# EDGAR Filing Document

**Accession Number:** 0000924727
**File Stem:** 0001398344-26-004865
**Filing Date:** 2026-3
**Character Count:** 295304
**Document Hash:** c057d5c03a6147f2c885a2136210747a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-004865.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001398344-26-004865

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 37

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**EFFECTIVENESS DATE**: 20260309

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08544
- **FILM NUMBER:** 26733871

**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           |

### FPA Flexible Fixed Income Fund (Series ID: S000064044)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000207154 | Institutional Class | FPFIX           |
| C000227168 | Advisor Class       | FFIAX           |
| C000262097 | Investor Class      | FFIRX           |

?xml version='1.0' encoding='ASCII'? EDGAR HTML

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### &nbsp;&nbsp;&nbsp;&nbsp; FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-08544

#### Investment Managers Series Trust III
(Exact name of registrant as specified in charter)

------

235 West Galena Street

Milwaukee, Wisconsin 53212

(Address of Principal Executive Offices, including Zip Code)

Diane J. Drake

Mutual Fund Administration, LLC

2220 E. Route 66, Suite 226

Glendora, California 91740

(Name and Address of Agent for Service)

COPIES TO:

Laurie Anne Dee

Morgan, Lewis & Bockius LLP

600 Anton Boulevard, Suite 1800

Costa Mesa, California 92626

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(626) 385-5777

#### Date of fiscal year end:

#### December 31

#### Date of reporting period:

#### December 31, 2025

#### Item 1. Report to Stockholders.
(a) The registrant's annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "Investment Act"), is as follows:

FPA Crescent Fund

Institutional Class/FPACX

![TSR Fund Logo - Cover](images_412.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about the FPA Crescent Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://fpa.com/funds/overview/crescent. You can also request this information by contacting us at (800) 638-3060.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| FPA Crescent Fund<br>(Institutional Class/FPACX) | $114 | 1.05% |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The FPA Crescent Fund – Institutional Class ("Fund" or "Crescent") gained 3.09% in the trailing three months and 17.65% in the trailing twelve months ending December 31, 2025, on a net basis, which includes reinvestment of all distributions. The MSCI ACWI Index and the S&P 500 Index returns for the three-month period were 3.29% and 2.66%; and 22.34% and 17.88% for the trailing twelve-month period, respectively. The Fund is managed according to FPA's Contrarian Value Strategy, which seeks to invest in companies that currently appear out of favor or undervalued but have a favorable outlook for growth, in the portfolio manager's estimation, over 5-10 years. The portfolio managers conduct deep research into the underlying financial condition and prospects of individual companies, and select those whose securities are offered at a "substantial discount" to the portfolio managers' estimation of the company's worth or intrinsic value.

TOP PERFORMANCE CONTRIBUTORS<sup>\*</sup>

TE Connectivity (TE) is a longtime holding that benefitted in 2025 from continued demand growth in several of the markets in which it sells into, including: AI infrastructure and data center connectivity; energy and grid update cycling; and industrial automation. TE also acquired Richards Manufacturing earlier in the year, which helped strengthen the company's competitive position in industrial and utility markets, and raised the dividend throughout 2025.

Safran was buoyed by robust aerospace and aftermarket parts demand, reporting record profits in early 2025 for the prior year. As global air traffic continued to recover and air carriers ramped up maintenance projects, the company enjoyed higher aftermarket growth and converted operational efficiency into higher earnings, leading management to raise full-year guidance for 2025.

TOP PERFORMANCE DETRACTORS<sup>\*</sup>

CarMax, the largest retailer of used cars in the US, has been a disappointment. We entered 2025 with hopes that an improved omnichannel offering in an improving used vehicle market would drive increased sales volumes, market share, and profit growth. Instead, we've watched management make a series of missteps. The company withdrew its 2030 unit sales targets at the beginning of the year, citing tariff-related uncertainty expected to have little impact five years from now—not particularly confidence-boosting, especially when their competitors retained their stated medium-term goals. Management mistakenly expected their strong fiscal first quarter to continue. They overbought inventory at elevated prices, which they were then forced to work through in the second quarter, causing them to lose market share. Investors have punished the company for its mistakes, and shares have declined by 53% in 2025. Despite our disappointment in management's execution, the company's share price appears inexpensive to us. Two independent directors of Carmax bought shares in early October, which could signal that they share a similar outlook to ours. The company also increased its share repurchase program, though we wish they would have held off on repurchases until the market was aware of the current disappointing news. We still believe that CarMax has built a differentiated used vehicle retail business and could see substantial share price improvement if the company rights itself, but operational execution needs to significantly improve.

International Flavors & Fragrances has been plagued with poor management for years. As a leading producer of food, beverage, scent, home and personal care, and health products and ingredients, its products are ubiquitous across many household staples. They produce one-third of probiotics, the enzyme used in half of cold-water laundry detergents, another enzyme used in 20% of the beer brewed globally, and one-third of yogurts use an IFF culture, to name a few. Prior management's reckless capital allocation and ineptitude at managing its diverse global enterprise, transforming a high-margin, unlevered company into one with a lower margin and a higher level of leverage. We have a constructive view of the new CEO, who has renewed the company's focus on being a best-in-class operationally with a smaller product suite. They have sold, and will continue to sell, non-core assets, which will decrease their leverage and, hopefully, allow for higher margins. The company has burned the market, and many investors have taken a wait-and-see attitude reasonably.

<sup>\*</sup> The information provided reflects some of the top performance contributors and detractors over the trailing twelve months ("TTM"). It does not reflect all positions purchased, sold or recommended during the TTM. It should not be assumed that recommendations made in the future will be profitable or will equal the performance of the securities or sectors listed. As of 12/31/2025, the position sizes for the securities mentioned as a percentage of net assets were: TE Connectivity (2.2%), Safran (1.6%), CarMax (0.6%), and IFF (1.8%). The company data and statistics referenced in the Contributors and Detractors sections, including competitor data, are sourced from company press releases, investor presentations, financial disclosures, SEC filings, or company websites, unless otherwise noted. Past performance is no guarantee, nor is it indicative, of future results.

Indices are unmanaged and do not reflect any commissions, transaction costs, or fees and expenses which would be incurred by an investor purchasing the underlying securities and which would reduce the performance in an actual account. You cannot invest directly in an index. The MSCI ACWI NR USD Index is an unmanaged free ﬂoat-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The S&P 500 Index includes a representative sample of 500 hundred companies in leading industries of the U.S. economy. The Index focuses on the large-cap segment of the market, with over 80% coverage of U.S. equities, but is also considered a proxy for the total market. The Fund does not include outperformance of any index in its investment objectives.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1063390.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| FPA Crescent Fund (Institutional Class/FPACX) | 17.65% | 11.02% | 9.84% |
| MSCI All Country World Index | 22.34% | 11.19% | 11.72% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| 60%/40% S&P 500 Index/Bloomberg Barclays US Aggregate Bond Index | 13.70% | 8.47% | 9.78% |
| Consumer Price Index (US) CPI | 2.63% | 4.47% | 3.21% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit https://fpa.com/funds/performance/crescent for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$11881915485 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;140 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$99044133 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. The Top Ten Holdings table may not reflect the total exposure to an issuer. The Sector Allocation chart represents Common Stocks of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;TE Connectivity Ltd. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class C | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Becton, Dickinson and Co. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Heineken Holding N.V. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;JDE Peet's N.V. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | 1.8% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_1063395.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_1063400.jpg)

#### Material Fund Changes
There were no material fund changes to the Fund during the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://fpa.com/funds/overview/crescent. You can also request this information by contacting us at (800) 638-3060.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (800) 638-3060 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

FPA Crescent Fund - Institutional Class

FPA Crescent Fund

Investor Class/FPFRX

![TSR Fund Logo - Cover](images_412.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about the FPA Crescent Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://fpa.com/funds/overview/crescent. You can also request this information by contacting us at (800) 638-3060.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| FPA Crescent Fund<br>(Investor Class/FPFRX) | $125 | 1.15% |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The FPA Crescent Fund – Investor Class ("Fund" or "Crescent") gained 3.04% in the trailing three months and 17.52% in the trailing twelve months ending December 31, 2025, on a net basis, which includes reinvestment of all distributions. The MSCI ACWI Index and the S&P 500 Index returns for the three-month period were 3.29% and 2.66%; and 22.34% and 17.88% for the trailing twelve-month period, respectively. The Fund is managed according to FPA's Contrarian Value Strategy, which seeks to invest in companies that currently appear out of favor or undervalued but have a favorable outlook for growth, in the portfolio manager's estimation, over 5-10 years. The portfolio managers conduct deep research into the underlying financial condition and prospects of individual companies, and select those whose securities are offered at a "substantial discount" to the portfolio managers' estimation of the company's worth or intrinsic value.

TOP PERFORMANCE CONTRIBUTORS<sup>\*</sup>

TE Connectivity (TE) is a longtime holding that benefitted in 2025 from continued demand growth in several of the markets in which it sells into, including: AI infrastructure and data center connectivity; energy and grid update cycling; and industrial automation. TE also acquired Richards Manufacturing earlier in the year, which helped strengthen the company's competitive position in industrial and utility markets, and raised the dividend throughout 2025.

Safran was buoyed by robust aerospace and aftermarket parts demand, reporting record profits in early 2025 for the prior year. As global air traffic continued to recover and air carriers ramped up maintenance projects, the company enjoyed higher aftermarket growth and converted operational efficiency into higher earnings, leading management to raise full-year guidance for 2025.

TOP PERFORMANCE DETRACTORS<sup>\*</sup>

CarMax, the largest retailer of used cars in the US, has been a disappointment. We entered 2025 with hopes that an improved omnichannel offering in an improving used vehicle market would drive increased sales volumes, market share, and profit growth. Instead, we've watched management make a series of missteps. The company withdrew its 2030 unit sales targets at the beginning of the year, citing tariff-related uncertainty expected to have little impact five years from now—not particularly confidence-boosting, especially when their competitors retained their stated medium-term goals. Management mistakenly expected their strong fiscal first quarter to continue. They overbought inventory at elevated prices, which they were then forced to work through in the second quarter, causing them to lose market share. Investors have punished the company for its mistakes, and shares have declined by 53% in 2025. Despite our disappointment in management's execution, the company's share price appears inexpensive to us. Two independent directors of Carmax bought shares in early October, which could signal that they share a similar outlook to ours. The company also increased its share repurchase program, though we wish they would have held off on repurchases until the market was aware of the current disappointing news. We still believe that CarMax has built a differentiated used vehicle retail business and could see substantial share price improvement if the company rights itself, but operational execution needs to significantly improve.

International Flavors & Fragrances has been plagued with poor management for years. As a leading producer of food, beverage, scent, home and personal care, and health products and ingredients, its products are ubiquitous across many household staples. They produce one-third of probiotics, the enzyme used in half of cold-water laundry detergents, another enzyme used in 20% of the beer brewed globally, and one-third of yogurts use an IFF culture, to name a few. Prior management's reckless capital allocation and ineptitude at managing its diverse global enterprise, transforming a high-margin, unlevered company into one with a lower margin and a higher level of leverage. We have a constructive view of the new CEO, who has renewed the company's focus on being a best-in-class operationally with a smaller product suite. They have sold, and will continue to sell, non-core assets, which will decrease their leverage and, hopefully, allow for higher margins. The company has burned the market, and many investors have taken a wait-and-see attitude reasonably.

<sup>\*</sup> The information provided reflects some of the top performance contributors and detractors over the trailing twelve months ("TTM"). It does not reflect all positions purchased, sold or recommended during the TTM. It should not be assumed that recommendations made in the future will be profitable or will equal the performance of the securities or sectors listed. As of 12/31/2025, the position sizes for the securities mentioned as a percentage of net assets were: TE Connectivity (2.2%), Safran (1.6%), CarMax (0.6%), and IFF (1.8%). The company data and statistics referenced in the Contributors and Detractors sections, including competitor data, are sourced from company press releases, investor presentations, financial disclosures, SEC filings, or company websites, unless otherwise noted. Past performance is no guarantee, nor is it indicative, of future results.

Indices are unmanaged and do not reflect any commissions, transaction costs, or fees and expenses which would be incurred by an investor purchasing the underlying securities and which would reduce the performance in an actual account. You cannot invest directly in an index. The MSCI ACWI NR USD Index is an unmanaged free ﬂoat-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The S&P 500 Index includes a representative sample of 500 hundred companies in leading industries of the U.S. economy. The Index focuses on the large-cap segment of the market, with over 80% coverage of U.S. equities, but is also considered a proxy for the total market. The Fund does not include outperformance of any index in its investment objectives.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1063462.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| FPA Crescent Fund (Investor Class/FPFRX)<sup>1</sup> | 17.52% | 10.91% | 9.73% |
| MSCI All Country World Index | 22.34% | 11.19% | 11.72% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| 60%/40% S&P 500 Index/Bloomberg Barclays US Aggregate Bond Index | 13.70% | 8.47% | 9.78% |
| Consumer Price Index (US) CPI | 2.63% | 4.47% | 3.21% |

---

---

| | |
|:---|:---|
| *1*  | &nbsp;&nbsp; *Investor Class commenced operations on April 30, 2024. The performance figures for Investor Class shares include the performance for the Institutional Class shares for the periods prior to the inception date of Investor Class shares, adjusted for the difference in Institutional Class shares and Investor Class shares expenses. Investor Class shares impose higher expenses than Institutional Class shares. Since Investor Class shares have higher expenses and are therefore more expensive than Institutional Class shares, the returns for Investor Class shares will be lower than the returns shown for Institutional Class shares.*  |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit https://fpa.com/funds/performance/crescent for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$11881915485 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;140 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$99044133 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. The Top Ten Holdings table may not reflect the total exposure to an issuer. The Sector Allocation chart represents Common Stocks of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;TE Connectivity Ltd. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class C | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Becton, Dickinson and Co. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Heineken Holding N.V. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;JDE Peet's N.V. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | 1.8% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_1063467.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_1063472.jpg)

#### Material Fund Changes
There were no material fund changes to the Fund during the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://fpa.com/funds/overview/crescent. You can also request this information by contacting us at (800) 638-3060.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (800) 638-3060 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

FPA Crescent Fund - Investor Class

FPA Crescent Fund

Supra Institutional Class/FPCSX

![TSR Fund Logo - Cover](images_412.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about the FPA Crescent Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://fpa.com/funds/overview/crescent. You can also request this information by contacting us at (800) 638-3060.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| FPA Crescent Fund<br>(Supra Institutional Class/FPCSX) | $108 | 0.99% |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The FPA Crescent Fund – Supra Institutional Class ("Fund" or "Crescent") gained 3.09% in the trailing three months and 17.68% in the trailing twelve months ending December 31, 2025, on a net basis, which includes reinvestment of all distributions. The MSCI ACWI Index and the S&P 500 Index returns for the three-month period were 3.29% and 2.66%; and 22.34% and 17.88% for the trailing twelve-month period, respectively. The Fund is managed according to FPA's Contrarian Value Strategy, which seeks to invest in companies that currently appear out of favor or undervalued but have a favorable outlook for growth, in the portfolio manager's estimation, over 5-10 years. The portfolio managers conduct deep research into the underlying financial condition and prospects of individual companies, and select those whose securities are offered at a "substantial discount" to the portfolio managers' estimation of the company's worth or intrinsic value.

TOP PERFORMANCE CONTRIBUTORS<sup>\*</sup>

TE Connectivity (TE) is a longtime holding that benefitted in 2025 from continued demand growth in several of the markets in which it sells into, including: AI infrastructure and data center connectivity; energy and grid update cycling; and industrial automation. TE also acquired Richards Manufacturing earlier in the year, which helped strengthen the company's competitive position in industrial and utility markets, and raised the dividend throughout 2025.

Safran was buoyed by robust aerospace and aftermarket parts demand, reporting record profits in early 2025 for the prior year. As global air traffic continued to recover and air carriers ramped up maintenance projects, the company enjoyed higher aftermarket growth and converted operational efficiency into higher earnings, leading management to raise full-year guidance for 2025.

TOP PERFORMANCE DETRACTORS<sup>\*</sup>

CarMax, the largest retailer of used cars in the US, has been a disappointment. We entered 2025 with hopes that an improved omnichannel offering in an improving used vehicle market would drive increased sales volumes, market share, and profit growth. Instead, we've watched management make a series of missteps. The company withdrew its 2030 unit sales targets at the beginning of the year, citing tariff-related uncertainty expected to have little impact five years from now—not particularly confidence-boosting, especially when their competitors retained their stated medium-term goals. Management mistakenly expected their strong fiscal first quarter to continue. They overbought inventory at elevated prices, which they were then forced to work through in the second quarter, causing them to lose market share. Investors have punished the company for its mistakes, and shares have declined by 53% in 2025. Despite our disappointment in management's execution, the company's share price appears inexpensive to us. Two independent directors of Carmax bought shares in early October, which could signal that they share a similar outlook to ours. The company also increased its share repurchase program, though we wish they would have held off on repurchases until the market was aware of the current disappointing news. We still believe that CarMax has built a differentiated used vehicle retail business and could see substantial share price improvement if the company rights itself, but operational execution needs to significantly improve.

International Flavors & Fragrances has been plagued with poor management for years. As a leading producer of food, beverage, scent, home and personal care, and health products and ingredients, its products are ubiquitous across many household staples. They produce one-third of probiotics, the enzyme used in half of cold-water laundry detergents, another enzyme used in 20% of the beer brewed globally, and one-third of yogurts use an IFF culture, to name a few. Prior management's reckless capital allocation and ineptitude at managing its diverse global enterprise, transforming a high-margin, unlevered company into one with a lower margin and a higher level of leverage. We have a constructive view of the new CEO, who has renewed the company's focus on being a best-in-class operationally with a smaller product suite. They have sold, and will continue to sell, non-core assets, which will decrease their leverage and, hopefully, allow for higher margins. The company has burned the market, and many investors have taken a wait-and-see attitude reasonably.

<sup>\*</sup> The information provided reflects some of the top performance contributors and detractors over the trailing twelve months ("TTM"). It does not reflect all positions purchased, sold or recommended during the TTM. It should not be assumed that recommendations made in the future will be profitable or will equal the performance of the securities or sectors listed. As of 12/31/2025, the position sizes for the securities mentioned as a percentage of net assets were: TE Connectivity (2.2%), Safran (1.6%), CarMax (0.6%), and IFF (1.8%). The company data and statistics referenced in the Contributors and Detractors sections, including competitor data, are sourced from company press releases, investor presentations, financial disclosures, SEC filings, or company websites, unless otherwise noted. Past performance is no guarantee, nor is it indicative, of future results.

Indices are unmanaged and do not reflect any commissions, transaction costs, or fees and expenses which would be incurred by an investor purchasing the underlying securities and which would reduce the performance in an actual account. You cannot invest directly in an index. The MSCI ACWI NR USD Index is an unmanaged free ﬂoat-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The S&P 500 Index includes a representative sample of 500 hundred companies in leading industries of the U.S. economy. The Index focuses on the large-cap segment of the market, with over 80% coverage of U.S. equities, but is also considered a proxy for the total market. The Fund does not include outperformance of any index in its investment objectives.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $100,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $100,000,000

![Fund Performance - Growth of 10K](chartimages_1063426.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | Since<br>Inception<sup>1</sup> |
| FPA Crescent Fund (Supra Institutional Class/FPCSX) | 17.68% | 11.08% | 13.33% |
| MSCI All Country World Index | 22.34% | 11.19% | 13.09% |
| S&P 500 Index | 17.88% | 14.42% | 15.57% |
| 60%/40% S&P 500 Index/Bloomberg Barclays US Aggregate Bond Index | 13.70% | 8.47% | 9.21% |
| Consumer Price Index (US) CPI | 2.63% | 4.47% | 4.38% |

---

 *1* *Supra Institutional Class commenced operations on September 4, 2020.* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit https://fpa.com/funds/performance/crescent for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$11881915485 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;140 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$99044133 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. The Top Ten Holdings table may not reflect the total exposure to an issuer. The Sector Allocation chart represents Common Stocks of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;TE Connectivity Ltd. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class C | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Becton, Dickinson and Co. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Heineken Holding N.V. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;JDE Peet's N.V. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | 1.8% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_1063431.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_1063436.jpg)

#### Material Fund Changes
There were no material fund changes to the Fund during the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://fpa.com/funds/overview/crescent. You can also request this information by contacting us at (800) 638-3060.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (800) 638-3060 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

FPA Crescent Fund - Supra Institutional Class

FPA Flexible Fixed Income Fund

Institutional Class/FPFIX

![TSR Fund Logo - Cover](images_412.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about the FPA Flexible Fixed Income Fund ("Fund") for the period to January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://fpa.com/funds/overview/flexible-fixed-income. You can also request this information by contacting us at (800) 638-3060.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| FPA Flexible Fixed Income Fund<br>(Institutional Class/FPFIX) | $57 | 0.55% |

---

#### Management's Discussion of Fund Performance
How did the Fund perform over the reporting period?

For the twelve-month period ending December 31, 2025, the FPA Flexible Fixed Income Fund's Institutional Class ("Fund") net return was 7.23%, which includes reinvestment of all distributions.

What affected the Fund's performance?

During the 12 months ending December 31, 2025, Treasury yields decreased between 7-77 basis points for maturities less than 30 years. Spreads on investment grade and high yield rated debt decreased. Due to low spreads, we largely focused on buying longer-duration, High Quality bonds (rated single-A or higher) which we believe will enhance both the Fund's long-term returns and short-term upside-versus-downside return profile. Over the past 12 months, the Fund's duration has ranged from 3.3 years to 3.5 years. We seek to opportunistically invest in Credit when we believe prices adequately compensate for the risk of permanent impairment of capital and near-term mark-to-market risk. The Fund's exposure to investments rated BBB or lower decreased as decreasing spreads in that part of the market generally made these investments unattractive.

Fund performance can be attributed to the following:<sup>[1]</sup>

The largest contributors to performance during the 12 months ending December 31, 2025:

• Agency-guaranteed residential mortgage pools driven by price increase due to lower benchmark yields and spreads; interest income; and amortization of principal

• U.S. Treasuries due to interest income and price increase due to lower benchmark yields

• Agency-guaranteed commercial mortgage-backed securities driven by price increase due to lower benchmark yields and spreads; and interest income

Although certain individual bonds detracted from performance during the year, there were no meaningful detractors at the sector level.

<sup>[1]</sup> This information is not a recommendation for a specific security or sector and these securities/sectors may not be in the Fund at the time you receive this report. The information provided does not reflect all positions purchased, sold or recommended by FPA during the quarter. The portfolio holdings as of the most recent quarter-end may be obtained at https://fpa.com. Past performance is no guarantee, nor is it indicative, of future results.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $100,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $100,000

![Fund Performance - Growth of 10K](chartimages_1063534.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | Since<br>Inception |
| FPA Flexible Fixed Income Fund (Institutional Class/FPFIX) | 7.23% | 4.01% | 4.08% |
| Bloomberg U.S. Universal Bond Index | 7.58% | 0.06% | 2.38% |
| CPI + 200 Basis Points | 4.70% | 6.54% | 5.80% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit https://fpa.com/funds/performance/flexible-fixed-income for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1939413246 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;412 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$6764534 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;48% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. The Top Ten Holdings table may not reflect the total exposure to an issuer. Interest rates presented in the Top Ten Holdings are as of the reporting period end. The Sector Allocation chart represents Bonds & Debentures of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note, 3.625%, 10/31/2030 | 9.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note, 3.625%, 8/31/2030 | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note, 3.875%, 7/31/2030 | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note, 3.500%, 11/30/2030 | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note, 3.625%, 9/30/2030 | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae Pool, 1.000%, 3/1/2037 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Pool, 1.500%, 3/1/2041 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Pool, 1.500%, 5/1/2041 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., Series K096, Class A2, 2.519%, 7/25/2029 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae Pool, 1.500%, 11/1/2041 | 0.7% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_1063539.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_1063544.jpg)

#### Material Fund Changes
There were no material fund changes to the Fund during the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://fpa.com/funds/overview/flexible-fixed-income. You can also request this information by contacting us at (800) 638-3060.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (800) 638-3060 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

FPA Flexible Fixed Income Fund - Institutional Class

FPA Flexible Fixed Income Fund

Advisor Class/FFIAX

![TSR Fund Logo - Cover](images_412.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about the FPA Flexible Fixed Income Fund ("Fund") for the period to January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://fpa.com/funds/overview/flexible-fixed-income. You can also request this information by contacting us at (800) 638-3060.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| FPA Flexible Fixed Income Fund<br>(Advisor Class/FFIAX) | $62 | 0.60% |

---

#### Management's Discussion of Fund Performance
How did the Fund perform over the reporting period?

For the twelve-month period ending December 31, 2025, the FPA Flexible Fixed Income Fund's Advisor Class ("Fund") net return was 7.22%, which includes reinvestment of all distributions.

What affected the Fund's performance?

During the 12 months ending December 31, 2025, Treasury yields decreased between 7-77 basis points for maturities less than 30 years. Spreads on investment grade and high yield rated debt decreased. Due to low spreads, we largely focused on buying longer-duration, High Quality bonds (rated single-A or higher) which we believe will enhance both the Fund's long-term returns and short-term upside-versus-downside return profile. Over the past 12 months, the Fund's duration has ranged from 3.3 years to 3.5 years. We seek to opportunistically invest in Credit when we believe prices adequately compensate for the risk of permanent impairment of capital and near-term mark-to-market risk. The Fund's exposure to investments rated BBB or lower decreased as decreasing spreads in that part of the market generally made these investments unattractive.

Fund performance can be attributed to the following:<sup>[1]</sup>

The largest contributors to performance during the 12 months ending December 31, 2025:

• Agency-guaranteed residential mortgage pools driven by price increase due to lower benchmark yields and spreads; interest income; and amortization of principal

• U.S. Treasuries due to interest income and price increase due to lower benchmark yields

• Agency-guaranteed commercial mortgage-backed securities driven by price increase due to lower benchmark yields and spreads; and interest income

Although certain individual bonds detracted from performance during the year, there were no meaningful detractors at the sector level.

<sup>[1]</sup> This information is not a recommendation for a specific security or sector and these securities/sectors may not be in the Fund at the time you receive this report. The information provided does not reflect all positions purchased, sold or recommended by FPA during the quarter. The portfolio holdings as of the most recent quarter-end may be obtained at https://fpa.com. Past performance is no guarantee, nor is it indicative, of future results.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1063498.jpg)

---

| | | |
|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | Since<br>Inception<sup>1</sup> |
| FPA Flexible Fixed Income Fund (Advisor Class/FFIAX) | 7.22% | 4.02% |
| Bloomberg U.S. Universal Bond Index | 7.58% | 0.55% |
| CPI + 200 Basis Points | 4.70% | 6.62% |

---

 *1* **Advisor Class commenced operations on April 16, 2021.** 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit https://fpa.com/funds/performance/flexible-fixed-income for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1939413246 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;412 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$6764534 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;48% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. The Top Ten Holdings table may not reflect the total exposure to an issuer. Interest rates presented in the Top Ten Holdings are as of the reporting period end. The Sector Allocation chart represents Bonds & Debentures of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note, 3.625%, 10/31/2030 | 9.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note, 3.625%, 8/31/2030 | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note, 3.875%, 7/31/2030 | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note, 3.500%, 11/30/2030 | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note, 3.625%, 9/30/2030 | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae Pool, 1.000%, 3/1/2037 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Pool, 1.500%, 3/1/2041 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Pool, 1.500%, 5/1/2041 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., Series K096, Class A2, 2.519%, 7/25/2029 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae Pool, 1.500%, 11/1/2041 | 0.7% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_1063503.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_1063508.jpg)

#### Material Fund Changes
There were no material fund changes to the Fund during the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://fpa.com/funds/overview/flexible-fixed-income. You can also request this information by contacting us at (800) 638-3060.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (800) 638-3060 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

FPA Flexible Fixed Income Fund - Advisor Class

FPA Flexible Fixed Income Fund

Investor Class/FFIRX

![TSR Fund Logo - Cover](images_412.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about the FPA Flexible Fixed Income Fund ("Fund") for the period July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://fpa.com/funds/overview/flexible-fixed-income. You can also request this information by contacting us at (800) 638-3060.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| Fund (Class) | Costs of a $10,000 investment |
| FPA Flexible Fixed Income Fund<br>(Investor Class/FFIRX)<sup>1</sup> | $330.65%<sup>2</sup> |

---

 **<sup>1</sup>** **The Investor Class commenced operations on July 1, 2025. If the Investor Class had been operational for the entire annual period of January 1, 2025 to December 31, 2025, expenses would have been higher.** 

 **<sup>2</sup>** **Annualized.** 

#### Management's Discussion of Fund Performance
How did the Fund perform over the reporting period?

For the period ending December 31, 2025, the FPA Flexible Fixed Income Fund's Investor Class ("Fund") net return was 3.03%, which includes reinvestment of all distributions.

What affected the Fund's performance?

During the 12 months ending December 31, 2025, Treasury yields decreased between 7-77 basis points for maturities less than 30 years. Spreads on investment grade and high yield rated debt decreased. Due to low spreads, we largely focused on buying longer-duration, High Quality bonds (rated single-A or higher) which we believe will enhance both the Fund's long-term returns and short-term upside-versus-downside return profile. Over the past 12 months, the Fund's duration has ranged from 3.3 years to 3.5 years. We seek to opportunistically invest in Credit when we believe prices adequately compensate for the risk of permanent impairment of capital and near-term mark-to-market risk. The Fund's exposure to investments rated BBB or lower decreased as decreasing spreads in that part of the market generally made these investments unattractive.

Fund performance can be attributed to the following:<sup>[1]</sup>

The largest contributors to performance during the 12 months ending December 31, 2025:

• Agency-guaranteed residential mortgage pools driven by price increase due to lower benchmark yields and spreads; interest income; and amortization of principal

• U.S. Treasuries due to interest income and price increase due to lower benchmark yields

• Agency-guaranteed commercial mortgage-backed securities driven by price increase due to lower benchmark yields and spreads; and interest income

Although certain individual bonds detracted from performance during the year, there were no meaningful detractors at the sector level.

<sup>[1]</sup> This information is not a recommendation for a specific security or sector and these securities/sectors may not be in the Fund at the time you receive this report. The information provided does not reflect all positions purchased, sold or recommended by FPA during the quarter. The portfolio holdings as of the most recent quarter-endv may be obtained at https://fpa.com. Past performance is no guarantee, nor is it indicative, of future results.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1063570.jpg)

---

| | |
|:---|:---|
| ANNUAL TOTAL RETURN | Since<br>Inception |
| FPA Flexible Fixed Income Fund (Investor Class/FFIRX)<sup>1</sup> | 3.03% |
| Bloomberg U.S. Universal Bond Index | 3.37% |
| CPI + 200 Basis Points | 2.43% |

---

 *1* *The Investor Class commenced operations on July 1, 2025. If the Investor Class had been operational for the entire annual period of January 1, 2025 to December 31, 2025, expenses would have been higher.* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit https://fpa.com/funds/performance/flexible-fixed-income for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1939413246 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;412 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$6764534 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;48% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. The Top Ten Holdings table may not reflect the total exposure to an issuer. Interest rates presented in the Top Ten Holdings are as of the reporting period end. The Sector Allocation chart represents Bonds & Debentures of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note, 3.625%, 10/31/2030 | 9.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note, 3.625%, 8/31/2030 | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note, 3.875%, 7/31/2030 | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note, 3.500%, 11/30/2030 | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note, 3.625%, 9/30/2030 | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae Pool, 1.000%, 3/1/2037 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Pool, 1.500%, 3/1/2041 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Pool, 1.500%, 5/1/2041 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., Series K096, Class A2, 2.519%, 7/25/2029 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae Pool, 1.500%, 11/1/2041 | 0.7% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_1063575.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_1063580.jpg)

#### Material Fund Changes
There were no material fund changes to the Fund during the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://fpa.com/funds/overview/flexible-fixed-income. You can also request this information by contacting us at (800) 638-3060.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (800) 638-3060 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

FPA Flexible Fixed Income Fund - Investor Class

(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

The registrant undertakes to provide to any person without charge, upon request, a copy of its code of ethics by mail when they call the registrant at 1-800-982-4372.

**<u>Item 3. Audit Committee Financial Expert.</u>**

The Board of Trustees of the Registrant has determined that John Zader and Sandra Brown, who are members of the Registrant's Audit Committee and Board of Trustees, are "audit committee financial experts" and are "independent" as those terms are defined in this Item.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no "other services" provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | | |
|:---|:---|:---|:---|
| | FPA Flexible Fixed Income Fund<br> FPA Crescent Fund<br>| <br>FYE 12/31/2025 | <br>FYE 12/31/2024 |
| (a) | Audit Fees | $28000 | $27000 |
| (b) | Audit-Related Fees | N/A | N/A |
| (c) | Tax Fees | $5000 | $5000 |
| (d) | All Other Fees | N/A | N/A |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Tait, Weller, & Weller LLP applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| FPA Flexible Fixed Income Fund<br> FPA Crescent Fund | <br>FYE 12/31/2025 | <br>FYE 12/31/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed
 to work performed by full-time permanent employees of the principal accountant.

The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment advisor (and any other controlling entity, etc.—not sub-advisor) for the last two years. The audit committee of the Board of Trustees has considered whether the provision of non-audit services that were rendered to the registrant's investment advisor is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

---

| | | | |
|:---|:---|:---|:---|
| | FPA Flexible Fixed Income Fund<br> FPA Crescent Fund | <br>FYE 12/31/2025 | <br>FYE 12/31/2024 |
| (g) | Registrant Non-Audit Related Fees | N/A | N/A |
| (h) | Registrant's Investment Advisor | N/A | N/A |

---

(i) Not applicable.

(j) Not applicable.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

(a) Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange
 Act of 1934).

(b) Not applicable.

**<u>Item 6. Investments.</u>**

(a) Schedule of Investments is included as part of the report to shareholders filed under Item 7 of this Form.

(b) Not Applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.</u>**

![](fp0097171-1_01.jpg)

**FPA Crescent Fund**

**(Institutional Class: FPACX)**

**(Investor Class: FPFRX)**

**(Supra Institutional Class: FPCSX)**

**ANNUAL FINANCIALS AND OTHER INFORMATION**

**DECEMBER 31, 2025**

**FPA Crescent Fund**

*A series of Investment Managers Series Trust III*

**Table of Contents**

Please note the Financials and Other Information only contains Items 7-11 required in Form N-CSR. All other required items will be filed with the SEC.

### Item 7. Financial Statements and Financial Highlights &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schedule of Investments 1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement of Assets and Liabilities 10 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement of Operations 11 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements of Changes in Net Assets 12 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Highlights 13 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes to Financial Statements 16 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Report of Independent Registered Public Accounting Firm 33
*This report and the financial statements contained herein are provided for the general information of the shareholders of the FPA Crescent Fund (the "Fund"). This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective shareholder report and prospectus.*

 

**https://fpa.com**

**FPA Crescent Fund**

**SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **BONDS & DEBENTURES — 3.7%** |  |
|  | **CONVERTIBLE BONDS — 2.1%** |  |
|  | Delivery Hero AG |  |
| $86200000 | 1.000%, 1/23/2027 | $98340331 |
| 1600000 | 1.500%, 1/15/2028 | 1756258 |
| 126000000 | 3.250%, 2/21/2030 | 143908615 |
|  | Wayfair, Inc. |  |
| 4278000 | 1.000%, 8/15/2026 | 4258749 |
|  | **TOTAL CONVERTIBLE BONDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $227,903,055) | **248263953** |
|  | **CORPORATE BANK DEBT — 0.4%** |  |
|  | Cornerstone OnDemand, Inc. |  |
| 2487023 | 7.683% (1-Month Term SOFR+375 basis points), 10/16/2028<sup>(a),(b),(c)</sup> | 2275626 |
|  | Lealand Finance Company B.V. Senior Exit LC |  |
| 21844968 | 3.500%, 6/30/2027<sup>(a),(b),(c),(d),(e),(f),(g)</sup> | (5461242) |
|  | Lealand Reficar LC Term Loan |  |
| 602758 | 11.433% (3-Month Term SOFR+750 basis points), 6/30/2027<sup>(a),(b),(c),(d),(e),(f),(h)</sup> | 530427 |
|  | McDermott LC |  |
| 26500921 | 8.552% (3-Month Term SOFR+426.16 basis points), 6/30/2027<sup>(a),(b),(c),(d),(e),(f)</sup> | 19875691 |
|  | McDermott Technology Americas, Inc. |  |
| 1074221 | 6.831% (1-Month Term SOFR+300 basis points), 6/30/2027<sup>(a),(b),(c),(d),(f)</sup> | 880861 |
| 40595493 | 7.831% (1-Month Term SOFR+400 basis points), 12/31/2027<sup>(a),(b),(c),(d),(f),(h)</sup> | 31258530 |
|  | Vision Solutions, Inc. |  |
| 2486598 | 8.102% (3-Month Term SOFR+400 basis points), 4/24/2028<sup>(a),(b),(c)</sup> | 2296995 |
|  | **TOTAL CORPORATE BANK DEBT** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $74,153,380) | **51656888** |
|  | **CORPORATE BONDS — 1.2%** |  |
|  | **COMMUNICATIONS — 0.9%** |  |
|  | EchoStar Corp. |  |
| 33209948 | 3.875%, 11/30/2030 | **110921226** |
|  | **FINANCIALS — 0.3%** |  |
|  | Charles Schwab Corp. |  |
| 18976000 | 4.000% (USD 5 Year Tsy+316.8 basis points)<sup>(c),(i)</sup> | 18811858 |
| 2588000 | 5.000% (3-Month USD Libor+257.5 basis points)<sup>(c),(i)</sup> | 2532254 |
|  | Vornado Realty LP |  |
| 8623000 | 2.150%, 6/1/2026 | 8515989 |
|  |  | **29860101** |
|  | **TOTAL CORPORATE BONDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $57,092,266) | **140781327** |
|  | **TOTAL BONDS & DEBENTURES** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $359,148,701) | **440702168** |

---

**FPA Crescent Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025**

---

| | | |
|:---|:---|:---|
| 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;(Cost $0) | **5469607** |
|  | **COMMON STOCKS — 60.4%** |  |
|  | **AEROSPACE & DEFENSE — 1.6%** |  |
| 544912 | Safran S.A. | **189806381** |
|  | **APPAREL & TEXTILE PRODUCTS — 0.8%** |  |
| 446942 | Cie Financiere Richemont S.A. - Class A | **96383513** |
|  | **ASSET MANAGEMENT — 1.0%** |  |
| 344126 | LPL Financial Holdings, Inc. | 122911483 |
| 457176 | Pershing Square Tontine Holdings Ltd.<sup>(b),(f)</sup> |  |
|  |  | **122911483** |
|  | **BANKING — 2.7%** |  |
| 2192317 | Citigroup, Inc. | 255821471 |
| 703204 | Wells Fargo & Co. | 65538613 |
|  |  | **321360084** |
|  | **BEVERAGES — 4.4%** |  |
| 3088974 | Heineken Holding N.V. | 226200821 |
| 5885188 | JDE Peet's N.V. | 220098700 |
| 926151 | Pernod Ricard S.A. | 79304713 |
|  |  | **525604234** |
|  | **BIOTECH & PHARMA — 0.6%** |  |
| 465134 | Merck KGaA | **66386905** |
|  | **CABLE & SATELLITE — 2.3%** |  |
| 325576 | Charter Communications, Inc. - Class A\* | 67963990 |
| 3996138 | Comcast Corp. - Class A | 119444565 |
| 1890532 | Liberty Broadband Corp. - Class C\* | 91879855 |
|  |  | **279288410** |
|  | **CHEMICALS — 4.6%** |  |
| 16929662 | Azelis Group N.V.<sup>(d)</sup> | 184966854 |
| 640089 | IMCD N.V. | 58097348 |
| 3163067 | International Flavors & Fragrances, Inc. | 213159085 |
| 12787300 | Nippon Paint Holdings Co., Ltd. | 85620378 |
|  |  | **541843665** |
|  | **COMMERCIAL SUPPORT SERVICES — 1.2%** |  |
| 1637209 | Eurofins Scientific S.E. | 119729254 |
| 562744 | Sodexo S.A. | 28833405 |
|  |  | **148562659** |
|  | **CONSTRUCTION MATERIALS — 1.8%** |  |
| 2429341 | Amrize Ltd.\* | 131378761 |

---

**FPA Crescent Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **CONSTRUCTION MATERIALS (Continued)** |  |
| 826751 | Holcim AG\* | $80484487 |
|  |  | **211863248** |
|  | **E-COMMERCE DISCRETIONARY — 1.7%** |  |
| 875695 | Amazon.com, Inc.\* | **202127920** |
|  | **ELECTRIC UTILITIES — 0.1%** |  |
| 720710 | PG&E Corp. | **11581810** |
|  | **ELECTRICAL EQUIPMENT — 2.6%** |  |
| 438300 | Hirose Electric Co., Ltd. | 48504257 |
| 1148440 | TE Connectivity Ltd. | 261281585 |
|  |  | **309785842** |
|  | **ENGINEERING & CONSTRUCTION — 1.3%** |  |
| 2851885 | McDermott International, Ltd.<sup>\*,(b),(d),(f)</sup> | 42778275 |
| 675846 | Samsung C&T Corp. | 112253445 |
|  |  | **155031720** |
|  | **ENTERTAINMENT CONTENT — 0.1%** |  |
| 33130 | Epic Games, Inc.<sup>(b),(f)</sup> | **12981991** |
|  | **FOOD — 1.1%** |  |
| 1049585 | Magnum Ice Cream Co. N.V.\* | 16635922 |
| 365104 | Magnum Ice Cream Co. N.V.\* | 5794716 |
| 3692119 | Magnum Ice Cream Co. N.V.\* | 59080846 |
| 651117 | Orion Corp. | 47710799 |
|  |  | **129222283** |
|  | **HEALTH CARE FACILITIES & SVCS — 0.9%** |  |
| 580243 | ICON PLC\* | **105731879** |
|  | **HOME CONSTRUCTION — 0.9%** |  |
| 2196279 | Fortune Brands Innovations, Inc. | **109857876** |
|  | **HOUSEHOLD PRODUCTS — 0.1%** |  |
| 1007600 | Rohto Pharmaceutical Co., Ltd. | 16890772 |
| 83300 | Shiseido Co. Ltd. | 1212258 |
|  |  | **18103030** |
|  | **INSTITUTIONAL FINANCIAL SVCS — 1.2%** |  |
| 2277248 | Jefferies Financial Group, Inc. | **141121059** |
|  | **INSURANCE — 1.4%** |  |
| 477746 | Aon PLC - Class A | **168587008** |
|  | **INTERNET MEDIA & SERVICES — 10.2%** |  |
| 1390001 | Alphabet, Inc. - Class A | 435070313 |
| 769465 | Alphabet, Inc. - Class C | 241458117 |
| 457981 | Meta Platforms, Inc. - Class A | 302308678 |
| 2882508 | Prosus N.V.\* | 178485817 |

---

**FPA Crescent Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **INTERNET MEDIA & SERVICES (Continued)** |  |
| 602717 | Uber Technologies, Inc.\* | $49248006 |
|  |  | **1206570931** |
|  | **LEISURE FACILITIES & SERVICES — 1.4%** |  |
| 244440 | Marriott International, Inc. - Class A | 75835066 |
| 672835 | Vail Resorts, Inc. | 89352488 |
|  |  | **165187554** |
|  | **MACHINERY — 0.3%** |  |
| 919020 | Hoshizaki Corp. | **30611664** |
|  | **MEDICAL EQUIPMENT & DEVICES — 3.4%** |  |
| 2490982 | Avantor, Inc.\* | 28546654 |
| 1180043 | Becton, Dickinson and Co. | 229010945 |
| 243903 | Bio-Rad Laboratories, Inc.\* | 73900170 |
| 134470 | Thermo Fisher Scientific, Inc. | 77918641 |
|  |  | **409376410** |
|  | **METALS & MINING — 1.7%** |  |
| 26947501 | Glencore PLC\* | 147305014 |
| 5233690 | Grupo Mexico S.A.B. de C.V. | 49417427 |
|  |  | **196722441** |
|  | **OIL & GAS PRODUCERS — 0.8%** |  |
| 111713 | Gulfport Energy Corp.\* | 23235187 |
| 2488164 | Kinder Morgan, Inc. | 68399628 |
|  |  | **91634815** |
|  | **OIL & GAS SERVICES & EQUIP — 0.7%** |  |
| 5037287 | NOV, Inc. | **78732796** |
|  | **REAL ESTATE OWNERS & DEVELOPERS — 0.1%** |  |
| 2098628 | Swire Pacific Ltd. - Class A | **16917783** |
|  | **REIT — 0.9%** |  |
| 5119454 | Douglas Emmett, Inc. | 56262800 |
| 1448615 | Vornado Realty Trust | 48209907 |
|  |  | **104472707** |
|  | **RETAIL - DISCRETIONARY — 1.7%** |  |
| 1836295 | CarMax, Inc.\* | 70954439 |
| 576928 | Ferguson Enterprises, Inc. | 128441480 |
|  |  | **199395919** |
|  | **SEMICONDUCTORS — 3.9%** |  |
| 1260676 | Analog Devices, Inc. | 341895331 |
| 51455 | Broadcom, Inc. | 17808575 |
| 482460 | NXP Semiconductors N.V. | 104722768 |
|  |  | **464426674** |

---

**FPA Crescent Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **TECHNOLOGY HARDWARE — 1.5%** |  |
| 382985 | Dell Technologies, Inc. - Class C | $48210152 |
| 1660761 | NCR Atleos Corp.\* | 63291601 |
| 3636184 | NCR Voyix Corp.\* | 37089077 |
| 455180 | Nintendo Co., Ltd. | 30731281 |
|  |  | **179322111** |
|  | **TECHNOLOGY SERVICES — 0.7%** |  |
| 1442197 | LG Corp. | **80802712** |
|  | **TELECOMMUNICATIONS — 0.2%** |  |
| 170053 | EchoStar Corp. - Class A\* | **18484761** |
|  | **TRANSPORTATION EQUIPMENT — 0.5%** |  |
| 281311 | Westinghouse Air Brake Technologies Corp. | **60045833** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $4,193,259,746) | **7170848111** |
|  | **LIMITED PARTNERSHIPS — 1.8%** |  |
| 150000 | Footpath Ventures SPV IV LP<sup>(b),(f)</sup> | 23758344 |
| 2073734 | FPS Holdco LLC<sup>(b),(d),(f)</sup> | 154474796 |
| 107799 | FPS Shelby Holdco I LLC<sup>(b),(d),(f)</sup> | 10276468 |
| 22500000 | Jett Texas LLC<sup>(b),(j)</sup> | 23960250 |
| 1146250 | Sound Holding FP<sup>(b),(d),(f)</sup> |  |
| 120000 | U.S. Farming Realty Trust II LP<sup>(b),(d),(f)</sup> | 479299 |
|  | **TOTAL LIMITED PARTNERSHIPS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $98,805,380) | **212949157** |
|  | **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: February 12, 2026<sup>\*,(f)</sup> |  |
|  | **TOTAL WARRANTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $230,012) | **—** |
|  | **SHORT-TERM INVESTMENTS — 33.9%** |  |
|  | **MONEY MARKET INVESTMENTS — 0.2%** |  |
| 28535016 | Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class, 3.64%<sup>(k)</sup> | **28535016** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  |  |
|  | **COMMERCIAL PAPER — 18.7%** |  |
| $70350000 | Chevron Corp., 3.67%, 6/2/2026 | 69259888 |
| 150000000 | Cisco Systems, Inc., 3.86%, 3/20/2026 | 148745500 |
|  | Exxon Mobil Corp. |  |
| 85000000 | 3.63%, 1/5/2026 | 84965717 |
| 160000000 | 3.62%, 1/6/2026 | 159919555 |
| 108000000 | 3.80%, 1/21/2026 | 107772000 |

---

**FPA Crescent Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **COMMERCIAL PAPER (Continued)** |  |
| $123000000 | 3.72%, 1/23/2026 | $122720380 |
| 79000000 | 3.68%, 2/2/2026 | 78740516 |
| 100000000 | 3.84%, 2/4/2026 | 99637333 |
| 131000000 | 3.75%, 2/5/2026 | 130522396 |
| 115000000 | 3.84%, 2/6/2026 | 114558400 |
| 91000000 | 3.62%, 2/13/2026 | 90605929 |
|  | Johnson & Johnson Co. |  |
| 35000000 | 3.87%, 1/5/2026 | 34984950 |
| 139000000 | 3.81%, 1/15/2026 | 138794048 |
| 51000000 | 3.85%, 1/16/2026 | 50918187 |
| 132000000 | 3.80%, 2/3/2026 | 131540200 |
| 80000000 | Nestle Capital, 4.23%, 1/7/2026 | 79951733 |
| 77000000 | Nestle Finance International Ltd., 3.62%, 1/9/2026 | 76927620 |
|  | Pepsico, Inc. |  |
| 124000000 | 3.84%, 1/22/2026 | 123722240 |
| 100000000 | 3.71%, 2/11/2026 | 99577472 |
| 95000000 | 3.63%, 3/9/2026 | 94358196 |
| 10000000 | TotalEnergies Capital S.A., 4.00%, 2/9/2026 | 9956667 |
|  | Walmart Stores, Inc. |  |
| 72000000 | 3.64%, 1/21/2026 | 71854400 |
| 100000000 | 3.64%, 1/22/2026 | 99787667 |
|  |  | **2219820994** |
|  | **TREASURY BILLS — 15.0%** |  |
|  | U.S. Treasury Bill |  |
| 61000000 | 3.87%, 1/6/2026<sup>(l)</sup> | 60967700 |
| 32000000 | 3.66%, 1/8/2026<sup>(l)</sup> | 31976639 |
| 51000000 | 3.84%, 1/13/2026<sup>(l)</sup> | 50935772 |
| 86000000 | 3.88%, 1/20/2026<sup>(l)</sup> | 85826728 |
| 74000000 | 3.82%, 1/27/2026<sup>(l)</sup> | 73799153 |
| 89000000 | 3.52%, 1/29/2026<sup>(l)</sup> | 88739717 |
| 131000000 | 3.76%, 2/5/2026<sup>(l)</sup> | 130529639 |
| 93000000 | 3.82%, 2/10/2026<sup>(l)</sup> | 92612583 |
| 100000000 | 3.80%, 2/12/2026<sup>(l)</sup> | 99564250 |
| 139000000 | 3.82%, 2/17/2026<sup>(l)</sup> | 138319298 |
| 129000000 | 3.83%, 2/19/2026<sup>(l)</sup> | 128339824 |
| 99000000 | 3.79%, 2/24/2026<sup>(l)</sup> | 98448322 |
| 112000000 | 3.77%, 2/26/2026<sup>(l)</sup> | 111355378 |
| 140000000 | 3.72%, 3/3/2026<sup>(l)</sup> | 139175134 |
| 100000000 | 3.75%, 3/5/2026<sup>(l)</sup> | 99392070 |
| 101000000 | 3.68%, 3/10/2026<sup>(l)</sup> | 100350954 |
| 101000000 | 3.59%, 3/12/2026<sup>(l)</sup> | 100318533 |
| 78000000 | 3.60%, 3/17/2026<sup>(l)</sup> | 77443485 |

---

**FPA Crescent Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **TREASURY BILLS (Continued)** |  |
| $76000000 | 3.57%, 3/19/2026<sup>(l)</sup> | $75436848 |
|  |  | **1783532027** |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $4,031,742,817) | **4031888037** |
|  | **TOTAL INVESTMENTS — 99.8%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $8,683,186,656) | **11861857080** |
|  | Other Assets in Excess of Liabilities — 0.2% | 20058405 |
|  | **TOTAL NET ASSETS — 100.0%** | $**11881915485** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  |  |
|  | **SECURITIES SOLD SHORT — (0.2)%** |  |
|  | **EXCHANGE-TRADED FUNDS — (0.2)%** |  |
| (12968) | Vanguard Growth ETF | (6326568) |
| (28642) | Vanguard S&P 500 Growth ETF | (12733947) |
|  | **TOTAL EXCHANGE-TRADED FUNDS** |  |
|  | (Proceeds $19,264,975) | **(19060515)** |
|  | **TOTAL SECURITIES SOLD SHORT** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Proceeds $19,264,975) | $**(19060515)** |

---

ETF – Exchange-Traded Fund

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.

<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 $325,835,918, which represents 2.74% of Total Net Assets.

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

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

**FPA Crescent Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025**

<sup>(e)</sup> As of December 31, 2025, 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. See Note 10 of the Notes to Financial Statements for further information on these commitments and contingencies.

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

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

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

*See accompanying Notes to Financial Statements.*

**FPA Crescent Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025**

**Total Return Swaps** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Pay | Payment<br> Frequency | Counterparty | Expiration<br> Date | Notional Amount | Value | Upfront Premiums<br> Paid(Received) | Unrealized<br> Appreciation<br> (Depreciation) |
| Green Thumb Industries, Inc. | OBFR + 1.500% | Annual | Nomura Securities International, Inc. | 8/17/2026 | $17447488 | $(781827) |  | $(781827) |
|  |  |  |  |  |  | $(781827) |  | $(781827) |

---

**FPA Crescent Fund**

**STATEMENT OF ASSETS AND LIABILITIES**

**As of December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** | |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at value (cost $8,306,525,337) | $11421797121 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliates, at value (cost $376,661,319) | 440059959 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | 30825 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits held at broker | 29892705 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | 10432534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 12002276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | 9839357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclaims receivable | 9421834 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 48065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 11933524676 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities sold short, at value (proceeds $19,264,975) | 19060515 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities purchased | 11712103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed | 4128815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on open swap contracts | 781827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 8984888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 8) | 1021016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund services fees | 340003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative service fees (Note 3) | 489754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption liquidity service | 4878971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | 70675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' deferred compensation (Note 3) | 49136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 17000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 12698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 4254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 2804 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued other expenses | 54732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 51609191 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commitments and contingencies (Note 10) |  |
| **Net Assets** | $**11881915485** |
| **Components of Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital Stock (no par value with an unlimited number of shares authorized) | $8823525708 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated deficit) | 3058389777 |
| **Net Assets** | $**11881915485** |
| **Maximum Offering Price per Share:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class Shares: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $27936916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 648317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption price per share | $43.09 |
| &nbsp;&nbsp;&nbsp;Institutional Class Shares: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $7558759683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 175396522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption price per share | $43.10 |
| &nbsp;&nbsp;&nbsp;Supra Institutional Class Shares: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $4295218886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 99531529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption price per share | $43.15 |

---

*See accompanying Notes to Financial Statements.*

**FPA Crescent Fund**

**STATEMENT OF OPERATIONS**

**For the Year Ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment income:** | |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest (net of foreign withholding taxes of $146,094) | $194545081 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $5,086,693) | 104166400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from affiliated issuers | 33264754 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest from affiliated issuers | 7040066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 339016301 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 103595446 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees - Investor Class (Note 8) | 44660 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees - Institutional Class (Note 8) | 4471639 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees - Supra Institutional Class (Note 8) | 3119222 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund services fees | 1622361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative service fees - Investor Class (Note 3) | 12546 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative service fees - Institutional Class (Note 3) | 5023429 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative service fees - Supra Institutional Class (Note 3) | 394504 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption liquidity service | 337954 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 227327 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | 225955 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 192411 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends on securities sold short | 172598 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 95033 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance fees | 64745 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | 34527 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 21342 |
| &nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 19659 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 17727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 119693085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees waived and shareholder servicing fees reimbursed (Note 3 and 8) | (4551313) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 115141772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | 223874529 |
| **Realized and Unrealized Gain (Loss):** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 663620699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated issuers | 80949534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions | 500904170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold short | (1522926) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | (15218378) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | 85735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) | 1228818834 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 340986140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated issuers | 14551156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold short | 18309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | 13760053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | 1083848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 370399506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1599218340 |
| **Net Increase (Decrease) in Net Assets from Operations** | $**1823092869** |

---

*See accompanying Notes to Financial Statements.*

**FPA Crescent Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**December 31, 2025** | **For the**<br>**Year Ended**<br>**December 31, 2024** |
| **Increase (Decrease) in Net Assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $223874529 | $237658006 |
| &nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments, Investments in affiliated issuers - realized, securities sold short, Swap contracts - realized and foreign currency transactions | 1228818834 | 696085008 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments, Investments in affiliated issuers - unrealized, securities sold short, Swap contracts - unrealized and foreign currency translations | 370399506 | 408330369 |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1823092869 | 1342073383 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (2382760) | (362286)<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (681547405) | (613259813) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supra Institutional Class | (387112291) | (317440683) |
| &nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (1071042456) | (931062782) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 25936607 | 7231016<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 837884203 | 720419100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supra Institutional Class | 1210206676 | 1099107496 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 2382760 | 362286<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 562908557 | 510800548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supra Institutional Class | 322178238 | 285821922 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (7266796) | (1080782)<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (1221070001) | (1633167326) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supra Institutional Class | (1097102878) | (609534340) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 636057366 | 379959920 |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 1388107779 | 790970521 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 10493807706 | 9702837185 |
| &nbsp;&nbsp;&nbsp;End of period | $11881915485 | $10493807706 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 609414 | 169840<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 19543040 | 17713291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supra Institutional Class | 27885011 | 27222535 |
| &nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 55512 | 9075<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 13113465 | 12722319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supra Institutional Class | 7496674 | 7112264 |
| &nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (169833) | (25691)<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (28806343) | (40319922) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supra Institutional Class | (25067133) | (14805338) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 14659807 | 9798373 |

---

<sup>1</sup> The Investor Class commenced operations on April 30, 2024. The data shown reflects operations for the period April 30, 2024 to December 31, 2024.

*See accompanying Notes to Financial Statements.*

**FPA Crescent Fund**

**FINANCIAL HIGHLIGHTS**

**Investor Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**December 31,**<br>**2025** | **For the**<br>**Period Ended**<br>**December 31,**<br>**2024<sup>1</sup>** |
| **Net asset value, beginning of period** | $40.19 | $40.13 |
| **Income from Investment Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>2</sup> | 0.82 | 0.71 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain | 6.17 | 3.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 6.99 | 3.82 |
| **Less Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (1.11) | (1.27) |
| &nbsp;&nbsp;&nbsp;From net realized gain | (2.98) | (2.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (4.09) | (3.76) |
| **Net asset value, end of period** | $43.09 | $40.19 |
| **Total return<sup>3</sup>** | 17.52% | 9.71%<sup>4</sup> |
| **Ratios and Supplemental Data:** |  |  |
| Net assets, end of period (in thousands) | $27937 | $6159 |
| Ratio of expenses to average net assets: |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.28%<sup>5</sup> | 1.28%<sup>5,6</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.15%<sup>5</sup> | 1.16%<sup>5,6</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.76% | 2.38%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.89% | 2.50%<sup>6</sup> |
| Portfolio turnover rate | 23% | 10%<sup>6</sup> |

---

<sup>1</sup> The Investor Class commenced operations on April 30, 2024. The data shown reflects operations for the period April 30, 2024 to December 31, 2024.

<sup>2</sup> Based on average shares outstanding for the period.

<sup>3</sup> Return is based on net asset value per share, adjusted for reinvestment of distributions, and does not reflect deduction of the sales charge.

<sup>4</sup> Not annualized.

<sup>5</sup> Includes short sale dividend, tax, and interest expenses that rounds to less than 0.01% of average net assets.

<sup>6</sup> Annualized.

*See accompanying Notes to Financial Statements.*

**FPA Crescent Fund**

**FINANCIAL HIGHLIGHTS**

**Institutional Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the**<br> **Year Ended**<br> **December 31,** | **For the**<br> **Year Ended**<br> **December 31,** | **For the**<br> **Year Ended**<br> **December 31,** | **For the**<br> **Year Ended**<br> **December 31,** | **For the**<br> **Year Ended**<br> **December 31,** |
|  | **2025** | **2024** | **2023** | **2022<sup>1</sup>** | **2021<sup>1</sup>** |
| **Net asset value, beginning of period** | $40.20 | $38.63 | $33.34 | $37.01 | $35.97 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>2</sup> | 0.85 | 0.94 | 0.70 | 0.17 | -<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 6.19 | 4.37 | 6.03 | (3.58) | 5.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 7.04 | 5.31 | 6.73 | (3.41) | 5.34 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (1.16) | (1.25) | (0.05) | (0.02) | (0.29) |
| &nbsp;&nbsp;&nbsp;From net realized gain | (2.98) | (2.49) | (1.39) | (0.24) | (4.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (4.14) | (3.74) | (1.44) | (0.26) | (4.30) |
| **Redemption fee proceeds** | - | -<sup>3</sup> | -<sup>3</sup> | -<sup>3</sup> | -<sup>3</sup> |
| **Net asset value, end of period** | $43.10 | $40.20 | $38.63 | $33.34 | $37.01 |
| **Total return<sup>4</sup>** | 17.65% | 13.96% | 20.27% | (9.20)% | 15.17% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $7558760 | $6896876 | $7009178 | $6301530 | $8394402 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.09%<sup>5</sup> | 1.07%<sup>5</sup> | 1.08% | 1.09%<sup>6</sup> | 1.17%<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.05%<sup>5</sup> | 1.06%<sup>5</sup> | 1.05% | 1.06%<sup>6</sup> | 1.14%<sup>7</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.95% | 2.26% | 1.89% | 0.46% | (0.03)% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.99% | 2.27% | 1.92% | 0.50% | 0.01% |
| Portfolio turnover rate | 23% | 10% | 14% | 20% | 20% |

---

<sup>1</sup> Audits performed for the fiscal years indicated by the Fund's previous auditor, Ernst & Young LLP.

<sup>2</sup> Based on average shares outstanding for the period.

<sup>3</sup> Amount represents less than $0.01 per share.

<sup>4</sup> Return is based on net asset value per share, adjusted for reinvestment of distributions, and does not reflect deduction of the sales charge.

<sup>5</sup> Includes short sale dividend, tax, and interest expenses that rounds to less than 0.01% of average net assets.

<sup>6</sup> For the year ended December 31, 2022, the expense ratio includes short sale dividend expense that rounds to less than 0.01% of average net assets.

<sup>7</sup> For the year ended December 31, 2021, the expense ratio includes short sale dividend expense equal to 0.09% of average net assets.

*See accompanying Notes to Financial Statements.*

**FPA Crescent Fund**

**FINANCIAL HIGHLIGHTS**

**Supra Institutional Class** 

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the**<br> **Year Ended**<br> **December 31,** | **For the**<br> **Year Ended**<br> **December 31,** | **For the**<br> **Year Ended**<br> **December 31,** | **For the**<br> **Year Ended**<br> **December 31,** | **For the**<br> **Year Ended**<br> **December 31,** |
|  | **2025** | **2024** | **2023** | **2022<sup>1</sup>** | **2021<sup>1</sup>** |
| **Net asset value, beginning of period** | $40.25 | $38.65 | $33.35 | $37.01 | $35.98 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>2</sup> | 0.88 | 0.96 | 0.72 | 0.22 | 0.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 6.18 | 4.39 | 6.03 | (3.61) | 5.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 7.06 | 5.35 | 6.75 | (3.39) | 5.35 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (1.18) | (1.26) | (0.06) | (0.03) | (0.31) |
| &nbsp;&nbsp;&nbsp;From net realized gain | (2.98) | (2.49) | (1.39) | (0.24) | (4.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (4.16) | (3.75) | (1.45) | (0.27) | (4.32) |
| **Redemption fee proceeds** | - | -<sup>3</sup> | -<sup>3</sup> | -<sup>3</sup> | -<sup>3</sup> |
| **Net asset value, end of period** | $43.15 | $40.25 | $38.65 | $33.35 | $37.01 |
| **Total return<sup>4</sup>** | 17.68% | 14.06% | 20.33% | (9.14)% | 15.24% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $4295219 | $3590773 | $2693659 | $2258987 | $1890554 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.05%<sup>5</sup> | 1.03%<sup>5</sup> | 1.02% | 1.03%<sup>6</sup> | 1.12%<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.99%<sup>5</sup> | 1.00%<sup>5</sup> | 0.99% | 1.00%<sup>6</sup> | 1.09%<sup>7</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.99% | 2.33% | 1.95% | 0.61% | 0.02% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 2.05% | 2.36% | 1.98% | 0.64% | 0.06% |
| Portfolio turnover rate | 23% | 10% | 14% | 20% | 20% |

---

<sup>1</sup> Audits performed for the fiscal years indicated by the Fund's previous auditor, Ernst & Young LLP.

<sup>2</sup> Based on average shares outstanding for the period.

<sup>3</sup> Amount represents less than $0.01 per share.

<sup>4</sup> Return is based on net asset value per share, adjusted for reinvestment of distributions, and does not reflect deduction of the sales charge.

<sup>5</sup> Includes short sale dividend, tax, and interest expenses that rounds to less than 0.01% of average net assets.

<sup>6</sup> For the year ended December 31, 2022, the expense ratio includes short sale dividend expense that rounds to less than 0.01% of average net assets.

<sup>7</sup> For the year ended December 31, 2021, the expense ratio includes short sale dividend expense equal to 0.10% of average net assets.

*See accompanying Notes to Financial Statements.*

**FPA Crescent Fund**

**NOTES TO FINANCIAL STATEMENTS**

**December 31, 2025**

**Note 1 – Organization**

FPA Crescent Fund (the "Fund"), is a diversified series of Investment Managers Series Trust III (the "Trust") which is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund's investment objective is to seek to generate equity-like returns over the long-term, take less risk than the market and avoid permanent impairment of capital. First Pacific Advisors, LP (the "Adviser"), has served as the Fund's investment adviser since March 1, 1996.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 "Financial Services— Investment Companies".

The Fund is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of the Fund is used by the Adviser to make investment decisions, and the results of the operations, as shown on the Statements of Operations and the financial highlights for the Fund is the information utilized for the day-to-day management of the Fund. The Fund is party to the expense agreements as disclosed in the Notes to the Financial Statements and there are no resources allocated to a Fund based on performance measurements. The management of the Fund's Adviser is deemed to be the Chief Operating Decision Maker with respect to the Fund's investment decisions.

**Note 2 – Accounting Policies**

The following is a summary of the significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from these estimates.

 ****

**(a) Valuation of Investments**

The Fund values equity securities at the last reported sale price on the principal exchange or in the principal over the counter ("OTC") market in which such securities are traded, as of the close of regular trading on the NYSE on the day the securities are being valued or, if the last-quoted sales price is not readily available, the securities will be valued at the last bid or the mean between the last available bid and ask price. Securities traded on the NASDAQ are valued at the NASDAQ Official Closing Price ("NOCP"). Investments in open-end investment companies are valued at the daily closing net asset value of the respective investment company. Debt securities are valued by utilizing a price supplied by independent pricing service providers. The independent pricing service providers may use various valuation methodologies including matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. These models generally consider such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings and general market conditions. If a price is not readily available for a portfolio security, the security will be valued at fair value (the amount which the Fund might reasonably expect to receive for the security upon its current sale). The Board of Directors has designated the Adviser as the Fund's valuation designee (the "Valuation Designee") to make all fair value determinations with respect to the Fund's portfolio investments, subject to the Board's oversight. As the Valuation Designee, the Adviser has adopted and implemented policies and procedures to be followed when the Fund must utilize fair value pricing.

**(b) Investment Transactions, Investment Income and Expenses**

Investment transactions are accounted for on the trade date. Realized gains and losses on investments are determined on the identified cost basis. Dividend income is recorded net of applicable withholding taxes on the ex-dividend date and interest income is recorded on an accrual basis. Withholding taxes on foreign dividends, if applicable, are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country's tax rules and rates and are disclosed in the Statement of Operations. Withholding tax reclaims are filed in certain countries to recover a portion of the amounts previously withheld. The Fund records a reclaim receivable based on a number of factors, including a jurisdiction's legal obligation to pay reclaims as well as payment history and market convention. Discounts on debt securities are accreted or amortized to interest income over the lives of the respective securities using the effective interest method. Premiums for callable debt securities are amortized to the earliest call date, if the call price was less than the purchase price. If the call price was not at par and the security was not called, the security is amortized to the next call price and date. Income and expenses of the Fund are allocated on a pro rata basis to each class of shares relative net assets, except for distribution and service fees which are unique to each class of shares relative net assets. Expenses incurred by the Trust with respect to more than one fund are allocated in proportion to the net assets of each fund except where allocation of direct expenses to each fund or an alternative allocation method can be more appropriately made.

**FPA Crescent Fund**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025**

**(c) Mortgage-Backed Securities**

The Fund may invest in mortgage-backed securities ("MBS"), representing direct or indirect interests in pools of underlying residential or commercial mortgage loans that are secured by real property. These securities provide investors with payments consisting of both principal and interest as the mortgages in the underlying mortgage pools are paid.

The timely payment of principal and interest (but not the market value) on MBS issued or guaranteed by Ginnie Mae (formally known as the Government National Mortgage Association or GNMA) is backed by Ginnie Mae and the full faith and credit of the US government. Obligations issued by Fannie Mae (formally known as the Federal National Mortgage Association or FNMA) and Freddie Mac (formally known as the Federal Home Loan Mortgage Corporation or FHLMC) are historically supported only by the credit of the issuer, but currently are guaranteed by the US government in connection with such agencies being placed temporarily into conservatorship by the US government. Some MBS are sponsored or issued by private entities. Payments of principal and interest (but not the market value) of such private MBS may be supported by pools of residential or commercial mortgage loans or other MBS that are guaranteed, directly or indirectly, by the US government or one of its agencies or instrumentalities, or they may be issued without any government guarantee of the underlying mortgage assets but may contain some form of non-government credit enhancement.

Collateralized mortgage obligations ("CMO") are a type of MBS. A CMO is a debt security that may be collateralized by whole mortgage loans or mortgage pass-through securities. The mortgage loans or mortgage pass-through securities are divided into classes or tranches with each class having its own characteristics. Investors typically receive payments out of the interest and principal on the underlying mortgages. The portions of these payments that investors receive, as well as the priority of their rights to receive payments, are determined by the specific terms of the CMO class.

The yield characteristics of MBS differ from those of traditional debt securities. Among the major differences are that interest and principal payments are made more frequently, usually monthly, and that principal may be prepaid at any time because the underlying mortgage loans or other obligations generally may be prepaid at any time. Prepayments on a pool of mortgage loans are influenced by a variety of economic, geographic, social and other factors. Generally, prepayments on fixed-rate mortgage loans will increase during a period of falling interest rates and decrease during a period of rising interest rates. Certain classes of CMOs and other MBS are structured in a manner that makes them extremely sensitive to changes in prepayment rates.

**(d) Asset-Backed Securities**

Asset-backed securities include pools of mortgages, loans, receivables or other assets. Payment of principal and interest may be largely dependent upon the cash flows generated by the assets backing the securities, and, in certain cases, supported by letters of credit, surety bonds, or other credit enhancements. The value of asset-backed securities may also be affected by the creditworthiness of the servicing agent for the pool, the originator of the loans or receivables, or the financial institution(s) providing the credit support. In addition, asset-backed securities are not backed by any governmental agency.

**FPA Crescent Fund**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025**

Collateralized Debt Obligations ("CDOs") include Collateralized Bond Obligations ("CBOs"), Collateralized Loan Obligations ("CLOs") and other similarly structured securities. CBOs and CLOs are types of asset backed securities. A CBO is a trust which is backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which a Fund invests. CDOs carry additional risks including, but not limited to, (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments, (ii) the collateral may decline in value or default, (iii) a Fund may invest in CDOs that are subordinate to other classes, and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

**(e) Stripped Mortgage-Backed Interest Only ("I/O") and Principal Only ("P/O") Securities**

Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. In certain cases, one class will receive all of the interest payments on the underlying mortgages (the I/O class), while the other class will receive all of the principal payments (the P/O class). The Fund currently has investments in I/O securities. The yield to maturity on I/Os is sensitive to the rate of principal repayments (including prepayments) on the related underlying mortgage assets, and principal payments may have a material effect on yield-to-maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, a Fund may not fully recoup its initial investment in I/Os.

**(f) Credit Risk**

Debt securities are subject to credit risk, meaning that the issuer of the debt security may default or fail to make timely payments of principal or interest. The values of any of the Fund's investments may also decline in response to events affecting the issuer or its credit rating. The lower rated debt securities in which the Fund may invest are considered speculative and are generally subject to greater volatility and risk of loss than investment grade securities, particularly in deteriorating economic conditions. The Fund invests a significant portion of its assets in securities of issuers that hold mortgage-and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities is sensitive to changes in economic conditions, including delinquencies and/or defaults. Continuing shifts in the market's perception of credit quality on securities backed by commercial and residential mortgage loans and other financial assets may result in increased volatility of market price and periods of illiquidity that can negatively impact the valuation of certain securities held by the Fund.

**FPA Crescent Fund**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025**

**(g) Special Purpose Acquisition Companies**

The Fund may invest in stock, warrants, and other securities of special purpose acquisition companies ("SPACs") or similar special purpose entities that pool funds to seek potential acquisition opportunities. Because SPACs and similar entities are in essence blank check companies without operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity's management to identify and complete a profitable acquisition. An investment in a SPAC is subject to a variety of risks, including that (i) a portion of the monies raised by the SPAC for the purpose of effecting an acquisition or merger may be expended prior to the transaction for payment of taxes and other purposes; (ii) prior to any acquisition or merger, a SPAC's assets are typically invested in government securities, money market funds and similar investments whose returns or yields may be significantly lower than those of the Fund's other investments; (iii) the Fund generally will not receive significant income from its investments in SPACs (both prior to and after any acquisition or merger) and, therefore, the Fund's investments in SPACs will not significantly contribute to the Fund's distributions to shareholders; (iv) an attractive acquisition or merger target may not be identified at all, in which case the SPAC will be required to return any remaining monies to shareholders; (v) if an acquisition or merger target is identified, the Fund may elect not to participate in the proposed transaction or the Fund may be required to divest its interests in the SPAC due to regulatory or other considerations, in which case the warrants or other rights with respect to the SPAC held by the Fund may expire worthless or may be repurchased or retired by the SPAC at an unfavorable price; (vi) any proposed merger or acquisition may be unable to obtain the requisite approval, if any, of SPAC shareholders; (vii) under any circumstances in which the Fund receives a refund of all or a portion of its original investment (which typically represents a pro rata share of the proceeds of the SPAC's assets, less any applicable taxes), the returns on that investment may be negligible, and the Fund may be subject to opportunity costs to the extent that alternative investments would have produced higher returns; (viii) to the extent an acquisition or merger is announced or completed, shareholders who redeem their shares prior to that time may not reap any resulting benefits; (ix) the Fund may be delayed in receiving any redemption or liquidation proceeds from a SPAC to which it is entitled; (x) an acquisition or merger once effected may prove unsuccessful and an investment in the SPAC may lose value; (xi) an investment in a SPAC may be diluted by additional later offerings of interests in the SPAC or by other investors exercising existing rights to purchase shares of the SPAC; (xii) only a thinly traded market for shares of or interests in a SPAC may develop, or there may be no market at all, leaving the Fund unable to sell its interest in a SPAC or to sell its interest only at a price below what the Fund believes is the SPAC interest's intrinsic value; and (xiii) the values of investments in SPACs may be highly volatile and may depreciate significantly over time. There were no Private Investment in Public Equity ("PIPE") share purchase commitments for the SPACs the Fund invested in as of December 31, 2025.

**(h) Currency Translation**

Assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at year-end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

**(i) Illiquid Securities**

Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted a Liquidity Risk Management Program ("LRMP") that requires, among other things, that the Fund limits its illiquid investments that are assets to no more than 15% of net assets. An illiquid investment is any security which may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. If the Adviser, at any time determines that the value of illiquid securities held by the Fund exceeds 15% of its net asset value, the Adviser will take such steps as it considers appropriate to reduce them as soon as reasonably practicable in accordance with the Fund's written LRMP.

**FPA Crescent Fund**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025**

**(j) Use of Estimates**

The presentation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

**(k) Federal Income Taxes**

The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of their net investment income and any net realized gains to their shareholders. Therefore, no provision is made for federal income or excise taxes. Due to the timing of dividend distributions and the differences in accounting for income and realized gains and losses for financial statement and federal income tax purposes, the fiscal year in which amounts are distributed may differ from the year in which the income and realized gains and losses are recorded by the Fund.

*Accounting for Uncertainty in Income Taxes* (the "Income Tax Statement") requires an evaluation of tax positions taken (or expected to be taken) in the course of preparing a Fund's tax returns to determine whether these positions meet a "more-likely-than-not" standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the "more-likely-than-not" recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations.

The Income Tax Statement requires management of the Fund to analyze tax positions taken in the prior three open tax years, if any, and tax positions expected to be taken in the Fund's current tax year, as defined by the IRS statute of limitations for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of December 31, 2025, and during the prior three open tax years, the Fund did not have a liability for any unrecognized tax benefits. The Fund has no examinations in progress and is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

**(l) Distributions to Shareholders**

The Fund will make distributions of net investment income and net capital gains, if any, at least annually. Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

The character of distributions made during the year from net investment income or net realized gains may differ from the characterization for federal income tax purposes due to differences in the recognition of income, expense and gain (loss) items for financial statement and tax purposes.

**Note 3 – Investment Advisory and Other Agreements**

The Trust, on behalf of the Fund, entered into an Investment Advisory Agreement (the "Agreement") with the Adviser. Under the terms of the Agreement, the Fund pays a monthly investment advisory fee to the Adviser at the annual rate of 0.93% plus class-specific administrative service fee of 0.07%, 0.07% and 0.01% of the Fund's average daily net assets for the Institutional Class, Investor Class and Supra Institutional Class, respectively.

The Adviser has contractually agreed to reimburse operating expenses in excess of 0.05%, 0.15% and 0.05% of the average daily net assets of the Institutional Class, Investor Class and Supra Institutional Class, respectively, excluding management fees, administrative service fees, short sale dividend expenses and interest expenses on cash deposits relating to short sales, brokerage fees and commissions, redemption liquidity service expense, interest, taxes, fees and expenses of other funds in which the Fund invests, and extraordinary expenses, including litigation expenses not incurred in the Fund's ordinary course of business, through April 30, 2026. The Adviser has also contractually agreed to reimburse the Fund for redemption liquidity service expenses in excess of 0.0044% of the daily average net assets of the Fund through April 30, 2026. These agreements may only be terminated earlier by the Fund's Board of Trustees (the "Board") or upon termination of the Advisory Agreement. For the year ended December 31, 2025, the Adviser waived a portion of its advisory fees totaling $2,503,361.

**FPA Crescent Fund**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025**

UMB Fund Services, Inc. ("UMBFS") serves as the Fund's fund accountant, transfer agent and co-administrator; and Mutual Fund Administration, LLC ("MFAC") serves as the Fund's other co-administrator. UMB Bank, n.a., an affiliate of UMBFS, serves as the Fund's custodian. The Fund's allocated fees incurred for fund accounting, fund administration, transfer agency and custody services for the year ended December 31, 2025 are reported as Fund services fees on the Statement of Operations.

Distribution Services, LLC, serves as the Fund's distributor (the "Distributor"). The Distributor does not receive compensation from the Fund for its distribution services; The Adviser pays the Distributor a fee for its distribution-related services.

Certain trustees and officers of the Trust are employees of UMBFS, MFAC or Adviser. The Fund does not compensate trustees and officers affiliated with the Fund's Adviser or co-administrators. For the year ended December 31, 2025, the Fund's allocated fees incurred to Trustees of the Trust who are not "interested persons" of the Trust, as that term is defined in the 1940 Act (collectively, the "Independent Trustees") are reported on the Statement of Operations.

The Fund's Board of Trustees has adopted a Deferred Compensation Plan (the "Plan") for the Independent Trustees that enables Trustees to elect to receive payment in cash or the option to defer some or all of their fees. If a trustee elects to defer payment, the Plan provides for the creation of a deferred payment account. A Trustee's deferred fees are deemed to be invested in designated mutual funds available under the Plan. The Fund's liability for these amounts is adjusted for market value changes in the invested fund and remains a liability to the Fund until distributed in accordance with the Plan. The Trustees Deferred compensation liability under the Plan constitutes a general unsecured obligation of the Fund and is disclosed in the Statement of Assets and Liabilities. Contributions made under the plan and the change in unrealized appreciation/depreciation and income are included in the Trustees' fees and expenses in the Statement of Operations.

Dziura Compliance Consulting, LLC provides Chief Compliance Officer ("CCO") services to the Trust. The Fund's allocated fees incurred for CCO services for the year ended December 31, 2025, are reported on the Statement of Operations.

**Note 4 –Redemption Liquidity Service Fees**

The Fund may participate in "Liquidity Programs" or "Programs" offered by independent third-party service providers, which are designed to provide an alternative liquidity source when conducting normal business activities. Under the programs, cash is provided to the Fund to meet net shareowner redemptions, manage and optimize portfolio composition, offset transaction costs, and/or more efficiently manage the portfolio. Following purchases of Fund shares, the programs then generally redeem those shares when the Fund experiences net sales, at the end of a maximum holding period ranging from 2 to 8 days or at other times at the discretion of the program or the Adviser. During the period that a third party holds the Fund's shares through a Program, the third party will have the same rights and privileges with respect to those shares as any other shareholder. A third party that invests in the Fund through a Program does so on an investment-blind basis without regard to the Fund's objective, policies, or anticipated performance. The third party purchases shares of the Fund at net asset value and is not subject to the Fund's investment minimums or the limitations noted under "Excessive Trading and Market Timing" section contained in the Prospectus.

**FPA Crescent Fund**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025**

For use of certain services, the Fund pays a fee calculated by applying a fee rate to the purchase amount determined through an automated daily auction. The current minimum fee rate is 0.14% of the value of the Fund shares purchased, although the Fund may submit a bid at a higher fee rate if it determines that doing so is in the best interest of Fund shareowners. In accordance with federal securities laws, certain providers are prohibited from acquiring more than 3% of the outstanding voting securities of a Fund, while others are prohibited from acquiring more than 5%. The providers will periodically redeem their entire share position in the Fund and request that such redemption be met in kind in accordance with the Fund's in-kind redemption policies. There is no assurance that these programs will have sufficient funds available to meet the Funds' liquidity needs on a particular day. During the year ended December 31, 2025, the fees associated with these programs are disclosed in the Statement of Operations within redemption liquidity service fees.

**Note 5 – Securities Sold Short**

The Fund maintains cash deposits and segregates marketable securities in amounts equal to the current fair value of the securities sold short or the fair value of the securities at the time they were sold short, whichever is greater. The Fund considers cash deposits held in connection with securities sold short to be restricted cash. The restriction will lapse when the related short positions are terminated. Possible losses from short sales may be unlimited, whereas losses from purchases cannot exceed the total amount invested. The dividends on securities sold short are reflected as short sale dividend expense.

**Note 6 – Federal Income Taxes**

At December 31, 2025, gross unrealized appreciation/(depreciation) of investments, based on cost for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Cost of investments | $8842039500 |
| Gross unrealized appreciation | $3397959280 |
| Gross unrealized depreciation | (397202215) |
| Net unrealized appreciation/(depreciation) | $3000757065 |

---

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses in security transactions.

GAAP requires that certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended December 31, 2025, permanent differences in book and tax have been reclassified to paid-in capital and total distributable earnings/(deficit) as follows:

---

| | |
|:---|:---|
| Increase (Decrease) | Increase (Decrease) |
| Paid-in Capital | Total accumulated earnings/(deficit) |
| $607730051 | $(607730051) |

---

**FPA Crescent Fund**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025**

As of December 31, 2025, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | $56626324 |
| Undistributed long-term capital gains | - |
| Tax accumulated earnings | 56626324 |
| Accumulated capital and other losses | 1270532 |
| Net Unrealized appreciation/(depreciation) on investments | 3000757065 |
| Deferred compensation | (49136) |
| Foreign currency translations | 566819 |
| Swap value change | (781827) |
| Total accumulated earnings/(deficit) | $3058389777 |

---

The tax character of distributions paid during the fiscal years ended December 31, 2025 and December 31, 2024, were as follows:

---

| | | |
|:---|:---|:---|
|  | 2025 | 2024 |
| Distributions paid from: |  |  |
| &nbsp;&nbsp;Ordinary income | $360610439 | $333402961 |
| &nbsp;&nbsp;Net long-term capital gains | 710432017 | 597659821 |
| Total distributions paid | $1071042456 | $931062782 |

---

As of December 31, 2025, the Fund did not have any non-expiring capital loss carryforwards.

During the tax year ended December 31, 2025, the Fund utilized $0 of short-term and $0 of long-term non-expiring capital loss carryforwards, respectively.

**Note 7 – Investment Transactions**

For the year ended December 31, 2025, purchases, sales, and in-kind redemptions of investments, excluding short-term investments, were $1,669,193,929, $1,965,646,744, and $500,904,170, respectively.

**Note 8 – Shareholder Servicing Plan**

Pursuant to the Shareholder Service Plan adopted by the Board, on behalf of the Fund, the Fund may pay a fee at an annual rate of up to 0.10%, 0.25%, and 0.10% of its average daily net assets attributable to the Institutional Class, Investor Class and Supra Institutional Class shares of the Fund, respectively. The Fund does not pay these service fees on shares purchased directly. In addition, the Adviser may, at its own expense, pay financial representatives and/or shareholder servicing agents for these services. Such fees are reported on the Statement of Operations. For the year ended December 31, 2025, the Adviser reimbursed shareholder service fees of $883,477, $17,775, and $1,146,700 for Institutional Class shares, Investor Class shares, and Supra Institutional Class shares, respectively.

**Note 9 – Indemnifications**

In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund expects the risk of loss to be remote.

**FPA Crescent Fund**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025**

**Note 10 – Commitments and Contingencies**

The Fund may enter into unfunded loan commitments. Unfunded loan commitments may be partially or wholly unfunded. During the contractual period, the Fund is obliged to provide funding to the borrower upon demand.

Unfunded loan commitments are fair valued in accordance with the valuation policy described in Note 2(a) and unrealized appreciation or depreciation, if any, is recorded on the Statement of Assets and Liabilities.

As of December 31, 2025, the Fund had the following unfunded loan commitments outstanding:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Loan** | **Principal** | **Cost** | **Value** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** | **Unfunded Commitment** |
| Lealand Finance Company B.V. Senior Exit LC | $21844968 | $(9488847) | $(5461242) | $4027605 | $5461242 |

---

**Note 11 – Fair Value Measurements and Disclosure**

*Fair Value Measurements and Disclosures* defines fair value, establishes a framework for measuring fair value in accordance with GAAP, and expands disclosure about fair value measurements. It also provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or a liability, when a transaction is not orderly, and how that information must be incorporated into a fair value measurement.

Under *Fair Value Measurements and Disclosures*, various inputs are used in determining the value of the Fund's investments. These inputs are summarized into three broad Levels as described below:

● Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

● Level 2 – Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

● Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest Level input that is significant to the fair value measurement in its entirety.

**FPA Crescent Fund**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025**

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the inputs used, as of December 31, 2025, in valuing the Fund's assets carried at fair value:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Level 1** | **Level 2** | **Level 3** | **NAV as<br> Practical<br> Expedient\*** | **Total** |
| Convertible Bonds | $- | $248263953 | $- | $- | $248263953 |
| Corporate Bank Debt |  | 4572621 | 47084267 |  | 51656888 |
| Corporate Bonds |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Communications |  | 110921226 |  |  | 110921226 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials |  | 29860101 |  |  | 29860101 |
| Closed-End Funds |  |  | 5469607 |  | 5469607 |
| Common Stocks |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Aerospace & Defense |  | 189806381 |  |  | 189806381 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apparel & Textile Products |  | 96383513 |  |  | 96383513 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset Management | 122911483 |  |  |  | 122911483 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banking | 321360084 |  |  |  | 321360084 |
| &nbsp;&nbsp;&nbsp;&nbsp;Beverages |  | 525604234 |  |  | 525604234 |
| &nbsp;&nbsp;&nbsp;&nbsp;Biotech & Pharma |  | 66386905 |  |  | 66386905 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cable & Satellite | 279288410 |  |  |  | 279288410 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chemicals | 213159085 | 328684580 |  |  | 541843665 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Support Services |  | 148562659 |  |  | 148562659 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction Materials | 131378761 | 80484487 |  |  | 211863248 |
| &nbsp;&nbsp;&nbsp;&nbsp;E-Commerce Discretionary | 202127920 |  |  |  | 202127920 |
| &nbsp;&nbsp;&nbsp;&nbsp;Electric Utilities | 11581810 |  |  |  | 11581810 |
| &nbsp;&nbsp;&nbsp;&nbsp;Electrical Equipment | 261281585 | 48504257 |  |  | 309785842 |
| &nbsp;&nbsp;&nbsp;&nbsp;Engineering & Construction |  | 112253445 | 42778275 |  | 155031720 |
| &nbsp;&nbsp;&nbsp;&nbsp;Entertainment Content |  |  | 12981991 |  | 12981991 |
| &nbsp;&nbsp;&nbsp;&nbsp;Food | 81511484 | 47710799 |  |  | 129222283 |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care Facilities & Svcs | 105731879 |  |  |  | 105731879 |
| &nbsp;&nbsp;&nbsp;&nbsp;Home Construction | 109857876 |  |  |  | 109857876 |
| &nbsp;&nbsp;&nbsp;&nbsp;Household Products |  | 18103030 |  |  | 18103030 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Financial Svcs | 141121059 |  |  |  | 141121059 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance | 168587008 |  |  |  | 168587008 |
| &nbsp;&nbsp;&nbsp;&nbsp;Internet Media & Services | 1028085114 | 178485817 |  |  | 1206570931 |
| &nbsp;&nbsp;&nbsp;&nbsp;Leisure Facilities & Services | 165187554 |  |  |  | 165187554 |
| &nbsp;&nbsp;&nbsp;&nbsp;Machinery |  | 30611664 |  |  | 30611664 |
| &nbsp;&nbsp;&nbsp;&nbsp;Medical Equipment & Devices | 409376410 |  |  |  | 409376410 |
| &nbsp;&nbsp;&nbsp;&nbsp;Metals & Mining | 49417427 | 147305014 |  |  | 196722441 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oil & Gas Producers | 91634815 |  |  |  | 91634815 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oil & Gas Services & Equip | 78732796 |  |  |  | 78732796 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Owners & Developers |  | 16917783 |  |  | 16917783 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reit | 104472707 |  |  |  | 104472707 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retail - Discretionary | 199395919 |  |  |  | 199395919 |
| &nbsp;&nbsp;&nbsp;&nbsp;Semiconductors | 464426674 |  |  |  | 464426674 |

---

**FPA Crescent Fund**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Level 1** | **Level 2** | **Level 3** | **NAV as<br> Practical<br> Expedient\*** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;Technology Hardware | 148590830 | 30731281 |  |  | 179322111 |
| &nbsp;&nbsp;&nbsp;&nbsp;Technology Services |  | 80802712 |  |  | 80802712 |
| &nbsp;&nbsp;&nbsp;&nbsp;Telecommunications | 18484761 |  |  |  | 18484761 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transportation Equipment | 60045833 |  |  |  | 60045833 |
| &nbsp;&nbsp;&nbsp;&nbsp;Limited Partnerships |  |  | 188988907 | 23960250 | 212949157 |
| &nbsp;&nbsp;&nbsp;&nbsp;Warrants |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 28535016 | 4003353021 | - | - | 4031888037 |
|  | $4996284300 | $6544309483 | $297303047 | $23960250 | $11861857080 |
| Securities Sold Short Exchange-Traded Funds | $(19060515) | $- | $- | $- | $(19060515) |
| Total Return Swaps | $- | $(781827) | $- | $- | $(781827) |

---

\* Investments valued using net asset value per share (or its equivalent) as a practical expedient are excluded from the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Schedule of Investments.

The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining value:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Beginning<br> balance at<br> December 31,<br> 2024** | **Transfers<br> into/(out) of<br> Level 3 during<br> the period** | **Total<br> realized<br> gain/(loss)** | **Total change<br> in net<br> unrealized<br> appreciation/<br> (depreciation)** | **Accretion of Discount<br> (Amortization of<br> Premium) and Return<br> of Capital** | **Net<br> purchases** | **Net sales** | **Ending Value at<br> December 31,<br> 2025** |
| Corporate Bank Debt | $19555734 | $880861 | $2115024 | $28232814 | $- | $1287443 | $(4987609) | $47084267 |
| Closed-End Funds | 5850101 |  |  | (380494) |  |  |  | 5469607 |
| Common Stocks | 26636846 |  |  | 29123420 |  |  |  | 55760266 |
| Limited Partnerships | 282400075 | 23758344 | 78834510 | (33769001) | (83400511) |  | (78834510) | 188988907 |
| Preferred Stocks | 1395231 |  | 15484979 | (123689) |  |  | (16756521) |  |
| Warrants | - | - | (6275) | 6275 | - | - | - | - |
|  | $335837987 | $24639205 | $96428238 | $23089325 | $(83400511) | $1287443 | $(100578640) | $297303047 |

---

The change in unrealized gains or losses attributable to Level 3 investments held at December 31, 2025 was $34,583,963.

Transfers of investments between different levels of the fair value hierarchy are recorded at fair value as of the end of the reporting period. There were transfers of $24,639,205 out of Level 2 and NAV as Practical Expedient into Level 3. Transfers into Level 3 were due to change in valuation technique from NAV as Practical Expedient to adjusted NAV as Practical Expedient.

**FPA Crescent Fund**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025**

The following table presents additional quantitative information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of December 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset Class** | **Fair Value**<br> **December 31,<br> 2025** | **Unobservable<br> Input** | **Input Range/**<br> **Value** | **Valuation<br> Weighted<br> Average of<br> Input** | **Impact to<br> Valuation<br> From an<br> Increase in<br> Input <sup>(1)</sup>** |
| Corporate Bank Debt | $46203406 Pricing Model<sup>(2)</sup> | Quotes/Prices | $25 - $88 | $82.41 | Increase |
|  | 880861 Third-Party Broker Quote <sup>(3)</sup> | Quotes/Prices | $82.00 | $82.00 | Increase |
| Closed End Funds | 5469607 Pricing Model<sup>(4)</sup> | Last Reported Trade | $1.15 | $1.15 | Increase |
| Common Stocks - Long | - Pricing Model<sup>(5)</sup> | Estimated Recovery Proceeds | $0.00 | $0.00 | Increase |
|  | 12981991 Most Recent Capitalization (Funding)<sup>(6)</sup> | Revenue Multiple | $391.85 | $391.85 | Increase |
|  | 42778275 Pricing Model<sup>(2)</sup> | Quotes/Prices | $15.00 | $15.00 | Increase |
| Limited Partnerships | 164751264 Market Approach<sup>(7)</sup> | Shipping Broker Valuations | 10% - 25% | 24% | Increase |
|  | 23758344 Adjusted NAV as Practical Expedient <sup>(8)</sup> | Quotes/Prices | 35% | 35% | Increase |
|  | 479299 Discounted NAV<sup>(9)</sup> | Market Discount | 10% | 10% | Decrease |
| Warrants | - Asset Approach<sup>(10)</sup> | Estimated Recovery Proceeds | $0.00 | $0.00 | Increase |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) This column represents the directional change in the fair value of the Level 3 investments that would results
 from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The Pricing Model technique for Level 3 securities involves recently quoted prices of the security.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The Third Party Broker Quote technique involves obtaining an independent third-party broker quote for the
 security.

&nbsp;&nbsp;&nbsp;&nbsp;(4) The Pricing Model technique for Level 3 securities involves the last reported trade in the security.

&nbsp;&nbsp;&nbsp;&nbsp;(5) The Pricing Model technique for Level 3 securities involves the issuance of non-tradable rights with no set
 exercise date.

&nbsp;&nbsp;&nbsp;&nbsp;(6) The fair value of the investment is based on capital funding terms and discounted based on market trends.
 If the financial condition of the underlying assets were to deteriorate, or if the market comparables were to fall, the value of the investment
 could be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(7) The Discounted Cash Flow valuation technique involves estimating the value of an asset based on discounting
 a future stream of estimated cash flows using a discount rate determined by the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;(8) The NAV provided by the general partner has been adjusted for the market price change of the underlying security
 subsequent to the September 30, 2025 NAV.

&nbsp;&nbsp;&nbsp;&nbsp;(9) The NAV provided by the general partner has been discounted for the possible impact from various exit strategies
 under consideration by the general partner.

&nbsp;&nbsp;&nbsp;&nbsp;(10) The Asset Approach technique for Level 3 securities involves the projected value of warrants that are pending
 cancellation.

**FPA Crescent Fund**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025**

The following is the fair value measurement of investments that are valued at NAV per share (or its equivalent) as a practical expedient:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Limited Partnerships** | **Investment<br> Strategy** | **Value** | **Unfunded<br> Commitments** | **Redemption<br> Frequency** | **Redemption<br> Notice<br> Period** | **Lock Up<br> Period** |
| Jett Texas LLC | Long-term Equity | $23960250 | $- | Closed End Fund | N/A | N/A |
|  |  | $23960250 | $- |  |  |  |

---

**Note 12 – Derivatives and Hedging Disclosures**

*Derivatives and Hedging* requires enhanced disclosures about the Fund's derivative and hedging activities, including how such activities are accounted for and their effects on the Fund's financial position, performance and cash flows.

The effects of these derivative instruments on the Fund's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations are presented in the tables below. The fair values of derivative instruments as of December 31, 2025 by risk category are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| Derivatives not designated as hedging instruments | Statements of Assets <br>and Liabilities | Value | Statements of Assets <br>and Liabilities | Value |
| Equity contracts | Unrealized appreciation on open swap contracts | $- | Unrealized depreciation on open swap contracts | $781827 |

---

The effects of derivative instruments on the Statement of Operations for the year ended December 31, 2025, are as follows:

---

| | | |
|:---|:---|:---|
|  | **Derivatives not designated as hedging instruments** | **Derivatives not designated as hedging instruments** |
|  | **Equity Contracts** | **Total** |
| **Realized Gain (Loss) on Derivatives** |  |  |
| Swap contracts | $(15218378) | $(15218378) |

---

---

| | | |
|:---|:---|:---|
|  | **Equity Contracts** | **Total** |
| **Net Change in Unrealized Appreciation/Depreciation on Derivatives** |  |  |
| Swap contracts | $13760053 | $13760053 |

---

The notional amount is included on the Schedule of Investments. The quarterly average volumes of derivative instruments as of December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| Derivatives not designated as hedging instruments |  |  |  |
| Equity contracts | Swap contracts | Notional amount | $28163851 |

---

**FPA Crescent Fund**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025**

**Note 13 - Disclosures about Offsetting Assets and Liabilities**

*Disclosures about Offsetting Assets and Liabilities* requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The guidance requires retrospective application for all comparative periods presented.

A Fund mitigates credit risk with respect to OTC derivative counterparties through credit support annexes included with International Swaps and Derivatives Association Master Agreements or other Master Netting Agreements which are the standard contracts governing most derivative transactions between the Fund and each of its counterparties. These agreements allow the Fund and each counterparty to offset certain derivative financial instruments' payables and/or receivables against each other and/or with collateral, which is generally held by the Fund's custodian. The amount of collateral moved to/from applicable counterparties is based upon minimum transfer amounts specified in the agreement. To the extent amounts due to the Fund from its counterparties are not fully collateralized contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance.

The Fund's Statement of Assets and Liabilities presents financial instruments on a gross basis, therefore there are no net amounts and no offset amounts within the Statement of Assets and Liabilities to present below. Gross amounts of the financial instruments, amounts related to financial instruments/cash collateral not offset in the Statement of Assets and Liabilities and net amounts are presented below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | **Amounts Not Offset in<br> Statements of Assets and<br> Liabilities** | **Amounts Not Offset in<br> Statements of Assets and<br> Liabilities** | |
| <br>**Description** | <br>**Counterparty** |<br>**Gross Amounts<br> Recognized in the<br> Statements of<br> Assets and<br> Liabilities** | **Financial<br> Instruments** | **Cash<br> Collateral** |<br>**Net Amount** |
| Unrealized depreciation on open swap contracts | Nomura | $(781827) | $- | $- | $(781827) |

---

**Note 14 – Investments in Affiliated Issuers**

An affiliated issuer is an entity in which the Fund has ownership of a least 5% of the voting securities. Issuers that are affiliates of the Fund at period-end are noted in the Fund's Schedule of Investments. Additional security purchases and the reduction of certain securities shares outstanding of existing portfolio holdings that were not considered affiliated in prior years may result in the Fund owning in excess of 5% of the outstanding shares at period-end. The table below reflects transactions during the period with entities that are affiliates as of December 31, 2025 and may include acquisitions of new investments, prior year holdings that became affiliated during the period and prior period affiliated holdings that are no longer affiliated as of period-end:

**FPA Crescent Fund**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares Held as of<br> December 31,<br> 2024** | **Beginning Value<br> December 31, 2024** | **Purchases at<br> Cost** | **Proceeds from<br> Sales** | **Net Realized<br> Gain (Loss) on<br> Sales Affiliated<br> Investment** |
| Azelis Group N.V. |  | $- | $190182642 | $- | $- |
| FPS Holdco LLC | 2073734 | 251127867 |  | (33076210) | 33076210 |
| FPS Shelby Holdco I LLC | 107799 | 8876467 |  |  |  |
| Lealand Finance Company B.V. Senior Exit LC, 3.500%, 6/30/2027 | 26423878 | (11890745) |  |  | 2115045 |
| Lealand Reficar LC Term Loan, 11.433% (3-Month Term SOFR+750 basis points), 6/30/2027 | 529985 | 344490 | 72773 |  |  |
| McDermott International, Ltd. | 356485315 | 17824266 |  |  |  |
| McDermott LC, 8.552% (3-Month Term SOFR+426.16 basis points), 6/30/2027 | 31488546 | 17318701 |  | (4987609) | (21) |
| McDermott Technology Americas, Inc., 6.831% (1-Month Term SOFR+300 basis points), 6/30/2027 | 1074221 | 531739 |  |  |  |
| McDermott Technology Americas, Inc., 7.831% (1-Month Term SOFR+400 basis points), 12/31/2027 | 39380822 | 13783288 | 1214670 |  |  |
| Sound Holding FP | 1146250 | 21949607 |  | (45758300) | 45758300 |
| U.S. Farming Realty Trust II LP | 120000 | 446134 | - | - | - |
| **Total** |  | $**320311814** | $**191470085** | $**(83822119)** | $**80949534** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Description - Continued** | **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> December 31,<br> 2025** | **Shares as of<br> December<br> 31, 2025** | **Income from<br> Affiliated<br> Investments** |
| Azelis Group N.V. | $- | $(5215788) | $- | $184966854 | 16929662 | $491462 |
| FPS Holdco LLC | (83400511) | (13252560) |  | 154474796 | 2073734 | 32773292 |
| FPS Shelby Holdco I LLC |  | 1400001 |  | 10276468 | 107799 |  |
| Lealand Finance Company B.V. Senior Exit LC, 3.500%, 6/30/2027 |  | 4314458 |  | (5461242) | 21844968 | 958300 |
| Lealand Reficar LC Term Loan, 11.433% (3-Month Term SOFR+750 basis points), 6/30/2027 |  | 113164 |  | 530427 | 602758 | 55823 |
| McDermott International, Ltd. |  | 24954009 |  | 42778275 | 2851885 |  |
| McDermott LC, 8.552% (3-Month Term SOFR+426.16 basis points), 6/30/2027 |  | 7544620 |  | 19875691 | 26500921 | 2550881 |
| McDermott Technology Americas, Inc., 6.831% (1-Month Term SOFR+300 basis points), 6/30/2027 |  | 349122 |  | 880861 | 1074221 | 80190 |
| McDermott Technology Americas, Inc., 7.831% (1-Month Term SOFR+400 basis points), 12/31/2027 |  | 16260572 |  | 31258530 | 40595493 | 3394872 |
| Sound Holding FP |  | (21949607) |  |  | 1146250 |  |
| US Farming Realty Trust II LP | - | 33165 | - | 479299 | 120000 | - |
| **Total** | $**(83400511)** | $**14551156** | $**-** | $**440059959** |  | $**40304820** |

---

**FPA Crescent Fund**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025**

**Note 15 – Restricted Securities**

Restricted securities include securities that have not been registered under the Securities Act of 1933, as amended, and securities that are subject to restrictions on resale. The Fund may invest in restricted securities that are consistent with the Fund's investment objective and investment strategies. Investments in restricted securities are valued at net asset value as a practical expedient for fair value, or fair value as determined in good faith in accordance with procedures adopted by the Board. It is possible that the estimated value may differ significantly from the amount that might ultimately be realized in the near term, and the difference could be material.

As of December 31, 2025, the Fund invested in the following restricted securities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted Security** | **Initial<br> Acquisition<br> Date** | **Cost** | **Fair Value** | **Fair Value<br> as a %**<br> **of Net<br> Assets** |
| Altegrity, Inc. | 9/1/2021 | $- | $5469607 | 0.05% |
| Cornerstone OnDemand, Inc., 7.683% (1-Month Term SOFR+375 basis points), 10/16/2028 | 12/7/2022 | 2462128 | 2275626 | 0.02% |
| Epic Games, Inc. | 6/25/2020 | 19049750 | 12981991 | 0.11% |
| Footpath Ventures SPV IV LP | 9/24/2021 | 15962550 | 23758344 | 0.20% |
| FPS Holdco LLC | 10/17/2018 | 49268895 | 154474796 | 1.30% |
| FPS Shelby Holdco I LLC | 2/4/2020 | 11073935 | 10276468 | 0.09% |
| Jett Texas LLC | 12/2/2024 | 22500000 | 23960250 | 0.20% |
| Lealand Finance Company B.V. Senior Exit LC, 3.500% 6/30/2027 | 11/12/2019 | (9488847) | (5461242) | -0.05% |
| Lealand Reficar LC Term Loan, 11.433% (3-Month Term SOFR+750 basis points), 6/30/2027 | 4/5/2024 | 602758 | 530427 | 0.00% |
| McDermott International, Ltd. | 7/1/2020 | 56700448 | 42778275 | 0.36% |
| McDermott LC, 8.552% (3-Month Term SOFR+426.16 basis points), 6/30/2027 | 12/31/2020 | 26500949 | 19875691 | 0.17% |
| McDermott Technology Americas, Inc., 6.831% (1-Month Term SOFR+300 basis points), 6/30/2027 | 7/1/2020 | 1074192 | 880861 | 0.01% |
| McDermott Technology Americas, Inc., 7.831% (1-Month Term SOFR+400 basis points), 12/31/2027 | 7/1/2020 | 50746348 | 31258530 | 0.26% |
| 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 |  | 479299 | 0.00% |
| Vision Solutions, Inc., 8.102% (3-Month Term SOFR+400 basis points), 4/24/2028 | 12/7/2022 | 2255852 | 2296995 | 0.02% |
|  |  | $248708958 | $325835918 | 2.74% |

---

**Note 16 – Market Disruption and Geopolitical Risks**

Certain local, regional or global events such as war, acts of terrorism, the spread of infectious illness and/or other public health issues, financial institution instability or other events may have a significant impact on a security or instrument. These types of events and other like them are collectively referred to as "Market Disruptions and Geopolitical Risks" and they may have adverse impacts on the worldwide economy, as well as the economies of individual countries, the financial health of individual companies and the market in general in significant and unforeseen ways. Some of the impacts noted in recent times include but are not limited to embargos, political actions, supply chain disruptions, tariffs, bank failures, restrictions to investment and/or monetary movement including the forced selling of securities or the inability to participate impacted markets. The duration of these events could adversely affect the Funds' performance, the performance of the securities in which the Funds invest and may lead to losses on your investment. The ultimate impact of "Market Disruptions and Geopolitical Risks" on the financial performance of the Funds' investments is not reasonably estimable at this time. Management is actively monitoring these events.

**FPA Crescent Fund**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025**

**Note 17 – New Accounting Pronouncements**

In the reporting period, the Fund adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure income taxes paid disaggregated by jurisdiction. Adoption of the new standard did not materially impact financial statement disclosures and did not affect the Fund's financial position or the results of its operations.

**Note 18 – Events Subsequent to the Fiscal Period End**

The Fund has adopted financial reporting rules regarding subsequent events which require an entity to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the balance sheet. Management has evaluated the Fund's related events and transactions that occurred through the date of issuance of the Fund's financial statements.

On July 15, 2025, the Board of Trustees approved an Agreement and Plan of Reorganization (the "Plan") for the reorganization of the Centerstone Investors Fund, a series of Northern Lights Fund Trust III (the "Acquired Fund"), into the FPA Crescent Fund (the "Acquiring Fund"). The Plan provides for the transfer of all of the assets of the Acquired Fund to the Acquiring Fund in exchange for shares of the Acquiring Fund and the assumption of all of the liabilities of the Acquired Fund by the Acquiring Fund, and the distribution of the Acquiring Fund's shares received by such Acquired Fund to its shareholders in complete liquidation of the Acquired Fund (the "Reorganization"). The Reorganization of the Acquired Fund generally is not expected to result in the recognition of gain or loss by the Acquired Fund or its shareholders for federal income tax purposes. The reorganization was effective as of the close of business on January 9, 2026.

There were no other events or transactions that occurred during this period that materially impacted the amounts or disclosures in the Fund's financial statements.

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**To the Board of Trustees**

**and the Shareholders of the FPA Crescent Fund**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of the FPA Crescent Fund (the "Fund"), a series of Investment Managers Series Trust III, including the schedule of investments, as of December 31, 2025, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and financial highlights for each of the three years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The financial highlights for each of the two years in the period ended December 31, 2022, were audited by other auditors, whose report dated March 1, 2023 expressed unqualified opinions on those financial highlights.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of the Fund since 2023.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, agent banks, brokers, and others or by other appropriate auditing procedures where replies were not received. We believe that our audits provide a reasonable basis for our opinion.

**TAIT, WELLER & BAKER LLP**

**Philadelphia, Pennsylvania**

**February 27, 2026**

![](fp0097171-1_01.jpg)

**FPA Flexible Fixed Income Fund**

**(Investor Class: FFIRX)**

**(Institutional Class: FPFIX)**

**(Advisor Class: FFIAX)**

**ANNUAL FINANCIALS AND OTHER INFORMATION**

**DECEMBER 31, 2025**

**FPA Flexible Fixed Income Fund**

*A series of Investment Managers Series Trust III*

**Table of Contents**

Please note the Financials and Other Information only contains Items 7-11 required in Form N-CSR. All other required items will be filed with the SEC.

### Item 7. Financial Statements and Financial Highlights &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schedule of Investments 1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement of Assets and Liabilities 17 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement of Operations 18 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements of Changes in Net Assets 19 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Highlights 20 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes to Financial Statements 23 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Report of Independent Registered Public Accounting Firm 37
*This report and the financial statements contained herein are provided for the general information of the shareholders of the FPA Flexible Fixed Income Fund (the "Fund"). This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective shareholder report and prospectus.*

 

**https://fpa.com**

**FPA Flexible Fixed Income Fund**

**SCHEDULE OF INVESTMENTS**

**As of December 31, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **BONDS & DEBENTURES — 86.9%** |  |
|  | **ASSET-BACKED SECURITIES — 19.5%** |  |
|  | **AUTO — 3.4%** |  |
| $931000 | Ally Auto Receivables Trust<br> Series 2023-1, Class A4, 5.270%, 11/15/2028 | $948149 |
| 701000 | BMW Vehicle Owner Trust<br> Series 2023-A, Class A4, 5.250%, 11/26/2029 | 711567 |
|  | CarMax Auto Owner Trust |  |
| 2027000 | Series 2023-2, Class A4, 5.010%, 11/15/2028 | 2052044 |
| 904000 | Series 2023-1, Class A4, 4.650%, 1/16/2029 | 908936 |
| 2146000 | Series 2023-3, Class A4, 5.260%, 2/15/2029 | 2187142 |
|  | Ford Credit Auto Owner Trust |  |
| 1343000 | Series 2023-A, Class A4, 4.560%, 12/15/2028 | 1352554 |
| 734000 | Series 2023-B, Class A4, 5.060%, 2/15/2029 | 743755 |
| 1424000 | GM Financial Consumer Automobile Receivables Trust<br> Series 2023-3, Class A4, 5.340%, 12/18/2028 | 1447749 |
|  | GM Financial Revolving Receivables Trust |  |
| 3383000 | Series 2021-1, Class A, 1.170%, 6/12/2034<sup>(a)</sup> | 3317265 |
| 5133000 | Series 2023-1, Class A, 5.120%, 4/11/2035<sup>(a)</sup> | 5261401 |
| 1403000 | Series 2023-2, Class A, 5.770%, 8/11/2036<sup>(a)</sup> | 1472489 |
| 8349000 | Series 2024-1, Class A, 4.980%, 12/11/2036<sup>(a)</sup> | 8578555 |
| 1112000 | Hyundai Auto Receivables Trust<br> Series 2023-B, Class A4, 5.310%, 8/15/2029 | 1129731 |
|  | Mercedes-Benz Auto Receivables Trust |  |
| 816000 | Series 2023-1, Class A4, 4.310%, 4/16/2029 | 819176 |
| 1038000 | Series 2024-1, Class A4, 4.790%, 7/15/2031 | 1057868 |
| 1485000 | Nissan Auto Receivables Owner Trust<br> Series 2023-A, Class A4, 4.850%, 6/17/2030 | 1499550 |
| 1721000 | Porsche Financial Auto Securitization Trust<br> Series 2023-1A, Class A4, 4.720%, 6/23/2031<sup>(a)</sup> | 1732239 |
| 919000 | SFS Auto Receivables Securitization Trust<br> Series 2023-1A, Class A4, 5.470%, 12/20/2029<sup>(a)</sup> | 934522 |
|  | Toyota Auto Loan Extended Note Trust |  |
| 5017000 | Series 2022-1A, Class A, 3.820%, 4/25/2035<sup>(a)</sup> | 5015391 |
| 4553000 | Series 2023-1A, Class A, 4.930%, 6/25/2036<sup>(a)</sup> | 4656171 |
| 8239000 | Series 2024-1A, Class A, 5.160%, 11/25/2036<sup>(a)</sup> | 8545003 |
|  | Toyota Auto Receivables Owner Trust |  |
| 1343000 | Series 2023-A, Class A4, 4.420%, 8/15/2028 | 1350873 |
| 1973000 | Series 2023-B, Class A4, 4.660%, 9/15/2028 | 1991364 |
| 2714000 | Series 2023-C, Class A4, 5.010%, 2/15/2029 | 2757830 |
| 1181000 | Volkswagen Auto Loan Enhanced Trust<br> Series 2023-1, Class A4, 5.010%, 1/22/2030 | 1195116 |
|  | World Omni Auto Receivables Trust |  |
| 1251000 | Series 2023-A, Class A4, 4.660%, 5/15/2029 | 1258786 |
| 2055000 | Series 2023-B, Class A4, 4.680%, 5/15/2029 | 2073017 |

---

**FPA Flexible Fixed Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **BONDS & DEBENTURES (Continued)** |  |
|  | **ASSET-BACKED SECURITIES (Continued)** |  |
|  | **AUTO (Continued)** |  |
| $1107000 | Series 2023-C, Class A4, 5.030%, 11/15/2029 | $1122726 |
|  |  | **66120969** |
|  | **COLLATERALIZED LOAN OBLIGATION — 2.1%** |  |
| 1460000 | Barings Middle Market Ltd.<br> Series 2021-IA, Class D, 12.796% (3-Month Term SOFR+891.161 basis points), 7/20/2033<sup>(a),(b)</sup> | 1461481 |
|  | Cerberus Loan Funding LLC |  |
| 901000 | Series 2023-1A, Class A, 6.305% (3-Month Term SOFR+240 basis points), 3/22/2035<sup>(a),(b)</sup> | 903125 |
| 5057000 | Series 2023-2A, Class A1, 6.454% (3-Month Term SOFR+255 basis points), 7/15/2035<sup>(a),(b)</sup> | 5091625 |
| 5734000 | Series 2023-4A, Class A, 6.330% (3-Month Term SOFR+242.5 basis points), 10/15/2035<sup>(a),(b)</sup> | 5790704 |
|  | Fortress Credit Opportunities Ltd. |  |
| 5645000 | Series 2017-9A, Class A1TR, 5.716% (3-Month Term SOFR+181.161 basis points), 10/15/2033<sup>(a),(b)</sup> | 5662217 |
| 8814000 | Series 2017-9A, Class ER, 12.226% (3-Month Term SOFR+832.161 basis points), 10/15/2033<sup>(a),(b)</sup> | 8854606 |
|  | Golub Capital Partners Ltd. |  |
| 4361000 | Series 2023-67A, Class A1, 6.365% (3-Month Term SOFR+250 basis points), 5/9/2036<sup>(a),(b)</sup> | 4395452 |
| 5388000 | Series 2019-46A, Class A1R, 5.694% (3-Month Term SOFR+181 basis points), 4/20/2037<sup>(a),(b)</sup> | 5399153 |
| 2646000 | Parliament Ltd.<br> Series 2021-2A, Class D, 7.851% (3-Month Term SOFR+396.161 basis points), 8/20/2032<sup>(a),(b)</sup> | 2640586 |
|  |  | **40198949** |
|  | **EQUIPMENT — 7.8%** |  |
|  | Avis Budget Rental Car Funding AESOP LLC |  |
| 1059000 | Series 2023-1A, Class A, 5.250%, 4/20/2029<sup>(a)</sup> | 1082376 |
| 3527000 | Series 2023-4A, Class A, 5.490%, 6/20/2029<sup>(a)</sup> | 3615841 |
| 4981000 | Series 2023-6A, Class A, 5.810%, 12/20/2029<sup>(a)</sup> | 5184431 |
| 3599000 | Series 2023-8A, Class A, 6.020%, 2/20/2030<sup>(a)</sup> | 3771644 |
| 1728000 | Series 2024-1A, Class A, 5.360%, 6/20/2030<sup>(a)</sup> | 1783082 |
| 7423000 | Series 2024-3A, Class A, 5.230%, 12/20/2030<sup>(a)</sup> | 7652369 |
|  | CNH Equipment Trust |  |
| 581000 | Series 2022-B, Class A4, 3.910%, 3/15/2028 | 580774 |
| 644000 | Series 2023-A, Class A4, 4.770%, 10/15/2030 | 651892 |
| 1805000 | Series 2023-B, Class A4, 5.460%, 3/17/2031 | 1853713 |
| 2436645 | Coinstar Funding LLC<br> Series 2017-1A, Class A2, 5.216%, 4/25/2047<sup>(a)</sup> | 2772846 |

---

**FPA Flexible Fixed Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **BONDS & DEBENTURES (Continued)** |  |
|  | **ASSET-BACKED SECURITIES (Continued)** |  |
|  | **EQUIPMENT (Continued)** |  |
|  | Enterprise Fleet Financing LLC |  |
| $1104472 | Series 2022-2, Class A3, 4.790%, 5/21/2029<sup>(a)</sup> | $1104947 |
| 760000 | Series 2022-3, Class A3, 4.290%, 7/20/2029<sup>(a)</sup> | 760822 |
| 2522000 | Series 2023-1, Class A3, 5.420%, 10/22/2029<sup>(a)</sup> | 2545495 |
| 1601000 | Series 2022-4, Class A3, 5.650%, 10/22/2029<sup>(a)</sup> | 1616532 |
| 3800000 | Series 2023-2, Class A3, 5.500%, 4/22/2030<sup>(a)</sup> | 3864485 |
| 3748000 | Series 2023-3, Class A3, 6.410%, 6/20/2030<sup>(a)</sup> | 3882708 |
| 1693000 | Series 2024-4, Class A4, 4.700%, 6/20/2031<sup>(a)</sup> | 1719644 |
| 3339000 | Series 2025-4, Class A4, 4.280%, 6/20/2032<sup>(a)</sup> | 3348971 |
|  | Ford Credit Floorplan Master Owner Trust |  |
| 10771000 | Series 2018-4, Class A, 4.060%, 11/15/2030 | 10817952 |
| 6057000 | Series 2024-2, Class A, 5.240%, 4/15/2031<sup>(a)</sup> | 6280663 |
| 3949000 | Series 2024-4, Class A, 4.400%, 9/15/2031<sup>(a)</sup> | 3992223 |
|  | GMF Floorplan Owner Revolving Trust |  |
| 2130000 | Series 2023-2, Class A, 5.340%, 6/15/2030<sup>(a)</sup> | 2196410 |
| 6852000 | Series 2024-2A, Class A, 5.060%, 3/15/2031<sup>(a)</sup> | 7067210 |
|  | GreatAmerica Leasing Receivables Funding LLC |  |
| 1675000 | Series 2023-1, Class A4, 5.060%, 3/15/2030<sup>(a)</sup> | 1699574 |
| 1385000 | Series 2025-2, Class A4, 4.290%, 9/15/2032<sup>(a)</sup> | 1393588 |
|  | Hertz Vehicle Financing LLC |  |
| 3499000 | Series 2021-2A, Class A, 1.680%, 12/27/2027<sup>(a)</sup> | 3433211 |
| 3489000 | Series 2022-2A, Class A, 2.330%, 6/26/2028<sup>(a)</sup> | 3408270 |
| 6142000 | Series 2022-5A, Class A, 3.890%, 9/25/2028<sup>(a)</sup> | 6106998 |
|  | John Deere Owner Trust |  |
| 1372000 | Series 2023-A, Class A4, 5.010%, 12/17/2029 | 1383933 |
| 1203000 | Series 2023-B, Class A4, 5.110%, 5/15/2030 | 1219275 |
| 1664000 | Series 2023-C, Class A4, 5.390%, 8/15/2030 | 1696299 |
|  | Kubota Credit Owner Trust |  |
| 1359000 | Series 2023-2A, Class A4, 5.230%, 6/15/2028<sup>(a)</sup> | 1384227 |
| 876000 | Series 2023-1A, Class A4, 5.070%, 2/15/2029<sup>(a)</sup> | 883948 |
|  | M&T Equipment Notes |  |
| 1028000 | Series 2023-1A, Class A4, 5.750%, 7/15/2030<sup>(a)</sup> | 1043146 |
| 2469000 | Series 2024-1A, Class A4, 4.940%, 8/18/2031<sup>(a)</sup> | 2518609 |
|  | MMAF Equipment Finance LLC |  |
| 2626000 | Series 2023-A, Class A4, 5.500%, 12/13/2038<sup>(a)</sup> | 2683092 |
| 736000 | Series 2020-A, Class A5, 1.560%, 10/9/2042<sup>(a)</sup> | 713549 |
| 5085000 | Series 2024-A, Class A4, 5.100%, 7/13/2049<sup>(a)</sup> | 5262922 |
| 4370000 | Series 2025-A, Class A4, 5.020%, 6/13/2050<sup>(a)</sup> | 4511231 |
| 3350000 | Series 2025-B, Class A4, 4.290%, 9/13/2050<sup>(a)</sup> | 3343201 |
|  | Verizon Master Trust |  |
| 6196000 | Series 2023-3, Class A, 4.730%, 4/21/2031<sup>(a)</sup> | 6308162 |
| 8097000 | Series 2023-6, Class A, 5.350%, 9/22/2031<sup>(a)</sup> | 8393838 |
| 10281000 | Series 2024-2, Class A, 4.830%, 12/22/2031<sup>(a)</sup> | 10529684 |

---

**FPA Flexible Fixed Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **BONDS & DEBENTURES (Continued)** |  |
|  | **ASSET-BACKED SECURITIES (Continued)** |  |
|  | **EQUIPMENT (Continued)** |  |
| $4579000 | Series 2024-7, Class A, 4.350%, 8/20/2032<sup>(a)</sup> | $4602742 |
| 812000 | Volvo Financial Equipment LLC<br> Series 2025-2A, Class A4, 4.060%, 6/15/2033<sup>(a)</sup> | 813789 |
|  |  | **151480318** |
|  | **OTHER — 6.2%** |  |
|  | ABPCI Direct Lending Fund LLC |  |
| 1354437 | Series 2022-2A, Class A1, 5.958% (3-Month Term SOFR+210 basis points), 3/1/2032<sup>(a),(b)</sup> | 1352935 |
| 5659440 | Series 2022-2A, Class C, 8.236%, 3/1/2032<sup>(a)</sup> | 5631199 |
|  | ABPCI Direct Lending Fund Ltd. |  |
| 722970 | Series 2020-1A, Class A, 3.199%, 12/29/2030<sup>(a)</sup> | 715638 |
| 1842899 | Series 2020-1A, Class B, 4.935%, 12/29/2030<sup>(a)</sup> | 1822750 |
| 8058000 | American Tower Trust 1<br> 5.490%, 3/15/2028<sup>(a)</sup> | 8181316 |
| 617221 | Brazos Securitization LLC<br> 5.014%, 9/1/2031<sup>(a)</sup> | 624898 |
| 10409000 | Centerpoint Energy Restoration Bond Co. II LLC<br> 4.255%, 12/15/2035 | 10383186 |
| 7283154 | Cleco Securitization II LLC<br> 4.680%, 12/1/2036 | 7388592 |
| 1282794 | Cleco Securitization LLC<br> 4.016%, 3/1/2031 | 1270107 |
| 2542000 | Consumers 2023 Securitization Funding LLC<br> 5.210%, 9/1/2031 | 2611204 |
| 512000 | Diamond Infrastructure Funding LLC<br> Series 2021-1A, Class C, 3.475%, 4/15/2049<sup>(a)</sup> | 496909 |
| 1718000 | Diamond Issuer LLC<br> Series 2021-1A, Class C, 3.787%, 11/20/2051<sup>(a)</sup> | 1648732 |
| 2621112 | DTE Electric Securitization Funding II LLC<br> 5.970%, 3/1/2033 | 2746532 |
| 5175000 | Duke Energy Carolinas Nc Storm Funding II LLC<br> 4.226%, 7/1/2037 | 5171481 |
|  | Elm Trust |  |
| 54654 | Series 2020-3A, Class A2, 2.954%, 8/20/2029<sup>(a)</sup> | 54584 |
| 9541 | Series 2020-3A, Class B, 4.481%, 8/20/2029<sup>(a)</sup> | 9529 |
| 15623 | Series 2020-4A, Class A2, 2.286%, 10/20/2029<sup>(a)</sup> | 15598 |
| 60311 | Series 2020-4A, Class B, 3.866%, 10/20/2029<sup>(a)</sup> | 60212 |
|  | Golub Capital Partners Funding Ltd. |  |
| 686985 | Series 2020-1A, Class A2, 3.208%, 1/22/2029<sup>(a)</sup> | 684907 |
| 472655 | Series 2020-1A, Class B, 4.496%, 1/22/2029<sup>(a)</sup> | 470059 |
| 2317416 | Series 2021-1A, Class A2, 2.773%, 4/20/2029<sup>(a)</sup> | 2308114 |
| 1292729 | Series 2021-1A, Class B, 3.816%, 4/20/2029<sup>(a)</sup> | 1276961 |

---

**FPA Flexible Fixed Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **BONDS & DEBENTURES (Continued)** |  |
|  | **ASSET-BACKED SECURITIES (Continued)** |  |
|  | **OTHER (Continued)** |  |
| $3761801 | Series 2021-2A, Class A, 2.944%, 10/19/2029<sup>(a)</sup> | $3675178 |
| 4377243 | Series 2021-2A, Class B, 3.994%, 10/19/2029<sup>(a)</sup> | 4267895 |
|  | Hotwire Funding LLC |  |
| 1250000 | Series 2021-1, Class C, 4.459%, 11/20/2051<sup>(a)</sup> | 1231119 |
| 1385000 | Series 2023-1A, Class A2, 5.687%, 5/20/2053<sup>(a)</sup> | 1399073 |
| 4896122 | Kansas Gas Service Securitization I LLC<br> 5.486%, 8/1/2032 | 5052985 |
|  | Monroe Capital Funding Ltd. |  |
| 1123821 | Series 2021-1A, Class A2, 2.815%, 4/22/2031<sup>(a)</sup> | 1112645 |
| 385746 | Series 2021-1A, Class B, 3.908%, 4/22/2031<sup>(a)</sup> | 382821 |
| 2837836 | Monroe Capital Income Plus Funding LLC<br> Series 2022-1A, Class A, 4.050%, 4/30/2032<sup>(a)</sup> | 2797397 |
|  | Oklahoma Development Finance Authority |  |
| 1694071 | 4.135%, 12/1/2033 | 1684142 |
| 647669 | 4.285%, 2/1/2034 | 645525 |
| 1463168 | 3.877%, 5/1/2037 | 1431134 |
|  | PG&E Recovery Funding LLC |  |
| 3334901 | 5.045%, 7/15/2032 | 3377054 |
| 4534710 | 4.838%, 6/1/2033 | 4613310 |
| 2788262 | PG&E Wildfire Recovery Funding LLC<br> 4.022%, 6/1/2031 | 2784330 |
|  | SBA Tower Trust |  |
| 1380000 | 1.631%, 11/15/2026<sup>(a)</sup> | 1347651 |
| 1767000 | 2.328%, 1/15/2028<sup>(a)</sup> | 1692531 |
| 1049000 | 6.599%, 1/15/2028<sup>(a)</sup> | 1071036 |
| 6800000 | SCE Recovery Funding LLC<br> 4.453%, 3/15/2036 | 6815640 |
| 539893 | SpringCastle America Funding LLC<br> Series 2020-AA, Class A, 1.970%, 9/25/2037<sup>(a)</sup> | 507023 |
| 4951277 | Texas Electric Market Stabilization Funding N LLC<br> 4.265%, 8/1/2036<sup>(a)</sup> | 4931778 |
| 664822 | Texas Natural Gas Securitization Finance Corp.<br> 5.102%, 4/1/2035 | 682471 |
|  | VCP RRL Ltd. |  |
| 762716 | Series 2021-1A, Class A, 2.152%, 10/20/2031<sup>(a)</sup> | 752625 |
| 1241270 | Series 2021-1A, Class B, 2.848%, 10/20/2031<sup>(a)</sup> | 1185416 |
| 1926955 | Series 2021-1A, Class C, 5.425%, 10/20/2031<sup>(a)</sup> | 1769209 |
| 8504000 | Virginia Power Fuel Securitization LLC<br> 4.877%, 5/1/2031 | 8702781 |

---

**FPA Flexible Fixed Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **BONDS & DEBENTURES (Continued)** |  |
|  | **ASSET-BACKED SECURITIES (Continued)** |  |
|  | **OTHER (Continued)** |  |
| $757070 | WEPCo Environmental Trust Finance LLC<br> Series 2021-1, Class A, 1.578%, 12/15/2035 | $682563 |
|  |  | **119520775** |
|  | **TOTAL ASSET-BACKED SECURITIES** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $371,234,095) | **377321011** |
|  | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 12.8%** |  |
|  | **AGENCY — 8.2%** |  |
|  | Federal Home Loan Mortgage Corp. |  |
| 784000 | Series K068, Class A2, 3.244%, 8/25/2027 | 775182 |
| 1135000 | Series K072, Class A2, 3.444%, 12/25/2027 | 1127586 |
| 3064000 | Series K073, Class A2, 3.350%, 1/25/2028 | 3031855 |
| 1691000 | Series K076, Class A2, 3.900%, 4/25/2028 | 1701249 |
| 377000 | Series K077, Class A2, 3.850%, 5/25/2028<sup>(b)</sup> | 375541 |
| 3220000 | Series K079, Class A2, 3.926%, 6/25/2028 | 3224871 |
| 2683000 | Series K080, Class A2, 3.926%, 7/25/2028<sup>(b)</sup> | 2699352 |
| 7407000 | Series K081, Class A2, 3.900%, 8/25/2028<sup>(b)</sup> | 7452172 |
| 5016000 | Series K082, Class A2, 3.920%, 9/25/2028<sup>(b)</sup> | 5020278 |
| 2785000 | Series K083, Class A2, 4.050%, 9/25/2028<sup>(b)</sup> | 2797786 |
| 7311000 | Series K084, Class A2, 3.780%, 10/25/2028<sup>(b)</sup> | 7294485 |
| 2867000 | Series K085, Class A2, 4.060%, 10/25/2028<sup>(b)</sup> | 2881071 |
| 3232000 | Series K089, Class A2, 3.563%, 1/25/2029 | 3202619 |
| 509000 | Series K088, Class A2, 3.690%, 1/25/2029 | 506243 |
| 5136000 | Series K090, Class A2, 3.422%, 2/25/2029 | 5065031 |
| 2866000 | Series K091, Class A2, 3.505%, 3/25/2029 | 2826377 |
| 669000 | Series K092, Class A2, 3.298%, 4/25/2029 | 656939 |
| 552128 | Series K093, Class A2, 2.982%, 5/25/2029 | 539006 |
| 10160420 | Series K095, Class A2, 2.785%, 6/25/2029 | 9791927 |
| 10437000 | Series K094, Class A2, 2.903%, 6/25/2029 | 10084728 |
| 5934750 | Series K097, Class A2, 2.508%, 7/25/2029 | 5660763 |
| 13412000 | Series K096, Class A2, 2.519%, 7/25/2029 | 12814396 |
| 2622000 | Series K099, Class A2, 2.595%, 9/25/2029 | 2504069 |
| 6883000 | Series K101, Class A2, 2.524%, 10/25/2029 | 6550524 |
| 4314000 | Series K102, Class A2, 2.537%, 10/25/2029 | 4125233 |
| 6001000 | Series K103, Class A2, 2.651%, 11/25/2029 | 5724750 |
| 894000 | Series K107, Class A2, 1.639%, 1/25/2030 | 819211 |
| 449000 | Series K105, Class A2, 1.872%, 1/25/2030 | 415902 |
| 1718000 | Series K106, Class A2, 2.069%, 1/25/2030 | 1608459 |
| 2381000 | Series K104, Class A2, 2.253%, 1/25/2030 | 2229238 |
| 1265000 | Series K108, Class A2, 1.517%, 3/25/2030 | 1146512 |
| 8157000 | Series K751, Class A2, 4.412%, 3/25/2030 | 8272717 |
| 1920000 | Series K109, Class A2, 1.558%, 4/25/2030 | 1740065 |
| 2981000 | Series K151, Class A3, 3.511%, 4/25/2030 | 2924528 |

---

**FPA Flexible Fixed Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |
|  | **AGENCY (Continued)** |  |
| $258000 | Series K111, Class A2, 1.350%, 5/25/2030 | $231242 |
| 1407000 | Series K114, Class A2, 1.366%, 6/25/2030 | 1257286 |
| 564000 | Series K116, Class A2, 1.378%, 7/25/2030 | 503206 |
| 2774000 | Series K752, Class A2, 4.284%, 7/25/2030 | 2801283 |
| 9296000 | Series K117, Class A2, 1.406%, 8/25/2030 | 8330791 |
| 2108000 | Series K120, Class A2, 1.500%, 10/25/2030 | 1888917 |
| 11142000 | Series K754, Class A2, 4.940%, 11/25/2030<sup>(b)</sup> | 11538280 |
|  | Freddie Mac Multifamily Structured Pass-Through Certificates |  |
| 2550000 | Series K100, Class A2, 2.673%, 9/25/2029 | 2439984 |
| 695000 | Series K110, Class A2, 1.477%, 4/25/2030 | 629883 |
| 1000000 | Series K113, Class A2, 1.341%, 6/25/2030 | 895541 |
| 1978000 | Series K115, Class A2, 1.383%, 6/25/2030 | 1770019 |
|  |  | **159877097** |
|  | **AGENCY STRIPPED — 0.1%** |  |
|  | Government National Mortgage Association |  |
| 1240876 | Series 2015-19, Class IO, 0.292%, 1/16/2057<sup>(b)</sup> | 15368 |
| 715000 | Series 2015-7, Class IO, 0.488%, 1/16/2057<sup>(b)</sup> | 13281 |
| 1925439 | Series 2020-43, Class IO, 1.262%, 11/16/2061<sup>(b)</sup> | 157182 |
| 2580931 | Series 2020-71, Class IO, 1.094%, 1/16/2062<sup>(b)</sup> | 168351 |
| 4966545 | Series 2020-75, Class IO, 0.870%, 2/16/2062<sup>(b)</sup> | 284305 |
| 3286492 | Series 2020-42, Class IO, 0.939%, 3/16/2062<sup>(b)</sup> | 214684 |
|  |  | **853171** |
|  | **NON-AGENCY — 4.5%** |  |
| 6960000 | Arbor Multifamily Mortgage Securities Trust<br> Series 2020-MF1, Class A5, 2.756%, 5/15/2053<sup>(a)</sup> | 6532421 |
| 1390376 | Arbor Realty Commercial Real Estate Notes Ltd.<br> Series 2022-FL1, Class A, 5.434% (30-Day SOFR Average+145 basis points), 1/15/2037<sup>(a),(b)</sup> | 1390376 |
| 5385000 | BANK5<br> Series 2025-5YR18, Class A3, 5.145%, 12/15/2058 | 5532424 |
| 1000000 | BBCMS Mortgage Trust<br> Series 2025-5C34, Class A3, 5.659%, 5/15/2058 | 1046405 |
|  | BBCMS Trust |  |
| 348283 | Series 2015-SRCH, Class A1, 3.312%, 8/10/2035<sup>(a)</sup> | 343556 |
| 2296000 | Series 2025-5C36, Class A3, 5.517%, 8/15/2058 | 2394186 |
| 2591000 | Benchmark Mortgage Trust<br> Series 2024-V11, Class A3, 5.909%, 11/15/2057<sup>(b)</sup> | 2720421 |
|  | BMO Mortgage Trust |  |
| 2581000 | Series 2024-5C7, Class A3, 5.566%, 11/15/2057<sup>(b)</sup> | 2679293 |
| 1258000 | Series 2024-5C8, Class A3, 5.625%, 12/15/2057<sup>(b)</sup> | 1309312 |
| 2696000 | Series 2025-5C13, Class A3, 5.227%, 12/15/2058<sup>(b)</sup> | 2774224 |

---

**FPA Flexible Fixed Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |
|  | **NON-AGENCY (Continued)** |  |
| $5125000 | BX Trust<br> Series 2019-OC11, Class A, 3.202%, 12/9/2041<sup>(a)</sup> | $4831799 |
| 1732708 | BXMT Ltd.<br> Series 2021-FL4, Class A, 4.900% (1-Month Term SOFR+116.448 basis points), 5/15/2038<sup>(a),(b)</sup> | 1723718 |
| 7209000 | CHI Commercial Mortgage Trust<br> Series 2025-SFT, Class A, 5.482%, 4/15/2042<sup>(a),(b)</sup> | 7368208 |
| 236910 | Greystone CRE Notes Ltd.<br> Series 2021-FL3, Class A, 4.885% (1-Month Term SOFR+113.448 basis points), 7/15/2039<sup>(a),(b)</sup> | 236762 |
| 1100000 | Hudson Yards Mortgage Trust<br> Series 2025-SPRL, Class A, 5.467%, 1/13/2040<sup>(a),(b)</sup> | 1136860 |
| 4991000 | Manhattan West Mortgage Trust<br> Series 2020-1MW, Class A, 2.130%, 9/10/2039<sup>(a)</sup> | 4804295 |
| 675771 | MF1 Ltd.<br> Series 2021-FL7, Class A, 4.929% (1-Month Term SOFR+119.448 basis points), 10/16/2036<sup>(a),(b)</sup> | 675364 |
|  | Progress Residential Trust |  |
| 1837691 | Series 2024-SFR5, Class A, 3.000%, 8/9/2029<sup>(a)</sup> | 1751106 |
| 1410235 | Series 2021-SFR11, Class A, 2.283%, 1/17/2039<sup>(a)</sup> | 1341080 |
| 3754417 | Series 2021-SFR10, Class A, 2.393%, 12/17/2040<sup>(a)</sup> | 3620498 |
| 2110172 | Series 2024-SFR3, Class A, 3.000%, 6/17/2041<sup>(a)</sup> | 2015857 |
| 9769610 | Series 2024-SFR4, Class A, 3.100%, 7/17/2041<sup>(a)</sup> | 9352733 |
| 7317970 | Series 2025-SFR2, Class A, 3.305%, 4/17/2042<sup>(a)</sup> | 6981085 |
| 2751000 | Series 2025-SFR3, Class A, 3.390%, 7/17/2042<sup>(a)</sup> | 2620602 |
| 4311000 | ROCK Trust<br> Series 2024-CNTR, Class A, 5.388%, 11/13/2041<sup>(a)</sup> | 4419812 |
| 5585000 | SLG Office Trust<br> Series 2021-OVA, Class A, 2.585%, 7/15/2041<sup>(a)</sup> | 4979152 |
| 1395358 | TRTX Issuer Ltd.<br> Series 2022-FL5, Class A, 5.386% (1-Month Term SOFR+165 basis points), 2/15/2039<sup>(a),(b)</sup> | 1394783 |
| 1900000 | WHARF Commercial Mortgage Trust<br> Series 2025-DC, Class A, 5.349%, 7/15/2040<sup>(a),(b)</sup> | 1953474 |
|  |  | **87929806** |
|  | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $241,514,781) | **248660074** |
|  | **CORPORATE BANK DEBT — 0.2%** |  |
| 1828327 | Capstone Acquisition Holdings, Inc. Term Loan<br> 8.316% (1-Month Term SOFR+460 basis points), 11/12/2029<sup>(b),(c),(d),(e)</sup> | 1841994 |
| 464034 | JC Penney Corp., Inc.<br> 5.568% (3-Month USD Libor+425 basis points), 6/23/2027<sup>\*,(b),(c),(d),(e),(f)</sup> | 46 |

---

**FPA Flexible Fixed Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **CORPORATE BANK DEBT (Continued)** |  |
| $341263 | Lealand Finance Company B.V. Senior Exit LC<br> 3.500%, 6/30/2027<sup>(b),(c),(d),(e),(g),(h)</sup> | $(40952) |
| 13635 | McDermott Technology Americas, Inc.<br> 7.830% (1-Month Term SOFR+400 basis points), 12/31/2027<sup>(b),(c),(d),(e),(i)</sup> | 10499 |
| 2776050 | WH Borrower LLC<br> 8.734% (3-Month Term SOFR+450 basis points), 2/20/2032<sup>(b),(c),(e)</sup> | 2785294 |
|  | **TOTAL CORPORATE BANK DEBT** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $4,588,428) | **4596881** |
|  | **CORPORATE BONDS — 2.9%** |  |
|  | **COMMUNICATIONS — 0.7%** |  |
| 2633000 | CCO Holdings LLC / CCO Holdings Capital Corp.<br> 6.375%, 9/1/2029<sup>(a)</sup> | 2659514 |
| 2000000 | DISH Network Corp.<br> 11.750%, 11/15/2027<sup>(a)</sup> | 2081480 |
| 1014000 | EchoStar Corp.<br> 3.875%, 11/30/2030 | 3386760 |
|  | Frontier Communications Holdings LLC |  |
| 3066000 | 5.875%, 10/15/2027<sup>(a)</sup> | 3065418 |
| 1636000 | 6.000%, 1/15/2030<sup>(a)</sup> | 1661456 |
|  |  | **12854628** |
|  | **CONSUMER DISCRETIONARY — 0.4%** |  |
| 1612341 | Air Canada Pass-Through Trust<br> Series 2017-1, Class AA, 3.300%, 7/15/2031<sup>(a)</sup> | 1521400 |
| 5947000 | VT Topco, Inc.<br> 8.500%, 8/15/2030<sup>(a)</sup> | 6196952 |
|  |  | **7718352** |
|  | **FINANCIALS — 1.8%** |  |
| 3644000 | Apollo Debt Solutions BDC Senior Notes<br> 8.620%, 9/28/2028<sup>(d),(e)</sup> | 3644000 |
| 5727000 | Blue Owl Credit Income Corp.<br> 7.950%, 6/13/2028 | 6052478 |
| 400000 | Five Point Operating Co. LP<br> 8.000%, 10/1/2030<sup>(a)</sup> | 416000 |
| 5000000 | Hlend Senior Notes<br> 8.170%, 3/15/2028<sup>(d),(e)</sup> | 5000000 |
| 2981000 | HPS Corporate Lending Fund<br> 6.750%, 1/30/2029 | 3108852 |
| 10563000 | Midcap Financial Issuer Trust<br> 6.500%, 5/1/2028<sup>(a)</sup> | 10534903 |
| 4032000 | Oaktree Strategic Credit Fund<br> 8.400%, 11/14/2028 | 4343137 |

---

**FPA Flexible Fixed Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **CORPORATE BONDS (Continued)** |  |
|  | **FINANCIALS (Continued)** |  |
| $1557000 | OCREDIT BDC Senior Notes<br> 7.770%, 3/7/2029<sup>(d),(e)</sup> | $1557000 |
|  |  | **34656370** |
|  | **HEALTH CARE — 0.0%** |  |
| 938000 | Heartland Dental LLC/Heartland Dental Finance Corp.<br> 10.500% (1-Month Term SOFR+500 basis points), 4/30/2028<sup>(a),(e)</sup> | **980313** |
|  | **TOTAL CORPORATE BONDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $52,039,336) | **56209663** |
|  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 27.9%** |  |
|  | **AGENCY COLLATERALIZED MORTGAGE OBLIGATION — 0.6%** |  |
|  | Federal National Mortgage Association |  |
| 862963 | Series 3810, Class PE, 4.000%, 2/15/2041 | 848763 |
| 39095 | Series 2012-144, Class PD, 3.500%, 4/25/2042 | 38760 |
| 9277861 | Series 2024-70, Class EC, 3.000%, 11/25/2047 | 8684128 |
| 72484 | Freddie Mac REMICS<br> Series 4162, Class P, 3.000%, 2/15/2033 | 71322 |
| 2589299 | GS Mortgage-Backed Securities Trust<br> Series 2024-95, Class AB, 2.500%, 6/20/2045 | 2404722 |
|  |  | **12047695** |
|  | **AGENCY POOL ADJUSTABLE RATE — 1.0%** |  |
|  | Fannie Mae Pool |  |
| 320538 | 1.729% (30-Day SOFR Average+211 basis points), 7/1/2051<sup>(b)</sup> | 292780 |
| 2617811 | 1.969% (30-Day SOFR Average+207.716 basis points), 8/1/2051<sup>(b)</sup> | 2409113 |
| 216038 | 1.606% (30-Day SOFR Average+209.4 basis points), 9/1/2051<sup>(b)</sup> | 196032 |
| 1402706 | 1.957% (30-Day SOFR Average+212 basis points), 1/1/2052<sup>(b)</sup> | 1282745 |
| 2486066 | 1.886% (30-Day SOFR Average+233.495 basis points), 4/1/2052<sup>(b)</sup> | 2267520 |
|  | Freddie Mac Non Gold Pool |  |
| 944483 | 1.662% (30-Day SOFR Average+213 basis points), 9/1/2051<sup>(b)</sup> | 857777 |
| 1228300 | 2.556% (30-Day SOFR Average+213 basis points), 3/1/2052<sup>(b)</sup> | 1142341 |
| 849500 | 2.544% (30-Day SOFR Average+214 basis points), 5/1/2052<sup>(b)</sup> | 791196 |
| 8610601 | 2.160% (30-Day SOFR Average+217.815 basis points), 7/1/2052<sup>(b)</sup> | 7892923 |
| 1065680 | 3.311% (30-Day SOFR Average+222.209 basis points), 11/1/2052<sup>(b)</sup> | 1023318 |
| 1242932 | 2.166% (30-Day SOFR Average+217.906 basis points), 5/1/2053<sup>(b)</sup> | 1139553 |
|  |  | **19295298** |
|  | **AGENCY POOL FIXED RATE — 19.4%** |  |
|  | Fannie Mae Pool |  |
| 6838181 | 1.500%, 12/1/2035 | 6216307 |
| 1812778 | 1.500%, 12/1/2035 | 1639424 |
| 867059 | 1.500%, 3/1/2036 | 786040 |
| 2314492 | 1.000%, 4/1/2036 | 2021963 |
| 553669 | 1.500%, 4/1/2036 | 501933 |

---

**FPA Flexible Fixed Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |
|  | **AGENCY POOL FIXED RATE (Continued)** |  |
| $2270647 | 1.500%, 4/1/2036 | $2058474 |
| 1647869 | 1.500%, 5/1/2036 | 1493890 |
| 3630456 | 1.500%, 6/1/2036 | 3291221 |
| 791686 | 1.500%, 6/1/2036 | 717463 |
| 1402102 | 1.500%, 7/1/2036 | 1270650 |
| 9972540 | 1.500%, 8/1/2036 | 9040692 |
| 723432 | 1.500%, 8/1/2036 | 655607 |
| 3758756 | 1.000%, 9/1/2036 | 3272877 |
| 1245168 | 1.500%, 9/1/2036 | 1128429 |
| 3003676 | 1.500%, 10/1/2036 | 2722069 |
| 2313643 | 1.000%, 11/1/2036 | 2005477 |
| 13300016 | 1.000%, 12/1/2036 | 11528700 |
| 687641 | 1.000%, 12/1/2036 | 596058 |
| 17848064 | 1.000%, 3/1/2037 | 15471032 |
| 8485578 | 1.500%, 3/1/2037 | 7692674 |
| 6386567 | 1.500%, 8/1/2037 | 5783810 |
| 1653286 | 2.000%, 6/1/2040 | 1462493 |
| 616196 | 2.000%, 9/1/2040 | 544200 |
| 671471 | 2.000%, 10/1/2040 | 592726 |
| 425334 | 1.500%, 11/1/2040 | 362469 |
| 3663052 | 2.000%, 11/1/2040 | 3231609 |
| 2023324 | 1.500%, 12/1/2040 | 1722914 |
| 2539495 | 2.000%, 12/1/2040 | 2238895 |
| 762025 | 1.500%, 1/1/2041 | 648389 |
| 2754257 | 1.500%, 2/1/2041 | 2341688 |
| 7234673 | 1.500%, 3/1/2041 | 6146751 |
| 270463 | 1.500%, 4/1/2041 | 229456 |
| 6321943 | 1.500%, 5/1/2041 | 5359903 |
| 1544052 | 2.500%, 5/1/2041 | 1391282 |
| 7054287 | 1.500%, 7/1/2041 | 5969512 |
| 933491 | 2.000%, 7/1/2041 | 819215 |
| 8794141 | 2.000%, 9/1/2041 | 7756491 |
| 7116792 | 1.500%, 10/1/2041 | 6003634 |
| 15099504 | 1.500%, 11/1/2041 | 12729042 |
| 3036831 | 1.500%, 11/1/2041 | 2560005 |
| 2572611 | 1.500%, 12/1/2041 | 2167098 |
| 12799530 | 1.500%, 1/1/2042 | 10772327 |
| 1493729 | 1.500%, 1/1/2042 | 1261626 |
| 2736113 | 1.500%, 2/1/2042 | 2322401 |
| 858840 | 1.500%, 3/1/2042 | 725062 |
| 2728203 | 1.500%, 3/1/2042 | 2317627 |
| 4856474 | 1.500%, 3/1/2042 | 4106662 |
| 7221990 | 1.500%, 3/1/2042 | 6102557 |

---

**FPA Flexible Fixed Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |
|  | **AGENCY POOL FIXED RATE (Continued)** |  |
| $4765305 | 1.500%, 3/1/2042 | $4013823 |
| 8894327 | 1.500%, 3/1/2042 | 7502140 |
| 2194504 | 2.000%, 8/1/2042 | 1922805 |
| 7433615 | 2.000%, 8/1/2042 | 6490141 |
| 3083738 | 3.500%, 4/1/2044 | 2926155 |
| 4862169 | 4.000%, 6/1/2045 | 4761850 |
| 10998661 | 4.000%, 3/1/2046 | 10777038 |
| 1039715 | 4.000%, 7/1/2046 | 1017865 |
| 700928 | 4.000%, 7/1/2046 | 678353 |
| 1186625 | 4.000%, 10/1/2046 | 1161583 |
| 659433 | 4.000%, 10/1/2046 | 645945 |
| 996952 | 4.000%, 3/1/2048 | 975135 |
| 5228295 | 4.500%, 1/1/2050 | 5233645 |
| 4612177 | 4.500%, 1/1/2050 | 4617752 |
|  | Freddie Mac Pool |  |
| 9128464 | 1.500%, 11/1/2035 | 8298309 |
| 872142 | 1.500%, 11/1/2035 | 788740 |
| 3300749 | 1.500%, 1/1/2036 | 2990342 |
| 420603 | 1.500%, 4/1/2036 | 381301 |
| 1190374 | 1.000%, 5/1/2036 | 1038849 |
| 694719 | 1.500%, 5/1/2036 | 629803 |
| 1665484 | 1.500%, 6/1/2036 | 1505695 |
| 824991 | 1.000%, 7/1/2036 | 717496 |
| 2944362 | 1.500%, 8/1/2036 | 2668317 |
| 1198297 | 1.000%, 10/1/2036 | 1045619 |
| 2202628 | 1.500%, 10/1/2036 | 1996123 |
| 8491518 | 1.500%, 10/1/2036 | 7698058 |
| 650773 | 1.500%, 11/1/2036 | 589964 |
| 2639094 | 2.000%, 6/1/2040 | 2334705 |
| 582524 | 2.000%, 8/1/2040 | 514700 |
| 350696 | 4.000%, 10/1/2040 | 343781 |
| 10353597 | 1.500%, 11/1/2040 | 8823577 |
| 319149 | 4.000%, 11/1/2040 | 312960 |
| 750359 | 2.000%, 12/1/2040 | 661483 |
| 500008 | 1.500%, 2/1/2041 | 425776 |
| 6503788 | 1.500%, 2/1/2041 | 5524570 |
| 4323222 | 1.500%, 3/1/2041 | 3672719 |
| 17050136 | 1.500%, 3/1/2041 | 14483821 |
| 3793843 | 1.500%, 4/1/2041 | 3217844 |
| 15571246 | 1.500%, 5/1/2041 | 13198993 |
| 12244784 | 1.500%, 6/1/2041 | 10370442 |
| 7354231 | 1.500%, 7/1/2041 | 6222381 |
| 7427527 | 1.500%, 8/1/2041 | 6279027 |

---

**FPA Flexible Fixed Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |
|  | **AGENCY POOL FIXED RATE (Continued)** |  |
| $1004634 | 2.000%, 8/1/2041 | $880660 |
| 4711810 | 1.500%, 9/1/2041 | 3980519 |
| 3234649 | 1.500%, 10/1/2041 | 2728732 |
| 528715 | 1.500%, 11/1/2041 | 448111 |
| 2620567 | 1.500%, 11/1/2041 | 2209203 |
| 8176124 | 1.500%, 12/1/2041 | 6888400 |
| 4500435 | 1.500%, 12/1/2041 | 3820127 |
| 654505 | 1.500%, 1/1/2042 | 553411 |
| 6060114 | 1.500%, 1/1/2042 | 5116491 |
| 4796903 | 1.500%, 4/1/2042 | 4078314 |
| 3961608 | 2.000%, 5/1/2042 | 3468843 |
| 2675850 | 2.000%, 8/1/2042 | 2341713 |
| 2740709 | 2.000%, 8/1/2042 | 2404315 |
| 6572579 | 4.500%, 12/1/2045 | 6580567 |
|  |  | **376739855** |
|  | **AGENCY STRIPPED — 0.0%** |  |
| 19009 | Fannie Mae Interest Strip<br> Series 284, Class 1, 0.000%, 7/25/2027 | **18463** |
|  | **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATION — 6.9%** |  |
|  | GS Mortgage-Backed Securities Trust |  |
| 1620901 | Series 2021-PJ4, Class A8, 2.500%, 9/25/2051<sup>(a),(b)</sup> | 1462353 |
| 6285369 | Series 2021-PJ5, Class A8, 2.500%, 10/25/2051<sup>(a),(b)</sup> | 5664545 |
| 5947319 | Series 2021-PJ6, Class A8, 2.500%, 11/25/2051<sup>(a),(b)</sup> | 5347756 |
| 4050585 | Series 2021-PJ7, Class A8, 2.500%, 1/25/2052<sup>(a),(b)</sup> | 3634530 |
| 1672237 | Series 2021-PJ10, Class A8, 2.500%, 3/25/2052<sup>(a),(b)</sup> | 1497762 |
| 896018 | Series 2022-PJ1, Class A8, 2.500%, 5/28/2052<sup>(a),(b)</sup> | 799814 |
| 6011887 | Series 2022-PJ2, Class A24, 3.000%, 6/25/2052<sup>(a),(b)</sup> | 5501543 |
| 1667282 | Series 2022-PJ3, Class A22, 2.500%, 8/25/2052<sup>(a),(b)</sup> | 1490967 |
| 833291 | Series 2022-PJ3, Class A24, 3.000%, 8/25/2052<sup>(a),(b)</sup> | 761875 |
| 5476615 | Series 2022-PJ4, Class A22, 2.500%, 9/25/2052<sup>(a),(b)</sup> | 4887265 |
| 1108490 | Series 2022-PJ4, Class A24, 3.000%, 9/25/2052<sup>(a),(b)</sup> | 1011759 |
| 12887891 | Series 2022-PJ5, Class A22, 2.500%, 10/25/2052<sup>(a),(b)</sup> | 11460321 |
| 8076104 | Series 2022-PJ6, Class A15, 2.500%, 1/25/2053<sup>(a),(b)</sup> | 7187852 |
|  | J.P. Morgan Mortgage Trust |  |
| 658813 | Series 2021-6, Class A4, 2.500%, 10/25/2051<sup>(a),(b)</sup> | 594946 |
| 3190255 | Series 2021-7, Class A4, 2.500%, 11/25/2051<sup>(a),(b)</sup> | 2878371 |
| 2232502 | Series 2021-10, Class A4A, 2.000%, 12/25/2051<sup>(a),(b)</sup> | 1961674 |
| 6003096 | Series 2021-10, Class A4, 2.500%, 12/25/2051<sup>(a),(b)</sup> | 5391419 |
| 1957069 | Series 2021-8, Class A4, 2.500%, 12/25/2051<sup>(a),(b)</sup> | 1764978 |
| 6866887 | Series 2021-11, Class A4, 2.500%, 1/25/2052<sup>(a),(b)</sup> | 6183394 |
| 9446797 | Series 2021-13, Class A4, 2.500%, 4/25/2052<sup>(a),(b)</sup> | 8525205 |

---

**FPA Flexible Fixed Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |
|  | **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATION (Continued)** |  |
| $1373158 | Series 2021-15, Class A4, 2.500%, 6/25/2052<sup>(a),(b)</sup> | $1230687 |
| 11939385 | Series 2022-1, Class A4, 2.500%, 7/25/2052<sup>(a),(b)</sup> | 10680863 |
| 530583 | Series 2022-3, Class A4A, 2.500%, 8/25/2052<sup>(a),(b)</sup> | 474087 |
| 896450 | Series 2022-4, Class A4, 3.000%, 10/25/2052<sup>(a),(b)</sup> | 819506 |
| 110281 | Series 2022-8, Class A4A, 4.000%, 1/25/2053<sup>(a),(b)</sup> | 105788 |
| 405663 | Series 2024-7, Class A4, 3.000%, 4/25/2053<sup>(a),(b)</sup> | 367517 |
| 3996584 | Series 2024-3, Class A4, 3.000%, 5/25/2054<sup>(a),(b)</sup> | 3650167 |
| 4324151 | Series 2025-1, Class A4, 3.688%, 1/25/2063<sup>(a),(b)</sup> | 4064562 |
|  | OBX Trust |  |
| 395767 | Series 2021-J3, Class A4, 2.500%, 10/25/2051<sup>(a),(b)</sup> | 355985 |
| 6536069 | Series 2022-J1, Class A3, 3.000%, 2/25/2052<sup>(a),(b)</sup> | 5954153 |
| 915387 | Pretium Mortgage Credit Partners LLC<br> Series 2024-RPL1, Class A1, 3.900%, 10/25/2063<sup>(a),(b)</sup> | 882783 |
| 2561000 | Progress Residential Trust<br> Series 2025-SFR6, Class A, 4.000%, 12/17/2042<sup>(a),(b)</sup> | 2494374 |
|  | Sequoia Mortgage Trust |  |
| 2447990 | Series 2021-4, Class A4, 2.500%, 6/25/2051<sup>(a),(b)</sup> | 2203999 |
| 988374 | Series 2021-5, Class A4, 2.500%, 7/25/2051<sup>(a),(b)</sup> | 889278 |
| 2184156 | Series 2021-6, Class A4, 2.500%, 10/25/2051<sup>(a),(b)</sup> | 1956488 |
| 3462007 | Series 2021-9, Class A4, 2.500%, 1/25/2052<sup>(a),(b)</sup> | 3095373 |
| 710451 | Series 2022-1, Class A4, 2.500%, 2/25/2052<sup>(a),(b)</sup> | 634576 |
| 8246539 | Series 2025-S1, Class A4, 2.500%, 9/25/2054<sup>(a),(b)</sup> | 7353109 |
|  | Towd Point Mortgage Trust |  |
| 104782 | Series 2018-2, Class A1, 3.250%, 3/25/2058<sup>(a),(b)</sup> | 103930 |
| 3302920 | Series 2019-4, Class A1, 2.900%, 10/25/2059<sup>(a),(b)</sup> | 3204605 |
| 545605 | Series 2020-4, Class A1, 1.750%, 10/25/2060<sup>(a)</sup> | 502831 |
| 1447668 | Series 2023-1, Class A1, 3.750%, 1/25/2063<sup>(a)</sup> | 1409585 |
|  | Wells Fargo Mortgage Backed Securities |  |
| 989973 | Series 2021-2, Class A3, 2.500%, 6/25/2051<sup>(a),(b)</sup> | 888464 |
| 413721 | Series 2022-1, Class A3, 2.500%, 8/25/2051<sup>(a),(b)</sup> | 369587 |
| 2158787 | Series 2022-2, Class A4, 2.500%, 12/25/2051<sup>(a),(b)</sup> | 1923005 |
|  |  | **133623631** |
|  | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $526,208,577) | **541724942** |
|  | **U.S. TREASURY NOTES & BONDS — 23.6%** |  |
|  | U.S. Treasury Note |  |
| 80491000 | 3.875%, 7/31/2030 | 81094682 |
| 102514000 | 3.625%, 8/31/2030 | 102237725 |
| 42097000 | 3.625%, 9/30/2030 | 41939136 |
| 10896000 | 4.625%, 9/30/2030 | 11324554 |
| 174687000 | 3.625%, 10/31/2030 | 173977334 |

---

**FPA Flexible Fixed Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **U.S. TREASURY NOTES & BONDS (Continued)** |  |
| $47761000 | 3.500%, 11/30/2030 | $47290607 |
|  | **TOTAL U.S. TREASURY NOTES & BONDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $456,528,269) | **457864038** |
|  | **TOTAL BONDS & DEBENTURES** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,652,113,486) | **1686376609** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  |  |
|  | **COMMON STOCKS — 0.2%** |  |
|  | **REAL ESTATE SERVICES — 0.1%** |  |
| 58520 | Copper Property CTL Pass Through Trust<sup>(e)</sup> | **658350** |
|  | **TELECOMMUNICATIONS — 0.0%** |  |
| 11258 | Uniti Group, Inc.\* | **78918** |
|  | **TRANSPORTATION & LOGISTICS — 0.1%** |  |
| 75292 | PHI Group, Inc.<sup>(d),(e)</sup> | **2409344** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,733,607) | **3146612** |
|  | **PREFERRED STOCKS — 0.0%** |  |
|  | **INDUSTRIALS — 0.0%** |  |
| 72 | Uniti Group, Inc. - Series A, 11.000%<sup>(d),(e)</sup> | **71820** |
|  | **TOTAL PREFERRED STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $148,804) | **71820** |
|  | **WARRANTS — 0.0%** |  |
| 2179 | Uniti Group, Inc. , Expiration Date: August 11, 2035<sup>\*,(d),(e)</sup> | 15079 |
|  | **TOTAL WARRANTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $0) | **15079** |
|  | **SHORT-TERM INVESTMENTS — 12.4%** |  |
|  | **MONEY MARKET INVESTMENTS — 0.8%** |  |
| 15012708 | Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class, 3.64%<sup>(j)</sup> | **15012708** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  |  |
|  | **TREASURY BILLS — 11.6%** |  |
|  | U.S. Treasury Bill |  |
| $51444000 | 3.66%, 1/8/2026<sup>(k)</sup> | 51407922 |
| 69734000 | 3.62%, 1/15/2026<sup>(k)</sup> | 69637214 |
| 57691000 | 3.60%, 1/22/2026<sup>(k)</sup> | 57571888 |

---

**FPA Flexible Fixed Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **TREASURY BILLS (Continued)** |  |
| $46331000 | 3.52%, 1/29/2026<sup>(k)</sup> | $46206710 |
|  |  | **224823734** |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $239,836,442) | **239836442** |
|  | **TOTAL INVESTMENTS — 99.5%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,893,832,339) | **1929446562** |
|  | Other Assets in Excess of Liabilities — 0.5% | 9966684 |
|  | **TOTAL NET ASSETS — 100.0%** | $**1939413246** |

---

BDC – Business Development Company

IO – Interest Only

LLC – Limited Liability Company

LP – Limited Partnership

\* Non-income producing security.

<sup>(a)</sup> Security exempt from registration under 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 $498,680,811, which represents 25.71% of Total Net Assets.

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

<sup>(c)</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.

<sup>(d)</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>(e)</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 $18,932,787, which represents 0.98% of Total Net Assets.

<sup>(f)</sup> Security is in default.

<sup>(g)</sup> As of December 31, 2025, 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. See Note 8 of the Notes to Financial Statements for further information on these commitments and contingencies.

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

<sup>(i)</sup> Payment-in-kind interest is generally paid by issuing additional par/shares of the security rather than paying cash.

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

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

 

*See accompanying Notes to Financial Statements.*

**FPA Flexible Fixed Income Fund**

**STATEMENT OF ASSETS AND LIABILITIES**

**As of December 31, 2025** 

---

| | |
|:---|:---|
| **Assets:** | |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at value (cost $1,893,832,339) | $1929446562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | 22924105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | 131737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 1678277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | 9245849 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 43470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 1963470000 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities purchased | 22926363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed | 202964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 630304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 6) | 78053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund services fees | 150160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | 15581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 15577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' deferred compensation (Note 3) | 10913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 10388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 8292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 693 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued other expenses | 7466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 24056754 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commitments and contingencies (Notes 3 and 8) |  |
| **Net Assets** | $**1939413246** |
| **Components of Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital Stock (no par value with an unlimited number of shares authorized) | $1903832077 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated deficit) | 35581169 |
| **Net Assets** | $**1939413246** |
| **Maximum Offering Price per Share:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class Shares:<sup>1</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $3360775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 324312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption price per share | $10.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class Shares: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $1862957213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 179617096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption price per share | $10.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisor Class Shares: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $73095258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 7052488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption price per share | $10.36 |

---

<sup>1</sup> The Investor Class commenced operations on July 1, 2025. The data shown reflects operations for the period July 1, 2025 to December 31, 2025.

 

*See accompanying Notes to Financial Statements.*

**FPA Flexible Fixed Income Fund**

**STATEMENT OF OPERATIONS**

**For the Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **Investment income:** | |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | $77479567 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | 175573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 77655140 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 8095755 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees - Investor Class (Note 6) | 1562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees - Institutional Class (Note 6) | 1121502 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees - Advisor Class (Note 6) | 64589 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund services fees | 620718 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 184750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | 111424 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 58767 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 32569 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance fees | 18120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 16077 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | 8825 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 3327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 10337985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees waived and shareholder servicing fees reimbursed (Note 3 and 6) | (1331221) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 9006764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | 68648376 |
| **Realized and Unrealized Gain (Loss):** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 6710124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) | 6710124 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 36262391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 36262391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 42972515 |
| **Net Increase (Decrease) in Net Assets from Operations** | $**111620891** |

---

 

*See accompanying Notes to Financial Statements.*

**FPA Flexible Fixed Income Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> December 31, 2025** | **For the<br> Year Ended<br> December 31, 2024** |
| **Increase (Decrease) in Net Assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $68648376 | $57167257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments | 6710124 | 305556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 36262391 | 566008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 111620891 | 58038821 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (31424) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (64794783) | (53343853) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | (2983571) | (2840087) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (67809778) | (56183940) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 4645967<sup>1</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 856771446 | 516543240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | 45297587 | 34149517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 31424<sup>1</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 52921359 | 43651502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | 1103278 | 1004808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (1311641)<sup>1</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (338618010) | (220696475) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | (40378436) | (19113261) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 580462974 | 355539331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 624274087 | 357394212 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 1315139159 | 957744947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $1939413246 | $1315139159 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 447667<sup>1</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 83463665 | 51032150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | 4421175 | 3371824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 3030<sup>1</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 5146898 | 4327415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | 107549 | 99631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (126385)<sup>1</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (33054153) | (21836219) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | (3934851) | (1885848) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 56474595 | 35108953 |

---

<sup>1</sup> The Investor Class commenced operations on July 1, 2025. The data shown reflects operations for the period July 1, 2025 to December 31, 2025.

 

*See accompanying Notes to Financial Statements.*

**FPA Flexible Fixed Income Fund**

**FINANCIAL HIGHLIGHTS**

**Investor Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> December 31,<br> 2025<sup>1</sup>** |
| **Net asset value, beginning of period** | $10.27 |
| **Income from Investment Operations:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>2</sup> | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.31 |
| **Less Distributions:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.22) |
| **Net asset value, end of period** | $10.36 |
| **Total return<sup>3</sup>** | 3.03%<sup>4</sup> |
| **Ratios and Supplemental Data:** |  |
| Net assets, end of period (in thousands) | $3361 |
| Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 0.81%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.65%<sup>5</sup> |
| Ratio of net investment income (loss) to average net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 3.80%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 3.96%<sup>5</sup> |
| Portfolio turnover rate | 48%<sup>5</sup> |

---

<sup>1</sup> The Investor Class commenced operations on July 1, 2025. The data shown reflects operations for the period July 1, 2025 to December 31, 2025.

<sup>2</sup> Based on average shares outstanding for the period.

<sup>3</sup> Return is based on net asset value per share, adjusted for reinvestment of distributions, and does not reflect deduction of the sales charge.

<sup>4</sup> Not annualized.

<sup>5</sup> Annualized.

 

*See accompanying Notes to Financial Statements.*

**FPA Flexible Fixed Income Fund**

**FINANCIAL HIGHLIGHTS**

**Institutional Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the<br> Year Ended<br> December 31,** | **For the<br> Year Ended<br> December 31,** | **For the<br> Year Ended<br> December 31,** | **For the<br> Year Ended<br> December 31,** | **For the<br> Year Ended<br> December 31,** |
|  | **2025** | **2024** | **2023** | **2022<sup>1</sup>** | **2021<sup>1</sup>** |
| **Net asset value, beginning of period** | $10.08 | $10.04 | $9.68 | $10.24 | $10.29 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>2</sup> | 0.44 | 0.50 | 0.50 | 0.29 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.28 | 0.02 | 0.34 | (0.57) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.72 | 0.52 | 0.84 | (0.28) | 0.18 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.43) | (0.48) | (0.48) | (0.28) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | - | - | - | - | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.43) | (0.48) | (0.48) | (0.28) | (0.23) |
| **Net asset value, end of period** | $10.37 | $10.08 | $10.04 | $9.68 | $10.24 |
| **Total return<sup>3</sup>** | 7.23% | 5.29% | 9.02% | (2.82)% | 1.77% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $1862957 | $1250081 | $908830 | $684315 | $666786 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 0.63% | 0.62% | 0.63% | 0.67% | 0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.55% | 0.55%<sup>4</sup> | 0.54%<sup>5</sup> | 0.51% | 0.49% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 4.16% | 4.83% | 4.97% | 2.75% | 1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 4.24% | 4.90% | 5.06% | 2.91% | 1.91% |
| Portfolio turnover rate | 48% | 58% | 55% | 31% | 35% |

---

<sup>1</sup> Audits performed for the fiscal years indicated by the Fund's previous auditor, Ernst & Young LLP.

<sup>2</sup> Based on average shares outstanding for the period.

<sup>3</sup> Return is based on net asset value per share, adjusted for reinvestment of distributions, and does not reflect deduction of the sales charge.

<sup>4</sup> Effective May 1, 2024, the Adviser contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (excluding any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses (as determined in accordance with Form N-1A), expenses incurred in connection with any merger or reorganization, and extraordinary expenses such as litigation expenses) do not exceed 0.554% of the average daily net assets. Prior to May 1, 2024, the limit of the annual operating expenses was 0.55%.

<sup>5</sup> Effective May 1, 2023, the Adviser contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (excluding any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses (as determined in accordance with Form N-1A), expenses incurred in connection with any merger or reorganization, and extraordinary expenses such as litigation expenses) do not exceed 0.55% of the average daily net assets. Prior to May 1, 2023, the limit of the annual operating expenses was 0.52%.

 

*See accompanying Notes to Financial Statements.*

**FPA Flexible Fixed Income Fund**

**FINANCIAL HIGHLIGHTS**

**Advisor Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the<br> Year Ended<br> December 31,** | **For the<br> Year Ended<br> December 31,** | **For the<br> Year Ended<br> December 31,** | **For the<br> Year Ended<br> December 31,** | |
|  | **2025** | **2024** | **2023** | **2022<sup>1</sup>** | **For the<br> Period Ended<br> December 31,**<br>**2021<sup>12</sup>** |
| **Net asset value, beginning of period** | $10.07 | $10.04 | $9.68 | $10.24 | $10.32 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>3</sup> | 0.43 | 0.49 | 0.49 | 0.34 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.28 | 0.02 | 0.34 | (0.63) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.71 | 0.51 | 0.83 | (0.29) | 0.08 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.42) | (0.48) | (0.47) | (0.27) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | - | - | - | - | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.42) | (0.48) | (0.47) | (0.27) | (0.16) |
| **Net asset value, end of period** | $10.36 | $10.07 | $10.04 | $9.68 | $10.24 |
| **Total return<sup>4</sup>** | 7.22% | 5.16% | 8.86% | (2.79)% | 0.85% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $73095 | $65058 | $48915 | $1083 | $32 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 0.65% | 0.65% | 0.68% | 0.70% | 3.06%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.60% | 0.60%<sup>6</sup> | 0.59%<sup>7</sup> | 0.56% | 0.59%<sup>5</sup> |
| Ratio of net investment income to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 4.16% | 4.80% | 4.93% | 3.32% | (0.69)%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 4.21% | 4.85% | 5.02% | 3.45% | 1.79%<sup>5</sup> |
| Portfolio turnover rate | 48% | 58% | 55% | 31% | 35%<sup>5</sup> |

---

<sup>1</sup> Audits performed for the fiscal years indicated by the Fund's previous auditor, Ernst & Young LLP.

<sup>2</sup> The Advisor Class commenced operations on April 16, 2021. The data shown reflects operations for the period April 16, 2021 to December 31, 2021.

<sup>3</sup> Based on average shares outstanding for the period.

<sup>4</sup> Return is based on net asset value per share, adjusted for reinvestment of distributions, and does not reflect deduction of the sales charge.

<sup>5</sup> Annualized.

<sup>6</sup> Effective May 1, 2024, the Adviser contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (excluding any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses (as determined in accordance with Form N-1A), expenses incurred in connection with any merger or reorganization, and extraordinary expenses such as litigation expenses) do not exceed 0.604% of the average daily net assets. Prior to May 1, 2024, the limit of the annual operating expenses was 0.60%.

<sup>7</sup> Effective May 1, 2023, the Adviser contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (excluding any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses (as determined in accordance with Form N-1A), expenses incurred in connection with any merger or reorganization, and extraordinary expenses such as litigation expenses) do not exceed 0.60% of the average daily net assets. Prior to May 1, 2023, the limit of the annual operating expenses was 0.57%.

 

*See accompanying Notes to Financial Statements.*

**FPA Flexible Fixed Income Fund**

**NOTES TO FINANCIAL STATEMENTS**

**December 31, 2025** 

**Note 1 – Organization**

FPA Flexible Fixed Income Fund (the "Fund"), is a diversified series of Investment Managers Series Trust III (the "Trust") which is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund's primary investment objective is to seek long-term total return, which includes income and capital appreciation, while considering capital preservation. First Pacific Advisors, LP (the "Adviser") has served as the Fund's investment adviser since December 31, 2018.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 "Financial Services— Investment Companies".

The Fund is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of the Fund is used by the Adviser to make investment decisions, and the results of the operations, as shown on the Statements of Operations and the financial highlights for the Fund is the information utilized for the day-to-day management of the Fund. The Fund is party to the expense agreements as disclosed in the Notes to the Financial Statements and there are no resources allocated to a Fund based on performance measurements. The management of the Fund's Adviser is deemed to be the Chief Operating Decision Maker with respect to the Fund's investment decisions.

**Note 2 – Accounting Policies**

The following is a summary of the significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from these estimates.

 ****

**(a) Valuation of Investments**

The Fund values equity securities at the last reported sale price on the principal exchange or in the principal over the counter ("OTC") market in which such securities are traded, as of the close of regular trading on the NYSE on the day the securities are being valued or, if the last-quoted sales price is not readily available, the securities will be valued at the last bid or the mean between the last available bid and ask price. Securities traded on the NASDAQ are valued at the NASDAQ Official Closing Price ("NOCP"). Investments in open-end investment companies are valued at the daily closing net asset value of the respective investment company. Debt securities are valued by utilizing a price supplied by independent pricing service providers. The independent pricing service providers may use various valuation methodologies including matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. These models generally consider such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings and general market conditions. If a price is not readily available for a portfolio security, the security will be valued at fair value (the amount which the Fund might reasonably expect to receive for the security upon its current sale). The Board of Trustees has designated the Adviser as the Fund's valuation designee (the "Valuation Designee") to make all fair value determinations with respect to the Fund's portfolio investments, subject to the Board's oversight. As the Valuation Designee, the Adviser has adopted and implemented policies and procedures to be followed when the Fund must utilize fair value pricing.

**(b) Investment Transactions, Investment Income and Expenses**

Investment transactions are accounted for on the trade date. Realized gains and losses on investments are determined on the identified cost basis. Dividend income is recorded net of applicable withholding taxes on the ex-dividend date and interest income is recorded on an accrual basis. Withholding taxes on foreign dividends, if applicable, are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country's tax rules and rates and are disclosed in the Statement of Operations. Withholding tax reclaims are filed in certain countries to recover a portion of the amounts previously withheld. The Fund records a reclaim receivable based on a number of factors, including a jurisdiction's legal obligation to pay reclaims as well as payment history and market convention. Discounts on debt securities are accreted or amortized to interest income over the lives of the respective securities using the effective interest method. Premiums for callable debt securities are amortized to the earliest call date if the call price was less than the purchase price. If the call price was not at par and the security was not called, the security is amortized to the next call price and date. Income and expenses of the Fund are allocated on a pro rata basis to each class of shares relative net assets, except for distribution and service fees which are unique to each class of shares relative net assets. Expenses incurred by the Trust with respect to more than one fund are allocated in proportion to the net assets of each fund except where allocation of direct expenses to each fund or an alternative allocation method can be more appropriately made.

**FPA Flexible Fixed Income Fund**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025** 

**(c) Mortgage-Backed Securities**

The Fund may invest in mortgage-backed securities ("MBS"), representing direct or indirect interests in pools of underlying residential or commercial mortgage loans that are secured by real property. These securities provide investors with payments consisting of both principal and interest as the mortgages in the underlying mortgage pools are paid.

The timely payment of principal and interest (but not the market value) on MBS issued or guaranteed by Ginnie Mae (formally known as the Government National Mortgage Association or GNMA) is backed by Ginnie Mae and the full faith and credit of the US government. Obligations issued by Fannie Mae (formally known as the Federal National Mortgage Association or FNMA) and Freddie Mac (formally known as the Federal Home Loan Mortgage Corporation or FHLMC) are historically supported only by the credit of the issuer, but currently are guaranteed by the US government in connection with such agencies being placed temporarily into conservatorship by the US government.

Some MBS are sponsored or issued by private entities. Payments of principal and interest (but not the market value) of such private MBS may be supported by pools of residential or commercial mortgage loans or other MBS that are guaranteed, directly or indirectly, by the US government or one of its agencies or instrumentalities, or they may be issued without any government guarantee of the underlying mortgage assets but may contain some form of non-government credit enhancement.

Collateralized mortgage obligations ("CMO") are a type of MBS. A CMO is a debt security that may be collateralized by whole mortgage loans or mortgage pass-through securities. The mortgage loans or mortgage pass-through securities are divided into classes or tranches with each class having its own characteristics. Investors typically receive payments out of the interest and principal on the underlying mortgages. The portions of these payments that investors receive, as well as the priority of their rights to receive payments, are determined by the specific terms of the CMO class.

The yield characteristics of MBS differ from those of traditional debt securities. Among the major differences are that interest and principal payments are made more frequently, usually monthly, and that principal may be prepaid at any time because the underlying mortgage loans or other obligations generally may be prepaid at any time. Prepayments on a pool of mortgage loans are influenced by a variety of economic, geographic, social and other factors. Generally, prepayments on fixed-rate mortgage loans will increase during a period of falling interest rates and decrease during a period of rising interest rates. Certain classes of CMOs and other MBS are structured in a manner that makes them extremely sensitive to changes in prepayment rates.

**(d) Asset-Backed Securities**

Asset-backed securities include pools of mortgages, loans, receivables or other assets. Payment of principal and interest may be largely dependent upon the cash flows generated by the assets backing the securities, and, in certain cases, supported by letters of credit, surety bonds, or other credit enhancements. The value of asset-backed securities may also be affected by the creditworthiness of the servicing agent for the pool, the originator of the loans or receivables, or the financial institution(s) providing the credit support. In addition, asset-backed securities are not backed by any governmental agency.

**FPA Flexible Fixed Income Fund**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025** 

Collateralized Debt Obligations ("CDOs") include Collateralized Bond Obligations ("CBOs"), Collateralized Loan Obligations ("CLOs") and other similarly structured securities. CBOs and CLOs are types of asset backed securities. A CBO is a trust which is backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which a Fund invests. CDOs carry additional risks including, but not limited to, (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments, (ii) the collateral may decline in value or default, (iii) a Fund may invest in CDOs that are subordinate to other classes, and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

**(e) Stripped Mortgage-Backed Interest Only ("I/O") and Principal Only ("P/O") Securities**

Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. In certain cases, one class will receive all of the interest payments on the underlying mortgages (the I/O class), while the other class will receive all of the principal payments (the P/O class). The Fund currently has investments in I/O securities. The yield to maturity on I/Os is sensitive to the rate of principal repayments (including prepayments) on the related underlying mortgage assets, and principal payments may have a material effect on yield-to-maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, a Fund may not fully recoup its initial investment in I/Os.

**(f) Credit Risk**

Debt securities are subject to credit risk, meaning that the issuer of the debt security may default or fail to make timely payments of principal or interest. The values of any of the Fund's investments may also decline in response to events affecting the issuer or its credit rating. The lower rated debt securities in which the Fund may invest are considered speculative and are generally subject to greater volatility and risk of loss than investment grade securities, particularly in deteriorating economic conditions. The Fund invests a significant portion of its assets in securities of issuers that hold mortgage-and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities is sensitive to changes in economic conditions, including delinquencies and/or defaults. Continuing shifts in the market's perception of credit quality on securities backed by commercial and residential mortgage loans and other financial assets may result in increased volatility of market price and periods of illiquidity that can negatively impact the valuation of certain securities held by the Fund.

**(g) Currency Translation**

Assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at year-end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

**FPA Flexible Fixed Income Fund**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025** 

**(h) Illiquid Securities**

Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted a Liquidity Risk Management Program ("LRMP") that requires, among other things, that the Fund limits its illiquid investments that are assets to no more than 15% of net assets. An illiquid investment is any security which may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. If the Adviser, at any time determines that the value of illiquid securities held by the Fund exceeds 15% of its net asset value, the Adviser will take such steps as it considers appropriate to reduce them as soon as reasonably practicable in accordance with the Fund's written LRMP.

**(i) Use of Estimates**

The presentation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

**(j) Federal Income Taxes**

The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of their net investment income and any net realized gains to their shareholders. Therefore, no provision is made for federal income or excise taxes. Due to the timing of dividend distributions and the differences in accounting for income and realized gains and losses for financial statement and federal income tax purposes, the fiscal year in which amounts are distributed may differ from the year in which the income and realized gains and losses are recorded by the Fund.

*Accounting for Uncertainty in Income Taxes* (the "Income Tax Statement") requires an evaluation of tax positions taken (or expected to be taken) in the course of preparing a Fund's tax returns to determine whether these positions meet a "more-likely-than-not" standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the "more-likely-than-not" recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations.

The Income Tax Statement requires management of the Fund to analyze tax positions taken in the prior three open tax years, if any, and tax positions expected to be taken in the Fund's current tax year, as defined by the IRS statute of limitations for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of December 31, 2025, and during the prior three open tax years, the Fund did not have a liability for any unrecognized tax benefits. The Fund has no examinations in progress and is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

**(k) Distributions to Shareholders**

The Fund will make distributions of net investment income monthly and net capital gains, if any, at least annually. Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

**FPA Flexible Fixed Income Fund**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025** 

The character of distributions made during the year from net investment income or net realized gains may differ from the characterization for federal income tax purposes due to differences in the recognition of income, expense and gain (loss) items for financial statement and tax purposes.

**Note 3 – Investment Advisory and Other Agreements**

The Trust, on behalf of the Fund, entered into an Investment Advisory Agreement (the "Agreement") with the Adviser. Under the terms of the Agreement, the Fund pays a monthly investment advisory fee to the Adviser at the annual rate of 0.50% of the Fund's average daily net assets. In addition, the Adviser has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (excluding interest, taxes, brokerage fees and commissions payable by the Fund in connection with the purchase or sale of portfolio securities, redemption liquidity service expenses, and extraordinary expenses, including litigation expenses not incurred in the Fund's ordinary course of business) do not exceed 0.604%, 0.554%, and 0.654% of the Fund's average daily net assets for the one-year period ending June 30, 2026, for the Advisor Class, Institutional Class, and Investor Class, respectively.

For the year ended December 31, 2025, the Adviser waived a portion of its advisory fees totaling $180,494 for the Fund. Any expenses reimbursed to the Fund by the Adviser during any of the previous 36 months may be recouped by the Adviser, provided the Fund's Total Annual Fund Operating Expenses do not exceed 0.64% of the average net assets of the Fund attributable to the Institutional Class, 0.74% of the average net assets of the Fund attributable to the Advisor Class, and 0.79% of the average net assets of the Fund attributable to the Investor Class for any subsequent calendar year, regardless of whether there is a then-effective higher expense limit. This agreement may only be terminated earlier by the Fund's Board of Trustees or upon termination of the Advisory Agreement. The potential recoverable amount is noted as "Commitments and contingencies" as reported on the Statement of Assets and Liabilities. The Adviser may recapture all or a portion of this amount no later than dates stated below:

---

| | |
|:---|:---|
| December 31, 2026 | $774947 |
| December 31, 2027 | 802310 |
| December 31, 2028 | 1331221 |
| &nbsp;&nbsp;&nbsp;Total | $2908478 |

---

UMB Fund Services, Inc. ("UMBFS") serves as the Fund's fund accountant, transfer agent and co-administrator; and Mutual Fund Administration, LLC ("MFAC") serves as the Fund's other co-administrator. UMB Bank, n.a., an affiliate of UMBFS, serves as the Fund's custodian. The Fund's allocated fees incurred for fund accounting, fund administration, transfer agency and custody services for the year ended December 31, 2025, are reported as fund services fees on the Statement of Operations.

Distribution Services, LLC serves as the Fund's distributor (the "Distributor"). The Distributor does not receive compensation from the Fund for its distribution services; the Adviser pays the Distributor a fee for its distribution-related services.

Certain trustees and officers of the Trust are employees of UMBFS, MFAC or the Adviser. The Fund does not compensate trustees and officers affiliated with the Fund's Adviser or co-administrators. For the year ended December 31, 2025, the Fund's allocated fees incurred to Trustees of the Trust who are not "interested persons" of the Trust, as that term is defined in the 1940 Act (collectively, the "Independent Trustees") are reported on the Statement of Operations.

**FPA Flexible Fixed Income Fund**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025** 

The Fund's Board of Trustees has adopted a Deferred Compensation Plan (the "Plan") for the Independent Trustees that enables Trustees to elect to receive payment in cash or the option to defer some or all of their fees. If a trustee elects to defer payment, the Plan provides for the creation of a deferred payment account. A Trustee's deferred fees are deemed to be invested in designated mutual funds available under the Plan. The Fund's liability for these amounts is adjusted for market value changes in the invested fund and remains a liability to the Fund until distributed in accordance with the Plan. The Trustees Deferred compensation liability under the Plan constitutes a general unsecured obligation of the Fund and is disclosed in the Statement of Assets and Liabilities. Contributions made under the plan and the change in unrealized appreciation/depreciation and income are included in the Trustees' fees and expenses in the Statement of Operations.

Dziura Compliance Consulting, LLC provides Chief Compliance Officer ("CCO") services to the Trust. The Fund's allocated fees incurred for CCO services for the year ended December 31, 2025 are reported on the Statement of Operations.

**Note 4 – Federal Income Taxes**

At December 31, 2025, gross unrealized appreciation/(depreciation) of investments, based on cost for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Cost of investments | $1893042392 |
| Gross unrealized appreciation | $38454891 |
| Gross unrealized depreciation | (2050721) |
| Net unrealized appreciation/(depreciation) | $36404170 |

---

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses in security transactions.

GAAP requires that certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended December 31, 2025, permanent differences in book and tax have been reclassified to paid-in capital and total distributable earnings/(deficit) as follows:

---

| | |
|:---|:---|
| Increase (Decrease) | Increase (Decrease) |
| Paid-in Capital | Total distributable earnings/(deficit) |
| $- | $- |

---

As of December 31, 2025, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | $650420 |
| Undistributed long-term capital gains | - |
| Tax accumulated earnings | 650420 |
| Accumulated capital and other losses | (1462508) |
| Unrealized appreciation/(depreciation) on investments | 36404170 |
| Deferred compensation | (10913) |
| Total accumulated earnings/(deficit) | $35581169 |

---

**FPA Flexible Fixed Income Fund**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025** 

The tax character of distributions paid during the fiscal years ended December 31, 2025 and December 31, 2024, were as follows:

---

| | | |
|:---|:---|:---|
|  | 2025 | 2024 |
| Distributions paid from: |  |  |
| &nbsp;&nbsp;Ordinary income | $67809778 | $56183940 |
| &nbsp;&nbsp;Net long-term capital gains | - | - |
| Total distributions paid | $67809778 | $56183940 |

---

As of December 31, 2025, the Fund had non-expiring capital loss carryforwards as follows:

---

| | |
|:---|:---|
|  | 2025 |
| &nbsp;&nbsp;Short-term | $- |
| &nbsp;&nbsp;Long-term | 1455360 |
| Total capital loss carryforwards | $1455360 |

---

During the tax year ended December 31, 2025, the Fund utilized $3,396,799 of short-term and $4,754,583 of long-term non-expiring capital loss carryforwards, respectively.

**Note 5 – Investment Transactions**

For the year ended December 31, 2025, purchases and sales of investments, excluding short-term investments, were $1,119,723,132 and $713,699,104, respectively.

**Note 6 – Shareholder Servicing Plan**

Pursuant to the Shareholder Service Plan adopted by the Board, on behalf of the Fund, the Fund may pay a fee at an annual rate of up to 0.10%, 0.15%, and 0.25% of its average daily net assets attributable to Institutional Class, Advisor Class, and Investor Class shares, respectively. The Fund does not pay these service fees on shares purchased directly. In addition, the Adviser may, at its own expense, pay financial representatives and/or shareholder servicing agents for these services. For the year ended December 31, 2025, the Adviser reimbursed shareholder servicing fees of $1,121,503, $28,297, and $927 for the Institutional Class, Advisor Class, and Investor Class shares, respectively.

**Note 7 – Indemnifications**

In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund expects the risk of loss to be remote.

**Note 8 – Commitments and Contingencies**

The Fund may enter into unfunded loan commitments. Unfunded loan commitments may be partially or wholly unfunded. During the contractual period, the Fund is obliged to provide funding to the borrower upon demand. Unfunded loan commitments are fair valued in accordance with the valuation policy described in Note 2(a) and unrealized appreciation or depreciation, if any, is recorded on the Statement of Assets and Liabilities. As of December 31, 2025, the total unfunded amount was 0.02% of the Fund's net assets.

**FPA Flexible Fixed Income Fund**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025** 

As of December 31, 2025, the Fund had the following unfunded loan commitments outstanding:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Loan** | **Principal** | **Cost** | **Value** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** | **Unfunded<br> Commitment** |
| Lealand Finance Super Senior Exit LC | $341263 | $(356) | $(40952) | $(40596) | $341263 |

---

**Note 9 – Fair Value Measurements and Disclosure**

*Fair Value Measurements and Disclosures* defines fair value, establishes a framework for measuring fair value in accordance with GAAP, and expands disclosure about fair value measurements. It also provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or a liability, when a transaction is not orderly, and how that information must be incorporated into a fair value measurement.

Under *Fair Value Measurements and Disclosures*, various inputs are used in determining the value of the Fund's investments. These inputs are summarized into three broad Levels as described below:

● Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

● Level 2 – Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

● Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest Level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the inputs used, as of December 31, 2025, in valuing the Fund's assets carried at fair value:

**FPA Flexible Fixed Income Fund**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auto | $- | $66120969 | $- | $66120969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateralized Loan Obligation |  | 40198949 |  | 40198949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equipment |  | 151480318 |  | 151480318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other |  | 119520775 |  | 119520775 |
| Commercial Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agency |  | 159877097 |  | 159877097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agency Stripped |  | 853171 |  | 853171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Agency |  | 87929806 |  | 87929806 |
| Corporate Bank Debt |  | 2785294 | 1811587 | 4596881 |
| Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communications |  | 12854628 |  | 12, 854628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary |  | 7718352 |  | 7718352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials |  | 24455370 | 10201000 | 34656370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care |  | 980313 |  | 980313 |
| Residential Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agency Collateralized Mortgage Obligation |  | 12047695 |  | 12047695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agency Pool Adjustable Rate |  | 19295298 |  | 19, 295298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agency Pool Fixed Rate |  | 376739855 |  | 376739855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agency Stripped |  | 18463 |  | 18463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Agency Collateralized Mortgage Obligation |  | 133623631 |  | 133623631 |
| U.S. Treasury Notes & Bonds |  | 457864038 |  | 457864038 |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate Services | 658350 |  |  | 658350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telecommunications | 78918 |  |  | 78918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transportation & Logistics |  |  | 2409344 | 2409344 |
| Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Industrials |  |  | 71820 | 71820 |
| Warrants |  |  | 15079 | 15079 |
| Short-Term Investments | 15012708 | 224823734 | - | 239836442 |
|  | $15749976 | $1899187756 | $14508830 | $1929446562 |

---

The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining value:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Beginning<br> value at<br> December 31,<br> 2024** | **Transfers<br> In/(out) of<br> Level 3<br> during the<br> period** | **Total<br> Realized<br> gain/loss** | **Total Change<br> in unrealized<br> appreciation/<br> depreciation** | **Amortization of<br> Discount<br> (Amortization of<br> Premium)** | **Net<br> Purchases** | **Net Sales** | **Ending Value at<br> December 31,<br> 2025** |
| Common Stocks | $1725371 | $- | $- | $1056754 | $(46005) | $- | $(326776) | $2409344 |
| Corporate Bank Debt | 1638579 |  | (57100) | 248743 | 1788 | 408 | (20831) | 1811587 |
| Corporate Bonds | 10201000 |  |  |  |  |  |  | 10201000 |
| Preferred Stocks |  |  |  | (76984) |  | 148804 |  | 71820 |
| Warrants | - | - | - | 15079 | - | - | - | 15079 |
|  | $13564950 | $- | $(57100) | $1243592 | $(44217) | $149212 | $(347607) | $14508830 |

---

**FPA Flexible Fixed Income Fund**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025** 

The change in unrealized gains or losses attributable to Level 3 investments held at December 31, 2025 was $1,026,114.

Transfers of investments between different levels of the fair value hierarchy are recorded at fair value as of the end of the reporting period. Transfers into Level 3 were due to change in valuation technique from vendor priced to fair valued.

The following table presents additional quantitative information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of December 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Financial Assets | Fair Value at<br> December<br> 31, 2025 | Unobservable<br> Inputs | Price/Range | Weighted<br> Average<br> Price | Impact to Valuation From an<br> Increase in Input<sup>(1)</sup> |
| Corporate Bank Debt | $1841994 Third-Party Broker Quote<sup>(2)</sup> | Quotes/Prices | $100.75 | $100.75 | Increase |
|  | (30453) Pricing Model<sup>(3)</sup> | Quotes/Prices | &nbsp;&nbsp;&nbsp;&nbsp;$77.00 - $88.00 | $85.76 | Increase |
|  | 47 Asset Approach<sup>(4)</sup> | Estimated Recovery Proceeds | $0.01 | $0.01 | Increase |
| Common Stocks | 2409344 Pricing Model<sup>(5)</sup> | Last Reported Trade | $32.00 | $32.00 | Increase |
| Corporate Bonds & Notes | 10201000 Pricing Model<sup>(6)</sup> | Cost | $100.00 | $100.00 | Increase |
| Preferred Stocks | 71820 Pricing Model<sup>(6)</sup> | Cost | $1000.00 | $1000.00 | Increase |
| Warrants | 15079 Pricing Model<sup>(7)</sup> | Quoted Price of Underlying Common Stock | $6.92 | $6.92 | Increase |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) This column represents the directional change in the fair value of the Level 3 investments that would result
 from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The Third Party Broker Quote technique involves obtaining an independent third-party broker quote for the
 security.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The Pricing Model technique for Level 3 securities involves recently quoted funding prices of the security.

&nbsp;&nbsp;&nbsp;&nbsp;(4) The Asset Approach technique for Level 3 securities involves the potential of likelihood of future bankruptcy
 distributions.

&nbsp;&nbsp;&nbsp;&nbsp;(5) The Pricing Model technique for Level 3 securities involves the last reported trade in the security.

&nbsp;&nbsp;&nbsp;&nbsp;(6) The fair value of the investment is based on the initial purchase price or more recent capital activity. If
 the financial condition of the underlying assets were to deteriorate, or if the market comparables were to fall, the value of the investment
 could be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(7) The fair value of the investment is based on yield-to-maturity values that are comparable to other similar
 fixed-income instruments at similar price levels, which are not congruent with vendor quoted prices for the security.

**FPA Flexible Fixed Income Fund**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025** 

**Note 10 – Restricted Securities**

Restricted securities include securities that have not been registered under the Securities Act of 1933, as amended, and securities that are subject to restrictions on resale. The Fund may invest in restricted securities that are consistent with the Fund's investment objective and investment strategies. Investments in restricted securities are valued at net asset value as a practical expedient for fair value, or fair value as determined in good faith in accordance with procedures adopted by the Board. It is possible that the estimated value may differ significantly from the amount that might ultimately be realized in the near term, and the difference could be material.

As of December 31, 2025, the Fund invested in the following restricted securities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted Security** | **Initial**<br> **Acquisition<br> Date** | **Cost** | **Fair Value** | **Fair Value as a<br> % of Net<br> Assets** |
| Apollo Debt Solutions BDC Senior Notes, 8.620%, 9/28/2028 | 8/10/2023 | $3644000 | $3644000 | 0.19% |
| Capstone Acquisition Holdings, Inc. Term Loan, 8.316% (1-Month Term SOFR+460 basis points), 11/12/2029 | 11/12/2020 | 1818540 | 1841994 | 0.10% |
| Copper Property CTL Pass Through Trust | 1/17/2019 | 939850 | 658350 | 0.04% |
| Heartland Dental LLC/Heartland Dental Finance Corp., 10.500% (1-Month Term SOFR+500 basis points), 4/30/2028 | 5/25/2023 | 923387 | 980313 | 0.05% |
| Hlend Senior Notes, 8.170%, 3/15/2028 | 2/16/2023 | 5000000 | 5000000 | 0.26% |
| JC Penney Corp., Inc., 5.568% (3-Month USD Libor+425 basis points), 6/23/2027 | 2/3/2021 |  | 46 | 0.00% |
| Lealand Finance Company B.V. Senior Exit LC, 3.500%, 6/30/2027 | 2/28/2020 | (357) | (40952) | 0.00% |
| McDermott Technology Americas, Inc., 7.830% (1-Month Term SOFR+400 basis points), 12/31/2027 | 3/25/2024 | 8075 | 10499 | 0.00% |
| OCREDIT BDC Senior Notes, 7.770%, 3/07/2029 | 2/22/2024 | 1557000 | 1557000 | 0.08% |
| PHI Group, Inc. | 8/19/2019 | 615785 | 2409344 | 0.12% |
| Uniti Group, Inc. | 11/16/2020 |  | 15079 | 0.00% |
| Uniti Group, Inc. - Series A | 11/16/2020 | 148804 | 71820 | 0.00% |
| WH Borrower LLC, Term Loan B, 8.734% (3-Month Term SOFR+450 basis points), 2/20/2032 | 2/9/2022 | 2762170 | 2785294 | 0.14% |
|  |  | $17417254 | $18932787 | 0.98% |

---

**Note 11 – Market Disruption and Geopolitical Risks**

Certain local, regional or global events such as war, acts of terrorism, the spread of infectious illness and/or other public health issues, financial institution instability or other events may have a significant impact on a security or instrument. These types of events and other like them are collectively referred to as "Market Disruptions and Geopolitical Risks" and they may have adverse impacts on the worldwide economy, as well as the economies of individual countries, the financial health of individual companies and the market in general in significant and unforeseen ways. Some of the impacts noted in recent times include but are not limited to embargos, political actions, supply chain disruptions, tariffs, bank failures, restrictions to investment and/or monetary movement including the forced selling of securities or the inability to participate impacted markets. The duration of these events could adversely affect the Funds' performance, the performance of the securities in which the Funds invest and may lead to losses on your investment. The ultimate impact of "Market Disruptions and Geopolitical Risks" on the financial performance of the Funds' investments is not reasonably estimable at this time. Management is actively monitoring these events.

**FPA Flexible Fixed Income Fund**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025** 

**Note 12 – New Accounting Pronouncements**

In the reporting period, the Funds adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure income taxes paid disaggregated by jurisdiction. Adoption of the new standard did not materially impact financial statement disclosures and did not affect the Fund's financial position or the results of its operations.

**Note 13 – Events Subsequent to the Fiscal Period End**

The Fund has adopted financial reporting rules regarding subsequent events which require an entity to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the balance sheet. Management has evaluated the Fund's related events and transactions that occurred through the date of issuance of the Fund's financial statements.

There were no events or transactions that occurred during this period that materially impacted the amounts or disclosures in the Fund's financial statements.

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**To the Board of Trustees**

**and the Shareholders of the FPA Flexible Fixed Income Fund**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of the FPA Flexible Fixed Income Fund (the "Fund"), a series of Investment Managers Series Trust III, including the schedule of investments, as of December 31, 2025, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and financial highlights for each of the three years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The financial highlights for each of the two years in the period ended December 31, 2022, were audited by other auditors, whose report dated March 1, 2023 expressed unqualified opinions on those financial highlights.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of the Fund since 2023.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, agent banks, brokers, and others or by other appropriate auditing procedures where replies were not received. We believe that our audits provide a reasonable basis for our opinion.

**TAIT, WELLER & BAKER LLP**

**Philadelphia, Pennsylvania**

**February 27, 2026** 

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.</u>**

Not Applicable.

**<u>Item 9. Proxy Disclosures for Open-End Management Investment Companies</u>.**

Not Applicable.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.</u>**

This information is included in Item 7, as part of the financial statements.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

Not Applicable.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

 

Not applicable to open-end investment companies.

 

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

The registrant has not made any material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees.

**<u>Item 16. Controls and Procedures.</u>**

(a) The Registrant's Principal Executive Officer and Principal Financial Officer have reviewed the Registrant's
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of
 a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under
 the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are
 effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported
 and made known to them by others within the Registrant and by the Registrant's service provider.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially
 affect, the Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

(a) Not Applicable.

(b) Not Applicable.

**<u>Item 19. Exhibits.</u>**

[(a)](https://www.sec.gov/Archives/edgar/data/924727/000110465923030705/tm232459d1_ex99-codeeth.htm) [(1) *Any code of ethics or amendment thereto, that is subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Incorporated by reference to the Registrant's Form N-CSR filed March 10, 2023.](https://www.sec.gov/Archives/edgar/data/924727/000110465923030705/tm232459d1_ex99-codeeth.htm)

(a) (2) *Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Instruction to paragraph (a)(2).* Not Applicable.

[(a) (3) A separate certification for each principal executive and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)). Filed herewith.](fp0097171-1_ex99cert.htm)

(a) (4) Not Applicable

(a) (5) Not Applicable

[*(b)*](fp0097171-1_ex99906cert.htm) [*Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](fp0097171-1_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | Investment Managers Series Trust III |
| By (Signature and Title) | /s/ Maureen Quill |
|  | Maureen Quill, President and Principal Executive Officer |
| Date | 3/9/2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Maureen Quill |
|  | Maureen Quill, President and Principal Executive Officer |
| Date | 3/9/2026 |
| By (Signature and Title) | /s/ Rita Dam |
|  | Rita Dam, Treasurer and Principal Financial Officer |
| Date | 3/9/2026 |

---

## Ex-99.Cert

EX.99.CERT

**<u>CERTIFICATIONS</u>**

I, **Maureen Quill**, certify that:

1. I have reviewed this report on Form N-CSR of  **<u>FPA Funds,</u>** each a series of Investment Managers
Series Trust III (the "Trust");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrants' ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 3/9/2026 | /s/ Maureen Quill |
|  |  | Maureen Quill<br> President and Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, **Rita Dam**, certify that:

1. I have reviewed this report on Form N-CSR of  **<u>FPA Funds,</u>** each a series of Investment Managers
Series Trust III (the "Trust");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 3/9/2026 | /s/ Rita Dam |
|  |  | Rita Dam<br> Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

EX.99.906CERT

**Certification of CEO and CFO Pursuant to**

**18 U.S.C. Section 1350, as Adopted Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002**

In connection with the report on Form N-CSR of **<u>FPA Funds, each</u>** a series of Investment Managers Series Trust III (the "Trust"), for the year ended **December 31, 2025** (the "Report"), Maureen Quill, as President and Principal Executive Officer of the Trust, and Rita Dam, as Treasurer and Principal Financial Officer of the Trust, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his or her knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Report fully complies with the
requirements of Section 13 (a) or 15 (d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the information contained in the
Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date | 3/9/2026 |
| /s/ Maureen Quill | /s/ Maureen Quill |
| Maureen Quill | Maureen Quill |
| President and Principal Executive Officer | President and Principal Executive Officer |
| /s/ Rita Dam | /s/ Rita Dam |
| Rita Dam | Rita Dam |
| Treasurer and Principal Financial Officer | Treasurer and Principal Financial Officer |

---

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Investment Managers Series Trust III for purposes of Section 18 of the Securities Exchange Act of 1934.