AMC 7 1/2 02/15/29

NPORT-P false 0001537140 XXXXXXXX S000046898 C000146567 C000146568 C000146569 NORTHERN LIGHTS FUND TRUST III 811-22655 0001537140 549300PPUECJSQFBYV98 225 PICTORIA DRIVE SUITE 450 CINCINNATI 45246 631-470-2600 Counterpoint Tactical Income Fund S000046898 549300FOLD17KHRVDB10 2025-09-30 2025-03-31 N 2148539801.49 173772988.56 1974766812.93 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 6953925.77000000 USD UST U.S. Corporate High Yield I00012US-USD AMC Entertainment Holdings Inc 549300ZO77UNR6NRBR11 AMC 7 1/2 02/15/29 00165CBA1 924000.00000000 PA USD 695160.08000000 0.035202135029 Long DBT CORP US Y 2 2029-02-15 Fixed 7.50000000 N N N N N N Acrisure Llc / Acrisure Fin Inc 549300R0Z1Q47XRTGO22 ACRISU 7 1/2 11/06/30 00489LAL7 795000.00000000 PA USD 808992.00000000 0.040966457138 Long DBT CORP US Y 2 2030-11-06 Fixed 7.50000000 N N N N N N Adapthealth Llc 549300SN58QQ28RVWE26 ADAHEA 5 1/8 03/01/30 00653VAE1 878000.00000000 PA USD 801306.04000000 0.040577248653 Long DBT CORP US Y 2 2030-03-01 Fixed 5.12500000 N N N N N N Advantage Solutions Finco Llc 549300T4O24KQDED1182 ADVSAL 6 1/2 11/15/28 00775PAA5 859000.00000000 PA USD 754147.28000000 0.038189181378 Long DBT CORP US Y 2 2028-11-15 Fixed 6.50000000 N N N N N N ATI Inc ZW1LRE7C3H17O2ZN9B45 ATI 7 1/4 08/15/30 01741RAN2 788000.00000000 PA USD 812321.62000000 0.041135065400 Long DBT CORP US N 2 2030-08-15 Fixed 7.25000000 N N N N N N Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer Inc 5493006Q26653NF8SI73 ALIANT 5 7/8 11/01/29 01883LAD5 854000.00000000 PA USD 826131.93000000 0.041834404173 Long DBT CORP US Y 2 2029-11-01 Fixed 5.87500000 N N N N N N Allied Universal Holdco LLC / Allied Universal Finance Corporation 98450038B4549046D794 UNSEAM 7 7/8 02/15/31 019576AD9 798000.00000000 PA USD 808810.71000000 0.040957276813 Long DBT CORP US Y 2 2031-02-15 Fixed 7.87500000 N N N N N N Alpha Generation LLC 254900K5V62L4YGVKF49 ALPGEN 6 3/4 10/15/32 02073LAA9 806000.00000000 PA USD 807138.07000000 0.040872576180 Long DBT CORP US Y 2 2032-10-15 Fixed 6.75000000 N N N N N N Alta Equipment Group Inc 549300DGOB28CLGS1X27 ALTG 9 06/01/29 02128LAC0 839000.00000000 PA USD 733081.45000000 0.037122431124 Long DBT CORP US Y 2 2029-06-01 Fixed 9.00000000 N N N N N N Altice Financing S.A. 549300DIYGW8HVDF7Q17 ALTICE 5 01/15/28 02154CAF0 1014000.00000000 PA USD 763492.92000000 0.038662434217 Long DBT CORP LU Y 2 2028-01-15 Fixed 5.00000000 N N N N N N Altice France S.A 5493001ZMCICV4N02J21 SFRFP 5 1/8 01/15/29 02156LAE1 2038000.00000000 PA USD 1602335.52000000 0.081140492614 Long DBT CORP FR Y 2 2029-01-15 Fixed 5.12500000 N N N N N N Amentum Escrow Corp. N/A AMNTEC 7 1/4 08/01/32 02352BAA3 808000.00000000 PA USD 795746.36000000 0.040295712627 Long DBT CORP US Y 2 2032-08-01 Fixed 7.25000000 N N N N N N American Axle & Manufacturing, Inc. RY5TAKFOBLDUGX31MS24 AXL 6 7/8 07/01/28 02406PBA7 826000.00000000 PA USD 786864.78000000 0.039845959272 Long DBT CORP US N 2 2028-07-01 Fixed 6.87500000 N N N N N N Ameritex Holdco Inter LLC N/A AMEPIP 10 1/4 10/15/28 030727AA9 772000.00000000 PA USD 793402.56000000 0.040177025196 Long DBT CORP US Y 2 2028-10-15 Fixed 10.25000000 N N N N N N Amerigas Partners, L.P./Amerigas Finance Corp. H36E1IF6YS0OBMHM6168 APU 9 3/8 06/01/28 030981AM6 841000.00000000 PA USD 833147.77000000 0.042189678525 Long DBT CORP US Y 2 2028-06-01 Fixed 9.37500000 N N N N N Ardonagh Group Finance Ltd. 254900SRT1BTAJ76NW62 ARDGRP 8 7/8 02/15/32 039956AA5 785000.00000000 PA USD 800721.98000000 0.040547672502 Long DBT CORP JE Y 2 2032-02-15 Fixed 8.87500000 N N N N N N Arsenal AIC Parent LLC N/A ARNC 11 1/2 10/01/31 04288BAC4 730000.00000000 PA USD 794727.71000000 0.040244129321 Long DBT CORP US Y 2 2031-10-01 Fixed 11.50000000 N N N N N N Avis Budget Car Rental LLC/Avis Budget Finance Inc. XN8R4HH1TVC1XOCL5P21 CAR 8 02/15/31 053773BH9 790000.00000000 PA USD 766657.87000000 0.038822703773 Long DBT CORP US Y 2 2031-02-15 Fixed 8.00000000 N N N N N N Baldwin Insurance Group Holdings LLC / Baldwin Insurance Group Holdings Finance Inc. 5493004GCDREAQPPYG20 BRP 7 1/8 05/15/31 05825XAA7 800000.00000000 PA USD 811551.18000000 0.041096051173 Long DBT CORP US Y 2 2031-05-15 Fixed 7.12500000 N N N N N N Bausch Health Companies Inc. B3BS7ACMDUWISF18KY76 BHCCN 5 01/30/28 071734AH0 1435000.00000000 PA USD 1049350.93000000 0.053137966626 Long DBT CORP CA Y 2 2028-01-30 Fixed 5.00000000 N N N N N N Beacon Roofing Supply, Inc. 549300HDXQWWCBOYXP31 BECN 4 1/8 05/15/29 073685AH2 841000.00000000 PA USD 847542.14000000 0.042918593448 Long DBT CORP US Y 2 2029-05-15 Fixed 4.12500000 N N N N N N N/A N/A TFDXX LEX BLACKROCK FED FUND 09248U700 0.00000000 NS USD 0.00000000 0.000000 Long STIV US N N/A N N Blackstone Mortgage Trust, Inc 549300OLDJ20R2Y2UW20 BXMT 7 3/4 12/01/29 09257WAF7 797000.00000000 PA USD 819322.38000000 0.041489576117 Long DBT CORP US Y 2 2029-12-01 Fixed 7.75000000 N N N N N N Blackrock Funds V 54930077DSFQPJDWM487 BLR-SF V-BRHY-IS 09260B630 29896366.21900000 NS USD 210470418.18000000 10.65798841675 Long EC RF US N 1 N N N Blackrock Funds V 54930077DSFQPJDWM487 BLK-FLOAT RA-INS 09260B747 13383297.64400000 NS USD 127676659.52000000 6.465404354783 Long EC RF US N 1 N N N Blue Racer Midstream, LLC / Blue Racer Finance Corp N/A BLURAC 7 07/15/29 095796AJ7 797000.00000000 PA USD 814242.30000000 0.041232326504 Long DBT CORP US Y 2 2029-07-15 Fixed 7.00000000 N N N N N N Blue Racer Midstream, LLC / Blue Racer Finance Corp N/A BLURAC 7 1/4 07/15/32 095796AK4 785000.00000000 PA USD 812695.59000000 0.041154002825 Long DBT CORP US Y 2 2032-07-15 Fixed 7.25000000 N N N N N N BlueLinx Holdings Inc. 549300YSX7GU28F5I540 BXC 6 11/15/29 09624HAA7 846000.00000000 PA USD 797766.92000000 0.040398031543 Long DBT CORP US Y 2 2029-11-15 Fixed 6.00000000 N N N N N N Bombardier Inc. W7L3VLU8EHQY34Z36697 BBDBCN 7.45 05/01/34 097751AL5 777000.00000000 PA USD 798440.54000000 0.040432142912 Long DBT CORP CA Y 2 2034-05-01 Fixed 7.45000000 N N N N N N Brookfield Property Reit Inc/Bpr Cumulus Llc/Bpr Nimbus Llc/Ggsi Sellco Llc 549300K1JD1LDRNBET48 BPR 4 1/2 04/01/27 11284DAC9 857000.00000000 PA USD 821739.74000000 0.041611988545 Long DBT CORP US Y 2 2027-04-01 Fixed 4.50000000 N N N N N N Community Health Systems Incorporated 549300BQWM4WENQ3YW73 CYH 10 7/8 01/15/32 12543DBN9 790000.00000000 PA USD 778790.63000000 0.039437093276 Long DBT CORP US Y 2 2032-01-15 Fixed 10.87500000 N N N N N N CMG Media Corp. N/A CMGMCO 8 7/8 06/18/29 125773AA9 1029000.00000000 PA USD 890085.00000000 0.045072916669 Long DBT CORP US Y 2 2029-06-18 Fixed 8.87500000 N N N N N N CP Atlas Buyer Inc. 2549006ZZ07G0NDDCR36 AMBATH 7 12/01/28 12597YAA7 1853000.00000000 PA USD 1466027.45000000 0.074238003211 Long DBT CORP US Y 2 2028-12-01 Fixed 7.00000000 N N N N N N CSC Holdings, LLC 3HG2WD2W22M120IUNG49 CSCHLD 4 5/8 12/01/30 126307BD8 2340000.00000000 PA USD 1142113.99000000 0.057835385045 Long DBT CORP US Y 2 2030-12-01 Fixed 4.62500000 N N N N N N Cnx Midstream Partners Lp N/A CNXMPF 4 3/4 04/15/30 12654AAA9 880000.00000000 PA USD 816497.00000000 0.041346502009 Long DBT CORP US Y 2 2030-04-15 Fixed 4.75000000 N N N N N N Cablevision Lightpath Llc 5493002ZVBLRLGES1R71 CVLGHT 3 7/8 09/15/27 12687GAA7 1731000.00000000 PA USD 1645043.21000000 0.083303162643 Long DBT CORP US Y 2 2027-09-15 Fixed 3.87500000 N N N N N Calpine Corporation 43R4VPJBXTU2O15HEF41 CPN 5 02/01/31 131347CQ7 851000.00000000 PA USD 813067.44000000 0.041172832897 Long DBT CORP US Y 2 2031-02-01 Fixed 5.00000000 N N N N N Capstone Borrower Inc. 254900YSP2BAI3YKIX08 CVT 8 06/15/30 140944AA7 782000.00000000 PA USD 803965.64000000 0.040711927845 Long DBT CORP US Y 2 2030-06-15 Fixed 8.00000000 N N N N N N Carvana Co 5493003WEAK2PJ5WS063 CVNA 9 06/01/30 146869AN2 1469000.00000000 PA USD 1556572.01000000 0.078823079252 Long DBT CORP US Y 2 2030-06-01 Fixed 9.00000000 N N Y N N N Central Parent Inc. / Central Merger Sub Inc. N/A CDK 7 1/4 06/15/29 15477CAA3 820000.00000000 PA USD 709958.79000000 0.035951525281 Long DBT CORP US Y 2 2029-06-15 Fixed 7.25000000 N N N N N N Lumen Technologies Inc 8M3THTGWLTYZVE6BBY25 CTL 7.6 09/15/39 156700AM8 980000.00000000 PA USD 772694.68000000 0.039128401132 Long DBT CORP US N 2 2039-09-15 Fixed 7.60000000 N N N N N N Champions Financing Inc. 391200ZDD75EGEUJ7625 CRASHC 8 3/4 02/15/29 15870LAA6 838000.00000000 PA USD 750999.88000000 0.038029800535 Long DBT CORP US Y 2 2029-02-15 Fixed 8.75000000 N N N N N Chart Industries Inc EM7QGKC1GYOF3LSZSL80 GTLS 9 1/2 01/01/31 16115QAG5 759000.00000000 PA USD 810677.27000000 0.041051797340 Long DBT CORP US Y 2 2031-01-01 Fixed 9.50000000 N N N N N The Chemours Company LLC 549300M1BOLNXL8DOV14 CC 5 3/4 11/15/28 163851AF5 860000.00000000 PA USD 794285.32000000 0.040221727183 Long DBT CORP US Y 2 2028-11-15 Fixed 5.75000000 N N N N N Chobani Holdco II LLC N/A CHBANI 8 3/4 10/01/29 169918AA7 1247000.00000000 PA USD 1353235.67000000 0.068526352637 Long DBT CORP US Y 2 2029-10-01 Fixed 8.75000000 N N Y N N N Churchill Downs Inc 529900FODTBQC8MIS994 CHDN 5 1/2 04/01/27 171484AG3 824000.00000000 PA USD 817933.28000000 0.041419233635 Long DBT CORP US Y 2 2027-04-01 Fixed 5.50000000 N N N N N N Cimpress PLC 549300X1IFD75XISOR81 CMPR 7 3/8 09/15/32 17186HAH5 823000.00000000 PA USD 757361.86000000 0.038351964142 Long DBT CORP IE Y 2 2032-09-15 Fixed 7.37500000 N N N N N CITGO Petroleum Corporation YX52P86PXMLYDOTUQ225 CITPET 8 3/8 01/15/29 17302XAN6 790000.00000000 PA USD 804565.23000000 0.040742290417 Long DBT CORP US Y 2 2029-01-15 Fixed 8.37500000 N N N N N N Clarios Global LP / Clarios US Finance Company Inc 549300474L1ZLXZY2P98 POWSOL 6 3/4 02/15/30 18060TAD7 808000.00000000 PA USD 816403.20000000 0.041341752082 Long DBT CORP CA Y 2 2030-02-15 Fixed 6.75000000 N N N N N N Clarivate Science Holdings Corp. N/A CLVTSC 4 7/8 07/01/29 18064PAD1 875000.00000000 PA USD 782013.10000000 0.039600275580 Long DBT CORP US Y 2 2029-07-01 Fixed 4.87500000 N N N N N N Clear Channel Outdoor Holdings Inc New 254900XBEE6V1ENYS150 CCO 7 7/8 04/01/30 18453HAF3 790000.00000000 PA USD 775301.58000000 0.039260411655 Long DBT CORP US Y 2 2030-04-01 Fixed 7.87500000 N N N N N N Cogent Communications Group LLC 549300KFWFYF8Q1U0Y26 CCOI 7 06/15/27 19240CAE3 1623000.00000000 PA USD 1636058.66000000 0.082848195001 Long DBT CORP US Y 2 2027-06-15 Fixed 7.00000000 N N N N N N Commscope LLC 549300Z6K4JXMFE8QY54 COMM 7 1/8 07/01/28 203372AV9 1803000.00000000 PA USD 1592275.82000000 0.080631080569 Long DBT CORP US Y 2 2028-07-01 Fixed 7.12500000 N N N N N N Comstock Resources, Inc. I03QQGEA4SS774AURI46 CRK 6 3/4 03/01/29 205768AU8 834000.00000000 PA USD 810987.44000000 0.041067504005 Long DBT CORP US Y 2 2029-03-01 Fixed 6.75000000 N N N N N N Consolidated Communications, Inc. 549300WW675Y48HDVX34 CNSL 6 1/2 10/01/28 20903XAF0 1680000.00000000 PA USD 1623915.22000000 0.082233264675 Long DBT CORP US Y 2 2028-10-01 Fixed 6.50000000 N N N N N N CoreLogic, Inc. 54930086CD8K2UIL0516 CLGX 4 1/2 05/01/28 21871DAD5 875000.00000000 PA USD 815455.84000000 0.041293778822 Long DBT CORP US Y 2 2028-05-01 Fixed 4.50000000 N N N N N N Cornerstone Building Brands Inc 549300IW41QEWQ6T0H29 CNR 9 1/2 08/15/29 21925DAB5 824000.00000000 PA USD 680727.00000000 0.034471259874 Long DBT CORP US Y 2 2029-08-15 Fixed 9.50000000 N N N N N N DISH Network Corporation 529900U350CWHH15G169 DISH 11 3/4 11/15/27 25470MAG4 772000.00000000 PA USD 814039.99000000 0.041222081750 Long DBT CORP US Y 2 2027-11-15 Fixed 11.75000000 N N N N N N R.R. Donnelley & Sons Co. SU4X0P4WWRGOQDTSV032 RRD 9 1/2 08/01/29 257867BJ9 793000.00000000 PA USD 786320.18000000 0.039818381332 Long DBT CORP US Y 2 2029-08-01 Fixed 9.50000000 N N N N N N N/A N/A DREYFUS TREASURY & AGENCY LEX 261908107 0.00000000 NS USD 0.00000000 0.000000 Long STIV US N N/A N N EchoStar Corp. 549300EE20907QZ9GT38 SATS 10 3/4 11/30/29 278768AC0 757000.00000000 PA USD 794587.32000000 0.040237020128 Long DBT CORP US N 2 2029-11-30 Fixed 10.75000000 N N N N N N Element Solutions Inc 549300FLGN6P5CU20J91 ESI 3 7/8 09/01/28 28618MAA4 854000.00000000 PA USD 804671.32000000 0.040747662697 Long DBT CORP US Y 2 2028-09-01 Fixed 3.87500000 N N N N N N Evergreen AcqCo 1 LP/TVI Inc. 549300F6POVHG3ME8T95 EVRGRN 9 3/4 04/26/28 30015DAA9 1438000.00000000 PA USD 1496056.26000000 0.075758628826 Long DBT CORP US Y 2 2028-04-26 Fixed 9.75000000 N N N N N N Ferrellgas, L.P. / Ferrellgas Finance Corp. N/A FGP 5 3/8 04/01/26 315289AA6 821000.00000000 PA USD 813076.28000000 0.041173280545 Long DBT CORP US Y 2 2026-04-01 Fixed 5.37500000 N N N N N N Fidelity Advisor Series II EIVUM2R16VT371T5KS40 F/A-F/R HI-I 315807552 33863765.13000000 NS USD 309514813.29000000 15.67348667515 Long EC RF US N 1 N N N Five Point Operating Company LP Five Point Capital Corp N/A FPH 10 1/2 01/15/28 33834YAB4 923000.00000000 PA USD 945086.47000000 0.047858130074 Long DBT CORP US Y 2 2028-01-15 Floating 10.50000100 N N N N N N Frontier Communications Holdings Llc N/A FYBR 8 5/8 03/15/31 35908MAE0 1533000.00000000 PA USD 1635643.55000000 0.082827174291 Long DBT CORP US Y 2 2031-03-15 Fixed 8.62500000 N N N N N N GN Bondco LLC N/A FWRD 9 1/2 10/15/31 36267QAA2 774000.00000000 PA USD 774897.24000000 0.039239936326 Long DBT CORP US Y 2 2031-10-15 Fixed 9.50000000 N N N N N N The Gap Inc. T2ZG1WRWZ4BUCMQL9224 GPS 3 7/8 10/01/31 364760AQ1 936000.00000000 PA USD 808438.27000000 0.040938416865 Long DBT CORP US Y 2 2031-10-01 Fixed 3.87500000 N N N N N N Garrett Motion Holdings Inc. / Garrett LX I S.a.r.l. 5493001N1N6Z0SR83G07 GTX 7 3/4 05/31/32 366504AA6 808000.00000000 PA USD 799670.17000000 0.040494410011 Long DBT CORP US Y 2 2032-05-31 Fixed 7.75000000 N N N N N N Genesis Energy LP & Genesis Energy Finance Corp. 549300VJ5D6MDK138782 GEL 7 7/8 05/15/32 37185LAQ5 820000.00000000 PA USD 826312.36000000 0.041843540948 Long DBT CORP US N 2 2032-05-15 Fixed 7.87500000 N N N N N N Wrangler Holdco Corp. N/A GFLCN 6 5/8 04/01/32 37441QAA9 800000.00000000 PA USD 815278.05000000 0.041284775734 Long DBT CORP US Y 2 2032-04-01 Fixed 6.62500000 N N N N N N Global Partners LP / GLP Finance Corp. 549300PCHWTW9P4DU444 GLP 8 1/4 01/15/32 37954FAK0 787000.00000000 PA USD 807608.38000000 0.040896392156 Long DBT CORP US Y 2 2032-01-15 Fixed 8.25000000 N N N N N N Goldman Sachs Trust S2FHCT8U6D2VORP0J605 GS-GOVT-FST 38141W273 33896897.08000000 PA USD 33896897.08000000 1.716501252606 Long STIV RF US N 1 N N N Goldman Sachs Trust S2FHCT8U6D2VORP0J605 GS-H/Y FL RT-INS 38145C455 5219005.05300000 NS USD 45248773.81000000 2.291347692989 Long EC RF US N 1 N N N Goodyear Tire & Rubber Co. The 5493002BI0S2ZQUY3437 GT 5 1/4 04/30/31 382550BJ9 895000.00000000 PA USD 808183.84000000 0.040925532812 Long DBT CORP US N 2 2031-04-30 Fixed 5.25000000 N N N N N N Hanesbrands Inc. GX5LWVWZLL5S4W1L2F20 HBI 9 02/15/31 410345AQ5 767000.00000000 PA USD 808912.72000000 0.040962442487 Long DBT CORP US Y 2 2031-02-15 Fixed 9.00000000 N N N N N N Hecla Mining Company 5493009Y6HOBZD1QD537 HL 7 1/4 02/15/28 422704AH9 1503000.00000000 PA USD 1517141.73000000 0.076826373628 Long DBT CORP US N 2 2028-02-15 Fixed 7.25000000 N N N N N N Hilton Grand Vacations Borrower Escrow LLC/ Hilton Grand Vacations Borrower Escrow Inc N/A HGVLLC 5 06/01/29 43284MAA6 864000.00000000 PA USD 810003.11000000 0.041017658626 Long DBT CORP US Y 2 2029-06-01 Fixed 5.00000000 N N N N N Howden UK Refinance 2 PLC / Howden US Finance LLC 875500O63ODR8S3K5X33 HWDGRP 8 1/8 02/15/32 44287DAA1 795000.00000000 PA USD 803921.49000000 0.040709692138 Long DBT CORP GB Y 2 2032-02-15 Fixed 8.12500000 N N N N N N HudBay Minerals Inc 549300WI524AL577IX21 HBMCN 6 1/8 04/01/29 443628AH5 818000.00000000 PA USD 813334.21000000 0.041186341834 Long DBT CORP CA Y 2 2029-04-01 Fixed 6.12500000 N N N N N N iHeartCommunications Inc 54930076J6KDZL504O62 IHRT 9 1/8 05/01/29 45174HBJ5 1832000.00000000 PA USD 1465050.40000000 0.074188526483 Long DBT CORP US Y 2 2029-05-01 Fixed 9.12500000 N N N N N N Invesco Exchange Traded Fund Trust II O540V2L4S174Y60FMD36 INVESCO SENIOR L 46138G508 4937232.00000000 NS USD 102200702.40000000 5.175330157000 Long EC RF US N 1 N N iShares Trust 5493000860OXIC4B5K91 ISHARES BROAD US 46435U853 3964119.00000000 NS USD 145919220.39000000 7.389187393396 Long EC RF US N 1 N N JetBlue Airways Corp. / JetBlue Loyalty LP 54930070J9H97ZO93T57 JBLU 9 7/8 09/20/31 476920AA1 770000.00000000 PA USD 760012.57000000 0.038486193155 Long DBT CORP US Y 2 2031-09-20 Fixed 9.87500000 N N N N N N JP Morgan Trust Ii 549300IMXLYKELY96B40 JPM-HIGH YLD-I 4812C0803 16367612.11100000 NS USD 105571098.12000000 5.346003256119 Long EC RF US N 1 N N N K Hovnanian Enterprises Inc 549300JJCQ0KAI7CJG32 HOV 11 3/4 09/30/29 48251UAM0 751000.00000000 PA USD 806318.66000000 0.040831082167 Long DBT CORP US Y 2 2029-09-30 Fixed 11.75000000 N N N N N N Kronos Acquisition Holdings Inc N/A KIKCN 10 3/4 06/30/32 50106GAJ1 1039000.00000000 PA USD 790794.95000000 0.040044978719 Long DBT CORP US Y 2 2032-06-30 Fixed 10.75000000 N N N N N N LCPR Senior Secured Financing Designated Activity Company 549300LE5FM8IKMXSP90 LILAK 6 3/4 10/15/27 50201DAA1 1755000.00000000 PA USD 1470916.92000000 0.074485600546 Long DBT CORP IE Y 2 2027-10-15 Fixed 6.75000000 N N N N N N LFS TopCo LLC N/A LENDMK 5 7/8 10/15/26 50203TAA4 824000.00000000 PA USD 805259.44000000 0.040777444441 Long DBT CORP US Y 2 2026-10-15 Fixed 5.87500000 N N N N N N Level 3 Financing, Inc. 254900AE5FEFIJOXWL19 LVLT 4 1/2 04/01/30 527298CD3 1572000.00000000 PA USD 1270455.38000000 0.064334450613 Long DBT CORP US Y 2 2030-04-01 Fixed 4.50000000 N N N N N N Liberty Media Corp Del N/A LINTA 8 1/4 02/01/30 530715AJ0 2138000.00000000 PA USD 842123.56000000 0.042644202570 Long DBT CORP US N 2 2030-02-01 Fixed 8.25000000 N N N N N N LifePoint Health, Inc 549300G8ZVHRTBBBSZ90 RGCARE 10 06/01/32 53219LAX7 1242000.00000000 PA USD 1186308.72000000 0.060073357129 Long DBT CORP US Y 2 2032-06-01 Fixed 10.00000000 N N N N N N Lord Abbett Investment Trust 54930085JIVNI3FPKR71 LA-FLTNG RT-I 543916134 1808.03100000 NS USD 14554.65000000 0.000737031324 Long EC RF US N 1 N N N Lord Abbett High N/A LA-HI YLD-I 54400N409 1000.00000000 NS USD 6320.00000000 0.000320037786 Long EC RF US N 1 N N N Lumen Technologies Inc 8M3THTGWLTYZVE6BBY25 LUMN 4 1/8 04/15/30 550241AC7 928000.00000000 PA USD 871901.08000000 0.044152103139 Long DBT CORP US Y 2 2030-04-15 Fixed 4.12500000 N N N N N N Magnera Corp. 549300LDQLQBT38QDY28 MAGN 7 1/4 11/15/31 55939AAA5 836000.00000000 PA USD 814100.98000000 0.041225170216 Long DBT CORP US Y 2 2031-11-15 Fixed 7.25000000 N N N N N N New York Life Investments Funds 549300SQRLBSUG7RD002 MNSTY-H/Y BD-I 56062X708 1000.00000000 NS USD 5180.00000000 0.000262309451 Long EC RF US N 1 N N N Maxim Crane Works Holdings Capital LLC N/A CLDCRN 11 1/2 09/01/28 57779EAA6 774000.00000000 PA USD 777445.85000000 0.039368995109 Long DBT CORP US Y 2 2028-09-01 Fixed 11.50000000 N N N N N N Merlin Entertainments Group U.S. Holdings Inc. 549300HBQPPKS1187K54 MERLLN 7 3/8 02/15/31 59010UAA5 846000.00000000 PA USD 800058.05000000 0.040514051824 Long DBT CORP US Y 2 2031-02-15 Fixed 7.37500000 N N N N N N Midcontinent Communications/Midcontinent Communications Finance Corp 549300ZI9GDQBS28C408 MIDCON 8 08/15/32 59565XAD2 795000.00000000 PA USD 809541.35000000 0.040994275612 Long DBT CORP US Y 2 2032-08-15 Fixed 8.00000000 N N N N N N Centerfield Media Parent Inc N/A CFIELD 6 5/8 08/01/26 60041CAA6 1554000.00000000 PA USD 1103523.68000000 0.055881214570 Long DBT CORP US Y 2 2026-08-01 Fixed 6.62500000 N N N N N N N/A N/A MS GOVT US LEX 61747C707 0.00000000 NS USD 0.00000000 0.000000 Long STIV US N N/A N N NCR Voyix Corporation 549300YKTY8JX1DV2R67 VYX 5 1/8 04/15/29 62886EBA5 852000.00000000 PA USD 812373.29000000 0.041137681911 Long DBT CORP US Y 2 2029-04-15 Fixed 5.12500000 N N N N N N NGL Energy Operating LLC/ NGL Energy Finance Corp N/A NGL 8 1/8 02/15/29 62922LAC2 798000.00000000 PA USD 798055.46000000 0.040412642889 Long DBT CORP US Y 2 2029-02-15 Fixed 8.12500000 N N N N N N Nationstar Mortgage Holdings Inc N/A COOP 5 3/4 11/15/31 63861CAE9 849000.00000000 PA USD 851393.33000000 0.043113613436 Long DBT CORP US Y 2 2031-11-15 Fixed 5.75000000 N N N N N N Northern Lights Fund Trust III 549300PPUECJSQFBYV98 CP HI YLD TREND 66538R722 87300.00000000 NS USD 1903140.00000000 0.096372897677 Long EC RF US N 1 N N Brundage-Bone Concrete Pumping Holdings Inc. N/A BBCP 7 1/2 02/01/32 66981QAB2 808000.00000000 PA USD 769693.45000000 0.038976422176 Long DBT CORP US Y 2 2032-02-01 Fixed 7.50000000 N N N N N N 1011778 B.C. Unlimited Liability Company / New Red Finance, Inc. 549300RHSHNRWI5LLA86 BCULC 4 10/15/30 68245XAM1 906000.00000000 PA USD 820438.72000000 0.041546106336 Long DBT CORP CA Y 2 2030-10-15 Fixed 4.00000000 N N N N N N Ontario Gaming GTA LP / OTG Co Issuer Inc. 894500EC9KLZLOC3V025 ONGAME 8 08/01/30 68306MAA7 792000.00000000 PA USD 788227.07000000 0.039914944126 Long DBT CORP CA Y 2 2030-08-01 Fixed 8.00000000 N N N N N N Outfront Media Capital LLC / Outfront Media Capital Corp 5493005WC7J0FDMW0610 OUT 5 08/15/27 69007TAB0 833000.00000000 PA USD 819130.63000000 0.041479866110 Long DBT CORP US Y 2 2027-08-15 Fixed 5.00000000 N N N N N N Pimco Fds Pacific Invt Mgmt Ser N/A PIMCO-H/Y-INS 693390841 26458745.42300000 NS USD 211140788.48000000 10.69193522483 Long EC RF US N 1 N N N PGIM ETF Trust 549300OXS91LYTDQF355 PGIM ACTIVE HIGH 69344A206 100000.00000000 NS USD 3482000.00000000 0.176324616010 Long EC RF US N 1 N N Performance Food Group Co. N/A PFGC 5 1/2 10/15/27 69346VAA7 1651000.00000000 PA USD 1636900.29000000 0.082890814210 Long DBT CORP US Y 2 2027-10-15 Fixed 5.50000000 N N N N N N Vibrantz Technologies Inc. 549300GYZ1T3S8OPH343 PRIMIN 9 02/15/30 69357VAA3 887000.00000000 PA USD 724047.30000000 0.036664951793 Long DBT CORP US Y 2 2030-02-15 Fixed 9.00000000 N N N N N N Park-Ohio Industries, Inc. 5493006LQUO5SLMNYM18 PKOH 6 5/8 04/15/27 700677AR8 829000.00000000 PA USD 802917.34000000 0.040658843096 Long DBT CORP US N 2 2027-04-15 Fixed 6.62500000 N N N N N N Domtar Corp. XYSIJOU3HNVROZWNA008 UFS 6 3/4 10/01/28 70478JAA2 888000.00000000 PA USD 805743.49000000 0.040801956196 Long DBT CORP US Y 2 2028-10-01 Fixed 6.75000000 N N N N N N Petsmart Inc / Petsmart Financial Corporation N/A PETM 7 3/4 02/15/29 71677KAB4 826000.00000000 PA USD 755621.90000000 0.038263854499 Long DBT CORP US Y 2 2029-02-15 Fixed 7.75000000 N N N N N N Prairie Acquiror LP 254900Q6KU2LVSIISH22 TGE 9 08/01/29 73943NAA4 790000.00000000 PA USD 804985.51000000 0.040763572930 Long DBT CORP US Y 2 2029-08-01 Fixed 9.00000000 N N N N N N Precision Drilling Corporation 549300WF2OE8T5BP4B84 PDCN 6 7/8 01/15/29 740212AM7 815000.00000000 PA USD 796141.39000000 0.040315716508 Long DBT CORP CA Y 2 2029-01-15 Fixed 6.87500000 N N N N N N Premier Entertainment Subordinated Llc / Premier Entertainment Finance Corporation 549300KRDMIL2NJVZ267 BALY 5 5/8 09/01/29 74052HAA2 1083000.00000000 PA USD 801420.00000000 0.040583019460 Long DBT CORP US Y 2 2029-09-01 Fixed 5.62500000 N N N N N N Prudential Investment Portfolios Inc. 15 5493004GW6X6EIMPJD18 PGIM-HI YLD-Z 74440Y801 34751948.54900000 NS USD 165766794.58000000 8.394246525444 Long EC RF US N 1 N N N QVC, Inc. 549300WBLU5NKPX5X472 QVCN 5.45 08/15/34 747262AW3 1299000.00000000 PA USD 670155.27000000 0.033935919198 Long DBT CORP US N 2 2034-08-15 Fixed 5.45000000 N N N N N N Raising Canes Restaurants LLC 254900V6ADXFWHYOED66 RZNCAN 9 3/8 05/01/29 75103AAA3 764000.00000000 PA USD 812616.38000000 0.041149991719 Long DBT CORP US Y 2 2029-05-01 Fixed 9.37500000 N N N N N N Reynolds Group Issuer Llc / Reynolds Group Issuer Inc N/A REYNOL 4 10/15/27 76174LAA1 816000.00000000 PA USD 824160.00000000 0.041734547826 Long DBT CORP US Y 2 2027-10-15 Fixed 4.00000000 N N N N N N SCIH Salt Holdings Inc. N/A USSALT 4 7/8 05/01/28 78433BAA6 849000.00000000 PA USD 808061.44000000 0.040919334612 Long DBT CORP US Y 2 2028-05-01 Fixed 4.87500000 N N N N N N SS&C Technologies, Inc. 549300KY09TR3J12JU49 SSNC 6 1/2 06/01/32 78466CAD8 805000.00000000 PA USD 814560.18000000 0.041248423594 Long DBT CORP US Y 2 2032-06-01 Fixed 6.50000000 N N N N N N Ssga Active Etf Trust 549300MAXSRPQ75ICU67 SPDR BLACKSTONE 78467V608 1130422.00000000 NS USD 46494256.86000000 2.354417572524 Long EC RF US N 1 N N Mativ Holdings Inc 549300Z1FU4IDULG1R21 MATV 8 10/01/29 808541AC0 854000.00000000 PA USD 737556.75000000 0.037349055350 Long DBT CORP US Y 2 2029-10-01 Fixed 8.00000000 N N N N N N Service Properties Trust 529900IS770AG1K9QG27 SVC 8 7/8 06/15/32 81761LAE2 857000.00000000 PA USD 849216.98000000 0.043003405487 Long DBT CORP US N 2 2032-06-15 Fixed 8.87500000 N N N N N N Sinclair Television Group, Inc. 549300CQGEN0CH65UD62 SBGI 4 1/8 12/01/30 829259BA7 1135000.00000000 PA USD 790243.75000000 0.040017066563 Long DBT CORP US Y 2 2030-12-01 Fixed 4.12500000 N N N N N N Spirit AeroSystems Inc ZD2NBKV6GCC3UMGBM518 SPR 9 3/4 11/15/30 85205TAR1 736000.00000000 PA USD 813762.08000000 0.041208008696 Long DBT CORP US Y 2 2030-11-15 Fixed 9.75000000 N N N N N N TMS International Corp 549300L4K0F1YF8WKF23 TMS 6 1/4 04/15/29 87261QAC7 864000.00000000 PA USD 804720.70000000 0.040750163246 Long DBT CORP US Y 2 2029-04-15 Fixed 6.25000000 N N N N N N Taseko Mines Limited 549300XKUO1JSLU7KX54 TKOCN 8 1/4 05/01/30 876511AG1 797000.00000000 PA USD 814392.93000000 0.041239954240 Long DBT CORP CA Y 2 2030-05-01 Fixed 8.25000000 N N N N N N Nuveen Mutual Funds 549300L8R42TEBN5NG46 NUVEEN HIGH YIEL 886315795 1000.00000000 NS USD 8710.00000000 0.000441064734 Long EC RF US N 1 N N N Transocean Inc. DOL4HJ22ADYSIWES4H94 RIG 7 1/2 04/15/31 893830AF6 885000.00000000 PA USD 780234.05000000 0.039510186463 Long DBT CORP BM N 2 2031-04-15 Fixed 7.50000000 N N N N N N Transamerica Funds 54930088ZHZE1VMYEY52 T/A-HI YD BD-I 893962159 4109370.76800000 NS USD 33039340.97000000 1.673075562829 Long EC RF US N 1 N N N Tronox Incorporated 549300EPZ4YXC7E5P181 TROX 4 5/8 03/15/29 897051AC2 901000.00000000 PA USD 771435.39000000 0.039064632084 Long DBT CORP US Y 2 2029-03-15 Fixed 4.62500000 N N N N N UKG Inc. 529900FKHWSTQ1GXK240 ULTI 6 7/8 02/01/31 90279XAA0 803000.00000000 PA USD 815096.55000000 0.041275584776 Long DBT CORP US Y 2 2031-02-01 Fixed 6.87500000 N N N N N N U S Acute Care Solutions LLC N/A USACUT 9 3/4 05/15/29 90367UAD3 802000.00000000 PA USD 800220.80000000 0.040522293303 Long DBT CORP US Y 2 2029-05-15 Fixed 9.75000000 N N N N N N United States Treasury Bills 254900HROIFWPRGM1V77 B 04/17/25 912797KS5 51000000.00000000 PA USD 50903791.56000000 2.577711516453 Long DBT UST US N 2 2025-04-17 Fixed 0.00000000 N N N N N N United States Treasury Bills 254900HROIFWPRGM1V77 B 06/05/25 912797NP8 25000000.00000000 PA USD 24810492.00000000 1.256375782575 Long DBT UST US N 2 2025-06-05 Fixed 0.00000000 N N N N N N United States Treasury Bills 254900HROIFWPRGM1V77 B 04/29/25 912797PB7 80000000.00000000 PA USD 79736488.80000000 4.037767308925 Long DBT UST US N 2 2025-04-29 Fixed 0.00000000 N N N N N United States Treasury Bills 254900HROIFWPRGM1V77 B 07/31/25 912797PG6 35000000.00000000 PA USD 34509151.60000000 1.747505142077 Long DBT UST US N 2 2025-07-31 Fixed 0.00000000 N N N N N N United States Treasury Bills 254900HROIFWPRGM1V77 B 07/01/25 912797PU5 25000000.00000000 PA USD 24735531.25000000 1.252579853380 Long DBT UST US N 2 2025-07-01 Fixed 0.00000000 N N N N N N United States Treasury Bills 254900HROIFWPRGM1V77 B 03/19/26 912797PV3 35000000.00000000 PA USD 33677332.50000000 1.705382745926 Long DBT UST US N 2 2026-03-19 Fixed 0.00000000 N N N N N N Uniti Group LP/Uniti Fiber Holdings Inc/Uniti Group Finance 2019 Inc/CSL Capital LLC N/A UNIT 6 01/15/30 91327AAB8 1798000.00000000 PA USD 1559361.71000000 0.078964346564 Long DBT CORP US Y 2 2030-01-15 Fixed 6.00000000 N N N N N N Univision Communications Inc. 549300YQDE2JSGTL8V47 UVN 8 08/15/28 914906AY8 1605000.00000000 PA USD 1611741.34000000 0.081616792901 Long DBT CORP US Y 2 2028-08-15 Fixed 8.00000000 N N N N N N VanEck ETF Trust 549300ZLFKNTXC51ZN76 V/E HI YLD MUNI 92189H409 950000.00000000 NS USD 48621000.00000000 2.462113485078 Long EC RF US N 1 N N TK Elevator Holdco GmbH 2549008GCHWX9EEMIS56 THYELE 7 5/8 07/15/28 92537VAA8 811000.00000000 PA USD 813010.47000000 0.041169947999 Long DBT CORP DE Y 2 2028-07-15 Fixed 7.62500000 N N N N N N ViaSat, Inc. UFC8NYMNFSYIHNSM2I38 VSAT 7 1/2 05/30/31 92552VAR1 1127000.00000000 PA USD 852230.53000000 0.043156008315 Long DBT CORP US Y 2 2031-05-30 Fixed 7.50000000 N N N N N N White Cap Buyer LLC N/A WHTCAP 6 7/8 10/15/28 96350RAA2 823000.00000000 PA USD 790525.82000000 0.040031350275 Long DBT CORP US Y 2 2028-10-15 Fixed 6.87500000 N N N N N N Windstream Services LLC / Windstream Escrow Finance Corp. 549300KT9GVEBYCD2N29 WIN 8 1/4 10/01/31 97381AAA0 790000.00000000 PA USD 804751.67000000 0.040751731532 Long DBT CORP US Y 2 2031-10-01 Fixed 8.25000000 N N N N N N Xerox Holdings Corporation 5493000Y33XDVO2CXC18 XRX 8 7/8 11/30/29 98421MAC0 1616000.00000000 PA USD 1092836.48000000 0.055340026622 Long DBT CORP US Y 2 2029-11-30 Fixed 8.87500000 N N N N N N Ziggo Bond Company B.V. 213800JYI4P7V5QDOG59 ZIGGO 5 1/8 02/28/30 98953GAD7 908000.00000000 PA USD 792414.41000000 0.040126986376 Long DBT CORP NL Y 2 2030-02-28 Fixed 5.12500000 N N N N N ZipRecruiter Inc 549300HLOVNNFCY2IV80 ZIP 5 01/15/30 98980BAA1 895000.00000000 PA USD 787791.08000000 0.039892866076 Long DBT CORP US Y 2 2030-01-15 Fixed 5.00000000 N N N N N N FIXED N/A CDX.NA.HY SERIES 44 6/30 N/A -142900000.00000000 PA USD 7313764.90000000 0.370360938421 Long DCR CORP N/A N 2 WELLS FARGO SECURITIES LLC VYVVCKR63DVZZN70PB21 CDX.NA.HY Series 44 CDX.NA.HY SERIES 44 Y N/A 2030-06-20 8584564.13000000 USD 0.00000000 USD -142900000.00000000 USD -1270799.23000000 N N N N/A N/A IBOXHY JUN 2025 N/A 484031.75050000 NS USD 1719992.11000000 0.087098491768 Long DO US N 2 JPMORGAN CHASE BANK NA 7H6GLXDRUGQFU57RNE97 IBOXX USD LIQUID HIGH YIELD INDEX SERIES 1 IBOXX USD LIQUID HIGH YIELD INDEX SERIES 1 Y performance 2025-06-20 0.00000000 USD 0.00000000 USD -175000000.00000000 USD 1719992.11000000 N N N 2025-04-28 NORTHERN LIGHTS FUND TRUST III Rich Gleason Rich Gleason Treasurer