485BPOS

Securities Act Registration No. 333-178833

Investment Company Act Registration No. 811-22655

As filed with the Securities and Exchange Commission on February 13, 2019

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ý

¨ Pre-Effective Amendment No.

ý Post-Effective Amendment No. 398

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 ý

ý Amendment No. 401

(Check appropriate box or boxes.)

Northern Lights Fund Trust III

(Exact Name of Registrant as Specified in Charter)

17645 Wright Street, Suite 200, Omaha, NE 68130

(Address of Principal Executive Offices) (Zip Code)

Registrant’s Telephone Number, including Area Code: (402) 895-1600

The Corporation Trust Company

1209 Orange Street

Wilmington, DE 19801

(Name and Address of Agent for Service)

With copy to:

JoAnn M. Strasser, Esq. Thompson Hine LLP 41 South High Street, Suite 1700 Columbus, Ohio 43215 614-469-3265 (phone) 614-469-3361 (fax) Richard Malinowski Gemini Fund Services, LLC 80 Arkay Drive, Suite 110 Hauppauge, New York 11788 (631) 470-2600

Approximate date of proposed public offering: As soon as practicable after the effective date of the Registration Statement.

It is proposed that this filing will become effective:

ý Immediately upon filing pursuant to paragraph (b)

¨ On (date) pursuant to paragraph (b)

¨ 60 days after filing pursuant to paragraph (a)(1)

¨ On (date) pursuant to paragraph (a)(1)

¨ 75 days after filing pursuant to paragraph (a)(2)

¨ On (date) pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

¨ This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

This filing relates solely to the Persimmon Long/Short Fund, a series of the Trust.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this registration statement under rule 485(b) under the Securities Act and has duly caused this registration statement to be signed on its behalf by the undersigned, duly authorized, in the City of Hauppauge, and State of New York, on the 13th day of February, 2019.

Northern Lights Fund Trust III

By: /s/ Richard Malinowski*

Richard Malinowski, President

Pursuant to the requirements of the Securities Act, this registration statement has been signed below by the following persons in the capacities indicated on the dates indicated.

Northern Lights Fund Trust III

Name
/s/ Richard Malinowski	President
Brian Curley*	Treasurer
James U. Jensen*	Independent Trustee
Patricia Luscombe*	Independent Trustee
John V. Palancia*	Independent Trustee
Mark H. Taylor*	Independent Trustee
Jeffery D. Young*	Independent Trustee

*By:                                Date:

/s/ Eric D. Kane.            February 13, 2019

Eric D. Kane, Esq.

*Attorney-in-Fact – Pursuant to Powers of Attorney as previously filed February 26, 2015 and June 17, 2016.

Exhibit Index

Index No.	Description of Exhibit
EX-101.INS	XBRL Instance Document
EX-101.SCH	XBRL Taxonomy Extension Schema Document
EX-101.CAL	XBRL Taxonomy Extension Calculation Linkbase
EX-101.DEF	XBRL Taxonomy Extension Definition Linkbase
EX-101.LAB	XBRL Taxonomy Extension Labels Linkbase
EX-101.PRE	XBRL Taxonomy Extension Presentation Linkbase

XML

Persimmon Long/Short Fund

<p style="margin: 0px; font-size: 14pt"><b>FUND SUMMARY</b></p>

<p style="margin: 0px"><b>Investment Objective:</b></p>

The Persimmon Long/Short Fund seeks long-term capital appreciation.

<p style="margin: 0px"><b>Fees and Expenses of the Fund:</b></p>

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

<p style="margin: 0px"><b>Shareholder Fees</b></p> <p style="margin: 0px"><b>(fees paid directly from your investment)</b></p>

Shareholder Fees	Persimmon Long/Short Fund Class I Shares
Maximum Sales Charge (Load) Imposed on purchases (as a percentage of offering price)	none
Maximum Deferred Sales Charge (Load) (as a percentage of purchase price)	none
Redemption Fee (as a % of amount redeemed if held less than 60 days)	1.00%

<p style="margin: 0px"><b>Annual Fund Operating Expenses</b></p> <p style="margin: 0px"><b>(expenses that you pay each year as a percentage of the value of your investment)</b></p>

Annual Fund Operating Expenses	Persimmon Long/Short Fund Class I Shares
Management Fees	1.75%
Distribution and/or Service (12b-1) Fees	none
Total Other Expenses	1.89%
Short Selling Dividend and Interest Expense	0.95%
Remaining Other Expenses	0.94%
Acquired Fund Fees and Expenses	0.04%	[1]
Total Annual Fund Operating Expenses	3.68%
Fee Waiver and Expense Reimbursement	(0.20%)	[2]
Total Annual Fund Operating Expenses After Fee Waiver	3.48%

<p style="margin: 0px"><b>Example:</b></p>

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

<p style="margin: 0px">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</p>

Expense Example	1 Year	3 Years	5 Years	10 Years
Persimmon Long/Short Fund | Class I Shares | USD ($)	351	1,108	1,885	3,919

<p style="margin: 0px"><b>Portfolio Turnover:</b></p>

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the fiscal year ended September 30, 2018, the Fund’s portfolio turnover rate was 263% of the average value of its portfolio.

<p style="margin: 0px"><b>Principal Investment Strategies:</b></p>

In pursuing its investment objective, the Fund utilizes two strategies: (i) the selection of individual equity securities based on the Adviser’s investment models and (ii) a hedging strategy that seeks to mitigate the downside risk of equities during unfavorable markets.

The Fund seeks to provide risk-adjusted returns with lower volatility compared to global equity markets. Under normal market conditions, the Fund pursues its investment objective by investing at least 80% of its net assets in U.S. exchange listed common stock, preferred stock and depositary receipts (“Equity Instruments”). The Fund may invest in or have exposure to companies of any market capitalization or sector.

In managing the Fund, the Adviser takes long equity positions in those Equity Instruments that, based on proprietary quantitative models, the Adviser forecasts to be undervalued and likely to increase in price. The proprietary quantitative models that are used in the security selection process are based on various value, quality and momentum factors. In addition to these three factors, the Adviser may use additional quantitative strategies based on the Adviser’s proprietary research. When warranted, the Adviser uses its dynamic hedging strategy in seeking the downside risks associated with the Fund’s exposure to Equity Instruments during bear market conditions in the equity markets. Exposure to the hedging strategy is gained through the selling short of exchange traded equity index futures contracts.

The Fund expects to have net long exposure to equity markets. In deteriorating market conditions, the Fund reduces its long market exposure and implements the hedging strategy. If the Fund’s long position in Equity Instruments falls below 75%, the Adviser will purchase equity index exchange traded funds (“ETFs”) to maintain the minimum long exposure in the portfolio. As market conditions improve, the Fund may increase its long exposure. The Fund will incorporate a long equity position of between 75% to 100%. The Adviser will use the hedge strategy as a tactical allocation overlay to manage the Fund’s overall net exposure. The Adviser expects that the Fund’s exposure to equities will range from 10% to 90% net long through the majority of market cycles.

<p style="margin: 0px"><b>Principal Investment Risks:</b></p>

As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. The Fund is not intended to be a complete investment program. Many factors affect the Fund’s net asset value (“NAV”) and performance.

• Credit Risk: Issuers may not make interest or principal payments on securities, resulting in losses to the Fund. In addition, the credit quality of securities held by the Fund may be lowered if an issuer’s financial condition changes. These risks are more pronounced for securities with lower credit quality, such as those rated below BBB- by Standard & Poor’s Ratings Group or another credit rating agency.

• Emerging Market Risk: Emerging market countries may have relatively unstable governments, weaker economies, and less-developed legal systems with fewer security holder rights. Emerging market economies may be based on only a few industries and security issuers may be more susceptible to economic weakness and more likely to default. Emerging market securities also tend to be less liquid.

• Equity Risk: The NAV of the Fund will fluctuate based on changes in the value of the equity securities held by the Fund or underlying funds that invest in U.S. and/or foreign equity securities. Equity prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.

• Fixed Income Risk: The value of the Fund’s investments in fixed income securities will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. The credit quality of securities may be lowered if an issuer’s financial condition deteriorates and issuers may default on their interest and or principal payments. Convertible securities are hybrid securities that have characteristics of both fixed income securities and common stocks and are subject to risks associated with both debt securities and equity securities. Your investment will decline in value if the value of the Fund’s fixed income investments decrease.

• Foreign Currency Risk: Currency trading risks include market risk, credit risk and country risk. Market risk results from adverse changes in exchange rates in the currencies the Fund is long or short. Credit risk results because a currency-trade counterparty may default. Country risk arises because a government may interfere with transactions in its currency.

• Foreign Investment Risk: Foreign investing (including through American Depositary Receipts, European Depositary Receipts and Global Depositary Receipts) involves risks not typically associated with U.S. investments, including adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity, greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards. Investing in emerging markets imposes different or greater risks than those associated with foreign developed countries.

• Futures Risk: The Fund’s use of futures involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) leverage risk (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the futures contract may not correlate perfectly with the underlying index. Investments in futures involve leverage, which means a small percentage of assets invested in futures can have a disproportionately large impact on the Fund. This risk could cause the Fund to lose more than the principal amount invested. Futures contracts may become mispriced or improperly valued when compared to the adviser’s expectation and may not produce the desired investment results. Additionally, changes in the value of futures contracts may not track or correlate perfectly with the underlying index because of temporary, or even long-term, supply and demand imbalances and because futures do not pay dividends unlike the stocks upon which they are based.

• High Yield (Junk) Bond Risk: Lower-quality fixed income securities, known as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Fund’s ability to sell its bonds. The lack of a liquid market for these bonds could decrease the Fund’s share price.

○ Defaulted Securities Risk: Repayment of defaulted securities and obligations of distressed issuers (including insolvent issuers or issuers in payment or covenant default, in workout or restructuring or in bankruptcy or in solvency proceedings) is subject to significant uncertainties. Investments in defaulted securities and obligations of distressed issuers are considered speculative.

• Issuer-Specific Risk: The value of securities of smaller issuers can be more volatile than those of larger issuers. The value of certain types of securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.

• Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of particular asset classes and securities in which the Fund invests (long or short) may prove to be incorrect and may not produce the desired results.

• Market Risk: Overall securities and derivatives market risks may affect the value of individual instruments in which the Fund invests. Factors such as domestic and foreign economic growth and market conditions, interest rate levels, and political events affect the securities and derivatives markets. When the value of the Fund’s investments goes down, your investment in the Fund decreases in value and you could lose money.

• Model Risk: Like all quantitative analysis, the Adviser’s investment model carries a risk that the mathematical model used might be based on one or more incorrect assumptions. Rapidly changing and unforeseen market dynamics could also lead to a decrease in short term effectiveness of the Adviser’s algorithmic model. No assurance can be given that the fund will be successful under all or any market conditions.

• Option Writing Risk: If a put or call option purchased by the Fund were permitted to expire without being sold or exercised, the Fund would lose the entire premium it paid for the option. The risk involved in writing a put option is that there could be a decrease in the market value of the underlying future, security, currency or other asset. If this occurred, the option could be exercised and the underlying future, security, currency or other asset would then be sold to the Fund at a higher price than its current market value. The risk involved in writing a call option is that there could be an increase in the market value of the underlying future, security, currency or other asset. If this occurred, the option could be exercised and the underlying future, security, currency or other asset would then be sold by the Fund at a lower price than its current market value.

• Portfolio Turnover Risk: A higher portfolio turnover will result in higher transactional and brokerage costs.

• Short Position Risk: The Fund will incur a, potentially unlimited, loss as a result of a short position if the price of the short position instrument increases in value between the date of the short position sale and the date on which the Fund purchases an offsetting position.

• Small and Medium Capitalization Risk: The value of small or medium capitalization companies may be subject to more abrupt or erratic market movements than those of larger, more established companies or the market averages in general.

• Underlying Funds Risk: Investment companies, including ETFs and mutual funds, are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in investment companies and also may be higher than other mutual funds that invest directly in securities. Investment companies are subject to specific risks, depending on the nature of the fund.

<p style="margin: 0px"><b>Performance:</b></p>

The bar chart and performance table below show the variability of the Fund’s returns over time, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the Fund’s Class I shares for each full calendar year since the Fund's inception. The performance table compares the performance of the Fund over time to the performance of a broad-based market index. You should be aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. Updated performance information will be available at no cost by visiting www.persimmonfunds.com or by calling 1-855-233-8300.

<p style="margin: 0px; text-align: center"><b>Class I Performance Bar Chart For Calendar Years Ended December 31</b></p>

Best Quarter:	3/31/2017	4.54%
Worst Quarter:	12/31/2018	(9.13)%

<p style="margin: 0px; text-align: center"><b>Performance Table</b></p> <p style="margin: 0px; text-align: center"><b>Average Annual Total Returns</b></p> <p style="margin: 0px; text-align: center"><b>(For periods ended December 31, 2018)</b></p>

Average Annual Total Returns - Persimmon Long/Short Fund		Label	One Year	Five Years	Since Inception	Inception Date
Class I Shares		Return before taxes	(6.10%)	1.16%	2.65%	Dec. 31, 2012
Class I Shares | Return after taxes on distributions			(6.85%)	0.34%	1.95%
Class I Shares | Return after taxes on distributions and sale of Fund shares			(3.07%)	0.89%	2.05%
S&P 500 Total Return Index (reflects no deduction for fees, expenses or taxes)	[1]		(4.38%)	8.49%	12.15%

After-tax returns were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

[1] Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies, including exchange traded funds.

[2] The Fund's adviser, Persimmon Capital Management LP, (the "Adviser") has contractually agreed to waive management fees and to make payments to limit Fund expenses, at least until January 31, 2020, so that the total annual operating expenses (excluding (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iv) borrowing costs (such as interest and dividend expense on securities sold short); (v) taxes; and (vi) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the Adviser))) of the Fund do not exceed 2.49% of average daily net assets attributable to Class I shares. This fee waiver and expense reimbursement is subject to possible recoupment from the Fund within three years after the fees have been waived or reimbursed, if such recoupment can be achieved within the lesser of the foregoing expense limits or the expense limits in place at the time of recapture. This agreement may be terminated only by the Board of Trustees on 60 days' written notice to the Adviser.

[1] 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.

XML

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Prospectus [Line Items]

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Document Type

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485BPOS

Document Period End Date

dei_DocumentPeriodEndDate

Sep. 30, 2018

Registrant Name

dei_EntityRegistrantName

NORTHERN LIGHTS FUND TRUST III

Central Index Key

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0001537140

Amendment Flag

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false

Trading Symbol

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nlft

Document Creation Date

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Jan. 28, 2019

Document Effective Date

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Jan. 28, 2019

Prospectus Date

rr_ProspectusDate

Jan. 28, 2019

Persimmon Long/Short Fund

Prospectus [Line Items]

rr_ProspectusLineItems

Risk/Return [Heading]

rr_RiskReturnHeading

<p style="margin: 0px; font-size: 14pt"><b>FUND SUMMARY</b></p>

Objective [Heading]

rr_ObjectiveHeading

<p style="margin: 0px"><b>Investment Objective:</b></p>

Objective, Primary [Text Block]

rr_ObjectivePrimaryTextBlock

The Persimmon Long/Short Fund seeks long-term capital appreciation.

Expense [Heading]

rr_ExpenseHeading

<p style="margin: 0px"><b>Fees and Expenses of the Fund:</b></p>

Expense Narrative [Text Block]

rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees Caption [Text]

rr_ShareholderFeesCaption

<p style="margin: 0px"><b>Shareholder Fees</b></p> <p style="margin: 0px"><b>(fees paid directly from your investment)</b></p>

Operating Expenses Caption [Text]

rr_OperatingExpensesCaption

<p style="margin: 0px"><b>Annual Fund Operating Expenses</b></p> <p style="margin: 0px"><b>(expenses that you pay each year as a percentage of the value of your investment)</b></p>

Fee Waiver or Reimbursement over Assets, Date of Termination

rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination

Jan. 31, 2020

Portfolio Turnover [Heading]

rr_PortfolioTurnoverHeading

<p style="margin: 0px"><b>Portfolio Turnover:</b></p>

Portfolio Turnover [Text Block]

rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the fiscal year ended September 30, 2018, the Fund’s portfolio turnover rate was 263% of the average value of its portfolio.

Portfolio Turnover, Rate

rr_PortfolioTurnoverRate

263.00%

Expense Example [Heading]

rr_ExpenseExampleHeading

<p style="margin: 0px"><b>Example:</b></p>

Expense Example Narrative [Text Block]

rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

Expense Example by, Year, Caption [Text]

rr_ExpenseExampleByYearCaption

<p style="margin: 0px">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</p>

Strategy [Heading]

rr_StrategyHeading

<p style="margin: 0px"><b>Principal Investment Strategies:</b></p>

Strategy Narrative [Text Block]

rr_StrategyNarrativeTextBlock

In pursuing its investment objective, the Fund utilizes two strategies: (i) the selection of individual equity securities based on the Adviser’s investment models and (ii) a hedging strategy that seeks to mitigate the downside risk of equities during unfavorable markets.

The Fund seeks to provide risk-adjusted returns with lower volatility compared to global equity markets. Under normal market conditions, the Fund pursues its investment objective by investing at least 80% of its net assets in U.S. exchange listed common stock, preferred stock and depositary receipts (“Equity Instruments”). The Fund may invest in or have exposure to companies of any market capitalization or sector.

In managing the Fund, the Adviser takes long equity positions in those Equity Instruments that, based on proprietary quantitative models, the Adviser forecasts to be undervalued and likely to increase in price. The proprietary quantitative models that are used in the security selection process are based on various value, quality and momentum factors. In addition to these three factors, the Adviser may use additional quantitative strategies based on the Adviser’s proprietary research. When warranted, the Adviser uses its dynamic hedging strategy in seeking the downside risks associated with the Fund’s exposure to Equity Instruments during bear market conditions in the equity markets. Exposure to the hedging strategy is gained through the selling short of exchange traded equity index futures contracts.

The Fund expects to have net long exposure to equity markets. In deteriorating market conditions, the Fund reduces its long market exposure and implements the hedging strategy. If the Fund’s long position in Equity Instruments falls below 75%, the Adviser will purchase equity index exchange traded funds (“ETFs”) to maintain the minimum long exposure in the portfolio. As market conditions improve, the Fund may increase its long exposure. The Fund will incorporate a long equity position of between 75% to 100%. The Adviser will use the hedge strategy as a tactical allocation overlay to manage the Fund’s overall net exposure. The Adviser expects that the Fund’s exposure to equities will range from 10% to 90% net long through the majority of market cycles.

Strategy Portfolio Concentration [Text]

rr_StrategyPortfolioConcentration

Under normal market conditions, the Fund pursues its investment objective by investing at least 80% of its net assets in U.S. exchange listed common stock, preferred stock and depositary receipts ("Equity Instruments").

Risk [Heading]

rr_RiskHeading

<p style="margin: 0px"><b>Principal Investment Risks:</b></p>

Risk Narrative [Text Block]

rr_RiskNarrativeTextBlock

As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. The Fund is not intended to be a complete investment program. Many factors affect the Fund’s net asset value (“NAV”) and performance.

• Credit Risk: Issuers may not make interest or principal payments on securities, resulting in losses to the Fund. In addition, the credit quality of securities held by the Fund may be lowered if an issuer’s financial condition changes. These risks are more pronounced for securities with lower credit quality, such as those rated below BBB- by Standard & Poor’s Ratings Group or another credit rating agency.

• Emerging Market Risk: Emerging market countries may have relatively unstable governments, weaker economies, and less-developed legal systems with fewer security holder rights. Emerging market economies may be based on only a few industries and security issuers may be more susceptible to economic weakness and more likely to default. Emerging market securities also tend to be less liquid.

• Equity Risk: The NAV of the Fund will fluctuate based on changes in the value of the equity securities held by the Fund or underlying funds that invest in U.S. and/or foreign equity securities. Equity prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.

• Fixed Income Risk: The value of the Fund’s investments in fixed income securities will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. The credit quality of securities may be lowered if an issuer’s financial condition deteriorates and issuers may default on their interest and or principal payments. Convertible securities are hybrid securities that have characteristics of both fixed income securities and common stocks and are subject to risks associated with both debt securities and equity securities. Your investment will decline in value if the value of the Fund’s fixed income investments decrease.

• Foreign Currency Risk: Currency trading risks include market risk, credit risk and country risk. Market risk results from adverse changes in exchange rates in the currencies the Fund is long or short. Credit risk results because a currency-trade counterparty may default. Country risk arises because a government may interfere with transactions in its currency.

• Foreign Investment Risk: Foreign investing (including through American Depositary Receipts, European Depositary Receipts and Global Depositary Receipts) involves risks not typically associated with U.S. investments, including adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity, greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards. Investing in emerging markets imposes different or greater risks than those associated with foreign developed countries.

• Futures Risk: The Fund’s use of futures involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) leverage risk (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the futures contract may not correlate perfectly with the underlying index. Investments in futures involve leverage, which means a small percentage of assets invested in futures can have a disproportionately large impact on the Fund. This risk could cause the Fund to lose more than the principal amount invested. Futures contracts may become mispriced or improperly valued when compared to the adviser’s expectation and may not produce the desired investment results. Additionally, changes in the value of futures contracts may not track or correlate perfectly with the underlying index because of temporary, or even long-term, supply and demand imbalances and because futures do not pay dividends unlike the stocks upon which they are based.

• High Yield (Junk) Bond Risk: Lower-quality fixed income securities, known as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Fund’s ability to sell its bonds. The lack of a liquid market for these bonds could decrease the Fund’s share price.

○ Defaulted Securities Risk: Repayment of defaulted securities and obligations of distressed issuers (including insolvent issuers or issuers in payment or covenant default, in workout or restructuring or in bankruptcy or in solvency proceedings) is subject to significant uncertainties. Investments in defaulted securities and obligations of distressed issuers are considered speculative.

• Issuer-Specific Risk: The value of securities of smaller issuers can be more volatile than those of larger issuers. The value of certain types of securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.

• Management Risk: The Adviser’s judgments about the attractiveness, value and potential appreciation of particular asset classes and securities in which the Fund invests (long or short) may prove to be incorrect and may not produce the desired results.

• Market Risk: Overall securities and derivatives market risks may affect the value of individual instruments in which the Fund invests. Factors such as domestic and foreign economic growth and market conditions, interest rate levels, and political events affect the securities and derivatives markets. When the value of the Fund’s investments goes down, your investment in the Fund decreases in value and you could lose money.

• Model Risk: Like all quantitative analysis, the Adviser’s investment model carries a risk that the mathematical model used might be based on one or more incorrect assumptions. Rapidly changing and unforeseen market dynamics could also lead to a decrease in short term effectiveness of the Adviser’s algorithmic model. No assurance can be given that the fund will be successful under all or any market conditions.

• Option Writing Risk: If a put or call option purchased by the Fund were permitted to expire without being sold or exercised, the Fund would lose the entire premium it paid for the option. The risk involved in writing a put option is that there could be a decrease in the market value of the underlying future, security, currency or other asset. If this occurred, the option could be exercised and the underlying future, security, currency or other asset would then be sold to the Fund at a higher price than its current market value. The risk involved in writing a call option is that there could be an increase in the market value of the underlying future, security, currency or other asset. If this occurred, the option could be exercised and the underlying future, security, currency or other asset would then be sold by the Fund at a lower price than its current market value.

• Portfolio Turnover Risk: A higher portfolio turnover will result in higher transactional and brokerage costs.

• Short Position Risk: The Fund will incur a, potentially unlimited, loss as a result of a short position if the price of the short position instrument increases in value between the date of the short position sale and the date on which the Fund purchases an offsetting position.

• Small and Medium Capitalization Risk: The value of small or medium capitalization companies may be subject to more abrupt or erratic market movements than those of larger, more established companies or the market averages in general.

• Underlying Funds Risk: Investment companies, including ETFs and mutual funds, are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in investment companies and also may be higher than other mutual funds that invest directly in securities. Investment companies are subject to specific risks, depending on the nature of the fund.

Risk Lose Money [Text]

rr_RiskLoseMoney

As with all mutual funds, there is the risk that you could lose money through your investment in the Fund.

Bar Chart and Performance Table [Heading]

rr_BarChartAndPerformanceTableHeading

<p style="margin: 0px"><b>Performance:</b></p>

Performance Narrative [Text Block]

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The bar chart and performance table below show the variability of the Fund’s returns over time, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the Fund’s Class I shares for each full calendar year since the Fund's inception. The performance table compares the performance of the Fund over time to the performance of a broad-based market index. You should be aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. Updated performance information will be available at no cost by visiting www.persimmonfunds.com or by calling 1-855-233-8300.

Performance Information Illustrates Variability of Returns [Text]

rr_PerformanceInformationIllustratesVariabilityOfReturns

The bar chart and performance table below show the variability of the Fund's returns over time, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the Fund's Class I shares for each full calendar year since the Fund's inception.

Performance Availability Phone [Text]

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1-855-233-8300

Performance Availability Website Address [Text]

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www.persimmonfunds.com

Performance Past Does Not Indicate Future [Text]

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You should be aware that the Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future.

Bar Chart [Heading]

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<p style="margin: 0px; text-align: center"><b>Class I Performance Bar Chart For Calendar Years Ended December 31</b></p>

Bar Chart Closing [Text Block]

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Best Quarter:	3/31/2017	4.54%
Worst Quarter:	12/31/2018	(9.13)%

Highest Quarterly Return, Label

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Best Quarter:

Highest Quarterly Return, Date

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Mar. 31, 2017

Highest Quarterly Return

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4.54%

Lowest Quarterly Return, Label

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Worst Quarter:

Lowest Quarterly Return, Date

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Dec. 31, 2018

Lowest Quarterly Return

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(9.13%)

Performance Table Heading

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<p style="margin: 0px; text-align: center"><b>Performance Table</b></p> <p style="margin: 0px; text-align: center"><b>Average Annual Total Returns</b></p> <p style="margin: 0px; text-align: center"><b>(For periods ended December 31, 2018)</b></p>

Index No Deduction for Fees, Expenses, Taxes [Text]

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Reflects no deduction for fees, expenses or taxes

Performance Table Uses Highest Federal Rate

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After-tax returns were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.

Performance Table Not Relevant to Tax Deferred

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Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

Performance Table Closing [Text Block]

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After-tax returns were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

Persimmon Long/Short Fund | S&P 500 Total Return Index (reflects no deduction for fees, expenses or taxes)

Prospectus [Line Items]

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1 Year

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(4.38%)

^[1]

5 Years

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8.49%

^[1]

Since Inception

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12.15%

^[1]

Persimmon Long/Short Fund | Class I Shares

Prospectus [Line Items]

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Trading Symbol

dei_TradingSymbol

LSEIX

Maximum Sales Charge Imposed on Purchases (as a percentage of Offering Price)

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none

Maximum Deferred Sales Charge (as a percentage of Offering Price)

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none

Redemption Fee (as a percentage of Amount Redeemed)

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(1.00%)

Management Fees (as a percentage of Assets)

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1.75%

Distribution and Service (12b-1) Fees

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none

Component1 Other Expenses

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0.95%

Component2 Other Expenses

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0.94%

Other Expenses (as a percentage of Assets):

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1.89%

Acquired Fund Fees and Expenses

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0.04%

^[2]

Expenses (as a percentage of Assets)

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3.68%

Fee Waiver or Reimbursement

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(0.20%)

^[3]

Net Expenses (as a percentage of Assets)

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3.48%

Expense Example, with Redemption, 1 Year

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$ 351

Expense Example, with Redemption, 3 Years

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1,108

Expense Example, with Redemption, 5 Years

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1,885

Expense Example, with Redemption, 10 Years

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$ 3,919

Annual Return 2013

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10.40%

Annual Return 2014

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1.80%

Annual Return 2015

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2.67%

Annual Return 2016

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(4.79%)

Annual Return 2017

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13.40%

Annual Return 2018

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(6.10%)

Label

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Return before taxes

1 Year

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(6.10%)

5 Years

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1.16%

Since Inception

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2.65%

Inception Date

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Dec. 31, 2012

Persimmon Long/Short Fund | Class I Shares | Return after taxes on distributions

Prospectus [Line Items]

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1 Year

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(6.85%)

5 Years

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0.34%

Since Inception

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1.95%

Persimmon Long/Short Fund | Class I Shares | Return after taxes on distributions and sale of Fund shares

Prospectus [Line Items]

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1 Year

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(3.07%)

5 Years

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0.89%

Since Inception

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2.05%

[1] 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.

[2] Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies, including exchange traded funds.

[3] The Fund's adviser, Persimmon Capital Management LP, (the "Adviser") has contractually agreed to waive management fees and to make payments to limit Fund expenses, at least until January 31, 2020, so that the total annual operating expenses (excluding (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iv) borrowing costs (such as interest and dividend expense on securities sold short); (v) taxes; and (vi) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the Adviser))) of the Fund do not exceed 2.49% of average daily net assets attributable to Class I shares. This fee waiver and expense reimbursement is subject to possible recoupment from the Fund within three years after the fees have been waived or reimbursed, if such recoupment can be achieved within the lesser of the foregoing expense limits or the expense limits in place at the time of recapture. This agreement may be terminated only by the Board of Trustees on 60 days' written notice to the Adviser.