# EDGAR Filing Document

**Accession Number:** 0001537140
**File Stem:** 0000910472-25-000378
**Filing Date:** 2025-8
**Character Count:** 64785
**Document Hash:** 5a96fe169c0b8982d7a2f2430ab44e6f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-000378.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0000910472-25-000378

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**PERIOD START**: 20250630

**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:** 251271576

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** CINCINNATI

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 2025-06-30

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $537777159.04

**Total Liabilities:** $1954176.20

**Net Assets:** $535822982.84

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 448.82554500 | **1-Year:** 10595.25217100 | **5-Year:** 33268.86622700 | **10-Year:** 49452.92555800 | **30-Year:** 2876.38650300

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

- **3-Month:** 207.18260400 | **1-Year:** 12072.03121800 | **5-Year:** 27610.45974700 | **10-Year:** 8992.39265200 | **30-Year:** 507.88893800

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000170095 | 0.41%                | 0.71%                | 0.96%                |
| Class ID C000170094 | 0.31%                | 0.72%                | 0.98%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $258562.43               | $-880253.99                                |
| Month 2  | $335938.67               | $1054003.80                                |
| Month 3  | $-117193.51              | $2816634.70                                |

### Schedule of Portfolio Investments

| Name                                                      | Title                 | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Prestige Brands, Inc.                                     | PBH 5 1/8 01/15/28    | CUSIP: 74112BAL9<br>LEI: 549300JBVP4J6D42I235 | Long             | DBT              | CORP              | US        |    342000 | PA      | $339477.31    | 0.06%             | 2028-01-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Installed Building Products Inc                           | IBP 5 3/4 02/01/28    | CUSIP: 45780RAA9<br>LEI: 549300I95Y9P9YM5FI86 | Long             | DBT              | CORP              | US        |   2035000 | PA      | $2037022.18   | 0.38%             | 2028-02-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| APIDOS CDO XXXII                                          | APID 2019-32A DR      | CUSIP: 03768RAY2<br>LEI: 549300CXPXW83QGWOL98 | Long             | ABS-CBDO         | CORP              | KY        |   1365000 | PA      | $1362166.26   | 0.25%             | 2033-01-20      | Floating      | 7.02%                 | 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      | $6413671.49   | 1.20%             | 2028-08-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Molina Healthcare, Inc.                                   | MOH 4 3/8 06/15/28    | CUSIP: 60855RAJ9<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2445220.68   | 0.46%             | 2028-06-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| VENTURE 43 CLO LTD                                        | VENTR 2021-43A D      | CUSIP: 92290CAG4<br>LEI: 549300OLN5VHTMLSN650 | Long             | ABS-CBDO         | CORP              | KY        |   2765000 | PA      | $2688962.50   | 0.50%             | 2034-04-15      | Floating      | 7.99%                 | Yes           |                  2 | On Loan: No      |
| NEUBERGER BERMAN LOAN ADVISERS CLO 42 LTD                 | NEUB 2021-42A DR      | CUSIP: 64133WAU9<br>LEI: 549300Z5ZNFT7IECFZ07 | Long             | ABS-CBDO         | CORP              | US        |   1600000 | PA      | $1607931.20   | 0.30%             | 2036-07-16      | Floating      | 6.76%                 | Yes           |                  2 | On Loan: No      |
| Sunoco LP / Sunoco Finance Corp.                          | SUN 6 04/15/27        | CUSIP: 86765LAQ0<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |   2825000 | PA      | $2826015.02   | 0.53%             | 2027-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FIRST INVS AUTO OWNER TR 2021-2                           | FIAOT 2021-2A D       | CUSIP: 32057JAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2230000 | PA      | $2153828.78   | 0.40%             | 2027-12-15      | Fixed         | 1.66%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                            | MS 5.424 07/21/34     | CUSIP: 61747YFG5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   8045000 | PA      | $8241806.28   | 1.54%             | 2034-07-21      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| Octagon Investment Partners 31 Ltd.                       | OCT41 2019-2A CR2     | CUSIP: 67592FBJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   3250000 | PA      | $3254738.50   | 0.61%             | 2033-10-15      | Floating      | 6.26%                 | No            |                  2 | On Loan: No      |
| NEUBERGER BERMAN LOAN ADVISERS CLO 42 LTD                 | NEUB 2021-42A CR      | CUSIP: 64133WAS4<br>LEI: 549300Z5ZNFT7IECFZ07 | Long             | ABS-CBDO         | CORP              | US        |   5000000 | PA      | $4995135.00   | 0.93%             | 2036-07-16      | Floating      | 6.11%                 | Yes           |                  2 | On Loan: No      |
| Genesee & Wyoming                                         | GWR TL B 1L USD       | CUSIP: N/A<br>LEI: G617XSG94Z7G0RMW3L02       | Long             | LON              | CORP              | US        |   2992500 | PA      | $2980410.30   | 0.56%             | 2031-04-07      | Variable      | 6.60%                 | No            |                  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      | $4251449.90   | 0.79%             | 2029-03-15      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Neuberger Berman Loan Advisers CLO 45 Ltd.                | NEUB 2021-45A CR      | CUSIP: 64134MAN6<br>LEI: 549300BQ0WQMX5H5TS32 | Long             | ABS-CBDO         | CORP              | KY        |   3200000 | PA      | $3207772.80   | 0.60%             | 2036-10-14      | Floating      | 6.19%                 | 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      | $1360171.59   | 0.25%             | 2032-07-15      | Floating      | 8.44%                 | Yes           |                  2 | On Loan: No      |
| Regatta Funding Ltd.                                      | REG13 2018-2A CR      | CUSIP: 75888FAS4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2500000 | PA      | $2508862.50   | 0.47%             | 2031-07-15      | Floating      | 6.96%                 | Yes           |                  2 | On Loan: No      |
| MARATHON CLO 2019-14                                      | MCLO 2019-2A BAR2     | CUSIP: 56578HBA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3275000 | PA      | $3268695.63   | 0.61%             | 2033-01-20      | Floating      | 6.12%                 | 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      | $1984579.80   | 0.37%             | 2027-10-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Sunoco LP                                                 | SUN 7 1/4 05/01/32    | CUSIP: 86765KAC3<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |   3175000 | PA      | $3336366.20   | 0.62%             | 2032-05-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| WIND RIVER CLO LTD                                        | WINDR 2021-2A C       | CUSIP: 97315VAG2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2465000 | PA      | $2468727.08   | 0.46%             | 2034-07-20      | Floating      | 6.48%                 | Yes           |                  2 | On Loan: No      |
| WIND RIVER CLO LTD                                        | WINDR 2021-2A D       | CUSIP: 97315VAJ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1250000 | PA      | $1239410.00   | 0.23%             | 2034-07-20      | Floating      | 7.68%                 | Yes           |                  2 | On Loan: No      |
| Cheniere Energy Partners Lp                               | CQP 4 1/2 10/01/29    | CUSIP: 16411QAG6<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |   2775000 | PA      | $2745727.52   | 0.51%             | 2029-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Ciena Corp                                                | CIEN TL B 1L USD      | CUSIP: 17178HAR3<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | LON              | CORP              | US        |   1970103 | PA      | $1980938.12   | 0.37%             | 2030-10-24      | Variable      | 6.08%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust 2021-2              | WLAKE 2021-2A E       | CUSIP: 96042RAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1990272.60   | 0.37%             | 2027-03-15      | Fixed         | 2.38%                 | Yes           |                  2 | On Loan: No      |
| MADISON PARK FUNDING LTD                                  | MDPK 2014-14A D1R4    | CUSIP: 55818RBS4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3150000 | PA      | $3154630.50   | 0.59%             | 2030-10-22      | Floating      | 7.17%                 | Yes           |                  2 | On Loan: No      |
| Dewolf Park CLO Ltd.                                      | DWOLF 2017-1A CR      | CUSIP: 25211AAJ8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   5250000 | PA      | $5258452.50   | 0.98%             | 2030-10-15      | Floating      | 6.37%                 | Yes           |                  2 | On Loan: No      |
| Madison Park Funding XXIV Ltd                             | MDPK 2016-24A BR2     | CUSIP: 55820NAY7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   4690000 | PA      | $4700393.04   | 0.88%             | 2029-10-20      | Floating      | 5.82%                 | Yes           |                  2 | On Loan: No      |
| GOLDENTREE LOAN MANAGEMENT US CLO 17 LTD                  | GLM 2023-17A BR       | CUSIP: 38139FAS9<br>LEI: 549300TS068SCJRDSP12 | Long             | ABS-CBDO         | CORP              | JE        |   4500000 | PA      | $4500000.00   | 0.84%             | 2039-01-20      | Floating      | 5.97%                 | Yes           |                  2 | On Loan: No      |
| MIDOCEAN CREDIT CLO XII LTD                               | MIDO 2023-12A A1R     | CUSIP: 59803TAQ4<br>LEI: 5493000CPZWPTWX7TF71 | Long             | ABS-CBDO         | CORP              | JE        |    500000 | PA      | $500913.00    | 0.09%             | 2036-04-18      | Floating      | 5.61%                 | Yes           |                  2 | On Loan: No      |
| Murphy Oil USA Inc                                        | MUSA 5 5/8 05/01/27   | CUSIP: 626738AD0<br>LEI: N32S6DTR2ZZ5222WHV58 | Long             | DBT              | CORP              | US        |   3240000 | PA      | $3243858.84   | 0.61%             | 2027-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| FIRST INVESTORS AUTO OWNER TRUST 20                       | FIAOT 2023-1A D       | CUSIP: 320986AG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8400000 | PA      | $8881352.76   | 1.66%             | 2031-01-15      | Fixed         | 7.74%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                 | GS 7 1/2 PERP         | CUSIP: 38141GA38<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   3750000 | PA      | $3989010.00   | 0.74%             | 2170-08-18      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| WESTLAKE AUTOMOBILE RECEIVABLES TRUST                     | WLAKE 2021-3A E       | CUSIP: 96043JAN5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3660000 | PA      | $3636652.49   | 0.68%             | 2027-04-15      | Fixed         | 3.42%                 | Yes           |                  2 | On Loan: No      |
| Murphy Oil Corporation                                    | MUR 6 10/01/32        | CUSIP: 626717AP7<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | DBT              | CORP              | US        |   4510000 | PA      | $4304646.62   | 0.80%             | 2032-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Allison Transmission Inc.                                 | ALSN 5 7/8 06/01/29   | CUSIP: 019736AF4<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2022046.00   | 0.38%             | 2029-06-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| VENTURE 35 CLO LTD                                        | VENTR 2018-35A BLR    | CUSIP: 92331XAY0<br>LEI: 549300NGP7BCR2JAC076 | Long             | ABS-CBDO         | CORP              | KY        |    640000 | PA      | $642546.56    | 0.12%             | 2031-10-22      | Floating      | 6.28%                 | Yes           |                  2 | On Loan: No      |
| H B Fuller Company                                        | FUL 4 1/4 10/15/28    | CUSIP: 40410KAA3<br>LEI: JSMX3Z5FOYM8V0Q52357 | Long             | DBT              | CORP              | US        |    770000 | PA      | $746053.85    | 0.14%             | 2028-10-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| WESTLAKE AUTOMOBLE RECV 2024-2                            | WLAKE 2024-2A D       | CUSIP: 96042YAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3650000 | PA      | $3719786.54   | 0.69%             | 2030-04-15      | Fixed         | 5.91%                 | Yes           |                  2 | On Loan: No      |
| Firstcash Inc                                             | FCFS 4 5/8 09/01/28   | CUSIP: 33767DAB1<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4913332.00   | 0.92%             | 2028-09-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| ELMWOOD CLO 20 LTD                                        | ELM20 2022-7A BR      | CUSIP: 29002AAN4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1700000 | PA      | $1703634.60   | 0.32%             | 2037-01-17      | Floating      | 6.33%                 | Yes           |                  2 | On Loan: No      |
| Sound Point Clo Ix  Ltd                                   | SNDPT 2015-2A ARRR    | CUSIP: 83609GBN4<br>LEI: 549300W2FX6HEXN27U70 | Long             | ABS-CBDO         | CORP              | KY        |   1746386 | PA      | $1748315.46   | 0.33%             | 2032-07-20      | Floating      | 5.74%                 | 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      | $3878139.87   | 0.72%             | 2029-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Booz Allen Hamilton Inc                                   | BAH 3 7/8 09/01/28    | CUSIP: 09951LAA1<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3397701.30   | 0.63%             | 2028-09-01      | Fixed         | 3.88%                 | 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      | $2552421.60   | 0.48%             | 2028-11-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Asbury Automotive Group, Inc.                             | ABG 4 1/2 03/01/28    | CUSIP: 043436AU8<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1381834.58   | 0.26%             | 2028-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| HB Fuller                                                 | FUL TL B 1L USD       | CUSIP: 40409VAW4<br>LEI: JSMX3Z5FOYM8V0Q52357 | Long             | LON              | CORP              | US        |   4440290 | PA      | $4465289.03   | 0.83%             | 2030-02-15      | Variable      | 6.07%                 | No            |                  2 | On Loan: No      |
| ELMWOOD CLO VI LTD                                        | ELMW6 2020-3A ARR     | CUSIP: 29001VAU3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2460000 | PA      | $2465906.46   | 0.46%             | 2037-07-18      | Floating      | 5.65%                 | Yes           |                  2 | On Loan: No      |
| Amkor Technology, Inc.                                    | AMKR 6 5/8 09/15/27   | CUSIP: 031652BK5<br>LEI: 529900VHLRTKPWZJBM84 | Long             | DBT              | CORP              | US        |   2180000 | PA      | $2187196.86   | 0.41%             | 2027-09-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Carlyle Global Market Strategies CLO 2012-2, Ltd.         | CGMS 2012-4A BR4      | CUSIP: 14309YCE2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2100000 | PA      | $2104641.00   | 0.39%             | 2032-04-22      | Floating      | 6.02%                 | Yes           |                  2 | On Loan: No      |
| Neuberger Berman CLO XV Ltd.                              | NEUB 2013-15A CR2     | CUSIP: 64129KBJ5<br>LEI: 549300UTI4Y2IA4RUP16 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2002434.00   | 0.37%             | 2029-10-15      | Floating      | 6.37%                 | 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      | $4808140.34   | 0.90%             | 2029-11-15      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| CCO Holdings, LLC/ CCO Holdings Capital Corp.             | CHTR 5 1/8 05/01/27   | CUSIP: 1248EPBT9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2993399.10   | 0.56%             | 2027-05-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Avantor                                                   | AVTR TL B6 1L USD     | CUSIP: 05350NAP9<br>LEI: 5493003VM0XB4U8YD238 | Long             | LON              | CORP              | US        |    122766 | PA      | $123303.36    | 0.02%             | 2027-11-08      | Variable      | 7.43%                 | No            |                  2 | On Loan: No      |
| Johnstone Supply                                          | JHNSPL TL B 1L USD    | CUSIP: 47947BAF9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3980000 | PA      | $3992437.50   | 0.75%             | 2031-05-16      | Variable      | 8.32%                 | No            |                  2 | On Loan: No      |
| BWX Technologies Inc.                                     | BWXT 4 1/8 04/15/29   | CUSIP: 05605HAC4<br>LEI: 549300NP85N265KWMS58 | Long             | DBT              | CORP              | US        |   4069000 | PA      | $3926094.69   | 0.73%             | 2029-04-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Advanced Drainage System Inc                              | WMS 5 09/30/27        | CUSIP: 00790RAA2<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | DBT              | CORP              | US        |   3592000 | PA      | $3560866.70   | 0.66%             | 2027-09-30      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Tegna Inc                                                 | TGNA 5 09/15/29       | CUSIP: 87901JAH8<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1911780.80   | 0.36%             | 2029-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GOLDEN TREE LN MGMT US 2021-11                            | GLM 2021-11A ER       | CUSIP: 38138RAJ4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1500177.00   | 0.28%             | 2034-10-20      | Floating      | 9.17%                 | Yes           |                  2 | On Loan: No      |
| Plains All American Pipeline L.P.                         | PAA Float PERP        | CUSIP: 726503AE5<br>LEI: 5521FA2ITF25TVH63740 | Long             | DBT              | CORP              | US        |   4200000 | PA      | $4219378.80   | 0.79%             | 2166-11-15      | Floating      | 8.70%                 | No            |                  2 | On Loan: No      |
| Huntington Bancshares Incorporated                        | HBAN 4 1/2 PERP       | CUSIP: 446150823<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EP               | CORP              | US        |    117000 | NS      | $2054520.00   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| SM Energy Co.                                             | SM 6 3/4 08/01/29     | CUSIP: 78454LAX8<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1994211.40   | 0.37%             | 2029-08-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| The Charles Schwab Corporation                            | SCHW 4.45 PERP        | CUSIP: 808513865<br>LEI: 549300VSGCJ7E698NM85 | Long             | EP               | CORP              | US        |    120000 | NS      | $2272800.00   | 0.42%             |  |  |  | No            |                  1 | 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      | $737711.60    | 0.14%             | 2029-09-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ATS Corporation (Canada)                                  | ATSCN 4 1/8 12/15/28  | CUSIP: 001940AC9<br>LEI: 5493005KP4RP3IU7HQ41 | Long             | DBT              | CORP              | CA        |   4000000 | PA      | $3826385.60   | 0.71%             | 2028-12-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Nexstar Broadcasting                                      | NXST TL B 1LD         | CUSIP: 65336RAW8<br>LEI: 5493006PK6I4I2OOT688 | Long             | LON              | CORP              | US        |   1347164 | PA      | $1346321.91   | 0.25%             | 2026-09-19      | Variable      | 7.94%                 | 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      | $3064797.00   | 0.57%             | 2032-04-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Darling Ingredients, Inc                                  | DAR 5 1/4 04/15/27    | CUSIP: 237266AH4<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | DBT              | CORP              | US        |   4009000 | PA      | $4002298.56   | 0.75%             | 2027-04-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Korn Ferry                                                | KFY 4 5/8 12/15/27    | CUSIP: 50067PAA7<br>LEI: 549300FOD20OM0GT5G40 | Long             | DBT              | CORP              | US        |   2945000 | PA      | $2933295.69   | 0.55%             | 2027-12-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                 | TPMT 2017-6 A1        | CUSIP: 89175JAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    122742 | PA      | $120335.05    | 0.02%             | 2057-10-25      | Floating      | 2.75%                 | Yes           |                  2 | On Loan: No      |
| Meritage Homes Corp                                       | MTH 5 1/8 06/06/27    | CUSIP: 59001ABA9<br>LEI: 52990044W9UMFJO2FB97 | Long             | DBT              | CORP              | US        |   4137000 | PA      | $4186573.67   | 0.78%             | 2027-06-06      | Fixed         | 5.12%                 | 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      | $3081269.94   | 0.58%             | 2053-09-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| FIRST INVESTORS AUTO OWNER TRUST 2022-1                   | FIAOT 2022-1A D       | CUSIP: 32057KAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4720000 | PA      | $4649499.72   | 0.87%             | 2028-06-15      | Fixed         | 3.79%                 | Yes           |                  2 | On Loan: No      |
| EQT Corporation                                           | EQT 5 3/4 02/01/34    | CUSIP: 26884LAR0<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3103155.96   | 0.58%             | 2034-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| First American Funds Inc.                                 | FRST AM-GV OB-X       | CUSIP: 31846V336<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |  10001728 | PA      | $10001727.55  | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Quikrete                                                  | QUIKHO TL B 1L USD    | CUSIP: 74839XAL3<br>LEI: 5493007KIN86DIZWZT22 | Long             | LON              | CORP              | US        |   1990301 | PA      | $1990052.35   | 0.37%             | 2032-01-31      | Variable      | 6.55%                 | No            |                  2 | On Loan: No      |
| FIRST INVESTORS AUTO OWNER TRUST 2022-1                   | FIAOT 2022-1A E       | CUSIP: 32057KAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4280000 | PA      | $4225712.91   | 0.79%             | 2029-06-15      | Fixed         | 5.41%                 | Yes           |                  2 | On Loan: No      |
| Apidos Clo Xxxv Ltd / Llc                                 | APID 2021-35A E       | CUSIP: 03768TAA0<br>LEI: 549300KJKTO0Q1OATW69 | Long             | ABS-CBDO         | CORP              | KY        |   3500000 | PA      | $3499758.50   | 0.65%             | 2034-04-20      | Floating      | 10.28%                | Yes           |                  2 | On Loan: No      |
| OHA CREDIT PARTNERS XIV LTD                               | OAKC 2017-14A D1R     | CUSIP: 67706XAY9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5575000 | PA      | $5552783.63   | 1.04%             | 2037-07-21      | Floating      | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Neuberger Berman Loan Advisers CLO 32 Ltd.                | NEUB 2019-32A CR      | CUSIP: 64132DAN8<br>LEI: 5493007YBEOXQIHH3C54 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2001284.00   | 0.37%             | 2032-01-20      | Floating      | 6.23%                 | Yes           |                  2 | On Loan: No      |
| Silgan Holdings Inc.                                      | SLGN 4 1/8 02/01/28   | CUSIP: 827048AW9<br>LEI: KAF673KJXD92C8KSLU49 | Long             | DBT              | CORP              | US        |   2420000 | PA      | $2380322.16   | 0.44%             | 2028-02-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Hilton Grand Vacations                                    | HGV TL B 1L USD       | CUSIP: N/A<br>LEI: 254900HF0EZ734FDVY79       | Long             | LON              | CORP              | US        |   1976865 | PA      | $1978565.31   | 0.37%             | 2028-08-02      | Variable      | 8.19%                 | No            |                  2 | On Loan: No      |
| Freeport-McMoRan Inc.                                     | FCX 5 09/01/27        | CUSIP: 35671DCC7<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |   3603000 | PA      | $3597657.69   | 0.67%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Synaptics Incorporated                                    | SYNA 4 06/15/29       | CUSIP: 87157DAG4<br>LEI: 549300AJ3LI4FWNRQX29 | Long             | DBT              | CORP              | US        |   2200000 | PA      | $2089912.88   | 0.39%             | 2029-06-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Boyne USA Inc                                             | BIGSKY 4 3/4 05/15/29 | CUSIP: 103557AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3560000 | PA      | $3458810.20   | 0.65%             | 2029-05-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust 2021-2              | WLAKE 2021-2A F       | CUSIP: 96042RAH1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $2990118.30   | 0.56%             | 2027-12-15      | Fixed         | 3.66%                 | Yes           |                  2 | On Loan: No      |
| Hayward Industries                                        | HWRI TL B 1L USD      | CUSIP: 421300AL8<br>LEI: 549300NV8ZMMEDUHQ091 | Long             | LON              | CORP              | US        |   4869485 | PA      | $4893394.45   | 0.91%             | 2028-05-28      | Variable      | 8.19%                 | No            |                  2 | On Loan: No      |
| AGL CLO 25 LTD                                            | AGL 2023-25A ER       | CUSIP: 00120PAE9<br>LEI: 2549006GHWX66A91GS48 | Long             | ABS-CBDO         | CORP              | US        |   4850000 | PA      | $4850000.00   | 0.91%             | 2038-07-21      | Floating      | 10.02%                | Yes           |                  2 | On Loan: No      |
| ICG US CLO LTD                                            | ICG 2015-2RA CR       | CUSIP: 44933WAS8<br>LEI: 25490037AMBNS8P47972 | Long             | ABS-CBDO         | CORP              | KY        |   4750000 | PA      | $4725048.25   | 0.88%             | 2033-01-16      | Floating      | 6.96%                 | Yes           |                  2 | On Loan: No      |
| SAGARD- HALSEYPOINT CLO 9 LTD                             | HLSY 2025-9A D2       | CUSIP: 78662EAJ3<br>LEI: 549300RT6H1EOIYTDV62 | Long             | ABS-CBDO         | CORP              | KY        |   2500000 | PA      | $2438317.50   | 0.46%             | 2038-04-20      | Floating      | 8.78%                 | Yes           |                  2 | On Loan: No      |
| Neuberger Berman Clo XVII Ltd.                            | NEUB 2014-17A CR3     | CUSIP: 64129UCJ2<br>LEI: 549300XVEYZNG956Y145 | Long             | ABS-CBDO         | CORP              | KY        |   7600000 | PA      | $7606718.40   | 1.42%             | 2038-07-22      | Floating      | 6.42%                 | Yes           |                  2 | On Loan: No      |
| EXETER AUTOMOBILE RECEIVABLES TRUST 2022-1                | EART 2022-1A D        | CUSIP: 30167JAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2086847 | PA      | $2067970.91   | 0.39%             | 2028-06-15      | Fixed         | 3.02%                 | No            |                  2 | On Loan: No      |
| FIRST INVESTORS AUTO OWNER TRUST 20                       | FIAOT 2022-2A D       | CUSIP: 32058KAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2081333.60   | 0.39%             | 2028-10-16      | Fixed         | 8.71%                 | Yes           |                  2 | On Loan: No      |
| Bain Capital Credit CLO 2022-1 Ltd / LLC                  | BCC 2022-1A A1        | CUSIP: 05684UAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2700000 | PA      | $2703912.30   | 0.50%             | 2035-04-18      | Floating      | 5.59%                 | Yes           |                  2 | On Loan: No      |
| Goldentree Loan Management US CLO 1 Ltd.                  | GLM 2017-1A DR3       | CUSIP: 38136FCA9<br>LEI: 549300BE2068MP2P8N06 | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $2992392.00   | 0.56%             | 2034-04-20      | Floating      | 6.67%                 | 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      | $4856489.30   | 0.91%             | 2028-11-15      | Fixed         | 6.79%                 | Yes           |                  2 | On Loan: No      |
| EXETER AUTOMOBILE RECEIVABLES TRUST 2022-1                | EART 2022-1A E        | CUSIP: 30167JAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $3914021.60   | 0.73%             | 2029-10-15      | Fixed         | 5.02%                 | Yes           |                  2 | On Loan: No      |
| AGL CLO 29 Ltd / AGL CLO 29 LLC.                          | AGL 2024-29A A1       | CUSIP: 00119BAA1<br>LEI: 254900MM5EQZ35CZG002 | Long             | ABS-CBDO         | CORP              | JE        |   2500000 | PA      | $2509295.00   | 0.47%             | 2037-04-21      | Floating      | 5.84%                 | Yes           |                  2 | On Loan: No      |
| Quikrete                                                  | QUIKHO TL B1 1L USD   | CUSIP: 74839XAM1<br>LEI: 5493007KIN86DIZWZT22 | Long             | LON              | CORP              | US        |   3879544 | PA      | $3878942.94   | 0.72%             | 2031-04-14      | Variable      | 6.54%                 | No            |                  2 | On Loan: No      |
| Mineral Resources Ltd.                                    | MINAU 8 1/8 05/01/27  | CUSIP: 603051AA1<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |   2767000 | PA      | $2767441.89   | 0.52%             | 2027-05-01      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| EXETER AUTOMOBILE REC TR 2022-2                           | EART 2022-2A E        | CUSIP: 30166QAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5993000 | PA      | $5551050.41   | 1.04%             | 2029-10-15      | Fixed         | 6.34%                 | Yes           |                  2 | On Loan: No      |
| Neuberger Berman Loan Advisers CLO 32 Ltd.                | NEUB 2019-32A DR      | CUSIP: 64132DAQ1<br>LEI: 5493007YBEOXQIHH3C54 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1993816.00   | 0.37%             | 2032-01-19      | Floating      | 7.23%                 | Yes           |                  2 | On Loan: No      |
| Builders Firstsource, Inc.                                | BLDR 6 3/8 03/01/34   | CUSIP: 12008RAS6<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1020231.00   | 0.19%             | 2034-03-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| CIFC Funding 2014-IV-R Ltd.                               | CIFC 2014-4RA CRR     | CUSIP: 12552FBL6<br>LEI: 5493006JGTCIL6LCS728 | Long             | ABS-CBDO         | CORP              | KY        |   4885000 | PA      | $4866681.25   | 0.91%             | 2035-01-17      | Floating      | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Service Corporation International                         | SCI 5 3/4 10/15/32    | CUSIP: 817565CH5<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3034437.00   | 0.57%             | 2032-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                             | USB 4 PERP            | CUSIP: 902973718<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EP               | CORP              | US        |    122135 | NS      | $1967594.85   | 0.37%             |  |  |  | No            |                  1 | 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      | $5140748.85   | 0.96%             | 2033-09-12      | Fixed         | 5.90%                 | Yes           |                  2 | On Loan: No      |
| Dryden 50 Senior Loan Fund & LLC                          | DRSLF 2013-30A CR     | CUSIP: 26249BAU5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1000540.00   | 0.19%             | 2028-11-15      | Floating      | 6.29%                 | 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        |  35800000 | PA      | $34523226.65  | 6.44%             | 2033-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Asbury Automotive Group, Inc.                             | ABG 4 3/4 03/01/30    | CUSIP: 043436AV6<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |   1945000 | PA      | $1884383.30   | 0.35%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CIFC Funding 2012-III Ltd.                                | CIFC 2017-4A A2R      | CUSIP: 12551JAN6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2200000 | PA      | $2202719.20   | 0.41%             | 2030-10-24      | Floating      | 6.09%                 | 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      | $5236651.80   | 0.98%             | 2030-10-15      | Floating      | 6.42%                 | 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      | $1002340.50   | 0.19%             | 2028-04-17      | Floating      | 5.10%                 | 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      | $1002854.00   | 0.19%             | 2030-07-15      | Floating      | 7.52%                 | Yes           |                  2 | On Loan: No      |
| Central Garden & Pet Company                              | CENT 5 1/8 02/01/28   | CUSIP: 153527AM8<br>LEI: 5493004DVZLD37DJ0H83 | Long             | DBT              | CORP              | US        |   4907000 | PA      | $4914232.92   | 0.92%             | 2028-02-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| WELLFLEET CLO LTD 2021-2                                  | WELF 2021-2A A1       | CUSIP: 95023AAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $3003750.00   | 0.56%             | 2034-07-15      | Floating      | 5.72%                 | Yes           |                  2 | On Loan: No      |
| Voya Clo 2015-1 Ltd                                       | VOYA 2015-1A CR       | CUSIP: 92914NAQ4<br>LEI: 54930085W413OSH6FR69 | Long             | ABS-CBDO         | CORP              | KY        |   2173217 | PA      | $2174017.22   | 0.41%             | 2029-01-18      | Floating      | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Civitas Resources Inc                                     | CIVI 8 5/8 11/01/30   | CUSIP: 17888HAC7<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4064132.00   | 0.76%             | 2030-11-01      | Fixed         | 8.62%                 | 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      | $2046948.00   | 0.38%             | 2030-06-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| ON Semiconductor Corp.                                    | ON 3 7/8 09/01/28     | CUSIP: 682189AQ8<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | DBT              | CORP              | US        |   2075000 | PA      | $2009226.03   | 0.37%             | 2028-09-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Halseypoint CLO 5 Ltd.                                    | HLSY 2021-5A D        | CUSIP: 406371AG9<br>LEI: 549300VBED2CGY7JQG51 | Long             | ABS-CBDO         | CORP              | KY        |   1875000 | PA      | $1853506.88   | 0.35%             | 2035-01-30      | Floating      | 8.04%                 | Yes           |                  2 | On Loan: No      |
| Voya CLO 2018-3 Ltd.                                      | VOYA 2018-1A B        | CUSIP: 92917AAE6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    850000 | PA      | $852369.97    | 0.16%             | 2031-04-19      | Variable      | 6.35%                 | Yes           |                  2 | On Loan: No      |
| Terex Corporation                                         | TEX 6 1/4 10/15/32    | CUSIP: 880779BB8<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2005370.00   | 0.37%             | 2032-10-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Dryden 50 Senior Loan Fund & LLC                          | DRSLF 2013-30A DR     | CUSIP: 26249BAW1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3500000 | PA      | $3505449.50   | 0.65%             | 2028-11-15      | Floating      | 7.19%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Notes                              | TII 1 5/8 04/15/30    | CUSIP: 91282CNB3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   8000000 | PA      | $8122844.80   | 1.52%             | 2030-04-15      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| Sound Point CLO XI Ltd                                    | SNDPT 2013-3RA C      | CUSIP: 83609YAG1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2300000 | PA      | $2311258.50   | 0.43%             | 2031-04-18      | Floating      | 6.78%                 | 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      | $10460568.92  | 1.95%             | 2028-01-17      | Fixed         | 4.02%                 | Yes           |                  2 | On Loan: No      |
| EXETER AUTOMOBILE RECEIVABLES TRUST 2022-4                | EART 2022-4A D        | CUSIP: 30166BAF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3653000 | PA      | $3675281.47   | 0.69%             | 2028-12-15      | Fixed         | 5.98%                 | No            |                  2 | On Loan: No      |
| Riserva Clo Ltd / Riserva Clo Llc                         | RSRVA 2016-3A XRR     | CUSIP: 76761RAW9<br>LEI: 549300640C8OB2I8SN35 | Long             | ABS-CBDO         | CORP              | KY        |     37500 | PA      | $37474.28     | 0.01%             | 2034-01-18      | Floating      | 5.33%                 | 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      | $2501972.50   | 0.47%             | 2032-04-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| CIFC Funding 2012-III Ltd.                                | CIFC 2017-4A CR       | CUSIP: 12551JAS5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $3000717.00   | 0.56%             | 2030-10-24      | Floating      | 7.69%                 | Yes           |                  2 | On Loan: No      |
| ICG US CLO 2022-1 I Ltd.                                  | ICG 2022-1A D1        | CUSIP: 44933EAL3<br>LEI: 254900UXTGDH0QOBDH07 | Long             | ABS-CBDO         | CORP              | US        |   1250000 | PA      | $1255822.50   | 0.23%             | 2035-07-20      | Floating      | 8.33%                 | Yes           |                  2 | On Loan: No      |
| VENTURE 41R CLO LTD                                       | VENTR 2021-41A D      | CUSIP: 92326JAN2<br>LEI: 549300Q6VG2813TG2830 | Long             | ABS-CBDO         | CORP              | KY        |   3500000 | PA      | $3485419.00   | 0.65%             | 2034-01-20      | Floating      | 8.40%                 | 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      | $4066402.64   | 0.76%             | 2171-09-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Dryden 70 clo ltd/llc                                     | DRSLF 2018-70A C      | CUSIP: 26252EAG4<br>LEI: 549300S32UW0TE4JM250 | Long             | ABS-CBDO         | CORP              | NL        |   3750000 | PA      | $3753768.75   | 0.70%             | 2032-01-16      | Floating      | 6.67%                 | 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      | $991341.90    | 0.19%             | 2028-02-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Octagon Investment Partners XXI Ltd.                      | OCT21 2014-1A BR4     | CUSIP: 67590QCC9<br>LEI: 549300XIS9D4AHDX5A35 | Long             | ABS-CBDO         | CORP              | KY        |   6250000 | PA      | $6236775.00   | 1.16%             | 2031-02-14      | Floating      | 5.66%                 | Yes           |                  2 | On Loan: No      |
| SOUND POINT CLO XV LTD                                    | SNDPT 2017-1A E       | CUSIP: 83609QAE3<br>LEI: 549300YVZ0M0XDDYS744 | Long             | ABS-CBDO         | CORP              | KY        |   6290970 | PA      | $6290322.13   | 1.17%             | 2029-01-23      | Floating      | 10.50%                | Yes           |                  2 | On Loan: No      |
| Apidos CLO XV                                             | APID 2013-15A DRR     | CUSIP: 03764QBL5<br>LEI: 549300HXW2GBYSKFE344 | Long             | ABS-CBDO         | CORP              | KY        |    975000 | PA      | $980254.28    | 0.18%             | 2031-04-20      | Floating      | 7.23%                 | Yes           |                  2 | On Loan: No      |
| CIFC Funding 2014-IV-R Ltd.                               | CIFC 2014-4RA BRR     | CUSIP: 12552FBJ1<br>LEI: 5493006JGTCIL6LCS728 | Long             | ABS-CBDO         | CORP              | KY        |   3500000 | PA      | $3496286.50   | 0.65%             | 2035-01-17      | Floating      | 6.08%                 | Yes           |                  2 | On Loan: No      |
| Matador Resources Company                                 | MTDR 6 7/8 04/15/28   | CUSIP: 576485AF3<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2041536.00   | 0.38%             | 2028-04-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Voya CLO 2014-1 Ltd                                       | INGIM 2014-1A CR      | CUSIP: 92915PAR6<br>LEI: 549300ITL5IR423IJ183 | Long             | ABS-CBDO         | CORP              | KY        |   2425000 | PA      | $2429680.25   | 0.45%             | 2031-04-18      | Floating      | 7.33%                 | Yes           |                  2 | On Loan: No      |
| Nexstar Escrow Inc                                        | NXST 5 5/8 07/15/27   | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1497458.39   | 0.28%             | 2027-07-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| ELMWOOD CLO 21 LTD                                        | ELM21 2022-8A AR      | CUSIP: 289907AN7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5500000 | PA      | $5508167.50   | 1.03%             | 2036-10-20      | Floating      | 5.92%                 | 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      | $3009501.00   | 0.56%             | 2032-11-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Gen Digital Inc                                           | GEN 6 3/4 09/30/27    | CUSIP: 668771AK4<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |    500000 | PA      | $509203.00    | 0.10%             | 2027-09-30      | Fixed         | 6.75%                 | 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      | $2026721.62   | 0.38%             | 2034-04-15      | Floating      | 6.52%                 | Yes           |                  2 | On Loan: No      |
| Genesee & Wyoming                                         | GWR TL B 1L USD       | CUSIP: N/A<br>LEI: G617XSG94Z7G0RMW3L02       | Long             | LON              | CORP              | US        |    987500 | PA      | $983510.50    | 0.18%             | 2031-04-10      | Variable      | 6.52%                 | No            |                  2 | On Loan: No      |
| Sunoco LP                                                 | SUN 6 1/4 07/01/33    | CUSIP: 86765KAD1<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3045999.00   | 0.57%             | 2033-07-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Trimas Corporation                                        | TRS 4 1/8 04/15/29    | CUSIP: 896215AH3<br>LEI: 75G1WUQ8QK4P5MZOYD78 | Long             | DBT              | CORP              | US        |   3350000 | PA      | $3183060.46   | 0.59%             | 2029-04-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| EXETER AUTOMOBILE RECEIVABLES TRUST                       | EART 2021-3A D        | CUSIP: 30166AAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1692538 | PA      | $1663827.39   | 0.31%             | 2027-06-15      | Fixed         | 1.55%                 | No            |                  2 | On Loan: No      |
| Targa Resources Partners LP/Targa Resources Finance Corp. | TRGP 5 01/15/28       | CUSIP: 87612BBG6<br>LEI: 6OQWTZ1SPC04IFT4T704 | Long             | DBT              | CORP              | US        |   2909000 | PA      | $2911285.16   | 0.54%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Global Partners LP / GLP Finance Corp.                    | GLP 7 1/8 07/01/33    | CUSIP: 37954FAL8<br>LEI: 549300PCHWTW9P4DU444 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1523583.11   | 0.28%             | 2033-07-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Cifc Funding Ltd                                          | CIFC 2018-3A C        | CUSIP: 12551YAE3<br>LEI: 635400OB7ZCBUWDQNV87 | Long             | ABS-CBDO         | CORP              | KY        |   2300000 | PA      | $2310338.50   | 0.43%             | 2031-07-18      | Floating      | 6.43%                 | Yes           |                  2 | On Loan: No      |
| LCM XVIII LLC                                             | LCM 18A DR            | CUSIP: 50188GAW3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1800000 | PA      | $1800495.00   | 0.34%             | 2031-04-20      | Floating      | 7.33%                 | 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      | $1992551.80   | 0.37%             | 2028-03-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Bridgecrest Lending Auto Securitization Trust 2023-1      | BLAST 2023-1 D        | CUSIP: 108056AF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5890000 | PA      | $6205592.09   | 1.16%             | 2029-08-15      | Fixed         | 7.84%                 | No            |                  2 | On Loan: No      |
| WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2023-3              | WLAKE 2023-3A D       | CUSIP: 96041CAN2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $4101152.00   | 0.77%             | 2029-03-15      | Fixed         | 6.47%                 | Yes           |                  2 | On Loan: No      |
| ICG US CLO LTD                                            | ICG 2015-2RA A2R      | CUSIP: 44933WAN9<br>LEI: 25490037AMBNS8P47972 | Long             | ABS-CBDO         | CORP              | KY        |   5750000 | PA      | $5760240.75   | 1.08%             | 2033-01-16      | Floating      | 5.76%                 | Yes           |                  2 | On Loan: No      |
| VENTURE 41R CLO LTD                                       | VENTR 2021-41A C      | CUSIP: 92326JAL6<br>LEI: 549300Q6VG2813TG2830 | Long             | ABS-CBDO         | CORP              | KY        |   3250000 | PA      | $3262769.25   | 0.61%             | 2034-01-20      | Floating      | 7.13%                 | Yes           |                  2 | On Loan: No      |
| Halseypoint Clo 4 Ltd / Llc                               | HLSY 2021-4A E        | CUSIP: 40637NAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2500000 | PA      | $2499757.50   | 0.47%             | 2034-04-20      | Floating      | 11.24%                | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-28

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

**Signature:** Rich Gleason

**Name of Signer:** Rich Gleason

**Title:** Treasurer