA Corporation		15,375
	1,850	Chevron Corporation		301,235
	1,271	ConocoPhillips		127,099
	411	Coterra Energy, Inc.		11,085
	376	Devon Energy Corporation		22,233
	160	Diamondback Energy, Inc.		21,933
	102	DT Midstream, Inc.		5,535
	573	EOG Resources, Inc.		68,319
	4,422	Exxon Mobil Corporation		365,212
	270	Hess Corporation		28,901
	152	HF Sinclair Corporation^(a)		6,057
	1,871	Kinder Morgan, Inc.		35,381
	777	Marathon Oil Corporation		19,510
	637	Marathon Petroleum Corporation		54,464
	850	Occidental Petroleum Corporation		48,229
	436	ONEOK, Inc.		30,795
	424	Phillips 66		36,629
	162	Pioneer Natural Resources Company		40,505
	398	Valero Energy Corporation		40,413
	1,200	Williams Companies, Inc. (The)		40,092
				1,319,002

See
accompanying notes to financial statements.

PERSIMMON
LONG/SHORT FUND

SCHEDULE
OF INVESTMENTS (Unaudited) (Continued)

March
31, 2022

Shares			Fair Value
		COMMON STOCKS — 89.1% (Continued)
		OIL & GAS SERVICES & EQUIPMENT – 0.3%
	649	Baker Hughes Company	$	23,630
	865	Halliburton Company		32,758
	390	NOV, Inc.		7,648
	1,377	Schlumberger N.V.		56,884
	431	TechnipFMC plc^(a)		3,340
				124,260
		PUBLISHING & BROADCASTING – 0.0%^(b)
	306	News Corporation, Class A		6,777
	101	News Corporation, Class B		2,275
				9,052
		REAL ESTATE SERVICES – 0.1%
	330	CBRE Group, Inc., Class A^(a)		30,202

		RESIDENTIAL REIT – 0.4%
	137	AvalonBay Communities, Inc.		34,027
	334	Equity Residential		30,033
	64	Essex Property Trust, Inc.		22,111
	117	Mid-America Apartment Communities, Inc.		24,506
	311	UDR, Inc.		17,842
				128,519
		RETAIL – CONSUMER STAPLES – 1.6%
	392	Costco Wholesale Corporation		225,733
	225	Dollar General Corporation		50,092
	247	Dollar Tree, Inc.^(a)		39,557
	900	Kroger Company (The)		51,633
	455	Target Corporation		96,560
	881	Walgreens Boots Alliance, Inc.		39,442
	1,263	Walmart, Inc.		188,086
				691,103
		RETAIL – DISCRETIONARY – 1.9%
	63	Advance Auto Parts, Inc.		13,038
	23	AutoZone, Inc.^(a)		47,025
	216	Bath & Body Works, Inc.		10,325
	213	Best Buy Company, Inc.		19,362

See
accompanying notes to financial statements.

PERSIMMON
LONG/SHORT FUND

SCHEDULE
OF INVESTMENTS (Unaudited) (Continued)

March
31, 2022

Shares			Fair Value
		COMMON STOCKS — 89.1% (Continued)
		RETAIL – DISCRETIONARY – 1.9% (Continued)
	152	CarMax, Inc.^(a)	$	14,665
	226	Gap, Inc. (The)		3,182
	149	Genuine Parts Company		18,777
	1,006	Home Depot, Inc. (The)		301,126
	767	Lowes Companies, Inc.		155,080
	75	OReilly Automotive, Inc.^(a)		51,372
	356	Ross Stores, Inc.		32,204
	1,188	TJX Companies, Inc. (The)		71,969
	114	Tractor Supply Company		26,604
	61	Ulta Beauty, Inc.^(a)		24,291
	72	Victorias Secret & Company^(a)		3,698
				792,718
		RETAIL REIT – 0.2%
	69	Federal Realty Investment Trust		8,423
	425	Kimco Realty Corporation		10,498
	329	Realty Income Corporation		22,800
	155	Regency Centers Corporation		11,058
	323	Simon Property Group, Inc.		42,494
				95,273
		SELF-STORAGE REIT – 0.2%
	123	Extra Space Storage, Inc.		25,289
	151	Public Storage		58,932
				84,221
		SEMICONDUCTORS – 4.8%
	909	Advanced Micro Devices, Inc.^(a)		99,390
	531	Analog Devices, Inc.		87,711
	984	Applied Materials, Inc.		129,691
	410	Broadcom, Inc.		258,169
	3,816	Intel Corporation		189,121
	37	IPG Photonics Corporation^(a)		4,061
	153	KLA Corporation		56,007
	135	Lam Research Corporation		72,577
	432	Microchip Technology, Inc.		32,460
	942	Micron Technology, Inc.		73,372

See
accompanying notes to financial statements.

PERSIMMON
LONG/SHORT FUND

SCHEDULE
OF INVESTMENTS (Unaudited) (Continued)

March
31, 2022

Shares			Fair Value
		COMMON STOCKS — 89.1% (Continued)
		SEMICONDUCTORS – 4.8% (Continued)
	2,356	NVIDIA Corporation	$	642,859
	111	Qorvo, Inc.^(a)		13,775
	1,140	QUALCOMM, Inc.		174,215
	161	Skyworks Solutions, Inc.		21,458
	161	Teradyne, Inc.		19,035
	899	Texas Instruments, Inc.		164,949
				2,038,850
		SOFTWARE – 7.9%
	441	Adobe, Inc.^(a)		200,928
	150	Akamai Technologies, Inc.^(a)		17,909
	83	ANSYS, Inc.^(a)		26,365
	224	Autodesk, Inc.^(a)		48,014
	261	Cadence Design Systems, Inc.^(a)		42,924
	303	Cerner Corporation		28,349
	121	Citrix Systems, Inc.		12,209
	130	Fortinet, Inc.^(a)		44,426
	246	Intuit, Inc.		118,287
	7,444	Microsoft Corporation		2,295,059
	581	NortonLifeLock, Inc.		15,408
	2,082	Oracle Corporation		172,244
	771	Salesforce, Inc.^(a)		163,699
	169	ServiceNow, Inc.^(a)		94,114
	135	Synopsys, Inc.^(a)		44,991
	40	Tyler Technologies, Inc.^(a)		17,796
				3,342,722
		SPECIALTY FINANCE – 0.5%
	643	American Express Company		120,242
	431	Capital One Financial Corporation		56,586
	286	Discover Financial Services		31,514
	541	Synchrony Financial		18,832
				227,174
		SPECIALTY REITS – 0.0%^(b)
	316	Iron Mountain, Inc.		17,510

See
accompanying notes to financial statements.

PERSIMMON
LONG/SHORT FUND

SCHEDULE
OF INVESTMENTS (Unaudited) (Continued)

March
31, 2022

Shares			Fair Value
		COMMON STOCKS — 89.1% (Continued)
		STEEL – 0.1%
	304	Nucor Corporation	$	45,190

		TECHNOLOGY HARDWARE – 8.0%
	16,418	Apple, Inc.		2,866,747
	204	Arista Networks, Inc.^(a)		28,352
	4,461	Cisco Systems, Inc.		248,745
	752	Corning, Inc.		27,756
	61	F5, Inc.^(a)		12,746
	149	Garmin Ltd.		17,673
	1,288	Hewlett Packard Enterprise Company		21,522
	1,352	HP, Inc.		49,078
	342	Juniper Networks, Inc.		12,709
	161	Motorola Solutions, Inc.		38,994
	217	NetApp, Inc.		18,011
	217	Seagate Technology Holdings plc		19,508
	302	Western Digital Corporation^(a)		14,994
	165	Xerox Holdings Corporation		3,328
	51	Zebra Technologies Corporation, Class A^(a)		21,099
				3,401,262
		TECHNOLOGY SERVICES – 4.5%
	643	Accenture plc, Class A		216,840
	435	Automatic Data Processing, Inc.		98,980
	115	Broadridge Financial Solutions, Inc.		17,907
	142	CDW Corporation		25,402
	524	Cognizant Technology Solutions Corporation, Class A		46,987
	249	DXC Technology Company^(a)		8,125
	114	Equifax, Inc.		27,029
	615	Fidelity National Information Services, Inc.		61,758
	568	Fiserv, Inc.^(a)		57,595
	82	FleetCor Technologies, Inc.^(a)		20,423
	88	Gartner, Inc.^(a)		26,176
	280	Global Payments, Inc.		38,315
	897	International Business Machines Corporation		116,628
	80	Jack Henry & Associates, Inc.		15,764

See
accompanying notes to financial statements.

PERSIMMON
LONG/SHORT FUND

SCHEDULE
OF INVESTMENTS (Unaudited) (Continued)

March
31, 2022

Shares			Fair Value
		COMMON STOCKS — 89.1% (Continued)
		TECHNOLOGY SERVICES – 4.5% (Continued)
	179	Kyndryl Holdings, Inc.^(a)	$	2,348
	124	Leidos Holdings, Inc.		13,394
	39	MarketAxess Holdings, Inc.		13,268
	855	Mastercard, Inc., Class A		305,561
	166	Moodys Corporation		56,010
	83	MSCI, Inc.		41,739
	344	Nielsen Holdings plc		9,371
	311	Paychex, Inc.		42,442
	1,093	PayPal Holdings, Inc.^(a)		126,405
	294	S&P Global, Inc.		120,589
	170	Verisk Analytics, Inc.		36,487
	1,637	Visa, Inc., Class A		363,038
	411	Western Union Company (The)		7,702
				1,916,283
		TELECOMMUNICATIONS – 1.0%
	7,017	AT&T, Inc.		165,812
	1,036	Lumen Technologies, Inc.		11,676
	424	T-Mobile US, Inc.^(a)		54,420
	3,977	Verizon Communications, Inc.		202,588
				434,496
		TIMBER REIT – 0.1%
	729	Weyerhaeuser Company		27,629

		TOBACCO & CANNABIS – 0.6%
	1,895	Altria Group, Inc.		99,014
	1,586	Philip Morris International, Inc.		148,989
				248,003
		TRANSPORTATION & LOGISTICS – 1.7%
	124	Alaska Air Group, Inc.^(a)		7,193
	442	American Airlines Group, Inc.^(a)		8,067
	282	Canadian Pacific Railway Ltd.		23,276
	134	CH Robinson Worldwide, Inc.		14,433
	2,331	CSX Corporation		87,296
	620	Delta Air Lines, Inc.^(a)		24,533

See
accompanying notes to financial statements.

PERSIMMON
LONG/SHORT FUND

SCHEDULE
OF INVESTMENTS (Unaudited) (Continued)

March
31, 2022

Shares			Fair Value
		COMMON STOCKS — 89.1% (Continued)
		TRANSPORTATION & LOGISTICS – 1.7% (Continued)
	179	Expeditors International of Washington, Inc.	$	18,466
	221	FedEx Corporation		51,137
	89	JB Hunt Transport Services, Inc.		17,870
	253	Norfolk Southern Corporation		72,161
	94	Old Dominion Freight Line, Inc.		28,076
	534	Southwest Airlines Company^(a)		24,457
	646	Union Pacific Corporation		176,494
	244	United Airlines Holdings, Inc.^(a)		11,312
	706	United Parcel Service, Inc., Class B		151,409
				716,180
		TRANSPORTATION EQUIPMENT – 0.2%
	149	Cummins, Inc.		30,561
	356	PACCAR, Inc.		31,354
	178	Westinghouse Air Brake Technologies Corporation		17,118
				79,033
		WHOLESALE – CONSUMER STAPLES – 0.2%
	612	Archer-Daniels-Midland Company		55,239
	526	Sysco Corporation		42,948
				98,187
		WHOLESALE – DISCRETIONARY – 0.1%
	176	Copart, Inc.^(a)		22,083
	268	LKQ Corporation		12,170
	39	Pool Corporation		16,491
				50,744

		TOTAL COMMON STOCKS (Cost $23,590,734)		37,632,548

		EXCHANGE-TRADED FUND — 2.7%
		EQUITY – 2.7%
	2,478	SPDR S&P 500 ETF Trust		1,119,164

		TOTAL EXCHANGE-TRADED FUND (Cost $597,882)		1,119,164

See
accompanying notes to financial statements.

PERSIMMON
LONG/SHORT FUND

SCHEDULE
OF INVESTMENTS (Unaudited) (Continued)

March
31, 2022

Shares			Fair Value
		SHORT-TERM INVESTMENT — 6.0%
		MONEY MARKET FUND – 6.0%
	2,538,592	First American Government Obligations Fund, Class X, 0.18% (Cost $2,538,592)^(c)	$	2,538,592

		TOTAL INVESTMENTS – 97.8% (Cost $26,727,208)	$	41,290,304
		OTHER ASSETS IN EXCESS OF LIABILITIES- 2.2%		931,208
		NET ASSETS – 100.0%	$	42,221,512

OPEN
FUTURES CONTRACTS

Number
of

Notional

Value
and
Unrealized

Contracts

Open
Short Futures Contracts

Expiration

Amount^(d)

Appreciation

CME E-Mini Standard & Poors 500 Index Future

06/17/2022

7,702,275

36,800

TOTAL FUTURES CONTRACTS

ADR

–
American Depositary Receipt

ETF

–
Exchange-Traded Fund

LTD

–
Limited Company

MSCI

–
Morgan Stanley Capital International

–
Naamioze Vennootschap

PLC

–
Public Limited Company

REIT

–
Real Estate Investment Trust

SPDR

–
Standard & Poors Depositary Receipt

^(a)

Non-income
producing security.

^(b)

Percentage
rounds to less than 0.1%.

^(c)

Rate
disclosed is the seven day effective yield as of March 31, 2022.

^(d)

The
amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures
contracts held by the Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative
of the future cash flows of the Funds futures contracts. Further, the underlying price changes in relation to the variables specified
by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this
schedule do not purport to represent economic value at risk to the Fund.

See
accompanying notes to financial statements.

Persimmon
Long/Short Fund

STATEMENT
OF ASSETS AND LIABILITIES (Unaudited)

March
31, 2022

ASSETS
Investment securities, at cost	$	26,727,208
Investment securities, at fair value	$	41,290,304
Segregated cash at broker		946,410
Dividends and interest receivable		27,249
Unrealized appreciation on futures contracts		36,800
Prepaid expenses		6,488
TOTAL ASSETS		42,307,251

LIABILITIES
Investment advisory fees payable, net		43,831
Payable to related parties		32,927
Accrued expenses and other liabilities		8,981
TOTAL LIABILITIES		85,739
NET ASSETS	$	42,221,512

COMPOSITION OF NET ASSETS:
Paid in capital	$	32,585,457
Accumulated Earnings		9,636,055
NET ASSETS	$	42,221,512

NET ASSET VALUE PER SHARE:
Class I Shares:
Net Assets	$	42,221,512
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		3,455,692
Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share (a)	$	12.22

(a)

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

See
accompanying notes to financial statements.

Persimmon
Long/Short Fund

STATEMENT
OF OPERATIONS (Unaudited)

For
the Six Months Ended March 31, 2022

INVESTMENT INCOME
Dividends	$	280,375
Interest		407
TOTAL INVESTMENT INCOME		280,782

EXPENSES
Advisory fees		260,118
Administrative services fees		45,568
Transfer agent fees		24,694
Accounting services fees		16,572
Broker margin interest expense		11,177
Compliance officer fees		10,871
Audit fees		9,375
Legal fees		7,673
Trustees fees and expenses		7,320
Printing and postage expenses		5,984
Registration fees		5,808
Custodian fees		2,740
Third party administrative services fees		182
Other expenses		1,992
TOTAL EXPENSES		410,074

NET INVESTMENT LOSS		(129,292	)

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) from:
Investments		10,906
Futures contracts		(543,895	)
Net Realized Loss		(532,989	)

Net change in unrealized appreciation (depreciation) on:
Investments		2,123,898
Futures contracts		(341,800	)
Net Change in Unrealized Appreciation		1,782,098

NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		1,249,109

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,119,817

See
accompanying notes to financial statements.

Persimmon
Long/Short Fund

STATEMENTS
OF CHANGES IN NET ASSETS

	For the			For the
	Six Months Ended			Year Ended
	March 31, 2022			September 30, 2021
	(Unaudited)
FROM OPERATIONS
Net investment loss	$	(129,292	)	$	(256,072	)
Net realized loss from investments and futures contracts		(532,989	)		(3,108,459	)
Net change in unrealized appreciation on investments and futures contracts		1,782,098			7,596,676
Net increase in net assets resulting from operations		1,119,817			4,232,145

SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold:
Class I		4,156,243			863,436
Payments for shares redeemed:
Class I		(433,027	)		(992,314	)
Net increase (decrease) from shares of beneficial interest transactions		3,723,216			(128,878	)

NET INCREASE IN NET ASSETS		4,843,033			4,103,267

NET ASSETS
Beginning of Period		37,378,479			33,275,212
End of Period	$	42,221,512		$	37,378,479

SHARE ACTIVITY
Class I:
Shares Sold		328,753			79,553
Shares Redeemed		(35,003	)		(87,820	)
Net increase (decrease) in shares of beneficial interest outstanding		293,750			(8,267	)

See
accompanying notes to financial statements.

Persimmon
Long/Short Fund

FINANCIAL
HIGHLIGHTS

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

	Class I
	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	March 31, 2022			September 30, 2021			September 30, 2020			September 30, 2019			September 30, 2018			September 30, 2017
	(Unaudited)
Net asset value, beginning of period	$	11.82		$	10.50		$	10.08		$	11.18		$	11.23		$	10.41
Income (loss) from investment operations:
Net investment loss (1)		(0.04	)		(0.08	)		(0.10	)		(0.13	)		(0.31	)		(0.28	)
Net realized and unrealized gain (loss) (2)		0.44			1.40			0.64			(0.63	)		0.93			1.10
Total from investment operations		0.40			1.32			0.54			(0.76	)		0.62			0.82
Less distributions from:
Net realized gains		—			—			(0.12	)		(0.34	)		(0.67	)		—
Total distributions		—			—			(0.12	)		(0.34	)		(0.67	)		—
Net asset value, end of period	$	12.22		$	11.82		$	10.50		$	10.08		$	11.18		$	11.23
Total return (3)		3.38	% (8)(9)		12.57	% (8)		5.47	%		(6.72	)%		5.80	%		7.88	%
Net assets, at end of period (000s)	$	42,222		$	37,378		$	33,275		$	28,549		$	31,633		$	23,079
Ratios/Supplemental Data:
Ratio of gross expenses to average net assets before fee waiver/recapture (4)(6)(7)		1.97	% (10)		2.07	%		2.44	%		2.85	%		3.88	%		4.17	%
Ratio of net expenses to average net assets after fee waiver/recapture (6)(7)		1.97	% (10)		2.15	%		2.57	%		2.90	%		3.69	%		3.86	%
Ratio of net investment loss to average net assets before fee waiver/recapture (5)(7)		(0.62	)% (10)		(0.62	)%		(0.85	)%		(1.20	)%		(2.96	)%		(2.97	)%
Ratio of net investment loss to average net assets after fee waiver/recapture (5)(7)		(0.62	)% (10)		(0.70	)%		(0.98	)%		(1.24	)%		(2.78	)%		(2.66	)%
Portfolio Turnover Rate		0	% (9)		6	%		227	%		326	%		263	%		86	%

(1)

Per
share amounts calculated using the average shares method, which more appropriately presents
the per share data for the period.

(2)

Realized
and unrealized gains (loss) per share in this caption are balancing amounts necessary to
reconcile the change in net assets value per share for the period, and may not reconcile
with aggregate gains and losses in the Statement of Operations due to timing of share transactions
during the period.

(3)

Total
returns shown exclude the effect of applicable sales charges and redemption fees and assumes
reinvestment of all distributions, if any. Total returns would have been lower absent the
fee waiver.

(4)

Represents
the ratio of expenses to average net assets absent fee waivers and/or fees recaptured by
the advisor.

(5)

Recognition
of net loss by the Fund is affected by the timing of the declaration of dividends
by the underlying companies in which the Fund invests.

(6)

Excluding
interest expense and dividends on securities sold short, the following ratios would have
been:

Gross expenses to average net assets			1.92	% (10)			2.01	%			2.36	%			2.53	%			2.93	%			3.09	%
Net expenses to average net assets			1.92	% (10)			2.09	%			2.49	%			2.58	%			2.75	%			2.78	%

(7)

Ratio
does not include the expenses of other companies in which the Fund invests.

(8)

Includes
adjustments in accordance with accounting principles generally accepted in the United States
and, consequently, the net asset value for financial reporting purposes and the returns based
upon those net asset values may differ from the net asset values and returns for shareholder
transactions.

(9)

Not
annualized.

(10)

Annualized
for periods less than one full year.

See
accompanying notes to financial statements.

Persimmon
Long/Short Fund

NOTES
TO FINANCIAL STATEMENTS (Unaudited)

March
31, 2022

ORGANIZATION

The
Persimmon Long/Short Fund (the Fund) is a diversified series of shares of beneficial interest of Northern Lights Fund Trust
III (the Trust), a statutory trust organized under the laws of the State of Delaware on December 5, 2011, and registered
under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The
Fund commenced operations on December 31, 2012. The Fund seeks long-term capital appreciation.

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

SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES

All
investments in securities are recorded at their estimated fair values. The following is a summary of significant accounting policies
followed by the Fund in preparation of its financial statements. The policies are in conformity with U.S. generally accepted accounting
principles (GAAP). The preparation of the financial statements requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of income and expenses for the period ended. Actual results could differ from those estimates. The
Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting
Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investment Companies,
including FASB Accounting Standards Update (ASU) 2013-08.

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

The
Fund may hold securities, 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 securities will be valued
using the fair value procedures approved by the Trusts Board of Trustees (the Board). The Board has
delegated execution of these procedures to a fair value committee composed of one or more representatives from each of the (i) Trust,
(ii) administrator, and (iii) advisor. The committee may also enlist third party consultants such as a valuation specialist at a public
accounting firm, valuation consultant, or financial officer of a security issuer on an as-needed basis to assist in determining a security
-specific fair value. The Board reviews and ratifies the execution of this process and the resultant fair value prices at least quarterly
to assure the process produces reliable results.

Valuation
of Fund of Funds – The Fund may invest in portfolios of open-end or closed-end investment companies (the Underlying
Funds). The Underlying Funds value securities in their portfolios for which market quotations are readily available at their market
values (generally the last reported sale price) and all other securities and assets at their fair value to the methods established by
the board of directors of the Underlying Funds.

Persimmon
Long/Short Fund

NOTES
TO FINANCIAL STATEMENTS (Unaudited) (Continued)

March
31, 2022

Open-end
investment companies are valued at their respective net asset values as reported by such investment companies. The shares of many closed
-end investment companies, after their initial public offering, frequently trade at a price per share, which is different than the net
asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that
the market discount or market premium on shares of any closed-end investment company purchased by the Fund will not change.

Fair
Valuation Process – As noted above, the fair value committee is composed of one or more representatives from each of the
(i) Trust, (ii) administrator, and (iii) advisor. The applicable investments are valued collectively via inputs from each of these
groups. 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
advisor, the prices or values available do not represent the fair value of the instrument. Factors which may cause the advisor to
make such a judgment include, but are not limited to, the following: only a bid price or an ask price is available; the spread
between bid and ask prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and
actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; and
(iv) securities with respect to which an event that will affect the value thereof has occurred (a significant event)
since the closing prices were established on the principal exchange on which they are traded, but prior to the Funds
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 securities, such as private placements or non-traded securities are valued via inputs from the advisor based
upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and
circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the
circumstances). If the advisor is unable to obtain a current bid from such independent dealers or other independent parties, the
fair value committee 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 Funds holdings; (iv) the discount from market value of unrestricted
securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with
respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any
registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal
creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the
security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or
exchangeable.

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

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

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

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

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.

Persimmon
Long/Short Fund

NOTES
TO FINANCIAL STATEMENTS (Unaudited) (Continued)

March
31, 2022

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

The
inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following tables summarize the inputs used as of March 31, 2022 for the Funds assets and liabilities measured at fair value:

Assets	Level 1		Level 2		Level 3		Total
Investments *
Common Stocks	$	37,632,548	$	—	$	—	$	37,632,548
Exchange-Traded Fund		1,119,164		—		—		1,119,164
Short-Term Investment		2,538,592		—		—		2,538,592
Total	$	41,290,304	$	—	$	—	$	41,290,304
Derivatives*
Futures Contracts	$	36,800	$	—	$	—	$	36,800
Total	$	36,800	$	—	$	—	$	36,800

Refer
to the Schedule of Investments for classification.

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

Security
Transactions and Related Income – Security transactions are accounted for on a trade date basis. Interest income is recognized
on an accrual basis. Dividend income is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined
by comparing the identified cost of the security lot sold with the net sales proceeds.

Dividends
and Distributions to Shareholders – Dividends from net investment income are declared and distributed annually. Distributable
net realized capital gains are declared and distributed annually. Dividends from net investment income and distributions from net realized
gains are recorded on the ex-dividend date and determined in accordance with federal income tax regulations, which may differ from GAAP.
These book/tax differences are considered either temporary (i.e., deferred losses, capital loss carry forwards) or permanent
in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets
based on their federal tax-basis treatment; temporary differences do not require reclassification.

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

The
Fund recognizes the tax benefits of uncertain tax positions only where the position is more likely than not to be sustained
assuming examination by tax authorities. Management has analyzed the Funds tax positions, and has concluded that no liability
for unrecognized tax benefits should be recorded related to uncertain tax positions expected to be taken on returns filed for open tax
years 2019-2021 or expected to be taken in the Funds 2022 returns. The Fund identifies its major tax jurisdictions as U.S. federal,
Ohio, and foreign jurisdictions where the Fund makes significant investments; however the Fund is not aware of any tax positions for
which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Expenses
– Expenses of the Trust that are directly identifiable to a specific fund are charged to that fund. Expenses, which are not
readily identifiable to a specific fund, are allocated in such a manner as deemed equitable, taking into consideration the nature and
type of expense and the relative sizes of the funds in the Trust.

Persimmon
Long/Short Fund

NOTES
TO FINANCIAL STATEMENTS (Unaudited) (Continued)

March
31, 2022

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 Funds 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.

INVESTMENT
TRANSACTIONS AND ASSOCIATED RISKS

For
the six months ended March 31, 2022, cost of purchases and proceeds from sales of portfolio securities, other than short sales and short-term
investments amounted to $918 and $4,619, respectively.

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

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

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

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

Put
options are purchased to hedge against a decline in the value of securities held in the Funds portfolio. If such a decline occurs,
the put options will permit the Fund to sell the securities underlying such options at the exercise price, or to close out the options
at a profit. The Fund may purchase call options as a temporary substitute for the purchase of individual securities, which then could
be purchased in orderly fashion. The premium paid for a put or call option plus any transaction costs will reduce the benefit, if any,
realized by the Fund upon exercise of the option, and, unless the price of the underlying security rises or declines sufficiently, the
option may expire worthless to the Fund. In addition, in the event that the price of the security in connection with which an option
was purchased moves in a direction favorable to the Fund, the benefits realized by the Fund as a result of such favorable movement will
be reduced by the amount of the premium paid for the option and related transaction costs. Written and purchased options are non-income
producing securities. With purchased options, there is minimal counterparty credit risk to the Fund since these options are exchange
traded and the exchanges clearinghouse, as counterparty to all exchange traded options, guarantees against a possible default.
The Fund did not trade any options during the period October 1, 2021 through March 31, 2022.

Persimmon
Long/Short Fund

NOTES
TO FINANCIAL STATEMENTS (Unaudited) (Continued)

March
31, 2022

Segregated
Cash at Broker – The Fund, as of March 31, 2022, has $946,410 of cash on hand at the prime broker representing the proceeds
of securities sold short. Withdrawal of these amounts is restricted based on the level of short trading in the Fund.

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

The
derivative instruments outstanding, as of March 31, 2022, as disclosed in the Portfolio of Investments and Statement of Assets and Liabilities,
and the amounts of realized and changes in unrealized gains and losses on derivative instruments during the period, as disclosed in the
Statement of Operations, serve as indicators of the volume of derivative activity for the Fund.

The
following is a summary of the location of derivative investments on the Funds Statement of Assets and Liabilities for the six
months ended March 31, 2022:

Derivative	Risk Type	Statement of Assets and Liabilities	Fair Value
Futures contracts	Equity	Unrealized appreciation futures contracts	$	36,800

The
following is a summary of the location of derivative investments on the Funds Statement of Operations for the six months ended
March 31, 2022:

Derivative Investment Type	Location of Gain/Loss on Derivative
Equity	Net realized loss on futures contracts
	Net change in unrealized depreciation on futures contracts

The
following is a summary of the Funds derivative investments activity recognized in the Statement of Operations categorized by primary
risk exposure for the six months ended March 31, 2022:

					Change in unrealized
		Realized loss on			depreciation on futures
Derivative Investment Type	Primary Risk Exposure	futures contracts			contracts
Future contracts	Equity	$	(543,895	)	$	(341,800	)

There
were no offsetting arrangements as of March 31, 2022.

INVESTMENT
ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES

Persimmon
Capital Management L.P. served as the Funds investment advisor (the Advisor). Pursuant to an advisory agreement
with the Trust, on behalf of the Fund, the Advisor, under the oversight of the Board, directs the daily operations of the Fund and supervises
the performance of administrative and professional services provided by others. As compensation for its services and the related expenses
borne by the Advisor, the Fund pays the Advisor a management fee computed and accrued daily and paid monthly, at an annual rate of 1.25%
of the average daily net assets. Prior to January 1, 2021, the Fund paid the Advisor at an annual rate of 1.75% of the Funds average
daily net assets. For the six months ended March 31, 2022, the advisory fees incurred by the Fund amounted to $260,118. On September
7, 2021, the Board approved a new investment advisor agreement between the Fund and Dakota Wealth Management, LLC. (Subsequent
Advisor) in anticipation of a proxy vote set to close in Quarter 4 of 2021. Under the new advisor agreement there were no changes
to the advisor fee or operating expense limitation.

The
Advisor has contractually agreed to reduce its fees and/or absorb expenses of the Fund, until at least January 31, 2023, to ensure that
Total Annual Fund Operating Expenses (exclusive of any front- end or contingent deferred loads, brokerage fees and commissions, acquired
fund fees and expenses; borrowing costs (such as interest and dividend expenses on securities sold short); taxes; expenses incurred in
connection with any merger or reorganization; and extraordinary expenses (such as

Persimmon
Long/Short Fund

NOTES
TO FINANCIAL STATEMENTS (Unaudited) (Continued)

March
31, 2022

litigation
expenses, which may include indemnification of Fund officers and Trustees, and contractual indemnification of Fund service providers
(other than the Advisor) will not exceed 1.99% of the daily average net assets attributable to Class I shares. Prior to January 1, 2021,
the Advisor contractually agreed to waive all or part of its advisory fees or absorb expenses so that the total annual operating expenses
did not exceed 2.49% of the Funds average daily net assets. The Advisor may seek reimbursement only for fees waived or expenses
paid by it during the prior three years; provided, however, that such fees and expenses may only be reimbursed to the extent they were
waived or paid after the date of the waiver agreement (or any similar agreement). Reimbursements will only be sought if total expenses
remain below the expenses limitation in place now or at the time of waiver or reimbursement. The Board may terminate this expense reimbursement
arrangement at any time. For the six months ended March 31, 2022, the Advisor did not recapture or reimburse any expenses. There are
no future amounts eligible for recapture in future periods.

Northern
Lights Distributors, LLC (the Distributor) acts as the Funds principal underwriter in the continuous public offering of
the Funds Class I shares. During the six months ended March 31, 2022, the Distributor did not receive any underwriting commissions
for sales of Class I shares.

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

Ultimus
Fund Solutions, LLC (UFS)

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

Northern
Lights Compliance Services, LLC (NLCS)

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.

Blu
Giant, LLC (Blu Giant)

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

AGGREGATE
UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS

The
identified cost of investments in securities owned by the Fund for federal income tax purposes, and its respective gross unrealized appreciation
and depreciation at March 31, 2022, are as follows:

Cost for Federal Tax purposes	$	26,719,959
Unrealized Appreciation		14,804,273
Unrealized Depreciation		(233,928	)
Tax Net Unrealized Appreciation	$	14,570,345

DISTRIBUTIONS
TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

The
tax character of fund distributions paid for the years ended September 30, 2021 and September 30, 2020 was as follows:

	Fiscal Year Ended		Fiscal Year Ended
	September 30, 2021		September 30, 2020
Ordinary Income	$	—	$	—
Long-Term Capital Gain		—		351,118
Return of Capital		—		96
	$	—	$	351,214

Persimmon
Long/Short Fund

NOTES
TO FINANCIAL STATEMENTS (Unaudited) (Continued)

March
31, 2022

As
of September 30, 2021, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed		Undistributed		Post October Loss			Capital Loss			Other		Unrealized		Total
Ordinary		Long-Term		and			Carry			Book/Tax		Appreciation/		Accumulated
Income		Gains		Late Year Loss			Forwards			Differences		(Depreciation)		Earnings/(Deficits)
$	—	$	—	$	(3,394,908	)	$	(535,301	)	$	—	$	12,446,447	$	8,516,238

The
difference between book basis and tax basis accumulated net investment losses, accumulated net realized gain (loss), and unrealized appreciation
from investments is primarily attributable to the tax deferral of losses on wash sales, mark-to-market on open Section 1256 futures contracts,
adjustments for real estate investment trusts and C-Corporation return of capital distributions.

Late
year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year
for tax purposes. The Fund incurred and elected to defer such late year losses of $184,540.

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 $3,210,368.

At
September 30, 2021, the Fund had capital loss carry forwards (CLCF) for federal income tax purposes available to offset
future capital gains, as follows:

Non-Expiring		Non-Expiring
Short-Term		Long-Term		Total		CLCF Utilized
$	535,301	$	—	$	535,301	$	—

Permanent
book and tax differences, primarily attributable to the book/tax basis treatment of net operating losses and tax adjustments for prior
year tax returns, resulted in reclassification for the year ended September 30, 2021 as follows:

CONTROL
OWNERSHIP

The
beneficial ownership, either directly or indirectly, of 25% or more of the outstanding shares of a fund creates a presumption of control
of the fund under Section 2(a)(9) of the 1940 Act. As of March 31, 2022, Charles Schwab was the record owner of 28.25% of the outstanding
shares and Pershing was the record owners of 71.75%.

NEW
ACCOUNTING PRONOUNCEMENTS

In
October 2020, the Securities and Exchange Commission (SEC) adopted new regulations governing the use of derivative by registered
investment companies (Rule 18f-4). Rule 18f-4 will impose limits on the amount of derivatives a Fund can enter into, eliminate
the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, and require funds whose use of derivatives
is greater than a limited specified amount to establish and maintain a comprehensive derivatives risk management program and appoint
a derivatives risk manager. Funds will be required to comply with Rule 18f-4 by August 19, 2022. It is not currently clear what impact,
if any, Rule 18f-4 will have on the availability, liquidity or performance of derivatives. Management is currently evaluating the potential
impact of Rule 18f-4 on the Funds. When fully implemented, Rule 18f-4 may require changes in how a Fund uses derivatives, adversely affect
the Funds performance and increase costs related to the Funds use of derivatives.

Persimmon
Long/Short Fund

NOTES
TO FINANCIAL STATEMENTS (Unaudited) (Continued)

March
31, 2022

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 other
than the following:

Effective
October 15, 2021, shareholders of the Fund approved Dakota Wealth, LLC (Dakota) as adviser to the Fund. There was no
change in the Advisory Fee or Operating Expense Limitation Agreement in relation to this change of control.

Persimmon
Long/Short Fund

EXPENSE
EXAMPLES (Unaudited)

March
31, 2022

As
a shareholder of the Persimmon Long/Short Fund, you incur two types of costs: (1) transaction costs, including redemption fees; and (2)
ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. This example is intended
to help you understand your ongoing costs (in dollars) of investing in the Persimmon Long Short/Fund and to compare these costs with
the ongoing costs of investing in other mutual funds.

The
example is based on an investment of $1,000 invested at the beginning of the period and held for the period beginning October 1, 2021
and ended March 31, 2022.

Table
1. Actual Expenses

Table
1 Actual Expenses provides information about actual account values and actual expenses. You may use the information below,
together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000
(for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number provided under the heading Expenses
Paid During Period.

Table
2. Hypothetical Expenses

Table
2 Hypothetical Expenses provides information about hypothetical account values and hypothetical expenses based on the Persimmon
Long Short/Funds actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds
actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses
you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that
appear in the shareholder reports of other funds.

Please
note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs,
such as sales charges (loads), or redemption fees. Therefore, the table is useful in comparing ongoing costs only, and will not help
you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs
would have been higher.

Actual Expenses	Annualized Expense Ratio ** 10/1/2021 – 3/31/2022	Beginning Account Value 10/1/2021	Ending Account Value 3/31/2022	Expenses Paid During Period 10/1/2021 – 3/31/2022
Class I	1.92%	$1,000.00	$1,033.00	$9.71
Hypothetical Expenses	Annualized Expense Ratio ** 10/1/2021 – 3/31/2022	Beginning Account Value 10/1/2021	Ending Account Value 3/31/2022	Expenses Paid During Period * 10/1/2021 – 3/31/2022
Class I	1.92%	$1,000.00	$1,015.38	$9.62

Expenses
are equal to the Funds annualized expense ratio, multiplied by the number of days
in the period (182) divided by the number of days in the fiscal year (365).

Annualized
expense ratio does not include interest expense or dividend expense.

Persimmon
Long/Short Fund

SUPPLEMENTAL
INFORMATION (Unaudited)

March
31, 2022

SHAREHOLDER
MEETING

The
Board held a Special Meeting of the Shareholders of the Fund on October 15, 2021 for the purpose of approving a new investment advisory
agreement with Dakota Wealth, LLC, the Funds proposed new investment adviser (the Investment Advisory Agreement).

At
the close of business September 3, 2021, the record date for the Special Meeting of Shareholders, there were 3,161,943 outstanding shares
of beneficial interest of the Fund.

Accordingly,
shares represented in person and by proxy at the Special Meeting equaled 73.98% of the outstanding shares of the Fund. Therefore, a quorum
was present for the Fund

With
respect to approval of the Investment Advisory Agreement the following votes were cast:

For Approval	Against Approval	Abstained
2,339,348	0	0

PRIVACY
NOTICE

Rev.
February 2014

FACTS	WHAT DOES NORTHERN LIGHTS FUND TRUST III DO WITH YOUR PERSONAL INFORMATION?

Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include:

	■	Social Security number	■	Purchase History

	■	Assets	■	Account Balances

	■	Retirement Assets	■	Account Transactions

	■	Transaction History	■	Wire Transfer Instructions

	■	Checking Account Information

	When you are no longer our customer, we continue to share your information as described in this notice.

How?	All financial companies need to share customers personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers personal information; the reasons Northern Lights Fund Trust III chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does Northern Lights Fund Trust III share?	Can you limit this sharing?
For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes – to offer our products and services to you	No	We dont share
For joint marketing with other financial companies	No	We dont share
For our affiliates everyday business purposes – information about your transactions and experiences	No	We dont share
For our affiliates everyday business purposes – information about your creditworthiness	No	We dont share
For nonaffiliates to market to you	No	We dont share

Questions?			Call (402) 493-4603

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

PROXY
VOTING POLICY

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

PORTFOLIO
HOLDINGS

The
Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT.
Form N-PORT is available on the SECs website at http://www.sec.gov. The information on Form N-PORT is available without charge,
upon request, by calling 1-855-233-8300.

INVESTMENT
ADVISOR

Dakota
Wealth Management

1777
Sentry Parkway West

VEVA
14, Suite 102

Blue
Bell, PA 19422

ADMINISTRATOR

Ultimus
Fund Solutions, LLC

225
Pictoria Drive, Suite 450

Cincinnati,
OH 45246

Persimmon-SA22

Item 2. Code of Ethics. Not applicable.

Item 3. Audit Committee Financial Expert. Not applicable.

Item 4. Principal Accountant Fees and Services. Not applicable.

Item 5. Audit Committee of Listed Companies. Not applicable to open-end
investment companies.

Item 6. Schedule of Investments. Schedule of investments in securities
of unaffiliated issuers is included under Item 1.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
Funds. Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Funds. Not
applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders. None

Item 11. Controls and Procedures.

(a) Based
on an evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of filing date of this Form
N-CSR, the principal executive officer and principal financial officer of the Registrant have concluded that the disclosure controls and
procedures of the Registrant are reasonably designed to ensure that the information required in filings on Form N-CSR is recorded, processed,
summarized, and reported by the filing date, including that information required to be disclosed is accumulated and communicated to the
Registrant’s management, including the Registrant’s principal executive officer and principal financial officer, as appropriate
to allow timely decisions regarding required disclosure.

(b) There
were no significant changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s
last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control
over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End
Management Investment Companies. (a) Not applicable to open-end investment companies.

(b) Not applicable to open-end investment companies.

Item 13. Exhibits.

(a)(1) Not applicable.

(a)(2) Certifications required by Section 302 of the Sarbanes-Oxley Act of 2002 (and Item 11(a)(2) of Form N-CSR) are filed herewith.

(a)(3) Not applicable for open-end investment companies.

(b) Certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 (and Item 11(b) of Form N-CSR) are filed herewith.

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) Northern Lights Fund Trust III

By (Signature and Title)

/s/ Richard Malinowski

Richard Malinowski, Principal Executive Officer/President

Date 6/8/22

Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the
capacities and on the dates indicated.

By (Signature and Title)

/s/ Richard Malinowski

Richard Malinowski, Principal Executive Officer/President

Date 6/8/22

By (Signature and Title)

/s/ Brian Curley

Brian Curley, Principal Financial Officer/Treasurer

Date 6/8/22

CERTIFICATIONS

I, Richard Malinowski, certify that:

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

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

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

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

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;

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;

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

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

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

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

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: 6/8/22		/s/ Richard Malinowski
		Richard Malinowski
		Principal Executive Officer/President

I, Brian Curley, certify that:

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

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:

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: 6/8/22		/s/ Brian Curley
		Brian Curley
		Principal Financial Officer/Treasurer

certification

Richard Malinowski, Principal Executive Officer/President,
and Brian Curley Principal Financial Officer/Treasurer of Northern Lights Fund Trust III (the “Registrant”), certify to the
best of my knowledge that:

1. The
Registrant’s periodic report on Form N-CSR for the period ended March 31, 2022 (the “Form N-CSR”) fully complies with
the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and

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.

Principal Executive Officer/President		Principal Financial Officer/Treasurer
Northern Lights Fund Trust III		Northern Lights Fund Trust III


/s/ Richard Malinowski		/s/ Brian Curley
Richard Malinowski		Brian Curley
Date: 6/8/22		Date: 6/8/22

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

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

Source: streetinsider.com

Accumulated

Paid in Capital

Earning/(Losses)