# EDGAR Filing Document

**Accession Number:** 0001537140
**File Stem:** 0000910472-26-008461
**Filing Date:** 2026-5
**Character Count:** 103698
**Document Hash:** 44f2f56e0c381704ae2a0da81954d9ca
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-008461.hdr.sgml**: 20260529

**ACCESSION NUMBER**: 0000910472-26-008461

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260529

**DATE AS OF CHANGE**: 20260529

**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:** 261043985

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

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

## Series and Classes Contracts Data

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

| Class ID   | Class Name                                                           | Ticker Symbol   |
|:---|:---|:---|
| C000170094 | Boyd Watterson Limited Duration Enhanced Income Fund Class I Shares  | BWDIX           |
| C000170095 | Boyd Watterson Limited Duration Enhanced Income Fund Class I2 Shares | BWDTX           |

## Nport-Ex

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** | **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** | **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** | **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** | **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** | **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 46.1%** | **ASSET BACKED SECURITIES — 46.1%** |  |  |  |
|  | **AUTO LOAN** — **15.8%** | **AUTO LOAN** — **15.8%** |  |  |  |
| 5890000 | Bridgecrest Lending Auto Securitization Trust Series 1 D |  | 7.8400 | &nbsp;&nbsp;&nbsp;08/15/29 | $6139337 |
| 2500000 | Bridgecrest Lending Auto Securitization Trust Series 1 D |  | 4.9900 | &nbsp;&nbsp;&nbsp;11/17/31 | 2474156 |
| 4720000 | CarMax Auto Owner Trust 2023-1 Series 1 D |  | 6.2700 | &nbsp;&nbsp;&nbsp;11/15/29 | 4795271 |
| 1610000 | Carmax Select Receivables Trust 2025-B Series B E<sup>(a)</sup> |  | 6.8900 | &nbsp;&nbsp;&nbsp;09/15/32 | 1612568 |
| 2000000 | CarMax Select Receivables Trust 2026-A Series A E<sup>(a)</sup> |  | 6.5600 | &nbsp;&nbsp;&nbsp;02/15/33 | 1957496 |
| 630336 | Exeter Automobile Receivables Trust 2021-3 Series 2021-3A D |  | 1.5500 | &nbsp;&nbsp;&nbsp;06/15/27 | 626029 |
| 10597000 | Exeter Automobile Receivables Trust 2021-4 Series 4A E<sup>(a)</sup> |  | 4.0200 | &nbsp;&nbsp;&nbsp;01/17/28 | 10560173 |
| 740620 | Exeter Automobile Receivables Trust 2022-1 Series 1A D |  | 3.0200 | &nbsp;&nbsp;&nbsp;06/15/28 | 738481 |
| 4000000 | Exeter Automobile Receivables Trust 2022-1 Series 1A E<sup>(a)</sup> |  | 5.0200 | &nbsp;&nbsp;&nbsp;10/15/29 | 3957863 |
| 5993000 | Exeter Automobile Receivables Trust 2022-2 Series 2A E<sup>(a)</sup> |  | 6.3400 | &nbsp;&nbsp;&nbsp;10/15/29 | 5864679 |
| 2203257 | Exeter Automobile Receivables Trust 2022-4 Series 4A D |  | 5.9800 | &nbsp;&nbsp;&nbsp;12/15/28 | 2215512 |
| 6000000 | Exeter Automobile Receivables Trust 2025-4 Series 4A E<sup>(a)</sup> |  | 6.9900 | &nbsp;&nbsp;&nbsp;04/15/33 | 5923885 |
| 3000000 | First Investors Auto Owner Trust Series 1A C<sup>(a)</sup> |  | 5.3800 | &nbsp;&nbsp;&nbsp;07/15/32 | 2999404 |
| 2230000 | First Investors Auto Owner Trust 2021-2 Series 2021-2A D<sup>(a)</sup> |  | 1.6600 | &nbsp;&nbsp;&nbsp;12/15/27 | 2227517 |
| 4280000 | First Investors Auto Owner Trust 2022-1 Series 1A E<sup>(a)</sup> |  | 5.4100 | &nbsp;&nbsp;&nbsp;06/15/29 | 4262009 |
| 2000000 | First Investors Auto Owner Trust 2022-2 Series 2A D<sup>(a)</sup> |  | 8.7100 | &nbsp;&nbsp;&nbsp;10/16/28 | 2044454 |
| 8400000 | First Investors Auto Owner Trust 2023-1 Series 1A D<sup>(a)</sup> |  | 7.7400 | &nbsp;&nbsp;&nbsp;01/15/31 | 8718510 |
| 4000000 | First Investors Auto Owner Trust 2025-1 Series 1A D<sup>(a)</sup> |  | 5.2200 | &nbsp;&nbsp;&nbsp;12/15/33 | 4013974 |
| 4750000 | Westlake Automobile Receivables Trust 2023-1 Series 1A D<sup>(a)</sup> |  | 6.7900 | &nbsp;&nbsp;&nbsp;11/15/28 | 4827225 |
| 4000000 | Westlake Automobile Receivables Trust 2023-3 Series 3A D<sup>(a)</sup> |  | 6.4700 | &nbsp;&nbsp;&nbsp;03/15/29 | 4074078 |
| 3650000 | Westlake Automobile Receivables Trust 2024-2 Series 2A D<sup>(a)</sup> |  | 5.9100 | &nbsp;&nbsp;&nbsp;04/15/30 | 3725024 |
| 2250000 | Westlake Automobile Receivables Trust 2024-3 Series 3A D<sup>(a)</sup> |  | 5.2100 | &nbsp;&nbsp;&nbsp;04/15/30 | 2263405 |
| 3000000 | Westlake Automobile Receivables Trust 2025-3 Series 3A C<sup>(a)</sup> |  | 4.6800 | &nbsp;&nbsp;&nbsp;07/15/31 | 3000415 |
|  |  |  |  |  | 89021465 |
|  | **CLO** — **30.1%** | **CLO** — **30.1%** |  |  |  |
| 5110000 | AGL CLO 22 Ltd. Series 22A CR<sup>(a),(b)</sup> | TSFR3M + 1.850% | 5.5180 | &nbsp;&nbsp;&nbsp;01/20/37 | 5107220 |
| 4850000 | AGL CLO 25 Ltd. Series 25A ER<sup>(a),(b)</sup> | TSFR3M + 5.700% | 9.3700 | &nbsp;&nbsp;&nbsp;07/21/38 | 4551623 |
| 4500000 | Apex Credit CLO 2020 LTD Series 1A DR3<sup>(a),(b)</sup> | TSFR3M + 4.000% | 7.6630 | &nbsp;&nbsp;&nbsp;04/20/35 | 4424760 |
| 1365000 | Apidos CLO XXXII Series 32A DR<sup>(a),(b)</sup> | TSFR3M + 2.750% | 6.4180 | &nbsp;&nbsp;&nbsp;01/20/33 | 1364941 |
| 3500000 | Apidos CLO XXXV Series 2021-35A E<sup>(a),(b)</sup> | TSFR3M + 6.012% | 9.6790 | &nbsp;&nbsp;&nbsp;04/20/34 | 3324080 |
| 2250000 | Battalion CLO XI Ltd. Series 11A CR2<sup>(a),(b)</sup> | TSFR3M + 1.950% | 5.6180 | &nbsp;&nbsp;&nbsp;04/24/34 | 2249919 |
| 2035000 | Battalion Clo XIX Ltd. Series 19A C<sup>(a),(b)</sup> | TSFR3M + 2.262% | 5.9340 | &nbsp;&nbsp;&nbsp;04/15/34 | 2035081 |
| 3100000 | Birch Grove CLO 12 Ltd. Series 12A C<sup>(a),(b)</sup> | TSFR3M + 1.800% | 5.4690 | &nbsp;&nbsp;&nbsp;04/22/38 | 3101882 |
| 2400000 | Birch Grove CLO 3 Ltd. Series 3A A1R<sup>(a),(b)</sup> | TSFR3M + 1.260% | 4.9280 | &nbsp;&nbsp;&nbsp;01/19/38 | 2394348 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** | **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** | **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** | **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** | **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** | **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 46.1% (Continued)** | **ASSET BACKED SECURITIES — 46.1% (Continued)** |  |  |  |
|  | **CLO** — **30.1% (Continued)** | **CLO** — **30.1% (Continued)** |  |  |  |
| 1000000 | Canyon Capital CLO 2017-1 Ltd. Series 1A DR<sup>(a),(b)</sup> | TSFR3M + 3.262% | 6.9340 | &nbsp;&nbsp;&nbsp;07/15/30 | $1001081 |
| 1200000 | Canyon Capital CLO 2021-1 Ltd. Series 1A DR<sup>(a),(b)</sup> | TSFR3M + 2.900% | 6.5720 | &nbsp;&nbsp;&nbsp;04/15/34 | 1148899 |
| 4600000 | Carlyle Global Market Strategies CLO 2015-5 Ltd. Series 5A CR4<sup>(a),(b)</sup> | TSFR3M + 2.450% | 6.1180 | &nbsp;&nbsp;&nbsp;01/20/32 | 4602783 |
| 2250000 | CARLYLE US CLO 2019-1 LTD Series 1A DR2<sup>(a),(b)</sup> | TSFR3M + 6.250% | 9.9180 | &nbsp;&nbsp;&nbsp;04/20/31 | 2157325 |
| 650000 | Cedar Funding VI CLO Ltd. Series 6A DR3<sup>(a),(b)</sup> | TSFR3M + 3.100% | 6.7680 | &nbsp;&nbsp;&nbsp;04/20/34 | 635556 |
| 3500000 | Cifc Funding 2014-IV-R Ltd. Series 4RA BRR<sup>(a),(b)</sup> | TSFR3M + 1.800% | 5.4680 | &nbsp;&nbsp;&nbsp;01/17/35 | 3494929 |
| 4885000 | Cifc Funding 2014-IV-R Ltd. Series 4RA CRR<sup>(a),(b)</sup> | TSFR3M + 2.600% | 6.2680 | &nbsp;&nbsp;&nbsp;01/17/35 | 4788082 |
| 2200000 | CIFC Funding 2017-IV Ltd. Series 2017-4A A2R<sup>(a),(b)</sup> | TSFR3M + 1.812% | 5.4800 | &nbsp;&nbsp;&nbsp;10/24/30 | 2200495 |
| 3000000 | CIFC Funding 2017-IV Ltd. Series 2017-4A CR<sup>(a),(b)</sup> | TSFR3M + 3.412% | 7.0800 | &nbsp;&nbsp;&nbsp;10/24/30 | 3012633 |
| 637899 | Dryden 30 Senior Loan Fund Series 2013-30A CR<sup>(a),(b)</sup> | TSFR3M + 1.962% | 5.6140 | &nbsp;&nbsp;&nbsp;11/15/28 | 637920 |
| 3500000 | Dryden 30 Senior Loan Fund Series 2013-30A DR<sup>(a),(b)</sup> | TSFR3M + 2.862% | 6.5140 | &nbsp;&nbsp;&nbsp;11/15/28 | 3500350 |
| 2460000 | Elmwood CLO VI Ltd. Series 3A ARR<sup>(a),(b)</sup> | TSFR3M + 1.380% | 5.0480 | &nbsp;&nbsp;&nbsp;07/18/37 | 2461181 |
| 2500000 | Elmwood CLO VII Ltd. Series 4A CRR<sup>(a),(b)</sup> | TSFR3M + 2.000% | 5.6680 | &nbsp;&nbsp;&nbsp;10/17/37 | 2504523 |
| 1500000 | Goldentree Loan Management US Clo 11 Ltd. Series 11A ER<sup>(a),(b)</sup> | TSFR3M + 4.900% | 8.5680 | &nbsp;&nbsp;&nbsp;10/20/34 | 1466174 |
| 3750000 | HalseyPoint CLO 4 Ltd. Series 4A E<sup>(a),(b)</sup> | TSFR3M + 6.972% | 10.6390 | &nbsp;&nbsp;&nbsp;04/20/34 | 3456690 |
| 1875000 | Halseypoint Clo 5 Ltd. Series 5A D<sup>(a),(b)</sup> | TSFR3M + 3.762% | 7.4280 | &nbsp;&nbsp;&nbsp;01/30/35 | 1831868 |
| 5750000 | ICG US CLO 2015-2R Ltd. Series 2RA A2R<sup>(a),(b)</sup> | TSFR3M + 1.500% | 5.1710 | &nbsp;&nbsp;&nbsp;01/16/33 | 5749867 |
| 1250000 | ICG US CLO 2015-2R Ltd. Series 2RA BR<sup>(a),(b)</sup> | TSFR3M + 1.750% | 5.4210 | &nbsp;&nbsp;&nbsp;01/16/33 | 1249394 |
| 4750000 | ICG US CLO 2015-2R Ltd. Series 2RA CR<sup>(a),(b)</sup> | TSFR3M + 2.700% | 6.3710 | &nbsp;&nbsp;&nbsp;01/16/33 | 4749834 |
| 2650000 | LCM 33 Ltd. Series 33A BR<sup>(a),(b)</sup> | TSFR3M + 1.800% | 5.4680 | &nbsp;&nbsp;&nbsp;07/20/34 | 2647914 |
| 1800000 | LCM XVIII, L.P. Series 18A DR<sup>(a),(b)</sup> | TSFR3M + 3.062% | 6.7290 | &nbsp;&nbsp;&nbsp;04/20/31 | 1800272 |
| 3150000 | Madison Park Funding XIV Ltd. Series 14A D1R4<sup>(a),(b)</sup> | TSFR3M + 2.900% | 6.5690 | &nbsp;&nbsp;&nbsp;10/22/30 | 3153597 |
| 982691 | Madison Park Funding XXIV Ltd. Series 24A BR2<sup>(a),(b)</sup> | TSFR3M + 1.550% | 5.2180 | &nbsp;&nbsp;&nbsp;10/20/29 | 982757 |
| 6000000 | Magnetite Xli Ltd. Series 41A C<sup>(a),(b)</sup> | TSFR3M + 1.780% | 5.4480 | &nbsp;&nbsp;&nbsp;01/25/38 | 5984910 |
| 3000000 | Magnetite XXVIII Ltd. Series 28A A1RR<sup>(a),(b)</sup> | TSFR3M + 1.240% | 4.9120 | &nbsp;&nbsp;&nbsp;01/15/38 | 2994417 |
| 7600000 | Neuberger Berman CLO XVII Ltd. Series 17A CR3<sup>(a),(b)</sup> | TSFR3M + 2.150% | 5.8190 | &nbsp;&nbsp;&nbsp;07/22/38 | 7604308 |
| 5000000 | Neuberger Berman Loan Advisers Clo 42 Ltd. Series 42A CR<sup>(a),(b)</sup> | TSFR3M + 1.850% | 5.5210 | &nbsp;&nbsp;&nbsp;07/16/36 | 5004600 |
| 1600000 | Neuberger Berman Loan Advisers Clo 42 Ltd. Series 42A DR<sup>(a),(b)</sup> | TSFR3M + 2.500% | 6.1710 | &nbsp;&nbsp;&nbsp;07/16/36 | 1577859 |
| 3200000 | Neuberger Berman Loan Advisers CLO 45 Ltd. Series 45A CR<sup>(a),(b)</sup> | TSFR3M + 1.950% | 5.6170 | &nbsp;&nbsp;&nbsp;10/14/36 | 3204250 |
| 840000 | Oaktree CLO 2019-2 Ltd. Series 2A BRR<sup>(a),(b)</sup> | TSFR3M + 2.200% | 5.8720 | &nbsp;&nbsp;&nbsp;10/15/37 | 841552 |
| 3250000 | Octagon Investment Partners 41 Ltd. Series 2A CR2<sup>(a),(b)</sup> | TSFR3M + 2.000% | 5.6720 | &nbsp;&nbsp;&nbsp;10/15/33 | 3254394 |
| 1750000 | Octagon Investment Partners 51 Ltd. Series 1A CR<sup>(a),(b)</sup> | TSFR3M + 1.800% | 5.4680 | &nbsp;&nbsp;&nbsp;07/20/34 | 1752270 |
| 6250000 | Octagon Investment Partners XXI Ltd. Series 1A BR4<sup>(a),(b)</sup> | TSFR3M + 1.350% | 5.0030 | &nbsp;&nbsp;&nbsp;02/14/31 | 6247093 |
| 5575000 | OHA Credit Partners XIV Ltd. Series 14A D1R<sup>(a),(b)</sup> | TSFR3M + 2.850% | 6.5200 | &nbsp;&nbsp;&nbsp;07/21/37 | 5491263 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** | **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** | **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** | **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** | **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** | **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES — 46.1% (Continued)** | **ASSET BACKED SECURITIES — 46.1% (Continued)** |  |  |  |
|  | **CLO** — **30.1% (Continued)** | **CLO** — **30.1% (Continued)** |  |  |  |
| 2700000 | PPM CLO 5 Ltd. Series 5A CR<sup>(a),(b)</sup> | TSFR3M + 2.000% | 5.6680 | &nbsp;&nbsp;&nbsp;10/18/34 | $2699911 |
| 2500000 | Sagard-Halseypoint Clo 9 Ltd. Series 9A D2<sup>(a),(b)</sup> | TSFR3M + 4.500% | 8.1680 | &nbsp;&nbsp;&nbsp;04/20/38 | 2424125 |
| 6750000 | Sandstone Peak Ltd. Series 1A DR2<sup>(a),(b)</sup> | TSFR3M + 3.740% | 7.4100 | &nbsp;&nbsp;&nbsp;04/15/38 | 6750000 |
| 2500000 | Sandstone Peak Ltd. Series 1A ER2<sup>(a),(b)</sup> | TSFR3M + 7.310% | 10.9800 | &nbsp;&nbsp;&nbsp;04/15/38 | 2500000 |
| 1000000 | Sculptor CLO XXVIII Ltd. Series 28A AR<sup>(a),(b)</sup> | TSFR3M + 1.060% | 4.7280 | &nbsp;&nbsp;&nbsp;01/20/35 | 998839 |
| 1047390 | Sound Point CLO IX Ltd. Series 2A ARRR<sup>(a),(b)</sup> | TSFR3M + 1.472% | 5.1390 | &nbsp;&nbsp;&nbsp;07/20/32 | 1047778 |
| 4989131 | Sound Point Clo XV Ltd. Series 1A E<sup>(a),(b)</sup> | TSFR3M + 6.222% | 9.8930 | &nbsp;&nbsp;&nbsp;01/23/29 | 4936226 |
| 2300000 | Sounds Point CLO IV-R LTD Series 3RA C<sup>(a),(b)</sup> | TSFR3M + 2.512% | 6.1790 | &nbsp;&nbsp;&nbsp;04/18/31 | 2299998 |
| 3325000 | TCW CLO 2020-1 Ltd. Series 1A DR3<sup>(a),(b)</sup> | TSFR3M + 3.400% | 7.0680 | &nbsp;&nbsp;&nbsp;04/20/34 | 3191804 |
| 640000 | Venture 35 CLO Ltd. Series 35A BLR<sup>(a),(b)</sup> | TSFR3M + 2.012% | 5.6810 | &nbsp;&nbsp;&nbsp;10/22/31 | 640323 |
| 2765000 | Venture 43 CLO Ltd. Series 43A D<sup>(a),(b)</sup> | TSFR3M + 3.732% | 7.4040 | &nbsp;&nbsp;&nbsp;04/15/34 | 2576762 |
| 1375000 | Venture XV CLO Ltd. Series 2013-15A DR2<sup>(a),(b)</sup> | TSFR3M + 4.182% | 7.8540 | &nbsp;&nbsp;&nbsp;07/15/32 | 1291547 |
| 5220000 | Voya CLO 2013-1 Ltd. Series 1A BR<sup>(a),(b)</sup> | TSFR3M + 2.162% | 5.8340 | &nbsp;&nbsp;&nbsp;10/15/30 | 5221869 |
| 1250000 | Wind River 2021-2 CLO Ltd. Series 2021-2A D<sup>(a),(b)</sup> | TSFR3M + 3.412% | 7.0790 | &nbsp;&nbsp;&nbsp;07/20/34 | 1197344 |
|  |  |  |  |  | 169521420 |
|  | **OTHER ABS** — **0.2%** | **OTHER ABS** — **0.2%** |  |  |  |
| 1000000 | PFS Financing Corporation Series C A<sup>(a),(b)</sup> | SOFR30A + 0.800% | 4.4720 | &nbsp;&nbsp;&nbsp;04/17/28 | 1000178 |
|  | **RESIDENTIAL MORTGAGE** — **0.0%<sup>(c)</sup>** | **RESIDENTIAL MORTGAGE** — **0.0%<sup>(c)</sup>** |  |  |  |
| 75877 | Towd Point Mortgage Trust 2017-6 A1<sup>(a),(b)</sup> |  | 2.7500 | &nbsp;&nbsp;&nbsp;10/25/57 | 74998 |
|  | **TOTAL ASSET BACKED SECURITIES (Cost $259,990,551)** | **TOTAL ASSET BACKED SECURITIES (Cost $259,990,551)** |  |  | 259618061 |
|  | **CORPORATE BONDS — 38.1%** | **CORPORATE BONDS — 38.1%** |  |  |  |
|  | **AUTOMOTIVE** — **2.0%** | **AUTOMOTIVE** — **2.0%** |  |  |  |
| 3000000 | Ford Motor Credit Company, LLC |  | 5.7530 | &nbsp;&nbsp;&nbsp;04/06/33 | 2945980 |
| 3000000 | Ford Motor Credit Company, LLC |  | 6.1250 | &nbsp;&nbsp;&nbsp;03/08/34 | 2973569 |
| 5000000 | Volkswagen Group of America Finance, LLC<sup>(a)</sup> |  | 5.9000 | &nbsp;&nbsp;&nbsp;09/12/33 | 5132570 |
|  |  |  |  |  | 11052119 |
|  | **BANKING** — **2.4%** | **BANKING** — **2.4%** |  |  |  |
| 3995000 | Bank of America Corporation Series FF<sup>(b)</sup> | TSFR3M + 3.193% | 5.8750 | &nbsp;&nbsp;&nbsp;Perpetual | 4000745 |
| 5000000 | Huntington Bancshares, Inc.<sup>(b)</sup> | H15T5Y + 2.653% | 6.2500 | &nbsp;&nbsp;&nbsp;Perpetual | 4918319 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** | **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** | **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** | **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** | **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** | **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 38.1% (Continued)** | **CORPORATE BONDS — 38.1% (Continued)** |  |  |  |
|  | **BANKING** — **2.4% (Continued)** | **BANKING** — **2.4% (Continued)** |  |  |  |
| 4000000 | JPMorgan Chase & Company<sup>(b)</sup> | H15T5Y + 2.152% | 6.5000 | &nbsp;&nbsp;&nbsp;Perpetual | $4106678 |
|  |  |  |  |  | 13025742 |
|  | **BIOTECH & PHARMA** — **0.1%** | **BIOTECH & PHARMA** — **0.1%** |  |  |  |
| 342000 | Prestige Brands, Inc.<sup>(a)</sup> |  | 5.1250 | &nbsp;&nbsp;&nbsp;01/15/28 | 341453 |
|  | **CABLE & SATELLITE** — **0.2%** | **CABLE & SATELLITE** — **0.2%** |  |  |  |
| 1000000 | CCO Holdings, LLC / CCO Holdings Capital<sup>(a)</sup> |  | 5.0000 | &nbsp;&nbsp;&nbsp;02/01/28 | 992475 |
|  | **CHEMICALS** — **0.6%** | **CHEMICALS** — **0.6%** |  |  |  |
| 770000 | HB Fuller Company |  | 4.2500 | &nbsp;&nbsp;&nbsp;10/15/28 | 743505 |
| 2675000 | Ingevity Corporation<sup>(a)</sup> |  | 3.8750 | &nbsp;&nbsp;&nbsp;11/01/28 | 2570449 |
|  |  |  |  |  | 3313954 |
|  | **COMMERCIAL SUPPORT SERVICES** — **0.5%** | **COMMERCIAL SUPPORT SERVICES** — **0.5%** |  |  |  |
| 2945000 | Korn Ferry<sup>(a)</sup> |  | 4.6250 | &nbsp;&nbsp;&nbsp;12/15/27 | 2918071 |
|  | **CONSTRUCTION MATERIALS** — **1.0%** | **CONSTRUCTION MATERIALS** — **1.0%** |  |  |  |
| 2000000 | Advanced Drainage Systems, Inc.<sup>(a)</sup> |  | 6.3750 | &nbsp;&nbsp;&nbsp;06/15/30 | 2017798 |
| 4000000 | Advanced Drainage Systems, Inc.<sup>(a)</sup> |  | 5.3750 | &nbsp;&nbsp;&nbsp;03/01/34 | 3901985 |
|  |  |  |  |  | 5919783 |
|  | **CONSUMER SERVICES** — **1.7%** | **CONSUMER SERVICES** — **1.7%** |  |  |  |
| 3000000 | Graham Holdings Company<sup>(a)</sup> |  | 5.6250 | &nbsp;&nbsp;&nbsp;12/01/33 | 2937546 |
| 3885000 | Service Corp International |  | 5.1250 | &nbsp;&nbsp;&nbsp;06/01/29 | 3862724 |
| 3000000 | Service Corp International |  | 5.7500 | &nbsp;&nbsp;&nbsp;10/15/32 | 2995791 |
|  |  |  |  |  | 9796061 |
|  | **CONTAINERS & PACKAGING** — **1.0%** | **CONTAINERS & PACKAGING** — **1.0%** |  |  |  |
| 2420000 | Silgan Holdings, Inc. |  | 4.1250 | &nbsp;&nbsp;&nbsp;02/01/28 | 2367590 |
| 3350000 | TriMas Corporation<sup>(a)</sup> |  | 4.1250 | &nbsp;&nbsp;&nbsp;04/15/29 | 3190105 |
|  |  |  |  |  | 5557695 |
|  | **ELECTRIC UTILITIES** — **0.5%** | **ELECTRIC UTILITIES** — **0.5%** |  |  |  |
| 2940000 | National Rural Utilities Cooperative Finance<sup>(b)</sup> | H15T5Y + 3.533% | 7.1250 | &nbsp;&nbsp;&nbsp;09/15/53 | 3056109 |
|  | **ELECTRICAL EQUIPMENT** — **0.7%** | **ELECTRICAL EQUIPMENT** — **0.7%** |  |  |  |
| 4069000 | BWX Technologies, Inc.<sup>(a)</sup> |  | 4.1250 | &nbsp;&nbsp;&nbsp;04/15/29 | 3913032 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** | **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** | **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** | **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** | **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** | **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 38.1% (Continued)** | **CORPORATE BONDS — 38.1% (Continued)** |  |  |  |
|  | **ENGINEERING & CONSTRUCTION** — **2.9%** | **ENGINEERING & CONSTRUCTION** — **2.9%** |  |  |  |
| 6100000 | Installed Building Products, Inc.<sup>(a)</sup> |  | 5.6250 | &nbsp;&nbsp;&nbsp;02/01/34 | $5966001 |
| 6500000 | MasTec, Inc.<sup>(a)</sup> |  | 4.5000 | &nbsp;&nbsp;&nbsp;08/15/28 | 6428186 |
| 3510000 | TopBuild Corporation<sup>(a)</sup> |  | 5.6250 | &nbsp;&nbsp;&nbsp;01/31/34 | 3439143 |
|  |  |  |  |  | 15833330 |
|  | **FINANCE COMPANIES** — **0.4%** | **FINANCE COMPANIES** — **0.4%** |  |  |  |
| 2000000 | Enerflex, Inc.<sup>(a)</sup> |  | 6.8750 | &nbsp;&nbsp;&nbsp;01/15/31 | 2042032 |
|  | **FOOD** — **0.7%** | **FOOD** — **0.7%** |  |  |  |
| 4009000 | Darling Ingredients, Inc.<sup>(a)</sup> |  | 5.2500 | &nbsp;&nbsp;&nbsp;04/15/27 | 4020159 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS** — **0.8%** | **FORESTRY, PAPER & WOOD PRODUCTS** — **0.8%** |  |  |  |
| 4472000 | Louisiana-Pacific Corporation<sup>(a)</sup> |  | 3.6250 | &nbsp;&nbsp;&nbsp;03/15/29 | 4291799 |
|  | **HOME CONSTRUCTION** — **0.9%** | **HOME CONSTRUCTION** — **0.9%** |  |  |  |
| 5000000 | Meritage Homes Corporation |  | 5.6500 | &nbsp;&nbsp;&nbsp;03/15/35 | 4998855 |
|  | **INSTITUTIONAL FINANCIAL SERVICES** — **2.1%** | **INSTITUTIONAL FINANCIAL SERVICES** — **2.1%** |  |  |  |
| 3750000 | Goldman Sachs Group, Inc. (The)<sup>(b)</sup> | H15T5Y + 3.156% | 7.5000 | &nbsp;&nbsp;&nbsp;Perpetual | 3913508 |
| 8045000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.880% | 5.4240 | &nbsp;&nbsp;&nbsp;07/21/34 | 8169807 |
|  |  |  |  |  | 12083315 |
|  | **LEISURE FACILITIES & SERVICES** — **0.6%** | **LEISURE FACILITIES & SERVICES** — **0.6%** |  |  |  |
| 3560000 | Boyne USA, Inc.<sup>(a)</sup> |  | 4.7500 | &nbsp;&nbsp;&nbsp;05/15/29 | 3455426 |
|  | **MACHINERY** — **1.0%** | **MACHINERY** — **1.0%** |  |  |  |
| 4000000 | ATS Corporation<sup>(a)</sup> |  | 4.1250 | &nbsp;&nbsp;&nbsp;12/15/28 | 3857190 |
| 2000000 | Terex Corporation<sup>(a)</sup> |  | 6.2500 | &nbsp;&nbsp;&nbsp;10/15/32 | 2009070 |
|  |  |  |  |  | 5866260 |
|  | **METALS & MINING** — **1.0%** | **METALS & MINING** — **1.0%** |  |  |  |
| 2000000 | Alliance Resource Operating Partners, L.P.<sup>(a)</sup> |  | 8.6250 | &nbsp;&nbsp;&nbsp;06/15/29 | 2079258 |
| 3603000 | Freeport-McMoRan, Inc. |  | 5.0000 | &nbsp;&nbsp;&nbsp;09/01/27 | 3603474 |
|  |  |  |  |  | 5682732 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** | **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** | **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** | **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** | **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** | **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 38.1% (Continued)** | **CORPORATE BONDS — 38.1% (Continued)** |  |  |  |
|  | **OIL & GAS PRODUCERS** — **9.2%** | **OIL & GAS PRODUCERS** — **9.2%** |  |  |  |
| 5000000 | Antero Midstream Partners, L.P. / Antero Midstream<sup>(a)</sup> |  | 5.7500 | &nbsp;&nbsp;&nbsp;10/15/33 | $4945115 |
| 2000000 | Antero Midstream Partners, L.P. / Antero Midstream<sup>(a)</sup> |  | 5.7500 | &nbsp;&nbsp;&nbsp;07/01/34 | 1973430 |
| 4000000 | Civitas Resources, Inc.<sup>(a)</sup> |  | 8.6250 | &nbsp;&nbsp;&nbsp;11/01/30 | 4222068 |
| 3000000 | EQT Corporation |  | 5.7500 | &nbsp;&nbsp;&nbsp;02/01/34 | 3092839 |
| 1500000 | Global Partners LP / GLP Finance Corp<sup>(a)</sup> |  | 7.1250 | &nbsp;&nbsp;&nbsp;07/01/33 | 1512882 |
| 2500000 | Matador Resources Company<sup>(a)</sup> |  | 6.5000 | &nbsp;&nbsp;&nbsp;04/15/32 | 2527045 |
| 3000000 | Matador Resources Company<sup>(a)</sup> |  | 6.0000 | &nbsp;&nbsp;&nbsp;04/15/34 | 2988241 |
| 4510000 | Murphy Oil Corporation |  | 6.0000 | &nbsp;&nbsp;&nbsp;10/01/32 | 4481366 |
| 3240000 | Murphy Oil USA, Inc. |  | 5.6250 | &nbsp;&nbsp;&nbsp;05/01/27 | 3243458 |
| 750000 | Murphy Oil USA, Inc. |  | 4.7500 | &nbsp;&nbsp;&nbsp;09/15/29 | 740211 |
| 5000000 | Permian Resources Operating, LLC<sup>(a)</sup> |  | 6.2500 | &nbsp;&nbsp;&nbsp;02/01/33 | 5096990 |
| 6200000 | Plains All American Pipeline, L.P. Series B<sup>(b)</sup> | TSFR3M + 4.372% | 8.0240 | &nbsp;&nbsp;&nbsp;Perpetual | 6189385 |
| 2000000 | SM Energy Company<sup>(a)</sup> |  | 6.7500 | &nbsp;&nbsp;&nbsp;08/01/29 | 2031605 |
| 3175000 | Sunoco, L.P.<sup>(a)</sup> |  | 7.2500 | &nbsp;&nbsp;&nbsp;05/01/32 | 3286700 |
| 3000000 | Sunoco, L.P.<sup>(a)</sup> |  | 6.2500 | &nbsp;&nbsp;&nbsp;07/01/33 | 3015636 |
| 2909000 | Targa Resources Partners, L.P. / Targa Resources |  | 5.0000 | &nbsp;&nbsp;&nbsp;01/15/28 | 2908809 |
|  |  |  |  |  | 52255780 |
|  | **PUBLISHING & BROADCASTING** — **0.2%** | **PUBLISHING & BROADCASTING** — **0.2%** |  |  |  |
| 1500000 | Nexstar Media, Inc.<sup>(a)</sup> |  | 5.6250 | &nbsp;&nbsp;&nbsp;07/15/27 | 1500650 |
|  | **REAL ESTATE INVESTMENT TRUSTS** — **0.4%** | **REAL ESTATE INVESTMENT TRUSTS** — **0.4%** |  |  |  |
| 2000000 | Iron Mountain, Inc.<sup>(a)</sup> |  | 5.2500 | &nbsp;&nbsp;&nbsp;03/15/28 | 1992628 |
|  | **RETAIL - DISCRETIONARY** — **1.3%** | **RETAIL - DISCRETIONARY** — **1.3%** |  |  |  |
| 1400000 | Asbury Automotive Group, Inc. |  | 4.5000 | &nbsp;&nbsp;&nbsp;03/01/28 | 1375286 |
| 1945000 | Asbury Automotive Group, Inc. |  | 4.7500 | &nbsp;&nbsp;&nbsp;03/01/30 | 1868339 |
| 1000000 | Builders FirstSource, Inc.<sup>(a)</sup> |  | 6.3750 | &nbsp;&nbsp;&nbsp;03/01/34 | 988101 |
| 3000000 | Patrick Industries, Inc.<sup>(a)</sup> |  | 6.3750 | &nbsp;&nbsp;&nbsp;11/01/32 | 3001938 |
|  |  |  |  |  | 7233664 |
|  | **SEMICONDUCTORS** — **0.7%** | **SEMICONDUCTORS** — **0.7%** |  |  |  |
| 2075000 | ON Semiconductor Corporation<sup>(a)</sup> |  | 3.8750 | &nbsp;&nbsp;&nbsp;09/01/28 | 2001933 |
| 2200000 | Synaptics, Inc.<sup>(a)</sup> |  | 4.0000 | &nbsp;&nbsp;&nbsp;06/15/29 | 2084696 |
|  |  |  |  |  | 4086629 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** | **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** | **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** | **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** | **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** | **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 38.1% (Continued)** | **CORPORATE BONDS — 38.1% (Continued)** |  |  |  |
|  | **SOFTWARE** — **0.1%** | **SOFTWARE** — **0.1%** |  |  |  |
| 500000 | Gen Digital, Inc.<sup>(a)</sup> |  | 6.7500 | &nbsp;&nbsp;&nbsp;09/30/27 | $500777 |
|  | **SPECIALTY FINANCE** — **2.3%** | **SPECIALTY FINANCE** — **2.3%** |  |  |  |
| 8100000 | Capital One Financial Corporation<sup>(b)</sup> | H15T5Y + 3.157% | 3.9500 | &nbsp;&nbsp;&nbsp;Perpetual | 7990378 |
| 5000000 | FirstCash, Inc.<sup>(a)</sup> |  | 4.6250 | &nbsp;&nbsp;&nbsp;09/01/28 | 4908026 |
|  |  |  |  |  | 12898404 |
|  | **STEEL** — **0.8%** | **STEEL** — **0.8%** |  |  |  |
| 4500000 | Carpenter Technology Corporation<sup>(a)</sup> |  | 5.6250 | &nbsp;&nbsp;&nbsp;03/01/34 | 4439362 |
|  | **TRANSPORTATION & LOGISTICS** — **0.5%** | **TRANSPORTATION & LOGISTICS** — **0.5%** |  |  |  |
| 3000000 | Genesee & Wyoming, Inc.<sup>(a)</sup> |  | 6.2500 | &nbsp;&nbsp;&nbsp;04/15/32 | 3038301 |
|  | **TRANSPORTATION EQUIPMENT** — **0.7%** | **TRANSPORTATION EQUIPMENT** — **0.7%** |  |  |  |
| 2000000 | Allison Transmission, Inc.<sup>(a)</sup> |  | 4.7500 | &nbsp;&nbsp;&nbsp;10/01/27 | 1988752 |
| 2000000 | Allison Transmission, Inc.<sup>(a)</sup> |  | 5.8750 | &nbsp;&nbsp;&nbsp;06/01/29 | 2014968 |
| 100000 | Allison Transmission, Inc.<sup>(a)</sup> |  | 5.8750 | &nbsp;&nbsp;&nbsp;12/01/33 | 99425 |
|  |  |  |  |  | 4103145 |
|  | **WHOLESALE - CONSUMER STAPLES** — **0.8%** | **WHOLESALE - CONSUMER STAPLES** — **0.8%** |  |  |  |
| 4500000 | Performance Food Group, Inc.<sup>(a)</sup> |  | 5.6250 | &nbsp;&nbsp;&nbsp;03/01/34 | 4345061 |
|  | **TOTAL CORPORATE BONDS (Cost $215,368,540)** | **TOTAL CORPORATE BONDS (Cost $215,368,540)** |  |  | 214554803 |
|  | **TERM LOANS — 5.6%** | **TERM LOANS — 5.6%** |  |  |  |
|  | **CHEMICALS** — **0.8%** | **CHEMICALS** — **0.8%** |  |  |  |
| 4395776 | HB Fuller Company<sup>(b)</sup> | TSFR1M + 1.750% | 6.0690 | &nbsp;&nbsp;&nbsp;02/15/30 | 4415030 |
|  | **CONSTRUCTION MATERIALS** — **1.0%** | **CONSTRUCTION MATERIALS** — **1.0%** |  |  |  |
| 3831050 | Quikrete Holdings, Inc.<sup>(b)</sup> | TSFR1M + 2.250% | 6.5420 | &nbsp;&nbsp;&nbsp;04/14/31 | 3829441 |
| 1980000 | Quikrete Holdings, Inc.<sup>(b)</sup> | TSFR1M + 2.250% | 6.5770 | &nbsp;&nbsp;&nbsp;01/31/32 | 1978763 |
|  |  |  |  |  | 5808204 |
|  | **LEISURE FACILITIES & SERVICES** — **0.4%** | **LEISURE FACILITIES & SERVICES** — **0.4%** |  |  |  |
| 1964540 | Hilton Grand Vacations Borrower, LLC<sup>(b)</sup> | TSFR1M + 2.000% | 8.1900 | &nbsp;&nbsp;&nbsp;08/02/28 | 1965591 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** | **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** | **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** | **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** | **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** | **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **TERM LOANS — 5.6% (Continued)** | **TERM LOANS — 5.6% (Continued)** |  |  |  |
|  | **LEISURE PRODUCTS** — **0.9%** | **LEISURE PRODUCTS** — **0.9%** |  |  |  |
| 4818893 | Hayward Industries, Inc.<sup>(b)</sup> | TSFR1M + 2.500% | 8.1900 | &nbsp;&nbsp;&nbsp;05/28/28 | $4836217 |
|  | **PUBLISHING & BROADCASTING** — **0.8%** | **PUBLISHING & BROADCASTING** — **0.8%** |  |  |  |
| 1492500 | Nexstar Media, Inc.<sup>(b)</sup> | TSFR1M + 2.500% | 6.8210 | &nbsp;&nbsp;&nbsp;06/28/32 | 1479038 |
| 1000000 | Nexstar Media, Inc.<sup>(b)</sup> | TSFR1M + 2.750% | 6.4190 | &nbsp;&nbsp;&nbsp;03/23/33 | 995000 |
| 2000000 | Nexstar Media, Inc.<sup>(b)</sup> | TSFR1M + 2.750% | 6.4190 | &nbsp;&nbsp;&nbsp;03/23/33 | 1980000 |
|  |  |  |  |  | 4454038 |
|  | **RETAIL - DISCRETIONARY** — **0.7%** | **RETAIL - DISCRETIONARY** — **0.7%** |  |  |  |
| 3940000 | Johnstone Supply, LLC<sup>(b)</sup> | TSFR1M + 2.250% | 5.9230 | &nbsp;&nbsp;&nbsp;06/09/31 | 3922369 |
|  | **TECHNOLOGY HARDWARE** — **0.3%** | **TECHNOLOGY HARDWARE** — **0.3%** |  |  |  |
| 1955256 | Ciena Corporation<sup>(b)</sup> | TSFR1M + 1.750% | 6.0780 | &nbsp;&nbsp;&nbsp;10/24/30 | 1961777 |
|  | **TRANSPORTATION & LOGISTICS** — **0.7%** | **TRANSPORTATION & LOGISTICS** — **0.7%** |  |  |  |
| 3940000 | Genesee & Wyoming, Inc.<sup>(b)</sup> | TSFR3M + 1.750% | 6.5220 | &nbsp;&nbsp;&nbsp;04/10/31 | 3925639 |
|  | **TOTAL TERM LOANS (Cost $31,273,253)** | **TOTAL TERM LOANS (Cost $31,273,253)** |  |  | 31288865 |
| **Principal Amount ($)** |  |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **U.S. TREASURY BONDS & NOTES — 9.0%** | **U.S. TREASURY BONDS & NOTES — 9.0%** |  |  |  |
| 22975000 | United States Treasury Note |  | 4.2500 | &nbsp;&nbsp;&nbsp;08/15/35 | 22910383 |
| 28625000 | United States Treasury Note |  | 3.5000 | &nbsp;&nbsp;&nbsp;02/15/33 | 27559390 |
|  | **TOTAL U.S. TREASURY BONDS & NOTES (Cost $50,579,228)** | **TOTAL U.S. TREASURY BONDS & NOTES (Cost $50,579,228)** |  |  | 50469773 |

---

---

| | | |
|:---|:---|:---|
| **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** | **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** | **BOYD WATTERSON LIMITED DURATION ENHANCED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 0.7%** |  |
|  | **MONEY MARKET FUNDS - 0.7%** |  |
| 3953126 | First American Government Obligations Fund, Class X, 3.57% (Cost $3,953,126)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; $3953126 |
|  | **TOTAL INVESTMENTS - 99.5% (Cost $561,164,698)** | &nbsp;&nbsp;&nbsp; $559884628 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.5%** | &nbsp;&nbsp; 2580100 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $562464728 |

---

---

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

---

<sup>(a)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of March 31, 2026 the total market value of 144A securities is $372,637,353 or 66.3% of net assets.

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

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

<sup>(d)</sup> Rate disclosed is the seven day effective yield as of March 31, 2026.

## 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:** 2026-03-31

**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:** $568154067.54

**Total Liabilities:** $5689339.23

**Net Assets:** $562464728.31

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 639.00522700 | **1-Year:** 11363.01514200 | **5-Year:** 29616.46429000 | **10-Year:** 54755.14372900 | **30-Year:** 7759.59922400

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

- **3-Month:** 1449.54542900 | **1-Year:** 13009.86071800 | **5-Year:** 33074.63168300 | **10-Year:** 20682.66894400 | **30-Year:** 2752.55353600

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000170094 | 0.41%                | 0.51%                | -0.66%               |
| Class ID C000170095 | 0.40%                | 0.50%                | -0.65%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $149494.00               | $-114107.49                                |
| Month 2  | $229096.08               | $123926.65                                 |
| Month 3  | $129737.55               | $-6490871.93                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AGL CLO 22 LTD/LLC                                                       | AGL 2022-22A CR       | CUSIP: 00118XAY2<br>LEI: 54930001FXLJVDHJU506 | Long             | ABS-CBDO         | CORP              | JE        |   5110000 | PA      | $5107220.16   | 0.91%             | 2037-01-20      | Floating      | 5.52%                 | 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      | $4551623.15   | 0.81%             | 2038-07-21      | Floating      | 9.37%                 | 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      | $3857190.00   | 0.69%             | 2028-12-15      | Fixed         | 4.12%                 | 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      | $2017798.00   | 0.36%             | 2030-06-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Advanced Drainage System Inc                                             | WMS 5 3/8 03/01/34    | CUSIP: 00790RAC8<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3901985.20   | 0.69%             | 2034-03-01      | Fixed         | 5.38%                 | 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      | $2079258.00   | 0.37%             | 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      | $1988751.80   | 0.35%             | 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      | $2014968.00   | 0.36%             | 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      | $99425.01     | 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      | $4945115.00   | 0.88%             | 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      | $1973430.00   | 0.35%             | 2034-07-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| APEX CREDIT CLO 2020 LTD                                                 | APEXC 2020-1A DR3     | CUSIP: 03756ABW6<br>LEI: 549300WAK1RS0910RU63 | Long             | ABS-CBDO         | CORP              | KY        |   4500000 | PA      | $4424760.00   | 0.79%             | 2035-04-20      | Floating      | 7.66%                 | Yes           |                  2 | On Loan: No      |
| Apidos Clo XXXII                                                         | APID 2019-32A DR      | CUSIP: 03768RAY2<br>LEI: 549300CXPXW83QGWOL98 | Long             | ABS-CBDO         | CORP              | KY        |   1365000 | PA      | $1364941.31   | 0.24%             | 2033-01-20      | Floating      | 6.42%                 | 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      | $3324079.50   | 0.59%             | 2034-04-20      | Floating      | 9.68%                 | 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      | $1375285.94   | 0.24%             | 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      | $1868338.99   | 0.33%             | 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      | $3913031.97   | 0.70%             | 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      | $4000744.81   | 0.71%             | 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      | $2249919.00   | 0.40%             | 2034-04-24      | Floating      | 5.62%                 | 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      | $2035081.40   | 0.36%             | 2034-04-15      | Floating      | 5.93%                 | Yes           |                  2 | On Loan: No      |
| BIRCH GROVE CLO 3 LTD                                                    | BGCLO 2021-3A A1R     | CUSIP: 09076VAQ4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2400000 | PA      | $2394348.00   | 0.43%             | 2038-01-19      | Floating      | 4.93%                 | 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        |   3100000 | PA      | $3101881.70   | 0.55%             | 2038-04-22      | Floating      | 5.47%                 | 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      | $3455425.71   | 0.61%             | 2029-05-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| BRIDGECREST LENDING AUTO SECURITIZATION TRUST 2026-1                     | BLAST 2026-1 D        | CUSIP: 107927AF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2500000 | PA      | $2474156.00   | 0.44%             | 2031-11-17      | Fixed         | 4.99%                 | No            |                  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      | $6139336.66   | 1.09%             | 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      | $988101.20    | 0.18%             | 2034-03-01      | Fixed         | 6.38%                 | 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      | $992475.10    | 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      | $2200495.00   | 0.39%             | 2030-10-24      | Floating      | 5.48%                 | 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      | $3012633.00   | 0.54%             | 2030-10-24      | Floating      | 7.08%                 | 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      | $3494928.50   | 0.62%             | 2035-01-17      | Floating      | 5.47%                 | 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      | $4788081.60   | 0.85%             | 2035-01-17      | Floating      | 6.27%                 | 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      | $1001081.00   | 0.18%             | 2030-07-15      | Floating      | 6.93%                 | 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      | $1148899.20   | 0.20%             | 2034-04-15      | Floating      | 6.57%                 | Yes           |                  2 | On Loan: No      |
| Capital One Financial Corp.                                              | COF 3.95 PERP         | CUSIP: 14040HCF0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   8100000 | PA      | $7990378.65   | 1.42%             | 2169-09-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| CARMAX SELECT RECEIVABLES TRUST 2026-A                                   | CMXS 2026-A E         | CUSIP: 142929AH1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1957496.00   | 0.35%             | 2033-02-15      | Fixed         | 6.56%                 | 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      | $4602783.00   | 0.82%             | 2032-01-20      | Floating      | 6.12%                 | 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      | $2157324.75   | 0.38%             | 2031-04-20      | Floating      | 9.92%                 | 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      | $4795270.78   | 0.85%             | 2029-11-15      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| CARMAX SELECT RECIEVABLES TRUST 2025-B                                   | CMXS 2025-B E         | CUSIP: 14320BAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1610000 | PA      | $1612568.27   | 0.29%             | 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        |   4500000 | PA      | $4439361.60   | 0.79%             | 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      | $635556.35    | 0.11%             | 2034-04-20      | Floating      | 6.77%                 | Yes           |                  2 | On Loan: No      |
| Ciena Corp                                                               | CIEN TL B 1L USD      | CUSIP: 17178HAR3<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | LON              | CORP              | US        |   1955256 | PA      | $1961777.18   | 0.35%             | 2030-10-24      | Variable      | 6.08%                 | No            |                  2 | On Loan: No      |
| SM Energy Co.                                                            | CIVI 8 5/8 11/01/30   | CUSIP: 17888HAC7<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4222068.00   | 0.75%             | 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      | $4020159.05   | 0.71%             | 2027-04-15      | Fixed         | 5.25%                 | 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        |    637899 | PA      | $637920.41    | 0.11%             | 2028-11-15      | Floating      | 5.61%                 | 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      | $3500350.00   | 0.62%             | 2028-11-15      | Floating      | 6.51%                 | 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      | $3092839.29   | 0.55%             | 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      | $2461180.80   | 0.44%             | 2037-07-18      | Floating      | 5.05%                 | Yes           |                  2 | On Loan: No      |
| Elmwood Clo VII Ltd.                                                     | ELMW7 2020-4A CRR     | CUSIP: 29002QAY5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2500000 | PA      | $2504522.50   | 0.45%             | 2037-10-17      | Floating      | 5.67%                 | 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      | $2042032.00   | 0.36%             | 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      | $10560174.37  | 1.88%             | 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        |    630336 | PA      | $626028.85    | 0.11%             | 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        |   2203257 | PA      | $2215511.62   | 0.39%             | 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      | $5864679.08   | 1.04%             | 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        |    740620 | PA      | $738480.68    | 0.13%             | 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      | $3957862.80   | 0.70%             | 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        |   6000000 | PA      | $5923884.60   | 1.05%             | 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        |   3889689 | PA      | $3889689.29   | 0.69%             |  |  |  | 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      | $2227516.67   | 0.40%             | 2027-12-15      | Fixed         | 1.66%                 | 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      | $4262009.45   | 0.76%             | 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      | $2044453.60   | 0.36%             | 2028-10-16      | Fixed         | 8.71%                 | Yes           |                  2 | On Loan: No      |
| FIRST INVESTORS AUTO OWNER TRUST 2026-1                                  | FIAOT 2026-1A C       | CUSIP: 32059JAJ0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $2999404.20   | 0.53%             | 2032-07-15      | Fixed         | 5.38%                 | 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      | $4013973.60   | 0.71%             | 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      | $8718511.20   | 1.55%             | 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      | $4908025.50   | 0.87%             | 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      | $2973569.28   | 0.53%             | 2034-03-08      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Company LLC                                            | F 5.753 04/06/33      | CUSIP: 345397J38<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2945979.90   | 0.52%             | 2033-04-06      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Freeport-McMoRan Inc.                                                    | FCX 5 09/01/27        | CUSIP: 35671DCC7<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |   3603000 | PA      | $3603473.69   | 0.64%             | 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      | $3038301.00   | 0.54%             | 2032-04-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Genesee & Wyoming                                                        | GWR TL B 1L USD       | CUSIP: 37156QAZ9<br>LEI: G617XSG94Z7G0RMW3L02 | Long             | LON              | CORP              | US        |   3950000 | PA      | $3935602.25   | 0.70%             | 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      | $1512882.00   | 0.27%             | 2033-07-01      | Fixed         | 7.12%                 | 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      | $1466173.50   | 0.26%             | 2034-10-20      | Floating      | 8.57%                 | 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      | $3913507.50   | 0.70%             | 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      | $2937546.30   | 0.52%             | 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        |   4406905 | PA      | $4426206.79   | 0.79%             | 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      | $743504.69    | 0.13%             | 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      | $1831867.50   | 0.33%             | 2035-01-30      | Floating      | 7.43%                 | Yes           |                  2 | On Loan: No      |
| Halseypoint Clo 4 Ltd / Llc                                              | HLSY 2021-4A E        | CUSIP: 40637NAA4<br>LEI: 549300CMJUK1VCINNF57 | Long             | ABS-CBDO         | CORP              | KY        |   3750000 | PA      | $3456690.00   | 0.61%             | 2034-04-20      | Floating      | 10.64%                | Yes           |                  2 | On Loan: No      |
| Hayward Industries                                                       | HWRI TL B 1L USD      | CUSIP: 421300AL8<br>LEI: 549300NV8ZMMEDUHQ091 | Long             | LON              | CORP              | US        |   4831541 | PA      | $4848910.64   | 0.86%             | 2028-05-28      | Variable      | 8.19%                 | No            |                  2 | On Loan: No      |
| Hilton Grand Vacations                                                   | HGV TL B 1L USD       | CUSIP: 43283LAH4<br>LEI: 254900HF0EZ734FDVY79 | Long             | LON              | CORP              | US        |   1969501 | PA      | $1970554.81   | 0.35%             | 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      | $4918318.00   | 0.87%             | 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      | $5749867.75   | 1.02%             | 2033-01-16      | Floating      | 5.17%                 | 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      | $1249393.75   | 0.22%             | 2033-01-16      | Floating      | 5.42%                 | 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      | $4749833.75   | 0.84%             | 2033-01-16      | Floating      | 6.37%                 | 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      | $2570449.23   | 0.46%             | 2028-11-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Installed Building Products Inc                                          | IBP 5 5/8 02/01/34    | CUSIP: 45780RAB7<br>LEI: 549300I95Y9P9YM5FI86 | Long             | DBT              | CORP              | US        |   6100000 | PA      | $5966000.69   | 1.06%             | 2034-02-01      | Fixed         | 5.62%                 | 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      | $1992627.60   | 0.35%             | 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      | $4106678.40   | 0.73%             | 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      | $2918070.92   | 0.52%             | 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      | $1800271.80   | 0.32%             | 2031-04-20      | Floating      | 6.73%                 | 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      | $2647914.45   | 0.47%             | 2034-07-20      | Floating      | 5.47%                 | 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      | $4291799.28   | 0.76%             | 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-CBDO         | CORP              | KY        |   3150000 | PA      | $3153597.30   | 0.56%             | 2030-10-22      | Floating      | 6.57%                 | Yes           |                  2 | On Loan: No      |
| Madison Park Funding XXIV Ltd                                            | MDPK 2016-24A BR2     | CUSIP: 55820NAY7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    982691 | PA      | $982756.99    | 0.17%             | 2029-10-20      | Floating      | 5.22%                 | 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      | $2994417.00   | 0.53%             | 2038-01-15      | Floating      | 4.91%                 | Yes           |                  2 | On Loan: No      |
| MAGNETITE LIMITED 2024-41                                                | MAGNE 2024-41A C      | CUSIP: 55956AAC9<br>LEI: 529900IDXPZZY6034K03 | Long             | ABS-CBDO         | CORP              | KY        |   6000000 | PA      | $5984910.00   | 1.06%             | 2038-01-25      | Floating      | 5.45%                 | 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      | $6428186.12   | 1.14%             | 2028-08-15      | Fixed         | 4.50%                 | 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      | $2527045.00   | 0.45%             | 2032-04-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Matador Resources Company                                                | MTDR 6 04/15/34       | CUSIP: 576485AJ5<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2988240.78   | 0.53%             | 2034-04-15      | Fixed         | 6.00%                 | 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      | $4998855.05   | 0.89%             | 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      | $8169807.80   | 1.45%             | 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      | $4481365.56   | 0.80%             | 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      | $3243457.73   | 0.58%             | 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      | $740210.93    | 0.13%             | 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      | $3056109.42   | 0.54%             | 2053-09-15      | Fixed         | 7.12%                 | No            |                  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      | $7604309.20   | 1.35%             | 2038-07-22      | Floating      | 5.82%                 | 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      | $5004600.00   | 0.89%             | 2036-07-16      | Floating      | 5.52%                 | 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      | $1577859.20   | 0.28%             | 2036-07-16      | Floating      | 6.17%                 | 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      | $3204249.60   | 0.57%             | 2036-10-14      | Floating      | 5.62%                 | Yes           |                  2 | On Loan: No      |
| NEXSTAR BROADCASTING INC                                                 | NXST TL B5 1L USD     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1492500 | PA      | $1479037.65   | 0.26%             | 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      | $1500650.30   | 0.27%             | 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      | $500777.00    | 0.09%             | 2027-09-30      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Oaktree CLO 2019-2 Ltd/Llc                                               | OAKCL 2019-2A BRR     | CUSIP: 67401UBC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    840000 | PA      | $841552.32    | 0.15%             | 2037-10-15      | Floating      | 5.87%                 | 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      | $6247093.75   | 1.11%             | 2031-02-14      | Floating      | 5.00%                 | 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      | $3254394.00   | 0.58%             | 2033-10-15      | Floating      | 5.67%                 | Yes           |                  2 | On Loan: No      |
| Octagon Investment Partners 31 Ltd.                                      | OCT51 2021-1A CR      | CUSIP: 675943AE4<br>LEI: 5493003JSU68UU09PZ63 | Long             | ABS-CBDO         | CORP              | KY        |   1750000 | PA      | $1752269.75   | 0.31%             | 2034-07-20      | Floating      | 5.47%                 | 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      | $5491263.50   | 0.98%             | 2037-07-21      | Floating      | 6.52%                 | 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      | $2001932.61   | 0.36%             | 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      | $1000177.70   | 0.18%             | 2028-04-17      | Floating      | 4.47%                 | Yes           |                  2 | On Loan: No      |
| Ppm Clo 5 Ltd/Llc                                                        | PPMC 2021-5A CR       | CUSIP: 69356TAN1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2700000 | PA      | $2699910.90   | 0.48%             | 2034-10-18      | Floating      | 5.67%                 | Yes           |                  2 | On Loan: No      |
| Patrick Industries Inc.                                                  | PATK 6 3/8 11/01/32   | CUSIP: 703343AH6<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3001938.30   | 0.53%             | 2032-11-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Performance Food Group Inc                                               | PFGC 5 5/8 03/01/34   | CUSIP: 71376LAH3<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4345061.04   | 0.77%             | 2034-03-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Permian Resources Operating, LLC                                         | PR 6 1/4 02/01/33     | CUSIP: 71424VAB6<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5096990.00   | 0.91%             | 2033-02-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Plains All American Pipeline L.P.                                        | PAA Float PERP        | CUSIP: 726503AE5<br>LEI: 5521FA2ITF25TVH63740 | Long             | DBT              | CORP              | US        |   6200000 | PA      | $6189386.22   | 1.10%             | 2166-11-15      | Floating      | 8.02%                 | 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      | $341453.35    | 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        |   3840749 | PA      | $3839135.72   | 0.68%             | 2031-04-14      | Variable      | 6.54%                 | No            |                  2 | On Loan: No      |
| SM Energy Co.                                                            | SM 6 3/4 08/01/29     | CUSIP: 78454LAX8<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2031604.86   | 0.36%             | 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      | $2424125.00   | 0.43%             | 2038-04-20      | Floating      | 8.17%                 | Yes           |                  2 | On Loan: No      |
| Sandstone Peak Ltd.                                                      | SAND 2021-1A ER2      | CUSIP: 800129AE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2500000 | PA      | $2500000.00   | 0.44%             | 2038-04-15      | Floating      | 10.98%                | Yes           |                  2 | On Loan: No      |
| Sandstone Peak Ltd.                                                      | SAND 2021-1A DR2      | CUSIP: 800130BL9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   6750000 | PA      | $6750000.00   | 1.20%             | 2038-04-15      | Floating      | 7.41%                 | Yes           |                  2 | On Loan: No      |
| SCULPTOR CLO LTD 2021-28                                                 | SCUL 28A AR           | CUSIP: 81124LAN4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $998839.00    | 0.18%             | 2035-01-20      | Floating      | 4.73%                 | 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      | $3862723.72   | 0.69%             | 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      | $2995790.70   | 0.53%             | 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      | $2367590.30   | 0.42%             | 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        |   1047390 | PA      | $1047778.28   | 0.19%             | 2032-07-20      | Floating      | 5.14%                 | Yes           |                  2 | On Loan: No      |
| Sound Point Clo XV Ltd.                                                  | SNDPT 2017-1A E       | CUSIP: 83609QAE3<br>LEI: 549300YVZ0M0XDDYS744 | Long             | ABS-CBDO         | CORP              | KY        |   4989131 | PA      | $4936225.96   | 0.88%             | 2029-01-23      | Floating      | 9.89%                 | 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      | $2299997.70   | 0.41%             | 2031-04-18      | Floating      | 6.18%                 | 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      | $3286699.68   | 0.58%             | 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      | $3015636.00   | 0.54%             | 2033-07-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Synaptics Incorporated                                                   | SYNA 4 06/15/29       | CUSIP: 87157DAG4<br>LEI: 549300AJ3LI4FWNRQX29 | Long             | DBT              | CORP              | US        |   2200000 | PA      | $2084696.02   | 0.37%             | 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      | $3191803.83   | 0.57%             | 2034-04-20      | Floating      | 7.07%                 | 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      | $2908809.43   | 0.52%             | 2028-01-15      | 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      | $2009070.00   | 0.36%             | 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      | $3439143.28   | 0.61%             | 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        |     75877 | PA      | $74998.35     | 0.01%             | 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      | $3190104.84   | 0.57%             | 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        |  28625000 | PA      | $27559389.72  | 4.90%             | 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        |  22975000 | PA      | $22910382.81  | 4.07%             | 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      | $2576761.57   | 0.46%             | 2034-04-15      | Floating      | 7.40%                 | 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      | $1291546.71   | 0.23%             | 2032-07-15      | Floating      | 7.85%                 | 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      | $640323.20    | 0.11%             | 2031-10-22      | Floating      | 5.68%                 | 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      | $5132569.75   | 0.91%             | 2033-09-12      | Fixed         | 5.90%                 | 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      | $5221868.76   | 0.93%             | 2030-10-15      | Floating      | 5.83%                 | 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      | $4074078.00   | 0.72%             | 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      | $4827224.55   | 0.86%             | 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      | $3725023.56   | 0.66%             | 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      | $2263405.05   | 0.40%             | 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      | $3000415.20   | 0.53%             | 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      | $1197343.75   | 0.21%             | 2034-07-20      | Floating      | 7.08%                 | Yes           |                  2 | On Loan: No      |
| Quikrete                                                                 | QUIKHO TL B 1L USD    | CUSIP: 74839XAL3<br>LEI: 5493007KIN86DIZWZT22 | Long             | LON              | CORP              | US        |   1985000 | PA      | $1983759.38   | 0.35%             | 2032-01-31      | Variable      | 6.58%                 | No            |                  2 | On Loan: No      |
| Nexstar Media, Inc.                                                      | NXST TL B 1L USD      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1000000 | PA      | $995000.00    | 0.18%             | 2033-03-23      | Variable      | 6.42%                 | No            |                  2 | On Loan: No      |
| Nexstar Broadcasting                                                     | NXST TL B 1L USD      | CUSIP: 65336RBF4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2000000 | PA      | $1980000.00   | 0.35%             | 2033-03-23      | Variable      | 6.42%                 | No            |                  2 | On Loan: No      |
| Johnstone Supply                                                         | JHNSPL TL B 1L USD    | CUSIP: 47947BAG7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3950000 | PA      | $3932323.75   | 0.70%             | 2031-06-09      | Variable      | 5.92%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-28

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

**Signature:** Rich Gleason

**Name of Signer:** Rich Gleason

**Title:** Treasurer