# EDGAR Filing Document

**Accession Number:** 0001537140
**File Stem:** 0001580642-26-001746
**Filing Date:** 2026-3
**Character Count:** 102693
**Document Hash:** 2bc3f5cf686be8cdc42d1f43b8fdb7da
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-001746.hdr.sgml**: 20260311

**ACCESSION NUMBER**: 0001580642-26-001746

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260311

**DATE AS OF CHANGE**: 20260311

**EFFECTIVENESS DATE**: 20260311

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22655
- **FILM NUMBER:** 26742687

**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           |

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

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549** 

**FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-22655</u>

<u>Northern Lights Fund Trust III</u> <br> (Exact name of registrant as specified in charter)

<u>225 Pictoria Drive, Suite 450, Cincinnati, Ohio</u> <u>45246</u> <br> (Address of principal executive offices) (Zip code)

<u>The Corporation Trust Company</u> <br> <u>1209 Orange Street, Wilmington, DE 19801</u> <br> (Name and address of agent for service)

Registrant's telephone number, including area code: <u>631-490-4300</u>

Date of fiscal year end: <u>6/30</u>

Date of reporting period: <u>12/31/2025</u>

**Item 1. Reports to Stockholders.**

(a) # Boyd Watterson Limited Duration Enhanced Income Fund

# Class I2 (BWDTX)

#### Semi-Annual Shareholder Report - December 31, 2025

## Fund Overview
This semi-annual shareholder report contains important information about Boyd Watterson Limited Duration Enhanced Income Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://boydwattersonfunds.com/investor-resources/**. You can also request this information by contacting us at (216)-771-3450.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I2 | $42 | 0.41%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## How did the Fund perform during the reporting period?
The Fund's Class I2 shares generated a total return of 1.60% for the Fourth Quarter and 7.14% for the full year of 2025. The Fund's benchmark, the Bloomberg 1-3 Year Government Credit Index, returned 1.16% and 5.35% for the same periods. The U.S. Bloomberg Aggregate Bond Index, a longer duration index, returned 7.30% for 2025. That was the highest nominal return for the U.S. Bloomberg Aggregate Bond Index going back to 2020 and was largely driven by falling intermediate maturity interest rates. While various corporate bond indices, both investment grade and high yield, had strong nominal and excess returns, decreasing interest rates were arguably the story of 2025. As the Adviser's forward-looking view of economic strength in the US continued to evolve positively over the Fourth Quarter, the Adviser increased the fund's corporate bond exposure, taking overall corporate exposure to over 43% of the Fund. Despite this increase the Adviser still maintained the Fund's overall credit quality at the BBB+ ratings category. US Treasury exposure remained approximately flat at 8% of the Fund. Acknowledging from a macroeconomic perspective that inflationary pressures appear set to continue to fall into 2026, potentially leading to lower interest rates, the Adviser extended the maturity of the Fund's US Treasury holdings to take greater advantage of any decrease in interest rates. The Adviser believes believe the FOMC could deliver more than the nearly two and a half rate cuts the market expected at year-end.In a corresponding move, the Adviser slightly reduced the Fund's floating rate bank loan and CLO exposure to approximately 36%. The Adviser still has a strong belief in the income generation capabilities of bank loans and CLOs. While the Adviser continued to focus on CLOs that profile as near or past the End of The Reinvestment Period, in lockstep with its belief of continued economic strength the Fund moved slightly lower on the CLO capital stack, focusing on securities rated A and BBB.The Fund remains a credit focused, income generating Fund. As such, the expectation is for income generation to continue to be the primary driver of returns for the Fund. From a credit perspective, the Fund continues to experience more credit agency upgrades than downgrades and does not have any individual holdings trading at distressed levels. The Adviser meticulously applies its credit process to every security before it purchases it, recognizing that the Fund may likely hold the security during future, tumultuous times, and want to feel comfortable with every security as a long-term holder

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

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i206138a24d99e7aba97188dd.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Boyd Watterson Limited Duration Enhanced Income Fund** | **Bloomberg 1-3 Year US Government/Credit Index** | **Bloomberg U.S. 1-5 Year Government/Credit Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/31/15** | $10000 | $10000 | $10000 | $10000 |
| **12/31/16** | $10625 | $10128 | $10156 | $10265 |
| **12/31/17** | $11059 | $10214 | $10285 | $10628 |
| **12/31/18** | $11003 | $10377 | $10427 | $10629 |
| **12/31/19** | $11876 | $10795 | $10949 | $11556 |
| **12/31/20** | $12429 | $11155 | $11465 | $12423 |
| **12/31/21** | $12717 | $11102 | $11353 | $12232 |
| **12/31/22** | $12315 | $10693 | $10729 | $10641 |
| **12/31/23** | $13522 | $11186 | $11254 | $11229 |
| **12/31/24** | $14419 | $11673 | $11677 | $11369 |
| **12/31/25** | $15449 | $12297 | $12390 | $12199 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Boyd Watterson Limited Duration Enhanced Income Fund | 3.49% | 7.14% | 4.45% | 4.45% |
| Bloomberg 1-3 Year U.S. Treasury Bond Index | 2.27% | 5.17% | 1.76% | 1.83% |
| Bloomberg 1-3 Year US Government/Credit Index | 2.36% | 5.35% | 1.97% | 2.09% |
| Bloomberg U.S. 1-5 Year Government/Credit Index | 2.46% | 6.11% | 1.56% | 2.17% |
| Bloomberg U.S. Aggregate Bond Index | 3.15% | 7.30% | -0.36% | 2.01% |
| ICE BofA 1-3 Year BB U.S. Cash Pay High Yield Index | 3.16% | 7.22% | 4.50% | 4.99% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call (216)-771-3450.***

## **Fund Statistics** 
* Net Assets$540,178,766

* Number of Portfolio Holdings163

* Advisory Fee (net of waivers)$682,491

* Portfolio Turnover14%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ieed210521db2d62cef62af2f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 48.5% |
| Corporate Bonds | 37.5% |
| Money Market Funds | 0.7% |
| Term Loans | 5.5% |
| U.S. Government & Agencies | 2.0% |
| U.S. Treasury Bonds & Notes | 5.8% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i757854b131b32ac6b764a7c6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.9% |
| Health Care | 0.1% |
| Real Estate | 0.4% |
| Finance | 0.4% |
| Utilities | 0.6% |
| Money Market Funds | 0.7% |
| Technology | 1.2% |
| Consumer Staples | 1.7% |
| Communications | 1.7% |
| Financials | 5.7% |
| Industrials | 6.8% |
| Materials | 7.0% |
| U.S. Treasury Obligations | 7.7% |
| Consumer Discretionary | 8.4% |
| Energy | 8.8% |
| ABS | 16.1% |
| CLO | 31.9% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Note | 5.7% |
| United States Treasury Note | 2.0% |
| Exeter Automobile Receivables Trust 2021-4, E | 1.9% |
| First Investors Auto Owner Trust 2023-1, D | 1.6% |
| Morgan Stanley | 1.6% |
| Neuberger Berman CLO XVII Ltd., CR3 | 1.4% |
| MasTec, Inc. | 1.2% |
| Sound Point Clo XV Ltd., E | 1.2% |
| Octagon Investment Partners XXI Ltd., BR4 | 1.2% |
| Bridgecrest Lending Auto Securitization Trust, D | 1.1% |

---

## Material Fund Changes
No material changes occurred during the period ended December 31, 2025.

# Boyd Watterson Limited Duration Enhanced Income Fund - Class I2 (BWDTX)

#### Semi-Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://boydwattersonfunds.com/investor-resources/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-BWDTX

# Boyd Watterson Limited Duration Enhanced Income Fund

# Class I (BWDIX)

#### Semi-Annual Shareholder Report - December 31, 2025

## Fund Overview
This semi-annual shareholder report contains important information about Boyd Watterson Limited Duration Enhanced Income Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://boydwattersonfunds.com/investor-resources/**. You can also request this information by contacting us at (216)-771-3450.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $61 | 0.60%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## How did the Fund perform during the reporting period?
The Fund's Class I shares generated a total return of 1.59% for the Fourth Quarter and 6.85% for the full year of 2025. The Fund's benchmark, the Bloomberg 1-3 Year Government Credit Index, returned 1.16% and 5.35% for the same periods. The U.S. Bloomberg Aggregate Bond Index, a longer duration index, returned 7.30% for 2025. That was the highest nominal return for the U.S. Bloomberg Aggregate Bond Index going back to 2020 and was largely driven by falling intermediate maturity interest rates. While various corporate bond indices, both investment grade and high yield, had strong nominal and excess returns, decreasing interest rates were arguably the story of 2025. As the Adviser's forward-looking view of economic strength in the US continued to evolve positively over the Fourth Quarter, the Adviser increased the Fund's corporate bond exposure, taking overall corporate exposure to over 43% of the Fund. Despite this increase the Adviser still maintained the Fund's overall credit quality at the BBB+ ratings category. US Treasury exposure remained approximately flat at 8% of the Fund. Acknowledging from a macroeconomic perspective that inflationary pressures appear set to continue to fall into 2026, potentially leading to lower interest rates, the Adviser extended the maturity of the Fund's US Treasury holdings to take greater advantage of any decrease in interest rates. The Adviser believes the FOMC could deliver more than the nearly two and a half rate cuts the market expected at year-end. In a corresponding move, the Adviser slightly reduced the Fund's floating rate bank loan and CLO exposure to approximately 36%. The Adviser still has a strong belief in the income generation capabilities of bank loans and CLOs. While the Adviser continued to focus on CLOs that profile as near or past the End of The Reinvestment Period, in lockstep with its belief of continued economic strength the Fund moved slightly lower on the CLO capital stack, focusing on securities rated A and BBB. The Fund remains a credit focused, income generating Fund. As such, the expectation is for income generation to continue to be the primary driver of returns for the Fund. From a credit perspective, the Fund continues to experience more credit agency upgrades than downgrades and does not have any individual holdings trading at distressed levels. The Adviser meticulously applies its credit process to every security before it purchases it, recognizing that the Fund may likely hold the security during future, tumultuous times, and want to feel comfortable with every security as a long-term holder.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ie0ecaeca7ad8f1917c72e84f.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Boyd Watterson Limited Duration Enhanced Income Fund** | **Bloomberg 1-3 Year US Government/Credit Index** | **Bloomberg U.S. 1-5 Year Government/Credit Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **04/13/17** | $10000 | $10000 | $10000 | $10000 |
| **12/31/17** | $10288 | $10026 | $10030 | $10176 |
| **12/31/18** | $10226 | $10186 | $10169 | $10177 |
| **12/31/19** | $11018 | $10597 | $10678 | $11064 |
| **12/31/20** | $11500 | $10950 | $11181 | $11895 |
| **12/31/21** | $11746 | $10898 | $11072 | $11711 |
| **12/31/22** | $11359 | $10496 | $10463 | $10188 |
| **12/31/23** | $12436 | $10980 | $10975 | $10751 |
| **12/31/24** | $13248 | $11459 | $11387 | $10885 |
| **12/31/25** | $14156 | $12071 | $12083 | $11680 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **Since Inception (April 13, 2017)** |
| Boyd Watterson Limited Duration Enhanced Income Fund | 3.36% | 6.85% | 4.24% | 4.07% |
| Bloomberg 1-3 Year U.S. Treasury Bond Index | 2.27% | 5.17% | 1.76% | 1.95% |
| Bloomberg 1-3 Year US Government/Credit Index | 2.36% | 5.35% | 1.97% | 2.18% |
| Bloomberg U.S. 1-5 Year Government/Credit Index | 2.46% | 6.11% | 1.56% | 2.19% |
| Bloomberg U.S. Aggregate Bond Index | 3.15% | 7.30% | -0.36% | 1.80% |
| ICE BofA 1-3 Year BB U.S. Cash Pay High Yield Index | 3.16% | 7.22% | 4.50% | 4.62% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call (216)-771-3450.***

## **Fund Statistics** 
* Net Assets$540,178,766

* Number of Portfolio Holdings163

* Advisory Fee (net of waivers)$682,491

* Portfolio Turnover14%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ieed210521db2d62cef62af2f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 48.5% |
| Corporate Bonds | 37.5% |
| Money Market Funds | 0.7% |
| Term Loans | 5.5% |
| U.S. Government & Agencies | 2.0% |
| U.S. Treasury Bonds & Notes | 5.8% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i757854b131b32ac6b764a7c6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.9% |
| Health Care | 0.1% |
| Real Estate | 0.4% |
| Finance | 0.4% |
| Utilities | 0.6% |
| Money Market Funds | 0.7% |
| Technology | 1.2% |
| Consumer Staples | 1.7% |
| Communications | 1.7% |
| Financials | 5.7% |
| Industrials | 6.8% |
| Materials | 7.0% |
| U.S. Treasury Obligations | 7.7% |
| Consumer Discretionary | 8.4% |
| Energy | 8.8% |
| ABS | 16.1% |
| CLO | 31.9% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Note | 5.7% |
| United States Treasury Note | 2.0% |
| Exeter Automobile Receivables Trust 2021-4, E | 1.9% |
| First Investors Auto Owner Trust 2023-1, D | 1.6% |
| Morgan Stanley | 1.6% |
| Neuberger Berman CLO XVII Ltd., CR3 | 1.4% |
| MasTec, Inc. | 1.2% |
| Sound Point Clo XV Ltd., E | 1.2% |
| Octagon Investment Partners XXI Ltd., BR4 | 1.2% |
| Bridgecrest Lending Auto Securitization Trust, D | 1.1% |

---

## Material Fund Changes
No material changes occurred during the period ended December 31, 2025.

# Boyd Watterson Limited Duration Enhanced Income Fund - Class I (BWDIX)

#### Semi-Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://boydwattersonfunds.com/investor-resources/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-BWDIX

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2. Code of Ethics.** Not applicable.

**Item 3. Audit Committee Financial Expert.** Not applicable.

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

**Item 5. Audit Committee of Listed Companies.** Not applicable.

**Item 6. Investments.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a)&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| ![(LOGO)](bo001_v1.jpg) |
| **Boyd Watterson Limited Duration** |
| **Enhanced Income Fund** |
| Class I Shares – BWDIX |
| Class I2 Shares – BWDTX |
| **Semi-Annual Financial Statements** |
| **and** |
| **Additional Information** |
| **December 31, 2025** |

---

---

| |
|:---|
| **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 48.0%** |  |  |  |  |
|  | **AUTO LOAN — 15.9%** |  |  |  |  |
| 5890000 | Bridgecrest Lending Auto Securitization Trust Series 1 D |  | 7.8400 | 08/15/29 | $6165160 |
| 4720000 | CarMax Auto Owner Trust 2023-1 Series 1 D |  | 6.2700 | 11/15/29 | 4813958 |
| 1610000 | Carmax Select Receivables Trust 2025 - B Series B E<sup>(a)</sup> |  | 6.8900 | 09/15/32 | 1613206 |
| 963159 | Exeter Automobile Receivables Trust 2021-3 Series 2021-3A D |  | 1.5500 | 06/15/27 | 956289 |
| 10597000 | Exeter Automobile Receivables Trust 2021-4 Series 4A E<sup>(a)</sup> |  | 4.0200 | 01/17/28 | 10537627 |
| 1151355 | Exeter Automobile Receivables Trust 2022-1 Series 1A D |  | 3.0200 | 06/15/28 | 1146166 |
| 4000000 | Exeter Automobile Receivables Trust 2022-1 Series 1A E<sup>(a)</sup> |  | 5.0200 | 10/15/29 | 3962405 |
| 5993000 | Exeter Automobile Receivables Trust 2022-2 Series 2A E<sup>(a)</sup> |  | 6.3400 | 10/15/29 | 5816219 |
| 2878416 | Exeter Automobile Receivables Trust 2022-4 Series 4A D |  | 5.9800 | 12/15/28 | 2900980 |
| 4000000 | Exeter Automobile Receivables Trust 2025-4 Series 4A E<sup>(a)</sup> |  | 6.9900 | 04/15/33 | 4021728 |
| 2230000 | First Investors Auto Owner Trust 2021-2 Series 2021-2A D<sup>(a)</sup> |  | 1.6600 | 12/15/27 | 2216241 |
| 4720000 | First Investors Auto Owner Trust 2022-1 Series 1A D<sup>(a)</sup> |  | 3.7900 | 06/15/28 | 4688375 |
| 4280000 | First Investors Auto Owner Trust 2022-1 Series 1A E<sup>(a)</sup> |  | 5.4100 | 06/15/29 | 4253111 |
| 2000000 | First Investors Auto Owner Trust 2022-2 Series 2A D<sup>(a)</sup> |  | 8.7100 | 10/16/28 | 2056354 |
| 8400000 | First Investors Auto Owner Trust 2023-1 Series 1A D<sup>(a)</sup> |  | 7.7400 | 01/15/31 | 8792129 |
| 4000000 | First Investors Auto Owner Trust 2025-1 Series 1A D<sup>(a)</sup> |  | 5.2200 | 12/15/33 | 4025975 |
| 4750000 | Westlake Automobile Receivables Trust 2023-1 Series 1A D<sup>(a)</sup> |  | 6.7900 | 11/15/28 | 4860035 |
| 4000000 | Westlake Automobile Receivables Trust 2023-3 Series 3A D<sup>(a)</sup> |  | 6.4700 | 03/15/29 | 4092529 |
| 3650000 | Westlake Automobile Receivables Trust 2024-2 Series 2A D<sup>(a)</sup> |  | 5.9100 | 04/15/30 | 3730106 |
| 2250000 | Westlake Automobile Receivables Trust 2024-3 Series 3A D<sup>(a)</sup> |  | 5.2100 | 04/15/30 | 2279651 |
| 3000000 | Westlake Automobile Receivables Trust 2025-3 Series 3A C<sup>(a)</sup> |  | 4.6800 | 07/15/31 | 3010825 |
|  |  |  |  |  | 85939069 |
|  | **CLO — 31.9%** |  |  |  |  |
| 2550000 | AB BSL CLO 2 Ltd. Series 2A C<sup>(a),(b)</sup> | TSFR3M + 2.362% | 6.2660 | 04/15/34 | 2552384 |
| 5110000 | AGL CLO 22 Ltd. Series 22A CR<sup>(a),(b)</sup> | TSFR3M + 1.850% | 5.7340 | 01/20/37 | 5109825 |
| 4850000 | AGL CLO 25 Ltd. Series 25A ER<sup>(a),(b)</sup> | TSFR3M + 5.700% | 9.5700 | 07/21/38 | 4903704 |
| 2500000 | AGL CLO 29 Ltd. Series 29A A1<sup>(a),(b)</sup> | TSFR3M + 1.570% | 5.4400 | 04/21/37 | 2502493 |
| 1365000 | Apidos CLO XXXII Series 32A DR<sup>(a),(b)</sup> | TSFR3M + 2.750% | 6.6340 | 01/20/33 | 1364939 |
| 3500000 | Apidos CLO XXXV Series 2021-35A E<sup>(a),(b)</sup> | TSFR3M + 6.012% | 9.8960 | 04/20/34 | 3501474 |
| 2250000 | Battalion CLO XI Ltd. Series 11A CR2<sup>(a),(b)</sup> | TSFR3M + 1.950% | 5.8150 | 04/24/34 | 2249901 |
| 2035000 | Battalion Clo XIX Ltd. Series 19A C<sup>(a),(b)</sup> | TSFR3M + 2.262% | 6.1660 | 04/15/34 | 2040458 |
| 2000000 | Birch Grove CLO 12 Ltd. Series 12A C<sup>(a),(b)</sup> | TSFR3M + 1.800% | 5.6570 | 04/22/38 | 1999930 |
| 1000000 | Canyon Capital CLO 2017-1 Ltd. Series 1A DR<sup>(a),(b)</sup> | TSFR3M + 3.262% | 7.1660 | 07/15/30 | 999998 |
| 1200000 | Canyon Capital CLO 2021-1 Ltd. Series 1A DR<sup>(a),(b)</sup> | TSFR3M + 2.900% | 6.8050 | 04/15/34 | 1191726 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
| 4600000 Carlyle Global Market Strategies CLO 2015-5 Ltd. Series 5A CR4<sup>(a),(b)</sup> | TSFR3M + 2.450% | 6.3340 | 01/20/32 | $4606463 |
| 2250000 CARLYLE US CLO 2019-1 LTD Series 1A DR2<sup>(a),(b)</sup> | TSFR3M + 6.250% | 10.1340 | 04/20/31 | 2253740 |
| 650000 Cedar Funding VI CLO Ltd. Series 6A DR3<sup>(a),(b)</sup> | TSFR3M + 3.100% | 6.9840 | 04/20/34 | 648452 |
| 3500000 Cifc Funding 2014-IV-R Ltd. Series 4RA BRR<sup>(a),(b)</sup> | TSFR3M + 1.800% | 5.6820 | 01/17/35 | 3508460 |
| 4885000 Cifc Funding 2014 - IV-R Ltd. Series 4RA CRR<sup>(a),(b)</sup> | TSFR3M + 2.600% | 6.4820 | 01/17/35 | 4882333 |
| 2200000 CIFC Funding 2017-IV Ltd. Series 2017-4A A2R<sup>(a),(b)</sup> | TSFR3M + 1.812% | 5.6770 | 10/24/30 | 2202064 |
| 3000000 CIFC Funding 2017-IV Ltd. Series 2017-4A CR <sup>(a),(b)</sup> | TSFR3M + 3.412% | 7.2770 | 10/24/30 | 3000579 |
| 5250000 Dewolf Park CLO Ltd. Series 1A CR<sup>(a),(b)</sup> | TSFR3M + 2.112% | 6.0160 | 10/15/30 | 5256830 |
| 920510 Dryden 30 Senior Loan Fund Series 2013-30A CR<sup>(a),(b)</sup> | TSFR3M + 1.962% | 5.8130 | 11/15/28 | 920529 |
| 3500000 Dryden 30 Senior Loan Fund Series 2013-30A DR<sup>(a),(b)</sup> | TSFR3M + 2.862% | 6.7130 | 11/15/28 | 3504120 |
| 1700000 Elmwood CLO 20 Ltd. Series 7A BR<sup>(a),(b)</sup> | TSFR3M + 2.050% | 5.9320 | 01/17/37 | 1700304 |
| 2460000 Elmwood CLO VI Ltd. Series 3A ARR<sup>(a),(b)</sup> | TSFR3M + 1.380% | 5.2640 | 07/18/37 | 2461033 |
| 3000000 Goldentree Loan Management US CLO 1 Ltd. Series 1A DR3<sup>(a),(b)</sup> | TSFR3M + 2.400% | 6.2840 | 04/20/34 | 2978325 |
| 1500000 Goldentree Loan Management US Clo 11 Ltd. Series 11A ER<sup>(a),(b)</sup> | TSFR3M + 4.900% | 8.7840 | 10/20/34 | 1500110 |
| 4500000 Goldentree Loan Management US Clo 17 Ltd. Series 17A BR<sup>(a),(b)</sup> | TSFR3M + 1.650% | 5.5340 | 01/20/39 | 4499861 |
| 2500000 HalseyPoint CLO 4 Ltd. Series 4A E<sup>(a),(b)</sup> | TSFR3M + 6.972% | 10.8560 | 04/20/34 | 2433888 |
| 1875000 Halseypoint Clo 5 Ltd. Series 5A D<sup>(a),(b)</sup> | TSFR3M + 3.762% | 7.6000 | 01/30/35 | 1856784 |
| 5750000 ICG US CLO 2015-2R Ltd. Series 2RA A2R<sup>(a),(b)</sup> | TSFR3M + 1.500% | 5.3940 | 01/16/33 | 5752380 |
| 1250000 ICG US CLO 2015-2R Ltd. Series 2RA BR<sup>(a),(b)</sup> | TSFR3M + 1.750% | 5.6440 | 01/16/33 | 1249966 |
| 4750000 ICG US CLO 2015-2R Ltd. Series 2RA CR<sup>(a),(b)</sup> | TSFR3M + 2.700% | 6.5940 | 01/16/33 | 4756992 |
| 2650000 LCM 33 Ltd. Series 33A BR<sup>(a),(b)</sup> | TSFR3M + 1.800% | 5.6840 | 07/20/34 | 2649913 |
| 1800000 LCM XVIII, L.P. Series 18A DR<sup>(a),(b)</sup> | TSFR3M + 3.062% | 6.9460 | 04/20/31 | 1800376 |
| 3150000 Madison Park Funding XIV Ltd. Series 14A D1R4<sup>(a),(b)</sup> | TSFR3M + 2.900% | 6.7570 | 10/22/30 | 3154041 |
| 4392265 Madison Park Funding XXIV Ltd. Series 24A BR2<sup>(a),(b)</sup> | TSFR3M + 1.550% | 5.4340 | 10/20/29 | 4393486 |
| 3000000 Magnetite XXVIII Ltd. Series 28A A1RR<sup>(a),(b)</sup> | TSFR3M + 1.240% | 5.1450 | 01/15/38 | 3001386 |
| 2000000 Navesink CLO 2 Ltd. Series 2A C<sup>(a),(b)</sup> | TSFR3M + 2.360% | 6.2650 | 04/15/36 | 2000000 |
| 7600000 Neuberger Berman CLO XVII Ltd. Series 17A CR3<sup>(a),(b)</sup> | TSFR3M + 2.150% | 6.0070 | 07/22/38 | 7628355 |
| 5000000 Neuberger Berman Loan Advisers Clo 42 Ltd. Series 42A CR<sup>(a),(b)</sup> | TSFR3M + 1.850% | 5.7440 | 07/16/36 | 5013345 |
| 1600000 Neuberger Berman Loan Advisers Clo 42 Ltd. Series 42A DR<sup>(a),(b)</sup> | TSFR3M + 2.500% | 6.3940 | 07/16/36 | 1599946 |
| 3200000 Neuberger Berman Loan Advisers CLO 45 Ltd. Series 45A CR<sup>(a),(b)</sup> | TSFR3M + 1.950% | 5.8610 | 10/14/36 | 3207402 |
| 2450000 Newark BSL CLO 2 Ltd. Series 1A BR<sup>(a),(b)</sup> | TSFR3M + 2.012% | 5.8700 | 07/25/30 | 2455804 |
| 3250000 Octagon Investment Partners 41 Ltd. Series 2A CR2<sup>(a),(b)</sup> | TSFR3M + 2.000% | 5.9050 | 10/15/33 | 3251446 |
| 6250000 Octagon Investment Partners XXI Ltd. Series 1A BR4<sup>(a),(b)</sup> | TSFR3M + 1.350% | 5.2030 | 02/14/31 | 6241930 |
| 5575000 OHA Credit Partners XIV Ltd. Series 14A D1R<sup>(a),(b)</sup> | TSFR3M + 2.900% | 6.7200 | 07/21/37 | 5588664 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 48.0% (Continued)** |  |  |  |  |
|  | **CLO — 31.9% (Continued)** |  |  |  |  |
| 2700000 | PPM CLO 5 Ltd. Series 5A CR<sup>(a),(b)</sup> | TSFR3M + 2.000% | 5.8180 | 10/18/34 | $2696126 |
| 12500 | Riserva Clo Ltd. Series 2016-3A XRR<sup>(a),(b)</sup> | TSFR3M + 1.062% | 4.9460 | 01/18/34 | 12500 |
| 2500000 | Sagard-Halseypoint Clo 9 Ltd. Series 9A D2<sup>(a),(b)</sup> | TSFR3M + 4.500% | 8.3840 | 04/20/38 | 2508750 |
| 1000000 | Sculptor CLO XXVIII Ltd. Series 28A AR<sup>(a),(b)</sup> | TSFR3M + 1.060% | 4.9440 | 01/20/35 | 999727 |
| 1244273 | Sound Point CLO IX Ltd. Series 2A ARRR<sup>(a),(b)</sup> | TSFR3M + 1.472% | 5.3560 | 07/20/32 | 1244934 |
| 6305074 | Sound Point Clo XV Ltd. Series 1A E<sup>(a),(b)</sup> | TSFR3M + 6.222% | 10.0810 | 01/23/29 | 6299915 |
| 2300000 | Sounds Point CLO IV-R LTD Series 3RA C<sup>(a),(b)</sup> | TSFR3M + 2.512% | 6.3960 | 04/18/31 | 2306955 |
| 450000 | Symphony CLO XV Ltd. Series 15A BR3<sup>(a),(b)</sup> | TSFR3M + 1.812% | 5.6930 | 01/17/32 | 450585 |
| 3325000 | TCW CLO 2020-1 Ltd. Series 1A DR3<sup>(a),(b)</sup> | TSFR3M + 3.400% | 7.2840 | 04/20/34 | 3240272 |
| 640000 | Venture 35 CLO Ltd. Series 35A BLR<sup>(a),(b)</sup> | TSFR3M + 2.012% | 5.8690 | 10/22/31 | 641052 |
| 2765000 | Venture 43 CLO Ltd. Series 43A D<sup>(a),(b)</sup> | TSFR3M + 3.732% | 7.6360 | 04/15/34 | 2677347 |
| 1375000 | Venture XV CLO Ltd. Series 2013-15A DR2<sup>(a),(b)</sup> | TSFR3M + 4.182% | 8.0860 | 07/15/32 | 1351220 |
| 5220000 | Voya CLO 2013-1 Ltd. Series 1A BR<sup>(a),(b)</sup> | TSFR3M + 2.162% | 6.0660 | 10/15/30 | 5227590 |
| 850000 | Voya CLO 2018-1 Ltd. Series 1A B<sup>(a),(b)</sup> | TSFR3M + 2.062% | 5.9460 | 04/19/31 | 850810 |
| 1250000 | Wind River 2021-2 CLO Ltd. Series 2021-2A D<sup>(a),(b)</sup> | TSFR3M + 3.412% | 7.2960 | 07/20/34 | 1233934 |
|  |  |  |  |  | 172117856 |
|  | **OTHER ABS — 0.2%** |  |  |  |  |
| 1000000 | PFS Financing Corporation Series C A<sup>(a),(b)</sup> | SOFR30A + 0.800% | 4.7840 | 04/17/28 | 1000826 |
|  | **RESIDENTIAL MORTGAGE** — **0.0%<sup>(c)</sup>** |  |  |  |  |
| 89922 | Towd Point Mortgage Trust 2017-6 Series 2017-6 A1<sup>(a),(b)</sup> |  | 2.7500 | 10/25/57 | 88826 |
|  | **TOTAL ASSET BACKED SECURITIES (Cost $257,311,740)** |  |  |  | 259146577 |
| **Principal** |  |  | **Coupon Rate** |  |  |
| **Amount ($)** |  | **Spread** | **(%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 37.1%** |  |  |  |  |
|  | **AUTOMOTIVE — 1.5%** |  |  |  |  |
| 3000000 | Ford Motor Credit Company, LLC |  | 6.1250 | 03/08/34 | 3054578 |
| 5000000 | Volkswagen Group of America Finance, LLC<sup>(a)</sup> |  | 5.9000 | 09/12/33 | 5239805 |
|  |  |  |  |  | 8294383 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 37.1% (Continued)** |  |  |  |  |
|  | **BANKING —2.5%** |  |  |  |  |
| 3995000 | Bank of America Corporation Series FF<sup>(b)</sup> | TSFR3M + 3.193% | 5.8750 | Perpetual | $4060123 |
| 5000000 | Huntington Bancshares, Inc.<sup>(b)</sup> | H15T5Y + 2.653% | 6.2500 | Perpetual | 5022624 |
| 4000000 | JPMorgan Chase & Company<sup>(b)</sup> | H15T5Y + 2.152% | 6.5000 | Perpetual | 4157592 |
|  |  |  |  |  | 13240339 |
|  | **BIOTECH & PHARMA — 0.1%** |  |  |  |  |
| 342000 | Prestige Brands, Inc.<sup>(a)</sup> |  | 5.1250 | 01/15/28 | 342887 |
|  | **CABLE & SATELLITE — 0.7%** |  |  |  |  |
| 3000000 | CCO Holdings, LLC / CCO Holdings Capital<sup>(a)</sup> |  | 5.1250 | 05/01/27 | 2997616 |
| 1000000 | CCO Holdings, LLC / CCO Holdings Capital<sup>(a)</sup> |  | 5.0000 | 02/01/28 | 992700 |
|  |  |  |  |  | 3990316 |
|  | **CHEMICALS — 0.6%** |  |  |  |  |
| 770000 | HB Fuller Company |  | 4.2500 | 10/15/28 | 763843 |
| 2675000 | Ingevity Corporation<sup>(a)</sup> |  | 3.8750 | 11/01/28 | 2615455 |
|  |  |  |  |  | 3379298 |
|  | **COMMERCIAL SUPPORT SERVICES — 0.5%** |  |  |  |  |
| 2945000 | Korn Ferry<sup>(a)</sup> |  | 4.6250 | 12/15/27 | 2954401 |
|  | **CONSTRUCTION MATERIALS — 1.0%** |  |  |  |  |
| 3592000 | Advanced Drainage Systems, Inc.<sup>(a)</sup> |  | 5.0000 | 09/30/27 | 3600093 |
| 2000000 | Advanced Drainage Systems, Inc.<sup>(a)</sup> |  | 6.3750 | 06/15/30 | 2052592 |
|  |  |  |  |  | 5652685 |
|  | **CONSUMER SERVICES — 1.9%** |  |  |  |  |
| 3000000 | Graham Holdings Company<sup>(a)</sup> |  | 5.6250 | 12/01/33 | 3036189 |
| 3885000 | Service Corp International |  | 5.1250 | 06/01/29 | 3913948 |
| 3000000 | Service Corp International |  | 5.7500 | 10/15/32 | 3056969 |
|  |  |  |  |  | 10007106 |
|  | **CONTAINERS & PACKAGING — 1.0%** |  |  |  |  |
| 2420000 | Silgan Holdings, Inc. |  | 4.1250 | 02/01/28 | 2386813 |
| 3350000 | TriMas Corporation<sup>(a)</sup> |  | 4.1250 | 04/15/29 | 3260818 |
|  |  |  |  |  | 5647631 |
|  | **CORPORATE FINANCE — 0.4%** |  |  |  |  |
| 2000000 | Enerflex, Inc.<sup>(a)</sup> |  | 6.8750 | 01/15/31 | 2046249 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 37.1% (Continued)** |  |  |  |  |
|  | **ELECTRIC UTILITIES — 0.6%** |  |  |  |  |
| 2940000 | National Rural Utilities Cooperative Finance<sup>(b)</sup> | H15T5Y + 3.533% | 7.1250 | 09/15/53 | $3085653 |
|  | **ELECTRICAL EQUIPMENT — 0.7%** |  |  |  |  |
| 4069000 | BWX Technologies, Inc.<sup>(a)</sup> |  | 4.1250 | 04/15/29 | 3968654 |
|  | **ENGINEERING & CONSTRUCTION — 2.2%** |  |  |  |  |
| 2035000 | Installed Building Products, Inc.<sup>(a)</sup> |  | 5.7500 | 02/01/28 | 2044129 |
| 6500000 | MasTec, Inc.<sup>(a)</sup> |  | 4.5000 | 08/15/28 | 6469783 |
| 3510000 | TopBuild Corporation<sup>(a)</sup> |  | 5.6250 | 01/31/34 | 3552547 |
|  |  |  |  |  | 12066459 |
|  | **FOOD — 0.7%** |  |  |  |  |
| 4009000 | Darling Ingredients, Inc.<sup>(a)</sup> |  | 5.2500 | 04/15/27 | 4019785 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS — 0.8%** |  |  |  |  |
| 4472000 | Louisiana-Pacific Corporation<sup>(a)</sup> |  | 3.6250 | 03/15/29 | 4338228 |
|  | **HOME CONSTRUCTION — 0.9%** |  |  |  |  |
| 5000000 | Meritage Homes Corporation |  | 5.6500 | 03/15/35 | 5121098 |
|  | **HOUSEHOLD PRODUCTS — 0.9%** |  |  |  |  |
| 4907000 | Central Garden & Pet Company |  | 5.1250 | 02/01/28 | 4929626 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 2.3%** |  |  |  |  |
| 3750000 | Goldman Sachs Group, Inc. (The)<sup>(b)</sup> | H15T5Y + 3.156% | 7.5000 | Perpetual | 3985663 |
| 8045000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.880% | 5.4240 | 07/21/34 | 8385298 |
|  |  |  |  |  | 12370961 |
|  | **LEISURE FACILITIES & SERVICES — 0.7%** |  |  |  |  |
| 3560000 | Boyne USA, Inc.<sup>(a)</sup> |  | 4.7500 | 05/15/29 | 3513667 |
|  | **MACHINERY —1.1%** |  |  |  |  |
| 4000000 | ATS Corporation<sup>(a)</sup> |  | 4.1250 | 12/15/28 | 3916904 |
| 2000000 | Terex Corporation<sup>(a)</sup> |  | 6.2500 | 10/15/32 | 2053406 |
|  |  |  |  |  | 5970310 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 37.1% (Continued)** |  |  |  |  |
|  | **METALS & MINING — 1.1%** |  |  |  |  |
| 2000000 | Alliance Resource Operating Partners, L.P.<sup>(a)</sup> |  | 8.6250 | 06/15/29 | $2120794 |
| 3603000 | Freeport-McMoRan, Inc. |  | 5.0000 | 09/01/27 | 3604170 |
|  |  |  |  |  | 5724964 |
|  | **OIL & GAS PRODUCERS — 8.8%** |  |  |  |  |
| 5000000 | Antero Midstream Partners, L.P. / Antero Midstream<sup>(a)</sup> |  | 5.7500 | 10/15/33 | 5032884 |
| 2000000 | Antero Midstream Partners, L.P. / Antero Midstream<sup>(a)</sup> |  | 5.7500 | 07/01/34 | 2017144 |
| 4000000 | Civitas Resources, Inc.<sup>(a)</sup> |  | 8.6250 | 11/01/30 | 4194760 |
| 3000000 | EQT Corporation |  | 5.7500 | 02/01/34 | 3140512 |
| 1500000 | Global Partners LP / GLP Finance Corp<sup>(a)</sup> |  | 7.1250 | 07/01/33 | 1536866 |
| 2000000 | Matador Resources Company<sup>(a)</sup> |  | 6.8750 | 04/15/28 | 2052340 |
| 2500000 | Matador Resources Company<sup>(a)</sup> |  | 6.5000 | 04/15/32 | 2537037 |
| 4510000 | Murphy Oil Corporation |  | 6.0000 | 10/01/32 | 4508479 |
| 3240000 | Murphy Oil USA, Inc. |  | 5.6250 | 05/01/27 | 3245738 |
| 750000 | Murphy Oil USA, Inc. |  | 4.7500 | 09/15/29 | 748276 |
| 4200000 | Plains All American Pipeline, L.P. Series B<sup>(b)</sup> | TSFR3M + 4.372% | 8.2230 | Perpetual | 4215149 |
| 2000000 | SM Energy Company<sup>(a)</sup> |  | 6.7500 | 08/01/29 | 2015794 |
| 3175000 | Sunoco, L.P.<sup>(a)</sup> |  | 7.2500 | 05/01/32 | 3359138 |
| 3000000 | Sunoco, L.P.<sup>(a)</sup> |  | 6.2500 | 07/01/33 | 3075780 |
| 2825000 | Sunoco, L.P. / Sunoco Finance Corporation |  | 6.0000 | 04/15/27 | 2839238 |
| 2909000 | Targa Resources Partners, L.P. / Targa Resources |  | 5.0000 | 01/15/28 | 2909984 |
|  |  |  |  |  | 47429119 |
|  | **PUBLISHING & BROADCASTING — 0.6%** |  |  |  |  |
| 1500000 | Nexstar Media, Inc.<sup>(a)</sup> |  | 5.6250 | 07/15/27 | 1509084 |
| 2000000 | TEGNA, Inc. |  | 5.0000 | 09/15/29 | 1983958 |
|  |  |  |  |  | 3493042 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 0.4%** |  |  |  |  |
| 2000000 | Iron Mountain, Inc.<sup>(a)</sup> |  | 5.2500 | 03/15/28 | 2011679 |
|  | **RETAIL - DISCRETIONARY — 1.4%** |  |  |  |  |
| 1400000 | Asbury Automotive Group, Inc. |  | 4.5000 | 03/01/28 | 1400998 |
| 1945000 | Asbury Automotive Group, Inc. |  | 4.7500 | 03/01/30 | 1924052 |
| 1000000 | Builders FirstSource, Inc.<sup>(a)</sup> |  | 6.3750 | 03/01/34 | 1035543 |
| 3000000 | Patrick Industries, Inc.<sup>(a)</sup> |  | 6.3750 | 11/01/32 | 3080448 |
|  |  |  |  |  | 7441041 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 37.1% (Continued)** |  |  |  |  |
|  | **SEMICONDUCTORS — 0.8%** |  |  |  |  |
| 2075000 | ON Semiconductor Corporation<sup>(a)</sup> |  | 3.8750 | 09/01/28 | $2037820 |
| 2200000 | Synaptics, Inc.<sup>(a)</sup> |  | 4.0000 | 06/15/29 | 2132076 |
|  |  |  |  |  | 4169896 |
|  | **SOFTWARE — 0.1%** |  |  |  |  |
| 500000 | Gen Digital, Inc.<sup>(a)</sup> |  | 6.7500 | 09/30/27 | 507813 |
|  | **SPECIALTY FINANCE — 0.9%** |  |  |  |  |
| 5000000 | FirstCash, Inc.<sup>(a)</sup> |  | 4.6250 | 09/01/28 | 4990075 |
|  | **STEEL — 0.5%** |  |  |  |  |
| 2500000 | Carpenter Technology Corporation<sup>(a)</sup> |  | 5.6250 | 03/01/34 | 2541610 |
|  | **CORPORATE FINANCE — 0.4%** |  |  |  |  |
| 2000000 | Enerflex, Inc.<sup>(a)</sup> |  | 6.8750 | 01/15/31 | 2046249 |
|  | **TRANSPORTATION & LOGISTICS — 0.6%** |  |  |  |  |
| 3000000 | Genesee & Wyoming, Inc.<sup>(a)</sup> |  | 6.2500 | 04/15/32 | 3097509 |
|  | **TRANSPORTATION EQUIPMENT — 0.8%** |  |  |  |  |
| 2000000 | Allison Transmission, Inc.<sup>(a)</sup> |  | 4.7500 | 10/01/27 | 1998562 |
| 2000000 | Allison Transmission, Inc.<sup>(a)</sup> |  | 5.8750 | 06/01/29 | 2036891 |
| 100000 | Allison Transmission, Inc.<sup>(a)</sup> |  | 5.8750 | 12/01/33 | 101683 |
|  |  |  |  |  | 4137136 |
|  | **TOTAL CORPORATE BONDS (Cost $197,645,658)** |  |  |  | 200483620 |
| **Principal** |  |  | **Coupon Rate** |  |  |
| **Amount ($)** |  | **Spread** | **(%)** | **Maturity** | **Fair Value** |
|  | **TERM LOANS — 5.4%** |  |  |  |  |
|  | **CHEMICALS — 0.8%** |  |  |  |  |
| 4406905 | HB Fuller Company<sup>(b)</sup> | TSFR1M + 1.750% | 6.0690 | 02/15/30 | 4426185 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **TERM LOANS — 5.4% (Continued)** |  |  |  |  |
|  | **CONSTRUCTION MATERIALS — 1.1%** |  |  |  |  |
| 3840749 | Quikrete Holdings, Inc.<sup>(b)</sup> | TSFR1M + 2.250% | 6.5420 | 04/14/31 | $3860913 |
| 1985000 | Quikrete Holdings, Inc.<sup>(b)</sup> | TSFR1M +2.250% | 6.5770 | 01/31/32 | 1993367 |
|  |  |  |  |  | 5854280 |
|  | **ELECTRICAL EQUIPMENT — 0.1%** |  |  |  |  |
| 498750 | Vertiv Group Corporation<sup>(b)</sup> | TSFR1M + 1.750% | 6.1010 | 08/07/32 | 501725 |
|  | **LEISURE FACILITIES & SERVICES — 0.4%** |  |  |  |  |
| 1969501 | Hilton Grand Vacations Borrower, LLC<sup>(b)</sup> | TSFR1M + 2.000% | 8.1900 | 08/02/28 | 1977379 |
|  | **LEISURE PRODUCTS — 0.9%** |  |  |  |  |
| 4831541 | Hayward Industries, Inc.<sup>(b)</sup> | TSFR1M + 2.615% | 8.1900 | 05/28/28 | 4869300 |
|  | **PUBLISHING & BROADCASTING — 0.3%** |  |  |  |  |
| 1496250 | Nexstar Media, Inc.<sup>(b)</sup> | TSFR1M + 2.500% | 6.8210 | 06/28/32 | 1505048 |
|  | **RETAIL - DISCRETIONARY — 0.7%** |  |  |  |  |
| 3950000 | Johnstone Supply, LLC<sup>(b)</sup> | TSFR1M + 2.500% | 8.3210 | 05/16/31 | 3976879 |
|  | **TECHNOLOGY HARDWARE — 0.4%** |  |  |  |  |
| 1960205 | Ciena Corporation<sup>(b)</sup> | TSFR1M + 1.750% | 6.0780 | 10/24/30 | 1970006 |
|  | **TRANSPORTATION & LOGISTICS — 0.7%** |  |  |  |  |
| 3950000 | Genesee & Wyoming, Inc.<sup>(b)</sup> | TSFR3M + 1.750% | 6.5220 | 04/10/31 | 3954286 |
|  | **TOTAL TERM LOANS (Cost $28,863,275)** |  |  |  | 29035088 |
| **Principal** |  |  | **Coupon Rate** |  |  |
| **Amount ($)** |  |  | **(%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 7.7%** |  |  |  |  |
|  | **U.S. TREASURY BILLS — 2.0%** |  |  |  |  |
| 10475000 | United States Treasury Note |  | 4.2500 | 08/15/35 | 10574840 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 7.7% (Continued)** |  |  |  |
|  | **U.S. TREASURY BONDS AND NOTES — 5.7%** |  |  |  |
| 31625000 | United States Treasury Note | 3.5000 | 02/15/33 | $30788049 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $41,006,830)** |  |  | 41362889 |
| **Shares** |  |  |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 0.7%** | **SHORT-TERM INVESTMENTS — 0.7%** | **SHORT-TERM INVESTMENTS — 0.7%** |  |
|  | **MONEY MARKET FUNDS - 0.7%** | **MONEY MARKET FUNDS - 0.7%** | **MONEY MARKET FUNDS - 0.7%** |  |
| 4186736 | First American Government Obligations Fund, Class X, 3.64% (Cost $4,186,736)<sup>(d)</sup> | First American Government Obligations Fund, Class X, 3.64% (Cost $4,186,736)<sup>(d)</sup> | First American Government Obligations Fund, Class X, 3.64% (Cost $4,186,736)<sup>(d)</sup> | $4186736 |
|  | **TOTAL INVESTMENTS – 98.9% (Cost $529,014,239)** | **TOTAL INVESTMENTS – 98.9% (Cost $529,014,239)** | **TOTAL INVESTMENTS – 98.9% (Cost $529,014,239)** | $534214910 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.1%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.1%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.1%** | 5963856 |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $540178766 |

---

---

| | |
|:---|:---|
| 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 | TSFR1M 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 December 31, 2025, the total market value of 144A securities is $361,203,262 or 66.9% 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 December 31, 2025.

See accompanying notes to financial statements.

---

| |
|:---|
| **Boyd Watterson Limited Duration Enhanced Income Fund** |
| **STATEMENT OF ASSETS AND LIABILITIES (Unaudited)** |
| **December 31, 2025** |

---

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $529014239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At fair value | $534214910 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 6111389 |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold | 34665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 540360964 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;Payable for fund shares redeemed | 30 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 90312 |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 44199 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 47657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 182198 |
| **NET ASSETS** | $**540178766** |
| **Net Assets Consist Of:** |  |
| &nbsp;&nbsp;&nbsp;Paid in capital ($0 par value, unlimited shares authorized) | $542872863 |
| &nbsp;&nbsp;&nbsp;Accumulated losses | (2694097) |
| **NET ASSETS** | $**540178766** |
| **Net Asset Value Per Share:** |  |
| Class I Shares: |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**111828519** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding \* | **11471856** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**9.75** |
| Class I2 Shares: |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**428350247** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding \* | **43062049** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**9.95** |

---

\* Unlimited number of shares of beneficial interest authorized, no par value.

See accompanying notes to financial statements.

---

| |
|:---|
| **Boyd Watterson Limited Duration Enhanced Income Fund** |
| **STATEMENT OF OPERATIONS (Unaudited)** |
| **For the Six Months Ended December 31, 2025** |

---

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;Dividends | $116005 |
| &nbsp;&nbsp;&nbsp;Interest, net of amortization and accretion | 15779830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 15895835 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 1071915 |
| &nbsp;&nbsp;&nbsp;Administrative services fees | 243003 |
| &nbsp;&nbsp;&nbsp;Third party administration servicing fees | 88706 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 50407 |
| &nbsp;&nbsp;&nbsp;Registration fees | 32200 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 28641 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 18291 |
| &nbsp;&nbsp;&nbsp;Audit fees | 15828 |
| &nbsp;&nbsp;&nbsp;Legal fees | 11603 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 10782 |
| &nbsp;&nbsp;&nbsp;Printing and postage expenses | 9274 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 3680 |
| &nbsp;&nbsp;&nbsp;Other expenses | 6771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 1591101 |
| &nbsp;&nbsp;&nbsp;Less: Fees waived by the advisor | (389424) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 1201677 |
| **NET INVESTMENT INCOME** | 14694158 |
| **REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;Net realized loss from investments | (1807014) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 5214876 |
| **NET REALIZED AND UNREALIZED GAIN FROM INVESTMENTS** | 3407862 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**18102020** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **Boyd Watterson Limited Duration Enhanced Income Fund** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2025** |
| **FROM OPERATIONS** | **(Unaudited)** |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $14694158 | $28970633 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from investments | (1807014) | 113709 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 5214876 | 3532825 |
| Net increase in net assets resulting from operations | 18102020 | 32617167 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total distribution paid |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (3263132) | (6651732) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I2 | (12596389) | (21983381) |
| Net decrease in net assets from distributions to shareholders | (15859521) | (28635113) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 15148770 | 44305998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I2 | 31570758 | 66523698 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 3227534 | 6580735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I2 | 10686419 | 19423369 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (27935622) | (29026190) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I2 | (29226169) | (24106696) |
| Net increase in net assets from shares of beneficial interest | 3471690 | 83700914 |
| **TOTAL INCREASE IN NET ASSETS** | 5714189 | 87682968 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 534464577 | 446781609 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $**540178766** | $**534464577** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **Boyd Watterson Limited Duration Enhanced Income Fund** |
| **STATEMENTS OF CHANGES IN NET ASSETS (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2025** |
| **SHARE ACTIVITY** | **(Unaudited)** |  |
| Class I: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 1550078 | 4547712 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 331753 | 678590 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (2858602) | (2977893) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | (976771) | 2248409 |
| Class I2: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 3164727 | 6731259 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 1076714 | 1966108 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (2909608) | (2439208) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 1331833 | 6258159 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **Boyd Watterson Limited Duration Enhanced Income Fund** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Years/Period Presented |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2024** | **For the**<br>**Year Ended**<br>**June 30, 2023** | **For the**<br>**Year Ended**<br>**June 30, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value, beginning of year/period | $9.72 | $9.66 | $9.42 | $9.20 | $10.08 | $9.89 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.26 | 0.56 | 0.54 | 0.42 | 0.27 | 0.29 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.06 | 0.07 | 0.26 | 0.25 | (0.83) | 0.22 |
| Total from investment operations | 0.32 | 0.63 | 0.80 | 0.67 | (0.56) | 0.51 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.29) | (0.57) | (0.56) | (0.45) | (0.30) | (0.32) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.00 | (0.02) |  |
| Total distributions | (0.29) | (0.57) | (0.56) | (0.45 | (0.32) | (0.32) |
| Net asset value, end of year/period | $9.75 | $9.72 | $9.66 | $9.42 | $9.20 | $10.08 |
| Total return (3) | 3.36% (7) | 6.63% (6) | 8.69% (6) | 7.50 | (5.69)% | 5.19% |
| Net assets, end of year/period (000s) | $111829 | $120965 | $98503 | $64313 | $66146 | $86471 |
| Ratio of gross expenses to average net assets (45) | 0.60% (8) | 0.62% | 0.60% | 0.60 | 0.60% | 0.60% |
| Ratio of net expenses to average net assets (5) | 0.60% (8) | 0.60% | 0.60% | 0.60 | 0.60% | 0.60% |
| Ratio of net investment income to average net assets | 5.34% (8) | 5.70% | 5.58% | 4.57 | 2.67% | 2.89% |
| Portfolio Turnover Rate | 14% (7) | 17% | 28% | 35 | 47% | 73% |

---

(1) Per share amounts calculated using
 the average shares method, which more appropriately represents the per share data for the year.

(2) Amount is less than $0.005 per share.

(3) Total returns shown exclude the effect
 of applicable sales charges and redemption fees and assumes reinvestment of all distributions.

(4) Represents the ratio of expenses to
 average net assets absent fee waivers and/or expense reimbursements by the advisor.

(5) Does not include the expenses of other
 investment companies in which the Fund invests.

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

(7) Not Annualized.

(8) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **Boyd Watterson Limited Duration Enhanced Income Fund** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Years/Period Presented |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2024** | **For the**<br>**Year Ended**<br>**June 30, 2023** | **For the**<br>**Year Ended**<br>**June 30, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2021** |
|  | **(Unaudited)** | | | | | |
| Net asset value, beginning of year/period | $9.91 | $9.82 | $9.55 | $9.30 | $10.17 | $9.95 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.28 | 0.59 | 0.56 | 0.45 | 0.29 | 0.32 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.06 | 0.07 | 0.27 | 0.25 | (0.84) | 0.22 |
| Total from investment operations | 0.34 | 0.66 | 0.83 | 0.70 | (0.55) | 0.54 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.30) | (0.57) | (0.56) | (0.45) | (0.30) | (0.32) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.00 | (0.02) |  |
| Total distributions | (0.30) | (0.57) | (0.56) | (0.45 | (0.32) | (0.32) |
| Net asset value, end of year/period | $9.95 | $9.91 | $9.82 | $9.55 | $9.30 | $10.17 |
| Total return (3) | 3.49% (7) | 6.83% (6) | 8.89% | 7.74 | (5.54)% | 5.46% |
| Net assets, end of year/period (000s) | $428350 | $413500 | $348278 | $311396 | $286882 | $259922 |
| Ratio of gross expenses to average net assets (45) | 0.60% (8) | 0.62% | 0.60% | 0.60 | 0.60% | 0.60% |
| Ratio of net expenses to average net assets (5) | 0.41% (8) | 0.41% | 0.41% | 0.40 | 0.40% | 0.40% |
| Ratio of net investment income to average net assets | 5.53% (8) | 5.89% | 5.77% | 4.78 | 2.88% | 3.10% |
| Portfolio Turnover Rate | 14% (7) | 17% | 28% | 35 | 47% | 73% |

---

(1) Per share amounts calculated using
 the average shares method, which more appropriately represents the per share data for the year.

(2) Amount is less than $0.005 per share.

(3) Total returns shown exclude the effect
 of applicable sales charges and redemption fees and assumes reinvestment of all distributions.

(4) Represents the ratio of expenses to
 average net assets absent fee waivers and/or expense reimbursements by the advisor.

(5) Does not include the expenses of other
 investment companies in which the Fund invests.

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

(7) Not annualized.

(8) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **Boyd Watterson Limited Duration Enhanced Income Fund** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)** |
| **December 31, 2025** |

---

**1.** **ORGANIZATION** 

Boyd Watterson Limited Duration Enhanced Income Fund (the "Fund") is a diversified series of shares of beneficial interest of Northern Lights Fund Trust III, a Delaware statutory trust organized on December 5, 2011 (the "Trust"). The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund currently consists of two classes of shares. The Fund's Class I2 is the successor to the Boyd Watterson Limited Duration Mid-Grade Fund, LLC, (the "Predecessor Fund"). The Predecessor Fund was organized under the laws of the State of Delaware as a limited liability company effective July 19, 2012 and commenced operations on July 15, 2013. Class I commenced operations on April 13, 2017. The Predecessor Fund's investment objective was to generate current income consistent with a strategy that focuses on capital preservation, without taking significant duration risk. The Fund seeks (i) income generation as a principal objective and (ii) capital preservation and total return as secondary objectives.

Each share class represents an interest in the same assets of the Fund, has the same rights and is identical in all material respects except that (i) each class of shares may bear different distribution fees; (ii) each class of shares may be subject to different (or no) sales charges; (iii) certain other class specific expenses will be borne solely by the class to which such expenses are attributable; and (iv) each class has exclusive voting rights with respect to matters relating to its own distribution arrangements. The Fund's income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class.

Effective as of the close of business on March 28, 2024, sales and operations of Class A and C shares of the Fund were suspended. Classes A and C shares were converted to Class I shares. Class A transferred 201,874 shares and $1,954,364, and Class C transferred 169,333 shares and $1,642,359.

**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP"), which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 "Financial Services – Investment Companies", including Accounting Standards Update ("ASU") 2013-08.

**Segment Reporting -** An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the portfolio manager and Chief Financial Officer of the Trust. The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

**Security Valuation –** Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price. In the absence of a sale, such securities shall be valued at the mean between the current bid and ask prices on the day of valuation. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Trust's Board of Trustees (the "Board") using methods which include current market quotations from a major market maker in the securities and based on methods which include the consideration of yields or prices of securities of comparable quality, coupon, maturity and type. The independent pricing service does not distinguish between smaller-sized bond positions known as "odd lots" and larger institutional-sized bond positions known as "round lots". The Fund may fair value a particular bond if the advisor does not believe that the round lot value provided by the independent pricing service reflects fair value of the Fund's holding. Short-term debt obligations having 60 days or less remaining until maturity, at the time of purchase, may be valued at amortized cost. Investments in open-end investment companies are valued at net asset value.

---

| |
|:---|
| **Boyd Watterson Limited Duration Enhanced Income Fund** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

The Fund may hold investments, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These investments will be valued using the "fair value" procedures approved by the Board. The Board has delegated execution of these procedures to the advisor as its valuation designee (the "Valuation Designee"). The Board may also enlist third party consultants such as a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist the Valuation Designee in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee, which approval shall be based upon whether the Valuation Designee followed the valuation procedures established by the Board.

**Fair Valuation Process –** Applicable investments are valued by the Valuation Designee pursuant to valuation procedures established by the Board. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the Valuation Designee, the prices or values available do not represent the fair value of the instrument; factors which may cause the Valuation Designee to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; and (iv) securities with respect to which an event that will affect the value thereof has occurred (a "significant event") since the closing prices were established on the principal exchange on which they are traded, but prior to the Fund's calculation of its net asset value. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid investments, such as private investments or non-traded securities are valued based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If a current bid from such independent dealers or other independent parties is unavailable, the Valuation Designee shall determine, the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Fund's holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

**Valuation of Fund of Funds -** The Fund may invest in portfolios of open-end or closed-end investment companies (the "Underlying Funds"). Underlying open-end investment companies are valued at their respective net asset values as reported by such investment companies. The Underlying Funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value by the methods established by the board of directors of the Underlying Funds. The shares of many closed-end investment companies, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company purchased by the Fund will not change.

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

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

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

**Level 3 –** Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

---

| |
|:---|
| **Boyd Watterson Limited Duration Enhanced Income Fund** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following table summarizes the inputs used as of December 31, 2025, for the Fund's investments measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Asset Backed Securities | $— | $259146577 | $— | $259146577 |
| Corporate Bonds |  | 200483620 |  | 200483620 |
| Term Loans |  | 29035088 |  | 29035088 |
| U.S. Treasury Bonds & Notes |  | 41362889 |  | 41362889 |
| Short-Term Investments | 4186736 |  |  | 4186736 |
| Total | $4186736 | $530028174 | $— | $534214910 |

---

The Fund did not hold any Level 3 securities during the period.

\* Refer to the Schedule of Investments for industry classifications.

**Security Transactions and Related Income –** Security transactions are accounted for on the trade date. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are amortized on securities purchased over the lives of the respective securities using the effective interest method, except certain securities that are held at premium and will be amortized to the earliest call date. Dividend income is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds. Gains and losses realized on principal payments of asset-backed securities and bank loans (paydown gains and losses) are classified as part of investment income.

**Dividends and Distributions to Shareholders –** Dividends from net investment income are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and paid annually. Dividends and distributions to shareholders are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are considered either temporary (e.g., deferred losses, capital loss carryforwards) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification. These reclassifications have no effect on net assets, results from operations or net asset values per share of the Fund.

**Federal Income Taxes** – The Fund has qualified and intends to continue to qualify each year as regulated investment companies ("RIC") under subchapter M of the Internal Revenue Code of 1986, as amended. By complying with the requirements applicable to RICs and annually distributing substantially all net investment company taxable income and net realized capital gains, no provision for federal income tax is required. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has reviewed the Fund's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken in the current tax year or on returns filed in previous tax years which are still open to examination by all major tax authorities (generally, federal returns are open to examination by the Internal Revenue Service for a period of three years from date of filing) The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations when incurred. During the fiscal year, the Fund did not incur any interest or penalties. The Fund typically intends to quarterly distribute sufficient net investment

---

| |
|:---|
| **Boyd Watterson Limited Duration Enhanced Income Fund** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

company taxable income and annually net realized capital gains if any, so that they will not be subject to the excise tax on undistributed income of RICs. If the required amount of net investment income is not distributed quarterly or gains is not distributed annually, the Fund could incur a tax expense.

**Fixed Income Risk** - When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund's share price and total return to be reduced and fluctuate more than other types of investments.

**Counterparty Credit Risk** - The stability and liquidity of many security transactions depends in large part on the creditworthiness of the parties to the transactions. If a counterparty to such a transaction defaults, exercising contractual rights may involve delays or costs for the Fund. Furthermore, there is a risk that a counterparty could become the subject of insolvency proceedings, and that the recovery of securities and other assets from such counterparty will be delayed or be of a value less than the value of the securities or assets originally entrusted to such counterparty.

**Bank Loans Risk** - The market for bank loans may not be highly liquid and the Fund may have difficulty selling them. These investments expose the Fund to the credit risk of both the financial institution and the underlying borrower. Bank loans settle on a delayed basis, potentially leading to the sale proceeds of such loans not being available to meet redemptions for a substantial period of time after the sale of the bank loans. The Fund may need a line of credit in order to meet redemptions during these periods, which may increase the Fund's expenses. Certain bank loans may not be considered "securities," and purchasers, such as the Fund, therefore may not be entitled to rely on the protections of federal securities laws, including anti-fraud provisions.

**Market and Geopolitical Risk -** The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate-change and climate-related events, pandemics, epidemics, terrorism, tariffs and trade wars, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund's portfolio. It is not known how long such impacts, of the significant events described above would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates can have the same impact on all types of securities and instruments. In times of severe market disruptions, you could lose your entire investment.

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

**Indemnification –** The Trust indemnifies its officers and the Board for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnities. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the risk of loss due to these warranties and indemnities appears to be remote.

---

| |
|:---|
| **Boyd Watterson Limited Duration Enhanced Income Fund** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

**3.** **INVESTMENT TRANSACTIONS** 

For the six months ended December 31, 2025, cost of purchases and proceeds from sales of portfolio securities, excluding short-term investments and U.S. government securities, amounted to $98,134,276 and $22,478,754 respectively. Cost of purchases and proceeds from sales of U.S. government securities, amounted to $50,245,417 and $52,035,743, respectively.

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

Boyd Watterson Asset Management, LLC serves as the Fund's investment advisor (the "Advisor"). Pursuant to an advisory agreement with the Trust on behalf of the Fund, the Advisor, under the oversight of the Board, directs the daily operations of the Fund and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Advisor, the Fund pays the Advisor a fee computed and accrued daily and paid monthly, based on the Fund's average daily net assets and is computed at the annual rate of 0.40%. Pursuant to the advisory agreement, the Fund accrued $1,071,915 in advisory fees for the six months ended December 31, 2025.

The Advisor has contractually agreed to reduce its fees and/or absorb expenses of the Fund ("Waiver Agreement") until at least November 1, 2026, to ensure that Total Annual Fund Operating Expenses After Fee Waiver and/or Reimbursement (exclusive of any front-end or contingent deferred loads; brokerage fees and commissions, acquired fund fees and expenses; borrowing costs (such as interest and dividend expense on securities sold short); taxes; and extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and the Board and contractual indemnification of Fund service providers (other than the Advisor))), will not exceed 0.60%, and 0.41%, of the daily average net assets attributable to Class I and Class I2 shares, respectively. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund within the three years after the fees have been waived or reimbursed, if such recoupment can be achieved within the foregoing expense limits or within the expense limits in place at the time of the recoupment, whichever is lower. For the six months ended December 31, 2025, the Advisor waived fees in the amount of $389,424 pursuant to the Waiver Agreement.

The Board may terminate this expense reimbursement arrangement on 60 days' notice to the Advisor. For the year ended June 30, 2023, the Advisor waived fees in the amount of $597,100, which is subject to recapture through June 30, 2026, pursuant to the Waiver Agreement. For the year ended June 30, 2024, the Advisor waived fees in the amount of $593,794, which is subject to recapture through June 30, 2027, pursuant to the Waiver Agreement. For the year ended June 30, 2025, the Advisor waived fees in the amount of $811,747 which is subject to recapture through June 30, 2028, pursuant to the Waiver Agreement.

*<u>Northern Lights Distributors, LLC (the "Distributor")</u>* acts as the Fund's principal underwriter in a continuous public offering of the Fund shares. During the six months ended December 31, 2025, the Distributor received $0 in underwriting commissions.

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

*<u>Ultimus Fund Solutions, LLC ("UFS")</u>* an affiliate of the Distributor, provides administration, fund accounting, and transfer agent services to the Trust. Pursuant to an administrative servicing agreement with UFS, the Fund pays UFS customary fees based on aggregate net assets of the Fund as described in the servicing agreement for providing administration, fund accounting, and transfer agency services to the Fund. Certain officers of the Trust are also officers of UFS and are not paid any fees directly by the Fund for serving in such capacities.

*<u>Northern Lights Compliance Services, LLC</u>* <u>("*NLCS*")</u> an affiliate of UFS and the Distributor, provides a chief compliance officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives customary fees from the Fund.

*<u>BluGiant, LLC ("BluGiant")</u>* an affiliate of UFS and the Distributor, provides EDGAR conversion and filing services as well as print management services for the Fund on an ad-hoc basis. For the provision of these services, BluGiant receives customary fees from the Fund.

---

| |
|:---|
| **Boyd Watterson Limited Duration Enhanced Income Fund** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

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

The Statement of Assets and Liabilities represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $528,894,917 for the Fund, and differs from fair value by net unrealized appreciation (depreciation) of securities as follows:

---

| | |
|:---|:---|
| Unrealized appreciation | $6323575 |
| Unrealized depreciation | (1003583) |
| Net unrealized appreciation | $5319992 |

---

The tax character of distributions paid for the years ended June 30, 2025, and June 30, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | Fiscal Year Ended<br>June 30, 2025 | Fiscal Year Ended<br>June 30, 2024 |
| Ordinary Income | $28635113 | $21864664 |
| Long-Term Capital Gain |  |  |
| Return of Capital |  |  |
|  | $28635113 | $21864664 |

---

As of June 30, 2025, the components of accumulated earnings on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | | Unrealized | |
| Undistributed | Undistributed | Post October Loss | Capital Loss Carry | Other Book/Tax | Appreciation/ | Total Distributable Earnings |
| Ordinary Income | Long-Term Gains | and Late Year Loss | Forwards | Differences | (Deprecation) | /(Accumulated Deficit) |
| $837551 | $— | $(456183) | $(5427903) | $— | $109939 | $(4936596) |

---

The difference between book basis and tax basis undistributed net investment income/(loss), accumulated net realized gain/(loss), and unrealized appreciation/(depreciation) from investments is primarily attributable to the tax deferral of losses on wash sales and adjustments for perpetual bonds.

Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Fund incurred and elected to defer such capital losses of $456,183.

At June 30, 2025, the Fund had capital loss carry forwards for federal income tax purposes available to offset future capital gains, as follows:

---

| | | | |
|:---|:---|:---|:---|
| Short-Term | Long-Term | Total | CLCF Utilized |
| $769701 | $4658202 | $5427903 | $— |

---

---

| |
|:---|
| **Boyd Watterson Limited Duration Enhanced Income Fund** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

**6.** **LINE OF CREDIT** 

The Fund has a committed revolving line of credit agreement with PNC Bank for investment purposes and to help maintain the Fund's liquidity, subject to the limitations of the 1940 Act for borrowings. The maximum amount of borrowing allowed under the agreement is $7,000,000. Borrowings are secured by assets held by the Fund at the custodian. The Fund has granted PNC Bank a first priority perfected security interest in the collateral pledged by the Fund. Borrowings under the PNC Bank agreement bear interest at a rate equal to the Daily Bloomberg Short-Term Bank Yield Index plus applicable margin of 2.50%, per annum, on the outstanding principal balance. The PNC Bank agreement has extended from October 31, 2025, to October 31, 2026. For the six months ended December 31, 2025, there were no borrowings for the Fund and no balance outstanding as of period-end.

**7.** **ACCOUNTING PRONOUNCEMENT** 

The Fund adopted the FASB Accounting Standards Update 2023-09, "Income Taxes (Topic 740) Improvements to Income Tax Disclosures" ("ASU 2023-09"), which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendments in this ASU are intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income tax disclosures. The Fund's adoption of ASU 2023-09 did not have a material impact on the Fund's financial statements.

**8.** **SUBSEQUENT EVENTS** 

Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

---

| |
|:---|
| **Boyd Watterson Limited Duration Enhanced Income Fund** |
| **ADDITIONAL INFORMATION (Unaudited)** |
| **December 31, 2025** |

---

**Changes in and Disagreements with Accountants**

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

**Proxy Disclosures**

Not applicable.

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

Refer to the financial statements included herein.

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

Not applicable.

**Fund Proxy Voting Policies, Procedures and Summaries**

Information regarding how the Fund voted proxies relating to portfolio securities for the most recent twelve month period ended June 30 as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies is available without charge, upon request, by calling 1-877-345-9597, by visiting www.boydwattersonfunds.com, or by referring to the Securities and Exchange Commission's ("SEC") website at http://www.sec.gov.

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

Not applicable.

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

Included under Item 7

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

Included under Item 7

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

Included under Item 7

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.** 

None

**Item 16. Controls and Procedures**

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

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

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

Not applicable.

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

(a) Not applicable.

(b) Not applicable.

**Item 19. Exhibits.** 

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): [Attached hereto](ex99-cert.htm).

(a)(4) Not applicable.

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): [Attached hereto](ex99-906cert.htm).

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) <u>Northern Lights Fund Trust III</u>

By (Signature and Title)

---

| |
|:---|
| /s/ Brian Curley |
| Brian Curley, Principal Executive Officer/President |

---

Date <u>3/3/2026</u>

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

By (Signature and Title)

---

| |
|:---|
| /s/ Brian Curley |
| Brian Curley, Principal Executive Officer/President |

---

Date <u>3/3/2026</u>

By (Signature and Title)

---

| |
|:---|
| /s/ Rich Gleason |
| Rich Gleason, Principal Financial Officer/Treasurer |

---

Date <u>3/3/2026</u>

## Ex-99.Cert

CERTIFICATIONS

I, Brian Curley, certify that:

1. I have reviewed this report on Form N-CSR of the Boyd Watterson Limited Duration Enhanced Income Fund (a series of Northern Lights Fund Trust III);

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 3/3/2026 | /s/ Brian Curley |
|  |  | Brian Curley |
|  |  | Principal Executive Officer/President |

---

I, Rich Gleason, certify that:

1. I have reviewed this report on Form N-CSR of the Boyd Watterson Limited Duration Enhanced Income Fund (a series of Northern Lights Fund Trust III);

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: | 3/03/2026 | /s/ Rich Gleason |
|  |  | Rich Gleason |
|  |  | Principal Financial Officer/Treasurer |

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## Exhibit 99.906

**CERTIFICATION**

Brian Curley, Principal Executive Officer/President, and Rich Gleason, Principal Financial Officer/Treasurer, of Northern Lights Fund Trust III (the "Registrant"), each certify to the best of his knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended December 31, 2025, (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

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| | | | |
|:---|:---|:---|:---|
| Principal Executive Officer/President | Principal Executive Officer/President | Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| Northern Lights Fund Trust III | Northern Lights Fund Trust III | Northern Lights Fund Trust III | Northern Lights Fund Trust III |
| /s/ Brian Curley | /s/ Brian Curley | /s/ Rich Gleason | /s/ Rich Gleason |
| Brian Curley | Brian Curley | Rich Gleason | Rich Gleason |
| Date: | 3/03/2026 | Date: | 3/03/2026 |

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