# EDGAR Filing Document

**Accession Number:** 0001537140
**File Stem:** 0000910472-25-004731
**Filing Date:** 2025-11
**Character Count:** 90811
**Document Hash:** 7ea5401200b66767c2602f73541ff5e9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-004731.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0000910472-25-004731

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**PERIOD START**: 20260630

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22655
- **FILM NUMBER:** 251532567

**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   |
|:---|:---|:---|
| C000170094 | Boyd Watterson Limited Duration Enhanced Income Fund Class I Shares  | BWDIX           |
| C000170095 | Boyd Watterson Limited Duration Enhanced Income Fund Class I2 Shares | BWDTX           |

## Nport-Ex

---

| |
|:---|
| **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **September 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br>Amount ($)** |  | **Spread** | **Coupon<br>Rate (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 48.3%** |  |  |  |  |
|  | **AUTO LOAN — 15.7%** |  |  |  |  |
| 5890000 | Bridgecrest Lending Auto Securitization Trust Series 2023 – 1D |  | 7.8400 | &nbsp;&nbsp;08/15/29 | $6189343 |
| 4720000 | CarMax Auto Owner Trust 2023-1 Series 1 D |  | 6.2700 | &nbsp;&nbsp;11/15/29 | 4847869 |
| 1610000 | Carmax Select Receivables Trust 2025-B Series B E<sup>(a)</sup> |  | 6.8900 | &nbsp;&nbsp;09/15/32 | 1613056 |
| 1303874 | Exeter Automobile Receivables Trust 2021-3 Series 2021-3A D |  | 1.5500 | &nbsp;&nbsp;06/15/27 | 1288555 |
| 10597000 | Exeter Automobile Receivables Trust 2021-4 Series 4A E<sup>(a)</sup> |  | 4.0200 | &nbsp;&nbsp;01/17/28 | 10505355 |
| 1597212 | Exeter Automobile Receivables Trust 2022-1 Series 1A D |  | 3.0200 | &nbsp;&nbsp;06/15/28 | 1588233 |
| 4000000 | Exeter Automobile Receivables Trust 2022-1 Series 1A E<sup>(a)</sup> |  | 5.0200 | &nbsp;&nbsp;10/15/29 | 3924428 |
| 5993000 | Exeter Automobile Receivables Trust 2022-2 Series 2A E<sup>(a)</sup> |  | 6.3400 | &nbsp;&nbsp;10/15/29 | 5881467 |
| 3626237 | Exeter Automobile Receivables Trust 2022-4 Series 4A D |  | 5.9800 | &nbsp;&nbsp;12/15/28 | 3656970 |
| 4000000 | Exeter Automobile Receivables Trust 2025-4 Series 4A E<sup>(a)</sup> |  | 6.9900 | &nbsp;&nbsp;04/15/33 | 4004851 |
| 2230000 | First Investors Auto Owner Trust 2021-2 Series 2021-2A D<sup>(a)</sup> |  | 1.6600 | &nbsp;&nbsp;12/15/27 | 2186325 |
| 4720000 | First Investors Auto Owner Trust 2022-1 Series 1A D<sup>(a)</sup> |  | 3.7900 | &nbsp;&nbsp;06/15/28 | 4671461 |
| 4280000 | First Investors Auto Owner Trust 2022-1 Series 1A E<sup>(a)</sup> |  | 5.4100 | &nbsp;&nbsp;06/15/29 | 4244941 |
| 2000000 | First Investors Auto Owner Trust 2022-2 Series 2A D<sup>(a)</sup> |  | 8.7100 | &nbsp;&nbsp;10/16/28 | 2067939 |
| 8400000 | First Investors Auto Owner Trust 2023-1 Series 1A D<sup>(a)</sup> |  | 7.7400 | &nbsp;&nbsp;01/15/31 | 8829505 |
| 3660000 | Westlake Automobile Receivables Trust 2021-3 Series 2021-3A E<sup>(a)</sup> |  | 3.4200 | &nbsp;&nbsp;04/15/27 | 3652453 |
| 4750000 | Westlake Automobile Receivables Trust 2023-1 Series 1A D<sup>(a)</sup> |  | 6.7900 | &nbsp;&nbsp;11/15/28 | 4880052 |
| 4000000 | Westlake Automobile Receivables Trust 2023-3 Series 3A D<sup>(a)</sup> |  | 6.4700 | &nbsp;&nbsp;03/15/29 | 4114752 |
| 3650000 | Westlake Automobile Receivables Trust 2024-2 Series 2A D<sup>(a)</sup> |  | 5.9100 | &nbsp;&nbsp;04/15/30 | 3741427 |
|  |  |  |  |  | 81888982 |
|  | **CLO — 32.3%** |  |  |  |  |
| 2550000 | AB BSL CLO 2 Ltd. Series 2A C<sup>(a),(b)</sup> | TSFR3M + 2.362% | 6.6790 | &nbsp;&nbsp;04/15/34 | 2553708 |
| 4850000 | AGL CLO 25 Ltd. Series 25A ER<sup>(a),(b)</sup> | TSFR3M + 5.700% | 10.0230 | &nbsp;&nbsp;07/21/38 | 4923924 |
| 2500000 | AGL CLO 29 Ltd. Series 29A A1<sup>(a),(b)</sup> | TSFR3M + 1.570% | 5.8950 | &nbsp;&nbsp;04/21/37 | 2510058 |
| 1365000 | Apidos CLO XXXII Series 32A DR<sup>(a),(b)</sup> | TSFR3M + 2.750% | 7.0750 | &nbsp;&nbsp;01/20/33 | 1362154 |
| 3500000 | Apidos CLO XXXV Series 2021-35A E<sup>(a),(b)</sup> | TSFR3M + 6.012% | 10.3370 | &nbsp;&nbsp;04/20/34 | 3499762 |
| 2700000 | Bain Capital Credit CLO 2022-1 Ltd. Series 1A A1<sup>(a),(b)</sup> | TSFR3M + 1.320% | 5.6490 | &nbsp;&nbsp;04/18/35 | 2703634 |
| 2250000 | Battalion CLO XI Ltd. Series 11A CR2<sup>(a),(b)</sup> | TSFR3M + 1.950% | 6.2690 | &nbsp;&nbsp;04/24/34 | 2249991 |
| 2035000 | Battalion Clo XIX Ltd. Series 19A C<sup>(a),(b)</sup> | TSFR3M + 2.262% | 6.5790 | &nbsp;&nbsp;04/15/34 | 2026829 |
| 1236125 | BlueMountain CLO XXX Ltd. Series 30A CR<sup>(a),(b)</sup> | TSFR3M + 2.150% | 6.4680 | &nbsp;&nbsp;04/15/35 | 1236125 |
| 1000000 | Canyon Capital CLO 2017-1 Ltd. Series 1A DR<sup>(a),(b)</sup> | TSFR3M + 3.262% | 7.5790 | &nbsp;&nbsp;07/15/30 | 1002619 |
| 2250000 | CARLYLE US CLO 2019-1 LTD Series 1A DR2<sup>(a),(b)</sup> | TSFR3M + 6.250% | 10.5290 | &nbsp;&nbsp;04/20/31 | 2253996 |
| 3500000 | Cifc Funding 2014-IV-R Ltd. Series 4RA BRR<sup>(a),(b)</sup> | TSFR3M + 1.800% | 6.1220 | &nbsp;&nbsp;01/17/35 | 3503399 |
| 4885000 | Cifc Funding 2014-IV-R Ltd. Series 4RA CRR<sup>(a),(b)</sup> | TSFR3M + 2.600% | 6.9220 | &nbsp;&nbsp;01/17/35 | 4867302 |

---

---

| |
|:---|
| **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount ($)** | **Spread** | **Coupon<br>Rate (%)** | **Maturity** | **Fair Value** |
| 2200000 CIFC Funding 2017-IV Ltd. Series 2017-4A A2R<sup>(a),(b)</sup> | TSFR3M + 1.812% | 6.1300 | &nbsp;&nbsp;10/24/30 | $2203238 |
| 3000000 CIFC Funding 2017-IV Ltd. Series 2017-4A CR<sup>(a),(b)</sup> | TSFR3M + 3.412% | 7.7300 | &nbsp;&nbsp;10/24/30 | 3000636 |
| 5250000 Dewolf Park CLO Ltd. Series 1A CR<sup>(a),(b)</sup> | TSFR3M + 2.112% | 6.4290 | &nbsp;&nbsp;10/15/30 | 5257628 |
| 1000000 Dryden 30 Senior Loan Fund Series 2013-30A CR<sup>(a),(b)</sup> | TSFR3M + 1.962% | 6.1730 | &nbsp;&nbsp;11/15/28 | 1000379 |
| 3500000 Dryden 30 Senior Loan Fund Series 2013-30A DR<sup>(a),(b)</sup> | TSFR3M + 2.862% | 7.0730 | &nbsp;&nbsp;11/15/28 | 3504862 |
| 1700000 Elmwood CLO 20 Ltd. Series 7A BR<sup>(a),(b)</sup> | TSFR3M + 2.050% | 6.3720 | &nbsp;&nbsp;01/17/37 | 1701950 |
| 5500000 Elmwood CLO 21 Ltd. Series 8A AR<sup>(a),(b)</sup> | TSFR3M + 1.650% | 5.5340 | &nbsp;&nbsp;10/20/36 | 5501260 |
| 2460000 Elmwood CLO VI Ltd. Series 3A ARR<sup>(a),(b)</sup> | TSFR3M + 1.380% | 5.2640 | &nbsp;&nbsp;07/18/37 | 2466827 |
| 3000000 Goldentree Loan Management US CLO 1 Ltd. Series 1A DR3<sup>(a),(b)</sup> | TSFR3M + 2.400% | 6.7250 | &nbsp;&nbsp;04/20/34 | 2992584 |
| 1500000 Goldentree Loan Management US Clo 11 Ltd. Series 11A ER<sup>(a),(b)</sup> | TSFR3M + 4.900% | 9.2250 | &nbsp;&nbsp;10/20/34 | 1501562 |
| 4500000 Goldentree Loan Management US Clo 17 Ltd. Series 17A BR<sup>(a),(b)</sup> | TSFR3M + 1.650% | 5.9750 | &nbsp;&nbsp;01/20/39 | 4499829 |
| 2500000 HalseyPoint CLO 4 Ltd. Series 4A E<sup>(a),(b)</sup> | TSFR3M + 6.972% | 11.2970 | &nbsp;&nbsp;04/20/34 | 2505545 |
| 1875000 Halseypoint Clo 5 Ltd. Series 5A D<sup>(a),(b)</sup> | TSFR3M + 3.762% | 8.0720 | &nbsp;&nbsp;01/30/35 | 1853734 |
| 5750000 ICG US CLO 2015-2R Ltd. Series 2RA A2R<sup>(a),(b)</sup> | TSFR3M + 1.500% | 5.8180 | &nbsp;&nbsp;01/16/33 | 5758752 |
| 4750000 ICG US CLO 2015-2R Ltd. Series 2RA CR<sup>(a),(b)</sup> | TSFR3M + 2.700% | 7.0180 | &nbsp;&nbsp;01/16/33 | 4727556 |
| 1250000 ICG US CLO 2022-1i Ltd. Series 1A D1<sup>(a),(b)</sup> | TSFR3M + 4.060% | 8.3850 | &nbsp;&nbsp;07/20/35 | 1250000 |
| 2650000 LCM 33 Ltd. Series 33A BR<sup>(a),(b)</sup> | TSFR3M + 1.800% | 6.1090 | &nbsp;&nbsp;07/20/34 | 2658292 |
| 1800000 LCM XVIII, L.P. Series 18A DR<sup>(a),(b)</sup> | TSFR3M + 3.062% | 7.3870 | &nbsp;&nbsp;04/20/31 | 1800452 |
| 3150000 Madison Park Funding XIV Ltd. Series 14A D1R4<sup>(a),(b)</sup> | TSFR3M + 2.900% | 7.2320 | &nbsp;&nbsp;10/22/30 | 3154331 |
| 4690000 Madison Park Funding XXIV Ltd. Series 24A BR2<sup>(a),(b)</sup> | TSFR3M + 1.550% | 5.8750 | &nbsp;&nbsp;10/20/29 | 4695717 |
| 3000000 Magnetite XXVIII Ltd. Series 28A A1RR<sup>(a),(b)</sup> | TSFR3M + 1.240% | 5.5580 | &nbsp;&nbsp;01/15/38 | 3008964 |
| 3275000 Marathon CLO 14 Ltd. Series 2A BAR2<sup>(a),(b)</sup> | TSFR3M + 1.850% | 6.1750 | &nbsp;&nbsp;01/20/33 | 3268574 |
| 7600000 Neuberger Berman CLO XVII Ltd. Series 17A CR3<sup>(a),(b)</sup> | TSFR3M + 2.150% | 6.4820 | &nbsp;&nbsp;07/22/38 | 7604878 |
| 5000000 Neuberger Berman Loan Advisers Clo 42 Ltd. Series 42A CR<sup>(a),(b)</sup> | TSFR3M + 1.850% | 6.1680 | &nbsp;&nbsp;07/16/36 | 5025300 |
| 1600000 Neuberger Berman Loan Advisers Clo 42 Ltd. Series 42A DR<sup>(a),(b)</sup> | TSFR3M + 2.500% | 6.8180 | &nbsp;&nbsp;07/16/36 | 1607739 |
| 3200000 Neuberger Berman Loan Advisers CLO 45 Ltd. Series 45A CR<sup>(a),(b)</sup> | TSFR3M + 1.950% | 6.2700 | &nbsp;&nbsp;10/14/36 | 3207536 |
| 2450000 Newark BSL CLO 2 Ltd. Series 1A BR<sup>(a),(b)</sup> | TSFR3M + 2.012% | 6.3300 | &nbsp;&nbsp;07/25/30 | 2459408 |
| 3250000 Octagon Investment Partners 41 Ltd. Series 2A CR2<sup>(a),(b)</sup> | TSFR3M + 2.000% | 6.3180 | &nbsp;&nbsp;10/15/33 | 3254651 |
| 6250000 Octagon Investment Partners XXI Ltd. Series 1A BR4<sup>(a),(b)</sup> | TSFR3M + 1.350% | 5.5830 | &nbsp;&nbsp;02/14/31 | 6237563 |
| 5575000 OHA Credit Partners XIV Ltd. Series 14A D1R<sup>(a),(b)</sup> | TSFR3M + 2.850% | 7.1750 | &nbsp;&nbsp;07/21/37 | 5553235 |
| 25000 Riserva Clo Ltd. Series 2016-3A XRR<sup>(a),(b)</sup> | TSFR3M + 1.062% | 5.3910 | &nbsp;&nbsp;01/18/34 | 25000 |
| 2500000 Sagard-Halseypoint Clo 9 Ltd. Series 9A D2<sup>(a),(b)</sup> | TSFR3M + 4.500% | 8.7820 | &nbsp;&nbsp;04/20/38 | 2513730 |
| 1000000 Sculptor CLO XXVIII Ltd. Series 28A AR<sup>(a),(b)</sup> | TSFR3M + 1.060% | 5.3850 | &nbsp;&nbsp;01/20/35 | 1000502 |
| 1583991 Sound Point CLO IX Ltd. Series 2A ARRR<sup>(a),(b)</sup> | TSFR3M + 1.472% | 5.7970 | &nbsp;&nbsp;07/20/32 | 1585348 |

---

---

| |
|:---|
| **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br>Amount ($)** |  | **Spread** | **Coupon<br>Rate (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 48.3% (Continued)** |  |  |  |  |
|  | **CLO — 32.3% (Continued)** |  |  |  |  |
| 6293549 | Sound Point Clo XV Ltd. Series 1A E<sup>(a),(b)</sup> | TSFR3M + 6.222% | 10.5410 | &nbsp;&nbsp;01/23/29 | $6292887 |
| 2300000 | Sounds Point CLO IV-R LTD Series 3RA C<sup>(a),(b)</sup> | TSFR3M + 2.512% | 6.8410 | &nbsp;&nbsp;04/18/31 | 2310626 |
| 3325000 | TCW CLO 2020-1 Ltd. Series 1A DR3<sup>(a),(b)</sup> | TSFR3M + 3.400% | 7.7250 | &nbsp;&nbsp;04/20/34 | 3332941 |
| 640000 | Venture 35 CLO Ltd. Series 35A BLR<sup>(a),(b)</sup> | TSFR3M + 2.012% | 6.3440 | &nbsp;&nbsp;10/22/31 | 642253 |
| 2765000 | Venture 43 CLO Ltd. Series 43A D<sup>(a),(b)</sup> | TSFR3M + 3.732% | 8.0490 | &nbsp;&nbsp;04/15/34 | 2688974 |
| 1375000 | Venture XV CLO Ltd. Series 2013-15A DR2<sup>(a),(b)</sup> | TSFR3M + 4.182% | 8.4990 | &nbsp;&nbsp;07/15/32 | 1359158 |
| 5220000 | Voya CLO 2013-1 Ltd. Series 1A BR<sup>(a),(b)</sup> | TSFR3M + 2.162% | 6.4790 | &nbsp;&nbsp;10/15/30 | 5234835 |
| 1311704 | Voya CLO 2015-1 Ltd. Series 1A CR<sup>(a),(b)</sup> | TSFR3M + 2.612% | 6.9410 | &nbsp;&nbsp;01/18/29 | 1311677 |
| 850000 | Voya CLO 2018-1 Ltd. Series 1A B<sup>(a),(b)</sup> | TSFR3M + 2.062% | 6.3900 | &nbsp;&nbsp;04/19/31 | 851992 |
| 1250000 | Wind River 2021-2 CLO Ltd. Series 2021-2A D<sup>(a),(b)</sup> | TSFR3M + 3.412% | 7.7370 | &nbsp;&nbsp;07/20/34 | 1239626 |
|  |  |  |  |  | 168346037 |
|  | **OTHER ABS — 0.2%** |  |  |  |  |
| 1000000 | PFS Financing Corporation Series C A<sup>(a),(b)</sup> | SOFR30A + 0.800% | 5.1720 | &nbsp;&nbsp;04/17/28 | 1001541 |
|  | **RESIDENTIAL MORTGAGE** — **0.0%<sup>(c)</sup>** |  |  |  |  |
| 104428 | Towd Point Mortgage Trust 2017-6 Series 2017-6 A1<sup>(a),(b)</sup> |  | 2.7500 | &nbsp;&nbsp;10/25/57 | 102898 |
|  | **TOTAL ASSET BACKED SECURITIES (Cost $249,149,646)** |  |  |  | 251339459 |
| **Principal<br>Amount ($)** |  | **Spread** | **Coupon<br>Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 36.3%** |  |  |  |  |
|  | **AUTOMOTIVE — 1.0%** |  |  |  |  |
| 5000000 | Volkswagen Group of America Finance, LLC<sup>(a)</sup> |  | 5.9000 | &nbsp;&nbsp;09/12/33 | 5219551 |
|  | **BANKING — 1.7%** |  |  |  |  |
| 3995000 | Bank of America Corporation Series FF<sup>(b)</sup> | TSFR3M + 3.193% | 5.8750 | &nbsp;&nbsp;Perpetual | 4031910 |
| 5000000 | Huntington Bancshares, Inc.<sup>(b)</sup> | H15T5Y + 2.653% | 6.2500 | &nbsp;&nbsp;Perpetual | 4986434 |
|  |  |  |  |  | 9018344 |
|  | **BIOTECH & PHARMA — 0.1%** |  |  |  |  |
| 342000 | Prestige Brands, Inc.<sup>(a)</sup> |  | 5.1250 | &nbsp;&nbsp;01/15/28 | 339520 |

---

---

| |
|:---|
| **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br>Amount ($)** |  | **Spread** | **Coupon<br>Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 36.3% (Continued)** |  |  |  |  |
|  | **CABLE & SATELLITE — 0.7%** |  |  |  |  |
| 3000000 | CCO Holdings, LLC / CCO Holdings Capital<sup>(a)</sup> |  | 5.1250 | &nbsp;&nbsp;05/01/27 | $2981059 |
| 1000000 | CCO Holdings, LLC / CCO Holdings Capital<sup>(a)</sup> |  | 5.0000 | &nbsp;&nbsp;02/01/28 | 989706 |
|  |  |  |  |  | 3970765 |
|  | **CHEMICALS — 0.6%** |  |  |  |  |
| 770000 | HB Fuller Company |  | 4.2500 | &nbsp;&nbsp;10/15/28 | 749385 |
| 2675000 | Ingevity Corporation<sup>(a)</sup> |  | 3.8750 | &nbsp;&nbsp;11/01/28 | 2572557 |
|  |  |  |  |  | 3321942 |
|  | **COMMERCIAL SUPPORT SERVICES — 0.6%** |  |  |  |  |
| 2945000 | Korn Ferry<sup>(a)</sup> |  | 4.6250 | &nbsp;&nbsp;12/15/27 | 2927274 |
|  | **CONSTRUCTION MATERIALS — 1.1%** |  |  |  |  |
| 3592000 | Advanced Drainage Systems, Inc.<sup>(a)</sup> |  | 5.0000 | &nbsp;&nbsp;09/30/27 | 3583616 |
| 2000000 | Advanced Drainage Systems, Inc.<sup>(a)</sup> |  | 6.3750 | &nbsp;&nbsp;06/15/30 | 2036466 |
|  |  |  |  |  | 5620082 |
|  | **CONSUMER SERVICES — 1.3%** |  |  |  |  |
| 3885000 | Service Corp International |  | 5.1250 | &nbsp;&nbsp;06/01/29 | 3895035 |
| 3000000 | Service Corp International |  | 5.7500 | &nbsp;&nbsp;10/15/32 | 3043012 |
|  |  |  |  |  | 6938047 |
|  | **CONTAINERS & PACKAGING — 1.1%** |  |  |  |  |
| 2420000 | Silgan Holdings, Inc. |  | 4.1250 | &nbsp;&nbsp;02/01/28 | 2364054 |
| 3350000 | TriMas Corporation<sup>(a)</sup> |  | 4.1250 | &nbsp;&nbsp;04/15/29 | 3248705 |
|  |  |  |  |  | 5612759 |
|  | **ELECTRIC UTILITIES — 0.6%** |  |  |  |  |
| 2940000 | National Rural Utilities Cooperative Finance<sup>(b)</sup> | H15T5Y + 3.533% | 7.1250 | &nbsp;&nbsp;09/15/53 | 3096201 |
|  | **ELECTRICAL EQUIPMENT — 0.8%** |  |  |  |  |
| 4069000 | BWX Technologies, Inc.<sup>(a)</sup> |  | 4.1250 | &nbsp;&nbsp;04/15/29 | 3943410 |
|  | **ENGINEERING & CONSTRUCTION — 2.2%** |  |  |  |  |
| 2035000 | Installed Building Products, Inc.<sup>(a)</sup> |  | 5.7500 | &nbsp;&nbsp;02/01/28 | 2033367 |
| 6500000 | MasTec, Inc.<sup>(a)</sup> |  | 4.5000 | &nbsp;&nbsp;08/15/28 | 6490275 |
| 3510000 | TopBuild Corporation<sup>(a)</sup> |  | 5.6250 | &nbsp;&nbsp;01/31/34 | 3504182 |
|  |  |  |  |  | 12027824 |

---

---

| |
|:---|
| **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br>Amount ($)** |  | **Spread** | **Coupon<br>Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 36.3% (Continued)** |  |  |  |  |
|  | **FOOD — 0.8%** |  |  |  |  |
| 4009000 | Darling Ingredients, Inc.<sup>(a)</sup> |  | 5.2500 | &nbsp;&nbsp;04/15/27 | $4003393 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS — 0.8%** |  |  |  |  |
| 4472000 | Louisiana-Pacific Corporation<sup>(a)</sup> |  | 3.6250 | &nbsp;&nbsp;03/15/29 | 4283835 |
|  | **HEALTH CARE FACILITIES & SERVICES — 0.4%** |  |  |  |  |
| 2500000 | Molina Healthcare, Inc.<sup>(a)</sup> |  | 4.3750 | &nbsp;&nbsp;06/15/28 | 2445166 |
|  | **HOME CONSTRUCTION — 1.0%** |  |  |  |  |
| 5000000 | Meritage Homes Corporation |  | 5.6500 | &nbsp;&nbsp;03/15/35 | 5080786 |
|  | **HOUSEHOLD PRODUCTS — 0.9%** |  |  |  |  |
| 4907000 | Central Garden & Pet Company |  | 5.1250 | &nbsp;&nbsp;02/01/28 | 4906517 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 2.4%** |  |  |  |  |
| 3750000 | Goldman Sachs Group, Inc. (The)<sup>(b)</sup> | H15T5Y + 3.156% | 7.5000 | &nbsp;&nbsp;Perpetual | 3984184 |
| 8045000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.880% | 5.4240 | &nbsp;&nbsp;07/21/34 | 8385059 |
|  |  |  |  |  | 12369243 |
|  | **LEISURE FACILITIES & SERVICES — 0.7%** |  |  |  |  |
| 3560000 | Boyne USA, Inc.<sup>(a)</sup> |  | 4.7500 | &nbsp;&nbsp;05/15/29 | 3493963 |
|  | **MACHINERY — 1.1%** |  |  |  |  |
| 4000000 | ATS Corporation<sup>(a)</sup> |  | 4.1250 | &nbsp;&nbsp;12/15/28 | 3836053 |
| 2000000 | Terex Corporation<sup>(a)</sup> |  | 6.2500 | &nbsp;&nbsp;10/15/32 | 2039045 |
|  |  |  |  |  | 5875098 |
|  | **METALS & MINING — 1.6%** |  |  |  |  |
| 2000000 | Alliance Resource Operating Partners, L.P. <sup>(a)</sup> |  | 8.6250 | &nbsp;&nbsp;06/15/29 | 2113434 |
| 3603000 | Freeport-McMoRan, Inc. |  | 5.0000 | &nbsp;&nbsp;09/01/27 | 3603678 |
| 2767000 | Mineral Resources Ltd.<sup>(a)</sup> |  | 8.1250 | &nbsp;&nbsp;05/01/27 | 2768611 |
|  |  |  |  |  | 8485723 |
|  | **OIL & GAS PRODUCERS — 8.8%** |  |  |  |  |
| 5000000 | Antero Midstream Partners, L.P. / Antero Midstream<sup>(a)</sup> |  | 5.7500 | &nbsp;&nbsp;10/15/33 | 4981154 |
| 4000000 | Civitas Resources, Inc.<sup>(a)</sup> |  | 8.6250 | &nbsp;&nbsp;11/01/30 | 4143000 |

---

---

| |
|:---|
| **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br>Amount ($)** |  | **Spread** | **Coupon<br>Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 36.3% (Continued)** |  |  |  |  |
|  | **OIL & GAS PRODUCERS — 8.8% (Continued)** |  |  |  |  |
| 3000000 | EQT Corporation |  | 5.7500 | &nbsp;&nbsp;02/01/34 | $3141753 |
| 1500000 | Global Partners LP / GLP Finance Corp<sup>(a)</sup> |  | 7.1250 | &nbsp;&nbsp;07/01/33 | 1538637 |
| 2000000 | Matador Resources Company<sup>(a)</sup> |  | 6.8750 | &nbsp;&nbsp;04/15/28 | 2042480 |
| 2500000 | Matador Resources Company<sup>(a)</sup> |  | 6.5000 | &nbsp;&nbsp;04/15/32 | 2525458 |
| 4510000 | Murphy Oil Corporation |  | 6.0000 | &nbsp;&nbsp;10/01/32 | 4447595 |
| 3240000 | Murphy Oil USA, Inc. |  | 5.6250 | &nbsp;&nbsp;05/01/27 | 3246256 |
| 750000 | Murphy Oil USA, Inc. |  | 4.7500 | &nbsp;&nbsp;09/15/29 | 740616 |
| 4200000 | Plains All American Pipeline, L.P. Series B<sup>(b)</sup> | TSFR3M + 4.372% | 8.5830 | &nbsp;&nbsp;Perpetual | 4213224 |
| 2000000 | SM Energy Company<sup>(a)</sup> |  | 6.7500 | &nbsp;&nbsp;08/01/29 | 2011111 |
| 3175000 | Sunoco, L.P.<sup>(a)</sup> |  | 7.2500 | &nbsp;&nbsp;05/01/32 | 3334803 |
| 3000000 | Sunoco, L.P.<sup>(a)</sup> |  | 6.2500 | &nbsp;&nbsp;07/01/33 | 3055788 |
| 2825000 | Sunoco, L.P. / Sunoco Finance Corporation |  | 6.0000 | &nbsp;&nbsp;04/15/27 | 2826012 |
| 2909000 | Targa Resources Partners, L.P. / Targa Resources |  | 5.0000 | &nbsp;&nbsp;01/15/28 | 2912396 |
|  |  |  |  |  | 45160283 |
|  | **PUBLISHING & BROADCASTING — 0.7%** |  |  |  |  |
| 1500000 | Nexstar Media, Inc.<sup>(a)</sup> |  | 5.6250 | &nbsp;&nbsp;07/15/27 | 1499262 |
| 2000000 | TEGNA, Inc. |  | 5.0000 | &nbsp;&nbsp;09/15/29 | 1990575 |
|  |  |  |  |  | 3489837 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 0.4%** |  |  |  |  |
| 2000000 | Iron Mountain, Inc.<sup>(a)</sup> |  | 5.2500 | &nbsp;&nbsp;03/15/28 | 1998088 |
|  | **RETAIL - DISCRETIONARY — 1.4%** |  |  |  |  |
| 1400000 | Asbury Automotive Group, Inc. |  | 4.5000 | &nbsp;&nbsp;03/01/28 | 1383674 |
| 1945000 | Asbury Automotive Group, Inc. |  | 4.7500 | &nbsp;&nbsp;03/01/30 | 1895334 |
| 1000000 | Builders FirstSource, Inc.<sup>(a)</sup> |  | 6.3750 | &nbsp;&nbsp;03/01/34 | 1031368 |
| 3000000 | Patrick Industries, Inc.<sup>(a)</sup> |  | 6.3750 | &nbsp;&nbsp;11/01/32 | 3045891 |
|  |  |  |  |  | 7356267 |
|  | **SEMICONDUCTORS — 1.1%** |  |  |  |  |
| 1630000 | Amkor Technology, Inc.<sup>(a)</sup> |  | 6.6250 | &nbsp;&nbsp;09/15/27 | 1634791 |
| 2075000 | ON Semiconductor Corporation<sup>(a)</sup> |  | 3.8750 | &nbsp;&nbsp;09/01/28 | 2016394 |
| 2200000 | Synaptics, Inc.<sup>(a)</sup> |  | 4.0000 | &nbsp;&nbsp;06/15/29 | 2107688 |
|  |  |  |  |  | 5758873 |
|  | **SOFTWARE — 0.1%** |  |  |  |  |
| 500000 | Gen Digital, Inc.<sup>(a)</sup> |  | 6.7500 | &nbsp;&nbsp;09/30/27 | 508023 |

---

---

| |
|:---|
| **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br>Amount ($)** |  | **Spread** | **Coupon<br>Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 36.3% (Continued)** |  |  |  |  |
|  | **SPECIALTY FINANCE — 0.9%** |  |  |  |  |
| 5000000 | FirstCash, Inc.<sup>(a)</sup> |  | 4.6250 | &nbsp;&nbsp;09/01/28 | $4900349 |
|  | **TRANSPORTATION & LOGISTICS — 0.6%** |  |  |  |  |
| 3000000 | Genesee & Wyoming, Inc.<sup>(a)</sup> |  | 6.2500 | &nbsp;&nbsp;04/15/32 | 3052176 |
|  | **TRANSPORTATION EQUIPMENT — 0.8%** |  |  |  |  |
| 2000000 | Allison Transmission, Inc.<sup>(a)</sup> |  | 4.7500 | &nbsp;&nbsp;10/01/27 | 1987780 |
| 2000000 | Allison Transmission, Inc.<sup>(a)</sup> |  | 5.8750 | &nbsp;&nbsp;06/01/29 | 2018192 |
|  |  |  |  |  | 4005972 |
|  | **TOTAL CORPORATE BONDS (Cost $187,727,494)** |  |  |  | 189209311 |
| **Principal<br>Amount ($)** |  | **Spread** | **Coupon<br>Rate (%)** | **Maturity** | **Fair Value** |
|  | **TERM LOANS — 5.6%** |  |  |  |  |
|  | **CHEMICALS — 0.9%** |  |  |  |  |
| 4429162 | HB Fuller Company<sup>(b)</sup> | TSFR1M + 1.750% | 6.0690 | &nbsp;&nbsp;02/15/30 | 4456866 |
|  | **CONSTRUCTION MATERIALS — 1.1%** |  |  |  |  |
| 3860147 | Quikrete Holdings, Inc.<sup>(b)</sup> | TSFR1M + 2.250% | 6.5420 | &nbsp;&nbsp;02/10/32 | 3865454 |
| 1995000 | Quikrete Holdings, Inc.<sup>(b)</sup> | TSFR1M + 2.250% | 6.5770 | &nbsp;&nbsp;04/14/31 | 1996017 |
|  |  |  |  |  | 5861471 |
|  | **ELECTRICAL EQUIPMENT — 0.1%** |  |  |  |  |
| 500000 | Vertiv Group Corporation<sup>(b)</sup> | TSFR1M + 1.750% | 6.1010 | &nbsp;&nbsp;08/12/32 | 501165 |
|  | **LEISURE FACILITIES & SERVICES — 0.4%** |  |  |  |  |
| 1976865 | Hilton Grand Vacations Borrower, LLC<sup>(b)</sup> | TSFR1M + 2.000% | 8.1900 | &nbsp;&nbsp;08/02/28 | 1976499 |
|  | **LEISURE PRODUCTS — 0.8%** |  |  |  |  |
| 4856837 | Hayward Industries, Inc.<sup>(b)</sup> | TSFR1M + 2.615% | 8.1900 | &nbsp;&nbsp;05/30/28 | 4868372 |
|  | **MEDICAL EQUIPMENT & DEVICES** — **0.0%<sup>(c)</sup>** |  |  |  |  |
| 119967 | Avantor Funding, Inc.<sup>(b)</sup> | TSFR1M + 2.100% | 7.4300 | &nbsp;&nbsp;11/08/27 | 120641 |

---

---

| |
|:---|
| **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br>Amount ($)** |  | **Spread** | **Coupon<br>Rate (%)** | **Maturity** | **Fair Value** |
|  | **TERM LOANS — 5.6% (Continued)** |  |  |  |  |
|  | **PUBLISHING & BROADCASTING — 0.3%** |  |  |  |  |
| 1500000 | Nexstar Media, Inc.<sup>(b)</sup> | TSFR1M + 2.500% | 6.8210 | &nbsp;&nbsp;06/28/32 | $1499865 |
|  | **RETAIL - DISCRETIONARY — 0.8%** |  |  |  |  |
| 3970000 | Johnstone Supply, LLC<sup>(b)</sup> | TSFR1M + 2.500% | 8.3210 | &nbsp;&nbsp;06/09/31 | 3967519 |
|  | **TECHNOLOGY HARDWARE — 0.4%** |  |  |  |  |
| 1965154 | Ciena Corporation<sup>(b)</sup> | TSFR1M + 1.750% | 6.0780 | &nbsp;&nbsp;10/24/30 | 1971914 |
|  | **TRANSPORTATION & LOGISTICS — 0.8%** |  |  |  |  |
| 3970000 | Genesee & Wyoming, Inc.<sup>(b)</sup> | TSFR3M + 1.750% | 6.5220 | &nbsp;&nbsp;04/10/31 | 3958963 |
|  | **TOTAL TERM LOANS (Cost $29,116,794)** |  |  |  | 29183275 |
| **Principal<br>Amount ($)** |  |  | **Coupon<br>Rate (%)** | **Maturity** | **Fair Value** |
|  | **U.S. TREASURY BONDS + NOTES — 7.8%** |  |  |  |  |
| 10550000 | United States Treasury Note |  | 4.1250 | &nbsp;&nbsp;07/31/31 | 10714844 |
| 30800000 | United States Treasury Note |  | 3.5000 | &nbsp;&nbsp;02/15/33 | 29914500 |
|  | **TOTAL U.S. TREASURY BONDS + NOTES (Cost $40,183,916)** |  |  |  | 40629344 |

---

---

| |
|:---|
| **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 0.9%** |  |
|  | **MONEY MARKET FUNDS - 0.9%** |  |
| 4795090 | First American Government Obligations Fund, Class X, 4.04% (Cost $4,795,090)<sup>(d)</sup> | $4795090 |
|  | **TOTAL INVESTMENTS - 98.9% (Cost $510,972,940)** | $515156478 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 1.1%** | 5525488 |
|  | **NET ASSETS - 100.0%** | $520681966 |

---

---

| | |
|:---|:---|
| CLO | - Collateralized Loan Obligations |
| LLC | - Limited Liability Company |
| LP | - Limited Partnership |
| LTD | - Limited Company |
| H15T5Y | US Treasury Yield Curve Rate T Note Constant Maturity 5 Year |
| SOFR30A | United States 30 Day Average SOFR Secured Overnight Financing Rate |
| SOFRRATE | United States SOFR Secured Overnight Financing Rate |
| TSFR1M | TSFR1M Term CME (Secured Overnight Financing Rate) 1 Month |
| TSFR3M | TSFR3M Term CME (Secured Overnight Financing Rate) 3 Month |

---

<sup>(a)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2025 the total market value of 144A securities is 348,054,108 or 66.8% of net assets.

<sup>(b)</sup> Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

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

<sup>(d)</sup> Rate disclosed is the seven day effective yield as of September 30, 2025.

## 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:** 2026-06-30

- **b. Date as of which information is reported:** 2025-09-30

**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:** $522862438.40

**Total Liabilities:** $2180472.03

**Net Assets:** $520681966.37

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 683.42560900 | **1-Year:** 8435.46527600 | **5-Year:** 29532.12204600 | **10-Year:** 49804.49604400 | **30-Year:** 2609.01358500

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

- **3-Month:** 282.84073900 | **1-Year:** 14127.81342500 | **5-Year:** 29564.68029800 | **10-Year:** 10742.47749500 | **30-Year:** 460.52443000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000170095 | 0.40%                | 0.80%                | 0.64%                |
| Class ID C000170094 | 0.31%                | 0.92%                | 0.50%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $158095.31               | $-550259.90                                |
| Month 2  | $51311.72                | $2133717.23                                |
| Month 3  | $-2032832.72             | $2610190.07                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Prestige Brands, Inc.                                                  | PBH 5 1/8 01/15/28    | CUSIP: 74112BAL9<br>LEI: 549300JBVP4J6D42I235 | Long             | DBT              | CORP              | US        |    342000 | PA      | $339519.63    | 0.07%             | 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      | $2033366.71   | 0.39%             | 2028-02-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Apidos Clo XXXII                                                       | APID 2019-32A DR      | CUSIP: 03768RAY2<br>LEI: 549300CXPXW83QGWOL98 | Long             | ABS-CBDO         | CORP              | KY        |   1365000 | PA      | $1362153.98   | 0.26%             | 2033-01-20      | Floating      | 7.08%                 | Yes           |                  2 | On Loan: No      |
| Mastec, Inc.                                                           | MTZ 4 1/2 08/15/28    | CUSIP: 576323AP4<br>LEI: 549300TMDIT8WREDOF45 | Long             | DBT              | CORP              | US        |   6500000 | PA      | $6490275.48   | 1.25%             | 2028-08-15      | Fixed         | 4.50%                 | Yes           |                  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      | $2445165.75   | 0.47%             | 2028-06-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Venture 43 Limited                                                     | VENTR 2021-43A D      | CUSIP: 92290CAG4<br>LEI: 549300OLN5VHTMLSN650 | Long             | ABS-CBDO         | CORP              | KY        |   2765000 | PA      | $2688973.56   | 0.52%             | 2034-04-15      | Floating      | 8.05%                 | Yes           |                  2 | On Loan: No      |
| Neuberger Berman CLO XV Ltd.                                           | NEUB 2021-42A DR      | CUSIP: 64133WAU9<br>LEI: 549300UTI4Y2IA4RUP16 | Long             | ABS-CBDO         | CORP              | KY        |   1600000 | PA      | $1607739.20   | 0.31%             | 2036-07-16      | Floating      | 6.82%                 | Yes           |                  2 | On Loan: No      |
| Sunoco LP / Sunoco Finance Corp.                                       | SUN 6 04/15/27        | CUSIP: 86765LAQ0<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |   2825000 | PA      | $2826012.48   | 0.54%             | 2027-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FIRST INVS AUTO OWNER TR 2021-2                                        | FIAOT 2021-2A D       | CUSIP: 32057JAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2230000 | PA      | $2186324.56   | 0.42%             | 2027-12-15      | Fixed         | 1.66%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                                         | MS 5.424 07/21/34     | CUSIP: 61747YFG5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   8045000 | PA      | $8385058.93   | 1.61%             | 2034-07-21      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| Magnetite XXVIII Ltd / Magnetite XXVIII LLC                            | MAGNE 2020-28A A1RR   | CUSIP: 55955LAS1<br>LEI: 54930077HHZ1QV5CPQ30 | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $3008964.00   | 0.58%             | 2038-01-15      | Floating      | 5.56%                 | Yes           |                  2 | On Loan: No      |
| Topbuild Corporation                                                   | BLD 5 5/8 01/31/34    | CUSIP: 89055FAD5<br>LEI: 5493007YSKHOL4RWII46 | Long             | DBT              | CORP              | US        |   3510000 | PA      | $3504182.07   | 0.67%             | 2034-01-31      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Octagon Investment Partners 31 Ltd.                                    | OCT41 2019-2A CR2     | CUSIP: 67592FBJ7<br>LEI: 5493003JSU68UU09PZ63 | Long             | DBT              | CORP              | KY        |   3250000 | PA      | $3254650.75   | 0.63%             | 2033-10-15      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO XV Ltd.                                           | NEUB 2021-42A CR      | CUSIP: 64133WAS4<br>LEI: 549300UTI4Y2IA4RUP16 | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $5025300.00   | 0.97%             | 2036-07-16      | Floating      | 6.17%                 | Yes           |                  2 | On Loan: No      |
| Louisiana Pacific Corporation                                          | LPX 3 5/8 03/15/29    | CUSIP: 546347AM7<br>LEI: 549300C7E2UAO5BVRR75 | Long             | DBT              | CORP              | US        |   4472000 | PA      | $4283835.37   | 0.82%             | 2029-03-15      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Neuberger Berman Loan Advisers CLO 45 Ltd.                             | NEUB 2021-45A CR      | CUSIP: 64134MAN6<br>LEI: 549300BQ0WQMX5H5TS32 | Long             | ABS-CBDO         | CORP              | KY        |   3200000 | PA      | $3207536.00   | 0.62%             | 2036-10-14      | Floating      | 6.27%                 | Yes           |                  2 | On Loan: No      |
| Carlyle Global Market Strategi                                         | CGMS 2019-1A DR2      | CUSIP: 14316DAG6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2250000 | PA      | $2253996.00   | 0.43%             | 2031-04-20      | Floating      | 10.53%                | Yes           |                  2 | On Loan: No      |
| Venture XV CLO Ltd.                                                    | VENTR 2013-15A DR2    | CUSIP: 92328XAZ2<br>LEI: 549300UYHZCJPN3LMT03 | Long             | ABS-CBDO         | CORP              | KY        |   1375000 | PA      | $1359158.35   | 0.26%             | 2032-07-15      | Floating      | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Meritage Homes Corp                                                    | MTH 5.65 03/15/35     | CUSIP: 59001ABG6<br>LEI: 52990044W9UMFJO2FB97 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5080785.50   | 0.98%             | 2035-03-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Vertiv                                                                 | VRT TL B 1L USD       | CUSIP: 92537EAG3<br>LEI: 549300ZT8RQ5VK10E643 | Long             | LON              | CORP              | US        |    500000 | PA      | $501165.00    | 0.10%             | 2032-08-07      | Variable      | 6.10%                 | No            |                  2 | On Loan: No      |
| MARATHON CLO 2019-14                                                   | MCLO 2019-2A BAR2     | CUSIP: 56578HBA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3275000 | PA      | $3268574.45   | 0.63%             | 2033-01-20      | Floating      | 6.18%                 | Yes           |                  2 | On Loan: No      |
| Alliance Resource Operating Partners LP/Alliance Resource Finance Corp | ARLP 8 5/8 06/15/29   | CUSIP: 01879NAC9<br>LEI: 2549007036KGPSVTHP54 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2113434.00   | 0.41%             | 2029-06-15      | Fixed         | 8.62%                 | Yes           |                  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      | $1987780.00   | 0.38%             | 2027-10-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Sunoco LP                                                              | SUN 7 1/4 05/01/32    | CUSIP: 86765KAC3<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |   3175000 | PA      | $3334802.73   | 0.64%             | 2032-05-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Wind River CLO I Ltd.                                                  | WINDR 2021-2A D       | CUSIP: 97315VAJ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1250000 | PA      | $1239626.25   | 0.24%             | 2034-07-20      | Floating      | 7.74%                 | Yes           |                  2 | On Loan: No      |
| Ciena Corp                                                             | CIEN TL B 1L USD      | CUSIP: 17178HAR3<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | LON              | CORP              | US        |   1965154 | PA      | $1971913.97   | 0.38%             | 2030-10-24      | Variable      | 6.08%                 | No            |                  2 | On Loan: No      |
| MADISON PARK FUNDING LTD                                               | MDPK 2014-14A D1R4    | CUSIP: 55818RBS4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3150000 | PA      | $3154331.25   | 0.61%             | 2030-10-22      | Floating      | 7.23%                 | Yes           |                  2 | On Loan: No      |
| Dewolf Park CLO Ltd.                                                   | DWOLF 2017-1A CR      | CUSIP: 25211AAJ8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   5250000 | PA      | $5257628.25   | 1.01%             | 2030-10-15      | Floating      | 6.43%                 | Yes           |                  2 | On Loan: No      |
| Madison Park Funding XXIV Ltd                                          | MDPK 2016-24A BR2     | CUSIP: 55820NAY7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   4690000 | PA      | $4695717.11   | 0.90%             | 2029-10-20      | Floating      | 5.88%                 | Yes           |                  2 | On Loan: No      |
| GOLDENTREE LN MGM 20 LTD/LLC                                           | GLM 2023-17A BR       | CUSIP: 38139FAS9<br>LEI: 549300TS068SCJRDSP12 | Long             | ABS-CBDO         | CORP              | JE        |   4500000 | PA      | $4499829.00   | 0.86%             | 2039-01-20      | Floating      | 5.98%                 | Yes           |                  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      | $3246256.44   | 0.62%             | 2027-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| FIRST INVESTORS AUTO OWNER TRUST 20                                    | FIAOT 2023-1A D       | CUSIP: 320986AG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8400000 | PA      | $8829505.44   | 1.70%             | 2031-01-15      | Fixed         | 7.74%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                              | GS 7 1/2 PERP         | CUSIP: 38141GA38<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   3750000 | PA      | $3984183.75   | 0.77%             | 2170-08-18      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Westlake Automboile Receivables Trust 2018-3                           | WLAKE 2021-3A E       | CUSIP: 96043JAN5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3660000 | PA      | $3652453.45   | 0.70%             | 2027-04-15      | Fixed         | 3.42%                 | Yes           |                  2 | On Loan: No      |
| Murphy Oil Corporation                                                 | MUR 6 10/01/32        | CUSIP: 626717AP7<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | DBT              | CORP              | US        |   4510000 | PA      | $4447594.68   | 0.85%             | 2032-10-01      | Fixed         | 6.00%                 | No            |                  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      | $2018192.00   | 0.39%             | 2029-06-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Venture III CDO Ltd.                                                   | VENTR 2018-35A BLR    | CUSIP: 92331XAY0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    640000 | PA      | $642252.80    | 0.12%             | 2031-10-22      | Floating      | 6.34%                 | 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      | $749385.23    | 0.14%             | 2028-10-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| WESTLAKE AUTOMOBLE RECV 2024-2                                         | WLAKE 2024-2A D       | CUSIP: 96042YAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3650000 | PA      | $3741427.39   | 0.72%             | 2030-04-15      | Fixed         | 5.91%                 | Yes           |                  2 | On Loan: No      |
| Firstcash Inc                                                          | FCFS 4 5/8 09/01/28   | CUSIP: 33767DAB1<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4900349.00   | 0.94%             | 2028-09-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| ELMWOOD CLO 20 LTD                                                     | ELM20 2022-7A BR      | CUSIP: 29002AAN4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1700000 | PA      | $1701949.90   | 0.33%             | 2037-01-17      | Floating      | 6.37%                 | Yes           |                  2 | On Loan: No      |
| Sound Point Clo Ix  Ltd                                                | SNDPT 2015-2A ARRR    | CUSIP: 83609GBN4<br>LEI: 549300W2FX6HEXN27U70 | Long             | ABS-CBDO         | CORP              | KY        |   1583991 | PA      | $1585348.39   | 0.30%             | 2032-07-20      | Floating      | 5.80%                 | 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      | $3895034.96   | 0.75%             | 2029-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Ingevity Corporation                                                   | NGVT 3 7/8 11/01/28   | CUSIP: 45688CAB3<br>LEI: 5493009UTFC4B5IMGF87 | Long             | DBT              | CORP              | US        |   2675000 | PA      | $2572556.76   | 0.49%             | 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      | $1383674.32   | 0.27%             | 2028-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| HB Fuller                                                              | FUL TL B 1L USD       | CUSIP: 40409VAW4<br>LEI: JSMX3Z5FOYM8V0Q52357 | Long             | LON              | CORP              | US        |   4429162 | PA      | $4456866.06   | 0.86%             | 2030-02-15      | Variable      | 6.07%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO 15 Ltd.                                                    | ELMW6 2020-3A ARR     | CUSIP: 29001VAU3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2460000 | PA      | $2466826.50   | 0.47%             | 2037-07-18      | Floating      | 5.71%                 | Yes           |                  2 | On Loan: No      |
| CARMAX SELECT RECIEVABLES TRUST 202                                    | CMXS 2025-B E         | CUSIP: 14320BAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1610000 | PA      | $1613055.78   | 0.31%             | 2032-09-15      | Fixed         | 6.89%                 | No            |                  2 | On Loan: No      |
| Amkor Technology, Inc.                                                 | AMKR 6 5/8 09/15/27   | CUSIP: 031652BK5<br>LEI: 529900VHLRTKPWZJBM84 | Long             | DBT              | CORP              | US        |   1630000 | PA      | $1634790.57   | 0.31%             | 2027-09-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| CARMAX AUTO OWNER TRUST 2023-1                                         | CARMX 2023-1 D        | CUSIP: 14318DAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4720000 | PA      | $4847868.58   | 0.93%             | 2029-11-15      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| CCO Holdings, LLC/ CCO Holdings Capital Corp.                          | CHTR 5 1/8 05/01/27   | CUSIP: 1248EPBT9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2981058.78   | 0.57%             | 2027-05-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Avantor                                                                | AVTR TL B6 1L USD     | CUSIP: 05350NAP9<br>LEI: 5493003VM0XB4U8YD238 | Long             | LON              | CORP              | US        |    119967 | PA      | $120641.35    | 0.02%             | 2027-11-08      | Variable      | 7.43%                 | No            |                  2 | On Loan: No      |
| Johnstone Supply                                                       | JHNSPL TL B 1L USD    | CUSIP: 47947BAF9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3970000 | PA      | $3967518.75   | 0.76%             | 2031-05-16      | Variable      | 8.32%                 | No            |                  2 | On Loan: No      |
| BWX Technologies Inc.                                                  | BWXT 4 1/8 04/15/29   | CUSIP: 05605HAC4<br>LEI: 549300NP85N265KWMS58 | Long             | DBT              | CORP              | US        |   4069000 | PA      | $3943410.32   | 0.76%             | 2029-04-15      | Fixed         | 4.12%                 | 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      | $3583616.27   | 0.69%             | 2027-09-30      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Tegna Inc                                                              | TGNA 5 09/15/29       | CUSIP: 87901JAH8<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1990574.80   | 0.38%             | 2029-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GOLDEN TREE LN MGMT US 2021-11                                         | GLM 2021-11A ER       | CUSIP: 38138RAJ4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1501561.50   | 0.29%             | 2034-10-20      | Floating      | 9.23%                 | Yes           |                  2 | On Loan: No      |
| Plains All American Pipeline L.P.                                      | PAA Float PERP        | CUSIP: 726503AE5<br>LEI: 5521FA2ITF25TVH63740 | Long             | DBT              | CORP              | US        |   4200000 | PA      | $4213224.08   | 0.81%             | 2166-11-15      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| SM Energy Co.                                                          | SM 6 3/4 08/01/29     | CUSIP: 78454LAX8<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2011110.68   | 0.39%             | 2029-08-01      | Fixed         | 6.75%                 | Yes           |                  2 | 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      | $740616.45    | 0.14%             | 2029-09-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ATS Corporation (Canada)                                               | ATSCN 4 1/8 12/15/28  | CUSIP: 001940AC9<br>LEI: 5493005KP4RP3IU7HQ41 | Long             | DBT              | CORP              | CA        |   4000000 | PA      | $3836053.20   | 0.74%             | 2028-12-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Genesee & Wyoming Inc                                                  | GWR 6 1/4 04/15/32    | CUSIP: 371559AB1<br>LEI: G617XSG94Z7G0RMW3L02 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3052176.00   | 0.59%             | 2032-04-15      | Fixed         | 6.25%                 | Yes           |                  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      | $4003392.61   | 0.77%             | 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      | $2927273.75   | 0.56%             | 2027-12-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Sculptor CLO Ltd                                                       | SCUL 28A AR           | CUSIP: 81124LAN4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1000502.00   | 0.19%             | 2035-01-20      | Floating      | 5.39%                 | Yes           |                  2 | On Loan: No      |
| LCM 33 Ltd / LCM 33 LLC                                                | LCM 33A BR            | CUSIP: 50202CAL8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2650000 | PA      | $2658291.85   | 0.51%             | 2034-07-20      | Floating      | 6.11%                 | Yes           |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                              | TPMT 2017-6 A1        | CUSIP: 89175JAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    104428 | PA      | $102898.08    | 0.02%             | 2057-10-25      | Floating      | 2.75%                 | Yes           |                  2 | On Loan: No      |
| National Rural Utilities Cooperative Finance Corp.                     | NRUC 7 1/8 09/15/53   | CUSIP: 637432PB5<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |   2940000 | PA      | $3096200.88   | 0.59%             | 2053-09-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| First Investors Auto Owner Trust 2022-1                                | FIAOT 2022-1A D       | CUSIP: 32057KAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4720000 | PA      | $4671460.94   | 0.90%             | 2028-06-15      | Fixed         | 3.79%                 | Yes           |                  2 | On Loan: No      |
| EQT Corporation                                                        | EQT 5 3/4 02/01/34    | CUSIP: 26884LAR0<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3141753.33   | 0.60%             | 2034-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| First American Funds Inc.                                              | FRST AM-GV OB-X       | CUSIP: 31846V336<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |   4795090 | PA      | $4795090.01   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Quikrete                                                               | QUIKHO TL B 1L USD    | CUSIP: 74839XAL3<br>LEI: 5493007KIN86DIZWZT22 | Long             | LON              | CORP              | US        |   1995000 | PA      | $1996017.45   | 0.38%             | 2032-01-31      | Variable      | 6.58%                 | No            |                  2 | On Loan: No      |
| First Investors Auto Owner Trust 2022-1                                | FIAOT 2022-1A E       | CUSIP: 32057KAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4280000 | PA      | $4244940.81   | 0.82%             | 2029-06-15      | Fixed         | 5.41%                 | Yes           |                  2 | On Loan: No      |
| Apidos Clo Xxxv Ltd / Llc                                              | APID 2021-35A E       | CUSIP: 03768TAA0<br>LEI: 549300KJKTO0Q1OATW69 | Long             | ABS-CBDO         | CORP              | KY        |   3500000 | PA      | $3499762.00   | 0.67%             | 2034-04-20      | Floating      | 10.34%                | Yes           |                  2 | On Loan: No      |
| Oha Credit Partners Xv Limited                                         | OAKC 2017-14A D1R     | CUSIP: 67706XAY9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   5575000 | PA      | $5553235.20   | 1.07%             | 2037-07-21      | Floating      | 7.18%                 | Yes           |                  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      | $2364053.88   | 0.45%             | 2028-02-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Hilton Grand Vacations                                                 | HGV TL B 1L USD       | CUSIP: N/A<br>LEI: 254900HF0EZ734FDVY79       | Long             | LON              | CORP              | US        |   1976865 | PA      | $1976499.49   | 0.38%             | 2028-08-02      | Variable      | 8.19%                 | No            |                  2 | On Loan: No      |
| Freeport-McMoRan Inc.                                                  | FCX 5 09/01/27        | CUSIP: 35671DCC7<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |   3603000 | PA      | $3603677.69   | 0.69%             | 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      | $2107688.88   | 0.40%             | 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      | $3493962.71   | 0.67%             | 2029-05-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| NEXSTAR BROADCASTING INC                                               | NXST TL B5 1L USD     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1500000 | PA      | $1499865.00   | 0.29%             | 2032-06-28      | Variable      | 6.82%                 | No            |                  2 | On Loan: No      |
| Hayward Industries                                                     | HWRI TL B 1L USD      | CUSIP: 421300AL8<br>LEI: 549300NV8ZMMEDUHQ091 | Long             | LON              | CORP              | US        |   4856837 | PA      | $4868372.26   | 0.93%             | 2028-05-28      | Variable      | 8.19%                 | No            |                  2 | On Loan: No      |
| AGL Clo 25 Ltd.                                                        | AGL 2023-25A ER       | CUSIP: 00120PAE9<br>LEI: 2549006GHWX66A91GS48 | Long             | ABS-CBDO         | CORP              | JE        |   4850000 | PA      | $4923923.70   | 0.95%             | 2038-07-21      | Floating      | 10.02%                | Yes           |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust 2013-2                             | EART 2025-4A E        | CUSIP: 30167KAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $4004851.60   | 0.77%             | 2033-04-15      | Fixed         | 6.99%                 | Yes           |                  2 | On Loan: No      |
| ICG US CLO 2015-2 Ltd.                                                 | ICG 2015-2RA CR       | CUSIP: 44933WAS8<br>LEI: 635400BEIJQT4DUYJT73 | Long             | ABS-CBDO         | CORP              | KY        |   4750000 | PA      | $4727556.25   | 0.91%             | 2033-01-16      | Floating      | 7.02%                 | Yes           |                  2 | On Loan: No      |
| Halseypoint CLO 3 Ltd.                                                 | HLSY 2025-9A D2       | CUSIP: 78662EAJ3<br>LEI: 549300RT6H1EOIYTDV62 | Long             | ABS-CBDO         | CORP              | KY        |   2500000 | PA      | $2513730.00   | 0.48%             | 2038-04-20      | Floating      | 8.78%                 | Yes           |                  2 | On Loan: No      |
| Neuberger Berman Clo XVII Ltd.                                         | NEUB 2014-17A CR3     | CUSIP: 64129UCJ2<br>LEI: 549300XVEYZNG956Y145 | Long             | ABS-CBDO         | CORP              | KY        |   7600000 | PA      | $7604879.20   | 1.46%             | 2038-07-22      | Floating      | 6.48%                 | Yes           |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust 2016-3                             | EART 2022-1A D        | CUSIP: 30167JAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1597212 | PA      | $1588232.68   | 0.31%             | 2028-06-15      | Fixed         | 3.02%                 | No            |                  2 | On Loan: No      |
| FIRST INVESTORS AUTO OWNER TRUST 20                                    | FIAOT 2022-2A D       | CUSIP: 32058KAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2067938.80   | 0.40%             | 2028-10-16      | Fixed         | 8.71%                 | Yes           |                  2 | On Loan: No      |
| Bain Capital Credit CLO 2022-1 Ltd / LLC                               | BCC 2022-1A A1        | CUSIP: 05684UAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2700000 | PA      | $2703634.20   | 0.52%             | 2035-04-18      | Floating      | 5.65%                 | Yes           |                  2 | On Loan: No      |
| Goldentree Loan Management US CLO 1 Ltd.                               | GLM 2017-1A DR3       | CUSIP: 38136FCA9<br>LEI: 549300BE2068MP2P8N06 | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $2992584.00   | 0.57%             | 2034-04-20      | Floating      | 6.73%                 | Yes           |                  2 | On Loan: No      |
| WESTLAKE AUTO REC TR 2023-1                                            | WLAKE 2023-1A D       | CUSIP: 96042XAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4750000 | PA      | $4880052.15   | 0.94%             | 2028-11-15      | Fixed         | 6.79%                 | Yes           |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust 2016-3                             | EART 2022-1A E        | CUSIP: 30167JAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $3924428.00   | 0.75%             | 2029-10-15      | Fixed         | 5.02%                 | Yes           |                  2 | On Loan: No      |
| AGL CLO 29 Ltd / AGL CLO 29 LLC.                                       | AGL 2024-29A A1       | CUSIP: 00119BAA1<br>LEI: 254900MM5EQZ35CZG002 | Long             | ABS-CBDO         | CORP              | JE        |   2500000 | PA      | $2510057.50   | 0.48%             | 2037-04-21      | Floating      | 5.90%                 | Yes           |                  2 | On Loan: No      |
| AB BSL CLO 2 LTD                                                       | ABBSL 2021-2A C       | CUSIP: 00037LAG5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2550000 | PA      | $2553707.70   | 0.49%             | 2034-04-15      | Floating      | 6.68%                 | Yes           |                  2 | On Loan: No      |
| Quikrete                                                               | QUIKHO TL B1 1L USD   | CUSIP: 74839XAM1<br>LEI: 5493007KIN86DIZWZT22 | Long             | LON              | CORP              | US        |   3860147 | PA      | $3865454.25   | 0.74%             | 2031-04-14      | Variable      | 6.54%                 | No            |                  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      | $2768610.98   | 0.53%             | 2027-05-01      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| EXETER AUTOMOBILE REC TR 2022-2                                        | EART 2022-2A E        | CUSIP: 30166QAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5993000 | PA      | $5881467.27   | 1.13%             | 2029-10-15      | Fixed         | 6.34%                 | Yes           |                  2 | On Loan: No      |
| Builders Firstsource, Inc.                                             | BLDR 6 3/8 03/01/34   | CUSIP: 12008RAS6<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1031368.00   | 0.20%             | 2034-03-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| CIFC Funding 2013-I Ltd.                                               | CIFC 2014-4RA CRR     | CUSIP: 12552FBL6<br>LEI: 549300PC4RPZFE70AI24 | Long             | ABS-CBDO         | CORP              | KY        |   4885000 | PA      | $4867301.65   | 0.93%             | 2035-01-17      | Floating      | 6.92%                 | Yes           |                  2 | On Loan: No      |
| Service Corporation International                                      | SCI 5 3/4 10/15/32    | CUSIP: 817565CH5<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3043011.66   | 0.58%             | 2032-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Volkswagen Group of America Finance LLC                                | VW 5.9 09/12/33       | CUSIP: 928668BX9<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5219550.55   | 1.00%             | 2033-09-12      | Fixed         | 5.90%                 | Yes           |                  2 | On Loan: No      |
| Dryden 50 Senior Loan Fund & LLC                                       | DRSLF 2013-30A CR     | CUSIP: 26249BAU5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1000379.00   | 0.19%             | 2028-11-15      | Floating      | 6.17%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Notes                                           | T 3 1/2 02/15/33      | CUSIP: 91282CGM7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  30800000 | PA      | $29914500.00  | 5.75%             | 2033-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Asbury Automotive Group, Inc.                                          | ABG 4 3/4 03/01/30    | CUSIP: 043436AV6<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |   1945000 | PA      | $1895333.84   | 0.36%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CIFC Funding 2012-III Ltd.                                             | CIFC 2017-4A A2R      | CUSIP: 12551JAN6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2200000 | PA      | $2203238.40   | 0.42%             | 2030-10-24      | Floating      | 6.13%                 | Yes           |                  2 | On Loan: No      |
| Voya CLO 2013-1 Ltd / Voya CLO 2013-1 LLC                              | INGIM 2013-1A BR      | CUSIP: 92917CAL6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5220000 | PA      | $5234835.24   | 1.01%             | 2030-10-15      | Floating      | 6.48%                 | Yes           |                  2 | On Loan: No      |
| PFS Financing Corp                                                     | PFSFC 2024-C A        | CUSIP: 69335PFG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1001541.20   | 0.19%             | 2028-04-17      | Floating      | 5.17%                 | Yes           |                  2 | On Loan: No      |
| Canyon 2017-1 Clo Ltd                                                  | CANYC 2017-1A DR      | CUSIP: 13876GAQ1<br>LEI: 549300ZCQ7Q4BFIA1797 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1002619.00   | 0.19%             | 2030-07-15      | Floating      | 7.58%                 | Yes           |                  2 | On Loan: No      |
| Central Garden & Pet Company                                           | CENT 5 1/8 02/01/28   | CUSIP: 153527AM8<br>LEI: 5493004DVZLD37DJ0H83 | Long             | DBT              | CORP              | US        |   4907000 | PA      | $4906516.66   | 0.94%             | 2028-02-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Voya Clo 2015-1 Ltd                                                    | VOYA 2015-1A CR       | CUSIP: 92914NAQ4<br>LEI: 54930085W413OSH6FR69 | Long             | ABS-CBDO         | CORP              | KY        |   1311704 | PA      | $1311677.46   | 0.25%             | 2029-01-18      | Floating      | 6.94%                 | Yes           |                  2 | On Loan: No      |
| Civitas Resources Inc                                                  | CIVI 8 5/8 11/01/30   | CUSIP: 17888HAC7<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4143000.00   | 0.80%             | 2030-11-01      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Tcw Clo 2020-1 Ltd / Tcw Clo 2020-1 LLC                                | TCW 2020-1A DR3       | CUSIP: 87190CBQ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3325000 | PA      | $3332946.75   | 0.64%             | 2034-04-20      | Floating      | 7.73%                 | Yes           |                  2 | On Loan: No      |
| Advanced Drainage System Inc                                           | WMS 6 3/8 06/15/30    | CUSIP: 00790RAB0<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2036466.00   | 0.39%             | 2030-06-15      | Fixed         | 6.38%                 | Yes           |                  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      | $2016394.32   | 0.39%             | 2028-09-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Halseypoint CLO 5 Ltd.                                                 | HLSY 2021-5A D        | CUSIP: 406371AG9<br>LEI: 549300VBED2CGY7JQG51 | Long             | ABS-CBDO         | CORP              | KY        |   1875000 | PA      | $1853733.75   | 0.36%             | 2035-01-30      | Floating      | 8.07%                 | Yes           |                  2 | On Loan: No      |
| Voya CLO 2018-3 Ltd.                                                   | VOYA 2018-1A B        | CUSIP: 92917AAE6<br>LEI: 54930068MLVF3BECCK93 | Long             | ABS-CBDO         | CORP              | KY        |    850000 | PA      | $851991.55    | 0.16%             | 2031-04-19      | Variable      | 6.35%                 | Yes           |                  2 | On Loan: No      |
| Terex Corporation                                                      | TEX 6 1/4 10/15/32    | CUSIP: 880779BB8<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2039045.02   | 0.39%             | 2032-10-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Dryden 50 Senior Loan Fund & LLC                                       | DRSLF 2013-30A DR     | CUSIP: 26249BAW1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3500000 | PA      | $3504861.50   | 0.67%             | 2028-11-15      | Floating      | 7.07%                 | Yes           |                  2 | On Loan: No      |
| Sound Point CLO IV Ltd.                                                | SNDPT 2013-3RA C      | CUSIP: 83609YAG1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2300000 | PA      | $2310626.00   | 0.44%             | 2031-04-18      | Floating      | 6.84%                 | Yes           |                  2 | On Loan: No      |
| Battalion Clo Xi Ltd                                                   | BATLN 2017-11A CR2    | CUSIP: 07132LAY5<br>LEI: 549300O0R7FIDPTPCK50 | Long             | ABS-CBDO         | CORP              | KY        |   2250000 | PA      | $2249991.00   | 0.43%             | 2034-04-24      | Floating      | 6.27%                 | Yes           |                  2 | On Loan: No      |
| EXETER ATMOBILE REC TR 2021-4                                          | EART 2021-4A E        | CUSIP: 30165JAG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10597000 | PA      | $10505355.02  | 2.02%             | 2028-01-17      | Fixed         | 4.02%                 | Yes           |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust 2016-3                             | EART 2022-4A D        | CUSIP: 30166BAF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3626237 | PA      | $3656969.56   | 0.70%             | 2028-12-15      | Fixed         | 5.98%                 | 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        |     25000 | PA      | $24999.73     | 0.00%             | 2034-01-18      | Floating      | 5.39%                 | Yes           |                  2 | On Loan: No      |
| Matador Resources Company                                              | MTDR 6 1/2 04/15/32   | CUSIP: 576485AG1<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2525457.50   | 0.49%             | 2032-04-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| CIFC Funding 2012-III Ltd.                                             | CIFC 2017-4A CR       | CUSIP: 12551JAS5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $3000636.00   | 0.58%             | 2030-10-24      | Floating      | 7.73%                 | Yes           |                  2 | On Loan: No      |
| ICG US CLO 2022-1 I Ltd.                                               | ICG 2022-1A D1        | CUSIP: 44933EAL3<br>LEI: 254900UXTGDH0QOBDH07 | Long             | ABS-CBDO         | CORP              | US        |   1250000 | PA      | $1250000.00   | 0.24%             | 2035-07-20      | Floating      | 8.39%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                                                  | BAC 5 7/8 PERP        | CUSIP: 060505FL3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   3995000 | PA      | $4031909.81   | 0.77%             | 2171-09-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Newark BSL CLO 2 Ltd                                                   | NBCLO 2017-1A BR      | CUSIP: 65023PAS9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2450000 | PA      | $2459408.00   | 0.47%             | 2030-07-25      | Floating      | 6.33%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Notes                                           | T 4 1/8 07/31/31      | CUSIP: 91282CLD1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10550000 | PA      | $10714843.75  | 2.06%             | 2031-07-31      | Fixed         | 4.12%                 | No            |                  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      | $989705.50    | 0.19%             | 2028-02-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Octagon Investment Partners XXI Ltd.                                   | OCT21 2014-1A BR4     | CUSIP: 67590QCC9<br>LEI: 549300XIS9D4AHDX5A35 | Long             | ABS-CBDO         | CORP              | KY        |   6250000 | PA      | $6237562.50   | 1.20%             | 2031-02-14      | Floating      | 5.58%                 | Yes           |                  2 | On Loan: No      |
| Sound Point Clo XV Ltd.                                                | SNDPT 2017-1A E       | CUSIP: 83609QAE3<br>LEI: 549300YVZ0M0XDDYS744 | Long             | ABS-CBDO         | CORP              | KY        |   6293549 | PA      | $6292887.85   | 1.21%             | 2029-01-23      | Floating      | 10.54%                | Yes           |                  2 | On Loan: No      |
| CIFC Funding 2013-I Ltd.                                               | CIFC 2014-4RA BRR     | CUSIP: 12552FBJ1<br>LEI: 549300PC4RPZFE70AI24 | Long             | ABS-CBDO         | CORP              | KY        |   3500000 | PA      | $3503398.50   | 0.67%             | 2035-01-17      | Floating      | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Matador Resources Company                                              | MTDR 6 7/8 04/15/28   | CUSIP: 576485AF3<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2042480.00   | 0.39%             | 2028-04-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Nexstar Media Inc.                                                     | NXST 5 5/8 07/15/27   | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1499262.45   | 0.29%             | 2027-07-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| ELMWOOD CLO 21 LTD                                                     | ELM21 2022-8A AR      | CUSIP: 289907AN7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5500000 | PA      | $5501259.50   | 1.06%             | 2036-10-20      | Floating      | 5.98%                 | Yes           |                  2 | On Loan: No      |
| Patrick Industries Inc.                                                | PATK 6 3/8 11/01/32   | CUSIP: 703343AH6<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3045891.00   | 0.58%             | 2032-11-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Gen Digital Inc                                                        | GEN 6 3/4 09/30/27    | CUSIP: 668771AK4<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |    500000 | PA      | $508022.50    | 0.10%             | 2027-09-30      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Bluemountain CLO XXX Ltd/Bluemountain CLO XXX LLC                      | BLUEM 2020-30A CR     | CUSIP: 09630QAQ4<br>LEI: 5493002GUQ80FGGGNP40 | Long             | ABS-CBDO         | CORP              | KY        |   1236125 | PA      | $1236125.00   | 0.24%             | 2035-04-15      | Floating      | 6.47%                 | Yes           |                  2 | On Loan: No      |
| Huntington Bancshares Incorporated                                     | HBAN 6 1/4 PERP       | CUSIP: 446150BG8<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4986434.50   | 0.96%             | 2174-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BATTALION CLO XIX LTD.                                                 | BATLN 2021-19A C      | CUSIP: 07133VAE6<br>LEI: 549300RYHI0ZPOOD3O84 | Long             | ABS-CBDO         | CORP              | KY        |   2035000 | PA      | $2026829.48   | 0.39%             | 2034-04-15      | Floating      | 6.58%                 | Yes           |                  2 | On Loan: No      |
| Antero Midstream Partners LP / Antero Midstream Finance Corp           | AM 5 3/4 10/15/33     | CUSIP: 03690AAM8<br>LEI: 529900HFO1BDEIT4QU11 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4981154.00   | 0.96%             | 2033-10-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Genesee & Wyoming                                                      | GWR TL B 1L USD       | CUSIP: N/A<br>LEI: G617XSG94Z7G0RMW3L02       | Long             | LON              | CORP              | US        |   3970000 | PA      | $3958963.40   | 0.76%             | 2031-04-10      | Variable      | 6.52%                 | No            |                  2 | On Loan: No      |
| Sunoco LP                                                              | SUN 6 1/4 07/01/33    | CUSIP: 86765KAD1<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3055788.00   | 0.59%             | 2033-07-01      | Fixed         | 6.25%                 | 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      | $3248705.05   | 0.62%             | 2029-04-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust 2013-2                             | EART 2021-3A D        | CUSIP: 30166AAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1303874 | PA      | $1288555.12   | 0.25%             | 2027-06-15      | Fixed         | 1.55%                 | No            |                  2 | On Loan: No      |
| Targa Resources Partners LP/Targa Resources Finance Corp.              | TRGP 5 01/15/28       | CUSIP: 87612BBG6<br>LEI: 6OQWTZ1SPC04IFT4T704 | Long             | DBT              | CORP              | US        |   2909000 | PA      | $2912396.32   | 0.56%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Global Partners LP / GLP Finance Corp.                                 | GLP 7 1/8 07/01/33    | CUSIP: 37954FAL8<br>LEI: 549300PCHWTW9P4DU444 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1538637.00   | 0.30%             | 2033-07-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| LCM XVIII LLC                                                          | LCM 18A DR            | CUSIP: 50188GAW3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1800000 | PA      | $1800451.80   | 0.35%             | 2031-04-20      | Floating      | 7.39%                 | Yes           |                  2 | On Loan: No      |
| Iron Mountain Inc.                                                     | IRM 5 1/4 03/15/28    | CUSIP: 46284VAE1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1998088.00   | 0.38%             | 2028-03-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Bridgecrest Lending Auto Securitization Trust 2023-1                   | BLAST 2023-1 D        | CUSIP: 108056AF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5890000 | PA      | $6189342.76   | 1.19%             | 2029-08-15      | Fixed         | 7.84%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust 2020-1                           | WLAKE 2023-3A D       | CUSIP: 96041CAN2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $4114752.00   | 0.79%             | 2029-03-15      | Fixed         | 6.47%                 | Yes           |                  2 | On Loan: No      |
| ICG US CLO 2015-2 Ltd.                                                 | ICG 2015-2RA A2R      | CUSIP: 44933WAN9<br>LEI: 635400BEIJQT4DUYJT73 | Long             | ABS-CBDO         | CORP              | KY        |   5750000 | PA      | $5758751.50   | 1.11%             | 2033-01-16      | Floating      | 5.82%                 | Yes           |                  2 | On Loan: No      |
| Halseypoint Clo 4 Ltd / Llc                                            | HLSY 2021-4A E        | CUSIP: 40637NAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2500000 | PA      | $2505545.00   | 0.48%             | 2034-04-20      | Floating      | 11.30%                | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-28

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

**Signature:** Rich Gleason

**Name of Signer:** Rich Gleason

**Title:** Treasurer