# EDGAR Filing Document

**Accession Number:** 0001537140
**File Stem:** 0001580642-25-005947
**Filing Date:** 2025-9
**Character Count:** 137653
**Document Hash:** 8dbd334a5b6af2c3eed48b3626ecbaaa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-005947.hdr.sgml**: 20250908

**ACCESSION NUMBER**: 0001580642-25-005947

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250908

**DATE AS OF CHANGE**: 20250908

**EFFECTIVENESS DATE**: 20250908

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22655
- **FILM NUMBER:** 251299843

**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>6/30/2025</u>

**Item 1. Reports to Stockholders.**

(a) # Boyd Watterson Limited Duration Enhanced Income Fund

# Class I2 (BWDTX)

#### Annual Shareholder Report - June 30, 2025

## Fund Overview
This annual shareholder report contains important information about Boyd Watterson Limited Duration Enhanced Income Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **https://boydwattersonfunds.com/**. You can also request this information by contacting us at (216)-771-3450.

## What were the Fund's costs for the last year?
(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% |

---

## How did the Fund perform during the reporting period?
The Fund's Class I2 shares generated a total return of 6.83% for the year ended June 30, 2025. The Fund's primary benchmark, the Bloomberg 1-3 Year Government/Credit Index returned 5.94% for the same period. Shorter maturity interest rates fell over the last year while longer maturity interest rates, such as the Ten-Year treasury were close to unchanged for the period. That dynamic led to stronger performance by shorter duration products, with the Fund outperforming the Bloomberg Aggregate Index, which only returned 6.08% for the year. Risk assets experienced some bouts of volatility over the last twelve months, but despite this volatility, risk assets generally outperformed over the last year, with lower quality outperforming higher quality. The Fund took advantage of credit spread weakness early in the second quarter of 2025 to add to its investment grade and high yield corporate positions. The Fund now has close to 31% high yield corporate exposure. Similarly, overall corporate exposure grew to about 40%. Despite these modest increases, the Fund maintained the Fund's overall credit quality at the BBB+ ratings category. Within US Treasuries, the Fund initiated a trade out of nominal treasuries and into inflation protected treasuries as the Adviser's macroeconomic opinion is such that the Adviser expects upside inflationary surprises for the third quarter. The Adviser believes this change is better positioned to gain from a potential market reversal. Looking ahead, the third quarter is likely to bring continued moderate growth, persistent inflation, and heightened policy uncertainty. Trade tensions and geopolitical developments remain key risks, particularly if they lead to further supply chain disruptions or retaliatory measures. The Federal Reserve is expected to maintain a cautious stance, focusing on inflation, while closely monitoring labor market dynamics. While the U.S. economy continues to expand, it does so in an increasingly complex environment. For now, the path forward is one of cautious optimism, tempered by an increasingly uncertain fiscal, monetary, and geopolitical outlook. The Fund remains a credit focused, income generating Fund. As such, the Adviser's 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.

## 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](i5e9239418ef297038f946231.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** |
| **06/30/15** | $10000 | $10000 | $10000 | $10000 |
| **06/30/16** | $10412 | $10159 | $10263 | $10600 |
| **06/30/17** | $10906 | $10194 | $10275 | $10567 |
| **06/30/18** | $11113 | $10215 | $10254 | $10525 |
| **06/30/19** | $11682 | $10651 | $10802 | $11353 |
| **06/30/20** | $12006 | $11099 | $11388 | $12345 |
| **06/30/21** | $12661 | $11148 | $11433 | $12304 |
| **06/30/22** | $11960 | $10750 | $10839 | $11038 |
| **06/30/23** | $12886 | $10807 | $10860 | $10934 |
| **06/30/24** | $14032 | $11333 | $11366 | $11222 |
| **06/30/25** | $14990 | $12006 | $12095 | $11904 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Boyd Watterson Limited Duration Enhanced Income Fund | 6.83% | 4.54% | 4.13% |
| Bloomberg 1-3 Year U.S. Treasury Bond Index | 5.72% | 1.33% | 1.59% |
| Bloomberg 1-3 Year US Government/Credit Index | 5.94% | 1.58% | 1.84% |
| Bloomberg U.S. 1-5 Year Government/Credit Index | 6.42% | 1.21% | 1.92% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | -0.73% | 1.76% |
| ICE BofA 1-3 Year BB U.S. Cash Pay High Yield Index | 7.81% | 5.17% | 4.54% |

---

***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.***

## **Fund Statistics** 
* Net Assets$534,464,577

* Number of Portfolio Holdings159

* Advisory Fee (net of waivers)$1,168,182

* Portfolio Turnover17%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i4b9433950ff727e7a3c37895.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 49.8% |
| Corporate Bonds | 33.7% |
| Money Market Funds | 2.2% |
| Preferred Stocks | 1.2% |
| Term Loans | 5.1% |
| U.S. Government & Agencies | 1.5% |
| U.S. Treasury Bonds & Notes | 6.5% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ie9e8959188663a0ab557875a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.8% |
| Real Estate | 0.4% |
| Health Care | 0.5% |
| Utilities | 0.6% |
| Communications | 1.6% |
| Consumer Staples | 1.6% |
| Money Market Funds | 2.1% |
| Technology | 2.3% |
| Financials | 5.1% |
| Industrials | 6.0% |
| Materials | 6.6% |
| Consumer Discretionary | 7.0% |
| Energy | 8.0% |
| U.S. Treasury Obligations | 8.0% |
| ABS | 15.7% |
| CLO | 33.7% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Note | 6.5% |
| Exeter Automobile Receivables Trust 2021-4, E | 2.0% |
| First American Government Obligations Fund, Class X | 2.1% |
| First Investors Auto Owner Trust 2023-1, D | 1.7% |
| Morgan Stanley | 1.5% |
| United States Treasury Inflation Indexed Bonds | 1.5% |
| 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% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 1, 2025 at www.boydwattersonfunds.com or upon request at 1-877-345-9597.

A special meeting of the shareholders was held on May 27, 2025 during which they approved a new investment advisory agreement by and between the Adviser and the Trust, on behalf of the Fund, and approved the payments to the Adviser of its costs, plus interest, in providing investment advisory services to the Fund between August 30, 2024 and the date of the meeting.

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

#### Annual Shareholder Report - June 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-BWDTX

# Boyd Watterson Limited Duration Enhanced Income Fund

# Class I (BWDIX)

#### Annual Shareholder Report - June 30, 2025

## Fund Overview
This annual shareholder report contains important information about Boyd Watterson Limited Duration Enhanced Income Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **https://boydwattersonfunds.com/**. You can also request this information by contacting us at (216)-771-3450.

## What were the Fund's costs for the last year?
(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 | $62 | 0.60% |

---

## How did the Fund perform during the reporting period?
The Fund's Class I shares generated a total return of 6.63% for the year ended June 30, 2025. The Fund's primary benchmark, the Bloomberg 1-3 Year Government/Credit Index returned 5.94% for the same period. Shorter maturity interest rates fell over the last year while longer maturity interest rates, such as the Ten-Year treasury were close to unchanged for the period. That dynamic led to stronger performance by shorter duration products, with the Fund outperforming the Bloomberg Aggregate Index, which only returned 6.08% for the year. Risk assets experienced some bouts of volatility over the last twelve months, but despite this volatility, risk assets generally outperformed over the last year, with lower quality outperforming higher quality. The Fund took advantage of credit spread weakness early in the second quarter of 2025 to add to its investment grade and high yield corporate positions. The Fund now has close to 31% high yield corporate exposure. Similarly, overall corporate exposure grew to about 40%. Despite these modest increases, the Fund maintained the Fund's overall credit quality at the BBB+ ratings category. Within US Treasuries, the Fund initiated a trade out of nominal treasuries and into inflation protected treasuries as the Adviser's macroeconomic opinion is such that the Adviser expects upside inflationary surprises for the third quarter. The Adviser believes this change is better positioned to gain from a potential market reversal. Looking ahead, the third quarter is likely to bring continued moderate growth, persistent inflation, and heightened policy uncertainty. Trade tensions and geopolitical developments remain key risks, particularly if they lead to further supply chain disruptions or retaliatory measures. The Federal Reserve is expected to maintain a cautious stance, focusing on inflation, while closely monitoring labor market dynamics. While the U.S. economy continues to expand, it does so in an increasingly complex environment. For now, the path forward is one of cautious optimism, tempered by an increasingly uncertain fiscal, monetary, and geopolitical outlook. The Fund remains a credit focused, income generating Fund. As such, the Adviser's 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.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ib1dc80c024c910b8f1f45c02.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 |
| **06/30/17** | $10114 | $10013 | $10017 | $10051 |
| **06/30/18** | $10295 | $10034 | $9997 | $10011 |
| **06/30/19** | $10791 | $10462 | $10531 | $10799 |
| **06/30/20** | $11081 | $10902 | $11103 | $11743 |
| **06/30/21** | $11656 | $10950 | $11147 | $11704 |
| **06/30/22** | $10993 | $10560 | $10568 | $10499 |
| **06/30/23** | $11817 | $10615 | $10588 | $10401 |
| **06/30/24** | $12844 | $11132 | $11081 | $10675 |
| **06/30/25** | $13696 | $11793 | $11792 | $11323 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (April 13, 2017)** |
| Boyd Watterson Limited Duration Enhanced Income Fund | 6.63% | 4.33% | 3.90% |
| Bloomberg 1-3 Year U.S. Treasury Bond Index | 5.72% | 1.33% | 1.80% |
| Bloomberg 1-3 Year US Government/Credit Index | 5.94% | 1.58% | 2.03% |
| Bloomberg U.S. 1-5 Year Government/Credit Index | 6.42% | 1.21% | 2.03% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | -0.73% | 1.52% |
| ICE BofA 1-3 Year BB U.S. Cash Pay High Yield Index | 7.81% | 5.17% | 4.51% |

---

***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.***

## **Fund Statistics** 
* Net Assets$534,464,577

* Number of Portfolio Holdings159

* Advisory Fee (net of waivers)$1,168,182

* Portfolio Turnover17%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i7392175934abb39972e552ff.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset Backed Securities | 49.8% |
| Corporate Bonds | 33.7% |
| Money Market Funds | 2.2% |
| Preferred Stocks | 1.2% |
| Term Loans | 5.1% |
| U.S. Government & Agencies | 1.5% |
| U.S. Treasury Bonds & Notes | 6.5% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i09d4b6accc301d489ea51f98.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.8% |
| Real Estate | 0.4% |
| Health Care | 0.5% |
| Utilities | 0.6% |
| Communications | 1.6% |
| Consumer Staples | 1.6% |
| Money Market Funds | 2.1% |
| Technology | 2.3% |
| Financials | 5.1% |
| Industrials | 6.0% |
| Materials | 6.6% |
| Consumer Discretionary | 7.0% |
| Energy | 8.0% |
| U.S. Treasury Obligations | 8.0% |
| ABS | 15.7% |
| CLO | 33.7% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Note | 6.5% |
| Exeter Automobile Receivables Trust 2021-4, E | 2.0% |
| First American Government Obligations Fund, Class X | 2.1% |
| First Investors Auto Owner Trust 2023-1, D | 1.7% |
| Morgan Stanley | 1.5% |
| United States Treasury Inflation Indexed Bonds | 1.5% |
| 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% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by November 1, 2025 at www.boydwattersonfunds.com or upon request at 1-877-345-9597.

A special meeting of the shareholders was held on May 27, 2025 during which they approved a new investment advisory agreement by and between the Adviser and the Trust, on behalf of the Fund, and approved the payments to the Adviser of its costs, plus interest, in providing investment advisory services to the Fund between August 30, 2024 and the date of the meeting.

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

#### Annual Shareholder Report - June 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-BWDIX

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

**Item 2. Code of Ethics.**

(a) The registrant has, as of the end of the period covered by this
 report, adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal
 accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the
 registrant or a third party.

(b) During the period covered by this report, there were no amendments
 to any provision of the code of ethics.

(c) During the period covered by this report, there were no waivers
 or implicit waivers of a provision of the code of ethics

**Item 3. Audit Committee Financial Expert.**

(a)(1) The Registrant's board of trustees has determined that Mark H. Taylor is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Taylor is independent for purposes of this Item 3.

(a)(2) Not applicable.

(a)(3) Not applicable.

**Item 4. Principal Accountant Fees and Services.**

(a) Audit Fees. The aggregate fees billed for each of the last two
 fiscal years for professional services rendered by the registrant's principal accountant for the audit of the registrant's annual
 financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements
 for those fiscal years are as follows:

2025 - $22,900

2024 - $21,000

(b) Audit-Related
 Fees. There were no fees billed in each of the last two fiscal years for assurances and related services by the principal accountant that
 are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph
 (a) of this item.

2025 - None

2024 - None

(c) Tax Fees. The
 aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance
 are as follows:

2025 - $3,750

2024 - $3,750

(d) All Other Fees.
 The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant's principal accountant,
 other than the services reported in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years ended June 30, 2025 and
 2024 respectively.

(e)(1) The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant.

(e)(2) There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable. The percentage of hours expended on the principal
 accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed
 to work performed by persons other than the principal accountant's full-time, permanent employees was zero percent (0%).

(g) All non-audit
 fees billed by the registrant's principal accountant for services rendered to the registrant for the fiscal years ended June 30,
 2025 and 2024 respectively are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant's
 principal accountant for the registrant's adviser.

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

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

**Item 6. Investments.** 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) ---

| |
|:---|
| ![(LOGO)](bo001_v1.jpg) |
| **Boyd Watterson Limited Duration** |
| **Enhanced Income Fund** |
| Class I Shares – BWDIX |
| Class I2 Shares – BWDTX |
| **Annual Financial Statements** |
| **and** |
| **Additional Information** |
| **June 30, 2025** |

---

---

| |
|:---|
| **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **June 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|<br>**Shares** |  |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **PREFERRED STOCKS — 1.2%** |  |  |  |  |
|  | **ASSET MANAGEMENT — 0.4%** |  |  |  |  |
| 120000 | Charles Schwab Corporation (The) - Series J | Charles Schwab Corporation (The) - Series J | 1.113 | 06/01/26 | $2272800 |
|  | **BANKING — 0.8%** |  |  |  |  |
| 117000 | Huntington Bancshares Inc - Series H | Huntington Bancshares Inc - Series H | 1.125 |  | 2054520 |
| 122135 | US Bancorp, B - Series M | US Bancorp, B - Series M | 1.000 | 04/15/26 | 1967595 |
|  |  |  |  |  | 4022115 |
|  | **TOTAL PREFERRED STOCKS (Cost $9,080,956)** | **TOTAL PREFERRED STOCKS (Cost $9,080,956)** |  |  | 6294915 |
| **Principal** |  |  | **Coupon Rate** |  |  |
| **Amount ($)** |  | **Spread** | **(%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 49.4%** |  |  |  |  |
|  | **AUTO LOAN — 15.5%** |  |  |  |  |
| 5890000 | Bridgecrest Lending Auto Securitization Trust Series 1 D |  | 7.8400 | 08/15/29 | 6205592 |
| 4720000 | CarMax Auto Owner Trust 2023-1 Series 1 D |  | 6.2700 | 11/15/29 | 4808140 |
| 1692538 | Exeter Automobile Receivables Trust 2021-3 Series 2021-3A D |  | 1.5500 | 06/15/27 | 1663827 |
| 10597000 | Exeter Automobile Receivables Trust 2021-4 Series 4A E<sup>(a)</sup> |  | 4.0200 | 01/17/28 | 10460569 |
| 2086847 | Exeter Automobile Receivables Trust 2022-1 Series 1A D |  | 3.0200 | 06/15/28 | 2067971 |
| 4000000 | Exeter Automobile Receivables Trust 2022-1 Series 1A E<sup>(a)</sup> |  | 5.0200 | 10/15/29 | 3914022 |
| 5993000 | Exeter Automobile Receivables Trust 2022-2 Series 2A E<sup>(a)</sup> |  | 6.3400 | 10/15/29 | 5551050 |
| 3653000 | Exeter Automobile Receivables Trust 2022-4 Series 4A D |  | 5.9800 | 12/15/28 | 3675281 |
| 2230000 | First Investors Auto Owner Trust 2021-2 Series 2021-2A D<sup>(a)</sup> |  | 1.6600 | 12/15/27 | 2153829 |
| 4720000 | First Investors Auto Owner Trust 2022-1 Series 1A D<sup>(a)</sup> |  | 3.7900 | 06/15/28 | 4649500 |
| 4280000 | First Investors Auto Owner Trust 2022-1 Series 1A E<sup>(a)</sup> |  | 5.4100 | 06/15/29 | 4225713 |
| 2000000 | First Investors Auto Owner Trust 2022-2 Series 2A D<sup>(a)</sup> |  | 8.7100 | 10/16/28 | 2081334 |
| 8400000 | First Investors Auto Owner Trust 2023-1 Series 1A D<sup>(a)</sup> |  | 7.7400 | 01/15/31 | 8881353 |
| 1000000 | PFS Financing Corporation Series C A<sup>(a),(b)</sup> | SOFR30A + 0.800% | 5.1040 | 04/17/28 | 1002340 |
| 2000000 | Westlake Automobile Receivables Trust 2021-2 Series 2021-2A E<sup>(a)</sup> |  | 2.3800 | 03/15/27 | 1990273 |
| 3000000 | Westlake Automobile Receivables Trust 2021-2 Series 2021-2A F<sup>(a)</sup> |  | 3.6600 | 12/15/27 | 2990118 |
| 3660000 | Westlake Automobile Receivables Trust 2021-3 Series 2021-3A E<sup>(a)</sup> |  | 3.4200 | 04/15/27 | 3636652 |
| 4750000 | Westlake Automobile Receivables Trust 2023-1 Series 1A D<sup>(a)</sup> |  | 6.7900 | 11/15/28 | 4856489 |
| 4000000 | Westlake Automobile Receivables Trust 2023-3 Series 3A D<sup>(a)</sup> |  | 6.4700 | 03/15/29 | 4101152 |
| 3650000 | Westlake Automobile Receivables Trust 2024-2 Series 2A D<sup>(a)</sup> |  | 5.9100 | 04/15/30 | 3719787 |
|  |  |  |  |  | 82634992 |

---

See accompanying notes to financial statements.

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
| 4850000 AGL CLO 25 Ltd. Series 25A ER<sup>(a),(b)</sup> | TSFR3M + 5.700% | 10.0150 | 07/21/38 | $4850000 |
| 2500000 AGL CLO 29 Ltd. Series 29A A1<sup>(a),(b)</sup> | TSFR3M + 1.570% | 5.8390 | 04/21/37 | 2509295 |
| 975000 Apidos CLO XV Series 2013-15A DRR<sup>(a),(b)</sup> | TSFR3M + 2.962% | 7.2310 | 04/20/31 | 980254 |
| 1365000 Apidos CLO XXXII Series 32A DR<sup>(a),(b)</sup> | TSFR3M + 2.750% | 7.0190 | 01/20/33 | 1362166 |
| 3500000 Apidos CLO XXXV Series 2021-35A E<sup>(a),(b)</sup> | TSFR3M + 6.012% | 10.2810 | 04/20/34 | 3499759 |
| 2700000 Bain Capital Credit CLO 2022-1 Ltd. Series 1A A1<sup>(a),(b)</sup> | TSFR3M + 1.320% | 5.5890 | 04/18/35 | 2703912 |
| 2035000 Battalion Clo XIX Ltd. Series 19A C<sup>(a),(b)</sup> | TSFR3M + 2.262% | 6.5180 | 04/15/34 | 2026722 |
| 1000000 Canyon Capital CLO 2017-1 Ltd. Series 1A DR<sup>(a),(b)</sup> | TSFR3M + 3.262% | 7.5180 | 07/15/30 | 1002854 |
| 2100000 Carlyle Global Market Strategies CLO 2012-4 Ltd. Series 4A BR4<sup>(a),(b)</sup> | TSFR3M + 1.750% | 6.0220 | 04/22/32 | 2104641 |
| 3500000 Cifc Funding 2014-IV-R Ltd. Series 4RA BRR<sup>(a),(b)</sup> | TSFR3M + 1.800% | 6.0800 | 01/17/35 | 3496287 |
| 4885000 Cifc Funding 2014-IV-R Ltd. Series 4RA CRR<sup>(a),(b)</sup> | TSFR3M + 2.600% | 6.8800 | 01/17/35 | 4866681 |
| 2200000 CIFC Funding 2017-IV Ltd. Series 2017-4A A2R<sup>(a),(b)</sup> | TSFR3M + 1.812% | 6.0870 | 10/24/30 | 2202719 |
| 3000000 CIFC Funding 2017-IV Ltd. Series 2017-4A CR<sup>(a),(b)</sup> | TSFR3M + 3.412% | 7.6870 | 10/24/30 | 3000717 |
| 2300000 CIFC Funding 2018-III Ltd. Series 3A C<sup>(a),(b)</sup> | TSFR3M + 2.162% | 6.4310 | 07/18/31 | 2310339 |
| 5250000 Dewolf Park CLO Ltd. Series 1A CR<sup>(a),(b)</sup> | TSFR3M + 2.112% | 6.3680 | 10/15/30 | 5258453 |
| 1000000 Dryden 30 Senior Loan Fund Series 2013-30A CR<sup>(a),(b)</sup> | TSFR3M + 1.962% | 6.2880 | 11/15/28 | 1000540 |
| 3500000 Dryden 30 Senior Loan Fund Series 2013-30A DR<sup>(a),(b)</sup> | TSFR3M + 2.862% | 7.1880 | 11/15/28 | 3505450 |
| 3750000 Dryden 70 CLO Ltd. Series 70A C<sup>(a),(b)</sup> | TSFR3M + 2.412% | 6.6720 | 01/16/32 | 3753769 |
| 1700000 Elmwood CLO 20 Ltd. Series 7A BR<sup>(a),(b)</sup> | TSFR3M + 2.050% | 6.3300 | 01/17/37 | 1703635 |
| 5500000 Elmwood CLO 21 Ltd. Series 8A AR<sup>(a),(b)</sup> | TSFR3M + 1.650% | 5.9190 | 10/20/36 | 5508167 |
| 2460000 Elmwood CLO VI Ltd. Series 3A ARR<sup>(a),(b)</sup> | TSFR3M + 1.380% | 5.6490 | 07/18/37 | 2465906 |
| 3000000 Goldentree Loan Management US CLO 1 Ltd. Series 1A DR3<sup>(a),(b)</sup> | TSFR3M + 2.400% | 6.6690 | 04/20/34 | 2992392 |
| 1500000 Goldentree Loan Management US Clo 11 Ltd. Series 11A ER<sup>(a),(b)</sup> | TSFR3M + 4.900% | 9.1690 | 10/20/34 | 1500177 |
| 4500000 Goldentree Loan Management US Clo 17 Ltd. Series 17A BR<sup>(a),(b)</sup> | TSFR3M + 1.650% | 5.9660 | 01/20/39 | 4500000 |
| 2500000 HalseyPoint CLO 4 Ltd. Series 4A E<sup>(a),(b)</sup> | TSFR3M + 6.972% | 11.2410 | 04/20/34 | 2499757 |
| 1875000 Halseypoint Clo 5 Ltd. Series 5A D<sup>(a),(b)</sup> | TSFR3M + 3.762% | 8.0410 | 01/30/35 | 1853507 |
| 5750000 ICG US CLO 2015-2R Ltd. Series 2RA A2R<sup>(a),(b)</sup> | TSFR3M + 1.500% | 5.7610 | 01/16/33 | 5760241 |
| 4750000 ICG US CLO 2015-2R Ltd. Series 2RA CR<sup>(a),(b)</sup> | TSFR3M + 2.700% | 6.9610 | 01/16/33 | 4725048 |
| 1250000 ICG US CLO 2022-1i Ltd. Series 1A D1<sup>(a),(b)</sup> | TSFR3M + 4.060% | 8.3320 | 07/20/35 | 1255822 |
| 1800000 LCM XVIII, L.P. Series 18A DR<sup>(a),(b)</sup> | TSFR3M + 3.062% | 7.3310 | 04/20/31 | 1800495 |
| 3150000 Madison Park Funding XIV Ltd. Series 14A D1R4<sup>(a),(b)</sup> | TSFR3M + 2.900% | 7.1720 | 10/22/30 | 3154630 |
| 4690000 Madison Park Funding XXIV Ltd. Series 24A BR2<sup>(a),(b)</sup> | TSFR3M + 1.550% | 5.8190 | 10/20/29 | 4700393 |
| 3275000 Marathon CLO 14 Ltd. Series 2A BAR2<sup>(a),(b)</sup> | TSFR3M + 1.850% | 6.1190 | 01/20/33 | 3268696 |
| 500000 MidOcean Credit CLO XII Ltd. Series 12A A1R<sup>(a),(b)</sup> | TSFR3M + 1.340% | 5.6090 | 04/18/36 | 500913 |

---

See accompanying notes to financial statements.

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
| 2000000 Neuberger Berman CLO XV Series 2013-15A CR2<sup>(a),(b)</sup> | TSFR3M + 2.112% | 6.3680 | 10/15/29 | $2002434 |
| 7600000 Neuberger Berman CLO XVII Ltd. Series 17A CR3<sup>(a),(b)</sup> | TSFR3M + 2.150% | 6.4220 | 07/22/38 | 7606718 |
| 2000000 Neuberger Berman Loan Advisers CLO 32 Ltd. Series 2019-32A DR<sup>(a),(b)</sup> | TSFR3M + 2.962% | 7.2310 | 01/19/32 | 1993816 |
| 2000000 Neuberger Berman Loan Advisers CLO 32 Ltd. Series 32A CR<sup>(a),(b)</sup> | TSFR3M + 1.962% | 6.2310 | 01/20/32 | 2001284 |
| 5000000 Neuberger Berman Loan Advisers Clo 42 Ltd. Series 42A CR<sup>(a),(b)</sup> | TSFR3M + 1.850% | 6.1110 | 07/16/36 | 4995135 |
| 1600000 Neuberger Berman Loan Advisers Clo 42 Ltd. Series 42A DR<sup>(a),(b)</sup> | TSFR3M + 2.500% | 6.7610 | 07/16/36 | 1607931 |
| 3200000 Neuberger Berman Loan Advisers CLO 45 Ltd. Series 45A CR<sup>(a),(b)</sup> | TSFR3M + 1.950% | 6.1920 | 10/14/36 | 3207773 |
| 3250000 Octagon Investment Partners 41 Ltd. Series 2A CR2<sup>(a),(b)</sup> | TSFR3M + 2.000% | 6.2560 | 10/15/33 | 3254738 |
| 6250000 Octagon Investment Partners XXI Ltd. Series 1A BR4<sup>(a),(b)</sup> | TSFR3M + 1.350% | 5.6580 | 02/14/31 | 6236775 |
| 5575000 OHA Credit Partners XIV Ltd. Series 14A D1R<sup>(a),(b)</sup> | TSFR3M + 2.900% | 7.1190 | 07/21/37 | 5552784 |
| 2500000 Regatta XIII Funding Ltd. Series 2A CR<sup>(a),(b)</sup> | TSFR3M + 2.700% | 6.9560 | 07/15/31 | 2508863 |
| 37500 Riserva Clo Ltd. Series 2016-3A XRR<sup>(a),(b)</sup> | TSFR3M + 1.062% | 5.3310 | 01/18/34 | 37474 |
| 2500000 Sagard-Halseypoint Clo 9 Ltd. Series 9A D2<sup>(a),(b)</sup> | TSFR3M + 4.500% | 8.7820 | 04/20/38 | 2438317 |
| 1746386 Sound Point CLO IX Ltd. Series 2A ARRR<sup>(a),(b)</sup> | TSFR3M + 1.472% | 5.7410 | 07/20/32 | 1748315 |
| 6290970 Sound Point Clo XV Ltd. Series 1A E<sup>(a),(b)</sup> | TSFR3M + 6.222% | 10.5010 | 01/23/29 | 6290322 |
| 2300000 Sounds Point CLO IV-R LTD Series 3RA C<sup>(a),(b)</sup> | TSFR3M + 2.512% | 6.7810 | 04/18/31 | 2311259 |
| 640000 Venture 35 CLO Ltd. Series 35A BLR<sup>(a),(b)</sup> | TSFR3M + 2.012% | 6.2840 | 10/22/31 | 642547 |
| 3250000 Venture 41 Clo Ltd. Series 41A C<sup>(a),(b)</sup> | TSFR3M + 2.862% | 7.1310 | 01/20/34 | 3262769 |
| 3500000 Venture 41 Clo Ltd. Series 41A D<sup>(a),(b)</sup> | TSFR3M + 4.132% | 8.4010 | 01/20/34 | 3485419 |
| 2765000 Venture 43 CLO Ltd. Series 43A D<sup>(a),(b)</sup> | TSFR3M + 3.732% | 7.9880 | 04/15/34 | 2688963 |
| 1375000 Venture XV CLO Ltd. Series 2013-15A DR2<sup>(a),(b)</sup> | TSFR3M + 4.182% | 8.4380 | 07/15/32 | 1360172 |
| 5220000 Voya CLO 2013-1 Ltd. Series 1A BR<sup>(a),(b)</sup> | TSFR3M + 2.162% | 6.4180 | 10/15/30 | 5236652 |
| 2425000 Voya CLO 2014-1 Ltd.<sup>(a),(b)</sup> | TSFR3M + 3.062% | 7.3310 | 04/18/31 | 2429680 |
| 2173217 Voya CLO 2015-1 Ltd. Series 1A CR<sup>(a),(b)</sup> | TSFR3M + 2.612% | 6.8810 | 01/18/29 | 2174017 |
| 850000 Voya CLO 2018-1 Ltd. Series 1A B<sup>(a),(b)</sup> | TSFR3M + 2.062% | 6.3550 | 04/19/31 | 852370 |
| 3000000 Wellfleet CLO 2021-2 Ltd. Series 2A A1<sup>(a),(b)</sup> | TSFR3M + 1.462% | 5.7180 | 07/15/34 | 3003750 |
| 2465000 Wind River 2021-2 CLO Ltd. Series 2A C<sup>(a),(b)</sup> | TSFR3M + 2.212% | 6.4810 | 07/20/34 | 2468727 |
| 1250000 Wind River 2021-2 CLO Ltd. Series 2021-2A D<sup>(a),(b)</sup> | TSFR3M + 3.412% | 7.6810 | 07/20/34 | 1239410 |
|  |  |  |  | 181262751 |

---

See accompanying notes to financial statements.

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 49.4% (Continued)** |  |  |  |  |
|  | **RESIDENTIAL MORTGAGE — 0.0%<sup>(c)</sup>** |  |  |  |  |
| 122742 | Towd Point Mortgage Trust 2017-6 Series 2017-6 A1<sup>(a),(d)</sup> | Towd Point Mortgage Trust 2017-6 Series 2017-6 A1<sup>(a),(d)</sup> | 2.7500 | 10/25/57 | 120335 |
|  | **TOTAL ASSET BACKED SECURITIES (Cost $262,352,138)** | **TOTAL ASSET BACKED SECURITIES (Cost $262,352,138)** | **TOTAL ASSET BACKED SECURITIES (Cost $262,352,138)** |  | 264018078 |
| **Principal** |  |  | **Coupon Rate** |  |  |
| **Amount ($)** |  | **Spread** | **(%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 33.4%** |  |  |  |  |
|  | **AUTOMOTIVE — 1.0%** |  |  |  |  |
| 5000000 | Volkswagen Group of America Finance, LLC<sup>(a)</sup> |  | 5.9000 | 09/12/33 | 5140749 |
|  | **BANKING — 0.8%** |  |  |  |  |
| 3995000 | Bank of America Corporation Series FF<sup>(d)</sup> | TSFR3M + 3.193% | 5.8750 | Perpetual | 4066403 |
|  | **BIOTECH & PHARMA — 0.1%** |  |  |  |  |
| 342000 | Prestige Brands, Inc.<sup>(a)</sup> |  | 5.1250 | 01/15/28 | 339477 |
|  | **CABLE & SATELLITE — 0.7%** |  |  |  |  |
| 3000000 | CCO Holdings, LLC / CCO Holdings Capital<sup>(a)</sup> |  | 5.1250 | 05/01/27 | 2993399 |
| 1000000 | CCO Holdings, LLC / CCO Holdings Capital<sup>(a)</sup> |  | 5.0000 | 02/01/28 | 991342 |
|  |  |  |  |  | 3984741 |
|  | **CHEMICALS — 0.6%** |  |  |  |  |
| 770000 | HB Fuller Company |  | 4.2500 | 10/15/28 | 746054 |
| 2675000 | Ingevity Corporation<sup>(a)</sup> |  | 3.8750 | 11/01/28 | 2552421 |
|  |  |  |  |  | 3298475 |
|  | **COMMERCIAL SUPPORT SERVICES — 0.6%** |  |  |  |  |
| 2945000 | Korn Ferry<sup>(a)</sup> |  | 4.6250 | 12/15/27 | 2933296 |
|  | **CONSTRUCTION MATERIALS — 1.0%** |  |  |  |  |
| 3592000 | Advanced Drainage Systems, Inc.<sup>(a)</sup> |  | 5.0000 | 09/30/27 | 3560867 |
| 2000000 | Advanced Drainage Systems, Inc.<sup>(a)</sup> |  | 6.3750 | 06/15/30 | 2046948 |
|  |  |  |  |  | 5607815 |
|  | **CONSUMER SERVICES — 1.3%** |  |  |  |  |
| 3885000 | Service Corp International |  | 5.1250 | 06/01/29 | 3878140 |
| 3000000 | Service Corp International |  | 5.7500 | 10/15/32 | 3034437 |
|  |  |  |  |  | 6912577 |

---

See accompanying notes to financial statements.

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 33.4% (Continued)** |  |  |  |  |
|  | **CONTAINERS & PACKAGING — 1.0%** |  |  |  |  |
| 2420000 | Silgan Holdings, Inc. |  | 4.1250 | 02/01/28 | $2380322 |
| 3350000 | TriMas Corporation<sup>(a)</sup> |  | 4.1250 | 04/15/29 | 3183061 |
|  |  |  |  |  | 5563383 |
|  | **ELECTRIC UTILITIES — 0.6%** |  |  |  |  |
| 2940000 | National Rural Utilities Cooperative Finance<sup>(d)</sup> | H15T5Y + 3.533% | 7.1250 | 09/15/53 | 3081270 |
|  | **ELECTRICAL EQUIPMENT — 0.7%** |  |  |  |  |
| 4069000 | BWX Technologies, Inc.<sup>(a)</sup> |  | 4.1250 | 04/15/29 | 3926095 |
|  | **ENGINEERING & CONSTRUCTION — 1.6%** |  |  |  |  |
| 2035000 | Installed Building Products, Inc.<sup>(a)</sup> |  | 5.7500 | 02/01/28 | 2037022 |
| 6500000 | MasTec, Inc.<sup>(a)</sup> |  | 4.5000 | 08/15/28 | 6413671 |
|  |  |  |  |  | 8450693 |
|  | **FOOD — 0.7%** |  |  |  |  |
| 4009000 | Darling Ingredients, Inc.<sup>(a)</sup> |  | 5.2500 | 04/15/27 | 4002299 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS — 0.8%** |  |  |  |  |
| 4472000 | Louisiana-Pacific Corporation<sup>(a)</sup> |  | 3.6250 | 03/15/29 | 4251450 |
|  | **HEALTH CARE FACILITIES & SERVICES — 0.5%** |  |  |  |  |
| 2500000 | Molina Healthcare, Inc.<sup>(a)</sup> |  | 4.3750 | 06/15/28 | 2445221 |
|  | **HOME CONSTRUCTION — 0.8%** |  |  |  |  |
| 4137000 | Meritage Homes Corporation |  | 5.1250 | 06/06/27 | 4186573 |
|  | **HOUSEHOLD PRODUCTS — 0.9%** |  |  |  |  |
| 4907000 | Central Garden & Pet Company |  | 5.1250 | 02/01/28 | 4914233 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 2.3%** |  |  |  |  |
| 3750000 | Goldman Sachs Group, Inc. (The)<sup>(d)</sup> | H15T5Y + 3.156% | 7.5000 | Perpetual | 3989010 |
| 8045000 | Morgan Stanley<sup>(d)</sup> | SOFRRATE + 1.880% | 5.4240 | 07/21/34 | 8241806 |
|  |  |  |  |  | 12230816 |

---

See accompanying notes to financial statements.

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 33.4% (Continued)** |  |  |  |  |
|  | **LEISURE FACILITIES & SERVICES — 0.6%** |  |  |  |  |
| 3560000 | Boyne USA, Inc.<sup>(a)</sup> |  | 4.7500 | 05/15/29 | $3458810 |
|  | **MACHINERY — 1.1%** |  |  |  |  |
| 4000000 | ATS Corporation<sup>(a)</sup> |  | 4.1250 | 12/15/28 | 3826385 |
| 2000000 | Terex Corporation<sup>(a)</sup> |  | 6.2500 | 10/15/32 | 2005370 |
|  |  |  |  |  | 5831755 |
|  | **METALS & MINING — 1.2%** |  |  |  |  |
| 3603000 | Freeport-McMoRan, Inc. |  | 5.0000 | 09/01/27 | 3597657 |
| 2767000 | Mineral Resources Ltd.<sup>(a)</sup> |  | 8.1250 | 05/01/27 | 2767442 |
|  |  |  |  |  | 6365099 |
|  | **OIL & GAS PRODUCERS — 8.0%** |  |  |  |  |
| 2775000 | Cheniere Energy Partners, L.P. |  | 4.5000 | 10/01/29 | 2745728 |
| 4000000 | Civitas Resources, Inc.<sup>(a)</sup> |  | 8.6250 | 11/01/30 | 4064132 |
| 3000000 | EQT Corporation |  | 5.7500 | 02/01/34 | 3103156 |
| 1500000 | Global Partners LP / GLP Finance Corp<sup>(a)</sup> |  | 7.1250 | 07/01/33 | 1523583 |
| 2000000 | Matador Resources Company<sup>(a)</sup> |  | 6.8750 | 04/15/28 | 2041536 |
| 2500000 | Matador Resources Company<sup>(a)</sup> |  | 6.5000 | 04/15/32 | 2501973 |
| 4510000 | Murphy Oil Corporation |  | 6.0000 | 10/01/32 | 4304646 |
| 3240000 | Murphy Oil USA, Inc. |  | 5.6250 | 05/01/27 | 3243859 |
| 750000 | Murphy Oil USA, Inc. |  | 4.7500 | 09/15/29 | 737712 |
| 4200000 | Plains All American Pipeline, L.P. Series B<sup>(d)</sup> | TSFR3M + 4.372% | 8.6980 | Perpetual | 4219379 |
| 2000000 | SM Energy Company<sup>(a)</sup> |  | 6.7500 | 08/01/29 | 1994211 |
| 3175000 | Sunoco, L.P.<sup>(a)</sup> |  | 7.2500 | 05/01/32 | 3336366 |
| 3000000 | Sunoco, L.P.<sup>(a)</sup> |  | 6.2500 | 07/01/33 | 3045999 |
| 2825000 | Sunoco, L.P. / Sunoco Finance Corporation |  | 6.0000 | 04/15/27 | 2826015 |
| 2909000 | Targa Resources Partners, L.P. / Targa Resources |  | 5.0000 | 01/15/28 | 2911285 |
|  |  |  |  |  | 42599580 |
|  | **PUBLISHING & BROADCASTING — 0.6%** |  |  |  |  |
| 1500000 | Nexstar Media, Inc.<sup>(a)</sup> |  | 5.6250 | 07/15/27 | 1497458 |
| 2000000 | TEGNA, Inc. |  | 5.0000 | 09/15/29 | 1911781 |
|  |  |  |  |  | 3409239 |

---

See accompanying notes to financial statements.

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 33.4% (Continued)** |  |  |  |  |
|  | **REAL ESTATE INVESTMENT TRUSTS — 0.4%** |  |  |  |  |
| 2000000 | Iron Mountain, Inc.<sup>(a)</sup> |  | 5.2500 | 03/15/28 | $1992552 |
|  | **RETAIL - DISCRETIONARY — 1.4%** |  |  |  |  |
| 1400000 | Asbury Automotive Group, Inc. |  | 4.5000 | 03/01/28 | 1381835 |
| 1945000 | Asbury Automotive Group, Inc. |  | 4.7500 | 03/01/30 | 1884383 |
| 1000000 | Builders FirstSource, Inc.<sup>(a)</sup> |  | 6.3750 | 03/01/34 | 1020231 |
| 3000000 | Patrick Industries, Inc.<sup>(a)</sup> |  | 6.3750 | 11/01/32 | 3009501 |
|  |  |  |  |  | 7295950 |
|  | **SEMICONDUCTORS — 1.2%** |  |  |  |  |
| 2180000 | Amkor Technology, Inc.<sup>(a)</sup> |  | 6.6250 | 09/15/27 | 2187197 |
| 2075000 | ON Semiconductor Corporation<sup>(a)</sup> |  | 3.8750 | 09/01/28 | 2009226 |
| 2200000 | Synaptics, Inc.<sup>(a)</sup> |  | 4.0000 | 06/15/29 | 2089913 |
|  |  |  |  |  | 6286336 |
|  | **SOFTWARE — 0.1%** |  |  |  |  |
| 500000 | Gen Digital, Inc.<sup>(a)</sup> |  | 6.7500 | 09/30/27 | 509203 |
|  | **SPECIALTY FINANCE — 0.9%** |  |  |  |  |
| 5000000 | FirstCash, Inc.<sup>(a)</sup> |  | 4.6250 | 09/01/28 | 4913332 |
|  | **TECHNOLOGY SERVICES — 0.6%** |  |  |  |  |
| 3500000 | Booz Allen Hamilton, Inc.<sup>(a)</sup> |  | 3.8750 | 09/01/28 | 3397701 |
|  | **TRANSPORTATION & LOGISTICS — 0.6%** |  |  |  |  |
| 3000000 | Genesee & Wyoming, Inc.<sup>(a)</sup> |  | 6.2500 | 04/15/32 | 3064797 |
|  | **TRANSPORTATION EQUIPMENT — 0.7%** |  |  |  |  |
| 2000000 | Allison Transmission, Inc.<sup>(a)</sup> |  | 4.7500 | 10/01/27 | 1984580 |
| 2000000 | Allison Transmission, Inc.<sup>(a)</sup> |  | 5.8750 | 06/01/29 | 2022046 |
|  |  |  |  |  | 4006626 |
|  | **TOTAL CORPORATE BONDS (Cost $178,049,790)** |  |  |  | 178466546 |

---

See accompanying notes to financial statements.

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **TERM LOANS — 5.1%** |  |  |  |  |
|  | **CHEMICALS — 0.8%** |  |  |  |  |
| 4429.162 | HB Fuller Company<sup>(b)</sup> | TSFR1M + 1.750% | 6.0690 | 02/15/30 | $4454098 |
|  | **CONSTRUCTION MATERIALS — 1.1%** |  |  |  |  |
| 3879544 | Quikrete Holdings, Inc.<sup>(b)</sup> | TSFR1M + 2.250% | 6.5420 | 04/14/31 | 3878943 |
| 1990301 | Quikrete Holdings, Inc.<sup>(b)</sup> | TSFR1M + 2.250% | 6.5550 | 01/31/32 | 1990052 |
|  |  |  |  |  | 5868995 |
|  | **LEISURE FACILITIES & SERVICES — 0.4%** |  |  |  |  |
| 1976865 | Hilton Grand Vacations Borrower, LLC<sup>(b)</sup> | TSFR1M + 2.000% | 8.1900 | 08/02/28 | 1978565 |
|  | **LEISURE PRODUCTS — 0.9%** |  |  |  |  |
| 4856837 | Hayward Industries, Inc.<sup>(b)</sup> | TSFR1M + 2.615% | 8.1900 | 05/28/28 | 4880685 |
|  | **MEDICAL EQUIPMENT & DEVICES** — **0.0%<sup>(c)</sup>** |  |  |  |  |
| 122766 | Avantor Funding, Inc.<sup>(b)</sup> | TSFR1M + 2.100% | 7.4300 | 11/08/27 | 123304 |
|  | **RETAIL - DISCRETIONARY — 0.8%** |  |  |  |  |
| 3970000 | Johnstone Supply, LLC<sup>(b)</sup> | TSFR1M + 2.500% | 8.3210 | 05/16/31 | 3982406 |
|  | **TECHNOLOGY HARDWARE — 0.4%** |  |  |  |  |
| 1970103 | Ciena Corporation<sup>(b)</sup> | TSFR1M + 1.750% | 6.0780 | 10/24/30 | 1980938 |
|  | **TRANSPORTATION & LOGISTICS — 0.7%** |  |  |  |  |
| 3970000 | Genesee & Wyoming, Inc.<sup>(b)</sup> | TSFR3M + 1.750% | 6.5220 | 04/10/31 | 3953961 |
|  | **TOTAL TERM LOANS (Cost $27,153,924)** |  |  |  | 27222952 |

---

See accompanying notes to financial statements.

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **U.S. TREASURY BONDS & NOTES — 8.0%** |  |  |  |
| 8061120 | United States Treasury Inflation Indexed Bonds | 1.6250 | 04/15/30 | $8122845 |
| 35800000 | United States Treasury Note | 3.5000 | 02/15/33 | 34523227 |
|  | **TOTAL TREASURY BONDS & NOTES (Cost $42,025,960)** |  |  | 42646072 |
| **Shares** |  |  |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 2.1%** | **SHORT-TERM INVESTMENTS — 2.1%** |  |  |
|  | **MONEY MARKET FUNDS – 2.1%** | **MONEY MARKET FUNDS – 2.1%** |  |  |
| 11400620 | First American Government Obligations Fund, Class X, 4.21% (Cost $11,400,620)<sup>(e)</sup> | First American Government Obligations Fund, Class X, 4.21% (Cost $11,400,620)<sup>(e)</sup> | First American Government Obligations Fund, Class X, 4.21% (Cost $11,400,620)<sup>(e)</sup> | 11400620 |
|  | **TOTAL INVESTMENTS - 99.2% (Cost $530,063,388)** | **TOTAL INVESTMENTS - 99.2% (Cost $530,063,388)** |  | $530049183 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.8%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.8%** |  | 4415394 |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** |  | $534464577 |

---

---

| | |
|:---|:---|
| 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 June 30, 2025 the total market value of 144A securities is $352,678,128 or 66.0% of net assets.

<sup>(b)</sup> Floating rate security based on a reference index and spread, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Certain securities are fixed to variable and currently in the fixed phase.

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

<sup>(d)</sup> Variable rate security; the rate shown represents the rate on June 30, 2025.

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

See accompanying notes to financial statements.

---

| |
|:---|
| **Boyd Watterson Limited Duration Enhanced Income Fund** |
| **STATEMENT OF ASSETS AND LIABILITIES** |
| **June 30, 2025** |

---

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $530063388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At fair value | $530049183 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 5903748 |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold | 231062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 536183993 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;Payable for fund shares redeemed | 1588446 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 3272 |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 46699 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 80999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 1719416 |
| **NET ASSETS** | $**534464577** |
| **Net Assets Consist Of:** |  |
| &nbsp;&nbsp;&nbsp;Paid in capital ($0 par value, unlimited shares authorized) | $539401173 |
| &nbsp;&nbsp;&nbsp;Accumulated losses | (4936596) |
| **NET ASSETS** | $**534464577** |
| **Net Asset Value Per Share:** |  |
| Class I Shares: |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**120964959** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding \* | **12448627** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**9.72** |
| Class I2 Shares: |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**413499618** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding \* | **41730216** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**9.91** |

---

\* 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** |
| **For the Year Ended June 30, 2025** |

---

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;Dividends | $387320 |
| &nbsp;&nbsp;&nbsp;Interest, net of amortization and accretion | 30828595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 31215915 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 1979929 |
| &nbsp;&nbsp;&nbsp;Administrative services fees | 490441 |
| &nbsp;&nbsp;&nbsp;Third party administration servicing fees | 264320 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 67739 |
| &nbsp;&nbsp;&nbsp;Registration fees | 63875 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 56884 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 33712 |
| &nbsp;&nbsp;&nbsp;Audit fees | 27774 |
| &nbsp;&nbsp;&nbsp;Legal Fees | 18722 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 17017 |
| &nbsp;&nbsp;&nbsp;Printing and postage expenses | 16877 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 7300 |
| &nbsp;&nbsp;&nbsp;Other expenses | 12439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 3057029 |
| &nbsp;&nbsp;&nbsp;Less: Fees waived by the advisor | (811747) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 2245282 |
| **NET INVESTMENT INCOME** | 28970633 |
| **REALIZED AND UNREALIZED GAIN FROM INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain from investments | 113709 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 3532825 |
| **NET REALIZED AND UNREALIZED GAIN FROM INVESTMENTS** | 3646534 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**32617167** |

---

See accompanying notes to financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**June 30, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $28970633 | $21995727 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from investments | 113709 | (1554840) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 3532825 | 11448821 |
| Net increase in net assets resulting from operations | 32617167 | 31889708 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total distribution paid |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A\* |  | (83182) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C\* |  | (59644) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (6651732) | (4536095) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I2 | (21983381) | (17185743) |
| Net decrease in net assets from distributions to shareholders | (28635113) | (21864664) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A\* |  | 84402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C\* |  | 39994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 44305998 | 45466186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I2 | 66523698 | 62944520 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A\* |  | 83181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C\* |  | 59644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 6580735 | 4480780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I2 | 19423369 | 14999447 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A\* |  | (2251408) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C\* |  | (1787746) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (29026190) | (17282337) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I2 | (24106696) | (49470097) |
| Net increase in net assets from shares of beneficial interest | 83700914 | 57366566 |
| **TOTAL INCREASE IN NET ASSETS** | 87682968 | 67391610 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 446781609 | 379389999 |
| &nbsp;&nbsp;&nbsp;End of Year | $**534464577** | $**446781609** |

---

\* As of the close of business on March 28, 2024, sales and operations of Classes A and C were suspended. Classes A and C were coverted to Class I shares.

See accompanying notes to financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**June 30, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2024** |
| **SHARE ACTIVITY** |  |  |
| Class A:\* |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold |  | 8816 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested |  | 8738 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed |  | (233132) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding |  | (215578) |
| Class C:\* |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold |  | 4170 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested |  | 6252 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed |  | (184585) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding |  | (174163) |
| Class I: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 4547712 | 4703128 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 678590 | 468637 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (2977893) | (1795879) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 2248409 | 3375886 |
| Class I2: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 6731259 | 6432372 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 1966108 | 1546460 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (2439208) | (5101086) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 6258159 | 2877746 |

---

\* As of the close of business on March 28, 2024, sales and operations of Classes A and C were suspended. Classes A and C were coverted to Class I shares.

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 Presented |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **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** |
| Net asset value, beginning of year | $9.66 | $9.42 | $9.20 | $10.08 | $9.89 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.56 | 0.54 | 0.42 | 0.27 | 0.29 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.07 | 0.26 | 0.25 | (0.83) | 0.22 |
| Total from investment operations | 0.63 | 0.80 | 0.67 | (0.56) | 0.51 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.57) | (0.56) | (0.45) | (0.30) | (0.32) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  | (0.00 | (0.02) |  |
| Total distributions | (0.57) | (0.56) | (0.45 | (0.32) | (0.32) |
| Net asset value, end of year | $9.72 | $9.66 | $9.42 | $9.20 | $10.08 |
| Total return (3) | 6.63% (6) | 8.69% (6) | 7.50 | (5.69)% | 5.19% |
| Net assets, end of year (000s) | $120965 | $98503 | $64313 | $66, 146 | $86471 |
| Ratio of gross expenses to average net assets (45) | 0.62% | 0.60% | 0.60 | 0.60% | 0.60% |
| Ratio of net expenses to average net assets (5) | 0.60% | 0.60% | 0.60 | 0.60% | 0.60% |
| Ratio of net investment income to average net assets | 5.70% | 5.58% | 4.57 | 2.67% | 2.89% |
| Portfolio Turnover Rate | 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.

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 Presented |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **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** |
| Net asset value, beginning of year | $9.82 | $9.55 | $9.30 | $10.17 | $9.95 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.59 | 0.56 | 0.45 | 0.29 | 0.32 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.07 | 0.27 | 0.25 | (0.84) | 0.22 |
| Total from investment operations | 0.66 | 0.83 | 0.70 | (0.55) | 0.54 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.57) | (0.56) | (0.45) | (0.30) | (0.32) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  | (0.00 | (0.02) |  |
| Total distributions | (0.57) | (0.56) | (0.45 | (0.32) | (0.32) |
| Net asset value, end of year | $9.91 | $9.82 | $9.55 | $9.30 | $10.17 |
| Total return (3) | 6.83% (6) | 8.89% | 7.74 | (5.54)% | 5.46% |
| Net assets, end of year (000s) | $413500 | $348278 | $311396 | $286882 | $259922 |
| Ratio of gross expenses to average net assets (45) | 0.62% | 0.60% | 0.60 | 0.60% | 0.60% |
| Ratio of net expenses to average net assets (5) | 0.41% | 0.41% | 0.40 | 0.40% | 0.40% |
| Ratio of net investment income to average net assets | 5.89% | 5.77% | 4.78 | 2.88% | 3.10% |
| Portfolio Turnover Rate | 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.

See accompanying notes to financial statements.

---

| |
|:---|
| **Boyd Watterson Limited Duration Enhanced Income Fund** |
| **NOTES TO FINANCIAL STATEMENTS** |
| **June 30, 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's 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.

**Operating Segments –** The Fund has adopted FASB ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 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 managers 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

---

| |
|:---|
| **Boyd Watterson Limited Duration Enhanced Income Fund** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **June 30, 2025** |

---

companies are valued at net asset value.

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 (Continued)** |
| **June 30, 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 June 30, 2025, for the Fund's investments measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Preferred Stocks | $6294915 | $— | $— | $6294915 |
| Asset Backed Securities |  | 264018078 |  | 264018078 |
| Corporate Bonds |  | 178466546 |  | 178466546 |
| Term Loans |  | 27222952 |  | 27222952 |
| U.S. Treasury Bonds & Notes |  | 42646072 |  | 42646072 |
| Short-Term Investments | 11400620 |  |  | 11400620 |
| Total | $17695535 | $512353648 | $— | $530049183 |

---

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

\* 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 have qualified and intend 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 recognize 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 recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations when incurred. During the fiscal year, the Fund did not incur any interest or penalties. The Fund typically intend to annually distribute sufficient net investment

---

| |
|:---|
| **Boyd Watterson Limited Duration Enhanced Income Fund** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **June 30, 2025** |

---

company taxable income and 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 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 (Continued)** |
| **June 30, 2025** |

---

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

For the year ended June 30, 2025, cost of purchases and proceeds from sales of portfolio securities, excluding short-term investments and U.S. government securities, amounted to $240,537,610 and $21,301,636 respectively. Cost of purchases and proceeds from sales of U.S. government securities, amounted to $75,400,170 and $58,724,655, 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 $1,979,929 in advisory fees for the year ended June 30, 2025.

The Advisor has contractually agreed to reduce its fees and/or absorb expenses of the Fund ("Waiver Agreement") until at least November 1, 2025, 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, 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 year ended June 30, 2025, the Advisor waived fees in the amount of $811,747 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 year ended June 30, 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 (Continued)** |
| **June 30, 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 $529,939,244 for the Fund, and differs from fair value by net unrealized appreciation (depreciation) of securities as follows:

---

| | |
|:---|:---|
| Unrealized appreciation | $5247462 |
| Unrealized depreciation | (5137523) |
| Net unrealized appreciation | $109939 |

---

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 (Continued)** |
| **June 30, 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, 2024, to October 31, 2025. For the year ended June 30, 2025, there were no borrowings for the Fund and no balance outstanding as of period-end.

**7.** **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.

![(LOGO)](bo002_v1.jpg)

**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

To the Shareholders of Boyd Watterson Limited Duration Enhanced Income Fund and

Board of Trustees of Northern Lights Fund Trust III

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Boyd Watterson Limited Duration Enhanced Income Fund (the "Fund"), a series of Northern Lights Fund Trust III, as of June 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2025, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian, brokers, and agent banks. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Fund's auditor since 2016.

![(SIGNATURE)](bo003_v1.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

August 29, 2025

---

| |
|:---|
| **COHEN & COMPANY, LTD.** |
| **Registered with the Public Company Accounting Oversight Board** |
| **800.229.1099** **I 866.818.4538 fax I cohenco.com** |

---

---

| |
|:---|
| **Boyd Watterson Limited Duration Enhanced Income Fund** |
| **ADDITIONAL INFORMATION** |
| **June 30, 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**

A special meeting of the shareholders was held on May 27, 2025 to (1) approve a new investment advisory agreement by and between the Adviser and the Trust and (2) approve certain advisory fee payments made by the Adviser to the Fund between August 30, 2024 and the date of the meeting. The following tabulation for each of the proposals voted upon at the special shareholder meeting.

---

| | | | |
|:---|:---|:---|:---|
| **Proposal** | **Votes For** | **Votes Against** | **Abstentions/Votes Withheld** |
| 1 | 35,373,341 | 0 | 8,150 |
| 2 | 35,371,841 | 1,499 | 8,150 |

---

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

Refer to the financial statements included herein.

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

*Approval of Interim and Definitive Advisory Agreements – Boyd Watterson Limited Duration Fund \**

In connection with a meeting held on August 21-22, 2024, the Board, including a majority of the Trustees who are not "interested persons," as that term is defined in the 1940 Act, discussed the approval of the interim and definitive investment advisory agreements (the "Advisory Agreements") between Boyd Watterson Asset Management, LLC (the "Adviser") and the Trust, with respect to Boyd Watterson Limited Duration Fund ("BWLD"). In considering the approval of the Advisory Agreements, the Board received materials specifically relating to BWLD and the Advisory Agreements.

The Board relied upon the advice of independent legal counsel and its own business judgment in determining the material factors to be considered in evaluating the Advisory Agreements and the weight to be given to each such factor. The Board's conclusions were based on an evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching conclusions with respect to the Advisory Agreements.

*<u>Nature, Extent and Quality of Service</u>*. The Board recognized that the Adviser was an employee-owned investment advisory firm founded in 1928 and had over $18.3 billion in assets under management. The Board observed that the Adviser offered an array of fixed income, real estate, and equity investment solutions to its clients. The Board reviewed the backgrounds of the Adviser's key investment personnel, noting their extensive investment industry and compliance experience. The Board acknowledged that the Adviser continued to perform ongoing macroeconomic research that analyzed interest rates, economic growth, inflation, monetary policy, and the credit cycle. The Board noted that the Adviser maintained a comprehensive risk management program that utilized qualitative, quantitative, fundamental and valuation measures to ensure BWLD invested within its investment objectives. The Board discussed that the Adviser's credit team monitored and discussed security ratings upgrades and downgrades. The Board remarked that the Adviser selected its broker-dealers on the basis of best execution standards. The Board noted that the Adviser maintained a cybersecurity program and reported no cybersecurity incidents in the past year. The Board concluded that the change of control of the Adviser would not impact the nature, extent or quality of the Adviser's services to BWLD, and that the Adviser should continue to offer high quality services to BWLD and its shareholders.

*<u>Performance</u>*. The Board noted that BWLD earned a five-star Morningstar rating and outperformed its Morningstar category and benchmark in the 1-year period, but slightly underperformed its peer group over the same period. The Board further noted that BWLD outperformed its peer group, Morningstar category and benchmark in the 3-year, 5-year and since inception periods. The Board acknowledged that the Adviser attributed increased exposure to corporate high yield bonds and floating rate CLOs to strong returns during the 1-year period. The

---

| |
|:---|
| **Boyd Watterson Limited Duration Enhanced Income Fund** |
| **ADDITIONAL INFORMATION (Continued)** |
| **June 30, 2025** |

---

Board concluded that it expected the Adviser to continue to meet BWLD's investment objectives of income and total return.

*<u>Fees and Expenses</u>*. The Board observed that the Adviser's advisory fee and net expense ratio were both lower than the averages and medians of its peer group and Morningstar category. The Board considered that the Adviser had an expense limitation agreement in place. The Board concluded that the Adviser's advisory fee for BWLD was not unreasonable.

*<u>Economies of Scale</u>.* The Board considered whether the Adviser had achieved economies of scale with respect to its management of BWLD. The Board noted that the Adviser had indicated its willingness to discuss the matter of breakpoints with the Board as BWLD reached a specified asset level. The Board agreed that, in light of the expense limitation agreement, which effectively provided shareholders with some benefits of scale, and the Adviser's willingness to consider breakpoints as BWLD grew, the absence of breakpoints at this time was acceptable.

*<u>Profitability</u>.* The Board reviewed the profitability analysis provided by the Adviser for its services to BWLD. The Board recalled the Adviser's belief that the profits were reasonable given the services provided by the Adviser and the regulatory and litigation risks related to managing a mutual fund. The Board recalled that the Adviser continued to waive a significant portion of its advisory fee as a result of the expense cap. The Board concluded that the Adviser's profitability with respect to BWLD was not excessive.

*<u>Conclusion</u>.* Having requested and reviewed such information from the Adviser as the Board believed to be reasonably necessary to evaluate the terms of the Advisory Agreements, as assisted by the advice of independent counsel, the Board concluded that the Adviser's advisory fee charged to BWLD was not unreasonable and that approval of the Advisory Agreements was in the best interests of BWLD and its shareholders.

\* Due to timing of the contract approvals, these deliberations may or may not relate to the current performance results of BWLD.

**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 <u>www.boydwattersonfunds.com</u>, 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 and are sufficient to form the basis of the certifications required by Rule
 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report
 on Form N-CSR.

(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) [Code of Ethics for Principal Executive and Senior Financial Officers is attached hereto.](coe.htm)

(a)(2) 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)(3) Not applicable.

(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>8/27/2025</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>8/27/2025</u>

By (Signature and Title)

---

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

---

Date <u>8/27/2025</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: | 8/27/2025 | /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.

---

| | | |
|:---|:---|:---|
| Date: | 8/27/2025 | /s/ Rich Gleason |
|  |  | Rich Gleason |
|  |  | Principal Financial Officer/Treasurer |

---

## 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 June 30, 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.

---

| | | | |
|:---|:---|:---|:---|
| 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: | 8/27/2025 | Date: | 8/27/2025 |

---

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.

## Ex-99.Code

**aTTACHMENT 12.B**

**Northern Lights Fund Trust III**

**CODE OF ETHICS**

Northern Lights Fund Trust III (the "Trust") and each of its series (the "Funds") has adopted this Code of Ethics (the "Code") in order to set forth guidelines and procedures that promote ethical practices and conduct by all of its Access Persons and to ensure that all Access Persons comply with the federal securities laws. Although this Code contains a number of specific standards and policies, there are four key principles embodied throughout the Code.

**The interests of the Funds must always be paramount**

Access Persons have a legal, fiduciary duty to place the interests of the Funds ahead of their own. In any decision relating to their personal investments, Access Persons must scrupulously avoid serving their own interests ahead of those of Trust.

**Access Persons may not take advantage of their relationship with the Funds**

Access Persons should avoid any situation (unusual investment opportunities, perquisites and accepting gifts of more than token value from persons seeking to do business with the Funds) that might compromise, or call into question, the exercise of their fully independent judgment in the interests of the Funds.

**All Personal Securities Transactions should avoid any actual, potential, or apparent conflicts of interest**

Although all Personal Securities Transactions by Access Persons must be conducted in a manner consistent with this Code, the Code itself is based on the premise that Access Persons owe a fiduciary duty to the Funds, and should avoid any activity that creates an actual, potential, or apparent conflict of interest. This includes executing transactions through or for the benefit of a third party when the transaction is not in keeping with the general principles of this Code.

Access Persons must adhere to these general principles as well as comply with the specific provisions of this Code. Technical compliance with the Code and its procedures will not automatically prevent scrutiny of trades that show a pattern of abuse of an individual's fiduciary duty to the Funds.

**Access Persons must comply with all applicable laws**

In both work-related and personal activities, Access Persons must comply with all applicable laws, including the federal securities laws.

**Any violations of this Code should be reported promptly to the Chief Compliance Officer or his designee. Failure to do so will be deemed a violation of the Code.**

**DEFINITIONS**

**"Access Person"** shall have the same meaning as set forth in Rule 17j-1 under the Investment Company Act of 1940, as amended (the "1940 Act") and shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. all officers and trustees (or persons occupying a similar status or performing a similar function)
of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. all officers and trustees (or persons occupying a similar status or performing a similar function)
of an Adviser with respect to its corresponding series of the Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. any employee of the Trust or the Advisers (or of any company controlling or controlled by or under
common control with the Trust or the Advisers) who, in connection with his or her regular functions or duties, makes, participates
in, or obtains information regarding the purchase or sale of Covered Securities by the Funds, or whose functions relate to the
making of any recommendations with respect to the purchase or sale; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. any other natural person controlling, controlled by or under common control with the Trust or the
Advisers who obtains information concerning recommendations made to the Funds with regard to the purchase or sale of Covered Securities
by the Funds.

**"Beneficial Ownership"** means in general and subject to the specific provisions of Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended, having or sharing, directly or indirectly, through any contract arrangement, understanding, relationship, or otherwise, a direct or indirect "pecuniary interest" in the security.

**"Chief Compliance Officer"** means the Code of Ethics Compliance Officer of the Trust with respect to Trustees and officers of the Trust, or the CCO of the Advisers with respect to Advisers personnel.

**"Code"** means this Code of Ethics.

**"Covered Security"** means any Security, except (i) direct obligations of the U.S. Government, (ii) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements, and (iii) shares issued by open-end mutual Funds, except funds services by Gemini, NLCS, or NLD.

"**Decision Making Access Person"** means any Access Person who, in connection with his or her regular functions or duties, makes or participates in or obtains information regarding recommendations on the purchase or sale of a security by the Funds, or whose functions relate to the making of any recommendations with respect to such purchases or sales. Decision Makers typically are Adviser personnel.

**"Funds"** means series of the Trust.

**"Immediate family"** means an individual's spouse, child, stepchild, grandchild, parent, stepparent, grandparent, siblings, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law and should include adoptive relationships. For purposes of determining whether an Access Person has an "indirect pecuniary interest" in securities, only ownership by "immediate family" members sharing the same household as the Access Person will be presumed to be an "indirect pecuniary interest" of the Access Person, absent special circumstances.

**"Independent Trustees"** means those Trustees of the Trust that would not be deemed an "interested person" of the Trust, as defined in Section 2(a)(19)(A) of the 1940 Act.

**"Indirect Pecuniary Interest"** includes, but is not limited to: (a) securities held by members of the person's Immediate Family sharing the same household (which ownership interest may be rebutted); (b) a

general partner's proportionate interest in Fund securities held by a general or limited partnership; (c) a person's right to dividends that is separated or separable from the underlying securities (otherwise, a right to dividends alone will not constitute a pecuniary interest in securities); (d) a person's interest in securities held by a Trust; (e) a person's right to acquire securities through the exercise or conversion of any derivative security, whether or not presently exercisable; and (f) a performance-related fee, other than an asset based fee, received by any broker, dealer, bank, insurance company, investment company, investment manager, Trustee, or person or entity performing a similar function, with certain exceptions.

**"Pecuniary Interest"** means the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in securities.

**"Personal Securities Transaction"** means any transaction in a Covered Security in which an Access Person has a direct or indirect Pecuniary Interest.

**"Purchase or Sale of a Security"** includes the writing of an option to purchase or sell a Security. A Security shall be deemed "being considered for Purchase or Sale" for the Trusts when a recommendation to purchase or sell has been made and communicated by a Decision Making Access Person, and, with respect to the person making the recommendation, when such person seriously considers making such a recommendation. These recommendations are placed on the "Restricted List" until they are no longer being considered for Purchase or Sale, or until the Security has been purchased or sold.

**"Restricted List"** means the list of securities maintained by the Chief Compliance Officer in which trading by Access Persons is generally prohibited.

**"Security"** means any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-Trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-Trusts certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, or, in general, an interest or instrument commonly known as "security", or any certificate or interest or participation in temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase (including options) any of the foregoing.

**"Advisers"** means the Advisers to the Trust.

**"Trusts"** mean Northern Lights Fund Trust and the Northern Lights Variable Trust.

**PROHIBITED ACTIONS AND ACTIVITIES**

&nbsp;&nbsp;&nbsp;&nbsp;A. No Access Person shall purchase or sell directly or indirectly, any
Covered Security in which he or she has, or by reason of such transaction acquires, any direct or indirect beneficial ownership
and which he or she knows or should have known at the time of such purchase or sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) is being considered for purchase or sale by a Fund, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) is being purchased or sold by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;B. Decision-Making Access Persons may not participate in any initial
public offering of Covered Securities in any account over which they exercise Beneficial Ownership. All Access Persons must obtain
prior written authorization from the Chief Compliance Officer or his designee prior to such participation;

&nbsp;&nbsp;&nbsp;&nbsp;C. No Access Person may purchase a Covered Security in which by reason
of such transaction they acquire Beneficial Ownership in a private placement of a Security, without prior written authorization
of the acquisition by the Chief Compliance Officer or his designee;

&nbsp;&nbsp;&nbsp;&nbsp;D. Access Persons may not accept any fee, commission, gift, or services,
other than de minimus gifts, from any single person or entity that does business with or on behalf of the Trusts;

&nbsp;&nbsp;&nbsp;&nbsp;E. Decision-Making Access Persons may not serve on the board of directors
of a publicly traded company without prior authorization from the Chief Compliance Officer or his designee based upon a determination
that such service would be consistent with the interests of the Trust. If such service is authorized, procedures will then be put
in place to isolate such Decision-Making Access Persons serving as directors of outside entities from those making investment decisions
on behalf of the Trust.

Advanced notice should be given so that the Trust or Advisers may take such action concerning the conflict as deemed appropriate by the Chief Compliance Officer or his designee.

&nbsp;&nbsp;&nbsp;&nbsp;F. Decision-Making Access Persons may execute a Personal Securities
Transaction involving a Covered Security without pre-authorization of the Chief Compliance Officer or such persons who may be designated
by the Chief Compliance Officer from time to time, provided it is permitted by the Adviser's Code of Ethics. The Chief Compliance
Officer or his designee may restrict purchases of Covered Securities pursuant to the Adviser's Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;G. It shall be a violation of this Code for any Access Person, in connection
with the purchase or sale, directly or indirectly, of any Covered Security held or to be acquired by a Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. to employ any device, scheme or artifice to defraud the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. to make to the Trust any untrue statement of a material fact or to
omit to state to the Trust a material fact necessary in order to make the statements made, in light of the circumstances under
which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. to engage in any act, practice or course of business that operates
or would operate as a fraud or deceit upon the Trust; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. to engage in any manipulative practice with respect to the Trust.

EXEMPTED TRANSACTIONS

The provisions described above under the heading Prohibited Actions and Activities and the preclearance procedures under the heading Preclearance of Personal Securities Transactions do not apply to:

· Purchases or Sales of Securities effected in any account in which
an Access Person has no Beneficial Ownership;

· Purchases or Sales of Securities which are non-volitional on the
part the Access Person (for example, the receipt of stock dividends);

· Purchase of Securities made as part of automatic dividend reinvestment
plans;

· Purchases of Securities made as part of an employee benefit plan
involving the periodic purchase of company stock or mutual Funds; and

· Purchases of Securities effected upon the exercise of rights issued
by an issuer pro rata to all holders of a class of its Securities, to the extent such rights were acquired from such issuer, and
sale of such rights so acquired.

**PRECLEARANCE OF PERSONAL SECURITIES TRANSACTIONS**

All Decision-Making Access Persons wishing to engage in a Personal Securities Transaction involving, as defined in the Securities Act of 1933, an Initial Public Offering (IPO) or a Limited Offering, must obtain prior authorization of any such Personal Securities Transaction from the Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate to make such authorizations. Personal Securities Transactions by the Chief Compliance Officer involving an IPO or Limited Offering, shall require prior authorization from the President or Chief Executive Officer of the Trust (unless such person is also the Chief Compliance Officer) or their designee, who shall perform the review and approval functions relating to reports and trading by the Chief Compliance Officer. The Trust shall adopt the appropriate forms and procedures for implementing this Code of Ethics.

Any authorization so provided is effective until the close of business on the fifth trading day after the authorization is granted. In the event that an order for the Personal Securities Transaction involving an IPO or Limited Offering, is not placed within that time period, a new authorization must be obtained. If the order for the transaction is placed but not executed within that time period, no new authorization is required unless the person placing the order originally amends the order in any manner. Authorization for "good until canceled" orders is effective unless the order conflicts with a Trusts order.

If a Decision-Making Access Person wishing to effect a Personal Securities Transaction learns, while the order is pending, that the same Security is being considered for Purchase or Sale by a Fund, he or she should consult with the Chief Compliance Officer or his or her designee.

**REPORTING AND MONITORING**

The Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate shall monitor all personal trading activity of all Access Persons pursuant to the procedures established under this Code. An Access Person of either Trust who is also an access person of the Trust's principal underwriter or their affiliates or an Access Person of a Fund's Adviser or Sub-Adviser may submit reports required by this Section on forms prescribed by the Code of Ethics of such principal underwriter, Adviser, or Sub-Adviser <u>provided</u> that such forms comply with the requirements of Rule 17j-1(d)(1) of the 1940 Act.

**Disclosure of Personal Brokerage Accounts**

Within ten days of the commencement of employment or at the commencement of a relationship with the Trust, all Access Persons, except Independent Trustees, are required to submit to the Chief Compliance Officer or his designee a report stating the names and account numbers of all of their personal brokerage accounts, brokerage accounts of members of their Immediate Family, and any brokerage accounts which they control or in which they or an Immediate Family member has Beneficial Ownership. Such report must contain the date on which it is submitted and the information in the report must be current as of a

date no more than 45 days prior to that date. In addition, if a new brokerage account is opened during the course of the year, the Chief Compliance Officer or his designee must be notified immediately.

The information required by the above paragraph must be provided to the Chief Compliance Officer or his designee on an annual basis, and the report of such should be submitted with the annual holdings reports described below.

Each of these accounts is required to furnish duplicate confirmations and statements to the Chief Compliance Officer or his designee. These statements and confirms for each series of the Trusts may be sent to the Advisers.

Initial Holdings Report

Within ten days of becoming an Access Person (and with information that is current as of a date no more than 45 days prior to the date that the report was submitted), each Access Person, except Independent Trustees must submit a holdings report that must contain, at a minimum, the title and type of Security, and as applicable, the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Covered Security in which the Access Person has any direct or indirect Beneficial Ownership. This report must state the date on which it is submitted.

Annual Holdings Reports

All Access Persons, except Independent Trustees, must supply the information that is required in the initial holdings report on an annual basis, and such information must be current as of a date no more than 45 days prior to the date that the report was submitted. Such reports must state the date on which they are submitted.

QUARTERLY TRANSACTION REPORTS

All Access Persons shall report to the Chief Compliance Officer or his designee the following information with respect to transactions in a Covered Security in which such person has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership in the Covered Security:

· The date of the transaction, the title, and as applicable the exchange
ticker symbol or CUSIP number, interest rate and maturity date, number of shares, and the principal amount of each Covered Security;

· The nature of the transaction (i.e., purchase, sale or any other
type of acquisition or disposition);

· The price of the Covered Security at which the transaction was effected;
and

· The name of the broker, dealer, or bank with or through whom the
transaction was effected.

· The date the Access Person Submits the Report.

Reports pursuant to this section of this Code shall be made no later than 30 days after the end of the calendar quarter in which the transaction to which the report relates was effected, and shall include a certification that the reporting person has reported all Personal Securities Transactions required to be disclosed or reported pursuant to the requirements of this Code. Confirmations and Brokerage Statements sent directly to each Adviser's address noted above is an acceptable form of a quarterly transaction report.

An Independent Trustee need only make a quarterly transaction report if he or she, at the time of the transaction, knew, or in the ordinary course of fulfilling his or her official duties as a Trustee, should have known that during the 15-day period immediately preceding or following the date of the transaction by

the Independent Trustee, the Covered Security was purchased or sold by a Fund or was considered for purchase or sale by a Fund.

**ENFORCEMENTS AND PENALTIES**

The Chief Compliance Officer or his designee shall review the transaction information supplied by Access Persons. If a transaction appears to be a violation of this Code, the transaction will be reported to the Trusts Board of Trustees.

Upon being informed of a violation of this Code, the Trusts Board of Trustees may impose sanctions as it deems appropriate, including but not limited to, a letter of censure or suspension, termination of the employment of the violator, or a request for disgorgement of any profits received from a securities transaction effected in violation of this Code. The Trust shall impose sanctions in accordance with the principle that no Access Person may profit at the expense of its clients. Any losses are the responsibility of the violator. Any profits realized on personal securities transactions in violation of the Code must be disgorged in a manner directed by the Board of Trustees.

At least annually, the Chief Compliance Officer a shall issue a report on Personal Securities Transactions by Access Person. The report submitted to the board shall:

· Summarize existing procedures concerning Personal Securities investing
and any changes in the procedures made during the prior year;

· Identify any violations of this Code and any significant remedial
action taken during the prior year; and;

· Identify any recommended changes in existing restrictions or procedures
based upon the experience under the Code, evolving industry practices or developments in applicable laws and regulations.

**Acknowledgement**

The Trust must provide all Access Persons with a copy of this Code. Upon receipt of this Code, all Access Persons must do the following:

All new Access Persons must read the Code, complete all relevant forms supplied by the Chief Compliance Officer or his designee (including a written acknowledgement of their receipt of the Code), and schedule a meeting with the Chief Compliance Officer or his designee to discuss the provisions herein within two calendar weeks of employment.

Existing Access Persons who did not receive this Code upon hire, for whatever reason, must read the Code, complete all relevant forms supplied by the Chief Compliance Officer or his designee (including a written acknowledgement of their receipt of the Code), and schedule a meeting with the Chief Compliance Officer or his designee to discuss the provisions herein at the earliest possible time, but no later than the end of the current quarter.

All Access Persons must certify on an annual basis that they have read and understood the Code.