# EDGAR Filing Document

**Accession Number:** 0001537140
**File Stem:** 0000910472-26-002587
**Filing Date:** 2026-2
**Character Count:** 68143
**Document Hash:** 4b30c2a62643b4652c4d29deb195e7c9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-002587.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000910472-26-002587

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**PERIOD START**: 20260630

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22655
- **FILM NUMBER:** 26681830

**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           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** CINCINNATI

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $542545895.06

**Total Liabilities:** $2391905.85

**Net Assets:** $540153989.21

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 696.09888000 | **1-Year:** 10112.98586600 | **5-Year:** 33702.68662100 | **10-Year:** 51546.54261400 | **30-Year:** 2553.24171900

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

- **3-Month:** 712.29415100 | **1-Year:** 12846.41172300 | **5-Year:** 32449.71005000 | **10-Year:** 6539.35197300 | **30-Year:** 433.71509500

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000170094 | 0.51%                | 0.51%                | 0.56%                |
| Class ID C000170095 | 0.40%                | 0.70%                | 0.49%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-45304.30               | $-111088.52                                |
| Month 2  | $121524.96               | $996950.89                                 |
| Month 3  | $29135.94                | $131587.94                                 |

### Schedule of Portfolio Investments

| Name                                                                     | Title                 | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AB BSL CLO 2 LTD                                                         | ABBSL 2021-2A C       | CUSIP: 00037LAG5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2550000 | PA      | $2552384.25   | 0.47%             | 2034-04-15      | Floating      | 6.27%                 | Yes           |                  2 | On Loan: No      |
| AGL CLO 22 LTD/LLC                                                       | AGL 2022-22A CR       | CUSIP: 00118XAY2<br>LEI: 54930001FXLJVDHJU506 | Long             | ABS-CBDO         | CORP              | JE        |   5110000 | PA      | $5109826.26   | 0.95%             | 2037-01-20      | Floating      | 5.73%                 | Yes           |                  2 | On Loan: No      |
| AGL CLO 29 Ltd / AGL CLO 29 LLC.                                         | AGL 2024-29A A1       | CUSIP: 00119BAA1<br>LEI: 254900MM5EQZ35CZG002 | Long             | ABS-CBDO         | CORP              | JE        |   2500000 | PA      | $2502492.50   | 0.46%             | 2037-04-21      | Floating      | 5.44%                 | Yes           |                  2 | On Loan: No      |
| AGL Clo 25 Ltd.                                                          | AGL 2023-25A ER       | CUSIP: 00120PAE9<br>LEI: 2549006GHWX66A91GS48 | Long             | ABS-CBDO         | CORP              | JE        |   4850000 | PA      | $4903704.05   | 0.91%             | 2038-07-21      | Floating      | 9.57%                 | Yes           |                  2 | On Loan: No      |
| ATS Corporation (Canada)                                                 | ATSCN 4 1/8 12/15/28  | CUSIP: 001940AC9<br>LEI: 5493005KP4RP3IU7HQ41 | Long             | DBT              | CORP              | CA        |   4000000 | PA      | $3916904.00   | 0.73%             | 2028-12-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Advanced Drainage System Inc                                             | WMS 5 09/30/27        | CUSIP: 00790RAA2<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | DBT              | CORP              | US        |   3592000 | PA      | $3600092.78   | 0.67%             | 2027-09-30      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Advanced Drainage System Inc                                             | WMS 6 3/8 06/15/30    | CUSIP: 00790RAB0<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2052592.00   | 0.38%             | 2030-06-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Alliance Resource Operating Partners LP/Alliance Resource Finance Corp   | ARLP 8 5/8 06/15/29   | CUSIP: 01879NAC9<br>LEI: 2549007036KGPSVTHP54 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2120794.00   | 0.39%             | 2029-06-15      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Allison Transmission Inc.                                                | ALSN 4 3/4 10/01/27   | CUSIP: 019736AE7<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1998562.40   | 0.37%             | 2027-10-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Allison Transmission Inc.                                                | ALSN 5 7/8 06/01/29   | CUSIP: 019736AF4<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2036890.00   | 0.38%             | 2029-06-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Allison Transmission Inc.                                                | ALSN 5 7/8 12/01/33   | CUSIP: 019736AH0<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101683.16    | 0.02%             | 2033-12-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Antero Midstream Partners LP / Antero Midstream Finance Corp             | AM 5 3/4 10/15/33     | CUSIP: 03690AAM8<br>LEI: 529900HFO1BDEIT4QU11 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5032885.00   | 0.93%             | 2033-10-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Antero Midstream Partners LP / Antero Midstream Finance Corp             | AM 5 3/4 07/01/34     | CUSIP: 03690AAN6<br>LEI: 529900HFO1BDEIT4QU11 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2017143.94   | 0.37%             | 2034-07-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Apidos Clo XXXII                                                         | APID 2019-32A DR      | CUSIP: 03768RAY2<br>LEI: 549300CXPXW83QGWOL98 | Long             | ABS-CBDO         | CORP              | KY        |   1365000 | PA      | $1364938.58   | 0.25%             | 2033-01-20      | Floating      | 6.63%                 | Yes           |                  2 | On Loan: No      |
| Apidos Clo Xxxv Ltd / Llc                                                | APID 2021-35A E       | CUSIP: 03768TAA0<br>LEI: 549300KJKTO0Q1OATW69 | Long             | ABS-CBDO         | CORP              | KY        |   3500000 | PA      | $3501473.50   | 0.65%             | 2034-04-20      | Floating      | 9.90%                 | Yes           |                  2 | On Loan: No      |
| Asbury Automotive Group, Inc.                                            | ABG 4 1/2 03/01/28    | CUSIP: 043436AU8<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1400998.20   | 0.26%             | 2028-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Asbury Automotive Group, Inc.                                            | ABG 4 3/4 03/01/30    | CUSIP: 043436AV6<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |   1945000 | PA      | $1924051.77   | 0.36%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BWX Technologies Inc.                                                    | BWXT 4 1/8 04/15/29   | CUSIP: 05605HAC4<br>LEI: 549300NP85N265KWMS58 | Long             | DBT              | CORP              | US        |   4069000 | PA      | $3968653.98   | 0.73%             | 2029-04-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                                                    | BAC 5 7/8 PERP        | CUSIP: 060505FL3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   3995000 | PA      | $4060122.50   | 0.75%             | 2171-09-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Battalion Clo Xi Ltd                                                     | BATLN 2017-11A CR2    | CUSIP: 07132LAY5<br>LEI: 549300O0R7FIDPTPCK50 | Long             | ABS-CBDO         | CORP              | KY        |   2250000 | PA      | $2249901.00   | 0.42%             | 2034-04-24      | Floating      | 5.82%                 | Yes           |                  2 | On Loan: No      |
| BATTALION CLO XIX LTD.                                                   | BATLN 2021-19A C      | CUSIP: 07133VAE6<br>LEI: 549300RYHI0ZPOOD3O84 | Long             | ABS-CBDO         | CORP              | KY        |   2035000 | PA      | $2040457.87   | 0.38%             | 2034-04-15      | Floating      | 6.17%                 | Yes           |                  2 | On Loan: No      |
| BIRCH GROVE CLO 12 LTD/LLC                                               | BGCLO 2025-12A C      | CUSIP: 09090MAG8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1999930.00   | 0.37%             | 2038-04-22      | Floating      | 5.66%                 | Yes           |                  2 | On Loan: No      |
| Boyne USA Inc                                                            | BIGSKY 4 3/4 05/15/29 | CUSIP: 103557AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3560000 | PA      | $3513667.45   | 0.65%             | 2029-05-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Bridgecrest Lending Auto Securitization Trust 2023-1                     | BLAST 2023-1 D        | CUSIP: 108056AF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5890000 | PA      | $6165159.60   | 1.14%             | 2029-08-15      | Fixed         | 7.84%                 | No            |                  2 | On Loan: No      |
| Builders Firstsource, Inc.                                               | BLDR 6 3/8 03/01/34   | CUSIP: 12008RAS6<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1035542.88   | 0.19%             | 2034-03-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings, LLC/ CCO Holdings Capital Corp.                            | CHTR 5 1/8 05/01/27   | CUSIP: 1248EPBT9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2997616.14   | 0.55%             | 2027-05-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings, LLC/ CCO Holdings Capital Corp.                            | CHTR 5 02/01/28       | CUSIP: 1248EPBX0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $992699.60    | 0.18%             | 2028-02-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| CIFC Funding 2012-III Ltd.                                               | CIFC 2017-4A A2R      | CUSIP: 12551JAN6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2200000 | PA      | $2202063.60   | 0.41%             | 2030-10-24      | Floating      | 5.68%                 | Yes           |                  2 | On Loan: No      |
| CIFC Funding 2012-III Ltd.                                               | CIFC 2017-4A CR       | CUSIP: 12551JAS5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $3000579.00   | 0.56%             | 2030-10-24      | Floating      | 7.28%                 | Yes           |                  2 | On Loan: No      |
| CIFC Funding 2013-I Ltd.                                                 | CIFC 2014-4RA BRR     | CUSIP: 12552FBJ1<br>LEI: 549300PC4RPZFE70AI24 | Long             | ABS-CBDO         | CORP              | KY        |   3500000 | PA      | $3508459.50   | 0.65%             | 2035-01-17      | Floating      | 5.68%                 | Yes           |                  2 | On Loan: No      |
| CIFC Funding 2013-I Ltd.                                                 | CIFC 2014-4RA CRR     | CUSIP: 12552FBL6<br>LEI: 549300PC4RPZFE70AI24 | Long             | ABS-CBDO         | CORP              | KY        |   4885000 | PA      | $4882332.79   | 0.90%             | 2035-01-17      | Floating      | 6.48%                 | Yes           |                  2 | On Loan: No      |
| Canyon 2017-1 Clo Ltd                                                    | CANYC 2017-1A DR      | CUSIP: 13876GAQ1<br>LEI: 549300ZCQ7Q4BFIA1797 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $999998.00    | 0.19%             | 2030-07-15      | Floating      | 7.17%                 | Yes           |                  2 | On Loan: No      |
| Canyon Capital CLO Ltd                                                   | CANYC 2021-1A DR      | CUSIP: 13877EAS1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1200000 | PA      | $1191726.00   | 0.22%             | 2034-04-15      | Floating      | 6.80%                 | Yes           |                  2 | On Loan: No      |
| CARLYLE GLOBAL MARKET STRATEGI                                           | CGMS 2015-5A CR4      | CUSIP: 14312JBU5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4600000 | PA      | $4606463.00   | 0.85%             | 2032-01-20      | Floating      | 6.33%                 | Yes           |                  2 | On Loan: No      |
| Carlyle Global Market Strategi                                           | CGMS 2019-1A DR2      | CUSIP: 14316DAG6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2250000 | PA      | $2253739.50   | 0.42%             | 2031-04-20      | Floating      | 10.13%                | Yes           |                  2 | On Loan: No      |
| CARMAX AUTO OWNER TRUST 2023-1                                           | CARMX 2023-1 D        | CUSIP: 14318DAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4720000 | PA      | $4813958.21   | 0.89%             | 2029-11-15      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| CARMAX SELECT RECIEVABLES TRUST 202                                      | CMXS 2025-B E         | CUSIP: 14320BAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1610000 | PA      | $1613206.48   | 0.30%             | 2032-09-15      | Fixed         | 6.89%                 | No            |                  2 | On Loan: No      |
| Carpenter Technology Corporation                                         | CRS 5 5/8 03/01/34    | CUSIP: 144285AN3<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2541610.00   | 0.47%             | 2034-03-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Cedar Funding VI CLO LTD / LLC                                           | CEDF 2016-6A DR3      | CUSIP: 15032DBC4<br>LEI: 549300PQ60B57EBTK013 | Long             | ABS-CBDO         | CORP              | KY        |    650000 | PA      | $648451.70    | 0.12%             | 2034-04-20      | Floating      | 6.98%                 | Yes           |                  2 | On Loan: No      |
| Central Garden & Pet Company                                             | CENT 5 1/8 02/01/28   | CUSIP: 153527AM8<br>LEI: 5493004DVZLD37DJ0H83 | Long             | DBT              | CORP              | US        |   4907000 | PA      | $4929626.18   | 0.91%             | 2028-02-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Ciena Corp                                                               | CIEN TL B 1L USD      | CUSIP: 17178HAR3<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | LON              | CORP              | US        |   1960205 | PA      | $1970006.15   | 0.36%             | 2030-10-24      | Variable      | 6.08%                 | No            |                  2 | On Loan: No      |
| Civitas Resources Inc                                                    | CIVI 8 5/8 11/01/30   | CUSIP: 17888HAC7<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4194760.00   | 0.78%             | 2030-11-01      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Darling Ingredients, Inc                                                 | DAR 5 1/4 04/15/27    | CUSIP: 237266AH4<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | DBT              | CORP              | US        |   4009000 | PA      | $4019784.61   | 0.74%             | 2027-04-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Dewolf Park CLO Ltd.                                                     | DWOLF 2017-1A CR      | CUSIP: 25211AAJ8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   5250000 | PA      | $5256830.25   | 0.97%             | 2030-10-15      | Floating      | 6.02%                 | Yes           |                  2 | On Loan: No      |
| Dryden 50 Senior Loan Fund & LLC                                         | DRSLF 2013-30A CR     | CUSIP: 26249BAU5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    920510 | PA      | $920528.93    | 0.17%             | 2028-11-15      | Floating      | 5.81%                 | Yes           |                  2 | On Loan: No      |
| Dryden 50 Senior Loan Fund & LLC                                         | DRSLF 2013-30A DR     | CUSIP: 26249BAW1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3500000 | PA      | $3504119.50   | 0.65%             | 2028-11-15      | Floating      | 6.71%                 | Yes           |                  2 | On Loan: No      |
| EQT Corporation                                                          | EQT 5 3/4 02/01/34    | CUSIP: 26884LAR0<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3140511.75   | 0.58%             | 2034-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO 15 Ltd.                                                      | ELMW6 2020-3A ARR     | CUSIP: 29001VAU3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2460000 | PA      | $2461033.20   | 0.46%             | 2037-07-18      | Floating      | 5.26%                 | Yes           |                  2 | On Loan: No      |
| ELMWOOD CLO 20 LTD                                                       | ELM20 2022-7A BR      | CUSIP: 29002AAN4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1700000 | PA      | $1700304.30   | 0.31%             | 2037-01-17      | Floating      | 5.93%                 | Yes           |                  2 | On Loan: No      |
| Enerflex Inc.                                                            | EFXINC 6 7/8 01/15/31 | CUSIP: 29281WAA6<br>LEI: 549300SQCOV1LC1GBK07 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2046248.50   | 0.38%             | 2031-01-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| EXETER ATMOBILE REC TR 2021-4                                            | EART 2021-4A E        | CUSIP: 30165JAG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10597000 | PA      | $10537628.19  | 1.95%             | 2028-01-17      | Fixed         | 4.02%                 | Yes           |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust 2013-2                               | EART 2021-3A D        | CUSIP: 30166AAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    963159 | PA      | $956288.78    | 0.18%             | 2027-06-15      | Fixed         | 1.55%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust 2016-3                               | EART 2022-4A D        | CUSIP: 30166BAF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2878416 | PA      | $2900979.50   | 0.54%             | 2028-12-15      | Fixed         | 5.98%                 | No            |                  2 | On Loan: No      |
| EXETER AUTOMOBILE REC TR 2022-2                                          | EART 2022-2A E        | CUSIP: 30166QAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5993000 | PA      | $5816219.09   | 1.08%             | 2029-10-15      | Fixed         | 6.34%                 | Yes           |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust 2016-3                               | EART 2022-1A D        | CUSIP: 30167JAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1151355 | PA      | $1146165.76   | 0.21%             | 2028-06-15      | Fixed         | 3.02%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust 2016-3                               | EART 2022-1A E        | CUSIP: 30167JAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $3962404.80   | 0.73%             | 2029-10-15      | Fixed         | 5.02%                 | Yes           |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust 2013-2                               | EART 2025-4A E        | CUSIP: 30167KAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $4021728.00   | 0.74%             | 2033-04-15      | Fixed         | 6.99%                 | Yes           |                  2 | On Loan: No      |
| First American Funds Inc.                                                | FRST AM-GV OB-X       | CUSIP: 31846V336<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |   3960635 | PA      | $3960635.12   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST INVS AUTO OWNER TR 2021-2                                          | FIAOT 2021-2A D       | CUSIP: 32057JAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2230000 | PA      | $2216240.68   | 0.41%             | 2027-12-15      | Fixed         | 1.66%                 | Yes           |                  2 | On Loan: No      |
| First Investors Auto Owner Trust 2022-1                                  | FIAOT 2022-1A D       | CUSIP: 32057KAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4720000 | PA      | $4688375.06   | 0.87%             | 2028-06-15      | Fixed         | 3.79%                 | Yes           |                  2 | On Loan: No      |
| First Investors Auto Owner Trust 2022-1                                  | FIAOT 2022-1A E       | CUSIP: 32057KAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4280000 | PA      | $4253111.33   | 0.79%             | 2029-06-15      | Fixed         | 5.41%                 | Yes           |                  2 | On Loan: No      |
| FIRST INVESTORS AUTO OWNER TRUST 20                                      | FIAOT 2022-2A D       | CUSIP: 32058KAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2056354.00   | 0.38%             | 2028-10-16      | Fixed         | 8.71%                 | Yes           |                  2 | On Loan: No      |
| First Investors Auto Owner Trust 2022-1                                  | FIAOT 2025-1A D       | CUSIP: 32059WAL6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $4025975.60   | 0.75%             | 2033-12-15      | Fixed         | 5.22%                 | Yes           |                  2 | On Loan: No      |
| FIRST INVESTORS AUTO OWNER TRUST 20                                      | FIAOT 2023-1A D       | CUSIP: 320986AG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8400000 | PA      | $8792128.80   | 1.63%             | 2031-01-15      | Fixed         | 7.74%                 | Yes           |                  2 | On Loan: No      |
| Firstcash Inc                                                            | FCFS 4 5/8 09/01/28   | CUSIP: 33767DAB1<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4990074.50   | 0.92%             | 2028-09-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Ford Motor Credit Company LLC                                            | F 6 1/8 03/08/34      | CUSIP: 345397E66<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3054578.01   | 0.57%             | 2034-03-08      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Freeport-McMoRan Inc.                                                    | FCX 5 09/01/27        | CUSIP: 35671DCC7<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |   3603000 | PA      | $3604169.32   | 0.67%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Genesee & Wyoming Inc                                                    | GWR 6 1/4 04/15/32    | CUSIP: 371559AB1<br>LEI: G617XSG94Z7G0RMW3L02 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3097509.24   | 0.57%             | 2032-04-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Genesee & Wyoming                                                        | GWR TL B 1L USD       | CUSIP: N/A<br>LEI: G617XSG94Z7G0RMW3L02       | Long             | LON              | CORP              | US        |   3960000 | PA      | $3964296.60   | 0.73%             | 2031-04-10      | Variable      | 6.52%                 | No            |                  2 | On Loan: No      |
| Global Partners LP / GLP Finance Corp.                                   | GLP 7 1/8 07/01/33    | CUSIP: 37954FAL8<br>LEI: 549300PCHWTW9P4DU444 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1536865.50   | 0.28%             | 2033-07-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Goldentree Loan Management US CLO 1 Ltd.                                 | GLM 2017-1A DR3       | CUSIP: 38136FCA9<br>LEI: 549300BE2068MP2P8N06 | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $2978325.00   | 0.55%             | 2034-04-20      | Floating      | 6.28%                 | Yes           |                  2 | On Loan: No      |
| GOLDEN TREE LN MGMT US 2021-11                                           | GLM 2021-11A ER       | CUSIP: 38138RAJ4<br>LEI: 549300TMEEKUOKVHYV65 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1500109.50   | 0.28%             | 2034-10-20      | Floating      | 8.78%                 | Yes           |                  2 | On Loan: No      |
| GOLDENTREE LN MGM 20 LTD/LLC                                             | GLM 2023-17A BR       | CUSIP: 38139FAS9<br>LEI: 549300TS068SCJRDSP12 | Long             | ABS-CBDO         | CORP              | JE        |   4500000 | PA      | $4499860.50   | 0.83%             | 2039-01-20      | Floating      | 5.53%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                | GS 7 1/2 PERP         | CUSIP: 38141GA38<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   3750000 | PA      | $3985663.35   | 0.74%             | 2170-08-18      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Graham Holdings Co                                                       | GHC 5 5/8 12/01/33    | CUSIP: 384637AC8<br>LEI: 529900BOSCEEEMAFQJ29 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3036189.00   | 0.56%             | 2033-12-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| HB Fuller                                                                | FUL TL B 1L USD       | CUSIP: 40409VAW4<br>LEI: JSMX3Z5FOYM8V0Q52357 | Long             | LON              | CORP              | US        |   4418033 | PA      | $4437361.99   | 0.82%             | 2030-02-15      | Variable      | 6.07%                 | No            |                  2 | On Loan: No      |
| H B Fuller Company                                                       | FUL 4 1/4 10/15/28    | CUSIP: 40410KAA3<br>LEI: JSMX3Z5FOYM8V0Q52357 | Long             | DBT              | CORP              | US        |    770000 | PA      | $763843.00    | 0.14%             | 2028-10-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Halseypoint CLO 5 Ltd.                                                   | HLSY 2021-5A D        | CUSIP: 406371AG9<br>LEI: 549300VBED2CGY7JQG51 | Long             | ABS-CBDO         | CORP              | KY        |   1875000 | PA      | $1856784.38   | 0.34%             | 2035-01-30      | Floating      | 7.60%                 | Yes           |                  2 | On Loan: No      |
| Halseypoint Clo 4 Ltd / Llc                                              | HLSY 2021-4A E        | CUSIP: 40637NAA4<br>LEI: 549300CMJUK1VCINNF57 | Long             | ABS-CBDO         | CORP              | KY        |   2500000 | PA      | $2433887.50   | 0.45%             | 2034-04-20      | Floating      | 10.86%                | Yes           |                  2 | On Loan: No      |
| Hayward Industries                                                       | HWRI TL B 1L USD      | CUSIP: 421300AL8<br>LEI: 549300NV8ZMMEDUHQ091 | Long             | LON              | CORP              | US        |   4844189 | PA      | $4882046.60   | 0.90%             | 2028-05-28      | Variable      | 8.19%                 | No            |                  2 | On Loan: No      |
| Hilton Grand Vacations                                                   | HGV TL B 1L USD       | CUSIP: N/A<br>LEI: 254900HF0EZ734FDVY79       | Long             | LON              | CORP              | US        |   1974462 | PA      | $1982359.94   | 0.37%             | 2028-08-02      | Variable      | 8.19%                 | No            |                  2 | On Loan: No      |
| Huntington Bancshares Incorporated                                       | HBAN 6 1/4 PERP       | CUSIP: 446150BG8<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5022625.00   | 0.93%             | 2174-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ICG US CLO 2015-2 Ltd.                                                   | ICG 2015-2RA A2R      | CUSIP: 44933WAN9<br>LEI: 635400BEIJQT4DUYJT73 | Long             | ABS-CBDO         | CORP              | KY        |   5750000 | PA      | $5752380.50   | 1.06%             | 2033-01-16      | Floating      | 5.39%                 | Yes           |                  2 | On Loan: No      |
| ICG US CLO 2015-2 Ltd.                                                   | ICG 2015-2RA BR       | CUSIP: 44933WAQ2<br>LEI: 635400BEIJQT4DUYJT73 | Long             | ABS-CBDO         | CORP              | KY        |   1250000 | PA      | $1249966.25   | 0.23%             | 2033-01-16      | Floating      | 5.64%                 | Yes           |                  2 | On Loan: No      |
| ICG US CLO 2015-2 Ltd.                                                   | ICG 2015-2RA CR       | CUSIP: 44933WAS8<br>LEI: 635400BEIJQT4DUYJT73 | Long             | ABS-CBDO         | CORP              | KY        |   4750000 | PA      | $4756992.00   | 0.88%             | 2033-01-16      | Floating      | 6.59%                 | Yes           |                  2 | On Loan: No      |
| Ingevity Corporation                                                     | NGVT 3 7/8 11/01/28   | CUSIP: 45688CAB3<br>LEI: 5493009UTFC4B5IMGF87 | Long             | DBT              | CORP              | US        |   2675000 | PA      | $2615455.04   | 0.48%             | 2028-11-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Installed Building Products Inc                                          | IBP 5 3/4 02/01/28    | CUSIP: 45780RAA9<br>LEI: 549300I95Y9P9YM5FI86 | Long             | DBT              | CORP              | US        |   2035000 | PA      | $2044129.01   | 0.38%             | 2028-02-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Iron Mountain Inc.                                                       | IRM 5 1/4 03/15/28    | CUSIP: 46284VAE1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2011679.00   | 0.37%             | 2028-03-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                     | JPM 6 1/2 PERP        | CUSIP: 48128AAJ2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4157592.00   | 0.77%             | 2174-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Korn Ferry                                                               | KFY 4 5/8 12/15/27    | CUSIP: 50067PAA7<br>LEI: 549300FOD20OM0GT5G40 | Long             | DBT              | CORP              | US        |   2945000 | PA      | $2954401.32   | 0.55%             | 2027-12-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| LCM XVIII LLC                                                            | LCM 18A DR            | CUSIP: 50188GAW3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1800000 | PA      | $1800376.20   | 0.33%             | 2031-04-20      | Floating      | 6.95%                 | Yes           |                  2 | On Loan: No      |
| LCM 33 Ltd / LCM 33 LLC                                                  | LCM 33A BR            | CUSIP: 50202CAL8<br>LEI: 5493006LYYH2XWCWW153 | Long             | ABS-CBDO         | CORP              | KY        |   2650000 | PA      | $2649912.55   | 0.49%             | 2034-07-20      | Floating      | 5.68%                 | Yes           |                  2 | On Loan: No      |
| Louisiana Pacific Corporation                                            | LPX 3 5/8 03/15/29    | CUSIP: 546347AM7<br>LEI: 549300C7E2UAO5BVRR75 | Long             | DBT              | CORP              | US        |   4472000 | PA      | $4338228.12   | 0.80%             | 2029-03-15      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Madison Park Funding XIV Ltd.                                            | MDPK 2014-14A D1R4    | CUSIP: 55818RBS4<br>LEI: 254900Q2IOW6JYPYIV98 | Long             | ABS-O            | CORP              | KY        |   3150000 | PA      | $3154041.45   | 0.58%             | 2030-10-22      | Floating      | 6.76%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding XXIV Ltd                                            | MDPK 2016-24A BR2     | CUSIP: 55820NAY7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   4392265 | PA      | $4393485.97   | 0.81%             | 2029-10-20      | Floating      | 5.43%                 | Yes           |                  2 | On Loan: No      |
| Magnetite XXVIII Ltd / Magnetite XXVIII LLC                              | MAGNE 2020-28A A1RR   | CUSIP: 55955LAS1<br>LEI: 54930077HHZ1QV5CPQ30 | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $3001386.00   | 0.56%             | 2038-01-15      | Floating      | 5.14%                 | Yes           |                  2 | On Loan: No      |
| Mastec, Inc.                                                             | MTZ 4 1/2 08/15/28    | CUSIP: 576323AP4<br>LEI: 549300TMDIT8WREDOF45 | Long             | DBT              | CORP              | US        |   6500000 | PA      | $6469782.93   | 1.20%             | 2028-08-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Matador Resources Company                                                | MTDR 6 7/8 04/15/28   | CUSIP: 576485AF3<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2052340.00   | 0.38%             | 2028-04-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Matador Resources Company                                                | MTDR 6 1/2 04/15/32   | CUSIP: 576485AG1<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2537037.25   | 0.47%             | 2032-04-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Meritage Homes Corp                                                      | MTH 5.65 03/15/35     | CUSIP: 59001ABG6<br>LEI: 52990044W9UMFJO2FB97 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5121098.35   | 0.95%             | 2035-03-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                           | MS 5.424 07/21/34     | CUSIP: 61747YFG5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   8045000 | PA      | $8385297.55   | 1.55%             | 2034-07-21      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| Murphy Oil Corporation                                                   | MUR 6 10/01/32        | CUSIP: 626717AP7<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | DBT              | CORP              | US        |   4510000 | PA      | $4508479.50   | 0.83%             | 2032-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Murphy Oil USA Inc                                                       | MUSA 5 5/8 05/01/27   | CUSIP: 626738AD0<br>LEI: N32S6DTR2ZZ5222WHV58 | Long             | DBT              | CORP              | US        |   3240000 | PA      | $3245738.04   | 0.60%             | 2027-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Murphy Oil USA Inc                                                       | MUSA 4 3/4 09/15/29   | CUSIP: 626738AE8<br>LEI: N32S6DTR2ZZ5222WHV58 | Long             | DBT              | CORP              | US        |    750000 | PA      | $748275.83    | 0.14%             | 2029-09-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| National Rural Utilities Cooperative Finance Corp.                       | NRUC 7 1/8 09/15/53   | CUSIP: 637432PB5<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |   2940000 | PA      | $3085653.48   | 0.57%             | 2053-09-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| NAVESINK CLO LIMITED 2024-2                                              | NAVS 2024-2A C        | CUSIP: 63942YAG9<br>LEI: 254900HNRWNLGN0X1N35 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2000000.00   | 0.37%             | 2036-04-15      | Floating      | 6.26%                 | Yes           |                  2 | On Loan: No      |
| Neuberger Berman Clo XVII Ltd.                                           | NEUB 2014-17A CR3     | CUSIP: 64129UCJ2<br>LEI: 549300XVEYZNG956Y145 | Long             | ABS-CBDO         | CORP              | KY        |   7600000 | PA      | $7628355.60   | 1.41%             | 2038-07-22      | Floating      | 6.01%                 | Yes           |                  2 | On Loan: No      |
| Neuberger Berman CLO XV Ltd.                                             | NEUB 2021-42A CR      | CUSIP: 64133WAS4<br>LEI: 549300UTI4Y2IA4RUP16 | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $5013345.00   | 0.93%             | 2036-07-16      | Floating      | 5.74%                 | Yes           |                  2 | On Loan: No      |
| Neuberger Berman CLO XV Ltd.                                             | NEUB 2021-42A DR      | CUSIP: 64133WAU9<br>LEI: 549300UTI4Y2IA4RUP16 | Long             | ABS-CBDO         | CORP              | KY        |   1600000 | PA      | $1599945.60   | 0.30%             | 2036-07-16      | Floating      | 6.39%                 | Yes           |                  2 | On Loan: No      |
| Neuberger Berman Loan Advisers CLO 45 Ltd.                               | NEUB 2021-45A CR      | CUSIP: 64134MAN6<br>LEI: 549300BQ0WQMX5H5TS32 | Long             | ABS-CBDO         | CORP              | KY        |   3200000 | PA      | $3207401.60   | 0.59%             | 2036-10-14      | Floating      | 5.86%                 | Yes           |                  2 | On Loan: No      |
| Newark BSL CLO 2 Ltd                                                     | NBCLO 2017-1A BR      | CUSIP: 65023PAS9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2450000 | PA      | $2455804.05   | 0.45%             | 2030-07-25      | Floating      | 5.87%                 | Yes           |                  2 | On Loan: No      |
| NEXSTAR BROADCASTING INC                                                 | NXST TL B5 1L USD     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1496250 | PA      | $1505047.95   | 0.28%             | 2032-06-28      | Variable      | 6.82%                 | No            |                  2 | On Loan: No      |
| Nexstar Media Inc.                                                       | NXST 5 5/8 07/15/27   | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1509084.08   | 0.28%             | 2027-07-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Gen Digital Inc                                                          | GEN 6 3/4 09/30/27    | CUSIP: 668771AK4<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |    500000 | PA      | $507812.50    | 0.09%             | 2027-09-30      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Octagon Investment Partners XXI Ltd.                                     | OCT21 2014-1A BR4     | CUSIP: 67590QCC9<br>LEI: 549300XIS9D4AHDX5A35 | Long             | ABS-CBDO         | CORP              | KY        |   6250000 | PA      | $6241931.25   | 1.16%             | 2031-02-14      | Floating      | 5.20%                 | Yes           |                  2 | On Loan: No      |
| Octagon Investment Partners 41 Ltd. / Octagon Investment Partners 41 LLC | OCT41 2019-2A CR2     | CUSIP: 67592FBJ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3250000 | PA      | $3251446.25   | 0.60%             | 2033-10-15      | Floating      | 5.90%                 | Yes           |                  2 | On Loan: No      |
| Oha Credit Partners Xv Limited                                           | OAKC 2017-14A D1R     | CUSIP: 67706XAY9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   5575000 | PA      | $5588664.33   | 1.03%             | 2037-07-21      | Floating      | 6.72%                 | Yes           |                  2 | On Loan: No      |
| ON Semiconductor Corp.                                                   | ON 3 7/8 09/01/28     | CUSIP: 682189AQ8<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | DBT              | CORP              | US        |   2075000 | PA      | $2037819.96   | 0.38%             | 2028-09-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| PFS Financing Corp                                                       | PFSFC 2024-C A        | CUSIP: 69335PFG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1000825.80   | 0.19%             | 2028-04-17      | Floating      | 4.78%                 | Yes           |                  2 | On Loan: No      |
| PPM CLO 2 LTD                                                            | PPMC 2021-5A CR       | CUSIP: 69356TAN1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   2700000 | PA      | $2696125.50   | 0.50%             | 2034-10-18      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| Patrick Industries Inc.                                                  | PATK 6 3/8 11/01/32   | CUSIP: 703343AH6<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3080448.00   | 0.57%             | 2032-11-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Plains All American Pipeline L.P.                                        | PAA Float PERP        | CUSIP: 726503AE5<br>LEI: 5521FA2ITF25TVH63740 | Long             | DBT              | CORP              | US        |   4200000 | PA      | $4215149.40   | 0.78%             | 2166-11-15      | Floating      | 8.22%                 | No            |                  2 | On Loan: No      |
| Prestige Brands, Inc.                                                    | PBH 5 1/8 01/15/28    | CUSIP: 74112BAL9<br>LEI: 549300JBVP4J6D42I235 | Long             | DBT              | CORP              | US        |    342000 | PA      | $342886.87    | 0.06%             | 2028-01-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Quikrete                                                                 | QUIKHO TL B1 1L USD   | CUSIP: 74839XAM1<br>LEI: 5493007KIN86DIZWZT22 | Long             | LON              | CORP              | US        |   3850448 | PA      | $3870662.54   | 0.72%             | 2031-04-14      | Variable      | 6.54%                 | No            |                  2 | On Loan: No      |
| Riserva Clo Ltd / Riserva Clo Llc                                        | RSRVA 2016-3A XRR     | CUSIP: 76761RAW9<br>LEI: 549300640C8OB2I8SN35 | Long             | ABS-CBDO         | CORP              | KY        |     12500 | PA      | $12499.76     | 0.00%             | 2034-01-18      | Floating      | 4.95%                 | Yes           |                  2 | On Loan: No      |
| SM Energy Co.                                                            | SM 6 3/4 08/01/29     | CUSIP: 78454LAX8<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2015794.44   | 0.37%             | 2029-08-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Halseypoint CLO 3 Ltd.                                                   | HLSY 2025-9A D2       | CUSIP: 78662EAJ3<br>LEI: 549300RT6H1EOIYTDV62 | Long             | ABS-CBDO         | CORP              | KY        |   2500000 | PA      | $2508750.00   | 0.46%             | 2038-04-20      | Floating      | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Sculptor CLO Ltd                                                         | SCUL 28A AR           | CUSIP: 81124LAN4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $999727.00    | 0.19%             | 2035-01-20      | Floating      | 4.94%                 | Yes           |                  2 | On Loan: No      |
| Service Corporation International                                        | SCI 5 1/8 06/01/29    | CUSIP: 817565CE2<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |   3885000 | PA      | $3913947.17   | 0.72%             | 2029-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Service Corporation International                                        | SCI 5 3/4 10/15/32    | CUSIP: 817565CH5<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3056969.46   | 0.57%             | 2032-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Silgan Holdings Inc.                                                     | SLGN 4 1/8 02/01/28   | CUSIP: 827048AW9<br>LEI: KAF673KJXD92C8KSLU49 | Long             | DBT              | CORP              | US        |   2420000 | PA      | $2386812.60   | 0.44%             | 2028-02-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Sound Point Clo Ix  Ltd                                                  | SNDPT 2015-2A ARRR    | CUSIP: 83609GBN4<br>LEI: 549300W2FX6HEXN27U70 | Long             | ABS-CBDO         | CORP              | KY        |   1244273 | PA      | $1244933.64   | 0.23%             | 2032-07-20      | Floating      | 5.36%                 | Yes           |                  2 | On Loan: No      |
| Sound Point Clo XV Ltd.                                                  | SNDPT 2017-1A E       | CUSIP: 83609QAE3<br>LEI: 549300YVZ0M0XDDYS744 | Long             | ABS-CBDO         | CORP              | KY        |   6305074 | PA      | $6299915.95   | 1.17%             | 2029-01-23      | Floating      | 10.08%                | Yes           |                  2 | On Loan: No      |
| Sound Point CLO IV Ltd.                                                  | SNDPT 2013-3RA C      | CUSIP: 83609YAG1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2300000 | PA      | $2306955.20   | 0.43%             | 2031-04-18      | Floating      | 6.40%                 | Yes           |                  2 | On Loan: No      |
| Sunoco LP                                                                | SUN 7 1/4 05/01/32    | CUSIP: 86765KAC3<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |   3175000 | PA      | $3359137.74   | 0.62%             | 2032-05-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Sunoco LP                                                                | SUN 6 1/4 07/01/33    | CUSIP: 86765KAD1<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3075780.00   | 0.57%             | 2033-07-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Sunoco LP / Sunoco Finance Corp.                                         | SUN 6 04/15/27        | CUSIP: 86765LAQ0<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |   2825000 | PA      | $2839238.00   | 0.53%             | 2027-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Symphony Clo XV LLC                                                      | SYMP 2014-15A BR3     | CUSIP: 87154EBG4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    450000 | PA      | $450585.00    | 0.08%             | 2032-01-17      | Floating      | 5.69%                 | Yes           |                  2 | On Loan: No      |
| Synaptics Incorporated                                                   | SYNA 4 06/15/29       | CUSIP: 87157DAG4<br>LEI: 549300AJ3LI4FWNRQX29 | Long             | DBT              | CORP              | US        |   2200000 | PA      | $2132076.54   | 0.39%             | 2029-06-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Tcw Clo 2020-1 Ltd / Tcw Clo 2020-1 LLC                                  | TCW 2020-1A DR3       | CUSIP: 87190CBQ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3325000 | PA      | $3240272.35   | 0.60%             | 2034-04-20      | Floating      | 7.28%                 | Yes           |                  2 | On Loan: No      |
| Targa Resources Partners LP/Targa Resources Finance Corp.                | TRGP 5 01/15/28       | CUSIP: 87612BBG6<br>LEI: 6OQWTZ1SPC04IFT4T704 | Long             | DBT              | CORP              | US        |   2909000 | PA      | $2909984.00   | 0.54%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tegna Inc                                                                | TGNA 5 09/15/29       | CUSIP: 87901JAH8<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1983958.38   | 0.37%             | 2029-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Terex Corporation                                                        | TEX 6 1/4 10/15/32    | CUSIP: 880779BB8<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2053406.00   | 0.38%             | 2032-10-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Topbuild Corporation                                                     | BLD 5 5/8 01/31/34    | CUSIP: 89055FAD5<br>LEI: 5493007YSKHOL4RWII46 | Long             | DBT              | CORP              | US        |   3510000 | PA      | $3552546.50   | 0.66%             | 2034-01-31      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Towd Point Mortgage Trust 2017 6                                         | TPMT 2017-6 A1        | CUSIP: 89175JAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     89922 | PA      | $88826.15     | 0.02%             | 2057-10-25      | Floating      | 2.75%                 | Yes           |                  2 | On Loan: No      |
| Trimas Corporation                                                       | TRS 4 1/8 04/15/29    | CUSIP: 896215AH3<br>LEI: 75G1WUQ8QK4P5MZOYD78 | Long             | DBT              | CORP              | US        |   3350000 | PA      | $3260818.65   | 0.60%             | 2029-04-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Notes                                             | T 3 1/2 02/15/33      | CUSIP: 91282CGM7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  31625000 | PA      | $30788049.44  | 5.70%             | 2033-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                             | T 4 1/4 08/15/35      | CUSIP: 91282CNT4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10475000 | PA      | $10574839.84  | 1.96%             | 2035-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Venture 43 Limited                                                       | VENTR 2021-43A D      | CUSIP: 92290CAG4<br>LEI: 549300OLN5VHTMLSN650 | Long             | ABS-CBDO         | CORP              | KY        |   2765000 | PA      | $2677346.74   | 0.50%             | 2034-04-15      | Floating      | 7.64%                 | Yes           |                  2 | On Loan: No      |
| Venture XV CLO Ltd.                                                      | VENTR 2013-15A DR2    | CUSIP: 92328XAZ2<br>LEI: 549300UYHZCJPN3LMT03 | Long             | ABS-CBDO         | CORP              | KY        |   1375000 | PA      | $1351219.93   | 0.25%             | 2032-07-15      | Floating      | 8.09%                 | Yes           |                  2 | On Loan: No      |
| Venture III CDO Ltd.                                                     | VENTR 2018-35A BLR    | CUSIP: 92331XAY0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    640000 | PA      | $641051.52    | 0.12%             | 2031-10-22      | Floating      | 5.87%                 | Yes           |                  2 | On Loan: No      |
| Volkswagen Group of America Finance LLC                                  | VW 5.9 09/12/33       | CUSIP: 928668BX9<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5239804.60   | 0.97%             | 2033-09-12      | Fixed         | 5.90%                 | Yes           |                  2 | On Loan: No      |
| Voya CLO 2018-3 Ltd.                                                     | VOYA 2018-1A B        | CUSIP: 92917AAE6<br>LEI: 54930068MLVF3BECCK93 | Long             | ABS-CBDO         | CORP              | KY        |    850000 | PA      | $850810.05    | 0.16%             | 2031-04-19      | Variable      | 5.95%                 | Yes           |                  2 | On Loan: No      |
| Voya CLO 2013-1 Ltd / Voya CLO 2013-1 LLC                                | INGIM 2013-1A BR      | CUSIP: 92917CAL6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5220000 | PA      | $5227589.88   | 0.97%             | 2030-10-15      | Floating      | 6.07%                 | Yes           |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust 2020-1                             | WLAKE 2023-3A D       | CUSIP: 96041CAN2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $4092529.20   | 0.76%             | 2029-03-15      | Fixed         | 6.47%                 | Yes           |                  2 | On Loan: No      |
| WESTLAKE AUTO REC TR 2023-1                                              | WLAKE 2023-1A D       | CUSIP: 96042XAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4750000 | PA      | $4860034.70   | 0.90%             | 2028-11-15      | Fixed         | 6.79%                 | Yes           |                  2 | On Loan: No      |
| WESTLAKE AUTOMOBLE RECV 2024-2                                           | WLAKE 2024-2A D       | CUSIP: 96042YAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3650000 | PA      | $3730105.82   | 0.69%             | 2030-04-15      | Fixed         | 5.91%                 | Yes           |                  2 | On Loan: No      |
| WESTLAKE AUTOMOBILE RECEIVABLES TRU                                      | WLAKE 2024-3A D       | CUSIP: 96043CAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2250000 | PA      | $2279650.95   | 0.42%             | 2030-04-15      | Fixed         | 5.21%                 | Yes           |                  2 | On Loan: No      |
| WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2025-3                             | WLAKE 2025-3A C       | CUSIP: 96043QAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $3010824.60   | 0.56%             | 2031-07-15      | Fixed         | 4.68%                 | Yes           |                  2 | On Loan: No      |
| Wind River CLO I Ltd.                                                    | WINDR 2021-2A D       | CUSIP: 97315VAJ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1250000 | PA      | $1233933.75   | 0.23%             | 2034-07-20      | Floating      | 7.30%                 | Yes           |                  2 | On Loan: No      |
| Johnstone Supply                                                         | JHNSPL TL B 1L USD    | CUSIP: 47947BAF9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3960000 | PA      | $3986947.80   | 0.74%             | 2031-05-16      | Variable      | 8.32%                 | No            |                  2 | On Loan: No      |
| Quikrete                                                                 | QUIKHO TL B 1L USD    | CUSIP: 74839XAL3<br>LEI: 5493007KIN86DIZWZT22 | Long             | LON              | CORP              | US        |   1990000 | PA      | $1998387.85   | 0.37%             | 2032-01-31      | Variable      | 6.58%                 | No            |                  2 | On Loan: No      |
| Vertiv                                                                   | VRT TL B 1L USD       | CUSIP: 92537EAG3<br>LEI: 549300ZT8RQ5VK10E643 | Long             | LON              | CORP              | US        |    498750 | PA      | $501725.04    | 0.09%             | 2032-08-07      | Variable      | 6.10%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-28

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

**Signature:** Rich Gleason

**Name of Signer:** Rich Gleason

**Title:** Treasurer