# EDGAR Filing Document

**Accession Number:** 0001537140
**File Stem:** 0001752724-23-047764
**Filing Date:** 2023-2
**Character Count:** 69605
**Document Hash:** 01b6da0db8687538b556e07925eb2144
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-047764.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-047764

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NORTHERN LIGHTS FUND TRUST III
- **CENTRAL INDEX KEY:** 0001537140
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22655
- **FILM NUMBER:** 23686202

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

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

## Series and Classes Contracts Data

### Boyd Watterson Limited Duration Enhanced Income Fund (Series ID: S000054112)

| Class ID   | Class Name                                                           | Ticker Symbol   |
|:---|:---|:---|
| C000170092 | Boyd Watterson Limited Duration Enhanced Income Fund Class A Shares  | BWDAX           |
| C000170093 | Boyd Watterson Limited Duration Enhanced Income Fund Class C Shares  | BWDCX           |
| C000170094 | Boyd Watterson Limited Duration Enhanced Income Fund Class I Shares  | BWDIX           |
| C000170095 | Boyd Watterson Limited Duration Enhanced Income Fund Class I2 Shares | BWDTX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** NORTHERN LIGHTS FUND TRUST III

- **b. Investment Company Act file number:** 811-22655

- **c. CIK number of Registrant:** 0001537140

- **d. LEI of Registrant:** 549300PPUECJSQFBYV98

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 225 PICTORIA DRIVE

  - **City:** CINCINNATI

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

  - **Telephone number:** 631-470-2600

**Item A.2. Information about the Series.**

- **a. Name of Series:** Boyd Watterson Limited Duration Enhanced Income Fund

- **b. EDGAR series identifier (if any):** S000054112

- **c. LEI of Series:** 5493005USN7GWT7DQP89

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-06-30

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $363340651.23

**Total Liabilities:** $267201.31

**Net Assets:** $363073449.92

**Cash Not Reported:** $569106.64

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 1563.13241300 | **1-Year:** 6110.30256500 | **5-Year:** 17924.61049000 | **10-Year:** 10517.76561800 | **30-Year:** 273.30941700

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 23.87460000 | **1-Year:** 7570.31215600 | **5-Year:** 53784.03969000 | **10-Year:** 6684.77718800 | **30-Year:** 77.57903300

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000170095 | 0.97%                | 1.61%                | 0.46%                |
| Class ID C000170093 | 0.87%                | 1.52%                | 0.42%                |
| Class ID C000170092 | 0.87%                | 1.63%                | 0.40%                |
| Class ID C000170094 | 0.99%                | 1.63%                | 0.46%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-26574.94               | $2236850.41                                |
| Month 2  | $-70232.95               | $4397309.69                                |
| Month 3  | $-149850.59              | $269952.82                                 |

### Schedule of Portfolio Investments

| Name                                                      | Title                 | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Iron Mountain                                             | IRM TL B 1LD          | CUSIP: 46284NAQ2<br>LEI: 5493009M0X1LQXGBWV02 | Long             | LON              | CORP              | US        |    974490 | PA      | $964744.90    | 0.27%             | 2026-01-02      | Variable      | 5.82%                 | No            |                  2 | On Loan: No      |
| Prestige Brands, Inc.                                     | PBH 5 1/8 01/15/28    | CUSIP: 74112BAL9<br>LEI: 549300JBVP4J6D42I235 | Long             | DBT              | CORP              | US        |    342000 | PA      | $321576.34    | 0.09%             | 2028-01-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Installed Building Products Inc                           | IBP 5 3/4 02/01/28    | CUSIP: 45780RAA9<br>LEI: 549300I95Y9P9YM5FI86 | Long             | DBT              | CORP              | US        |   2035000 | PA      | $1832976.70   | 0.50%             | 2028-02-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Mastec, Inc.                                              | MTZ 4 1/2 08/15/28    | CUSIP: 576323AP4<br>LEI: 549300TMDIT8WREDOF45 | Long             | DBT              | CORP              | US        |   4975000 | PA      | $4473059.61   | 1.23%             | 2028-08-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Pilot Travel Centers                                      | PITRCE TL B 1L USD    | CUSIP: 72165NBH1<br>LEI: 549300115UILLXNE1Z49 | Long             | LON              | CORP              | US        |   3950000 | PA      | $3910500.00   | 1.08%             | 2028-08-06      | Variable      | 6.19%                 | No            |                  2 | On Loan: No      |
| Molina Healthcare, Inc.                                   | MOH 4 3/8 06/15/28    | CUSIP: 60855RAJ9<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2285900.00   | 0.63%             | 2028-06-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Spdr Series Trust                                         | SPDR BLOOMBERG H      | CUSIP: 78468R622<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |     25000 | NS      | $2250000.00   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunoco LP / Sunoco Finance Corp                           | SUN 6 04/15/27        | CUSIP: 86765LAQ0<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |   2825000 | PA      | $2786632.57   | 0.77%             | 2027-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding XXIV Ltd                             | MDPK 2016-24A BR      | CUSIP: 55820NAQ4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2000000 | PA      | $1976152.00   | 0.54%             | 2029-10-20      | Floating      | 5.97%                 | Yes           |                  2 | On Loan: No      |
| FIRST INVESTORS AUTO OWNER TRUST                          | FIAOT 2021-2A D       | CUSIP: 32057JAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2230000 | PA      | $2007575.34   | 0.55%             | 2027-12-15      | Fixed         | 1.66%                 | Yes           |                  2 | On Loan: No      |
| Prestige Brands                                           | PBH TL B5 1L USD      | CUSIP: 74112CAW3<br>LEI: 549300JBVP4J6D42I235 | Long             | LON              | CORP              | US        |   3038095 | PA      | $3038095.23   | 0.84%             | 2028-07-01      | Variable      | 6.07%                 | No            |                  2 | On Loan: No      |
| Louisiana Pacific Corporation                             | LPX 3 5/8 03/15/29    | CUSIP: 546347AM7<br>LEI: 549300C7E2UAO5BVRR75 | Long             | DBT              | CORP              | US        |   2360000 | PA      | $2048577.68   | 0.56%             | 2029-03-15      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Carmax Auto Owner Trust                                   | CARMX 2020-2 D        | CUSIP: 14315VAH5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1963101.40   | 0.54%             | 2027-05-17      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FleetCor Technologies                                     | FLT TL B 1L USD       | CUSIP: 33903RAY5<br>LEI: 549300FKKKZCXLK48427 | Long             | LON              | CORP              | US        |   3954989 | PA      | $3917911.41   | 1.08%             | 2028-04-22      | Variable      | 5.82%                 | No            |                  2 | On Loan: No      |
| Post Holdings Inc.                                        | POST 5 3/4 03/01/27   | CUSIP: 737446AM6<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |   1264000 | PA      | $1224234.56   | 0.34%             | 2027-03-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| HB Fuller                                                 | FUL TL B 1LD          | CUSIP: 40409VAR5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2946934 | PA      | $2949232.49   | 0.81%             | 2024-10-20      | Variable      | 5.91%                 | No            |                  2 | On Loan: No      |
| Allison Transmission Inc.                                 | ALSN 4 3/4 10/01/27   | CUSIP: 019736AE7<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1858045.62   | 0.51%             | 2027-10-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| WIND RIVER CLO LTD                                        | WINDR 2021-2A D       | CUSIP: 97315VAJ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $428266.50    | 0.12%             | 2034-07-20      | Floating      | 7.39%                 | Yes           |                  2 | On Loan: No      |
| CARMAX AUTO OWNER TRUST                                   | CARMX 2019-2 D        | CUSIP: 14316LAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1039000 | PA      | $1026839.34   | 0.28%             | 2025-10-15      | Fixed         | 3.41%                 | No            |                  2 | On Loan: No      |
| Cheniere Energy Partners L P                              | CQP 4 1/2 10/01/29    | CUSIP: 16411QAG6<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |   2775000 | PA      | $2503156.70   | 0.69%             | 2029-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| EXETER AUTOMOBILE RECEIVABLES TRUST                       | EART 2021-1A C        | CUSIP: 30166RAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2946082 | PA      | $2882267.83   | 0.79%             | 2026-01-15      | Fixed         | 0.74%                 | No            |                  2 | On Loan: No      |
| WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2021-2              | WLAKE 2021-2A E       | CUSIP: 96042RAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1795453.60   | 0.49%             | 2027-03-15      | Fixed         | 2.38%                 | Yes           |                  2 | On Loan: No      |
| Columbus McKinnon                                         | CMCO TL B 1L USD      | CUSIP: 19933MAP8<br>LEI: 549300W3HQB0HO1F3G69 | Long             | LON              | CORP              | US        |   2752060 | PA      | $2721099.48   | 0.75%             | 2028-05-13      | Variable      | 6.44%                 | No            |                  2 | On Loan: No      |
| WESTLAKE AUTOMOBILE RECEIVABLES TRUST                     | WLAKE 2021-1A E       | CUSIP: 96043FAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3675000 | PA      | $3376767.87   | 0.93%             | 2026-08-17      | Fixed         | 2.33%                 | Yes           |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust 2019-3              | WLAKE 2019-3A E       | CUSIP: 96042HAN0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1475999.55   | 0.41%             | 2025-03-17      | Fixed         | 3.59%                 | Yes           |                  2 | On Loan: No      |
| ELMWOOD CLO 20 LTD.                                       | ELM20 2022-7A B1      | CUSIP: 29002AAC8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1700000 | PA      | $1703872.60   | 0.47%             | 2034-10-17      | Floating      | 7.16%                 | Yes           |                  2 | On Loan: No      |
| Organon & Co                                              | OGN TL B 1L USD       | CUSIP: 68621XAE3<br>LEI: 549300AMCKY57OK2CO56 | Long             | LON              | CORP              | US        |   2896283 | PA      | $2873663.52   | 0.79%             | 2028-06-02      | Variable      | 7.75%                 | No            |                  2 | On Loan: No      |
| EXETER AUTOMOBILE RECEIVABLES TRUST                       | EART 2021-3A C        | CUSIP: 30166AAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1932000 | PA      | $1833256.83   | 0.50%             | 2026-10-15      | Fixed         | 0.96%                 | No            |                  2 | On Loan: No      |
| Murphy Oil USA Inc                                        | MUSA 5 5/8 05/01/27   | CUSIP: 626738AD0<br>LEI: N32S6DTR2ZZ5222WHV58 | Long             | DBT              | CORP              | US        |   3240000 | PA      | $3151645.20   | 0.87%             | 2027-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| WESTLAKE AUTOMOBILE RECEIVABLES TRUST                     | WLAKE 2021-3A E       | CUSIP: 96043JAN5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1830000 | PA      | $1583026.31   | 0.44%             | 2027-04-15      | Fixed         | 3.42%                 | Yes           |                  2 | On Loan: No      |
| Charter Communications Operating                          | CHTR TL B2 1LD        | CUSIP: 16117LBX6<br>LEI: 549300TPZNMN50BJ3745 | Long             | LON              | CORP              | US        |   2917293 | PA      | $2855665.35   | 0.79%             | 2027-02-01      | Variable      | 6.16%                 | No            |                  2 | On Loan: No      |
| HAT Holdings I LLC and HAT Holdings II LLC                | HASI 6 04/15/25       | CUSIP: 418751AB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2910000.00   | 0.80%             | 2025-04-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Allison Transmission Inc.                                 | ALSN 5 7/8 06/01/29   | CUSIP: 019736AF4<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1881750.00   | 0.52%             | 2029-06-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Silvermore CLO ltd./LLC                                   | SMORE 2014-1A C       | CUSIP: 828428AG7<br>LEI: 254900XWIIO2JU37JD03 | Long             | ABS-CBDO         | CORP              | KY        |   3563997 | PA      | $3544840.47   | 0.98%             | 2026-05-15      | Floating      | 8.06%                 | Yes           |                  2 | On Loan: No      |
| Regatta Funding Limited/Corp                              | REGT9 2017-1A E       | CUSIP: 75887WAA7<br>LEI: 254900JVS76S6N8G1I74 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1708288.00   | 0.47%             | 2030-04-17      | Floating      | 10.08%                | Yes           |                  2 | On Loan: No      |
| H B Fuller Company                                        | FUL 4 1/4 10/15/28    | CUSIP: 40410KAA3<br>LEI: JSMX3Z5FOYM8V0Q52357 | Long             | DBT              | CORP              | US        |    770000 | PA      | $684079.55    | 0.19%             | 2028-10-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Horizon Therapeutics (fka Horizon Pharma)                 | HZNP TL B 1L USD      | CUSIP: 44055UAC9<br>LEI: 549300XKTPCO4GUSJY52 | Long             | LON              | CORP              | US        |   3000000 | PA      | $3001875.00   | 0.83%             | 2026-05-22      | Variable      | 6.06%                 | No            |                  2 | On Loan: No      |
| SANTANDER DRIVE AUTO RECEIVABLES TRUST                    | SDART 2021-1 C        | CUSIP: 80286NAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2458833 | PA      | $2416609.61   | 0.67%             | 2026-02-17      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Firstcash Holdings Inc                                    | FCFS 4 5/8 09/01/28   | CUSIP: 33767DAB1<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2638682.22   | 0.73%             | 2028-09-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Utz Quality Foods                                         | UTZQFD TL B 1L USD    | CUSIP: 91809EAE1<br>LEI: 549300K2HU2ISL0R2Q75 | Long             | LON              | CORP              | US        |   2947506 | PA      | $2926785.21   | 0.81%             | 2028-01-20      | Variable      | 7.20%                 | No            |                  2 | On Loan: No      |
| GoldenTree Loan Management US CLO 1, LTD/LLC              | GLM 2017-1A DR2       | CUSIP: 38136FBN2<br>LEI: 549300BE2068MP2P8N06 | Long             | ABS-CBDO         | CORP              | KY        |   2750000 | PA      | $2564600.50   | 0.71%             | 2034-04-20      | Floating      | 7.39%                 | Yes           |                  2 | On Loan: No      |
| Service Corporation International                         | SCI 5 1/8 06/01/29    | CUSIP: 817565CE2<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |   3885000 | PA      | $3649274.13   | 1.01%             | 2029-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| GM FINANCIAL AUTOMOBILE LEASING TRUST                     | GMALT 2021-1 D        | CUSIP: 36261RAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4200000 | PA      | $4059245.40   | 1.12%             | 2025-07-21      | Fixed         | 1.01%                 | No            |                  2 | On Loan: No      |
| Booz Allen Hamilton Inc                                   | BAH 3 7/8 09/01/28    | CUSIP: 09951LAA1<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2219331.58   | 0.61%             | 2028-09-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Ingevity Corporation                                      | NGVT 3 7/8 11/01/28   | CUSIP: 45688CAB3<br>LEI: 5493009UTFC4B5IMGF87 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1718887.28   | 0.47%             | 2028-11-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Asbury Automotive Group, Inc.                             | ABG 4 1/2 03/01/28    | CUSIP: 043436AU8<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1234331.00   | 0.34%             | 2028-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Ares Xl Clo Ltd                                           | ARES 2016-40A BRR     | CUSIP: 04016GBH0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3675000 | PA      | $3531814.65   | 0.97%             | 2029-01-15      | Floating      | 5.88%                 | Yes           |                  2 | On Loan: No      |
| ALM 2020-1 LTD                                            | ALM 2020-1A A2        | CUSIP: 00166FAG1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5050000 | PA      | $4927997.05   | 1.36%             | 2029-10-15      | Floating      | 5.93%                 | Yes           |                  2 | On Loan: No      |
| Resolute Forest Products Inc.                             | RFP 4 7/8 03/01/26    | CUSIP: 76117WAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3750000 | PA      | $3704242.69   | 1.02%             | 2026-03-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Amkor Technology, Inc.                                    | AMKR 6 5/8 09/15/27   | CUSIP: 031652BK5<br>LEI: 529900VHLRTKPWZJBM84 | Long             | DBT              | CORP              | US        |   2180000 | PA      | $2160922.10   | 0.60%             | 2027-09-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Vistra Operations (TCEH)                                  | VST TL B3 IL          | CUSIP: 88233FAK6<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | LON              | CORP              | US        |   2917602 | PA      | $2895720.38   | 0.80%             | 2025-12-31      | Variable      | 5.65%                 | No            |                  2 | On Loan: No      |
| LGI Homes Inc                                             | LGIH 4 07/15/29       | CUSIP: 50187TAF3<br>LEI: 549300W02B4WNV8CV109 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1547849.68   | 0.43%             | 2029-07-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Allegro I CLO Limited                                     | ALLEG 2014-1RA B      | CUSIP: 01751EAG3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    700000 | PA      | $679474.60    | 0.19%             | 2028-10-21      | Floating      | 6.43%                 | Yes           |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                                  | NEUB 2014-17A CR2     | CUSIP: 64129UBW4<br>LEI: 549300XVEYZNG956Y145 | Long             | ABS-CBDO         | CORP              | KY        |   6000000 | PA      | $5757780.00   | 1.59%             | 2029-04-22      | Floating      | 6.32%                 | Yes           |                  2 | On Loan: No      |
| Hess Midstream Operations LP                              | HESM 5 5/8 02/15/26   | CUSIP: 428102AC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3250000 | PA      | $3171073.75   | 0.87%             | 2026-02-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Neuberger Berman CLO XV Ltd.                              | NEUB 2013-15A CR2     | CUSIP: 64129KBJ5<br>LEI: 549300UTI4Y2IA4RUP16 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1920308.00   | 0.53%             | 2029-10-15      | Floating      | 5.93%                 | Yes           |                  2 | On Loan: No      |
| Chord Energy Corp.                                        | OAS 6 3/8 06/01/26    | CUSIP: 674215AL2<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1950640.00   | 0.54%             | 2026-06-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Lcm Xxi Ltd Prtn 2016                                     | LCM 21A DR            | CUSIP: 50189CAU5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $484078.00    | 0.13%             | 2028-04-20      | Floating      | 7.04%                 | Yes           |                  2 | On Loan: No      |
| Carlyle Us Clo 2019-2 Ltd/Carlyle Us Clo 2019-2 Llc       | CGMS 2019-2A A2R      | CUSIP: 14316EAN9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2250000 | PA      | $2179590.75   | 0.60%             | 2032-07-15      | Floating      | 5.73%                 | Yes           |                  2 | On Loan: No      |
| Ares Xl Clo Ltd                                           | ARES 2016-40A A1RR    | CUSIP: 04016GBB3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1583470 | PA      | $1566001.49   | 0.43%             | 2029-01-15      | Floating      | 4.95%                 | Yes           |                  2 | On Loan: No      |
| Advanced Drainage System Inc                              | WMS 5 09/30/27        | CUSIP: 00790RAA2<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | DBT              | CORP              | US        |   3592000 | PA      | $3355197.40   | 0.92%             | 2027-09-30      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| CRD Acc Auto Deal                                         | CAALT 2019-3A C       | CUSIP: 22535KAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1988465.80   | 0.55%             | 2029-03-15      | Fixed         | 3.06%                 | Yes           |                  2 | On Loan: No      |
| Quikrete                                                  | QUIKHO TL B 1L USD    | CUSIP: 74839XAF6<br>LEI: 5493007KIN86DIZWZT22 | Long             | LON              | CORP              | US        |   2954430 | PA      | $2923970.18   | 0.81%             | 2027-01-31      | Variable      | 6.70%                 | No            |                  2 | On Loan: No      |
| Radiant Funding Spv Llc                                   | RCII 6 3/8 02/15/29   | CUSIP: 75024LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3775000 | PA      | $3058687.37   | 0.84%             | 2029-02-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Pitney Bowes                                              | PBI TL B 1L USD       | CUSIP: 72448FAS4<br>LEI: 549300N2O26NW4ST6W55 | Long             | LON              | CORP              | US        |   1970000 | PA      | $1817325.00   | 0.50%             | 2028-03-12      | Variable      | 8.08%                 | No            |                  2 | On Loan: No      |
| Huntington Bancshares Incorporated                        | HBAN 4 1/2 PERP       | CUSIP: 446150823<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EP               | CORP              | US        |    117000 | NS      | $1984320.00   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| WIND RIVER CLO LTD                                        | WINDR 2021-1A C       | CUSIP: 97314HAG4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1401895.50   | 0.39%             | 2034-04-20      | Floating      | 6.19%                 | Yes           |                  2 | On Loan: No      |
| Carlyle Us Clo 2016-4 Ltd/Llc                             | CGMS 2016-4A CR       | CUSIP: 143109AS5<br>LEI: 54930054F35TGSKQ6V76 | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $692064.75    | 0.19%             | 2027-10-20      | Floating      | 7.04%                 | Yes           |                  2 | On Loan: No      |
| Centuri Group                                             | SWX TL B 1L USD       | CUSIP: 15643XAC2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3589225 | PA      | $3537629.93   | 0.97%             | 2028-08-27      | Variable      | 7.23%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                   | MPLX 6 7/8 PERP       | CUSIP: 55336VAU4<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1980000.00   | 0.55%             | 2168-08-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Murphy Oil Corporation                                    | MUR 5 3/4 08/15/25    | CUSIP: 626717AJ1<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | DBT              | CORP              | US        |    638000 | PA      | $628015.34    | 0.17%             | 2025-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| The Charles Schwab Corporation                            | SCHW 4.45 PERP        | CUSIP: 808513865<br>LEI: 549300VSGCJ7E698NM85 | Long             | EP               | CORP              | US        |    120000 | NS      | $2220000.00   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy Oil USA Inc                                        | MUSA 4 3/4 09/15/29   | CUSIP: 626738AE8<br>LEI: N32S6DTR2ZZ5222WHV58 | Long             | DBT              | CORP              | US        |    750000 | PA      | $687603.75    | 0.19%             | 2029-09-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ATS Corp. (Canada)                                        | ATACN 4 1/8 12/15/28  | CUSIP: 001940AC9<br>LEI: 5493005KP4RP3IU7HQ41 | Long             | DBT              | CORP              | CA        |   4000000 | PA      | $3455760.00   | 0.95%             | 2028-12-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Nexstar Broadcasting                                      | NXST TL B 1LD         | CUSIP: 65336RAW8<br>LEI: 5493006PK6I4I2OOT688 | Long             | LON              | CORP              | US        |   1705832 | PA      | $1696501.00   | 0.47%             | 2026-09-19      | Variable      | 6.57%                 | No            |                  2 | On Loan: No      |
| Darling Ingredients, Inc                                  | DAR 5 1/4 04/15/27    | CUSIP: 237266AH4<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | DBT              | CORP              | US        |   4009000 | PA      | $3864916.54   | 1.06%             | 2027-04-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Korn Ferry                                                | KFY 4 5/8 12/15/27    | CUSIP: 50067PAA7<br>LEI: 549300FOD20OM0GT5G40 | Long             | DBT              | CORP              | US        |   2945000 | PA      | $2717439.85   | 0.75%             | 2027-12-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust 2019-3              | WLAKE 2019-3A F       | CUSIP: 96042HAQ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1972763.60   | 0.54%             | 2026-04-15      | Fixed         | 4.72%                 | Yes           |                  2 | On Loan: No      |
| Towd Point Mortgage Trust 2015-1                          | TPMT 2017-5 A1        | CUSIP: 89169EAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    178516 | PA      | $176752.84    | 0.05%             | 2057-02-25      | Floating      | 3.77%                 | Yes           |                  2 | On Loan: No      |
| CARMAX AUTO OWNER TRUST                                   | CARMX 2019-3 D        | CUSIP: 14315PAH8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    745000 | PA      | $723387.33    | 0.20%             | 2026-01-15      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                 | TPMT 2017-6 A1        | CUSIP: 89175JAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    279263 | PA      | $267549.03    | 0.07%             | 2057-10-25      | Floating      | 2.75%                 | Yes           |                  2 | On Loan: No      |
| Silver Creek CLO Ltd/Llc                                  | SLVER 2014-1A CR      | CUSIP: 827551AQ5<br>LEI: 549300LSJSAR2PPV4U78 | Long             | ABS-CBDO         | CORP              | KY        |    850000 | PA      | $826540.85    | 0.23%             | 2030-07-20      | Floating      | 6.54%                 | Yes           |                  2 | On Loan: No      |
| Plastipak                                                 | PLASPK TL B 1L USD    | CUSIP: 72761JAG1<br>LEI: 549300Y39ISK7CP7EO21 | Long             | LON              | CORP              | US        |   2407721 | PA      | $2385906.64   | 0.66%             | 2028-12-01      | Variable      | 6.63%                 | No            |                  2 | On Loan: No      |
| Regatta Funding Limited/Corp                              | REG13 2018-2A C       | CUSIP: 75888FAJ4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2250000 | PA      | $2105358.75   | 0.58%             | 2031-07-15      | Floating      | 7.18%                 | Yes           |                  2 | On Loan: No      |
| Commercial Mortgage Trust 2012-CCRE5                      | COMM 2012-CR5 C       | CUSIP: 12623SAQ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    680477 | PA      | $662614.68    | 0.18%             | 2045-12-10      | Floating      | 4.32%                 | Yes           |                  2 | On Loan: No      |
| Ford Motor Company                                        | F 6 1/2               | CUSIP: 345370811<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | EP               | CORP              | US        |     11969 | NS      | $279476.15    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Towd Point Mortgage Trust 2015-3                          | TPMT 2018-2 A1        | CUSIP: 89175VAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1065887 | PA      | $1021624.49   | 0.28%             | 2058-03-25      | Floating      | 3.25%                 | Yes           |                  2 | On Loan: No      |
| SUMMIT MATERIALS LLC                                      | SUMMAT TL B 1L USD    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1000000 | PA      | $1000625.00   | 0.28%             | 2027-12-14      | Variable      | 7.61%                 | No            |                  2 | On Loan: No      |
| FIRST AMERN FDS INC                                       | FRST AM-GV OB-X       | CUSIP: 31846V336<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |   8618127 | PA      | $8618127.44   | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Adient Global Holdings Ltd                                | ADNT 4 7/8 08/15/26   | CUSIP: 00687YAA3<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |    975000 | PA      | $909129.00    | 0.25%             | 2026-08-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| CIFC Funding 2014-II-R LTD / LLC                          | CIFC 2014-2RA A1      | CUSIP: 12548RAB0<br>LEI: 549300O8WGQU5B6HEB94 | Long             | ABS-CBDO         | CORP              | US        |   1240246 | PA      | $1226098.11   | 0.34%             | 2030-04-24      | Floating      | 5.37%                 | Yes           |                  2 | On Loan: No      |
| Apidos Clo Xxxv Ltd / Llc                                 | APID 2021-35A E       | CUSIP: 03768TAA0<br>LEI: 549300KJKTO0Q1OATW69 | Long             | ABS-CBDO         | CORP              | KY        |   1250000 | PA      | $1087532.50   | 0.30%             | 2034-04-20      | Floating      | 9.99%                 | Yes           |                  2 | On Loan: No      |
| Starwood Property Mortgage Llc                            | STWD TL B3 1L USD     | CUSIP: 85570DAF9<br>LEI: 5493008SB15CNJRIOK13 | Long             | LON              | CORP              | US        |   2977444 | PA      | $2939895.06   | 0.81%             | 2026-07-26      | Variable      | 7.32%                 | No            |                  2 | On Loan: No      |
| Silgan Holdings Inc.                                      | SLGN 4 1/8 02/01/28   | CUSIP: 827048AW9<br>LEI: KAF673KJXD92C8KSLU49 | Long             | DBT              | CORP              | US        |   2420000 | PA      | $2243043.55   | 0.62%             | 2028-02-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Hilton Grand Vacations                                    | HGV TL B 1L USD       | CUSIP: 43283LAH4<br>LEI: 254900HF0EZ734FDVY79 | Long             | LON              | CORP              | US        |   2977444 | PA      | $2961156.98   | 0.82%             | 2028-08-02      | Variable      | 7.07%                 | No            |                  2 | On Loan: No      |
| Freeport-McMoRan Inc.                                     | FCX 5 09/01/27        | CUSIP: 35671DCC7<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |   3603000 | PA      | $3530810.29   | 0.97%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Synaptics Incorporated                                    | SYNA 4 06/15/29       | CUSIP: 87157DAG4<br>LEI: 549300AJ3LI4FWNRQX29 | Long             | DBT              | CORP              | US        |   2200000 | PA      | $1856786.29   | 0.51%             | 2029-06-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Boyne USA Inc                                             | BIGSKY 4 3/4 05/15/29 | CUSIP: 103557AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3560000 | PA      | $3155296.71   | 0.87%             | 2029-05-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Magnetite Xviii Ltd                                       | MAGNE 2016-18A BR     | CUSIP: 55953TAL1<br>LEI: 549300BDVLRWS2SODX97 | Long             | ABS-CBDO         | CORP              | US        |    950000 | PA      | $929699.45    | 0.26%             | 2028-11-15      | Floating      | 6.11%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                 | GS 5 PERP             | CUSIP: 38148BAD0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   3485000 | PA      | $3397770.45   | 0.94%             | 2166-05-10      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Penske Automotive Group, Inc.                             | PAG 3 1/2 09/01/25    | CUSIP: 70959WAJ2<br>LEI: 549300W7UTQ0M4C7LB15 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2091677.94   | 0.58%             | 2025-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Oaktree Specialty Lending Corp.                           | OCSL 2.7 01/15/27     | CUSIP: 67401PAC2<br>LEI: 549300J6MGCEU5928620 | Long             | DBT              | CORP              | US        |    850000 | PA      | $723933.21    | 0.20%             | 2027-01-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Open Text                                                 | OTEXCN TL B 1LD       | CUSIP: 68371YAJ2<br>LEI: 549300HP7ONDQODZJV16 | Long             | LON              | CORP              | US        |   3905668 | PA      | $3822184.18   | 1.05%             | 2025-05-30      | Variable      | 5.82%                 | No            |                  2 | On Loan: No      |
| WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2021-2              | WLAKE 2021-2A F       | CUSIP: 96042RAH1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $2652628.50   | 0.73%             | 2027-12-15      | Fixed         | 3.66%                 | Yes           |                  2 | On Loan: No      |
| MVW Owner Trust 2013                                      | MVWOT 2017-1A A       | CUSIP: 553896AA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    785235 | PA      | $767592.97    | 0.21%             | 2034-12-20      | Fixed         | 2.42%                 | Yes           |                  2 | On Loan: No      |
| WESTLAKE AUTOMOBILE RECEIVABLES TRUST                     | WLAKE 2020-3A F       | CUSIP: 96042QAQ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $2891229.30   | 0.80%             | 2027-05-17      | Fixed         | 5.11%                 | Yes           |                  2 | On Loan: No      |
| WESTLAKE AUTOMOBILE RECEIVABLES TRUST                     | WLAKE 2020-2A D       | CUSIP: 96042PAF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $973592.00    | 0.27%             | 2026-01-15      | Fixed         | 2.76%                 | Yes           |                  2 | On Loan: No      |
| Hayward Industries                                        | HWRI TL B 1L USD      | CUSIP: 421300AL8<br>LEI: 549300NV8ZMMEDUHQ091 | Long             | LON              | CORP              | US        |   2962500 | PA      | $2832890.63   | 0.78%             | 2028-05-28      | Variable      | 6.57%                 | No            |                  2 | On Loan: No      |
| Gray Television                                           | GTN TL D 1L USD       | CUSIP: 389376AZ7<br>LEI: 529900TM5726KDN7UU35 | Long             | LON              | CORP              | US        |   2977500 | PA      | $2893772.70   | 0.80%             | 2028-12-01      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| OCP CLO 2014-7 Ltd.                                       | OCP 2014-7A CRR       | CUSIP: 67107KBF2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2900000 | PA      | $2684515.50   | 0.74%             | 2029-07-20      | Floating      | 7.34%                 | Yes           |                  2 | On Loan: No      |
| LCM LTD PARTNERSHIP                                       | LCM 22A A1R           | CUSIP: 50189GAK8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1034464 | PA      | $1026512.81   | 0.28%             | 2028-10-20      | Floating      | 5.40%                 | Yes           |                  2 | On Loan: No      |
| Mineral Resources Ltd                                     | MINAU 8 1/8 05/01/27  | CUSIP: 603051AA1<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |   2767000 | PA      | $2790944.87   | 0.77%             | 2027-05-01      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| Neuberger Berman Loan Advisers CLO 32 LTD/LLC             | NEUB 2019-32A DR      | CUSIP: 64132DAQ1<br>LEI: 5493007YBEOXQIHH3C54 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1859798.00   | 0.51%             | 2032-01-19      | Floating      | 6.93%                 | Yes           |                  2 | On Loan: No      |
| Patrick Inds Inc                                          | PATK 7 1/2 10/15/27   | CUSIP: 703343AC7<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | DBT              | CORP              | US        |   2120000 | PA      | $2066021.83   | 0.57%             | 2027-10-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                      | JPM 6 PERP            | CUSIP: 48126HAA8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   2400000 | PA      | $2353440.00   | 0.65%             | 2168-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Avantor                                                   | AVTR TL B5 1L USD     | CUSIP: 05350NAL8<br>LEI: 5493003VM0XB4U8YD238 | Long             | LON              | CORP              | US        |   2165312 | PA      | $2157874.17   | 0.59%             | 2027-11-06      | Variable      | 6.32%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                             | USB 4 PERP            | CUSIP: 902973718<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EP               | CORP              | US        |    122135 | NS      | $1983472.40   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| DRYDEN 50 SENIOR LOAN FUND & LLC                          | DRSLF 2013-30A CR     | CUSIP: 26249BAU5<br>LEI: 549300AS2O1RYPD2ED41 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $945279.00    | 0.26%             | 2028-11-15      | Floating      | 6.31%                 | Yes           |                  2 | On Loan: No      |
| Netflix, Inc.                                             | NFLX 5 7/8 02/15/25   | CUSIP: 64110LAL0<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101423.00    | 0.03%             | 2025-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Elevation CLO 2014-2 Limited                              | AWPT 2014-2A A1R      | CUSIP: 28622QAB7<br>LEI: 635400HAVYYWWB139K27 | Long             | ABS-CBDO         | CORP              | KY        |   1680604 | PA      | $1667130.42   | 0.46%             | 2029-10-15      | Floating      | 5.36%                 | Yes           |                  2 | On Loan: No      |
| FIRST INVESTORS AUTO OWNER TRUST                          | FIAOT 2021-1A C       | CUSIP: 32059FAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1005000 | PA      | $952308.05    | 0.26%             | 2027-03-15      | Fixed         | 1.17%                 | Yes           |                  2 | On Loan: No      |
| Flagship Credit Auto Trst                                 | FCAT 2019-4 C         | CUSIP: 33845FAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2461537 | PA      | $2430765.81   | 0.67%             | 2025-12-15      | Fixed         | 2.77%                 | Yes           |                  2 | On Loan: No      |
| CIFC Funding                                              | CIFC 2017-4A A2R      | CUSIP: 12551JAN6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1450000 | PA      | $1408717.05   | 0.39%             | 2030-10-24      | Floating      | 5.87%                 | Yes           |                  2 | On Loan: No      |
| AlixPartners                                              | ALIXPA TL B 1L USD    | CUSIP: 01642PBB1<br>LEI: 5493005G2MHUFTGARL57 | Long             | LON              | CORP              | US        |   2955000 | PA      | $2934684.38   | 0.81%             | 2028-02-04      | Variable      | 6.82%                 | No            |                  2 | On Loan: No      |
| Central Garden & Pet Company                              | CENT 5 1/8 02/01/28   | CUSIP: 153527AM8<br>LEI: 5493004DVZLD37DJ0H83 | Long             | DBT              | CORP              | US        |   3907000 | PA      | $3640777.61   | 1.00%             | 2028-02-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| SANTANDER DRIVE AUTO RECEIVABLES TRUST                    | SDART 2021-3 D        | CUSIP: 80287EAF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3990000 | PA      | $3700555.43   | 1.02%             | 2027-09-15      | Fixed         | 1.33%                 | No            |                  2 | On Loan: No      |
| ON Semiconductor Corp.                                    | ON 3 7/8 09/01/28     | CUSIP: 682189AQ8<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | DBT              | CORP              | US        |   2075000 | PA      | $1813946.20   | 0.50%             | 2028-09-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Wellfleet CLO 2016-1 LLC                                  | WELF 2016-1A DR       | CUSIP: 94949RAY3<br>LEI: 254900N8RLNFSYP97206 | Long             | ABS-CBDO         | CORP              | KY        |   1390000 | PA      | $1354666.20   | 0.37%             | 2028-04-20      | Floating      | 7.14%                 | Yes           |                  2 | On Loan: No      |
| Magnetite VII Ltd.                                        | MAGNE 2012-7A A1R2    | CUSIP: 55951PBA4<br>LEI: 549300B54XJTQC6DWJ15 | Long             | ABS-CBDO         | CORP              | KY        |    410587 | PA      | $405859.49    | 0.11%             | 2028-01-15      | Floating      | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Race Point III CLO, Ltd./Race Point III CLO, LLC          | RACEP 2013-8A AR2     | CUSIP: 74982LAY6<br>LEI: 5493008ABAJEYBWITR69 | Long             | ABS-CBDO         | CORP              | KY        |    234082 | PA      | $231036.23    | 0.06%             | 2030-02-20      | Floating      | 5.72%                 | Yes           |                  2 | On Loan: No      |
| FIRST INVESTORS AUTO OWNER TRUST                          | FIAOT 2020-1A E       | CUSIP: 32060KAJ4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $977347.50    | 0.27%             | 2026-06-16      | Fixed         | 4.63%                 | Yes           |                  2 | On Loan: No      |
| AmeriCredit Automobile Receivables Trust                  | AMCAR 2020-2 D        | CUSIP: 03066EAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2030000 | PA      | $1901253.54   | 0.52%             | 2026-03-18      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| DRYDEN 50 SENIOR LOAN FUND & LLC                          | DRSLF 2013-30A DR     | CUSIP: 26249BAW1<br>LEI: 549300AS2O1RYPD2ED41 | Long             | ABS-CBDO         | CORP              | KY        |   3500000 | PA      | $3180002.00   | 0.88%             | 2028-11-15      | Floating      | 7.21%                 | Yes           |                  2 | On Loan: No      |
| Jfin Clo 2016 Ltd                                         | JFIN 2016-1A DR       | CUSIP: 03754WAL5<br>LEI: 254900PWXVUMLBQ0SA97 | Long             | ABS-CBDO         | CORP              | KY        |   3420000 | PA      | $3405998.52   | 0.94%             | 2028-10-27      | Floating      | 7.76%                 | Yes           |                  2 | On Loan: No      |
| AMN Healthcare Allied Inc                                 | AMN 4 5/8 10/01/27    | CUSIP: 00175PAB9<br>LEI: 549300H27NUKBFFQEE84 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1847580.00   | 0.51%             | 2027-10-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Meritage Homes Corp                                       | MTH 6 06/01/25        | CUSIP: 59001AAY8<br>LEI: 52990044W9UMFJO2FB97 | Long             | DBT              | CORP              | US        |   1210000 | PA      | $1206258.89   | 0.33%             | 2025-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SANTANDER DRIVE AUTO RECEIVABLES TRUST                    | SDART 2020-3 D        | CUSIP: 80285WAG2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1510000 | PA      | $1448110.99   | 0.40%             | 2026-11-16      | Fixed         | 1.64%                 | No            |                  2 | On Loan: No      |
| Riserva Clo Ltd / Riserva Clo Llc                         | RSRVA 2016-3A XRR     | CUSIP: 76761RAW9<br>LEI: 549300640C8OB2I8SN35 | Long             | ABS-CBDO         | CORP              | KY        |    162500 | PA      | $162353.91    | 0.04%             | 2034-01-18      | Floating      | 4.99%                 | Yes           |                  2 | On Loan: No      |
| JAY PARK CLO LTD                                          | JPARK 2016-1A BR      | CUSIP: 47206VAN4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4250000 | PA      | $4114731.00   | 1.13%             | 2027-10-20      | Floating      | 6.24%                 | Yes           |                  2 | On Loan: No      |
| Netflix, Inc.                                             | NFLX 5 3/4 03/01/24   | CUSIP: 64110LAG1<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2521600.00   | 0.69%             | 2024-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| H B Fuller Company                                        | FUL 4 02/15/27        | CUSIP: 359694AB2<br>LEI: JSMX3Z5FOYM8V0Q52357 | Long             | DBT              | CORP              | US        |    492000 | PA      | $455279.58    | 0.13%             | 2027-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TOWD POINT MORTGAGE TRUST                                 | TPMT 2018-3 A1        | CUSIP: 89175MAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1079205 | PA      | $1023134.79   | 0.28%             | 2058-05-25      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| CIFC Funding                                              | CIFC 2017-4A CR       | CUSIP: 12551JAS5<br>LEI: 254900JEH56UBUEZJW15 | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $2812830.00   | 0.77%             | 2030-10-24      | Floating      | 7.47%                 | Yes           |                  2 | On Loan: No      |
| HPS LOAN MANAGEMENT 7-2015 LTD                            | HLM 7A-2015 BR        | CUSIP: 40437RAD1<br>LEI: 254900IU43NDZ7HEB142 | Long             | ABS-CBDO         | CORP              | KY        |   2250000 | PA      | $2209572.00   | 0.61%             | 2027-03-15      | Floating      | 5.79%                 | Yes           |                  2 | On Loan: No      |
| Synovus Financial Corp.                                   | SNV 5.9 02/07/29      | CUSIP: 87161CAM7<br>LEI: 549300EIUS8UN5JTLE54 | Long             | DBT              | CORP              | US        |   1533000 | PA      | $1502156.75   | 0.41%             | 2029-02-07      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| MAGNETITE XVI LIMITED                                     | MAGNE 2015-16A AR     | CUSIP: 55953RAL5<br>LEI: 549300Z3WHVYABE20I45 | Long             | ABS-CBDO         | CORP              | KY        |    216470 | PA      | $215394.03    | 0.06%             | 2028-01-18      | Floating      | 4.99%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings, LLC/ CCO Holdings Capital Corp.             | CHTR 5 02/01/28       | CUSIP: 1248EPBX0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $905955.00    | 0.25%             | 2028-02-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Allegro I CLO Limited                                     | ALLEG 2014-1RA A1     | CUSIP: 01751EAC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1417057 | PA      | $1402066.01   | 0.39%             | 2028-10-21      | Floating      | 5.36%                 | Yes           |                  2 | On Loan: No      |
| Horizon Therapeutics (fka Horizon Pharma)                 | HZNP TL B2 1L USD     | CUSIP: 44055UAD7<br>LEI: 254900IS87RLPXY88S03 | Long             | LON              | CORP              | US        |    992443 | PA      | $992651.74    | 0.27%             | 2028-03-15      | Variable      | 5.81%                 | No            |                  2 | On Loan: No      |
| FIRST INVESTORS AUTO OWNER TRUST                          | FIAOT 2019-1A E       | CUSIP: 32059TAJ8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1555000 | PA      | $1548144.94   | 0.43%             | 2025-06-16      | Fixed         | 4.53%                 | Yes           |                  2 | On Loan: No      |
| LCM XX Limited Partnership / LCM XX LLC                   | LCM 20A ER            | CUSIP: 50190CAC2<br>LEI: 549300VQTTD2PAP2Y421 | Long             | ABS-CBDO         | CORP              | KY        |   4000000 | PA      | $3721652.00   | 1.03%             | 2027-10-20      | Floating      | 9.69%                 | Yes           |                  2 | On Loan: No      |
| Dryden 47 Senior Loan Fund/Llc                            | DRSLF 2017-47A A1R    | CUSIP: 26245EAJ8<br>LEI: 254900XKQHL5AHGW3863 | Long             | ABS-CBDO         | CORP              | KY        |    236427 | PA      | $234152.16    | 0.06%             | 2028-04-15      | Floating      | 5.06%                 | Yes           |                  2 | On Loan: No      |
| FIRST INVESTORS AUTO OWNER TRUST                          | FIAOT 2019-2A E       | CUSIP: 32058RAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1936143.00   | 0.53%             | 2026-01-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Nexstar Escrow Inc                                        | NXST 5 5/8 07/15/27   | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1379081.25   | 0.38%             | 2027-07-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Gen Digital Inc                                           | NLOK 6 3/4 09/30/27   | CUSIP: 668771AK4<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |    500000 | PA      | $490650.00    | 0.14%             | 2027-09-30      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Venture XVII CLO Ltd/Llc                                  | VENTR 2014-17A DRR    | CUSIP: 92329YAS5<br>LEI: 549300SNYYGJ2M6QEK53 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1886890.00   | 0.52%             | 2027-04-15      | Floating      | 6.90%                 | Yes           |                  2 | On Loan: No      |
| Golden Tree Ln Opportunities Ix Ltd                       | GOLD9 2014-9A DR2     | CUSIP: 38123HAW4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2500000 | PA      | $2386405.00   | 0.66%             | 2029-10-29      | Floating      | 7.41%                 | Yes           |                  2 | On Loan: No      |
| Adient                                                    | ADNT TL B 1L USD      | CUSIP: 00687MAC5<br>LEI: 213800SOTRCDGZUHL712 | Long             | LON              | CORP              | US        |   1234375 | PA      | $1222339.84   | 0.34%             | 2028-04-08      | Variable      | 7.32%                 | No            |                  2 | On Loan: No      |
| FLAGSHIP CREDIT AUTO TRUST                                | FCAT 2019-3 D         | CUSIP: 33846AAG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1100000 | PA      | $1058280.74   | 0.29%             | 2025-12-15      | Fixed         | 2.86%                 | Yes           |                  2 | On Loan: No      |
| Trimas Corporation                                        | TRS 4 1/8 04/15/29    | CUSIP: 896215AH3<br>LEI: 75G1WUQ8QK4P5MZOYD78 | Long             | DBT              | CORP              | US        |   3350000 | PA      | $2929943.50   | 0.81%             | 2029-04-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Dana Incorporated                                         | DAN 5 3/8 11/15/27    | CUSIP: 235825AF3<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |    250000 | PA      | $232334.00    | 0.06%             | 2027-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Avient Corporation                                        | POL 5 3/4 05/15/25    | CUSIP: 73179PAM8<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2930162.58   | 0.81%             | 2025-05-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| EXETER AUTOMOBILE RECEIVABLES TRUST                       | EART 2021-3A D        | CUSIP: 30166AAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2645000 | PA      | $2402752.39   | 0.66%             | 2027-06-15      | Fixed         | 1.55%                 | No            |                  2 | On Loan: No      |
| Targa Resources Partners LP/Targa Resources Finance Corp. | NGLS 5 01/15/28       | CUSIP: 87612BBG6<br>LEI: 6OQWTZ1SPC04IFT4T704 | Long             | DBT              | CORP              | US        |   2909000 | PA      | $2779807.21   | 0.77%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FIRST INVESTORS AUTO OWNER TRUST                          | FIAOT 2021-1A E       | CUSIP: 32059FAJ8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $880815.60    | 0.24%             | 2027-04-15      | Fixed         | 3.35%                 | Yes           |                  2 | On Loan: No      |
| Oaktree Specialty Lending Corp.                           | OCSL 3 1/2 02/25/25   | CUSIP: 67401PAB4<br>LEI: 549300J6MGCEU5928620 | Long             | DBT              | CORP              | US        |   1815000 | PA      | $1724559.75   | 0.47%             | 2025-02-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| HAYWARD INDUSTRIES INC                                    | HAYW TL B 1L USD      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1000000 | PA      | $966250.00    | 0.27%             | 2028-05-28      | Variable      | 7.65%                 | No            |                  2 | On Loan: No      |
| Iron Mountain Incorporated                                | IRM 5 1/4 03/15/28    | CUSIP: 46284VAE1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1843440.00   | 0.51%             | 2028-03-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| SANTANDER DRIVE AUTO RECEIVABLES TRUST                    | SDART 2019-2 D        | CUSIP: 80286GAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    789588 | PA      | $784697.41    | 0.22%             | 2025-07-15      | Fixed         | 3.22%                 | No            |                  2 | On Loan: No      |
| CREDIT ACCEPTANCE AUTO LOAN TRUST                         | CAALT 2020-1A C       | CUSIP: 22534GAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2435000 | PA      | $2405360.94   | 0.66%             | 2029-06-15      | Fixed         | 2.59%                 | Yes           |                  2 | On Loan: No      |
| WESTLAKE AUTOMOBILE RECEIVABLES TRUST                     | WLAKE 2021-3A C       | CUSIP: 96043JAJ4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1305000 | PA      | $1222086.56   | 0.34%             | 2027-01-15      | Fixed         | 1.58%                 | Yes           |                  2 | On Loan: No      |
| FIRST INVESTORS AUTO OWNER TRUST                          | FIAOT 2018-2A E       | CUSIP: 32059DAL8<br>LEI: 5493005MRGG10NHC4413 | Long             | ABS-O            | CORP              | US        |   2275000 | PA      | $2274976.34   | 0.63%             | 2025-01-15      | Fixed         | 5.36%                 | Yes           |                  2 | On Loan: No      |
| SEG Holding LLC / SEG Finance Corp.                       | SEGHLD 5 5/8 10/15/28 | CUSIP: 78397KAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3910000 | PA      | $3687208.20   | 1.02%             | 2028-10-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-27

**Name of Applicant:** NORTHERN LIGHTS FUND TRUST III

**Signature:** Brian Curley

**Name of Signer:** Brian Curley

**Title:** Treasurer