# EDGAR Filing Document

**Accession Number:** 0000924727
**File Stem:** 0001193125-25-296503
**Filing Date:** 2025-11
**Character Count:** 87898
**Document Hash:** 0c223b06097a900239fc2c15035b9944
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-296503.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0001193125-25-296503

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**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:** 251518913

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

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

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

**FPA Crescent Fund**

**SCHEDULE OF INVESTMENTS**

**As of September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **BONDS & DEBENTURES — 3.2%** |  |
|  | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.1%** |  |
|  | **NON-AGENCY — 0.1%** |  |
|  | Eleven Madison Mortgage Trust |  |
| $12681000 | Series 2015-11MD, Class A, 3.673%, 9/10/2035<sup>(a),(b)</sup> | $**12603050** |
|  | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $11,445,533) | **12603050** |
|  | **CONVERTIBLE BONDS — 1.7%** |  |
|  | Delivery Hero AG |  |
| 86200000 | 1.000%, 1/23/2027 | 97040576 |
| 1600000 | 1.500%, 1/15/2028 | 1728975 |
| 46000000 | 3.250%, 2/21/2030 | 53307401 |
|  | Wayfair, Inc. |  |
| 41668000 | 0.625%, 10/1/2025 | 41668000 |
| 4278000 | 1.000%, 8/15/2026 | 4192440 |
|  | **TOTAL CONVERTIBLE BONDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $176,453,046) | **197937392** |
|  | **CORPORATE BANK DEBT — 0.5%** |  |
|  | Cornerstone OnDemand, Inc. |  |
| 2493482 | 8.013% (1-Month Term SOFR+375 basis points), 10/16/2028<sup>(b),(c),(d)</sup> | 2390626 |
|  | Lealand Finance Company B.V. Senior Exit LC |  |
| 24134423 | 3.500%, 6/30/2027<sup>(b),(c),(d),(e),(f),(g),(h)</sup> | (7240327) |
|  | Lealand Reficar LC Term Loan |  |
| 585167 | 11.763% (3-Month Term SOFR+750 basis points), 6/30/2027<sup>(b),(c),(d),(e),(f),(g),(i)</sup> | 514947 |
|  | McDermott LC |  |
| 28994726 | 8.572% (3-Month Term SOFR+426.16 basis points), 6/30/2027<sup>(b),(c),(d),(e),(f),(g)</sup> | 23195781 |
|  | McDermott Technology Americas, Inc. |  |
| 1074221 | 7.278% (1-Month Term SOFR+300 basis points), 6/30/2027<sup>(b),(c),(d),(e)</sup> | 913088 |
| 40285847 | 8.278% (1-Month Term SOFR+400 basis points), 12/31/2027<sup>(b),(c),(d),(e),(g),(i)</sup> | 31825819 |
|  | Vision Solutions, Inc. |  |
| 2493091 | 8.570% (3-Month Term SOFR+400 basis points), 4/24/2028<sup>(b),(c),(d)</sup> | 2399600 |
|  | **TOTAL CORPORATE BANK DEBT** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $75,213,088) | **53999534** |
|  | **CORPORATE BONDS — 0.9%** |  |
|  | **COMMUNICATIONS — 0.7%** |  |
|  | EchoStar Corp. |  |
| 33209948 | 3.875%, 11/30/2030 | **81696472** |
|  | **FINANCIALS — 0.2%** |  |
|  | Charles Schwab Corp. |  |
| 18976000 | 4.000% (USD 5 Year Tsy+316.8 basis points)<sup>(b),(j)</sup> | 18755337 |
| 2588000 | 5.000% (3-Month USD Libor+257.5 basis points)<sup>(b),(j)</sup> | 2539475 |

---

**FPA Crescent Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **CORPORATE BONDS (Continued)** |  |
|  | **FINANCIALS (Continued)** |  |
|  | Vornado Realty LP |  |
| $8623000 | 2.150%, 6/1/2026 | $8469942 |
|  |  | **29764754** |
|  | **TOTAL CORPORATE BONDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $56,815,346) | **111461226** |
|  | **TOTAL BONDS & DEBENTURES** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $319,927,013) | **376001202** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  |  |
|  | **CLOSED-END FUNDS — 0.1%** |  |
| 4756180 | Altegrity, Inc.<sup>(d),(g)</sup> | 5469607 |
|  | **TOTAL CLOSED-END FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $0) | **5469607** |
|  | **COMMON STOCKS — 57.5%** |  |
|  | **AEROSPACE & DEFENSE — 2.0%** |  |
| 207795 | Howmet Aerospace, Inc. | 40775613 |
| 544912 | Safran S.A. | 191979445 |
|  |  | **232755058** |
|  | **APPAREL & TEXTILE PRODUCTS — 0.9%** |  |
| 523798 | Cie Financiere Richemont S.A. - Class A | **99745983** |
|  | **ASSET MANAGEMENT — 1.1%** |  |
| 394126 | LPL Financial Holdings, Inc. | 131121779 |
| 457176 | Pershing Square Tontine Holdings Ltd.<sup>(d),(g)</sup> |  |
|  |  | **131121779** |
|  | **BANKING — 2.6%** |  |
| 2378217 | Citigroup, Inc. | 241389026 |
| 816904 | Wells Fargo & Co. | 68472893 |
|  |  | **309861919** |
|  | **BEVERAGES — 4.3%** |  |
| 3088974 | Heineken Holding N.V. | 211600884 |
| 5885188 | JDE Peet's N.V. | 215564529 |
| 800753 | Pernod Ricard S.A. | 78533582 |
|  |  | **505698995** |
|  | **CABLE & SATELLITE — 2.8%** |  |
| 393387 | Charter Communications, Inc. - Class A\* | 108222731 |
| 7087694 | Comcast Corp. - Class A | 222695345 |
|  |  | **330918076** |
|  | **CHEMICALS — 1.6%** |  |
| 2997690 | International Flavors & Fragrances, Inc. | **184477843** |

---

**FPA Crescent Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **COMMERCIAL SUPPORT SERVICES — 1.0%** |  |
| 1637209 | Eurofins Scientific S.E. | $**118744743** |
|  | **CONSTRUCTION MATERIALS — 1.6%** |  |
| 2429341 | Amrize Ltd.\* | 117149103 |
| 826751 | Holcim AG\* | 69932687 |
|  |  | **187081790** |
|  | **E-COMMERCE DISCRETIONARY — 1.7%** |  |
| 908995 | Amazon.com, Inc.\* | **199588032** |
|  | **ELECTRIC UTILITIES — 0.1%** |  |
| 720710 | PG&E Corp. | **10868307** |
|  | **ELECTRICAL EQUIPMENT — 2.6%** |  |
| 1411836 | TE Connectivity Ltd. | **309940357** |
|  | **ENGINEERING & CONSTRUCTION — 1.1%** |  |
| 2851885 | McDermott International, Ltd.<sup>\*,(d),(e),(g)</sup> | 42778275 |
| 694573 | Samsung C&T Corp. | 91385322 |
|  |  | **134163597** |
|  | **ENTERTAINMENT CONTENT — 0.4%** |  |
| 33130 | Epic Games, Inc.<sup>(d),(g)</sup> | 8812580 |
| 1552337 | Nexon Co., Ltd. | 34083499 |
|  |  | **42896079** |
|  | **FOOD — 0.3%** |  |
| 528795 | Orion Corp. | **39045766** |
|  | **HEALTH CARE FACILITIES & SVCS — 0.9%** |  |
| 580243 | ICON PLC\* | **101542525** |
|  | **HOME CONSTRUCTION — 0.8%** |  |
| 1831725 | Fortune Brands Innovations, Inc. | **97795798** |
|  | **INSTITUTIONAL FINANCIAL SVCS — 1.3%** |  |
| 2277248 | Jefferies Financial Group, Inc. | **148977564** |
|  | **INSURANCE — 1.4%** |  |
| 477746 | Aon PLC - Class A | **170354669** |
|  | **INTERNET MEDIA & SERVICES — 10.7%** |  |
| 1767501 | Alphabet, Inc. - Class A | 429679493 |
| 895500 | Alphabet, Inc. - Class C | 218099025 |
| 551839 | Delivery Hero S.E.\* | 15814029 |
| 460036 | Meta Platforms, Inc. - Class A | 337841238 |
| 2882508 | Prosus N.V.\* | 202838142 |
| 602717 | Uber Technologies, Inc.\* | 59048184 |
|  |  | **1263320111** |
|  | **LEISURE FACILITIES & SERVICES — 1.4%** |  |
| 288240 | Marriott International, Inc. - Class A | 75069225 |

---

**FPA Crescent Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **LEISURE FACILITIES & SERVICES (Continued)** |  |
| 628910 | Vail Resorts, Inc. | $94066069 |
|  |  | **169135294** |
|  | **MACHINERY — 0.3%** |  |
| 793020 | Hoshizaki Corp. | **29793550** |
|  | **MEDICAL EQUIPMENT & DEVICES — 0.6%** |  |
| 243903 | Bio-Rad Laboratories, Inc.\* | **68387962** |
|  | **METALS & MINING — 1.1%** |  |
| 26947501 | Glencore PLC\* | **123793254** |
|  | **OIL & GAS PRODUCERS — 0.8%** |  |
| 150028 | Gulfport Energy Corp.\* | 27152067 |
| 2488164 | Kinder Morgan, Inc. | 70439923 |
|  |  | **97591990** |
|  | **OTHER COMMON STOCK — 4.1%** |  |
|  | Other Common Stock<sup>(k)</sup> | **484279655** |
|  | **REAL ESTATE OWNERS & DEVELOPERS — 0.2%** |  |
| 2098628 | Swire Pacific Ltd. - Class A | **17785212** |
|  | **REIT — 1.0%** |  |
| 4120722 | Douglas Emmett, Inc. | 64159641 |
| 1448615 | Vornado Realty Trust | 58712366 |
|  |  | **122872007** |
|  | **RETAIL - CONSUMER STAPLES — 0.1%** |  |
| 886100 | Shiseido Co. Ltd. | **15141324** |
|  | **RETAIL - DISCRETIONARY — 1.7%** |  |
| 1521148 | CarMax, Inc.\* | 68253911 |
| 582483 | Ferguson Enterprises, Inc. | 130814032 |
|  |  | **199067943** |
|  | **SEMICONDUCTORS — 3.9%** |  |
| 1335541 | Analog Devices, Inc. | 328142424 |
| 75615 | Broadcom, Inc. | 24946144 |
| 482460 | NXP Semiconductors N.V. | 109870616 |
|  |  | **462959184** |
|  | **TECHNOLOGY HARDWARE — 1.7%** |  |
| 418505 | Dell Technologies, Inc. - Class C | 59331454 |
| 1660761 | NCR Atleos Corp.\* | 65284515 |
| 2751836 | NCR Voyix Corp.\* | 34535542 |
| 509580 | Nintendo Co., Ltd. | 44123284 |
|  |  | **203274795** |
|  | **TECHNOLOGY SERVICES — 0.6%** |  |
| 1442197 | LG Corp. | **74008898** |

---

**FPA Crescent Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **TELECOMMUNICATIONS — 0.3%** |  |
| 385053 | EchoStar Corp. - Class A\* | $**29402647** |
|  | **TRANSPORTATION EQUIPMENT — 0.5%** |  |
| 281311 | Westinghouse Air Brake Technologies Corp. | **56394416** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,795,950,002) | **6772787122** |
|  | **LIMITED PARTNERSHIPS — 1.8%** |  |
| 150000 | Footpath Ventures SPV IV LP<sup>(d),(l)</sup> | 14065426 |
| 2073734 | FPS Holdco LLC<sup>(d),(e),(g)</sup> | 147990625 |
| 107799 | FPS Shelby Holdco I LLC<sup>(d),(e),(g)</sup> | 8876467 |
| 22500000 | Jett Texas LLC<sup>(d),(l)</sup> | 22500000 |
| 1146250 | Sound Holding FP<sup>(d),(e),(g)</sup> | 19162103 |
| 120000 | U.S. Farming Realty Trust II LP<sup>(d),(e),(g)</sup> | 445790 |
|  | **TOTAL LIMITED PARTNERSHIPS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $98,704,880) | **213040411** |
|  | **WARRANTS (SPAC) — 0.0%** |  |
| 414327 | Electriq Power Holdings, Inc., Expiration Date: January 25, 2028<sup>\*,(g)</sup> |  |
| 316054 | MariaDB PLC, Expiration Date: December 16, 2027<sup>\*,(g)</sup> |  |
| 77074 | Ross Acquisition Corp. II, Expiration Date: February 12, 2026<sup>\*,(g)</sup> |  |
|  | **TOTAL WARRANTS (SPAC)** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $230,012) | **—** |
|  | **SHORT-TERM INVESTMENTS — 37.4%** |  |
|  | **MONEY MARKET INVESTMENTS — 0.1%** |  |
| 11218901 | Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class, 3.92%<sup>(m)</sup> | **11218901** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  |  |
|  | **COMMERCIAL PAPER — 23.3%** |  |
| $70000000 | Alphabet, Inc., 4.05%, 12/5/2025 | 69488125 |
| 45000000 | Coca Cola Co., 4.12%, 10/17/2025 | 44917600 |
|  | Exxon Mobil Corp. |  |
| 60000000 | 4.28%, 10/1/2025 | 60000000 |
| 55000000 | 4.27%, 10/3/2025 | 54986953 |
| 55000000 | 4.27%, 10/6/2025 | 54967382 |
| 100000000 | 4.15%, 10/20/2025 | 99780972 |
| 65000000 | 4.25%, 10/23/2025 | 64831180 |
| 85000000 | 4.14%, 10/27/2025 | 84745850 |
| 40000000 | 4.15%, 11/10/2025 | 39815556 |
| 101000000 | 3.95%, 12/8/2025 | 100246428 |
| 51000000 | 3.95%, 12/12/2025 | 50597100 |
| 92000000 | 3.94%, 12/15/2025 | 91245125 |
| 100000000 | 3.93%, 12/22/2025 | 99104833 |
| 70000000 | 3.89%, 12/23/2025 | 69372197 |

---

**FPA Crescent Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **COMMERCIAL PAPER (Continued)** |  |
| $69000000 | 3.89%, 12/29/2025 | $68336431 |
| 138999999 | Johnson & Johnson Co., 3.81%, 1/15/2026 | 137440652 |
|  | Kenvue, Inc. |  |
| 75000000 | 4.10%, 10/21/2025 | 74829167 |
| 61000000 | 4.10%, 10/23/2025 | 60847161 |
|  | Nestle Capital |  |
| 25000000 | 4.20%, 10/15/2025 | 24959167 |
| 100000000 | 4.21%, 10/17/2025 | 99812667 |
| 35000000 | 4.17%, 10/24/2025 | 34906754 |
| 80000000 | 4.10%, 11/7/2025 | 79662889 |
| 42000000 | 4.18%, 11/14/2025 | 41785427 |
| 76000000 | 3.90%, 11/19/2025 | 75596567 |
| 100000000 | 3.91%, 11/24/2025 | 99413500 |
| 60000000 | 3.91%, 11/26/2025 | 59635066 |
| 100000000 | 3.85%, 12/10/2025 | 99251389 |
| 44000000 | 3.85%, 12/17/2025 | 43637672 |
|  | Nestle Finance International Ltd. |  |
| 45000000 | 4.31%, 10/2/2025 | 44994612 |
| 48000000 | 4.28%, 10/7/2025 | 47965760 |
| 22600000 | 4.15%, 11/12/2025 | 22490578 |
| 77000000 | 4.23%, 1/9/2026 | 76095250 |
|  | Pepsico, Inc. |  |
| 50000000 | 3.90%, 12/3/2025 | 49658750 |
| 45000000 | 3.90%, 12/5/2025 | 44683125 |
| 100000000 | 4.05%, 12/18/2025 | 99122500 |
| 124000000 | 3.84%, 1/22/2026 | 122505387 |
|  | Roche Holdings, Inc. |  |
| 41000000 | 4.21%, 10/10/2025 | 40956772 |
| 30000000 | 4.21%, 10/15/2025 | 29950883 |
| 80000000 | 4.29%, 10/22/2025 | 79799800 |
| 20235000 | 4.20%, 10/24/2025 | 20180703 |
|  | TotalEnergies Capital S.A. |  |
| 24250000 | 4.17%, 10/15/2025 | 24210675 |
| 45000000 | 4.06%, 11/20/2025 | 44746250 |
| 10000000 | 4.00%, 2/9/2026 | 9854444 |
|  |  | **2741429299** |
|  | **TREASURY BILLS — 14.0%** |  |
|  | U.S. Treasury Bill |  |
| 108000000 | 4.27%, 10/7/2025<sup>(n)</sup> | 107924280 |
| 65000000 | 4.08%, 10/9/2025<sup>(n)</sup> | 64938939 |
| 131000000 | 4.28%, 10/14/2025<sup>(n)</sup> | 130800844 |
| 111000000 | 4.29%, 10/16/2025<sup>(n)</sup> | 110804478 |
| 31000000 | 4.30%, 10/21/2025<sup>(n)</sup> | 30927159 |
| 81000000 | 4.20%, 10/28/2025<sup>(n)</sup> | 80749017 |

---

**FPA Crescent Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **TREASURY BILLS (Continued)** |  |
| $73000000 | 4.19%, 10/30/2025<sup>(n)</sup> | $72757721 |
| 80000000 | 4.13%, 11/4/2025<sup>(n)</sup> | 79693819 |
| 90000000 | 4.17%, 11/6/2025<sup>(n)</sup> | 89631108 |
| 49000000 | 4.21%, 11/12/2025<sup>(n)</sup> | 48770703 |
| 47000000 | 4.21%, 11/13/2025<sup>(n)</sup> | 46768006 |
| 50000000 | 4.20%, 11/18/2025<sup>(n)</sup> | 49725367 |
| 40000000 | 4.18%, 11/20/2025<sup>(n)</sup> | 39772500 |
| 41000000 | 4.17%, 11/25/2025<sup>(n)</sup> | 40744133 |
| 76000000 | 4.13%, 11/28/2025<sup>(n)</sup> | 75504100 |
| 92000000 | 4.10%, 12/2/2025<sup>(n)</sup> | 91384446 |
| 55000000 | 4.10%, 12/4/2025<sup>(n)</sup> | 54619043 |
| 138000000 | 4.08%, 12/9/2025<sup>(n)</sup> | 136984499 |
| 80000000 | 4.01%, 12/11/2025<sup>(n)</sup> | 79393352 |
| 58000000 | 3.94%, 12/16/2025<sup>(n)</sup> | 57533216 |
| 66000000 | 3.92%, 1/2/2026<sup>(n)</sup> | 65343590 |
| 53000000 | 3.85%, 1/8/2026<sup>(n)</sup> | 52448895 |
| 49000000 | 3.86%, 1/29/2026<sup>(n)</sup> | 48382208 |
|  |  | **1655601423** |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $4,408,162,598) | **4408249623** |
|  | **TOTAL INVESTMENTS — 100.0%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $8,622,974,505) | **11775547965** |
|  | Other Assets in Excess of Liabilities — 0.0% | 1337251 |
|  | **TOTAL NET ASSETS — 100.0%** | $**11776885216** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  |  |
|  | **SECURITIES SOLD SHORT — (0.2)%** |  |
|  | **EXCHANGE-TRADED FUNDS — (0.2)%** |  |
| (103285) | iShares S&P 500 Growth | (12468565) |
| (59768) | SPDR Portfolio S&P 500 Growth | (6246354) |
|  | **TOTAL EXCHANGE-TRADED FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Proceeds $16,510,287) | **(18714919)** |
|  | **TOTAL SECURITIES SOLD SHORT** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Proceeds $16,510,287) | $**(18714919)** |

---

LLC – Limited Liability Company

LP – Limited Partnership

PLC – Public Limited Company

REIT – Real Estate Investment Trust

**FPA Crescent Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of September 30, 2025 (Unaudited)**

\* 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 $12,603,050, which represents 0.11% 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> 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 $324,100,407, which represents 2.75% of Total Net Assets.

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

<sup>(f)</sup> As of September 30, 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.

<sup>(g)</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>(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> Perpetual security. Maturity date is not applicable.

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

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

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

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

**FPA Crescent Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of September 30, 2025 (Unaudited)**

**Total Return Swaps**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Pay | Payment<br> Frequency | Counterparty | Expiration<br> Date | Notional Amount | Notional Amount | Value | Upfront Premiums<br> Paid(Received) | Unrealized<br> Appreciation<br> (Depreciation) |
| Cresco Labs, Inc. | CAONREPO + 1.800% | Annual | Nomura Securities International, Inc. | 7/14/2026 | CAD | 2112689 | $572088 |  | $572088 |
| Green Thumb Industries, Inc. | OBFR + 1.500% | Annual | Nomura Securities International, Inc. | 7/14/2026 | USD | 14693715 | 1876656 |  | 1876656 |
| Trulieve Cannabis Corp. | CAONREPO + 1.800% | Annual | Nomura Securities International, Inc. | 7/14/2026 | CAD | 4818762 | 731738 |  | 731738 |
| Verano Holdings Corp. | CAONREPO + 1.800% | Annual | Nomura Securities International, Inc. | 7/14/2026 | CAD | 2397473 | 516019 |  | 516019 |
|  |  |  |  |  |  |  | $3696501 |  | $3696501 |

---

**FPA Crescent Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of September 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted Security** | **Initial Acquisition<br> Date** | **Cost** | **Fair Value** | **Fair Value as a % of<br> Net Assets** |
| Altegrity, Inc. | 9/1/2021 | $- | $5469607 | 0.05% |
| Cornerstone OnDemand, Inc., 8.013% (1-Month Term SOFR+375 basis points), 10/16/2028 | 12/7/2022 | 2428361 | 2390626 | 0.02% |
| Epic Games, Inc. | 6/25/2020 | 19049750 | 8812580 | 0.07% |
| Footpath Ventures SPV IV LP | 9/24/2021 | 15862050 | 14065426 | 0.12% |
| FPS Holdco LLC | 10/17/2018 | 49268895 | 147990625 | 1.26% |
| FPS Shelby Holdco I LLC | 2/4/2020 | 11073935 | 8876467 | 0.08% |
| Jett Texas LLC | 12/2/2024 | 22500000 | 22500000 | 0.19% |
| Lealand Finance Company B.V. Senior Exit LC, 3.500%, 6/30/2027 | 11/12/2019 | (10546370) | (7240327) | -0.06% |
| Lealand Reficar LC Term Loan, 11.763% (3-Month Term SOFR+750 basis points), 6/30/2027 | 4/5/2024 | 585167 | 514947 | 0.00% |
| McDermott International, Ltd. | 7/1/2020 | 56700448 | 42778275 | 0.36% |
| McDermott LC, 8.572% (3-Month Term SOFR+426.16 basis points), 6/30/2027 | 12/31/2020 | 28994756 | 23195781 | 0.20% |
| McDermott Technology Americas, Inc. 7.278% (1-Month Term SOFR+300 basis points), 6/30/2027 | 7/1/2020 | 1074192 | 913088 | 0.01% |
| McDermott Technology Americas, Inc. 8.278% (1-Month Term SOFR+400 basis points), 12/31/2027 | 7/1/2020 | 50436702 | 31825819 | 0.27% |
| Pershing Square Tontine Holdings Ltd. | 7/26/2022 |  |  | 0.00% |
| Sound Holding FP | 10/7/2013 |  | 19162103 | 0.16% |
| U.S. Farming Realty Trust II LP | 12/24/2012 |  | 445790 | 0.00% |
| Vision Solutions, Inc., 8.570% (3-Month Term SOFR+400 basis points), 4/24/2028 | 12/7/2022 | 2240280 | 2399600 | 0.02% |
|  |  | $249668166 | $324100407 | 2.75% |

---

**FPA Crescent Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of September 30, 2025 (Unaudited)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Security** | **Shares Held as of December 31, 2024** | **Beginning Value December 31, 2024** | **Purchases at Cost** | **Proceeds from Sales** | **Net Realized Gain (Loss) on Sales Affiliated Investment** | **Accretion of Discount (Amortization of Premium) and Return of Capital** | **Change in Unrealized Appreciation (Depreciation)** | **Transfer In (Out)** | **Ending Value September 30, 2025** | **Shares as of September 30, 2025** | **Income from Affiliated Investments** |
| &nbsp;&nbsp;&nbsp;FPS Holdco LLC | 2073734 | $251127867 | $- | $(33076210) | $33076210 | $(83400511) | $(19736731) | $- | $147990625 | 2073734 | $32773292 |
| &nbsp;&nbsp;&nbsp;FPS Shelby Holdco I LLC | 107799 | 8876467 |  |  |  |  |  |  | 8876467 | 107799 |  |
| &nbsp;&nbsp;&nbsp;Lealand Finance Company B.V. Senior Exit LC, 3.500%, 6/30/2027 | (26423878) | (11890745) |  |  | 1057522 |  | 3592896 |  | (7240327) | 24134423 | 553551 |
| &nbsp;&nbsp;&nbsp;Lealand Reficar LC Term Loan, 11.763% (3-Month Term SOFR+750 basis points), 6/30/2027 | 529985 | 344490 | 55182 |  |  |  | 115275 |  | 514947 | 585167 | 38042 |
| &nbsp;&nbsp;&nbsp;McDermott International, Ltd. | 356485315 | 17824266 |  |  |  |  | 24954009 |  | 42778275 | 2851885 |  |
| &nbsp;&nbsp;&nbsp;McDermott LC, 8.572% (3-Month Term SOFR+426.16 basis points), 6/30/2027 | 31488546 | 17318701 |  | (2493805) | (18) |  | 8370903 |  | 23195781 | 28994726 | 1939317 |
| &nbsp;&nbsp;&nbsp;McDermott Technology Americas, Inc., 7.278% (1-Month Term SOFR+300 basis points), 6/30/2027 | 1074221 | 531739 |  |  |  |  | 381349 |  | 913088 | 1074221 | 60634 |
| &nbsp;&nbsp;&nbsp;McDermott Technology Americas, Inc., 8.278% (1-Month Term SOFR+400 basis points), 12/31/2027 | 39380822 | 13783288 | 905024 |  |  |  | 17137507 |  | 31825819 | 40285847 | 2547306 |
| &nbsp;&nbsp;&nbsp;Sound Holding FP | 1146250 | 21949607 |  | (25171650) | 25171650 |  | (2787504) |  | 19162103 | 1146250 |  |
| &nbsp;&nbsp;&nbsp;U.S. Farming Realty Trust II LP | 120000 | 446134 | - | - | - | - | (344) | - | 445790 | 120000 | - |
| &nbsp;&nbsp;&nbsp;**Total** |  | $**320311814** | $**960206** | $**(60741665)** | $**59305364** | $**(83400511)** | $**32027360** | $**-** | $**268462568** |  | $**37912142** |

---

## 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:** 2025-09-30

**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:** $11855342649.64

**Total Liabilities:** $70620684.27

**Net Assets:** $11784721965.37

**Assets Attributable to Miscellaneous Securities:** $484279655.32

**Cash Not Reported:** $37131824.57

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 11836.222434429087 | **1-Year:** 128.139258616913 | **5-Year:** 1.556189311878 | **10-Year:** 137.077359478123 | **30-Year:** 0.000000000000

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

- **3-Month:** 290.618420443363 | **1-Year:** 1205.014940303437 | **5-Year:** 4188.766162973324 | **10-Year:** 125.124889057236 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000025975 | 0.98%                | 3.27%                | 1.21%                |
| Class ID C000221940 | 0.95%                | 3.29%                | 1.20%                |
| Class ID C000249813 | 0.95%                | 3.30%                | 1.18%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $115729040.09            | $-37052485.92                              |
| Month 2  | $169186833.76            | $176253123.34                              |
| Month 3  | $132561836.17            | $-8528641.25                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| EXXON MOBIL Corp. DCP, 12/15/2025   /          | EXXON MOBIL Corp. DCP, 12/15/2025   /          | CUSIP: 30229AZF9<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |  92000000 | PA      | $91245125.04  | 0.77%             | 2025-12-15      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| EXXON MOBIL Corp. DCP, 12/22/2025   /          | EXXON MOBIL Corp. DCP, 12/22/2025   /          | CUSIP: 30229AZN2<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        | 100000000 | PA      | $99104833.05  | 0.84%             | 2025-12-22      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| EXXON MOBIL Corp. DCP, 12/23/2025   /          | EXXON MOBIL Corp. DCP, 12/23/2025   /          | CUSIP: 30229AZP7<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |  70000000 | PA      | $69372197.15  | 0.59%             | 2025-12-23      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| EXXON MOBIL Corp. DCP, 12/29/2025   /          | EXXON MOBIL Corp. DCP, 12/29/2025   /          | CUSIP: 30229AZV4<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |  69000000 | PA      | $68336430.98  | 0.58%             | 2025-12-29      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| LG Corp                                        | LG Corp.                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |   1442197 | NS      | $74008897.76  | 0.63%             |  |  |  | No            | 1                  | On Loan: No      |
| ALPHABET, Inc. DCP, 12/05/2025   /             | ALPHABET, Inc. DCP, 12/05/2025   /             | CUSIP: 02079NZ53<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |  70000000 | PA      | $69488125.00  | 0.59%             | 2025-12-05      | 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      | $91385321.83  | 0.78%             |  |  |  | No            | 1                  | On Loan: No      |
| Swire Pacific Ltd                              | Swire Pacific Ltd. - A Shares                  | CUSIP: Y83310105<br>LEI: 549300KZOZHII0DGF611 | Long             | EC               | CORP              | HK        |   2098628 | NS      | $17785211.59  | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| COCA COLA Co. DCP, 10/17/2025   /              | COCA COLA Co. DCP, 10/17/2025   /              | CUSIP: 19121AXH9<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |  45000000 | PA      | $44917600.08  | 0.38%             | 2025-10-17      | 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        |    528795 | NS      | $39045766.01  | 0.33%             |  |  |  | No            | 1                  | On Loan: No      |
| ECHOSTAR CORP                                  | EchoStar Corp.                                 | CUSIP: 278768AB2<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |  33209948 | PA      | $81696472.08  | 0.69%             | 2030-11-30      | Fixed         | 3.88%                 | No            | 2                  | On Loan: No      |
| EXXON MOBIL Corp. DCP, 10/01/2025   /          | EXXON MOBIL Corp. DCP, 10/01/2025   /          | CUSIP: 30229AX12<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |  60000000 | PA      | $60000000.00  | 0.51%             | 2025-10-01      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| EXXON MOBIL Corp. DCP, 10/03/2025   /          | EXXON MOBIL Corp. DCP, 10/03/2025   /          | CUSIP: 30229AX38<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |  55000000 | PA      | $54986952.78  | 0.47%             | 2025-10-03      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| EXXON MOBIL Corp. DCP, 10/06/2025   /          | EXXON MOBIL Corp. DCP, 10/06/2025   /          | CUSIP: 30229AX61<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |  55000000 | PA      | $54967381.96  | 0.47%             | 2025-10-06      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| EXXON MOBIL Corp. DCP, 10/20/2025   /          | EXXON MOBIL Corp. DCP, 10/20/2025   /          | CUSIP: 30229AXL8<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        | 100000000 | PA      | $99780972.04  | 0.85%             | 2025-10-20      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| EXXON MOBIL Corp. DCP, 10/23/2025   /          | EXXON MOBIL Corp. DCP, 10/23/2025   /          | CUSIP: 30229AXP9<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |  65000000 | PA      | $64831180.49  | 0.55%             | 2025-10-23      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| EXXON MOBIL Corp. DCP, 10/27/2025   /          | EXXON MOBIL Corp. DCP, 10/27/2025   /          | CUSIP: 30229AXT1<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |  85000000 | PA      | $84745850.00  | 0.72%             | 2025-10-27      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| EXXON MOBIL Corp. DCP, 11/10/2025   /          | EXXON MOBIL Corp. DCP, 11/10/2025   /          | CUSIP: 30229AYA1<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |  40000000 | PA      | $39815555.56  | 0.34%             | 2025-11-10      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| EXXON MOBIL Corp. DCP, 12/08/2025   /          | EXXON MOBIL Corp. DCP, 12/08/2025   /          | CUSIP: 30229AZ85<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        | 101000000 | PA      | $100246428.15 | 0.85%             | 2025-12-08      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| EXXON MOBIL Corp. DCP, 12/12/2025   /          | EXXON MOBIL Corp. DCP, 12/12/2025   /          | CUSIP: 30229AZC6<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |  51000000 | PA      | $50597100.09  | 0.43%             | 2025-12-12      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| Nexon Co Ltd                                   | Nexon Co., Ltd.                                | CUSIP: 999999999<br>LEI: 5299005SFO0GAJFLKN43 | Long             | EC               | CORP              | JP        |   1552337 | NS      | $34083498.93  | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| JOHNSON & JOHNSON Co. DCP, 01/15/2026   /      | JOHNSON & JOHNSON Co. DCP, 01/15/2026   /      | CUSIP: 47816GAF6<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        | 139000000 | PA      | $137440652.11 | 1.17%             | 2026-01-15      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| Shiseido Co Ltd                                | Shiseido Co., Ltd.                             | CUSIP: 999999999<br>LEI: 5299008QCD0YDT5OF506 | Long             | EC               | CORP              | JP        |    886100 | NS      | $15141324.00  | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| KENVUE, Inc. DCP 10/21/2025   /                | KENVUE, Inc. DCP 10/21/2025   /                | CUSIP: 49177FXM7<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |  75000000 | PA      | $74829166.55  | 0.63%             | 2025-10-21      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| KENVUE, Inc. DCP 10/23/2025   /                | KENVUE, Inc. DCP 10/23/2025   /                | CUSIP: 49177FXP0<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |  61000000 | PA      | $60847160.92  | 0.52%             | 2025-10-23      | Fixed         | 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, 10/10/2025   /         | ROCHE HOLDINGS DCP DCP, 10/10/2025   /         | CUSIP: 77119LXA2<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |  41000000 | PA      | $40956772.53  | 0.35%             | 2025-10-10      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| ROCHE HOLDINGS DCP DCP, 10/15/2025   /         | ROCHE HOLDINGS DCP DCP, 10/15/2025   /         | CUSIP: 77119LXF1<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |  30000000 | PA      | $29950883.36  | 0.25%             | 2025-10-15      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| ROCHE HOLDINGS DCP DCP, 10/22/2025   /         | ROCHE HOLDINGS DCP DCP, 10/22/2025   /         | CUSIP: 77119LXN4<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |  80000000 | PA      | $79799800.00  | 0.68%             | 2025-10-22      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                    | CUSIP: 912797RD1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  31000000 | PA      | $30927158.61  | 0.26%             | 2025-10-21      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                    | CUSIP: 912797RE9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  81000000 | PA      | $80749017.45  | 0.69%             | 2025-10-28      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                    | CUSIP: 912797RH2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  53000000 | PA      | $52448895.40  | 0.45%             | 2026-01-08      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                    | CUSIP: 912797RK5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  49000000 | PA      | $48382208.00  | 0.41%             | 2026-01-29      | Fixed         | 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      | $575024.07    | 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      | $519267.35    | 0.02%             |  |  |  | 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      | $445789.80    | 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      | $19162102.66  | 0.16%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Analog Devices Inc                             | Analog Devices, Inc.                           | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |   1335541 | NS      | $328142423.70 | 2.78%             |  |  |  | No            | 1                  | On Loan: No      |
| Amrize Ltd                                     | Amrize Ltd.                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | CH        |   2429341 | NS      | $117149103.12 | 0.99%             |  |  |  | No            | 1                  | On Loan: No      |
| Amazon.com Inc                                 | Amazon.com, Inc.                               | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    908995 | NS      | $199588032.15 | 1.69%             |  |  |  | No            | 1                  | On Loan: No      |
| Aon PLC                                        | Aon PLC - Class A                              | CUSIP: G0403H108<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | GB        |    477746 | NS      | $170354668.68 | 1.45%             |  |  |  | No            | 1                  | On Loan: No      |
| Broadcom Inc                                   | Broadcom, Inc.                                 | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     75615 | NS      | $24946144.65  | 0.21%             |  |  |  | No            | 1                  | On Loan: No      |
| TOTAL FINA ELF CAP DCP,  10/15/2025   /        | TOTAL FINA ELF CAP DCP,  10/15/2025   /        | CUSIP: 89152EXF0<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | FR        |  24250000 | PA      | $24210674.58  | 0.21%             | 2025-10-15      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| TOTAL FINA ELF CAP DCP,  11/20/2025   /        | TOTAL FINA ELF CAP DCP,  11/20/2025   /        | CUSIP: 89152EYL6<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | FR        |  45000000 | PA      | $44746250.08  | 0.38%             | 2025-11-20      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| TOTAL FINA ELF CAP DCP,  02/09/2026   /        | TOTAL FINA ELF CAP DCP,  02/09/2026   /        | CUSIP: 89152FB95<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | FR        |  10000000 | PA      | $9854444.43   | 0.08%             | 2026-02-09      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                    | CUSIP: 912797NA1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  73000000 | PA      | $72757721.11  | 0.62%             | 2025-10-30      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                    | CUSIP: 912797NL7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  76000000 | PA      | $75504100.00  | 0.64%             | 2025-11-28      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                    | CUSIP: 912797QE0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  65000000 | PA      | $64938939.00  | 0.55%             | 2025-10-09      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                    | CUSIP: 912797QF7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        | 111000000 | PA      | $110804478.13 | 0.94%             | 2025-10-16      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                    | CUSIP: 912797QP5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  90000000 | PA      | $89631108.00  | 0.76%             | 2025-11-06      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                    | CUSIP: 912797QQ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  47000000 | PA      | $46768006.04  | 0.40%             | 2025-11-13      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                    | CUSIP: 912797QR1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  40000000 | PA      | $39772500.00  | 0.34%             | 2025-11-20      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                    | CUSIP: 912797QS9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  55000000 | PA      | $54619042.50  | 0.46%             | 2025-12-04      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                    | CUSIP: 912797QY6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  80000000 | PA      | $79393352.00  | 0.67%             | 2025-12-11      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                    | CUSIP: 912797RA7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  66000000 | PA      | $65343590.40  | 0.55%             | 2026-01-02      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                    | CUSIP: 912797RB5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        | 108000000 | PA      | $107924279.92 | 0.92%             | 2025-10-07      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                    | CUSIP: 912797RC3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        | 131000000 | PA      | $130800843.61 | 1.11%             | 2025-10-14      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                    | CUSIP: 912797RM1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  80000000 | PA      | $79693818.67  | 0.68%             | 2025-11-04      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                    | CUSIP: 912797RN9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  49000000 | PA      | $48770703.34  | 0.41%             | 2025-11-12      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                    | CUSIP: 912797RP4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  50000000 | PA      | $49725366.67  | 0.42%             | 2025-11-18      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                    | CUSIP: 912797RQ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  41000000 | PA      | $40744132.66  | 0.35%             | 2025-11-25      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                    | CUSIP: 912797RR0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  92000000 | PA      | $91384446.40  | 0.78%             | 2025-12-02      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                    | CUSIP: 912797RW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        | 138000000 | PA      | $136984499.40 | 1.16%             | 2025-12-09      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                    | CUSIP: 912797RX7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  58000000 | PA      | $57533216.00  | 0.49%             | 2025-12-16      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| VORNADO REALTY LP                              | Vornado Realty LP                              | CUSIP: 929043AK3<br>LEI: 549300BMOJ05INE4YK86 | Long             | DBT              | CORP              | US        |   8623000 | PA      | $8469941.75   | 0.07%             | 2026-06-01      | Fixed         | 2.15%                 | 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      | $23195780.64  | 0.20%             | 2027-06-30      | Variable      | 8.25%                 | Yes           | 3                  | On Loan: No      |
| LEALAND FINANCE Co. B.V. SENIOR EXIT LC   /    | LEALAND FINANCE Co. B.V. SENIOR EXIT LC   /    | CUSIP: 589477088<br>LEI: N/A                  | Short            | LON              | CORP              | US        | -24134423 | PA      | $-7240326.94  | -0.06%            | 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      | $14065425.60  | 0.12%             |  |  |  | Yes           | N/A                | On Loan: No      |
| WAYFAIR INC                                    | Wayfair, Inc.                                  | CUSIP: 94419LAF8<br>LEI: 54930027N9ZAVYFDHK53 | Long             | DBT              | CORP              | US        |   4278000 | PA      | $4192440.00   | 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      | $41668000.00  | 0.35%             | 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      | $147990625.42 | 1.26%             |  |  |  | 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   | 0.07%             |  |  |  | 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      | $1912053.48   | 0.14%             |  |  |  | Yes           | 2                  | 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      | $738217.05    | 0.04%             |  |  |  | Yes           | 2                  | On Loan: No      |
| Bio-Rad Laboratories Inc                       | Bio-Rad Laboratories, Inc. - Class A           | CUSIP: 090572207<br>LEI: 549300ZC1GPV35XYDK53 | Long             | EC               | CORP              | US        |    243903 | NS      | $68387962.17  | 0.58%             |  |  |  | No            | 1                  | On Loan: No      |
| Vail Resorts Inc                               | Vail Resorts, Inc.                             | CUSIP: 91879Q109<br>LEI: 529900PSZHRNU9HKH870 | Long             | EC               | CORP              | US        |    628910 | NS      | $94066068.70  | 0.80%             |  |  |  | No            | 1                  | On Loan: No      |
| NCR Atleos Corp                                | NCR Atleos Corp.                               | CUSIP: 63001N106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1660761 | NS      | $65284514.91  | 0.55%             |  |  |  | No            | 1                  | On Loan: No      |
| NXP Semiconductors NV                          | NXP Semiconductors N.V.                        | CUSIP: N6596X109<br>LEI: 724500M9BY5293JDF951 | Long             | EC               | CORP              | NL        |    482460 | NS      | $109870615.80 | 0.93%             |  |  |  | No            | 1                  | On Loan: No      |
| PG&E Corp                                      | PG&E Corp.                                     | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |    720710 | NS      | $10868306.80  | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Prosus NV                                      | Prosus N.V.                                    | CUSIP: 999999999<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | EC               | CORP              | NL        |   2882508 | NS      | $202838142.19 | 1.72%             |  |  |  | No            | 1                  | On Loan: No      |
| LEALAND REFICAR TERM LOAN   /                  | LEALAND REFICAR TERM LOAN   /                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    567675 | PA      | $499554.18    | 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      | $78533582.55  | 0.67%             |  |  |  | No            | 1                  | On Loan: No      |
| ROSS ACQUISITION CORP II -A                    | Ross Acquisition Corp. II                      | CUSIP: G7641C114<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     77074 | NC      | $0.00         | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| Safran SA                                      | Safran S.A.                                    | CUSIP: 999999999<br>LEI: 969500UIC89GT3UL7L24 | Long             | EC               | CORP              | FR        |    544912 | NS      | $191979444.94 | 1.63%             |  |  |  | No            | 1                  | On Loan: No      |
| EchoStar Corp                                  | EchoStar Corp. - Class A                       | CUSIP: 278768106<br>LEI: 549300EE20907QZ9GT38 | Long             | EC               | CORP              | US        |    385053 | NS      | $29402647.08  | 0.25%             |  |  |  | No            | 1                  | On Loan: No      |
| SPDR Portfolio S&P 500 Growth                  | SPDR Portfolio S&P 500 Growth ETF              | CUSIP: 78464A409<br>LEI: 549300VUPJJVH7HVPB06 | Short            |  | RF                | US        |    -59768 | NS      | $-6246353.68  | -0.05%            |  |  |  | No            | 1                  | On Loan: No      |
| TE Connectivity PLC                            | TE Connectivity PLC                            | CUSIP: H84989104<br>LEI: 894500ZRIX9K13RHXR17 | Long             | EC               | CORP              | IE        |   1411836 | NS      | $309940357.08 | 2.63%             |  |  |  | No            | 1                  | On Loan: No      |
| Uber Technologies Inc                          | Uber Technologies, Inc.                        | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |    602717 | NS      | $59048184.49  | 0.50%             |  |  |  | No            | 1                  | On Loan: No      |
| Vornado Realty Trust                           | Vornado Realty Trust - REIT                    | CUSIP: 929042109<br>LEI: N/A                  | Long             |  | CORP              | US        |   1448615 | NS      | $58712365.95  | 0.50%             |  |  |  | No            | 1                  | On Loan: No      |
| NCR Voyix Corp                                 | NCR Voyix Corp.                                | CUSIP: 62886E108<br>LEI: 549300YKTY8JX1DV2R67 | Long             | EC               | CORP              | US        |   2751836 | NS      | $34535541.80  | 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      | $56394416.17  | 0.48%             |  |  |  | No            | 1                  | On Loan: No      |
| Wells Fargo & Co                               | Wells Fargo & Co.                              | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |    816904 | NS      | $68472893.28  | 0.58%             |  |  |  | No            | 1                  | On Loan: No      |
| NESTLE CAPITAL Corp. DCP, 10/17/2025   /       | NESTLE CAPITAL Corp. DCP, 10/17/2025   /       | CUSIP: 64105GXH2<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        | 100000000 | PA      | $99812666.67  | 0.85%             | 2025-10-17      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| NESTLE CAPITAL Corp. DCP, 10/24/2025   /       | NESTLE CAPITAL Corp. DCP, 10/24/2025   /       | CUSIP: 64105GXQ2<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |  35000000 | PA      | $34906754.12  | 0.30%             | 2025-10-24      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| NESTLE CAPITAL Corp. DCP, 11/07/2025   /       | NESTLE CAPITAL Corp. DCP, 11/07/2025   /       | CUSIP: 64105GY73<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |  80000000 | PA      | $79662888.66  | 0.68%             | 2025-11-07      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| NESTLE CAPITAL Corp. DCP, 11/14/2025   /       | NESTLE CAPITAL Corp. DCP, 11/14/2025   /       | CUSIP: 64105GYE8<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |  42000000 | PA      | $41785426.69  | 0.35%             | 2025-11-14      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| NESTLE CAPITAL Corp. DCP, 11/19/2025   /       | NESTLE CAPITAL Corp. DCP, 11/19/2025   /       | CUSIP: 64105GYK4<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |  76000000 | PA      | $75596566.67  | 0.64%             | 2025-11-19      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| NESTLE CAPITAL Corp. DCP, 11/24/2025   /       | NESTLE CAPITAL Corp. DCP, 11/24/2025   /       | CUSIP: 64105GYQ1<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        | 100000000 | PA      | $99413500.36  | 0.84%             | 2025-11-24      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| NESTLE CAPITAL Corp. DCP, 11/26/2025   /       | NESTLE CAPITAL Corp. DCP, 11/26/2025   /       | CUSIP: 64105GYS7<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |  60000000 | PA      | $59635066.50  | 0.51%             | 2025-11-26      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| NESTLE CAPITAL Corp. DCP, 12/10/2025   /       | NESTLE CAPITAL Corp. DCP, 12/10/2025   /       | CUSIP: 64105GZA5<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        | 100000000 | PA      | $99251388.59  | 0.84%             | 2025-12-10      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| NESTLE CAPITAL Corp. DCP, 12/17/2025   /       | NESTLE CAPITAL Corp. DCP, 12/17/2025   /       | CUSIP: 64105GZH0<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |  44000000 | PA      | $43637672.13  | 0.37%             | 2025-12-17      | 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      | $44994612.50  | 0.38%             | 2025-10-02      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| NESTLE CAPITAL DCP,  10/07/25   /              | NESTLE CAPITAL DCP,  10/07/25   /              | CUSIP: 64106GX73<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |  48000000 | PA      | $47965760.01  | 0.41%             | 2025-10-07      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| DELIVERY HERO AG                               | Delivery Hero S.E.                             | CUSIP: 999999999<br>LEI: 529900C3EX1FZGE48X78 | Long             | DBT              | CORP              | DE        |  86200000 | PA      | $97040575.96  | 0.82%             | 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        |  40285847 | PA      | $31825818.90  | 0.27%             | 2027-12-31      | Floating      | 8.28%                 | 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      | $913087.77    | 0.01%             | 2027-06-30      | Floating      | 7.28%                 | Yes           | 2                  | On Loan: No      |
| NESTLE FIANCE INTL DCP,  11/12/2025   /        | NESTLE FIANCE INTL DCP,  11/12/2025   /        | CUSIP: 64106GYC1<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |  22600000 | PA      | $22490578.30  | 0.19%             | 2025-11-12      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| NESTLE CAPITAL DCP,  01/09/26   /              | NESTLE CAPITAL DCP,  01/09/26   /              | CUSIP: 64106HA92<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |  77000000 | PA      | $76095250.00  | 0.65%             | 2026-01-09      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| CORNERSTONE ONDEMAND INC                       | Cornerstone OnDemand, Inc.                     | CUSIP: 86803YAB9<br>LEI: 549300Z402F16H5EGH48 | Long             | LON              | CORP              | US        |   2493482 | PA      | $2390626.25   | 0.02%             | 2028-10-16      | Floating      | 8.01%                 | Yes           | 2                  | On Loan: No      |
| VISION SOLUTIONS INC                           | Vision Solutions, Inc.                         | CUSIP: 70477BAE2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2499583 | PA      | $2405849.00   | 0.02%             | 2028-04-24      | Floating      | 8.57%                 | Yes           | 2                  | On Loan: No      |
| DELIVERY HERO AG                               | Delivery Hero S.E.                             | CUSIP: 999999999<br>LEI: 529900C3EX1FZGE48X78 | Long             | DBT              | CORP              | DE        |   1600000 | PA      | $1728974.88   | 0.01%             | 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      | $53307400.80  | 0.45%             | 2030-02-21      | Fixed         | 3.25%                 | No            | 2                  | On Loan: No      |
| Citigroup Inc                                  | Citigroup, Inc.                                | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |   2378217 | NS      | $241389025.50 | 2.05%             |  |  |  | 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      | $99745982.67  | 0.85%             |  |  |  | No            | 1                  | On Loan: No      |
| Charter Communications Inc                     | Charter Communications, Inc. - Class A         | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |    393387 | NS      | $108222730.64 | 0.92%             |  |  |  | No            | 1                  | On Loan: No      |
| Comcast Corp                                   | Comcast Corp. - Class A                        | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |   7087694 | NS      | $222695345.48 | 1.89%             |  |  |  | No            | 1                  | On Loan: No      |
| Douglas Emmett Inc                             | Douglas Emmett, Inc. - REIT                    | CUSIP: 25960P109<br>LEI: N/A                  | Long             |  | CORP              | US        |   4120722 | NS      | $64159641.54  | 0.54%             |  |  |  | No            | 1                  | On Loan: No      |
| Dell Technologies Inc                          | Dell Technologies, Inc. - Class C              | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |    418505 | NS      | $59331453.85  | 0.50%             |  |  |  | No            | 1                  | On Loan: No      |
| Delivery Hero SE                               | Delivery Hero S.E.                             | CUSIP: 999999999<br>LEI: 529900C3EX1FZGE48X78 | Long             | EC               | CORP              | DE        |    551839 | NS      | $15814029.10  | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Hoshizaki Corp                                 | Hoshizaki Corp.                                | CUSIP: 999999999<br>LEI: 5299001QAMLGU3SRBG20 | Long             | EC               | CORP              | JP        |    793020 | NS      | $29793549.85  | 0.25%             |  |  |  | No            | 1                  | On Loan: No      |
| ELECTRIQ POWER HOLDINGS INC                    | Electriq Power Holdings, Inc.                  | CUSIP: 285046116<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |    414327 | NC      | $0.00         | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| Eurofins Scientific SE                         | Eurofins Scientific S.E.                       | CUSIP: 999999999<br>LEI: 529900JEHFM47DYY3S57 | Long             | EC               | CORP              | LU        |   1637209 | NS      | $118744742.92 | 1.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Fortune Brands Innovations Inc                 | Fortune Brands Innovations, Inc.               | CUSIP: 34964C106<br>LEI: 54930032LHW54PQUJD44 | Long             | EC               | CORP              | US        |   1831725 | NS      | $97795797.75  | 0.83%             |  |  |  | No            | 1                  | On Loan: No      |
| Ferguson Enterprises Inc                       | Ferguson Enterprises, Inc.                     | CUSIP: G3421J106<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |    582483 | NS      | $130814032.14 | 1.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Glencore PLC                                   | Glencore PLC                                   | CUSIP: 999999999<br>LEI: 2138002658CPO9NBH955 | Long             | EC               | CORP              | CH        |  26947501 | NS      | $123793253.65 | 1.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Alphabet Inc                                   | Alphabet, Inc. - Class C                       | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    895500 | NS      | $218099025.00 | 1.85%             |  |  |  | No            | 1                  | On Loan: No      |
| Alphabet Inc                                   | Alphabet, Inc. - Class A                       | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |   1767501 | NS      | $429679493.10 | 3.65%             |  |  |  | No            | 1                  | On Loan: No      |
| Gulfport Energy Corp                           | Gulfport Energy Corp.                          | CUSIP: 402635502<br>LEI: 254900DJRGZBUZ3F5038 | Long             | EC               | CORP              | US        |    150028 | NS      | $27152067.44  | 0.23%             |  |  |  | No            | 1                  | On Loan: No      |
| Heineken Holding NV                            | Heineken Holding N.V.                          | CUSIP: 999999999<br>LEI: 724500M1WJLFM9TYBS04 | Long             | EC               | CORP              | NL        |   3088974 | NS      | $211600883.89 | 1.80%             |  |  |  | No            | 1                  | On Loan: No      |
| Holcim AG                                      | Holcim A.G.                                    | CUSIP: 999999999<br>LEI: 529900EHPFPYHV6IQO98 | Long             | EC               | CORP              | CH        |    826751 | NS      | $69932687.28  | 0.59%             |  |  |  | No            | 1                  | On Loan: No      |
| Howmet Aerospace Inc                           | Howmet Aerospace, Inc.                         | CUSIP: 443201108<br>LEI: 549300HO5WFZUT5N2T22 | Long             | EC               | CORP              | US        |    207795 | NS      | $40775613.05  | 0.35%             |  |  |  | No            | 1                  | On Loan: No      |
| ICON PLC                                       | ICON PLC                                       | CUSIP: G4705A100<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               | CORP              | IE        |    580243 | NS      | $101542525.00 | 0.86%             |  |  |  | No            | 1                  | On Loan: No      |
| IFF                                            | International Flavors & Fragrances, Inc.       | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | EC               | CORP              | US        |   2997690 | NS      | $184477842.60 | 1.57%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares S&P 500 Growth ETF                     | iShares S&P 500 Growth ETF                     | CUSIP: 464287309<br>LEI: 549300RYFG0B8O3DPR13 | Short            |  | RF                | US        |   -103285 | NS      | $-12468565.20 | -0.11%            |  |  |  | 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      | $215564528.76 | 1.83%             |  |  |  | No            | 1                  | On Loan: No      |
| Jefferies Financial Group Inc                  | Jefferies Financial Group, Inc.                | CUSIP: 47233W109<br>LEI: 549300HOF34RGOJ5YL07 | Long             | EC               | CORP              | US        |   2277248 | NS      | $148977564.16 | 1.26%             |  |  |  | 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  | 0.19%             |  |  |  | Yes           | N/A                | On Loan: No      |
| JPY SPOT FORWARD CONTRACT   /                  | JPY SPOT FORWARD CONTRACT   /                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | STIV             |  | JP        | 937311626 | OU      | $6338111.55   | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| JPY SPOT FORWARD CONTRACT   /                  | JPY SPOT FORWARD CONTRACT   /                  | CUSIP: 999999999<br>LEI: N/A                  | Short            | STIV             |  | JP        |   -653219 | OU      | $-4417.07     | -0.00%            |  |  |  | No            | 1                  | On Loan: No      |
| Kinder Morgan Inc                              | Kinder Morgan, Inc.                            | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |   2488164 | NS      | $70439922.84  | 0.60%             |  |  |  | No            | 1                  | On Loan: No      |
| CarMax Inc                                     | CarMax, Inc.                                   | CUSIP: 143130102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1521148 | NS      | $68253910.76  | 0.58%             |  |  |  | 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      | $131121778.94 | 1.11%             |  |  |  | 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      |
| PEPSICO, Inc. DCP, 12/03/2025   /              | PEPSICO, Inc. DCP, 12/03/2025   /              | CUSIP: 71344TZ39<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |  50000000 | PA      | $49658749.87  | 0.42%             | 2025-12-03      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| PEPSICO, Inc. DCP, 12/05/2025   /              | PEPSICO, Inc. DCP, 12/05/2025   /              | CUSIP: 71344TZ54<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |  45000000 | PA      | $44683125.11  | 0.38%             | 2025-12-05      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| Pepsico, Inc. DCP, 12/18/2025   /              | Pepsico, Inc. DCP, 12/18/2025   /              | CUSIP: 71344TZJ4<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        | 100000000 | PA      | $99122500.00  | 0.84%             | 2025-12-18      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| Pepsico, Inc. DCP, 01/22/2026   /              | Pepsico, Inc. DCP, 01/22/2026   /              | CUSIP: 71344UAN9<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        | 124000000 | PA      | $122505386.67 | 1.04%             | 2026-01-22      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| ROCHE HOLDINGS DCP DCP, 10/24/2025   /         | ROCHE HOLDINGS DCP DCP, 10/24/2025   /         | CUSIP: 77119LXQ7<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |  20235000 | PA      | $20180702.77  | 0.17%             | 2025-10-24      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| Nintendo Co Ltd                                | Nintendo Co., Ltd.                             | CUSIP: 999999999<br>LEI: 353800FEEXU6I9M0ZF27 | Long             | EC               | CORP              | JP        |    509580 | NS      | $44123284.31  | 0.37%             |  |  |  | No            | 1                  | On Loan: No      |
| CHARLES SCHWAB CORP                            | Charles Schwab Corp.                           | CUSIP: 808513AR6<br>LEI: 549300VSGCJ7E698NM85 | Long             | EP               | CORP              | US        |   2588000 | PA      | $2539475.00   | 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      | $18755337.58  | 0.16%             | 2069-06-01      | Variable      | 4.00%                 | 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      | $12603049.89  | 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      | $126465.00    | 0.00%             |  |  |  | Yes           | 3                  | On Loan: No      |
| MCDERMOTT INTERNATIO Ltd. AI CONTRA CUSIP   /  | MCDERMOTT INTERNATIO Ltd. AI CONTRA CUSIP   /  | CUSIP: 58004K406<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |    331301 | NS      | $4969515.00   | 0.04%             |  |  |  | Yes           | 3                  | On Loan: No      |
| NESTLE CAPITAL Corp. DCP, 10/15/2025   /       | NESTLE CAPITAL Corp. DCP, 10/15/2025   /       | CUSIP: 64105GXF6<br>LEI: N/A                  | Long             | ABS-APCP         | CORP              | US        |  25000000 | PA      | $24959166.65  | 0.21%             | 2025-10-15      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| Marriott International Inc/MD                  | Marriott International, Inc. - Class A         | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |    288240 | NS      | $75069225.60  | 0.64%             |  |  |  | No            | 1                  | On Loan: No      |
| Mcdermott International Ltd                    | Mcdermott International Ltd.                   | CUSIP: G5924V148<br>LEI: 54930004RAXI4B3L4752 | Long             | EC               | CORP              | US        |   2512153 | NS      | $37682295.00  | 0.32%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Meta Platforms Inc                             | Meta Platforms, Inc. - Class A                 | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |    460036 | NS      | $337841237.68 | 2.87%             |  |  |  | No            | 1                  | On Loan: No      |
| MSILF Treasury Portfolio                       | MSILF Treasury Portfolio - Class Institutional | CUSIP: 61747C582<br>LEI: 549300D1XR6GP7EZ0T47 | Long             | STIV             | RF                | US        |   3627054 | PA      | $3627054.15   | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |

### Signature

**Date Signed:** 2025-10-09

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

**Signature:** /s/ Maureen Quill

**Name of Signer:** Maureen Quill

**Title:** President