# EDGAR Filing Document

**Accession Number:** 0000924727
**File Stem:** 0001145549-25-054772
**Filing Date:** 2025-8
**Character Count:** 60954
**Document Hash:** da736c81c74e9c3ab9c9edda2707be5d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-054772.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001145549-25-054772

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08544
- **FILM NUMBER:** 251264595

**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           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53212

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 2025-12-31

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $11261193231.27

**Total Liabilities:** $121067451.69

**Net Assets:** $11140125779.58

**Assets Attributable to Miscellaneous Securities:** $213692281.22

**Cash Not Reported:** $44674132.59

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 12352.773656491000 | **1-Year:** 0.000000000000 | **5-Year:** 0.000000000000 | **10-Year:** 228.781011871539 | **30-Year:** 2.261396888461

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

- **3-Month:** 79.410301443232 | **1-Year:** 1692.652173086494 | **5-Year:** 7735.516264408911 | **10-Year:** 644.148536505933 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000025975 | 0.07%                | 4.21%                | 3.90%                |
| Class ID C000221940 | 0.07%                | 4.23%                | 3.91%                |
| Class ID C000249813 | 0.05%                | 4.24%                | 3.88%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $31588616.59             | $-46098522.79                              |
| Month 2  | $51827152.06             | $361257873.14                              |
| Month 3  | $90606363.14             | $312237660.66                              |

### Schedule of Portfolio Investments

| Name                                           | Title                                             | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |    Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Nintendo Co Ltd                                | Nintendo Co., Ltd.                                | CUSIP: 999999999<br>LEI: 353800FEEXU6I9M0ZF27 | Long             | EC               | CORP              | JP        |    1388280 | NS      | $133316307.15 | 1.20%             |  |  |  | No            | 2                  | On Loan: No      |
| CHARLES SCHWAB CORP                            | Charles Schwab Corp.                              | CUSIP: 808513AR6<br>LEI: 549300VSGCJ7E698NM85 | Long             | EP               | CORP              | US        |    2588000 | PA      | $2526535.00   | 0.02%             | 2069-10-31      | Variable      | 5.00%                 | No            | 2                  | On Loan: No      |
| CHARLES SCHWAB CORP                            | Charles Schwab Corp.                              | CUSIP: 808513BK0<br>LEI: 549300VSGCJ7E698NM85 | Long             | EP               | CORP              | US        |   18976000 | PA      | $18723586.94  | 0.17%             | 2069-06-01      | Variable      | 4.00%                 | No            | 2                  | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                       | CUSIP: 912797LW5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  130000000 | PA      | $129865949.00 | 1.17%             | 2025-07-10      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                       | CUSIP: 912797MG9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   92000000 | PA      | $91606368.92  | 0.82%             | 2025-08-07      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                       | CUSIP: 912797MH7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   90000000 | PA      | $89308980.00  | 0.80%             | 2025-09-04      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                       | CUSIP: 912797PE1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   69000000 | PA      | $68871757.78  | 0.62%             | 2025-07-17      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                       | CUSIP: 912797PF8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   51000000 | PA      | $50863150.00  | 0.46%             | 2025-07-24      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                       | CUSIP: 912797PN1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   80000000 | PA      | $79585500.44  | 0.71%             | 2025-08-14      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                       | CUSIP: 912797PQ4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   50000000 | PA      | $49654940.28  | 0.45%             | 2025-08-28      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                       | CUSIP: 912797PU5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   71000000 | PA      | $71000000.00  | 0.64%             | 2025-07-01      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                       | CUSIP: 912797PW1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  119000000 | PA      | $117991498.80 | 1.06%             | 2025-09-11      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                       | CUSIP: 912797PX9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   50000000 | PA      | $49537255.00  | 0.44%             | 2025-09-18      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                       | CUSIP: 912797PZ4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   60000000 | PA      | $59951116.67  | 0.54%             | 2025-07-08      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                       | CUSIP: 912797QA8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   92000000 | PA      | $91849884.22  | 0.82%             | 2025-07-15      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                       | CUSIP: 912797QC4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   81000000 | PA      | $80735242.50  | 0.72%             | 2025-07-29      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                       | CUSIP: 912797QK6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  110000000 | PA      | $109362630.72 | 0.98%             | 2025-08-19      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                       | CUSIP: 912797QM2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   91000000 | PA      | $90320839.70  | 0.81%             | 2025-09-02      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                       | CUSIP: 912797QU4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  102000000 | PA      | $101075553.60 | 0.91%             | 2025-09-16      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| LEALAND FINANCE Co. B.V. SENIOR EXIT LC   /    | LEALAND FINANCE Co. B.V. SENIOR EXIT LC   /       | CUSIP: 589477088<br>LEI: N/A                  | Short            | LON              | CORP              | US        |  -24134423 | PA      | $-12067211.57 | -0.11%            | 2027-06-30      | Fixed         | 0.00%                 | Yes           | 3                  | On Loan: No      |
| FOOTPATH VENTURES SPV IV LP   /                | FOOTPATH VENTURES SPV IV LP   /                   | CUSIP: 943GGE008<br>LEI: N/A                  | Long             |  | PF                | US        |     150000 | OU      | $12807908.00  | 0.11%             |  |  |  | Yes           | N/A                | On Loan: No      |
| WAYFAIR INC                                    | Wayfair, Inc.                                     | CUSIP: 94419LAF8<br>LEI: 54930027N9ZAVYFDHK53 | Long             | DBT              | CORP              | US        |    4278000 | PA      | $4049127.00   | 0.04%             | 2026-08-15      | Fixed         | 1.00%                 | No            | 2                  | On Loan: No      |
| WAYFAIR INC                                    | Wayfair, Inc.                                     | CUSIP: 94419LAM3<br>LEI: 54930027N9ZAVYFDHK53 | Long             | DBT              | CORP              | US        |   41668000 | PA      | $40667968.00  | 0.37%             | 2025-10-01      | Fixed         | 0.62%                 | No            | 2                  | On Loan: No      |
| FPS LLC    /                                   | FPS LLC    /                                      | CUSIP: 963HYB908<br>LEI: N/A                  | Long             |  | PF                | US        |    2073734 | OU      | $160548492.14 | 1.44%             |  |  |  | Yes           | 3                  | On Loan: No      |
| FPS SHELBY HOLDCO I LLC   /                    | FPS SHELBY HOLDCO I LLC   /                       | CUSIP: 966GBDII9<br>LEI: N/A                  | Long             |  | PF                | US        |     107799 | OU      | $8876467.57   | 0.08%             |  |  |  | Yes           | 3                  | On Loan: No      |
| EPIC GAMES, INC. PRIVATE COMMON STOCK   /      | EPIC GAMES, INC. PRIVATE COMMON STOCK   /         | CUSIP: 966TDKII3<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      33130 | NS      | $8812580.00   | 0.08%             |  |  |  | Yes           | 3                  | On Loan: No      |
| BFFY829   TRS USD GREEN THUMB (GTBIF)   /      | BFFY829   TRS USD GREEN THUMB (GTBIF)   /         | CUSIP: 99S1TLT69<br>LEI: N/A                  | N/A              | DE               |  | US        |    2078319 | NC      | $-13072626.51 | -0.12%            |  |  |  | Yes           | 1                  | On Loan: No      |
| BFZ0292   TRS CAD TRULIEVE CNS TRULCN   /      | BFZ0292   TRS CAD TRULIEVE CNS TRULCN   /         | CUSIP: 99S1TLT93<br>LEI: N/A                  | N/A              | DE               |  | CA        |     521511 | NC      | $-2642404.09  | -0.02%            |  |  |  | Yes           | 2                  | On Loan: No      |
| Jefferies Financial Group Inc                  | Jefferies Financial Group, Inc.                   | CUSIP: 47233W109<br>LEI: 549300HOF34RGOJ5YL07 | Long             | EC               | CORP              | US        |    2277248 | NS      | $124542693.12 | 1.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Jett Texas LLC SOURCE   /                      | Jett Texas LLC SOURCE   /                         | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   22500000 | OU      | $22500000.00  | 0.20%             |  |  |  | Yes           | N/A                | On Loan: No      |
| JAPANESE YEN  /                                | JAPANESE YEN  /                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | STIV             |  | JP        |  115811820 | OU      | $804220.83    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| JPY SPOT FORWARD CONTRACT   /                  | JPY SPOT FORWARD CONTRACT   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | STIV             |  | JP        |  298734344 | OU      | $2074472.03   | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| JPY SPOT FORWARD CONTRACT   /                  | JPY SPOT FORWARD CONTRACT   /                     | CUSIP: 999999999<br>LEI: N/A                  | Short            | STIV             |  | JP        | -607707388 | OU      | $-4220043.67  | -0.04%            |  |  |  | No            | 1                  | On Loan: No      |
| Kinder Morgan Inc                              | Kinder Morgan, Inc.                               | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |    2488164 | NS      | $73152021.60  | 0.66%             |  |  |  | No            | 1                  | On Loan: No      |
| CarMax Inc                                     | CarMax, Inc.                                      | CUSIP: 143130102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    1521148 | NS      | $102236357.08 | 0.92%             |  |  |  | No            | 1                  | On Loan: No      |
| SOUTH KOREAN WON  /                            | SOUTH KOREAN WON  /                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | STIV             |  | KR        |          3 | OU      | $0.00         | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| LPL Financial Holdings Inc                     | LPL Financial Holdings, Inc.                      | CUSIP: 50212V100<br>LEI: 549300XROQ4Y8G2L7682 | Long             | EC               | CORP              | US        |     394126 | NS      | $147785426.22 | 1.33%             |  |  |  | No            | 1                  | On Loan: No      |
| Marriott International Inc/MD                  | Marriott International, Inc. - Class A            | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |     288240 | NS      | $78750050.40  | 0.71%             |  |  |  | No            | 1                  | On Loan: No      |
| Mcdermott International Ltd                    | Mcdermott International Ltd.                      | CUSIP: G5924V148<br>LEI: 54930004RAXI4B3L4752 | Long             | EC               | CORP              | US        |    2512152 | NS      | $30145820.35  | 0.27%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Meta Platforms Inc                             | Meta Platforms, Inc. - Class A                    | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     497683 | NS      | $367334845.47 | 3.30%             |  |  |  | No            | 1                  | On Loan: No      |
| JOHNSON & JOHNSON Co. DCP, 07/21/2025   /      | JOHNSON & JOHNSON Co. DCP, 07/21/2025   /         | CUSIP: 47816FUM1<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |   86000000 | PA      | $85797900.00  | 0.77%             | 2025-07-21      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| JOHNSON & JOHNSON Co. DCP, 07/22/2025   /      | JOHNSON & JOHNSON Co. DCP, 07/22/2025   /         | CUSIP: 47816FUN9<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |  152000000 | PA      | $151620483.39 | 1.36%             | 2025-07-22      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| JOHNSON & JOHNSON Co. DCP, 08/12/2025   /      | JOHNSON & JOHNSON Co. DCP, 08/12/2025   /         | CUSIP: 47816FVC2<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |   50000000 | PA      | $49748583.28  | 0.45%             | 2025-08-12      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| Madison Avenue Trust                           | Eleven Madison Trust 2015-11MD Mortgage Trust     | CUSIP: 556227AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   12681000 | PA      | $12556652.65  | 0.11%             | 2035-09-10      | Variable      | 3.67%                 | Yes           | 2                  | On Loan: No      |
| MCDERMOTT INTERNATIO Ltd. QIB/AI CTRACUSIP   / | MCDERMOTT INTERNATIO Ltd. QIB/AI CTRACUSIP   /    | CUSIP: 58004K307<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |       8431 | NS      | $101170.75    | 0.00%             |  |  |  | Yes           | 3                  | On Loan: No      |
| MCDERMOTT INTERNATIO Ltd. AI CONTRA CUSIP   /  | MCDERMOTT INTERNATIO Ltd. AI CONTRA CUSIP   /     | CUSIP: 58004K406<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |     331300 | NS      | $3975599.14   | 0.04%             |  |  |  | Yes           | 3                  | On Loan: No      |
| NESTLE CAPITAL DCP,  07/17/25   /              | NESTLE CAPITAL DCP,  07/17/25   /                 | CUSIP: 64106GUH4<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |   10000000 | PA      | $9980800.00   | 0.09%             | 2025-07-17      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| NESTLE CAPITAL DCP,  07/22/25   /              | NESTLE CAPITAL DCP,  07/22/25   /                 | CUSIP: 64106GUN1<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |   10000000 | PA      | $9974625.01   | 0.09%             | 2025-07-22      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| NESTLE CAPITAL DCP,  07/24/25   /              | NESTLE CAPITAL DCP,  07/24/25   /                 | CUSIP: 64106GUQ4<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |   82000000 | PA      | $81774727.76  | 0.73%             | 2025-07-24      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| NESTLE CAPITAL DCP,  08/08/25   /              | NESTLE CAPITAL DCP,  08/08/25   /                 | CUSIP: 64106GV83<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |   64000000 | PA      | $63710862.16  | 0.57%             | 2025-08-08      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| NESTLE CAPITAL DCP,  08/21/25   /              | NESTLE CAPITAL DCP,  08/21/25   /                 | CUSIP: 64106GVM2<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |   94175000 | PA      | $93594646.39  | 0.84%             | 2025-08-21      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| NESTLE CAPITAL DCP,  08/26/25   /              | NESTLE CAPITAL DCP,  08/26/25   /                 | CUSIP: 64106GVS9<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |   30000000 | PA      | $29796533.25  | 0.27%             | 2025-08-26      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| NESTLE CAPITAL DCP,  09/15/25   /              | NESTLE CAPITAL DCP,  09/15/25   /                 | CUSIP: 64106GWF6<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |   34000000 | PA      | $33687766.76  | 0.30%             | 2025-09-15      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| NESTLE CAPITAL DCP,  10/02/25   /              | NESTLE CAPITAL DCP,  10/02/25   /                 | CUSIP: 64106GX24<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |   45000000 | PA      | $44498962.54  | 0.40%             | 2025-10-02      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| PEPSICO, Inc. DCP, 07/01/2025   /              | PEPSICO, Inc. DCP, 07/01/2025   /                 | CUSIP: 71344TU18<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |   27745000 | PA      | $27745000.00  | 0.25%             | 2025-07-01      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| PEPSICO, Inc. DCP, 07/21/2025   /              | PEPSICO, Inc. DCP, 07/21/2025   /                 | CUSIP: 71344TUM2<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |   50000000 | PA      | $49883333.33  | 0.45%             | 2025-07-21      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| ICON PLC                                       | ICON PLC                                          | CUSIP: G4705A100<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               | CORP              | IE        |     580243 | NS      | $84396344.35  | 0.76%             |  |  |  | No            | 1                  | On Loan: No      |
| IFF                                            | International Flavors & Fragrances, Inc.          | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | EC               | CORP              | US        |    2596396 | NS      | $190964925.80 | 1.71%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares S&P 500 Growth ETF                     | iShares S&P 500 Growth ETF - Class USD INC        | CUSIP: 464287309<br>LEI: 549300RYFG0B8O3DPR13 | Short            |  | RF                | US        |    -103285 | NS      | $-11371678.50 | -0.10%            |  |  |  | No            | 1                  | On Loan: No      |
| JDE Peet's NV                                  | JDE Peet's N.V.                                   | CUSIP: 999999999<br>LEI: 724500EHG519SE5ZRT89 | Long             | EC               | CORP              | NL        |    5885188 | NS      | $168114357.27 | 1.51%             |  |  |  | No            | 2                  | On Loan: No      |
| PEPSICO, Inc. DCP, 08/05/2025   /              | PEPSICO, Inc. DCP, 08/05/2025   /                 | CUSIP: 71344TV58<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |   86000000 | PA      | $85643816.61  | 0.77%             | 2025-08-05      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| PEPSICO, Inc. DCP, 08/06/2025   /              | PEPSICO, Inc. DCP, 08/06/2025   /                 | CUSIP: 71344TV66<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |   87000000 | PA      | $86629380.06  | 0.78%             | 2025-08-06      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| PEPSICO, Inc. DCP, 08/11/2025   /              | PEPSICO, Inc. DCP, 08/11/2025   /                 | CUSIP: 71344TVB5<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |   80000000 | PA      | $79615624.89  | 0.71%             | 2025-08-11      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| PEPSICO, Inc. DCP, 08/12/2025   /              | PEPSICO, Inc. DCP, 08/12/2025   /                 | CUSIP: 71344TVC3<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |   60000000 | PA      | $59701800.00  | 0.54%             | 2025-08-12      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| PEPSICO, Inc. DCP, 08/15/2025   /              | PEPSICO, Inc. DCP, 08/15/2025   /                 | CUSIP: 71344TVF6<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |   25000000 | PA      | $24866250.03  | 0.22%             | 2025-08-15      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| BGPVCY7   TRS CAD CRESCO LABS CL CN   /        | BGPVCY7   TRS CAD CRESCO LABS CL CN   /           | CUSIP: 99S1TLTC6<br>LEI: N/A                  | N/A              | DE               |  | CA        |    1600522 | NC      | $-1809960.26  | -0.02%            |  |  |  | Yes           | 2                  | On Loan: No      |
| BMCJKX1   TRS CAD VERANO VRNO CN   /           | BMCJKX1   TRS CAD VERANO VRNO CN   /              | CUSIP: 99S1TLTF9<br>LEI: N/A                  | N/A              | DE               |  | CA        |    1619914 | NC      | $-4665191.14  | -0.04%            |  |  |  | Yes           | 2                  | On Loan: No      |
| U.S. FARMING REALTY TRUST II COM STOCK   /     | U.S. FARMING REALTY TRUST II COM STOCK   /        | CUSIP: ACI026HK7<br>LEI: N/A                  | Long             |  | PF                | US        |     120000 | OU      | $451625.40    | 0.00%             |  |  |  | Yes           | 3                  | On Loan: No      |
| SOUND HOLDING FP LUXEMBORG PRIVATE EQ   /      | SOUND HOLDING FP LUXEMBORG PRIVATE EQ   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |    1146250 | NS      | $17648658.26  | 0.16%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Analog Devices Inc                             | Analog Devices, Inc.                              | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |    1373352 | NS      | $326885243.04 | 2.93%             |  |  |  | No            | 1                  | On Loan: No      |
| Amrize Ltd                                     | Amrize Ltd.                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    2429341 | NS      | $121176202.62 | 1.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Amazon.com Inc                                 | Amazon.com, Inc.                                  | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     918929 | NS      | $201603833.31 | 1.81%             |  |  |  | No            | 1                  | On Loan: No      |
| Aon PLC                                        | Aon PLC - Class A                                 | CUSIP: G0403H108<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | GB        |     477746 | NS      | $170440662.96 | 1.53%             |  |  |  | No            | 1                  | On Loan: No      |
| Broadcom Inc                                   | Broadcom, Inc.                                    | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      78590 | NS      | $21663333.50  | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| Bio-Rad Laboratories Inc                       | Bio-Rad Laboratories, Inc. - Class A              | CUSIP: 090572207<br>LEI: 549300ZC1GPV35XYDK53 | Long             | EC               | CORP              | US        |     243903 | NS      | $58858671.96  | 0.53%             |  |  |  | No            | 1                  | On Loan: No      |
| DELIVERY HERO AG                               | Delivery Hero S.E.                                | CUSIP: 999999999<br>LEI: 529900C3EX1FZGE48X78 | Long             | DBT              | CORP              | DE        |   86200000 | PA      | $96076698.32  | 0.86%             | 2027-01-23      | Fixed         | 1.00%                 | No            | 2                  | On Loan: No      |
| LEALAND FINANCE CO BV                          | Lealand Finance Co. B.V.                          | CUSIP: N5200EAB7<br>LEI: N/A                  | Long             | LON              | CORP              | NL        |   39978561 | PA      | $17590566.89  | 0.16%             | 2027-12-31      | Floating      | 8.44%                 | Yes           | 3                  | On Loan: No      |
| LEALAND FINANCE CO BV                          | Lealand Finance Co. B.V.                          | CUSIP: N5200EAC5<br>LEI: N/A                  | Long             | LON              | CORP              | NL        |    1074221 | PA      | $590821.50    | 0.01%             | 2027-06-30      | Floating      | 7.44%                 | Yes           | 2                  | On Loan: No      |
| CORNERSTONE ONDEMAND INC                       | Cornerstone OnDemand, Inc.                        | CUSIP: 86803YAB9<br>LEI: 549300Z402F16H5EGH48 | Long             | LON              | CORP              | US        |    2499942 | PA      | $2340570.88   | 0.02%             | 2028-10-16      | Floating      | 8.31%                 | Yes           | 2                  | On Loan: No      |
| VISION SOLUTIONS INC                           | Vision Solutions, Inc.                            | CUSIP: 70477BAE2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2506076 | PA      | $2374506.82   | 0.02%             | 2028-04-24      | Floating      | 8.54%                 | Yes           | 2                  | On Loan: No      |
| LG Corp                                        | LG Corp.                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |    1442197 | NS      | $84853819.30  | 0.76%             |  |  |  | No            | 2                  | On Loan: No      |
| ALPHABET, Inc. DCP, 09/15/2025   /             | ALPHABET, Inc. DCP, 09/15/2025   /                | CUSIP: 02079NWF4<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |   58000000 | PA      | $57472264.44  | 0.52%             | 2025-09-15      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| ALPHABET, Inc. DCP, 09/23/2025   /             | ALPHABET, Inc. DCP, 09/23/2025   /                | CUSIP: 02079NWP2<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |  142000000 | PA      | $140562013.48 | 1.26%             | 2025-09-23      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| ALTABA, Inc. ESCROW SHS ORD REG   /            | ALTABA, Inc. ESCROW SHS ORD REG   /               | CUSIP: 021ESC017<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    4756180 | NS      | $5469607.00   | 0.05%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Samsung C&T Corp                               | Samsung C&T Corp.                                 | CUSIP: 999999999<br>LEI: 988400GFRE4IDFPE9E64 | Long             | EC               | CORP              | KR        |     694573 | NS      | $82781305.80  | 0.74%             |  |  |  | No            | 2                  | On Loan: No      |
| CISCO SYSTEMS, Inc. DCP 07/03/2025   /         | CISCO SYSTEMS, Inc. DCP 07/03/2025   /            | CUSIP: 17277AU39<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |   19000000 | PA      | $18995440.00  | 0.17%             | 2025-07-03      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| Swire Pacific Ltd                              | Swire Pacific Ltd. - A Shares                     | CUSIP: Y83310105<br>LEI: 549300KZOZHII0DGF611 | Long             | EC               | CORP              | HK        |    2098628 | NS      | $17989546.15  | 0.16%             |  |  |  | No            | 2                  | On Loan: No      |
| COCA COLA Co. DCP, 07/09/2025   /              | COCA COLA Co. DCP, 07/09/2025   /                 | CUSIP: 19121AU90<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |   32000000 | PA      | $31969208.89  | 0.29%             | 2025-07-09      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| COCA COLA Co. DCP, 07/11/2025   /              | COCA COLA Co. DCP, 07/11/2025   /                 | CUSIP: 19121AUB5<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |   18000000 | PA      | $17978349.99  | 0.16%             | 2025-07-11      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| COCA COLA Co. DCP, 07/21/2025   /              | COCA COLA Co. DCP, 07/21/2025   /                 | CUSIP: 19121AUM1<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |  125000000 | PA      | $124700694.70 | 1.12%             | 2025-07-21      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| COCA COLA Co. DCP, 08/11/2025   /              | COCA COLA Co. DCP, 08/11/2025   /                 | CUSIP: 19121AVB4<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |   80000000 | PA      | $79605488.71  | 0.71%             | 2025-08-11      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| COCA COLA Co. DCP, 09/10/2025   /              | COCA COLA Co. DCP, 09/10/2025   /                 | CUSIP: 19121AWA5<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |   15000000 | PA      | $14875749.98  | 0.13%             | 2025-09-10      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| Orion Corp/Republic of Korea                   | Orion Corp./Republic of Korea                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     484725 | NS      | $39002686.20  | 0.35%             |  |  |  | No            | 2                  | On Loan: No      |
| ECHOSTAR CORP                                  | EchoStar Corp.                                    | CUSIP: 278768AB2<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |   33209948 | PA      | $39104713.77  | 0.35%             | 2030-11-30      | Fixed         | 3.88%                 | No            | 2                  | On Loan: No      |
| Nexon Co Ltd                                   | Nexon Co., Ltd.                                   | CUSIP: 999999999<br>LEI: 5299005SFO0GAJFLKN43 | Long             | EC               | CORP              | JP        |    2912637 | NS      | $58665167.21  | 0.53%             |  |  |  | No            | 2                  | On Loan: No      |
| GULFPORT ENERGY Corp. CONV PFD Series A   /    | GULFPORT ENERGY Corp. CONV PFD Series A   /       | CUSIP: 402635601<br>LEI: N/A                  | Long             | EP               | CORP              | US        |       1345 | NS      | $1672119.52   | 0.02%             |  |  |  | No            | 3                  | On Loan: No      |
| PEPSICO, Inc. DCP, 07/23/2025   /              | PEPSICO, Inc. DCP, 07/23/2025   /                 | CUSIP: 71344TUP5<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |  215000000 | PA      | $214448166.66 | 1.93%             | 2025-07-23      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| PEPSICO, Inc. DCP, 07/28/2025   /              | PEPSICO, Inc. DCP, 07/28/2025   /                 | CUSIP: 71344TUU4<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |   75000000 | PA      | $74764425.02  | 0.67%             | 2025-07-28      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| PEPSICO, Inc. DCP, 08/01/2025   /              | PEPSICO, Inc. DCP, 08/01/2025   /                 | CUSIP: 71344TV17<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |   53000000 | PA      | $52809685.83  | 0.47%             | 2025-08-01      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| PEPSICO, Inc. DCP, 08/04/2025   /              | PEPSICO, Inc. DCP, 08/04/2025   /                 | CUSIP: 71344TV41<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |   97000000 | PA      | $96617981.72  | 0.87%             | 2025-08-04      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| DELIVERY HERO AG                               | Delivery Hero S.E.                                | CUSIP: 999999999<br>LEI: 529900C3EX1FZGE48X78 | Long             | DBT              | CORP              | DE        |    1600000 | PA      | $1708441.51   | 0.02%             | 2028-01-15      | Fixed         | 1.50%                 | No            | 2                  | On Loan: No      |
| DELIVERY HERO AG                               | Delivery Hero S.E.                                | CUSIP: ZL0636734<br>LEI: 529900C3EX1FZGE48X78 | Long             | DBT              | CORP              | DE        |   46000000 | PA      | $51616508.42  | 0.46%             | 2030-02-21      | Fixed         | 3.25%                 | No            | 2                  | On Loan: No      |
| Citigroup Inc                                  | Citigroup, Inc.                                   | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |    3312847 | NS      | $281989536.64 | 2.53%             |  |  |  | No            | 1                  | On Loan: No      |
| Cie Financiere Richemont SA                    | Cie Financiere Richemont S.A.                     | CUSIP: 999999999<br>LEI: 549300YIPGJ6UX2QPS51 | Long             | EC               | CORP              | CH        |     523798 | NS      | $99113539.44  | 0.89%             |  |  |  | No            | 2                  | On Loan: No      |
| CHF SPOT FORWARD CONTRACT   /                  | CHF SPOT FORWARD CONTRACT   /                     | CUSIP: 999999999<br>LEI: N/A                  | Short            | STIV             |  | CH        |  -17712197 | OU      | $-22321609.64 | -0.20%            |  |  |  | No            | 1                  | On Loan: No      |
| Charter Communications Inc                     | Charter Communications, Inc. - Class A            | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |     393387 | NS      | $160820539.47 | 1.44%             |  |  |  | No            | 1                  | On Loan: No      |
| Comcast Corp                                   | Comcast Corp. - Class A                           | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |    7087694 | NS      | $252959798.86 | 2.27%             |  |  |  | No            | 1                  | On Loan: No      |
| Douglas Emmett Inc                             | Douglas Emmett, Inc. - REIT                       | CUSIP: 25960P109<br>LEI: N/A                  | Long             |  | CORP              | US        |    4120722 | NS      | $61975658.88  | 0.56%             |  |  |  | No            | 1                  | On Loan: No      |
| Dell Technologies Inc                          | Dell Technologies, Inc. - Class C                 | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |     418505 | NS      | $51308713.00  | 0.46%             |  |  |  | No            | 1                  | On Loan: No      |
| Delivery Hero SE                               | Delivery Hero S.E.                                | CUSIP: 999999999<br>LEI: 529900C3EX1FZGE48X78 | Long             | EC               | CORP              | DE        |     551839 | NS      | $14978700.74  | 0.13%             |  |  |  | No            | 2                  | On Loan: No      |
| ELECTRIQ POWER HOLDINGS INC                    | Electriq Power Holdings, Inc.                     | CUSIP: 285046116<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     414327 | NC      | $0.00         | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| Eurofins Scientific SE                         | Eurofins Scientific S.E.                          | CUSIP: 999999999<br>LEI: 529900JEHFM47DYY3S57 | Long             | EC               | CORP              | LU        |    1637209 | NS      | $116680600.98 | 1.05%             |  |  |  | No            | 2                  | On Loan: No      |
| Fortune Brands Innovations Inc                 | Fortune Brands Innovations, Inc.                  | CUSIP: 34964C106<br>LEI: 54930032LHW54PQUJD44 | Long             | EC               | CORP              | US        |    1283314 | NS      | $66065004.72  | 0.59%             |  |  |  | No            | 1                  | On Loan: No      |
| Ferguson Enterprises Inc                       | Ferguson Enterprises, Inc.                        | CUSIP: G3421J106<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |     789964 | NS      | $172014661.00 | 1.54%             |  |  |  | No            | 1                  | On Loan: No      |
| Glencore PLC                                   | Glencore PLC                                      | CUSIP: 999999999<br>LEI: 2138002658CPO9NBH955 | Long             | EC               | CORP              | CH        |   26947501 | NS      | $105008326.48 | 0.94%             |  |  |  | No            | 2                  | On Loan: No      |
| Alphabet Inc                                   | Alphabet, Inc. - Class C                          | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     949395 | NS      | $168413179.05 | 1.51%             |  |  |  | No            | 1                  | On Loan: No      |
| Alphabet Inc                                   | Alphabet, Inc. - Class A                          | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    1772624 | NS      | $312389527.52 | 2.80%             |  |  |  | No            | 1                  | On Loan: No      |
| Gulfport Energy Corp                           | Gulfport Energy Corp.                             | CUSIP: 402635502<br>LEI: 254900DJRGZBUZ3F5038 | Long             | EC               | CORP              | US        |     150028 | NS      | $30181132.76  | 0.27%             |  |  |  | No            | 1                  | On Loan: No      |
| Heineken Holding NV                            | Heineken Holding N.V.                             | CUSIP: 999999999<br>LEI: 724500M1WJLFM9TYBS04 | Long             | EC               | CORP              | NL        |    2812483 | NS      | $209874379.32 | 1.88%             |  |  |  | No            | 2                  | On Loan: No      |
| Holcim AG                                      | Holcim A.G.                                       | CUSIP: 999999999<br>LEI: 529900EHPFPYHV6IQO98 | Long             | EC               | CORP              | CH        |    1897889 | NS      | $140926689.33 | 1.27%             |  |  |  | No            | 2                  | On Loan: No      |
| Howmet Aerospace Inc                           | Howmet Aerospace, Inc.                            | CUSIP: 443201108<br>LEI: 549300HO5WFZUT5N2T22 | Long             | EC               | CORP              | US        |     273035 | NS      | $50820004.74  | 0.46%             |  |  |  | No            | 1                  | On Loan: No      |
| PEPSICO, Inc. DCP, 08/18/2025   /              | PEPSICO, Inc. DCP, 08/18/2025   /                 | CUSIP: 71344TVJ8<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |   35000000 | PA      | $34805399.97  | 0.31%             | 2025-08-18      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| PEPSICO, Inc. DCP, 09/08/2025   /              | PEPSICO, Inc. DCP, 09/08/2025   /                 | CUSIP: 71344TW81<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |   65000000 | PA      | $64473012.50  | 0.58%             | 2025-09-08      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| PEPSICO, Inc. DCP, 09/09/2025   /              | PEPSICO, Inc. DCP, 09/09/2025   /                 | CUSIP: 71344TW99<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |   65000000 | PA      | $64465375.00  | 0.58%             | 2025-09-09      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| PEPSICO, Inc. DCP, 09/10/2025   /              | PEPSICO, Inc. DCP, 09/10/2025   /                 | CUSIP: 71344TWA6<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |   50000000 | PA      | $49585833.40  | 0.45%             | 2025-09-10      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| PEPSICO, Inc. DCP, 09/15/2025   /              | PEPSICO, Inc. DCP, 09/15/2025   /                 | CUSIP: 71344TWF5<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |   43000000 | PA      | $42623272.28  | 0.38%             | 2025-09-15      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| PEPSICO, Inc. DCP, 09/16/2025   /              | PEPSICO, Inc. DCP, 09/16/2025   /                 | CUSIP: 71344TWG3<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |   49000000 | PA      | $48565057.02  | 0.44%             | 2025-09-16      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| PERSHING SQUARE TONT SHS   /                   | PERSHING SQUARE TONT SHS   /                      | CUSIP: 715ESC018<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     457176 | NS      | $0.00         | 0.00%             |  |  |  | Yes           | 3                  | On Loan: No      |
| ROCHE HOLDINGS DCP DCP, 07/14/2025   /         | ROCHE HOLDINGS DCP DCP, 07/14/2025   /            | CUSIP: 77119LUE7<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |   30000000 | PA      | $29953741.65  | 0.27%             | 2025-07-14      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| ROCHE HLDGS, Inc. DCP, 07/25/2025   /          | ROCHE HLDGS, Inc. DCP, 07/25/2025   /             | CUSIP: 77119LUR8<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |   50000000 | PA      | $49857000.00  | 0.45%             | 2025-07-25      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                                | United States Treasury Note                       | CUSIP: 91282CHV6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  231000000 | PA      | $231161238.00 | 2.08%             | 2025-08-31      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| VORNADO REALTY LP                              | Vornado Realty LP                                 | CUSIP: 929043AK3<br>LEI: 549300BMOJ05INE4YK86 | Long             | DBT              | CORP              | US        |    8623000 | PA      | $8375088.75   | 0.08%             | 2026-06-01      | Fixed         | 2.15%                 | No            | 2                  | On Loan: No      |
| WALMART STORES, Inc. DCP  07/07/2025   /       | WALMART STORES, Inc. DCP  07/07/2025   /          | CUSIP: 93114EU70<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |   50000000 | PA      | $49964000.00  | 0.45%             | 2025-07-07      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| LEALAND FINANCE Co. B.V. LETTER OF CREDIT   /  | LEALAND FINANCE Co. B.V. LETTER OF CREDIT   /     | CUSIP: 935IQZII8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   28994726 | PA      | $20876202.58  | 0.19%             | 2027-06-30      | Variable      | 8.55%                 | Yes           | 3                  | On Loan: No      |
| MSILF Treasury Portfolio                       | MSILF Treasury Portfolio - Class Institutional    | CUSIP: 61747C582<br>LEI: 549300D1XR6GP7EZ0T47 | Long             | STIV             | RF                | US        |     967741 | PA      | $967740.57    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| MARIADB PLC                                    | MariaDB PLC                                       | CUSIP: G5920M118<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     316054 | NC      | $0.00         | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| Vail Resorts Inc                               | Vail Resorts, Inc.                                | CUSIP: 91879Q109<br>LEI: 529900PSZHRNU9HKH870 | Long             | EC               | CORP              | US        |     628910 | NS      | $98820628.30  | 0.89%             |  |  |  | No            | 1                  | On Loan: No      |
| NCR Atleos Corp                                | NCR Atleos Corp.                                  | CUSIP: 63001N106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    1845291 | NS      | $52646152.23  | 0.47%             |  |  |  | No            | 1                  | On Loan: No      |
| NXP Semiconductors NV                          | NXP Semiconductors N.V.                           | CUSIP: N6596X109<br>LEI: 724500M9BY5293JDF951 | Long             | EC               | CORP              | NL        |     482460 | NS      | $105412685.40 | 0.95%             |  |  |  | No            | 1                  | On Loan: No      |
| PG&E Corp                                      | PG&E Corp.                                        | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |     720710 | NS      | $10046697.40  | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Prosus NV                                      | Prosus N.V.                                       | CUSIP: 999999999<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | EC               | CORP              | NL        |    2882508 | NS      | $161733520.49 | 1.45%             |  |  |  | No            | 2                  | On Loan: No      |
| LEALAND REFICAR TERM LOAN   /                  | LEALAND REFICAR TERM LOAN   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     550881 | PA      | $451722.03    | 0.00%             | 2027-06-30      | Variable      | 12.06%                | Yes           | 3                  | On Loan: No      |
| Pernod Ricard SA                               | Pernod Ricard S.A.                                | CUSIP: 999999999<br>LEI: 52990097YFPX9J0H5D87 | Long             | EC               | CORP              | FR        |     800753 | NS      | $79879285.78  | 0.72%             |  |  |  | No            | 2                  | On Loan: No      |
| ROSS ACQUISITION CORP II -A                    | Ross Acquisition Corp. II                         | CUSIP: G7641C114<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      77074 | NC      | $0.00         | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| Safran SA                                      | Safran S.A.                                       | CUSIP: 999999999<br>LEI: 969500UIC89GT3UL7L24 | Long             | EC               | CORP              | FR        |     662981 | NS      | $216222400.65 | 1.94%             |  |  |  | No            | 2                  | On Loan: No      |
| EchoStar Corp                                  | EchoStar Corp. - Class A                          | CUSIP: 278768106<br>LEI: 549300EE20907QZ9GT38 | Long             | EC               | CORP              | US        |    1230584 | NS      | $34087176.80  | 0.31%             |  |  |  | No            | 1                  | On Loan: No      |
| SPDR Portfolio S&P 500 Growth                  | SPDR Portfolio S&P 500 Growth ETF - Class USD INC | CUSIP: 78464A409<br>LEI: 549300VUPJJVH7HVPB06 | Short            |  | RF                | US        |     -59768 | NS      | $-5697085.76  | -0.05%            |  |  |  | No            | 1                  | On Loan: No      |
| TE Connectivity PLC                            | TE Connectivity PLC                               | CUSIP: H84989104<br>LEI: 894500ZRIX9K13RHXR17 | Long             | EC               | CORP              | IE        |    1742366 | NS      | $293884873.22 | 2.64%             |  |  |  | No            | 1                  | On Loan: No      |
| Uber Technologies Inc                          | Uber Technologies, Inc.                           | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |     665742 | NS      | $62113728.60  | 0.56%             |  |  |  | No            | 1                  | On Loan: No      |
| Vornado Realty Trust                           | Vornado Realty Trust - REIT                       | CUSIP: 929042109<br>LEI: N/A                  | Long             |  | CORP              | US        |    1448615 | NS      | $55395037.60  | 0.50%             |  |  |  | No            | 1                  | On Loan: No      |
| NCR Voyix Corp                                 | NCR Voyix Corp.                                   | CUSIP: 62886E108<br>LEI: 549300YKTY8JX1DV2R67 | Long             | EC               | CORP              | US        |    2751836 | NS      | $32279036.28  | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| Westinghouse Air Brake Technol                 | Westinghouse Air Brake Technologies Corp.         | CUSIP: 929740108<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | EC               | CORP              | US        |     281311 | NS      | $58892457.85  | 0.53%             |  |  |  | No            | 1                  | On Loan: No      |
| Wells Fargo & Co                               | Wells Fargo & Co.                                 | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |    1297290 | NS      | $103938874.80 | 0.93%             |  |  |  | No            | 1                  | On Loan: No      |

### Signature

**Date Signed:** 2025-07-08

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

**Signature:** /s/ Maureen Quill

**Name of Signer:** Maureen Quill

**Title:** President