# EDGAR Filing Document

**Accession Number:** 0000924727
**File Stem:** 0001193125-26-241353
**Filing Date:** 2026-5
**Character Count:** 84924
**Document Hash:** 6e5d9bf296785353dae6e7e3dfc0aa47
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-241353.hdr.sgml**: 20260527

**ACCESSION NUMBER**: 0001193125-26-241353

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260527

**DATE AS OF CHANGE**: 20260527

**PERIOD START**: 20261231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Investment Managers Series Trust III
- **CENTRAL INDEX KEY:** 0000924727

**ORGANIZATION NAME:**
- **EIN:** 043236699
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08544
- **FILM NUMBER:** 261025173

**BUSINESS ADDRESS:**
- **STREET 1:** 235 W. GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212
- **BUSINESS PHONE:** 626-385-5777

**MAIL ADDRESS:**
- **STREET 1:** 235 W. GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FPA FUNDS TRUST
- **DATE OF NAME CHANGE:** 20021028

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** UAM FUNDS TRUST
- **DATE OF NAME CHANGE:** 19951101

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** REGIS FUND II
- **DATE OF NAME CHANGE:** 19940606

## Series and Classes Contracts Data

### FPA Crescent Fund (Series ID: S000009495)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000025975 | Institutional Class       | FPACX           |
| C000221940 | Supra Institutional Class | FPCSX           |
| C000249813 | Investor Class            | FPFRX           |

## Nport-Ex

**FPA Crescent Fund**

**SCHEDULE OF INVESTMENTS**

**As of March 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal <br>Amount |  | Value |
|  | **BONDS & DEBENTURES — 2.0%** |  |
|  | **CONVERTIBLE BONDS — 0.3%** |  |
|  | Delivery Hero AG |  |
| $1600000 | 1.500%, 1/15/2028 | $1725661 |
| 25100000 | 3.250%, 2/21/2030 | 27008058 |
|  | Wayfair, Inc. |  |
| 4278000 | 1.000%, 8/15/2026 | 4021320 |
|  | **TOTAL CONVERTIBLE BONDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $34,039,761) | **32755039** |
|  | **CORPORATE BANK DEBT — 0.5%** |  |
|  | Cornerstone OnDemand, Inc. |  |
| 2480536 | 7.711% (1-Month Term SOFR+375 basis points), 10/16/2028<sup>(a),(b),(c)</sup> | 1827336 |
|  | Lealand Finance Company B.V. Senior Exit LC |  |
| 21844968 | 3.500%, 6/30/2027<sup>(a),(b),(c),(d),(e),(f),(g)</sup> | (5024342) |
|  | Lealand Reficar LC Term Loan |  |
| 602758 | 11.461% (3-Month Term SOFR+750 basis points), 6/30/2027<sup>(a),(b),(c),(d),(e),(f),(h)</sup> | 506317 |
|  | McDermott LC |  |
| 26500921 | 7.993% (3-Month Term SOFR+426.16 basis points), 6/30/2027<sup>(a),(b),(c),(d),(e),(f)</sup> | 20405709 |
|  | McDermott Technology Americas, Inc. |  |
| 1074221 | 6.782% (1-Month Term SOFR+300 basis points), 6/30/2027<sup>(a),(b),(c),(d),(f)</sup> | 880861 |
| 40900720 | 7.782% (1-Month Term SOFR+400 basis points), 12/31/2027<sup>(a),(b),(c),(d),(f),(h)</sup> | 33538590 |
|  | Vision Solutions, Inc. |  |
| 2480106 | 7.929% (3-Month Term SOFR+400 basis points), 4/24/2028<sup>(a),(b),(c)</sup> | 1897281 |
|  | **TOTAL CORPORATE BANK DEBT** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $74,491,947) | **54031752** |
|  | **CORPORATE BONDS — 1.2%** |  |
|  | **COMMUNICATIONS — 1.0%** |  |
|  | EchoStar Corp. |  |
| 33209948 | 3.875%, 11/30/2030 | **118629255** |
|  | **FINANCIALS — 0.2%** |  |
|  | Charles Schwab Corp. |  |
| 18976000 | 4.000% (USD 5 Year Tsy+316.8 basis points)<sup>(c),(i)</sup> | 18696044 |
| 2588000 | 5.000% (3-Month USD Libor+257.5 basis points)<sup>(c),(i)</sup> | 2545945 |
|  | Vornado Realty LP |  |
| 8623000 | 2.150%, 6/1/2026 | 8564191 |
|  |  | **29806180** |
|  | **TOTAL CORPORATE BONDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $57,371,636) | **148435435** |
|  | **TOTAL BONDS & DEBENTURES** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $165,903,344) | **235222226** |

---

**FPA Crescent Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of March 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number <br>of Shares |  | Value |
|  | **CLOSED-END FUNDS — 0.0%** |  |
| 4756180 | Altegrity, Inc.<sup>(b),(f)</sup> | $5469607 |
|  | **TOTAL CLOSED-END FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $0) | **5469607** |
|  | **COMMON STOCKS — 58.9%** |  |
|  | **AEROSPACE & DEFENSE — 1.5%** |  |
| 544912 | Safran S.A. | **178303810** |
|  | **APPAREL & TEXTILE PRODUCTS — 0.6%** |  |
| 395110 | Cie Financiere Richemont S.A. - Class A | **69763055** |
|  | **ASSET MANAGEMENT — 0.7%** |  |
| 283826 | LPL Financial Holdings, Inc. | 85383375 |
| 457176 | Pershing Square Tontine Holdings Ltd.<sup>(b),(f)</sup> |  |
|  |  | **85383375** |
|  | **BANKING — 2.2%** |  |
| 1953442 | Citigroup, Inc. | 221539857 |
| 539804 | Wells Fargo & Co. | 42973797 |
|  |  | **264513654** |
|  | **BEVERAGES — 4.3%** |  |
| 3088974 | Heineken Holding N.V. | 219821629 |
| 5885188 | JDE Peet's N.V. | 217470349 |
| 1008624 | Pernod Ricard S.A. | 75000031 |
|  |  | **512292009** |
|  | **BIOTECH & PHARMA — 0.5%** |  |
| 465134 | Merck KGaA | **59094597** |
|  | **CABLE & SATELLITE — 2.4%** |  |
| 3996138 | Comcast Corp. - Class A | 114729122 |
| 3266346 | Liberty Broadband Corp. - Class C\* | 164297204 |
|  |  | **279026326** |
|  | **CHEMICALS — 5.1%** |  |
| 20235939 | Azelis Group N.V.<sup>(d)</sup> | 206349509 |
| 640089 | IMCD N.V. | 66979928 |
| 3163067 | International Flavors & Fragrances, Inc. | 229480511 |
| 15271100 | Nippon Paint Holdings Co., Ltd. | 95758106 |
|  |  | **598568054** |
|  | **COMMERCIAL SUPPORT SERVICES — 1.7%** |  |
| 1656284 | Eurofins Scientific S.E. | 120852451 |
| 1472802 | Sodexo S.A. | 75598899 |
|  |  | **196451350** |
|  | **CONSTRUCTION MATERIALS — 1.5%** |  |
| 1926741 | Amrize Ltd.\* | 107936031 |
| 826751 | Holcim AG\* | 68340854 |
|  |  | **176276885** |

---

**FPA Crescent Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of March 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **E-COMMERCE DISCRETIONARY — 1.5%** |  |
| 861595 | Amazon.com, Inc.\* | $**179444391** |
|  | **ELECTRIC UTILITIES — 0.1%** |  |
| 720710 | PG&E Corp. | **12662875** |
|  | **ELECTRICAL EQUIPMENT — 2.4%** |  |
| 453500 | Hirose Electric Co., Ltd. | 59369543 |
| 1077405 | TE Connectivity Ltd. | 225199193 |
|  |  | **284568736** |
|  | **ENGINEERING & CONSTRUCTION — 1.4%** |  |
| 2851885 | McDermott International, Ltd.<sup>\*,(b),(d),(f)</sup> | 57037700 |
| 608165 | Samsung C&T Corp. | 106585791 |
|  |  | **163623491** |
|  | **ENTERTAINMENT CONTENT — 0.1%** |  |
| 33130 | Epic Games, Inc.<sup>(b),(f)</sup> | **8068149** |
|  | **FOOD — 1.4%** |  |
| 1328377 | Magnum Ice Cream Co. N.V.\* | 19859236 |
| 545298 | Magnum Ice Cream Co. N.V.\* | 8004440 |
| 5461550 | Magnum Ice Cream Co. N.V.\* | 80231508 |
| 651117 | Orion Corp. | 56338138 |
|  |  | **164433322** |
|  | **HEALTH CARE FACILITIES & SVCS — 0.5%** |  |
| 580243 | ICON PLC\* | **64209690** |
|  | **HOME CONSTRUCTION — 0.8%** |  |
| 2353218 | Fortune Brands Innovations, Inc. | **91704905** |
|  | **HOUSEHOLD PRODUCTS — 0.1%** |  |
| 625500 | Rohto Pharmaceutical Co., Ltd. | 9608492 |
| 39937 | Shiseido Co. Ltd. | 815922 |
|  |  | **10424414** |
|  | **INSTITUTIONAL FINANCIAL SVCS — 0.8%** |  |
| 2277248 | Jefferies Financial Group, Inc. | 93982025 |
| 106310 | Singapore Exchange Ltd. | 1621771 |
|  |  | **95603796** |
|  | **INSURANCE — 1.4%** |  |
| 499156 | Aon PLC - Class A | **161117574** |
|  | **INTERNET MEDIA & SERVICES — 8.4%** |  |
| 1185801 | Alphabet, Inc. - Class A | 340988936 |
| 746360 | Alphabet, Inc. - Class C | 214100830 |
| 440781 | Meta Platforms, Inc. - Class A | 252184033 |
| 3117146 | Prosus N.V.\* | 144304188 |
| 602717 | Uber Technologies, Inc.\* | 43353434 |
|  |  | **994931421** |

---

**FPA Crescent Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of March 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number <br>of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **LEISURE FACILITIES & SERVICES — 1.2%** |  |
| 144835 | Marriott International, Inc. - Class A | $47371183 |
| 719136 | Vail Resorts, Inc. | 92279532 |
|  |  | **139650715** |
|  | **MACHINERY — 0.3%** |  |
| 1030420 | Hoshizaki Corp. | **33171442** |
|  | **MEDICAL EQUIPMENT & DEVICES — 3.4%** |  |
| 4860289 | Avantor, Inc.\* | 38104666 |
| 1180043 | Becton, Dickinson and Co. | 185538161 |
| 244376 | Bio-Rad Laboratories, Inc.\* | 68119810 |
| 134470 | Thermo Fisher Scientific, Inc. | 66096039 |
| 159710 | Waters Corp.\* | 47561638 |
|  |  | **405420314** |
|  | **METALS & MINING — 2.1%** |  |
| 26947501 | Glencore PLC\* | 204101906 |
| 4215343 | Grupo Mexico S.A.B. de C.V. | 45138014 |
|  |  | **249239920** |
|  | **OIL & GAS PRODUCERS — 0.2%** |  |
| 783259 | Kinder Morgan, Inc. | **26262674** |
|  | **OIL & GAS SERVICES & EQUIP — 0.6%** |  |
| 3892487 | NOV, Inc. | **73217680** |
|  | **OTHER COMMON STOCK — 2.7%** |  |
|  | Other Common Stock<sup>(j)</sup> | **322840650** |
|  | **REAL ESTATE OWNERS & DEVELOPERS — 0.0%** |  |
| 130825 | Swire Pacific Ltd. - Class A | **1429884** |
|  | **REIT — 0.9%** |  |
| 6902154 | Douglas Emmett, Inc. | 65018290 |
| 1448615 | Vornado Realty Trust | 37649504 |
|  |  | **102667794** |
|  | **RETAIL - DISCRETIONARY — 1.7%** |  |
| 1845215 | CarMax, Inc.\* | 76724040 |
| 521728 | Ferguson Enterprises, Inc. | 121698273 |
|  |  | **198422313** |
|  | **SEMICONDUCTORS — 4.1%** |  |
| 1176501 | Analog Devices, Inc. | 374292028 |
| 39055 | Broadcom, Inc. | 12087913 |
| 482460 | NXP Semiconductors N.V. | 94977076 |
|  |  | **481357017** |
|  | **TECHNOLOGY HARDWARE — 1.3%** |  |
| 382985 | Dell Technologies, Inc. - Class C | 62859328 |
| 3636184 | NCR Voyix Corp.\* | 23017045 |

---

**FPA Crescent Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of March 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **TECHNOLOGY HARDWARE (Continued)** |  |
| 1157180 | Nintendo Co., Ltd. | $66058363 |
|  |  | **151934736** |
|  | **TECHNOLOGY SERVICES — 0.7%** |  |
| 1354494 | LG Corp. | **76587691** |
|  | **TRANSPORTATION EQUIPMENT — 0.3%** |  |
| 161611 | Westinghouse Air Brake Technologies Corp. | **40388205** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $4,576,815,116) | **6953056914** |
|  | **EXCHANGE-TRADED FUNDS — 0.1%** |  |
|  | Other Exchange-Traded Funds<sup>(j)</sup> | 6021909 |
|  | **TOTAL EXCHANGE-TRADED FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,730,622) | **6021909** |
|  | **LIMITED PARTNERSHIPS — 1.8%** |  |
| 150000 | Footpath Ventures SPV IV LP<sup>(b),(f)</sup> | 17501520 |
| 2073734 | FPS Holdco LLC<sup>(b),(d),(f)</sup> | 156435905 |
| 107799 | FPS Shelby Holdco I LLC<sup>(b),(d),(f)</sup> | 8894468 |
| 22500000 | Jett Texas LLC<sup>(b),(k)</sup> | 25722000 |
| 1146250 | Sound Holding FP<sup>(b),(d),(f)</sup> |  |
| 120000 | U.S. Farming Realty Trust II LP<sup>(b),(d),(f)</sup> | 475314 |
|  | **TOTAL LIMITED PARTNERSHIPS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $98,805,380) | **209029207** |
|  | **WARRANTS — 0.0%** |  |
| 414327 | Electriq Power Holdings, Inc., Expiration Date: July 31, 2028<sup>\*,(f)</sup> |  |
| 316054 | MariaDB PLC, Expiration Date: December 16, 2027<sup>\*,(f)</sup> |  |
| 77074 | Ross Acquisition Corp. II, Expiration Date: September 16, 2026<sup>\*,(f)</sup> |  |
|  | **TOTAL WARRANTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $230,012) | **—** |
|  | **SHORT-TERM INVESTMENTS — 36.1%** |  |
|  | **MONEY MARKET INVESTMENTS — 0.0%** |  |
| 6633599 | Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class, 3.46%<sup>(l)</sup> | **6633599** |

---

---

| | | |
|:---|:---|:---|
| Principal <br>Amount |  |  |
|  | **COMMERCIAL PAPER — 21.9%** |  |
|  | Chevron Corp. |  |
| $36127000 | 3.63%, 5/21/2026<sup>(m)</sup> | 35944860 |
| 70350000 | 3.67%, 6/2/2026<sup>(m)</sup> | 69905349 |
| 60000000 | 3.75%, 9/14/2026<sup>(m)</sup> | 58962500 |
|  | Cisco Systems, Inc. |  |
| 55000000 | 3.75%, 6/15/2026<sup>(m)</sup> | 54570313 |
| 76000000 | 3.64%, 6/23/2026<sup>(m)</sup> | 75362191 |

---

**FPA Crescent Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of March 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal |  |  |
| Amount |  | Value |
|  | **COMMERCIAL PAPER (Continued)** |  |
| $73000000 | 3.62%, 7/27/2026<sup>(m)</sup> | $72141155 |
| 76000000 | Exxon Mobil Corp., 3.73%, 4/10/2026 | 75929130 |
|  | Johnson & Johnson Co. |  |
| 126000000 | 3.58%, 6/10/2026<sup>(m)</sup> | 125122900 |
| 115000000 | 3.68%, 7/8/2026<sup>(m)</sup> | 113847955 |
| 104000000 | 3.60%, 7/13/2026<sup>(m)</sup> | 102928800 |
|  | Nestle Capital |  |
| 100000000 | 3.54%, 4/13/2026<sup>(m)</sup> | 99882000 |
| 12000000 | 3.62%, 4/20/2026<sup>(m)</sup> | 11977073 |
| 87500000 | 3.72%, 4/23/2026<sup>(m)</sup> | 87301084 |
| 71000000 | 3.59%, 5/6/2026<sup>(m)</sup> | 70752190 |
| 115000000 | 3.57%, 5/8/2026<sup>(m)</sup> | 114578046 |
| 135000000 | 3.60%, 6/11/2026<sup>(m)</sup> | 134041500 |
|  | Pepsico, Inc. |  |
| 14000000 | 3.62%, 4/20/2026<sup>(m)</sup> | 13973252 |
| 88000000 | 3.68%, 5/4/2026<sup>(m)</sup> | 87703147 |
| 125000000 | 3.61%, 5/12/2026<sup>(m)</sup> | 124486076 |
| 48000000 | 3.53%, 5/13/2026<sup>(m)</sup> | 47802320 |
| 67000000 | 3.53%, 5/14/2026<sup>(m)</sup> | 66717502 |
| 50873000 | 3.61%, 5/26/2026<sup>(m)</sup> | 50592421 |
| 50000000 | 3.55%, 5/29/2026<sup>(m)</sup> | 49714028 |
| 73000000 | 3.60%, 6/8/2026<sup>(m)</sup> | 72503600 |
| 82000000 | 3.53%, 6/15/2026<sup>(m)</sup> | 81396958 |
| 111000000 | 3.62%, 7/1/2026<sup>(m)</sup> | 109975871 |
| 113000000 | 3.67%, 7/6/2026<sup>(m)</sup> | 111924240 |
| 100000000 | 3.56%, 7/9/2026<sup>(m)</sup> | 98990750 |
| 14000000 | Procter & Gamble, 3.70%, 5/7/2026<sup>(m)</sup> | 13950160 |
| 50000000 | Roche Holdings, Inc., 3.57%, 4/8/2026<sup>(m)</sup> | 49964028 |
|  | TotalEnergies Capital S.A. |  |
| 50000000 | 3.75%, 4/17/2026<sup>(m)</sup> | 49916667 |
| 50000000 | 3.78%, 5/20/2026<sup>(m)</sup> | 49742750 |
|  | Walmart Stores, Inc. |  |
| 57000000 | 3.69%, 4/14/2026<sup>(m)</sup> | 56924048 |
| 73000000 | 3.76%, 5/5/2026<sup>(m)</sup> | 72740769 |
| 20000000 | 3.71%, 5/7/2026<sup>(m)</sup> | 19925800 |
| 50000000 | Walt Disney Corp., 3.75%, 5/11/2026<sup>(m)</sup> | 49791667 |
|  |  | **2581983100** |
|  | **TREASURY BILLS — 14.2%** |  |
|  | U.S. Treasury Bill |  |
| 87000000 | 3.67%, 4/2/2026<sup>(n)</sup> | 86991505 |
| 179000000 | 3.61%, 4/7/2026<sup>(n)</sup> | 178893793 |
| 100000000 | 3.65%, 4/9/2026<sup>(n)</sup> | 99920625 |
| 77000000 | 3.66%, 4/14/2026<sup>(n)</sup> | 76899658 |
| 124000000 | 3.66%, 4/16/2026<sup>(n)</sup> | 123815240 |

---

**FPA Crescent Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of March 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal <br>Amount |  | Value |
|  | **TREASURY BILLS (Continued)** |  |
| $90000000 | 3.62%, 5/5/2026<sup>(n)</sup> | $89697400 |
| 113000000 | 3.66%, 5/7/2026<sup>(n)</sup> | 112593765 |
| 85000000 | 3.64%, 5/19/2026<sup>(n)</sup> | 84594958 |
| 111000000 | 3.66%, 5/28/2026<sup>(n)</sup> | 110367717 |
| 110000000 | 3.67%, 6/4/2026<sup>(n)</sup> | 109293569 |
| 104000000 | 3.66%, 6/9/2026<sup>(n)</sup> | 103285083 |
| 125000000 | 3.67%, 6/16/2026<sup>(n)</sup> | 124051400 |
| 100000000 | 3.65%, 6/18/2026<sup>(n)</sup> | 99220830 |
| 156000000 | 3.64%, 6/25/2026<sup>(n)</sup> | 154679554 |
| 100000000 | 3.67%, 7/2/2026<sup>(n)</sup> | 99081300 |
| 25000000 | 3.67%, 7/16/2026<sup>(n)</sup> | 24736295 |
|  |  | **1678122692** |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $4,266,761,451) | **4266739391** |
|  | **TOTAL INVESTMENTS — 98.9%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $9,110,245,925) | **11675539254** |
|  | Other Assets in Excess of Liabilities — 1.1% | 131345185 |
|  | **TOTAL NET ASSETS — 100.0%** | $**11806884439** |

---

---

| | | |
|:---|:---|:---|
| Number <br>of Shares |  |  |
|  | **SECURITIES SOLD SHORT — (0.7)%** |  |
|  | **COMMON STOCKS — (0.7)%** |  |
|  | Other Common Stock<sup>(j)</sup> | (81458477) |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Proceeds $78,245,107) | **(81458477)** |
|  | **TOTAL SECURITIES SOLD SHORT** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Proceeds $78,245,107) | $**(81458477)** |

---

LLC – Limited Liability Company

LP – Limited Partnership

PLC – Public Limited Company

REIT – Real Estate Investment Trust

\* Non-income producing security.

<sup>(a)</sup> Bank loans generally pay interest at rates which are periodically determined by reference to a base lending rate plus a premium. All loans carry a variable rate of interest. These base lending rates are generally (i) the Prime Rate offered by one or more major United States banks, (ii) the lending rate offered by one or more European banks such as the London Interbank Offered Rate ("LIBOR"), (iii) the Certificate of Deposit rate, or (iv) Secured Overnight Financing Rate ("SOFR"). Bank Loans, while exempt from registration, under the Securities Act of 1933, contain certain restrictions on resale and cannot be sold publicly. Floating rate bank loans often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy.

**FPA Crescent Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of March 31, 2026 (Unaudited)**

<sup>(b)</sup> Restricted securities. These restricted securities, most of which are considered liquid by the Adviser, are not registered and may not be sold to the public. There are legal and/or contractual restrictions on resale. The Fund does not have the right to demand that such securities be registered. The values of these securities are determined by valuations provided by pricing services, brokers, dealers, market makers, or in good faith under policies adopted by authority of the Fund's Board of Trustees. The total value of these securities is $333,636,415, which represents 2.83% of Total Net Assets.

<sup>(c)</sup> Variable or floating rate security.

<sup>(d)</sup> Affiliated company.

<sup>(e)</sup> As of March 31, 2026, the Fund had entered into commitments to fund various delayed draw debt-related investments. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing those investments and there can be no assurance that such conditions will be satisfied.

<sup>(f)</sup> The value of these securities was determined using significant unobservable inputs. These are reported as Level 3 securities in the Fair Value Hierarchy.

<sup>(g)</sup> All or a portion of the loan is unfunded.

<sup>(h)</sup> Payment-in-kind interest is generally paid by issuing additional par/shares of the security rather than paying cash. <sup>(i)</sup>Perpetual security. Maturity date is not applicable.

<sup>(j)</sup> As permitted by U.S. Securities and Exchange Commission regulations, "Other" Common Stocks or Exchange-Traded Funds include holdings in their first year of acquisition that have not previously been publicly disclosed.

<sup>(k)</sup> Investment valued using net asset value per share (or its equivalent) as a practical expedient.

<sup>(l)</sup> The rate is the annualized seven-day yield at period end.

<sup>(m)</sup> Security exempt from registration under Section 4(a)(2) and/or Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $2,506,053,970, which represents 21.23% of Total Net Assets.

<sup>(n)</sup> Treasury bill discount rate.

**FPA Crescent Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of March 31, 2026 (Unaudited)**

**Total Return Swaps** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Pay | Payment Frequency | Counterparty | Expiration<br> Date | Notional<br> Amount | Value | Upfront<br> Premiums<br> Paid(Received) | Unrealized<br> Appreciation<br> (Depreciation) |
| Green Thumb Industries, Inc. | OBFR + 1.500% | Annual | Nomura Securities International, Inc. | 8/17/2026 | $13529857 | $(296031) |  | $(296031) |
|  |  |  |  |  |  | $(296031) |  | $(296031) |

---

**FPA Crescent Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of March 31, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted Security** | **Initial Acquisition<br> Date** | **Cost** | **Fair Value** | **Fair Value as a % <br> of Net Assets** |
| Altegrity, Inc. | 9/1/2021 | $- | $5469607 | 0.05% |
| Cornerstone OnDemand, Inc., 7.711% (1-Month Term SOFR+375 basis points), 10/16/2028 | 12/7/2022 | 2480536 | 1827336 | 0.02% |
| Epic Games, Inc. | 6/25/2020 | 19049750 | 8068149 | 0.07% |
| Footpath Ventures SPV IV LP | 9/24/2021 | 15962550 | 17501520 | 0.15% |
| FPS Holdco LLC | 10/17/2018 | 49268895 | 156435905 | 1.32% |
| FPS Shelby Holdco I LLC | 2/4/2020 | 11073935 | 8894468 | 0.08% |
| Jett Texas LLC | 12/2/2024 | 22500000 | 25722000 | 0.22% |
| Lealand Finance Company B.V. Senior Exit LC, 3.500%, 6/30/2027 | 11/12/2019 | (9488847) | (5024342) | -0.04% |
| Lealand Reficar LC Term Loan, 11.461% (3-Month Term SOFR+750 basis points), 6/30/2027 | 4/5/2024 | 602758 | 506317 | 0.00% |
| McDermott International, Ltd. | 7/1/2020 | 56700448 | 57037700 | 0.48% |
| McDermott LC, 7.993% (3-Month Term SOFR+426.16 basis points), 6/30/2027 | 12/31/2020 | 26500949 | 20405709 | 0.17% |
| McDermott Technology Americas, Inc., 6.782% (1-Month Term SOFR+300 basis points), 6/30/2027 | 7/1/2020 | 1074192 | 880861 | 0.01% |
| McDermott Technology Americas, Inc., 7.782% (1-Month Term SOFR+400 basis points), 12/31/2027 | 7/1/2020 | 51051575 | 33538590 | 0.28% |
| Pershing Square Tontine Holdings Ltd. | 7/26/2022 |  |  | 0.00% |
| Sound Holding FP | 10/7/2013 |  |  | 0.00% |
| U.S. Farming Realty Trust II LP | 12/24/2012 |  | 475314 | 0.00% |
| Vision Solutions, Inc., 7.929% (3-Month Term SOFR+400 basis points), 4/24/2028 | 12/7/2022 | 2270785 | 1897281 | 0.02% |
|  |  | $249047526 | $333636415 | 2.83% |

---

**FPA Crescent Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of March 31, 2026 (Unaudited)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Security** | **Shares Held as of<br> December 31, <br> 2025** | **Beginning Value<br> December 31, <br> 2025** | **Purchases at Cost** | **Proceeds from<br> Sales** | **Net Realized Gain<br> (Loss) on Sales<br> Affiliated Investment** | **Accretion of<br> Discount<br> (Amortization of <br> Premium) and <br> Return of Capital** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Transfer In <br> (Out)** | **Ending Value<br> March 31,<br> 2026** | **Shares as of <br> March 31, <br> 2026** | **Income from<br> Affiliated<br> Investments** |
| &nbsp;&nbsp;&nbsp;Azelis Group N.V. | 16929662 | $184966854 | $30633431 | $- | $- | $- | $(9250776) | $- | $206349509 | 20235939 | $- |
| &nbsp;&nbsp;&nbsp;FPS Holdco LLC | 2073734 | 154474796 |  |  |  |  | 1961109 |  | 156435905 | 2073734 |  |
| &nbsp;&nbsp;&nbsp;FPS Shelby Holdco I LLC | 107799 | 10276468 |  |  |  |  | (1382000) |  | 8894468 | 107799 | 1372000 |
| &nbsp;&nbsp;&nbsp;Lealand Finance Company B.V. Senior Exit LC 3.500%, 6/30/2027 | 21844968 | (5461242) |  |  |  |  | 436900 |  | (5024342) | 21844968 | 195379 |
| &nbsp;&nbsp;&nbsp;Lealand Reficar LC Term Loan, 11.461% (3-Month Term SOFR+750 basis points), 6/30/2027 | 602758 | 530427 |  |  |  |  | (24110) |  | 506317 | 602758 | 17229 |
| &nbsp;&nbsp;&nbsp;McDermott International, Ltd. | 2851885 | 42778275 |  |  |  |  | 14259425 |  | 57037700 | 2851885 |  |
| &nbsp;&nbsp;&nbsp;McDermott LC, 7.993% (3-Month Term SOFR+426.16 basis points), 6/30/2027 | 26500921 | 19875691 |  |  |  |  | 530018 |  | 20405709 | 26500921 | 538161 |
| &nbsp;&nbsp;&nbsp;McDermott Technology Americas, Inc., 6.782% (1-Month Term SOFR+300 basis points), 6/30/2027 | 1074221 | 880861 |  |  |  |  |  |  | 880861 | 1074221 | 18264 |
| &nbsp;&nbsp;&nbsp;McDermott Technology Americas, Inc., 7.782% (1-Month Term SOFR+400 basis points), 12/31/2027 | 40595493 | 31258530 | 305227 |  |  |  | 1974833 |  | 33538590 | 40900720 | 793751 |
| &nbsp;&nbsp;&nbsp;Sound Holding FP | 1146250 |  |  |  |  |  |  |  |  | 1146250 |  |
| &nbsp;&nbsp;&nbsp;U.S. Farming Realty Trust II LP | 120000 | 479299 | - | - | - | - | (3985) | - | 475314 | 120000 | - |
|  |  | $440059959 | $30938658 | $- | $- | $- | $8501414 | $- | $479500031 |  | $2934784 |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Investment Managers Series Trust III

- **b. Investment Company Act file number:** 811-08544

- **c. CIK number of Registrant:** 0000924727

- **d. LEI of Registrant:** 549300H7BXP5EUEHOJ64

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

  - **Street Address 1:** 235 W. Galena Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53212

  - **Telephone number:** 626-385-5777

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

- **a. Name of Series:** FPA Crescent Fund

- **b. EDGAR series identifier (if any):** S000009495

- **c. LEI of Series:** 549300FMOJ71ODO86B07

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

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $11941468973.93

**Total Liabilities:** $134570360.43

**Net Assets:** $11806898613.50

**Assets Attributable to Miscellaneous Securities:** $247404081.48

**Cash Not Reported:** $66548847.73

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 12239.026003960910 | **1-Year:** 31.271140560090 | **5-Year:** 0.000000000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

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

- **3-Month:** 259.765065117393 | **1-Year:** 697.156588738345 | **5-Year:** 2109.629726796762 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000025975 | 2.58%                | 0.93%                | -4.91%               |
| Class ID C000221940 | 2.60%                | 0.95%                | -4.90%               |
| Class ID C000249813 | 2.58%                | 0.93%                | -4.91%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $111461921.66            | $206624841.87                              |
| Month 2  | $96757435.03             | $9200512.55                                |
| Month 3  | $193140532.35            | $-820416500.80                             |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| BFFY829   TRS USD GREEN THUMB (GTBIF)   /      | BFFY829   TRS USD GREEN THUMB (GTBIF)   /      | CUSIP: 99S1TLT69<br>LEI: N/A                  | N/A              | DE               |  | US        |    2078319 | NC      | $-270181.47    | -0.00%            |  |  |  | Yes           | 2                  | On Loan: No      |
| U.S. FARMING REALTY TRUST II COM STOCK   /     | U.S. FARMING REALTY TRUST II COM STOCK   /     | CUSIP: ACI026HK7<br>LEI: N/A                  | Long             |  | PF                | US        |     120000 | OU      | $475314.30     | 0.00%             |  |  |  | Yes           | 3                  | On Loan: No      |
| SOUND HOLDING FP LUXEMBORG PRIVATE EQ   /      | SOUND HOLDING FP LUXEMBORG PRIVATE EQ   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |    1146250 | NS      | $0.00          | 0.00%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Analog Devices Inc                             | Analog Devices, Inc.                           | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |    1176501 | NS      | $374292028.14  | 3.17%             |  |  |  | No            | 1                  | On Loan: No      |
| Douglas Emmett Inc                             | Douglas Emmett, Inc. - REIT                    | CUSIP: 25960P109<br>LEI: N/A                  | Long             |  | CORP              | US        |    6902154 | NS      | $65018290.68   | 0.55%             |  |  |  | No            | 1                  | On Loan: No      |
| Dell Technologies Inc                          | Dell Technologies, Inc. - Class C              | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |     382985 | NS      | $62859328.05   | 0.53%             |  |  |  | No            | 1                  | On Loan: No      |
| ELECTRIQ POWER HOLDINGS INC                    | Electriq Power Holdings, Inc.                  | CUSIP: 285046116<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     414327 | NC      | $0.00          | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| Eurofins Scientific SE                         | Eurofins Scientific S.E.                       | CUSIP: 999999999<br>LEI: 529900JEHFM47DYY3S57 | Long             | EC               | CORP              | LU        |    1656284 | NS      | $120852450.50  | 1.02%             |  |  |  | No            | 2                  | On Loan: No      |
| EUR SPOT FORWARD CONTRACT   /                  | EUR SPOT FORWARD CONTRACT   /                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | STIV             |  | XX        |    8675254 | OU      | $10026877.23   | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| EUR SPOT FORWARD CONTRACT   /                  | EUR SPOT FORWARD CONTRACT   /                  | CUSIP: 999999999<br>LEI: N/A                  | Short            | STIV             |  | XX        | -111058456 | OU      | $-128361599.68 | -1.09%            |  |  |  | No            | 1                  | On Loan: No      |
| Fortune Brands Innovations Inc                 | Fortune Brands Innovations, Inc.               | CUSIP: 34964C106<br>LEI: 54930032LHW54PQUJD44 | Long             | EC               | CORP              | US        |    2353218 | NS      | $91704905.46   | 0.78%             |  |  |  | No            | 1                  | On Loan: No      |
| CarMax Inc                                     | CarMax, Inc.                                   | CUSIP: 143130102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    1845215 | NS      | $76724039.70   | 0.65%             |  |  |  | No            | 1                  | On Loan: No      |
| SOUTH KOREAN WON  /                            | SOUTH KOREAN WON  /                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | STIV             |  | KR        |          3 | OU      | $0.00          | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Liberty Broadband Corp                         | Liberty Broadband Corp. - Class C              | CUSIP: 530307305<br>LEI: 549300MIX43II8JLN536 | Long             | EC               | CORP              | US        |    3266346 | NS      | $164297203.80  | 1.39%             |  |  |  | No            | 1                  | On Loan: No      |
| Aon PLC                                        | Aon PLC - Class A                              | CUSIP: G0403H108<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | GB        |     499156 | NS      | $161117573.68  | 1.36%             |  |  |  | No            | 1                  | On Loan: No      |
| Broadcom Inc                                   | Broadcom, Inc.                                 | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      39055 | NS      | $12087913.05   | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Avantor Inc                                    | Avantor, Inc.                                  | CUSIP: 05352A100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    4860289 | NS      | $38104665.76   | 0.32%             |  |  |  | No            | 1                  | On Loan: No      |
| Azelis Group NV                                | Azelis Group N.V.                              | CUSIP: 999999999<br>LEI: 699400M9RRMTV264FM70 | Long             | EC               | CORP              | BE        |   20235939 | NS      | $206349509.27  | 1.75%             |  |  |  | No            | 2                  | On Loan: No      |
| LPL Financial Holdings Inc                     | LPL Financial Holdings, Inc.                   | CUSIP: 50212V100<br>LEI: 549300XROQ4Y8G2L7682 | Long             | EC               | CORP              | US        |     283826 | NS      | $85383375.58   | 0.72%             |  |  |  | No            | 1                  | On Loan: No      |
| Marriott International Inc/MD                  | Marriott International, Inc. - Class A         | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |     144835 | NS      | $47371183.45   | 0.40%             |  |  |  | No            | 1                  | On Loan: No      |
| Becton Dickinson & Co                          | Becton Dickinson & Co.                         | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |    1180043 | NS      | $185538160.89  | 1.57%             |  |  |  | No            | 1                  | On Loan: No      |
| Mcdermott International Ltd                    | Mcdermott International Ltd.                   | CUSIP: G5924V148<br>LEI: 54930004RAXI4B3L4752 | Long             | EC               | CORP              | US        |    2512153 | NS      | $50243060.00   | 0.43%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Meta Platforms Inc                             | Meta Platforms, Inc. - Class A                 | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     440781 | NS      | $252184033.53  | 2.14%             |  |  |  | No            | 1                  | On Loan: No      |
| Magnum Ice Cream Co NV/The                     | Magnum Ice Cream Co. N.V.                      | CUSIP: N5505D105<br>LEI: 25490052LLF3XH6G9847 | Long             | EC               | CORP              | NL        |    1328377 | NS      | $19859236.15   | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| Bio-Rad Laboratories Inc                       | Bio-Rad Laboratories, Inc. - Class A           | CUSIP: 090572207<br>LEI: 549300ZC1GPV35XYDK53 | Long             | EC               | CORP              | US        |     244376 | NS      | $68119810.00   | 0.58%             |  |  |  | No            | 1                  | On Loan: No      |
| LEALAND FINANCE CO BV                          | Lealand Finance Co. B.V.                       | CUSIP: N5200EAB7<br>LEI: N/A                  | Long             | LON              | CORP              | NL        |   40900720 | PA      | $33538590.33   | 0.28%             | 2027-12-31      | Floating      | 7.78%                 | Yes           | 3                  | On Loan: No      |
| LEALAND FINANCE CO BV                          | Lealand Finance Co. B.V.                       | CUSIP: N5200EAC5<br>LEI: N/A                  | Long             | LON              | CORP              | NL        |    1074221 | PA      | $880861.14     | 0.01%             | 2027-06-30      | Floating      | 6.78%                 | Yes           | 3                  | On Loan: No      |
| CORNERSTONE ONDEMAND INC                       | Cornerstone OnDemand, Inc.                     | CUSIP: 86803YAB9<br>LEI: 549300Z402F16H5EGH48 | Long             | LON              | CORP              | US        |    2480536 | PA      | $1827336.27    | 0.02%             | 2028-10-16      | Floating      | 7.71%                 | Yes           | 2                  | On Loan: No      |
| VISION SOLUTIONS INC                           | Vision Solutions, Inc.                         | CUSIP: 70477BAE2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2480106 | PA      | $1897281.18    | 0.02%             | 2028-04-24      | Floating      | 7.93%                 | Yes           | 2                  | On Loan: No      |
| DELIVERY HERO AG                               | Delivery Hero S.E.                             | CUSIP: 999999999<br>LEI: 529900C3EX1FZGE48X78 | Long             | DBT              | CORP              | DE        |    1600000 | PA      | $1725660.66    | 0.01%             | 2028-01-15      | Fixed         | 1.50%                 | No            | 2                  | On Loan: No      |
| Magnum Ice Cream Co NV/The                     | Magnum Ice Cream Co. N.V.                      | CUSIP: 999999999<br>LEI: 25490052LLF3XH6G9847 | Long             | EC               | CORP              | NL        |     545298 | NS      | $8004440.53    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Magnum Ice Cream Co NV/The                     | Magnum Ice Cream Co. N.V.                      | CUSIP: 999999999<br>LEI: 25490052LLF3XH6G9847 | Long             | EC               | CORP              | NL        |    5461550 | NS      | $80231507.74   | 0.68%             |  |  |  | No            | 1                  | On Loan: No      |
| DELIVERY HERO AG                               | Delivery Hero S.E.                             | CUSIP: ZL0636734<br>LEI: 529900C3EX1FZGE48X78 | Long             | DBT              | CORP              | DE        |   25100000 | PA      | $27008058.37   | 0.23%             | 2030-02-21      | Fixed         | 3.25%                 | No            | 2                  | On Loan: No      |
| MSILF Treasury Portfolio                       | MSILF Treasury Portfolio - Class Institutional | CUSIP: 61747C582<br>LEI: 549300D1XR6GP7EZ0T47 | Long             | STIV             | RF                | US        |   30096991 | PA      | $30096990.89   | 0.25%             |  |  |  | No            | 1                  | On Loan: No      |
| MARIADB PLC                                    | MariaDB PLC                                    | CUSIP: G5920M118<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     316054 | NC      | $0.00          | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| Citigroup Inc                                  | Citigroup, Inc.                                | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |    1953442 | NS      | $221539857.22  | 1.88%             |  |  |  | No            | 1                  | On Loan: No      |
| Merck KGaA                                     | Merck KGaA                                     | CUSIP: 999999999<br>LEI: 529900OAREIS0MOPTW25 | Long             | EC               | CORP              | DE        |     465134 | NS      | $59094597.32   | 0.50%             |  |  |  | No            | 2                  | On Loan: No      |
| Vail Resorts Inc                               | Vail Resorts, Inc.                             | CUSIP: 91879Q109<br>LEI: 529900PSZHRNU9HKH870 | Long             | EC               | CORP              | US        |     719136 | NS      | $92279531.52   | 0.78%             |  |  |  | No            | 1                  | On Loan: No      |
| Cie Financiere Richemont SA                    | Cie Financiere Richemont S.A.                  | CUSIP: 999999999<br>LEI: 549300YIPGJ6UX2QPS51 | Long             | EC               | CORP              | CH        |     395110 | NS      | $69763054.72   | 0.59%             |  |  |  | No            | 2                  | On Loan: No      |
| Comcast Corp                                   | Comcast Corp. - Class A                        | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |    3996138 | NS      | $114729121.98  | 0.97%             |  |  |  | No            | 1                  | On Loan: No      |
| CISCO SYSTEMS, Inc. DCP 07/27/2026   /         | CISCO SYSTEMS, Inc. DCP 07/27/2026   /         | CUSIP: 17277BGT6<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |   73000000 | PA      | $72141154.79   | 0.61%             | 2026-07-27      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Swire Pacific Ltd                              | Swire Pacific Ltd. - A Shares                  | CUSIP: Y83310105<br>LEI: 549300KZOZHII0DGF611 | Long             | EC               | CORP              | HK        |     130825 | NS      | $1429883.61    | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| WALT DISNETY Corp. DCP 05/11/26   /            | WALT DISNETY Corp. DCP 05/11/26   /            | CUSIP: 2546R3EB6<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |   50000000 | PA      | $49791666.78   | 0.42%             | 2026-05-11      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Orion Corp/Republic of Korea                   | Orion Corp./Republic of Korea                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     651117 | NS      | $56338137.74   | 0.48%             |  |  |  | No            | 2                  | On Loan: No      |
| FOOTPATH VENTURES SPV IV LP   /                | FOOTPATH VENTURES SPV IV LP   /                | CUSIP: 943GGE008<br>LEI: N/A                  | Long             |  | PF                | US        |     150000 | OU      | $17501520.00   | 0.15%             |  |  |  | Yes           | 3                  | On Loan: No      |
| WAYFAIR INC                                    | Wayfair, Inc.                                  | CUSIP: 94419LAF8<br>LEI: 54930027N9ZAVYFDHK53 | Long             | DBT              | CORP              | US        |    4278000 | PA      | $4021320.00    | 0.03%             | 2026-08-15      | Fixed         | 1.00%                 | No            | 2                  | On Loan: No      |
| FPS LLC    /                                   | FPS LLC    /                                   | CUSIP: 963HYB908<br>LEI: N/A                  | Long             |  | PF                | US        |    2073734 | OU      | $156435904.84  | 1.32%             |  |  |  | Yes           | 3                  | On Loan: No      |
| FPS SHELBY HOLDCO I LLC   /                    | FPS SHELBY HOLDCO I LLC   /                    | CUSIP: 966GBDII9<br>LEI: N/A                  | Long             |  | PF                | US        |     107799 | OU      | $8894467.60    | 0.08%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Amrize Ltd                                     | Amrize Ltd.                                    | CUSIP: H2927K103<br>LEI: 529900SLCCO6K43P8146 | Long             | EC               | CORP              | CH        |    1926741 | NS      | $107936030.82  | 0.91%             |  |  |  | No            | 1                  | On Loan: No      |
| Amazon.com Inc                                 | Amazon.com, Inc.                               | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     861595 | NS      | $179444390.65  | 1.52%             |  |  |  | No            | 1                  | On Loan: No      |
| IMCD NV                                        | IMCD N.V.                                      | CUSIP: 999999999<br>LEI: 724500NSJPNFJPDAUP02 | Long             | EC               | CORP              | NL        |     640089 | NS      | $66979927.99   | 0.57%             |  |  |  | No            | 2                  | On Loan: No      |
| HKD SPOT FORWARD CONTRACT   /                  | HKD SPOT FORWARD CONTRACT   /                  | CUSIP: 999999999<br>LEI: N/A                  | Short            | STIV             |  | HK        |     -55600 | OU      | $-7090.73      | -0.00%            |  |  |  | No            | 1                  | On Loan: No      |
| Holcim AG                                      | Holcim A.G.                                    | CUSIP: 999999999<br>LEI: 529900EHPFPYHV6IQO98 | Long             | EC               | CORP              | CH        |     826751 | NS      | $68340854.77   | 0.58%             |  |  |  | No            | 2                  | On Loan: No      |
| JDE Peet's NV                                  | JDE Peet's N.V.                                | CUSIP: 999999999<br>LEI: 724500EHG519SE5ZRT89 | Long             | EC               | CORP              | NL        |    5885188 | NS      | $217470348.53  | 1.84%             |  |  |  | No            | 2                  | On Loan: No      |
| Jefferies Financial Group Inc                  | Jefferies Financial Group, Inc.                | CUSIP: 47233W109<br>LEI: 549300HOF34RGOJ5YL07 | Long             | EC               | CORP              | US        |    2277248 | NS      | $93982024.96   | 0.80%             |  |  |  | No            | 1                  | On Loan: No      |
| ICON PLC                                       | ICON PLC                                       | CUSIP: G4705A100<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               | CORP              | IE        |     580243 | NS      | $64209690.38   | 0.54%             |  |  |  | No            | 1                  | On Loan: No      |
| IFF                                            | International Flavors & Fragrances, Inc.       | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | EC               | CORP              | US        |    3163067 | NS      | $229480510.85  | 1.94%             |  |  |  | No            | 1                  | On Loan: No      |
| ISRAELI SHEKEL  /                              | ISRAELI SHEKEL  /                              | CUSIP: 999999999<br>LEI: N/A                  | Short            | STIV             |  | IL        |       -535 | OU      | $-170.00       | -0.00%            |  |  |  | No            | 1                  | On Loan: No      |
| NOV Inc                                        | NOV, Inc.                                      | CUSIP: 62955J103<br>LEI: 549300EHF3IW1AR6U008 | Long             | EC               | CORP              | US        |    3892487 | NS      | $73217680.47   | 0.62%             |  |  |  | No            | 1                  | On Loan: No      |
| NXP Semiconductors NV                          | NXP Semiconductors N.V.                        | CUSIP: N6596X109<br>LEI: 724500M9BY5293JDF951 | Long             | EC               | CORP              | NL        |     482460 | NS      | $94977075.60   | 0.80%             |  |  |  | No            | 1                  | On Loan: No      |
| ECHOSTAR CORP                                  | EchoStar Corp.                                 | CUSIP: 278768AB2<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |   33209948 | PA      | $118629255.25  | 1.00%             | 2030-11-30      | Fixed         | 3.88%                 | No            | 2                  | On Loan: No      |
| EXXON MOBIL Corp. DCP  04/10/2026   /          | EXXON MOBIL Corp. DCP  04/10/2026   /          | CUSIP: 30229BDA2<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |   76000000 | PA      | $75929130.03   | 0.64%             | 2026-04-10      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| Rohto Pharmaceutical Co Ltd                    | Rohto Pharmaceutical Co., Ltd.                 | CUSIP: 999999999<br>LEI: 353800Q1CW5OS81OUM12 | Long             | EC               | CORP              | JP        |     625500 | NS      | $9608491.51    | 0.08%             |  |  |  | No            | 2                  | On Loan: No      |
| Nippon Paint Holdings Co Ltd                   | Nippon Paint Holdings Co., Ltd.                | CUSIP: 999999999<br>LEI: 529900RYRJUN78A7PL87 | Long             | EC               | CORP              | JP        |   15271100 | NS      | $95758105.87   | 0.81%             |  |  |  | No            | 2                  | On Loan: No      |
| JOHNSON & JOHNSON Co. DCP, 06/10/2026   /      | JOHNSON & JOHNSON Co. DCP, 06/10/2026   /      | CUSIP: 47816GFA2<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |  126000000 | PA      | $125122900.31  | 1.06%             | 2026-06-10      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| JOHNSON & JOHNSON Co. DCP, 07/08/2026   /      | JOHNSON & JOHNSON Co. DCP, 07/08/2026   /      | CUSIP: 47816GG86<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |  115000000 | PA      | $113847955.36  | 0.96%             | 2026-07-08      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| JOHNSON & JOHNSON Co. DCP, 07/13/2026   /      | JOHNSON & JOHNSON Co. DCP, 07/13/2026   /      | CUSIP: 47816GGD5<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |  104000000 | PA      | $102928800.00  | 0.87%             | 2026-07-13      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Shiseido Co Ltd                                | Shiseido Co., Ltd.                             | CUSIP: 999999999<br>LEI: 5299008QCD0YDT5OF506 | Long             | EC               | CORP              | JP        |      39937 | NS      | $815922.38     | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| MCDERMOTT INTERNATIO Ltd. QIB/AI CTRACUSIP   / | MCDERMOTT INTERNATIO Ltd. QIB/AI CTRACUSIP   / | CUSIP: 58004K307<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |       8431 | NS      | $168620.00     | 0.00%             |  |  |  | Yes           | 3                  | On Loan: No      |
| MCDERMOTT INTERNATIO Ltd. AI CONTRA CUSIP   /  | MCDERMOTT INTERNATIO Ltd. AI CONTRA CUSIP   /  | CUSIP: 58004K406<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |     331301 | NS      | $6626020.00    | 0.06%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Nestle Capital DCP DCP, 04/13/26   /           | Nestle Capital DCP DCP, 04/13/26   /           | CUSIP: 64105HDD1<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |  100000000 | PA      | $99881999.96   | 0.85%             | 2026-04-13      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Nestle Capital DCP DCP, 04/20/26   /           | Nestle Capital DCP DCP, 04/20/26   /           | CUSIP: 64105HDL3<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |   12000000 | PA      | $11977073.33   | 0.10%             | 2026-04-20      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| NESTLE CAPITAL Corp. DCP, 05/06/2026   /       | NESTLE CAPITAL Corp. DCP, 05/06/2026   /       | CUSIP: 64105HE65<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |   71000000 | PA      | $70752190.34   | 0.60%             | 2026-05-06      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| NESTLE CAPITAL DCP,   05/08/2026   /           | NESTLE CAPITAL DCP,   05/08/2026   /           | CUSIP: 64105HE81<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |  115000000 | PA      | $114578045.99  | 0.97%             | 2026-05-08      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Nestle Capital DCP DCP, 06/11/26   /           | Nestle Capital DCP DCP, 06/11/26   /           | CUSIP: 64105HFB3<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |  135000000 | PA      | $134041500.00  | 1.14%             | 2026-06-11      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| NESTLE CAPITAL DCP,  04/23/26   /              | NESTLE CAPITAL DCP,  04/23/26   /              | CUSIP: 64106HDP3<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |   87500000 | PA      | $87301083.49   | 0.74%             | 2026-04-23      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Hoshizaki Corp                                 | Hoshizaki Corp.                                | CUSIP: 999999999<br>LEI: 5299001QAMLGU3SRBG20 | Long             | EC               | CORP              | JP        |    1030420 | NS      | $33171442.57   | 0.28%             |  |  |  | No            | 2                  | On Loan: No      |
| Hirose Electric Co Ltd                         | Hirose Electric Co., Ltd.                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     453500 | NS      | $59369542.81   | 0.50%             |  |  |  | No            | 2                  | On Loan: No      |
| PEPSICO, Inc. DCP, 04/20/2026   /              | PEPSICO, Inc. DCP, 04/20/2026   /              | CUSIP: 71344UDL0<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |   14000000 | PA      | $13973252.22   | 0.12%             | 2026-04-20      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| PEPSICO, Inc. DCP, 05/04/2026   /              | PEPSICO, Inc. DCP, 05/04/2026   /              | CUSIP: 71344UE47<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |   88000000 | PA      | $87703146.90   | 0.74%             | 2026-05-04      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| PEPSICO, Inc. DCP, 05/12/2026   /              | PEPSICO, Inc. DCP, 05/12/2026   /              | CUSIP: 71344UEC9<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |  125000000 | PA      | $124486076.25  | 1.05%             | 2026-05-12      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| PEPSICO, Inc. DCP, 05/14/2026   /              | PEPSICO, Inc. DCP, 05/14/2026   /              | CUSIP: 71344UEE5<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |   67000000 | PA      | $66717501.86   | 0.57%             | 2026-05-14      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| PEPSICO, Inc. DCP, 05/26/2026   /              | PEPSICO, Inc. DCP, 05/26/2026   /              | CUSIP: 71344UES4<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |   50873000 | PA      | $50592421.24   | 0.43%             | 2026-05-26      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| PEPSICO, Inc. DCP, 05/29/2026   /              | PEPSICO, Inc. DCP, 05/29/2026   /              | CUSIP: 71344UEV7<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |   50000000 | PA      | $49714027.88   | 0.42%             | 2026-05-29      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| PEPSICO, Inc. DCP, 06/08/2026   /              | PEPSICO, Inc. DCP, 06/08/2026   /              | CUSIP: 71344UF87<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |   73000000 | PA      | $72503600.00   | 0.61%             | 2026-06-08      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Pepsico, Inc. DCP DCP, 06/15/26   /            | Pepsico, Inc. DCP DCP, 06/15/26   /            | CUSIP: 71344UFF1<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |   82000000 | PA      | $81396958.38   | 0.69%             | 2026-06-15      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Pepsico, Inc. DCP DCP, 07/01/26   /            | Pepsico, Inc. DCP DCP, 07/01/26   /            | CUSIP: 71344UG11<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |  111000000 | PA      | $109975871.03  | 0.93%             | 2026-07-01      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Pepsico, Inc. DCP DCP, 07/06/26   /            | Pepsico, Inc. DCP DCP, 07/06/26   /            | CUSIP: 71344UG60<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |  113000000 | PA      | $111924240.00  | 0.95%             | 2026-07-06      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Pepsico, Inc. DCP DCP, 07/09/26   /            | Pepsico, Inc. DCP DCP, 07/09/26   /            | CUSIP: 71344UG94<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |  100000000 | PA      | $98990750.10   | 0.84%             | 2026-07-09      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| PERSHING SQUARE TONT SHS   /                   | PERSHING SQUARE TONT SHS   /                   | CUSIP: 715ESC018<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     457176 | NS      | $0.00          | 0.00%             |  |  |  | Yes           | 3                  | On Loan: No      |
| PROCTER & GAMBLE DCP,  05/07/2026   /          | PROCTER & GAMBLE DCP,  05/07/2026   /          | CUSIP: 74271UE71<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |   14000000 | PA      | $13950160.02   | 0.12%             | 2026-05-07      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| ROCHE HOLDINGS DCP DCP, 04/08/2026   /         | ROCHE HOLDINGS DCP DCP, 04/08/2026   /         | CUSIP: 77119MD87<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |   50000000 | PA      | $49964027.76   | 0.42%             | 2026-04-08      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Nintendo Co Ltd                                | Nintendo Co., Ltd.                             | CUSIP: 999999999<br>LEI: 353800FEEXU6I9M0ZF27 | Long             | EC               | CORP              | JP        |    1157180 | NS      | $66058363.11   | 0.56%             |  |  |  | No            | 2                  | On Loan: No      |
| CHARLES SCHWAB CORP                            | Charles Schwab Corp.                           | CUSIP: 808513AR6<br>LEI: 549300VSGCJ7E698NM85 | Long             | EP               | CORP              | US        |    2588000 | PA      | $2545945.00    | 0.02%             | 2069-10-31      | Variable      | 5.00%                 | No            | 2                  | On Loan: No      |
| CHARLES SCHWAB CORP                            | Charles Schwab Corp.                           | CUSIP: 808513BK0<br>LEI: 549300VSGCJ7E698NM85 | Long             | EP               | CORP              | US        |   18976000 | PA      | $18696043.28   | 0.16%             | 2069-06-01      | Variable      | 4.00%                 | No            | 2                  | On Loan: No      |
| TOTAL FINA ELF CAP DCP,  04/17/2026   /        | TOTAL FINA ELF CAP DCP,  04/17/2026   /        | CUSIP: 89152FDH5<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | FR        |   50000000 | PA      | $49916666.67   | 0.42%             | 2026-04-17      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| TOTAL FINA ELF CAP DCP,  05/20/2026   /        | TOTAL FINA ELF CAP DCP,  05/20/2026   /        | CUSIP: 89152FEL5<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | FR        |   50000000 | PA      | $49742750.00   | 0.42%             | 2026-05-20      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                    | CUSIP: 912797QD2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  124000000 | PA      | $123815240.00  | 1.05%             | 2026-04-16      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                    | CUSIP: 912797SD0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   87000000 | PA      | $86991505.42   | 0.74%             | 2026-04-02      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                    | CUSIP: 912797SL2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  100000000 | PA      | $99920624.44   | 0.85%             | 2026-04-09      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| EPIC GAMES, INC. PRIVATE COMMON STOCK   /      | EPIC GAMES, INC. PRIVATE COMMON STOCK   /      | CUSIP: 966TDKII3<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      33130 | NS      | $8068148.90    | 0.07%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Jett Texas LLC SOURCE   /                      | Jett Texas LLC SOURCE   /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   22500000 | OU      | $25722000.00   | 0.22%             |  |  |  | Yes           | N/A                | On Loan: No      |
| JPY SPOT FORWARD CONTRACT   /                  | JPY SPOT FORWARD CONTRACT   /                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | STIV             |  | JP        |  123401918 | OU      | $777555.33     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| JPY SPOT FORWARD CONTRACT   /                  | JPY SPOT FORWARD CONTRACT   /                  | CUSIP: 999999999<br>LEI: N/A                  | Short            | STIV             |  | JP        | -451188503 | OU      | $-2842938.17   | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| Kinder Morgan Inc                              | Kinder Morgan, Inc.                            | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |     783259 | NS      | $26262674.27   | 0.22%             |  |  |  | No            | 1                  | On Loan: No      |
| PG&E Corp                                      | PG&E Corp.                                     | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |     720710 | NS      | $12662874.70   | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Prosus NV                                      | Prosus N.V.                                    | CUSIP: 999999999<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | EC               | CORP              | NL        |    3117146 | NS      | $144304188.49  | 1.22%             |  |  |  | No            | 2                  | On Loan: No      |
| LEALAND REFICAR TERM LOAN   /                  | LEALAND REFICAR TERM LOAN   /                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     602758 | PA      | $506316.54     | 0.00%             | 2027-06-30      | Variable      | 11.43%                | Yes           | 3                  | On Loan: No      |
| Pernod Ricard SA                               | Pernod Ricard S.A.                             | CUSIP: 999999999<br>LEI: 52990097YFPX9J0H5D87 | Long             | EC               | CORP              | FR        |    1008624 | NS      | $75000030.93   | 0.64%             |  |  |  | No            | 2                  | On Loan: No      |
| ROSS ACQUISITION CORP II -A                    | Ross Acquisition Corp. II                      | CUSIP: G7641C114<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      77074 | NC      | $0.00          | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| Safran SA                                      | Safran S.A.                                    | CUSIP: 999999999<br>LEI: 969500UIC89GT3UL7L24 | Long             | EC               | CORP              | FR        |     544912 | NS      | $178303809.61  | 1.51%             |  |  |  | No            | 2                  | On Loan: No      |
| LG Corp                                        | LG Corp.                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |    1354494 | NS      | $76587691.17   | 0.65%             |  |  |  | No            | 2                  | On Loan: No      |
| ALTABA, Inc. ESCROW SHS ORD REG   /            | ALTABA, Inc. ESCROW SHS ORD REG   /            | CUSIP: 021ESC017<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    4756180 | NS      | $5469607.00    | 0.05%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Samsung C&T Corp                               | Samsung C&T Corp.                              | CUSIP: 999999999<br>LEI: 988400GFRE4IDFPE9E64 | Long             | EC               | CORP              | KR        |     608165 | NS      | $106585790.62  | 0.90%             |  |  |  | No            | 2                  | On Loan: No      |
| CHEVRON Corp. DCP, 05/21/2026   /              | CHEVRON Corp. DCP, 05/21/2026   /              | CUSIP: 16677KEM1<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |   36127000 | PA      | $35944859.71   | 0.30%             | 2026-05-21      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| CHEVRON Corp. DCP  06/02/2026   /              | CHEVRON Corp. DCP  06/02/2026   /              | CUSIP: 16677KF24<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |   70350000 | PA      | $69905348.97   | 0.59%             | 2026-06-02      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| CHEVRON Corp. DCP  09/14/2026   /              | CHEVRON Corp. DCP  09/14/2026   /              | CUSIP: 16677KJE4<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |   60000000 | PA      | $58962500.00   | 0.50%             | 2026-09-14      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| CISCO SYSTEMS, Inc. DCP 06/15/2026   /         | CISCO SYSTEMS, Inc. DCP 06/15/2026   /         | CUSIP: 17277BFF7<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |   55000000 | PA      | $54570312.67   | 0.46%             | 2026-06-15      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| CISCO SYSTEMS, Inc. DCP 06/23/2026   /         | CISCO SYSTEMS, Inc. DCP 06/23/2026   /         | CUSIP: 17277BFP5<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |   76000000 | PA      | $75362191.29   | 0.64%             | 2026-06-23      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| PEPSICO, Inc. DCP, 05/13/2026   /              | PEPSICO, Inc. DCP, 05/13/2026   /              | CUSIP: 71344UED7<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |   48000000 | PA      | $47802320.00   | 0.40%             | 2026-05-13      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                    | CUSIP: 912797SP3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  113000000 | PA      | $112593765.00  | 0.95%             | 2026-05-07      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                    | CUSIP: 912797SW8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  111000000 | PA      | $110367716.89  | 0.93%             | 2026-05-28      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                    | CUSIP: 912797SX6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  110000000 | PA      | $109293569.00  | 0.93%             | 2026-06-04      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                    | CUSIP: 912797TD9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  100000000 | PA      | $99220830.00   | 0.84%             | 2026-06-18      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                    | CUSIP: 912797TE7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  156000000 | PA      | $154679553.60  | 1.31%             | 2026-06-25      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                    | CUSIP: 912797TF4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  100000000 | PA      | $99081300.00   | 0.84%             | 2026-07-02      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                    | CUSIP: 912797TG2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  179000000 | PA      | $178893793.33  | 1.52%             | 2026-04-07      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                    | CUSIP: 912797TH0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   77000000 | PA      | $76899658.05   | 0.65%             | 2026-04-14      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                    | CUSIP: 912797TL1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   90000000 | PA      | $89697400.00   | 0.76%             | 2026-05-05      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                    | CUSIP: 912797TN7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   25000000 | PA      | $24736295.00   | 0.21%             | 2026-07-16      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                    | CUSIP: 912797TS6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   85000000 | PA      | $84594958.00   | 0.72%             | 2026-05-19      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                    | CUSIP: 912797TZ0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  104000000 | PA      | $103285083.20  | 0.87%             | 2026-06-09      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| SEK SPOT FORWARD CONTRACT   /                  | SEK SPOT FORWARD CONTRACT   /                  | CUSIP: 999999999<br>LEI: N/A                  | Short            | STIV             |  | SE        |    -532224 | OU      | $-56220.65     | -0.00%            |  |  |  | No            | 1                  | On Loan: No      |
| Singapore Exchange Ltd                         | Singapore Exchange Ltd.                        | CUSIP: Y79946102<br>LEI: 549300IQ650PPXM76X03 | Long             | EC               | CORP              | SG        |     106310 | NS      | $1621771.16    | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| Sodexo SA                                      | Sodexo S.A.                                    | CUSIP: 999999999<br>LEI: 969500LCBOG12HXPYM84 | Long             | EC               | CORP              | FR        |    1472802 | NS      | $75598899.42   | 0.64%             |  |  |  | No            | 2                  | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                    | CUSIP: 912797UA3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  125000000 | PA      | $124051400.00  | 1.05%             | 2026-06-16      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| VORNADO REALTY LP                              | Vornado Realty LP                              | CUSIP: 929043AK3<br>LEI: 549300BMOJ05INE4YK86 | Long             | DBT              | CORP              | US        |    8623000 | PA      | $8564191.14    | 0.07%             | 2026-06-01      | Fixed         | 2.15%                 | No            | 2                  | On Loan: No      |
| WALMART STORES, Inc. DCP  04/14/2026   /       | WALMART STORES, Inc. DCP  04/14/2026   /       | CUSIP: 93114FDE1<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |   57000000 | PA      | $56924047.50   | 0.48%             | 2026-04-14      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| WALMART STORES, Inc. DCP  05/05/2026   /       | WALMART STORES, Inc. DCP  05/05/2026   /       | CUSIP: 93114FE59<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |   73000000 | PA      | $72740769.06   | 0.62%             | 2026-05-05      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Walmart Stores Disc, CP due 05/07/26   /       | Walmart Stores Disc, CP due 05/07/26   /       | CUSIP: 93114FE75<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |   20000000 | PA      | $19925799.91   | 0.17%             | 2026-05-07      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| LEALAND FINANCE Co. B.V. LETTER OF CREDIT   /  | LEALAND FINANCE Co. B.V. LETTER OF CREDIT   /  | CUSIP: 935IQZII8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   26500921 | PA      | $20405709.19   | 0.17%             | 2027-06-30      | Variable      | 7.95%                 | Yes           | 3                  | On Loan: No      |
| LEALAND FINANCE Co. B.V. SENIOR EXIT LC   /    | LEALAND FINANCE Co. B.V. SENIOR EXIT LC   /    | CUSIP: 589477088<br>LEI: N/A                  | Short            | LON              | CORP              | US        |  -21844968 | PA      | $-5024342.57   | -0.04%            | 2027-06-30      | Fixed         | 0.00%                 | Yes           | 3                  | On Loan: No      |
| Ferguson Enterprises Inc                       | Ferguson Enterprises, Inc.                     | CUSIP: G3421J106<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |     521728 | NS      | $121698273.28  | 1.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Glencore PLC                                   | Glencore PLC                                   | CUSIP: 999999999<br>LEI: 2138002658CPO9NBH955 | Long             | EC               | CORP              | CH        |   26947501 | NS      | $204101906.32  | 1.73%             |  |  |  | No            | 2                  | On Loan: No      |
| Grupo Mexico SAB de CV                         | Grupo Mexico S.A.B. de C.V.                    | CUSIP: 999999999<br>LEI: 529900JWLZAYET2ZGW20 | Long             | EC               | CORP              | MX        |    4215343 | NS      | $45138014.20   | 0.38%             |  |  |  | No            | 1                  | On Loan: No      |
| Alphabet Inc                                   | Alphabet, Inc. - Class C                       | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     746360 | NS      | $214100829.60  | 1.81%             |  |  |  | No            | 1                  | On Loan: No      |
| Alphabet Inc                                   | Alphabet, Inc. - Class A                       | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    1185801 | NS      | $340988935.56  | 2.89%             |  |  |  | No            | 1                  | On Loan: No      |
| Heineken Holding NV                            | Heineken Holding N.V.                          | CUSIP: 999999999<br>LEI: 724500M1WJLFM9TYBS04 | Long             | EC               | CORP              | NL        |    3088974 | NS      | $219821629.30  | 1.86%             |  |  |  | No            | 2                  | On Loan: No      |
| TE Connectivity PLC                            | TE Connectivity PLC                            | CUSIP: H84989104<br>LEI: 894500ZRIX9K13RHXR17 | Long             | EC               | CORP              | IE        |    1077405 | NS      | $225199193.10  | 1.91%             |  |  |  | No            | 1                  | On Loan: No      |
| Thermo Fisher Scientific Inc                   | Thermo Fisher Scientific, Inc.                 | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |     134470 | NS      | $66096039.10   | 0.56%             |  |  |  | No            | 1                  | On Loan: No      |
| Uber Technologies Inc                          | Uber Technologies, Inc.                        | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |     602717 | NS      | $43353433.81   | 0.37%             |  |  |  | No            | 1                  | On Loan: No      |
| Vornado Realty Trust                           | Vornado Realty Trust - REIT                    | CUSIP: 929042109<br>LEI: N/A                  | Long             |  | CORP              | US        |    1448615 | NS      | $37649503.85   | 0.32%             |  |  |  | No            | 1                  | On Loan: No      |
| NCR Voyix Corp                                 | NCR Voyix Corp.                                | CUSIP: 62886E108<br>LEI: 549300YKTY8JX1DV2R67 | Long             | EC               | CORP              | US        |    3636184 | NS      | $23017044.72   | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| Westinghouse Air Brake Technol                 | Westinghouse Air Brake Technologies Corp.      | CUSIP: 929740108<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | EC               | CORP              | US        |     161611 | NS      | $40388205.01   | 0.34%             |  |  |  | No            | 1                  | On Loan: No      |
| Waters Corp                                    | Waters Corp.                                   | CUSIP: 941848103<br>LEI: 5T547R1474YC9HOD8Q74 | Long             | EC               | CORP              | US        |     159710 | NS      | $47561638.00   | 0.40%             |  |  |  | No            | 1                  | On Loan: No      |
| Wells Fargo & Co                               | Wells Fargo & Co.                              | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |     539804 | NS      | $42973796.44   | 0.36%             |  |  |  | No            | 1                  | On Loan: No      |

### Signature

**Date Signed:** 2026-04-13

**Name of Applicant:** Investment Managers Series Trust III

**Signature:** /s/ Maureen Quill

**Name of Signer:** Maureen Quill

**Title:** President