Amendment to Annual Report by Investment Company (Form N-CSR/A)

(b) Not applicable.

Item 2. Code of Ethics.

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

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

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

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

	FPA Flexible Fixed Income Fund FPA Crescent Fund	FYE 12/31/2025	FYE 12/31/2024
(a)	Audit Fees	$28,000	$27,000
(b)	Audit-Related Fees	N/A	N/A
(c)	Tax Fees	$5,000	$5,000
(d)	All Other Fees	N/A	N/A

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

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

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

(f)

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

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

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

(i)

Not applicable.

(j)

Not applicable.

Item 5. Audit Committee of Listed Registrants.

(a)

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

(b)

Not applicable.

Item 6. Investments.

(a)

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

(b)

Not Applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

FPA Crescent Fund

(Institutional Class: FPACX)

(Investor Class: FPFRX)

(Supra Institutional Class: FPCSX)

ANNUAL FINANCIALS AND OTHER INFORMATION

DECEMBER 31, 2025

FPA Crescent Fund

A series of Investment Managers Series Trust III

Table of Contents

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

Item 7. Financial Statements and Financial Highlights
Schedule of Investments	1
Statement of Assets and Liabilities	10
Statement of Operations	11
Statements of Changes in Net Assets	12
Financial Highlights	13
Notes to Financial Statements	16
Report of Independent Registered Public Accounting Firm	33

This report and the financial statements contained herein are provided for the general information of the shareholders of the FPA Crescent Fund (the "Fund"). This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective shareholder report and prospectus.

https://fpa.com

FPA Crescent Fund

SCHEDULE OF INVESTMENTS

As of December 31, 2025

Principal Amount						Value
				BONDS & DEBENTURES - 3.7%
				CONVERTIBLE BONDS - 2.1%
				Delivery Hero AG
$	86,200,000			1.000%, 1/23/2027		$	98,340,331
	1,600,000			1.500%, 1/15/2028			1,756,258
	126,000,000			3.250%, 2/21/2030			143,908,615
				Wayfair, Inc.
	4,278,000			1.000%, 8/15/2026			4,258,749
				TOTAL CONVERTIBLE BONDS
				(Cost $227,903,055)			248,263,953
				CORPORATE BANK DEBT - 0.4%
				Cornerstone OnDemand, Inc.
	2,487,023			7.683% (1-Month Term SOFR+375 basis points), 10/16/2028(a),(b),(c)			2,275,626
				Lealand Finance Company B.V. Senior Exit LC
	21,844,968			3.500%, 6/30/2027(a),(b),(c),(d),(e),(f),(g)			(5,461,242	)
				Lealand Reficar LC Term Loan
	602,758			11.433% (3-Month Term SOFR+750 basis points), 6/30/2027(a),(b),(c),(d),(e),(f),(h)			530,427
				McDermott LC
	26,500,921			8.552% (3-Month Term SOFR+426.16 basis points), 6/30/2027(a),(b),(c),(d),(e),(f)			19,875,691
				McDermott Technology Americas, Inc.
	1,074,221			6.831% (1-Month Term SOFR+300 basis points), 6/30/2027(a),(b),(c),(d),(f)			880,861
	40,595,493			7.831% (1-Month Term SOFR+400 basis points), 12/31/2027(a),(b),(c),(d),(f),(h)			31,258,530
				Vision Solutions, Inc.
	2,486,598			8.102% (3-Month Term SOFR+400 basis points), 4/24/2028(a),(b),(c)			2,296,995
				TOTAL CORPORATE BANK DEBT
				(Cost $74,153,380)			51,656,888
				CORPORATE BONDS - 1.2%
				COMMUNICATIONS - 0.9%
				EchoStar Corp.
	33,209,948			3.875%, 11/30/2030			110,921,226
				FINANCIALS - 0.3%
				Charles Schwab Corp.
	18,976,000			4.000% (USD 5 Year Tsy+316.8 basis points)(c),(i)			18,811,858
	2,588,000			5.000% (3-Month USD Libor+257.5 basis points)(c),(i)			2,532,254
				Vornado Realty LP
	8,623,000			2.150%, 6/1/2026			8,515,989
							29,860,101
				TOTAL CORPORATE BONDS
				(Cost $57,092,266)			140,781,327
				TOTAL BONDS & DEBENTURES
				(Cost $359,148,701)			440,702,168

FPA Crescent Fund

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2025

Number of Shares						Value
				CLOSED-END FUNDS - 0.0%
	4,756,180			Altegrity, Inc.(b),(f)		$	5,469,607
				TOTAL CLOSED-END FUNDS
				(Cost $0)			5,469,607
				COMMON STOCKS - 60.4%
				AEROSPACE & DEFENSE - 1.6%
	544,912			Safran S.A.			189,806,381
				APPAREL & TEXTILE PRODUCTS - 0.8%
	446,942			Cie Financiere Richemont S.A. - Class A			96,383,513
				ASSET MANAGEMENT - 1.0%
	344,126			LPL Financial Holdings, Inc.			122,911,483
	457,176			Pershing Square Tontine Holdings Ltd.(b),(f)			-
							122,911,483
				BANKING - 2.7%
	2,192,317			Citigroup, Inc.			255,821,471
	703,204			Wells Fargo & Co.			65,538,613
							321,360,084
				BEVERAGES - 4.4%
	3,088,974			Heineken Holding N.V.			226,200,821
	5,885,188			JDE Peet's N.V.			220,098,700
	926,151			Pernod Ricard S.A.			79,304,713
							525,604,234
				BIOTECH & PHARMA - 0.6%
	465,134			Merck KGaA			66,386,905
				CABLE & SATELLITE - 2.3%
	325,576			Charter Communications, Inc. - Class A*			67,963,990
	3,996,138			Comcast Corp. - Class A			119,444,565
	1,890,532			Liberty Broadband Corp. - Class C*			91,879,855
							279,288,410
				CHEMICALS - 4.6%
	16,929,662			Azelis Group N.V.(d)			184,966,854
	640,089			IMCD N.V.			58,097,348
	3,163,067			International Flavors & Fragrances, Inc.			213,159,085
	12,787,300			Nippon Paint Holdings Co., Ltd.			85,620,378
							541,843,665
				COMMERCIAL SUPPORT SERVICES - 1.2%
	1,637,209			Eurofins Scientific S.E.			119,729,254
	562,744			Sodexo S.A.			28,833,405
							148,562,659
				CONSTRUCTION MATERIALS - 1.8%
	2,429,341			Amrize Ltd.*			131,378,761

FPA Crescent Fund

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2025

Number of Shares						Value
				COMMON STOCKS (Continued)
				CONSTRUCTION MATERIALS (Continued)
	826,751			Holcim AG*		$	80,484,487
							211,863,248
				E-COMMERCE DISCRETIONARY - 1.7%
	875,695			Amazon.com, Inc.*			202,127,920
				ELECTRIC UTILITIES - 0.1%
	720,710			PG&E Corp.			11,581,810
				ELECTRICAL EQUIPMENT - 2.6%
	438,300			Hirose Electric Co., Ltd.			48,504,257
	1,148,440			TE Connectivity Ltd.			261,281,585
							309,785,842
				ENGINEERING & CONSTRUCTION - 1.3%
	2,851,885			McDermott International, Ltd.*,(b),(d),(f)			42,778,275
	675,846			Samsung C&T Corp.			112,253,445
							155,031,720
				ENTERTAINMENT CONTENT - 0.1%
	33,130			Epic Games, Inc.(b),(f)			12,981,991
				FOOD - 1.1%
	1,049,585			Magnum Ice Cream Co. N.V.*			16,635,922
	365,104			Magnum Ice Cream Co. N.V.*			5,794,716
	3,692,119			Magnum Ice Cream Co. N.V.*			59,080,846
	651,117			Orion Corp.			47,710,799
							129,222,283
				HEALTH CARE FACILITIES & SVCS - 0.9%
	580,243			ICON PLC*			105,731,879
				HOME CONSTRUCTION - 0.9%
	2,196,279			Fortune Brands Innovations, Inc.			109,857,876
				HOUSEHOLD PRODUCTS - 0.1%
	1,007,600			Rohto Pharmaceutical Co., Ltd.			16,890,772
	83,300			Shiseido Co. Ltd.			1,212,258
							18,103,030
				INSTITUTIONAL FINANCIAL SVCS - 1.2%
	2,277,248			Jefferies Financial Group, Inc.			141,121,059
				INSURANCE - 1.4%
	477,746			Aon PLC - Class A			168,587,008
				INTERNET MEDIA & SERVICES - 10.2%
	1,390,001			Alphabet, Inc. - Class A			435,070,313
	769,465			Alphabet, Inc. - Class C			241,458,117
	457,981			Meta Platforms, Inc. - Class A			302,308,678
	2,882,508			Prosus N.V.*			178,485,817

FPA Crescent Fund

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2025

Number of Shares						Value
				COMMON STOCKS (Continued)
				INTERNET MEDIA & SERVICES (Continued)
	602,717			Uber Technologies, Inc.*		$	49,248,006
							1,206,570,931
				LEISURE FACILITIES & SERVICES - 1.4%
	244,440			Marriott International, Inc. - Class A			75,835,066
	672,835			Vail Resorts, Inc.			89,352,488
							165,187,554
				MACHINERY - 0.3%
	919,020			Hoshizaki Corp.			30,611,664
				MEDICAL EQUIPMENT & DEVICES - 3.4%
	2,490,982			Avantor, Inc.*			28,546,654
	1,180,043			Becton, Dickinson and Co.			229,010,945
	243,903			Bio-Rad Laboratories, Inc.*			73,900,170
	134,470			Thermo Fisher Scientific, Inc.			77,918,641
							409,376,410
				METALS & MINING - 1.7%
	26,947,501			Glencore PLC*			147,305,014
	5,233,690			Grupo Mexico S.A.B. de C.V.			49,417,427
							196,722,441
				OIL & GAS PRODUCERS - 0.8%
	111,713			Gulfport Energy Corp.*			23,235,187
	2,488,164			Kinder Morgan, Inc.			68,399,628
							91,634,815
				OIL & GAS SERVICES & EQUIP - 0.7%
	5,037,287			NOV, Inc.			78,732,796
				REAL ESTATE OWNERS & DEVELOPERS - 0.1%
	2,098,628			Swire Pacific Ltd. - Class A			16,917,783
				REIT - 0.9%
	5,119,454			Douglas Emmett, Inc.			56,262,800
	1,448,615			Vornado Realty Trust			48,209,907
							104,472,707
				RETAIL - DISCRETIONARY - 1.7%
	1,836,295			CarMax, Inc.*			70,954,439
	576,928			Ferguson Enterprises, Inc.			128,441,480
							199,395,919
				SEMICONDUCTORS - 3.9%
	1,260,676			Analog Devices, Inc.			341,895,331
	51,455			Broadcom, Inc.			17,808,575
	482,460			NXP Semiconductors N.V.			104,722,768
							464,426,674

FPA Crescent Fund

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2025

Number of Shares						Value
				COMMON STOCKS (Continued)
				TECHNOLOGY HARDWARE - 1.5%
	382,985			Dell Technologies, Inc. - Class C		$	48,210,152
	1,660,761			NCR Atleos Corp.*			63,291,601
	3,636,184			NCR Voyix Corp.*			37,089,077
	455,180			Nintendo Co., Ltd.			30,731,281
							179,322,111
				TECHNOLOGY SERVICES - 0.7%
	1,442,197			LG Corp.			80,802,712
				TELECOMMUNICATIONS - 0.2%
	170,053			EchoStar Corp. - Class A*			18,484,761
				TRANSPORTATION EQUIPMENT - 0.5%
	281,311			Westinghouse Air Brake Technologies Corp.			60,045,833
				TOTAL COMMON STOCKS
				(Cost $4,193,259,746)			7,170,848,111
				LIMITED PARTNERSHIPS - 1.8%
	150,000			Footpath Ventures SPV IV LP(b),(f)			23,758,344
	2,073,734			FPS Holdco LLC(b),(d),(f)			154,474,796
	107,799			FPS Shelby Holdco I LLC(b),(d),(f)			10,276,468
	22,500,000			Jett Texas LLC(b),(j)			23,960,250
	1,146,250			Sound Holding FP(b),(d),(f)			-
	120,000			U.S. Farming Realty Trust II LP(b),(d),(f)			479,299
				TOTAL LIMITED PARTNERSHIPS
				(Cost $98,805,380)			212,949,157
				WARRANTS - 0.0%
	414,327			Electriq Power Holdings, Inc., Expiration Date: July 31, 2028*,(f)			-
	316,054			MariaDB PLC, Expiration Date: December 16, 2027*,(f)			-
	77,074			Ross Acquisition Corp. II, Expiration Date: February 12, 2026*,(f)			-
				TOTAL WARRANTS
				(Cost $230,012)			-
				SHORT-TERM INVESTMENTS - 33.9%
				MONEY MARKET INVESTMENTS - 0.2%
	28,535,016			Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class, 3.64%(k)			28,535,016

Principal Amount
				COMMERCIAL PAPER - 18.7%
$	70,350,000			Chevron Corp., 3.67%, 6/2/2026			69,259,888
	150,000,000			Cisco Systems, Inc., 3.86%, 3/20/2026			148,745,500
				Exxon Mobil Corp.
	85,000,000			3.63%, 1/5/2026			84,965,717
	160,000,000			3.62%, 1/6/2026			159,919,555
	108,000,000			3.80%, 1/21/2026			107,772,000

FPA Crescent Fund

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2025

Principal Amount						Value
				COMMERCIAL PAPER (Continued)
$	123,000,000			3.72%, 1/23/2026		$	122,720,380
	79,000,000			3.68%, 2/2/2026			78,740,516
	100,000,000			3.84%, 2/4/2026			99,637,333
	131,000,000			3.75%, 2/5/2026			130,522,396
	115,000,000			3.84%, 2/6/2026			114,558,400
	91,000,000			3.62%, 2/13/2026			90,605,929
				Johnson & Johnson Co.
	35,000,000			3.87%, 1/5/2026			34,984,950
	139,000,000			3.81%, 1/15/2026			138,794,048
	51,000,000			3.85%, 1/16/2026			50,918,187
	132,000,000			3.80%, 2/3/2026			131,540,200
	80,000,000			Nestle Capital, 4.23%, 1/7/2026			79,951,733
	77,000,000			Nestle Finance International Ltd., 3.62%, 1/9/2026			76,927,620
				Pepsico, Inc.
	124,000,000			3.84%, 1/22/2026			123,722,240
	100,000,000			3.71%, 2/11/2026			99,577,472
	95,000,000			3.63%, 3/9/2026			94,358,196
	10,000,000			TotalEnergies Capital S.A., 4.00%, 2/9/2026			9,956,667
				Walmart Stores, Inc.
	72,000,000			3.64%, 1/21/2026			71,854,400
	100,000,000			3.64%, 1/22/2026			99,787,667
							2,219,820,994
				TREASURY BILLS - 15.0%
				U.S. Treasury Bill
	61,000,000			3.87%, 1/6/2026(l)			60,967,700
	32,000,000			3.66%, 1/8/2026(l)			31,976,639
	51,000,000			3.84%, 1/13/2026(l)			50,935,772
	86,000,000			3.88%, 1/20/2026(l)			85,826,728
	74,000,000			3.82%, 1/27/2026(l)			73,799,153
	89,000,000			3.52%, 1/29/2026(l)			88,739,717
	131,000,000			3.76%, 2/5/2026(l)			130,529,639
	93,000,000			3.82%, 2/10/2026(l)			92,612,583
	100,000,000			3.80%, 2/12/2026(l)			99,564,250
	139,000,000			3.82%, 2/17/2026(l)			138,319,298
	129,000,000			3.83%, 2/19/2026(l)			128,339,824
	99,000,000			3.79%, 2/24/2026(l)			98,448,322
	112,000,000			3.77%, 2/26/2026(l)			111,355,378
	140,000,000			3.72%, 3/3/2026(l)			139,175,134
	100,000,000			3.75%, 3/5/2026(l)			99,392,070
	101,000,000			3.68%, 3/10/2026(l)			100,350,954
	101,000,000			3.59%, 3/12/2026(l)			100,318,533
	78,000,000			3.60%, 3/17/2026(l)			77,443,485

FPA Crescent Fund

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2025

Principal Amount						Value
				TREASURY BILLS (Continued)
$	76,000,000			3.57%, 3/19/2026(l)		$	75,436,848
							1,783,532,027
				TOTAL SHORT-TERM INVESTMENTS
				(Cost $4,031,742,817)			4,031,888,037
				TOTAL INVESTMENTS - 99.8%
				(Cost $8,683,186,656)			11,861,857,080
				Other Assets in Excess of Liabilities - 0.2%			20,058,405
				TOTAL NET ASSETS - 100.0%		$	11,881,915,485

Number of Shares
				SECURITIES SOLD SHORT - (0.2)%
				EXCHANGE-TRADED FUNDS - (0.2)%
	(12,968	)		Vanguard Growth ETF			(6,326,568	)
	(28,642	)		Vanguard S&P 500 Growth ETF			(12,733,947	)
				TOTAL EXCHANGE-TRADED FUNDS
				(Proceeds $19,264,975)			(19,060,515	)
				TOTAL SECURITIES SOLD SHORT
				(Proceeds $19,264,975)		$	(19,060,515	)

ETF - Exchange-Traded Fund

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

REIT - Real Estate Investment Trust

*

Non-income producing security.

(a)

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.

(b)

Restricted securities. These restricted securities, most of which are considered liquid by the Adviser, are not registered and may not be sold to the public. There are legal and/or contractual restrictions on resale. The Fund does not have the right to demand that such securities be registered. The values of these securities are determined by valuations provided by pricing services, brokers, dealers, market makers, or in good faith under policies adopted by authority of the Fund's Board of Trustees. The total value of these securities is $325,835,918, which represents 2.74% of Total Net Assets.

(c)

Variable or floating rate security.

(d)

Affiliated company.

FPA Crescent Fund

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2025

(e)

As of December 31, 2025, the Fund had entered into commitments to fund various delayed draw debt-related investments. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing those investments and there can be no assurance that such conditions will be satisfied. See Note 10 of the Notes to Financial Statements for further information on these commitments and contingencies.

(f)

The value of these securities was determined using significant unobservable inputs. These are reported as Level 3 securities in the Fair Value Hierarchy.

(g)

All or a portion of the loan is unfunded.

(h)

Payment-in-kind interest is generally paid by issuing additional par/shares of the security rather than paying cash.

(i)

Perpetual security. Maturity date is not applicable.

(j)

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

(k)

The rate is the annualized seven-day yield at period end.

(l)

Treasury bill discount rate.

See accompanying Notes to Financial Statements.

FPA Crescent Fund

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2025

Total Return Swaps

Receive		Pay		Payment Frequency		Counterparty		Expiration Date		Notional Amount				Value				Upfront Premiums Paid(Received)				Unrealized Appreciation (Depreciation)
Green Thumb Industries, Inc.		OBFR + 1.500%		Annual		Nomura Securities International, Inc.		8/17/2026		$	17,447,488			$	(781,827	)			-			$	(781,827	)
														$	(781,827	)			-			$	(781,827	)

FPA Crescent Fund

STATEMENT OF ASSETS AND LIABILITIES

As of December 31, 2025

Assets:
Investments, at value (cost $8,306,525,337)		$	11,421,797,121
Investments in affiliates, at value (cost $376,661,319)			440,059,959
Cash			30,825
Deposits held at broker			29,892,705
Receivables:
Investment securities sold			10,432,534
Fund shares sold			12,002,276
Dividends and interest			9,839,357
Reclaims receivable			9,421,834
Prepaid expenses			48,065
Total assets			11,933,524,676
Liabilities:
Securities sold short, at value (proceeds $19,264,975)			19,060,515
Payables:
Investment securities purchased			11,712,103
Fund shares redeemed			4,128,815
Unrealized depreciation on open swap contracts			781,827
Advisory fees			8,984,888
Shareholder servicing fees (Note 8)			1,021,016
Fund services fees			340,003
Administrative service fees (Note 3)			489,754
Redemption liquidity service			4,878,971
Shareholder reporting fees			70,675
Trustees' deferred compensation (Note 3)			49,136
Auditing fees			17,000
Trustees' fees and expenses			12,698
Legal fees			4,254
Chief Compliance Officer fees			2,804
Accrued other expenses			54,732
Total liabilities			51,609,191
Commitments and contingencies (Note 10)
Net Assets		$	11,881,915,485
Components of Net Assets:
Capital Stock (no par value with an unlimited number of shares authorized)		$	8,823,525,708
Total distributable earnings (accumulated deficit)			3,058,389,777
Net Assets		$	11,881,915,485
Maximum Offering Price per Share:
Investor Class Shares:
Net assets applicable to shares outstanding		$	27,936,916
Shares of beneficial interest issued and outstanding			648,317
Redemption price per share		$	43.09
Institutional Class Shares:
Net assets applicable to shares outstanding		$	7,558,759,683
Shares of beneficial interest issued and outstanding			175,396,522
Redemption price per share		$	43.10
Supra Institutional Class Shares:
Net assets applicable to shares outstanding		$	4,295,218,886
Shares of beneficial interest issued and outstanding			99,531,529
Redemption price per share		$	43.15

See accompanying Notes to Financial Statements.

FPA Crescent Fund

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2025

Investment income:
Interest (net of foreign withholding taxes of $146,094)		$	194,545,081
Dividends (net of foreign withholding taxes of $5,086,693)			104,166,400
Dividends from affiliated issuers			33,264,754
Interest from affiliated issuers			7,040,066
Total investment income			339,016,301
Expenses:
Advisory fees			103,595,446
Shareholder servicing fees - Investor Class (Note 8)			44,660
Shareholder servicing fees - Institutional Class (Note 8)			4,471,639
Shareholder servicing fees - Supra Institutional Class (Note 8)			3,119,222
Fund services fees			1,622,361
Administrative service fees - Investor Class (Note 3)			12,546
Administrative service fees - Institutional Class (Note 3)			5,023,429
Administrative service fees - Supra Institutional Class (Note 3)			394,504
Redemption liquidity service			337,954
Registration fees			227,327
Shareholder reporting fees			225,955
Trustees' fees and expenses			192,411
Dividends on securities sold short			172,598
Legal fees			95,033
Insurance fees			64,745
Miscellaneous			34,527
Chief Compliance Officer fees			21,342
Auditing fees			19,659
Interest expense			17,727
Total expenses			119,693,085
Advisory fees waived and shareholder servicing fees reimbursed (Note 3 and 8)			(4,551,313	)
Net expenses			115,141,772
Net investment income (loss)			223,874,529
Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments			663,620,699
Investments in affiliated issuers			80,949,534
In-kind redemptions			500,904,170
Securities sold short			(1,522,926	)
Swap contracts			(15,218,378	)
Foreign currency transactions			85,735
Total realized gain (loss)			1,228,818,834
Net change in unrealized appreciation (depreciation) on:
Investments			340,986,140
Investments in affiliated issuers			14,551,156
Securities sold short			18,309
Swap contracts			13,760,053
Foreign currency translations			1,083,848
Net change in unrealized appreciation (depreciation)			370,399,506
Net realized and unrealized gain (loss)			1,599,218,340
Net Increase (Decrease) in Net Assets from Operations		$	1,823,092,869

See accompanying Notes to Financial Statements.

FPA Crescent Fund

STATEMENTS OF CHANGES IN NET ASSETS

		For the				For the
		Year Ended				Year Ended
		December 31, 2025				December 31, 2024
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)		$	223,874,529			$	237,658,006
Total realized gain (loss) on investments, Investments in affiliated issuers - realized, securities sold short, Swap contracts - realized and foreign currency transactions			1,228,818,834				696,085,008
Net change in unrealized appreciation (depreciation) on investments, Investments in affiliated issuers - unrealized, securities sold short, Swap contracts - unrealized and foreign currency translations			370,399,506				408,330,369
Net increase (decrease) in net assets resulting from operations			1,823,092,869				1,342,073,383
Distributions to Shareholders:
Distributions:
Investor Class			(2,382,760	)			(362,286	)1
Institutional Class			(681,547,405	)			(613,259,813	)
Supra Institutional Class			(387,112,291	)			(317,440,683	)
Total distributions to shareholders			(1,071,042,456	)			(931,062,782	)
Capital Transactions:
Net proceeds from shares sold:
Investor Class			25,936,607				7,231,016	1
Institutional Class			837,884,203				720,419,100
Supra Institutional Class			1,210,206,676				1,099,107,496
Reinvestment of distributions:
Investor Class			2,382,760				362,286	1
Institutional Class			562,908,557				510,800,548
Supra Institutional Class			322,178,238				285,821,922
Cost of shares redeemed:
Investor Class			(7,266,796	)			(1,080,782	)1
Institutional Class			(1,221,070,001	)			(1,633,167,326	)
Supra Institutional Class			(1,097,102,878	)			(609,534,340	)
Net increase (decrease) in net assets from capital transactions			636,057,366				379,959,920
Total increase (decrease) in net assets			1,388,107,779				790,970,521
Net Assets:
Beginning of period			10,493,807,706				9,702,837,185
End of period		$	11,881,915,485			$	10,493,807,706
Capital Share Transactions:
Shares sold:
Investor Class			609,414				169,840	1
Institutional Class			19,543,040				17,713,291
Supra Institutional Class			27,885,011				27,222,535
Shares reinvested:
Investor Class			55,512				9,075	1
Institutional Class			13,113,465				12,722,319
Supra Institutional Class			7,496,674				7,112,264
Shares redeemed:
Investor Class			(169,833	)			(25,691	)1
Institutional Class			(28,806,343	)			(40,319,922	)
Supra Institutional Class			(25,067,133	)			(14,805,338	)
Net increase (decrease) in capital share transactions			14,659,807				9,798,373

1

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

See accompanying Notes to Financial Statements.

FPA Crescent Fund

FINANCIAL HIGHLIGHTS

Investor Class

Per share operating performance.

For a capital share outstanding throughout each period.

		For the				For the
		Year Ended				Period Ended
		December 31,				December 31,
		2025				20241
Net asset value, beginning of period		$	40.19			$	40.13
Income from Investment Operations:
Net investment income (loss)2			0.82				0.71
Net realized and unrealized gain			6.17				3.11
Total from investment operations			6.99				3.82
Less Distributions:
From net investment income			(1.11	)			(1.27	)
From net realized gain			(2.98	)			(2.49	)
Total distributions			(4.09	)			(3.76	)
Net asset value, end of period		$	43.09			$	40.19
Total return3			17.52	%			9.71	%4
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	27,937			$	6,159
Ratio of expenses to average net assets:
Before fees waived and expenses absorbed			1.28	%5			1.28	%5,6
After fees waived and expenses absorbed			1.15	%5			1.16	%5,6
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed			1.76	%			2.38	%6
After fees waived and expenses absorbed			1.89	%			2.50	%6
Portfolio turnover rate			23	%			10	%6

1

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

2

Based on average shares outstanding for the period.

3

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

4

Not annualized.

5

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

6

Annualized.

See accompanying Notes to Financial Statements.

FPA Crescent Fund

FINANCIAL HIGHLIGHTS

Institutional Class

Per share operating performance.

For a capital share outstanding throughout each period.

		For the Year Ended December 31,
		2025				2024				2023				20221				20211
Net asset value, beginning of period		$	40.20			$	38.63			$	33.34			$	37.01			$	35.97
Income from Investment Operations:
Net investment income (loss)2			0.85				0.94				0.70				0.17				-	3
Net realized and unrealized gain (loss)			6.19				4.37				6.03				(3.58	)			5.34
Total from investment operations			7.04				5.31				6.73				(3.41	)			5.34
Less Distributions:
From net investment income			(1.16	)			(1.25	)			(0.05	)			(0.02	)			(0.29	)
From net realized gain			(2.98	)			(2.49	)			(1.39	)			(0.24	)			(4.01	)
Total distributions			(4.14	)			(3.74	)			(1.44	)			(0.26	)			(4.30	)
Redemption fee proceeds			-				-	3			-	3			-	3			-	3
Net asset value, end of period		$	43.10			$	40.20			$	38.63			$	33.34			$	37.01
Total return4			17.65	%			13.96	%			20.27	%			(9.20	)%			15.17	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	7,558,760			$	6,896,876			$	7,009,178			$	6,301,530			$	8,394,402
Ratio of expenses to average net assets:
Before fees waived and expenses absorbed			1.09	%5			1.07	%5			1.08	%			1.09	%6			1.17	%7
After fees waived and expenses absorbed			1.05	%5			1.06	%5			1.05	%			1.06	%6			1.14	%7
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed			1.95	%			2.26	%			1.89	%			0.46	%			(0.03	)%
After fees waived and expenses absorbed			1.99	%			2.27	%			1.92	%			0.50	%			0.01	%
Portfolio turnover rate			23	%			10	%			14	%			20	%			20	%

1

Audits performed for the fiscal years indicated by the Fund's previous auditor, Ernst & Young LLP.

2

Based on average shares outstanding for the period.

3

Amount represents less than $0.01 per share.

4

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

5

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

6

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

7

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

See accompanying Notes to Financial Statements.

FPA Crescent Fund

FINANCIAL HIGHLIGHTS

Supra Institutional Class

Per share operating performance.

For a capital share outstanding throughout each period.

		For the Year Ended December 31,
		2025				2024				2023				20221				20211
Net asset value, beginning of period		$	40.25			$	38.65			$	33.35			$	37.01			$	35.98
Income from Investment Operations:
Net investment income (loss)2			0.88				0.96				0.72				0.22				0.02
Net realized and unrealized gain (loss)			6.18				4.39				6.03				(3.61	)			5.33
Total from investment operations			7.06				5.35				6.75				(3.39	)			5.35
Less Distributions:
From net investment income			(1.18	)			(1.26	)			(0.06	)			(0.03	)			(0.31	)
From net realized gain			(2.98	)			(2.49	)			(1.39	)			(0.24	)			(4.01	)
Total distributions			(4.16	)			(3.75	)			(1.45	)			(0.27	)			(4.32	)
Redemption fee proceeds			-				-	3			-	3			-	3			-	3
Net asset value, end of period		$	43.15			$	40.25			$	38.65			$	33.35			$	37.01
Total return4			17.68	%			14.06	%			20.33	%			(9.14	)%			15.24	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	4,295,219			$	3,590,773			$	2,693,659			$	2,258,987			$	1,890,554
Ratio of expenses to average net assets:
Before fees waived and expenses absorbed			1.05	%5			1.03	%5			1.02	%			1.03	%6			1.12	%7
After fees waived and expenses absorbed			0.99	%5			1.00	%5			0.99	%			1.00	%6			1.09	%7
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed			1.99	%			2.33	%			1.95	%			0.61	%			0.02	%
After fees waived and expenses absorbed			2.05	%			2.36	%			1.98	%			0.64	%			0.06	%
Portfolio turnover rate			23	%			10	%			14	%			20	%			20	%

1

Audits performed for the fiscal years indicated by the Fund's previous auditor, Ernst & Young LLP.

2

Based on average shares outstanding for the period.

3

Amount represents less than $0.01 per share.

4

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

5

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

6

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

7

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

See accompanying Notes to Financial Statements.

FPA Crescent Fund

NOTES TO FINANCIAL STATEMENTS

December 31, 2025

Note 1 - Organization

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

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

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

Note 2 - Accounting Policies

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

(a) Valuation of Investments

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

(b) Investment Transactions, Investment Income and Expenses

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

FPA Crescent Fund

NOTES TO FINANCIAL STATEMENTS - Continued

December 31, 2025

(c) Mortgage-Backed Securities

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

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

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

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

(d) Asset-Backed Securities

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

FPA Crescent Fund

NOTES TO FINANCIAL STATEMENTS - Continued

December 31, 2025

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

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

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

(f) Credit Risk

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

FPA Crescent Fund

NOTES TO FINANCIAL STATEMENTS - Continued

December 31, 2025

(g) Special Purpose Acquisition Companies

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

(h) Currency Translation

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

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

(i) Illiquid Securities

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

FPA Crescent Fund

NOTES TO FINANCIAL STATEMENTS - Continued

December 31, 2025

(j) Use of Estimates

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

(k) Federal Income Taxes

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

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

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

(l) Distributions to Shareholders

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

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

Note 3 - Investment Advisory and Other Agreements

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

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

FPA Crescent Fund

NOTES TO FINANCIAL STATEMENTS - Continued

December 31, 2025

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

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

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

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

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

Note 4 -Redemption Liquidity Service Fees

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

FPA Crescent Fund

NOTES TO FINANCIAL STATEMENTS - Continued

December 31, 2025

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

Note 5 - Securities Sold Short

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

Note 6 - Federal Income Taxes

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

Cost of investments		$	8,842,039,500
Gross unrealized appreciation		$	3,397,959,280
Gross unrealized depreciation			(397,202,215	)
Net unrealized appreciation/(depreciation)		$	3,000,757,065

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

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

Increase (Decrease)
Paid-in Capital				Total accumulated earnings/(deficit)
$	607,730,051			$	(607,730,051	)

FPA Crescent Fund

NOTES TO FINANCIAL STATEMENTS - Continued

December 31, 2025

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

Undistributed ordinary income		$	56,626,324
Undistributed long-term capital gains			-
Tax accumulated earnings			56,626,324
Accumulated capital and other losses			1,270,532
Net Unrealized appreciation/(depreciation) on investments			3,000,757,065
Deferred compensation			(49,136	)
Foreign currency translations			566,819
Swap value change			(781,827	)
Total accumulated earnings/(deficit)		$	3,058,389,777

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

		2025				2024
Distributions paid from:
Ordinary income		$	360,610,439			$	333,402,961
Net long-term capital gains			710,432,017				597,659,821
Total distributions paid		$	1,071,042,456			$	931,062,782

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

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

Note 7 - Investment Transactions

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

Note 8 - Shareholder Servicing Plan

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

Note 9 - Indemnifications

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

FPA Crescent Fund

NOTES TO FINANCIAL STATEMENTS - Continued

December 31, 2025

Note 10 - Commitments and Contingencies

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

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

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

Loan		Principal				Cost				Value				Unrealized Appreciation/ (Depreciation)				Unfunded Commitment
Lealand Finance Company B.V. Senior Exit LC		$	21,844,968			$	(9,488,847	)		$	(5,461,242	)		$	4,027,605			$	5,461,242

Note 11 - Fair Value Measurements and Disclosure

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

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

●

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

●

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

●

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

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

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

FPA Crescent Fund

NOTES TO FINANCIAL STATEMENTS - Continued

December 31, 2025

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

Investments		Level 1				Level 2				Level 3				NAV as Practical Expedient*				Total
Convertible Bonds		$	-			$	248,263,953			$	-			$	-			$	248,263,953
Corporate Bank Debt			-				4,572,621				47,084,267				-				51,656,888
Corporate Bonds																			-
Communications			-				110,921,226				-				-				110,921,226
Financials			-				29,860,101				-				-				29,860,101
Closed-End Funds			-				-				5,469,607				-				5,469,607
Common Stocks
Aerospace & Defense			-				189,806,381				-				-				189,806,381
Apparel & Textile Products			-				96,383,513				-				-				96,383,513
Asset Management			122,911,483				-				-				-				122,911,483
Banking			321,360,084				-				-				-				321,360,084
Beverages			-				525,604,234				-				-				525,604,234
Biotech & Pharma			-				66,386,905				-				-				66,386,905
Cable & Satellite			279,288,410				-				-				-				279,288,410
Chemicals			213,159,085				328,684,580				-				-				541,843,665
Commercial Support Services			-				148,562,659				-				-				148,562,659
Construction Materials			131,378,761				80,484,487				-				-				211,863,248
E-Commerce Discretionary			202,127,920				-				-				-				202,127,920
Electric Utilities			11,581,810				-				-				-				11,581,810
Electrical Equipment			261,281,585				48,504,257				-				-				309,785,842
Engineering & Construction			-				112,253,445				42,778,275				-				155,031,720
Entertainment Content			-				-				12,981,991				-				12,981,991
Food			81,511,484				47,710,799				-				-				129,222,283
Health Care Facilities & Svcs			105,731,879				-				-				-				105,731,879
Home Construction			109,857,876				-				-				-				109,857,876
Household Products			-				18,103,030				-				-				18,103,030
Institutional Financial Svcs			141,121,059				-				-				-				141,121,059
Insurance			168,587,008				-				-				-				168,587,008
Internet Media & Services			1,028,085,114				178,485,817				-				-				1,206,570,931
Leisure Facilities & Services			165,187,554				-				-				-				165,187,554
Machinery			-				30,611,664				-				-				30,611,664
Medical Equipment & Devices			409,376,410				-				-				-				409,376,410
Metals & Mining			49,417,427				147,305,014				-				-				196,722,441
Oil & Gas Producers			91,634,815				-				-				-				91,634,815
Oil & Gas Services & Equip			78,732,796				-				-				-				78,732,796
Real Estate Owners & Developers			-				16,917,783				-				-				16,917,783
Reit			104,472,707				-				-				-				104,472,707
Retail - Discretionary			199,395,919				-				-				-				199,395,919
Semiconductors			464,426,674				-				-				-				464,426,674

FPA Crescent Fund

NOTES TO FINANCIAL STATEMENTS - Continued

December 31, 2025

Investments		Level 1				Level 2				Level 3				NAV as Practical Expedient*				Total
Technology Hardware			148,590,830				30,731,281				-				-				179,322,111
Technology Services			-				80,802,712				-				-				80,802,712
Telecommunications			18,484,761				-				-				-				18,484,761
Transportation Equipment			60,045,833				-				-				-				60,045,833
Limited Partnerships			-				-				188,988,907				23,960,250				212,949,157
Warrants			-				-				-				-				-
Short-Term Investments			28,535,016				4,003,353,021				-				-				4,031,888,037
		$	4,996,284,300			$	6,544,309,483			$	297,303,047			$	23,960,250			$	11,861,857,080
Securities Sold Short Exchange-Traded Funds		$	(19,060,515	)		$	-			$	-			$	-			$	(19,060,515	)
Total Return Swaps		$	-			$	(781,827	)		$	-			$	-			$	(781,827	)

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

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

Investments		Beginning balance at December 31, 2024				Transfers into/(out) of Level 3 during the period				Total realized gain/(loss)				Total change in net unrealized appreciation/ (depreciation)				Accretion of Discount (Amortization of Premium) and Return of Capital				Net purchases				Net sales				Ending Value at December 31, 2025
Corporate Bank Debt		$	19,555,734			$	880,861			$	2,115,024			$	28,232,814			$	-			$	1,287,443			$	(4,987,609	)		$	47,084,267
Closed-End Funds			5,850,101				-				-				(380,494	)			-				-				-				5,469,607
Common Stocks			26,636,846				-				-				29,123,420				-				-				-				55,760,266
Limited Partnerships			282,400,075				23,758,344				78,834,510				(33,769,001	)			(83,400,511	)			-				(78,834,510	)			188,988,907
Preferred Stocks			1,395,231				-				15,484,979				(123,689	)			-				-				(16,756,521	)			-
Warrants			-				-				(6,275	)			6,275				-				-				-				-
		$	335,837,987			$	24,639,205			$	96,428,238			$	23,089,325			$	(83,400,511	)		$	1,287,443			$	(100,578,640	)		$	297,303,047

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

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

FPA Crescent Fund

NOTES TO FINANCIAL STATEMENTS - Continued

December 31, 2025

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

Asset Class		Fair Value December 31, 2025				Valuation Methodologies		Unobservable Input		Input Range/ Value		Valuation Weighted Average of Input				Impact to Valuation From an Increase in Input (1)
Corporate Bank Debt		$	46,203,406			Pricing Model(2)		Quotes/Prices		$25 - $88		$	82.41			Increase
			880,861			Third-Party Broker Quote (3)		Quotes/Prices		$82.00		$	82.00			Increase
Closed End Funds			5,469,607			Pricing Model(4)		Last Reported Trade		$1.15		$	1.15			Increase
Common Stocks - Long			-			Pricing Model(5)		Estimated Recovery Proceeds		$0.00		$	0.00			Increase
			12,981,991			Most Recent Capitalization (Funding)(6)		Revenue Multiple		$391.85		$	391.85			Increase
			42,778,275			Pricing Model(2)		Quotes/Prices		$15.00		$	15.00			Increase
Limited Partnerships			164,751,264			Market Approach(7)		Shipping Broker Valuations		10% - 25%			24	%		Increase
			23,758,344			Adjusted NAV as Practical Expedient (8)		Quotes/Prices		35%			35	%		Increase
			479,299			Discounted NAV(9)		Market Discount		10%			10	%		Decrease
Warrants			-			Asset Approach(10)		Estimated Recovery Proceeds		$0.00		$	0.00			Increase

(1)

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

(2)

The Pricing Model technique for Level 3 securities involves recently quoted prices of the security.

(3)

The Third Party Broker Quote technique involves obtaining an independent third-party broker quote for the security.

(4)

The Pricing Model technique for Level 3 securities involves the last reported trade in the security.

(5)

The Pricing Model technique for Level 3 securities involves the issuance of non-tradable rights with no set exercise date.

(6)

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

(7)

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

(8)

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

(9)

The NAV provided by the general partner has been discounted for the possible impact from various exit strategies under consideration by the general partner.

(10)

The Asset Approach technique for Level 3 securities involves the projected value of warrants that are pending cancellation.

FPA Crescent Fund

NOTES TO FINANCIAL STATEMENTS - Continued

December 31, 2025

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

Limited Partnerships		Investment Strategy		Value				Unfunded Commitments				Redemption Frequency		Redemption Notice Period		Lock Up Period
Jett Texas LLC		Long-term Equity		$	23,960,250			$	-			Closed End Fund		N/A		N/A
				$	23,960,250			$	-

Note 12 - Derivatives and Hedging Disclosures

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

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

Asset Derivatives

Liability Derivatives

Derivatives not designated as hedging instruments

Statements of Assets and Liabilities

Value

Statements of Assets and Liabilities

Value

Equity contracts

Unrealized appreciation on open swap contracts

$

-

Unrealized depreciation on open swap contracts

$

781,827

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

		Derivatives not designated as hedging instruments
		Equity Contracts				Total
Realized Gain (Loss) on Derivatives
Swap contracts		$	(15,218,378	)		$	(15,218,378	)

		Equity Contracts				Total
Net Change in Unrealized Appreciation/Depreciation on Derivatives
Swap contracts		$	13,760,053			$	13,760,053

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

Derivatives not designated as hedging instruments
Equity contracts		Swap contracts		Notional amount		$	28,163,851

FPA Crescent Fund

NOTES TO FINANCIAL STATEMENTS - Continued

December 31, 2025

Note 13 - Disclosures about Offsetting Assets and Liabilities

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

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

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

								Amounts Not Offset in Statements of Assets and Liabilities
Description		Counterparty		Gross Amounts Recognized in the Statements of Assets and Liabilities				Financial Instruments				Cash Collateral				Net Amount
Unrealized depreciation on open swap contracts		Nomura		$	(781,827	)		$	-			$	-			$	(781,827	)

Note 14 - Investments in Affiliated Issuers

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

FPA Crescent Fund

NOTES TO FINANCIAL STATEMENTS - Continued

December 31, 2025

Security Description		Shares Held as of December 31, 2024				Beginning Value December 31, 2024				Purchases at Cost				Proceeds from Sales				Net Realized Gain (Loss) on Sales Affiliated Investment
Azelis Group N.V.			-			$	-			$	190,182,642			$	-			$	-
FPS Holdco LLC			2,073,734				251,127,867				-				(33,076,210	)			33,076,210
FPS Shelby Holdco I LLC			107,799				8,876,467				-				-				-
Lealand Finance Company B.V. Senior Exit LC, 3.500%, 6/30/2027			26,423,878				(11,890,745	)			-				-				2,115,045
Lealand Reficar LC Term Loan, 11.433% (3-Month Term SOFR+750 basis points), 6/30/2027			529,985				344,490				72,773				-				-
McDermott International, Ltd.			356,485,315				17,824,266				-				-				-
McDermott LC, 8.552% (3-Month Term SOFR+426.16 basis points), 6/30/2027			31,488,546				17,318,701				-				(4,987,609	)			(21	)
McDermott Technology Americas, Inc., 6.831% (1-Month Term SOFR+300 basis points), 6/30/2027			1,074,221				531,739				-				-				-
McDermott Technology Americas, Inc., 7.831% (1-Month Term SOFR+400 basis points), 12/31/2027			39,380,822				13,783,288				1,214,670				-				-
Sound Holding FP			1,146,250				21,949,607				-				(45,758,300	)			45,758,300
U.S. Farming Realty Trust II LP			120,000				446,134				-				-				-
Total						$	320,311,814			$	191,470,085			$	(83,822,119	)		$	80,949,534

Security Description - Continued		Accretion of Discount (Amortization of Premium) and Return of Capital				Change in Unrealized Appreciation (Depreciation)				Transfer In (Out)				Ending Value December 31, 2025				Shares as of December 31, 2025				Income from Affiliated Investments
Azelis Group N.V.		$	-			$	(5,215,788	)		$	-			$	184,966,854				16,929,662			$	491,462
FPS Holdco LLC			(83,400,511	)			(13,252,560	)			-				154,474,796				2,073,734				32,773,292
FPS Shelby Holdco I LLC			-				1,400,001				-				10,276,468				107,799				-
Lealand Finance Company B.V. Senior Exit LC, 3.500%, 6/30/2027			-				4,314,458				-				(5,461,242	)			21,844,968				958,300
Lealand Reficar LC Term Loan, 11.433% (3-Month Term SOFR+750 basis points), 6/30/2027			-				113,164				-				530,427				602,758				55,823
McDermott International, Ltd.			-				24,954,009				-				42,778,275				2,851,885				-
McDermott LC, 8.552% (3-Month Term SOFR+426.16 basis points), 6/30/2027			-				7,544,620				-				19,875,691				26,500,921				2,550,881
McDermott Technology Americas, Inc., 6.831% (1-Month Term SOFR+300 basis points), 6/30/2027			-				349,122				-				880,861				1,074,221				80,190
McDermott Technology Americas, Inc., 7.831% (1-Month Term SOFR+400 basis points), 12/31/2027			-				16,260,572				-				31,258,530				40,595,493				3,394,872
Sound Holding FP			-				(21,949,607	)			-				-				1,146,250				-
US Farming Realty Trust II LP			-				33,165				-				479,299				120,000				-
Total		$	(83,400,511	)		$	14,551,156			$	-			$	440,059,959							$	40,304,820

FPA Crescent Fund

NOTES TO FINANCIAL STATEMENTS - Continued

December 31, 2025

Note 15 - Restricted Securities

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

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

Restricted Security		Initial Acquisition Date		Cost				Fair Value				Fair Value as a % of Net Assets
Altegrity, Inc.		9/1/2021		$	-			$	5,469,607				0.05	%
Cornerstone OnDemand, Inc., 7.683% (1-Month Term SOFR+375 basis points), 10/16/2028		12/7/2022			2,462,128				2,275,626				0.02	%
Epic Games, Inc.		6/25/2020			19,049,750				12,981,991				0.11	%
Footpath Ventures SPV IV LP		9/24/2021			15,962,550				23,758,344				0.20	%
FPS Holdco LLC		10/17/2018			49,268,895				154,474,796				1.30	%
FPS Shelby Holdco I LLC		2/4/2020			11,073,935				10,276,468				0.09	%
Jett Texas LLC		12/2/2024			22,500,000				23,960,250				0.20	%
Lealand Finance Company B.V. Senior Exit LC, 3.500% 6/30/2027		11/12/2019			(9,488,847	)			(5,461,242	)			-0.05	%
Lealand Reficar LC Term Loan, 11.433% (3-Month Term SOFR+750 basis points), 6/30/2027		4/5/2024			602,758				530,427				0.00	%
McDermott International, Ltd.		7/1/2020			56,700,448				42,778,275				0.36	%
McDermott LC, 8.552% (3-Month Term SOFR+426.16 basis points), 6/30/2027		12/31/2020			26,500,949				19,875,691				0.17	%
McDermott Technology Americas, Inc., 6.831% (1-Month Term SOFR+300 basis points), 6/30/2027		7/1/2020			1,074,192				880,861				0.01	%
McDermott Technology Americas, Inc., 7.831% (1-Month Term SOFR+400 basis points), 12/31/2027		7/1/2020			50,746,348				31,258,530				0.26	%
Pershing Square Tontine Holdings Ltd.		7/26/2022			-				-				0.00	%
Sound Holding FP		10/7/2013			-				-				0.00	%
U.S. Farming Realty Trust II LP		12/24/2012			-				479,299				0.00	%
Vision Solutions, Inc., 8.102% (3-Month Term SOFR+400 basis points), 4/24/2028		12/7/2022			2,255,852				2,296,995				0.02	%
				$	248,708,958			$	325,835,918				2.74	%

Note 16 - Market Disruption and Geopolitical Risks

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

FPA Crescent Fund

NOTES TO FINANCIAL STATEMENTS - Continued

December 31, 2025

Note 17 - New Accounting Pronouncements

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

Note 18 - Events Subsequent to the Fiscal Period End

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

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

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

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees

and the Shareholders of the FPA Crescent Fund

Opinion on the Financial Statements

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

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

Basis for Opinion

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

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

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

	TAIT, WELLER & BAKER LLP

Philadelphia, Pennsylvania

February 27, 2026

FPA Flexible Fixed Income Fund

(Investor Class: FFIRX)

(Institutional Class: FPFIX)

(Advisor Class: FFIAX)

ANNUAL FINANCIALS AND OTHER INFORMATION

DECEMBER 31, 2025

FPA Flexible Fixed Income Fund

A series of Investment Managers Series Trust III

Table of Contents

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

Item 7. Financial Statements and Financial Highlights
Schedule of Investments	1
Statement of Assets and Liabilities	17
Statement of Operations	18
Statements of Changes in Net Assets	19
Financial Highlights	20
Notes to Financial Statements	23
Report of Independent Registered Public Accounting Firm	37

This report and the financial statements contained herein are provided for the general information of the shareholders of the FPA Flexible Fixed Income Fund (the "Fund"). This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective shareholder report and prospectus.

https://fpa.com

FPA Flexible Fixed Income Fund

SCHEDULE OF INVESTMENTS

As of December 31, 2025

Principal Amount						Value
				BONDS & DEBENTURES - 86.9%
				ASSET-BACKED SECURITIES - 19.5%
				AUTO - 3.4%
$	931,000			Ally Auto Receivables Trust Series 2023-1, Class A4, 5.270%, 11/15/2028		$	948,149
	701,000			BMW Vehicle Owner Trust Series 2023-A, Class A4, 5.250%, 11/26/2029			711,567
				CarMax Auto Owner Trust
	2,027,000			Series 2023-2, Class A4, 5.010%, 11/15/2028			2,052,044
	904,000			Series 2023-1, Class A4, 4.650%, 1/16/2029			908,936
	2,146,000			Series 2023-3, Class A4, 5.260%, 2/15/2029			2,187,142
				Ford Credit Auto Owner Trust
	1,343,000			Series 2023-A, Class A4, 4.560%, 12/15/2028			1,352,554
	734,000			Series 2023-B, Class A4, 5.060%, 2/15/2029			743,755
	1,424,000			GM Financial Consumer Automobile Receivables Trust Series 2023-3, Class A4, 5.340%, 12/18/2028			1,447,749
				GM Financial Revolving Receivables Trust
	3,383,000			Series 2021-1, Class A, 1.170%, 6/12/2034(a)			3,317,265
	5,133,000			Series 2023-1, Class A, 5.120%, 4/11/2035(a)			5,261,401
	1,403,000			Series 2023-2, Class A, 5.770%, 8/11/2036(a)			1,472,489
	8,349,000			Series 2024-1, Class A, 4.980%, 12/11/2036(a)			8,578,555
	1,112,000			Hyundai Auto Receivables Trust Series 2023-B, Class A4, 5.310%, 8/15/2029			1,129,731
				Mercedes-Benz Auto Receivables Trust
	816,000			Series 2023-1, Class A4, 4.310%, 4/16/2029			819,176
	1,038,000			Series 2024-1, Class A4, 4.790%, 7/15/2031			1,057,868
	1,485,000			Nissan Auto Receivables Owner Trust Series 2023-A, Class A4, 4.850%, 6/17/2030			1,499,550
	1,721,000			Porsche Financial Auto Securitization Trust Series 2023-1A, Class A4, 4.720%, 6/23/2031(a)			1,732,239
	919,000			SFS Auto Receivables Securitization Trust Series 2023-1A, Class A4, 5.470%, 12/20/2029(a)			934,522
				Toyota Auto Loan Extended Note Trust
	5,017,000			Series 2022-1A, Class A, 3.820%, 4/25/2035(a)			5,015,391
	4,553,000			Series 2023-1A, Class A, 4.930%, 6/25/2036(a)			4,656,171
	8,239,000			Series 2024-1A, Class A, 5.160%, 11/25/2036(a)			8,545,003
				Toyota Auto Receivables Owner Trust
	1,343,000			Series 2023-A, Class A4, 4.420%, 8/15/2028			1,350,873
	1,973,000			Series 2023-B, Class A4, 4.660%, 9/15/2028			1,991,364
	2,714,000			Series 2023-C, Class A4, 5.010%, 2/15/2029			2,757,830
	1,181,000			Volkswagen Auto Loan Enhanced Trust Series 2023-1, Class A4, 5.010%, 1/22/2030			1,195,116
				World Omni Auto Receivables Trust
	1,251,000			Series 2023-A, Class A4, 4.660%, 5/15/2029			1,258,786
	2,055,000			Series 2023-B, Class A4, 4.680%, 5/15/2029			2,073,017

FPA Flexible Fixed Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2025

Principal Amount						Value
				BONDS & DEBENTURES (Continued)
				ASSET-BACKED SECURITIES (Continued)
				AUTO (Continued)
$	1,107,000			Series 2023-C, Class A4, 5.030%, 11/15/2029		$	1,122,726
							66,120,969
				COLLATERALIZED LOAN OBLIGATION - 2.1%
	1,460,000			Barings Middle Market Ltd. Series 2021-IA, Class D, 12.796% (3-Month Term SOFR+891.161 basis points), 7/20/2033(a),(b)			1,461,481
				Cerberus Loan Funding LLC
	901,000			Series 2023-1A, Class A, 6.305% (3-Month Term SOFR+240 basis points), 3/22/2035(a),(b)			903,125
	5,057,000			Series 2023-2A, Class A1, 6.454% (3-Month Term SOFR+255 basis points), 7/15/2035(a),(b)			5,091,625
	5,734,000			Series 2023-4A, Class A, 6.330% (3-Month Term SOFR+242.5 basis points), 10/15/2035(a),(b)			5,790,704
				Fortress Credit Opportunities Ltd.
	5,645,000			Series 2017-9A, Class A1TR, 5.716% (3-Month Term SOFR+181.161 basis points), 10/15/2033(a),(b)			5,662,217
	8,814,000			Series 2017-9A, Class ER, 12.226% (3-Month Term SOFR+832.161 basis points), 10/15/2033(a),(b)			8,854,606
				Golub Capital Partners Ltd.
	4,361,000			Series 2023-67A, Class A1, 6.365% (3-Month Term SOFR+250 basis points), 5/9/2036(a),(b)			4,395,452
	5,388,000			Series 2019-46A, Class A1R, 5.694% (3-Month Term SOFR+181 basis points), 4/20/2037(a),(b)			5,399,153
	2,646,000			Parliament Ltd. Series 2021-2A, Class D, 7.851% (3-Month Term SOFR+396.161 basis points), 8/20/2032(a),(b)			2,640,586
							40,198,949
				EQUIPMENT - 7.8%
				Avis Budget Rental Car Funding AESOP LLC
	1,059,000			Series 2023-1A, Class A, 5.250%, 4/20/2029(a)			1,082,376
	3,527,000			Series 2023-4A, Class A, 5.490%, 6/20/2029(a)			3,615,841
	4,981,000			Series 2023-6A, Class A, 5.810%, 12/20/2029(a)			5,184,431
	3,599,000			Series 2023-8A, Class A, 6.020%, 2/20/2030(a)			3,771,644
	1,728,000			Series 2024-1A, Class A, 5.360%, 6/20/2030(a)			1,783,082
	7,423,000			Series 2024-3A, Class A, 5.230%, 12/20/2030(a)			7,652,369
				CNH Equipment Trust
	581,000			Series 2022-B, Class A4, 3.910%, 3/15/2028			580,774
	644,000			Series 2023-A, Class A4, 4.770%, 10/15/2030			651,892
	1,805,000			Series 2023-B, Class A4, 5.460%, 3/17/2031			1,853,713
	2,436,645			Coinstar Funding LLC Series 2017-1A, Class A2, 5.216%, 4/25/2047(a)			2,772,846

FPA Flexible Fixed Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2025

Principal Amount						Value
				BONDS & DEBENTURES (Continued)
				ASSET-BACKED SECURITIES (Continued)
				EQUIPMENT (Continued)
				Enterprise Fleet Financing LLC
$	1,104,472			Series 2022-2, Class A3, 4.790%, 5/21/2029(a)		$	1,104,947
	760,000			Series 2022-3, Class A3, 4.290%, 7/20/2029(a)			760,822
	2,522,000			Series 2023-1, Class A3, 5.420%, 10/22/2029(a)			2,545,495
	1,601,000			Series 2022-4, Class A3, 5.650%, 10/22/2029(a)			1,616,532
	3,800,000			Series 2023-2, Class A3, 5.500%, 4/22/2030(a)			3,864,485
	3,748,000			Series 2023-3, Class A3, 6.410%, 6/20/2030(a)			3,882,708
	1,693,000			Series 2024-4, Class A4, 4.700%, 6/20/2031(a)			1,719,644
	3,339,000			Series 2025-4, Class A4, 4.280%, 6/20/2032(a)			3,348,971
				Ford Credit Floorplan Master Owner Trust
	10,771,000			Series 2018-4, Class A, 4.060%, 11/15/2030			10,817,952
	6,057,000			Series 2024-2, Class A, 5.240%, 4/15/2031(a)			6,280,663
	3,949,000			Series 2024-4, Class A, 4.400%, 9/15/2031(a)			3,992,223
				GMF Floorplan Owner Revolving Trust
	2,130,000			Series 2023-2, Class A, 5.340%, 6/15/2030(a)			2,196,410
	6,852,000			Series 2024-2A, Class A, 5.060%, 3/15/2031(a)			7,067,210
				GreatAmerica Leasing Receivables Funding LLC
	1,675,000			Series 2023-1, Class A4, 5.060%, 3/15/2030(a)			1,699,574
	1,385,000			Series 2025-2, Class A4, 4.290%, 9/15/2032(a)			1,393,588
				Hertz Vehicle Financing LLC
	3,499,000			Series 2021-2A, Class A, 1.680%, 12/27/2027(a)			3,433,211
	3,489,000			Series 2022-2A, Class A, 2.330%, 6/26/2028(a)			3,408,270
	6,142,000			Series 2022-5A, Class A, 3.890%, 9/25/2028(a)			6,106,998
				John Deere Owner Trust
	1,372,000			Series 2023-A, Class A4, 5.010%, 12/17/2029			1,383,933
	1,203,000			Series 2023-B, Class A4, 5.110%, 5/15/2030			1,219,275
	1,664,000			Series 2023-C, Class A4, 5.390%, 8/15/2030			1,696,299
				Kubota Credit Owner Trust
	1,359,000			Series 2023-2A, Class A4, 5.230%, 6/15/2028(a)			1,384,227
	876,000			Series 2023-1A, Class A4, 5.070%, 2/15/2029(a)			883,948
				M&T Equipment Notes
	1,028,000			Series 2023-1A, Class A4, 5.750%, 7/15/2030(a)			1,043,146
	2,469,000			Series 2024-1A, Class A4, 4.940%, 8/18/2031(a)			2,518,609
				MMAF Equipment Finance LLC
	2,626,000			Series 2023-A, Class A4, 5.500%, 12/13/2038(a)			2,683,092
	736,000			Series 2020-A, Class A5, 1.560%, 10/9/2042(a)			713,549
	5,085,000			Series 2024-A, Class A4, 5.100%, 7/13/2049(a)			5,262,922
	4,370,000			Series 2025-A, Class A4, 5.020%, 6/13/2050(a)			4,511,231
	3,350,000			Series 2025-B, Class A4, 4.290%, 9/13/2050(a)			3,343,201
				Verizon Master Trust
	6,196,000			Series 2023-3, Class A, 4.730%, 4/21/2031(a)			6,308,162
	8,097,000			Series 2023-6, Class A, 5.350%, 9/22/2031(a)			8,393,838
	10,281,000			Series 2024-2, Class A, 4.830%, 12/22/2031(a)			10,529,684

FPA Flexible Fixed Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2025

Principal Amount						Value
				BONDS & DEBENTURES (Continued)
				ASSET-BACKED SECURITIES (Continued)
				EQUIPMENT (Continued)
$	4,579,000			Series 2024-7, Class A, 4.350%, 8/20/2032(a)		$	4,602,742
	812,000			Volvo Financial Equipment LLC Series 2025-2A, Class A4, 4.060%, 6/15/2033(a)			813,789
							151,480,318
				OTHER - 6.2%
				ABPCI Direct Lending Fund LLC
	1,354,437			Series 2022-2A, Class A1, 5.958% (3-Month Term SOFR+210 basis points), 3/1/2032(a),(b)			1,352,935
	5,659,440			Series 2022-2A, Class C, 8.236%, 3/1/2032(a)			5,631,199
				ABPCI Direct Lending Fund Ltd.
	722,970			Series 2020-1A, Class A, 3.199%, 12/29/2030(a)			715,638
	1,842,899			Series 2020-1A, Class B, 4.935%, 12/29/2030(a)			1,822,750
	8,058,000			American Tower Trust 1 5.490%, 3/15/2028(a)			8,181,316
	617,221			Brazos Securitization LLC 5.014%, 9/1/2031(a)			624,898
	10,409,000			Centerpoint Energy Restoration Bond Co. II LLC 4.255%, 12/15/2035			10,383,186
	7,283,154			Cleco Securitization II LLC 4.680%, 12/1/2036			7,388,592
	1,282,794			Cleco Securitization LLC 4.016%, 3/1/2031			1,270,107
	2,542,000			Consumers 2023 Securitization Funding LLC 5.210%, 9/1/2031			2,611,204
	512,000			Diamond Infrastructure Funding LLC Series 2021-1A, Class C, 3.475%, 4/15/2049(a)			496,909
	1,718,000			Diamond Issuer LLC Series 2021-1A, Class C, 3.787%, 11/20/2051(a)			1,648,732
	2,621,112			DTE Electric Securitization Funding II LLC 5.970%, 3/1/2033			2,746,532
	5,175,000			Duke Energy Carolinas Nc Storm Funding II LLC 4.226%, 7/1/2037			5,171,481
				Elm Trust
	54,654			Series 2020-3A, Class A2, 2.954%, 8/20/2029(a)			54,584
	9,541			Series 2020-3A, Class B, 4.481%, 8/20/2029(a)			9,529
	15,623			Series 2020-4A, Class A2, 2.286%, 10/20/2029(a)			15,598
	60,311			Series 2020-4A, Class B, 3.866%, 10/20/2029(a)			60,212
				Golub Capital Partners Funding Ltd.
	686,985			Series 2020-1A, Class A2, 3.208%, 1/22/2029(a)			684,907
	472,655			Series 2020-1A, Class B, 4.496%, 1/22/2029(a)			470,059
	2,317,416			Series 2021-1A, Class A2, 2.773%, 4/20/2029(a)			2,308,114
	1,292,729			Series 2021-1A, Class B, 3.816%, 4/20/2029(a)			1,276,961

FPA Flexible Fixed Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2025

Principal Amount						Value
				BONDS & DEBENTURES (Continued)
				ASSET-BACKED SECURITIES (Continued)
				OTHER (Continued)
$	3,761,801			Series 2021-2A, Class A, 2.944%, 10/19/2029(a)		$	3,675,178
	4,377,243			Series 2021-2A, Class B, 3.994%, 10/19/2029(a)			4,267,895
				Hotwire Funding LLC
	1,250,000			Series 2021-1, Class C, 4.459%, 11/20/2051(a)			1,231,119
	1,385,000			Series 2023-1A, Class A2, 5.687%, 5/20/2053(a)			1,399,073
	4,896,122			Kansas Gas Service Securitization I LLC 5.486%, 8/1/2032			5,052,985
				Monroe Capital Funding Ltd.
	1,123,821			Series 2021-1A, Class A2, 2.815%, 4/22/2031(a)			1,112,645
	385,746			Series 2021-1A, Class B, 3.908%, 4/22/2031(a)			382,821
	2,837,836			Monroe Capital Income Plus Funding LLC Series 2022-1A, Class A, 4.050%, 4/30/2032(a)			2,797,397
				Oklahoma Development Finance Authority
	1,694,071			4.135%, 12/1/2033			1,684,142
	647,669			4.285%, 2/1/2034			645,525
	1,463,168			3.877%, 5/1/2037			1,431,134
				PG&E Recovery Funding LLC
	3,334,901			5.045%, 7/15/2032			3,377,054
	4,534,710			4.838%, 6/1/2033			4,613,310
	2,788,262			PG&E Wildfire Recovery Funding LLC 4.022%, 6/1/2031			2,784,330
				SBA Tower Trust
	1,380,000			1.631%, 11/15/2026(a)			1,347,651
	1,767,000			2.328%, 1/15/2028(a)			1,692,531
	1,049,000			6.599%, 1/15/2028(a)			1,071,036
	6,800,000			SCE Recovery Funding LLC 4.453%, 3/15/2036			6,815,640
	539,893			SpringCastle America Funding LLC Series 2020-AA, Class A, 1.970%, 9/25/2037(a)			507,023
	4,951,277			Texas Electric Market Stabilization Funding N LLC 4.265%, 8/1/2036(a)			4,931,778
	664,822			Texas Natural Gas Securitization Finance Corp. 5.102%, 4/1/2035			682,471
				VCP RRL Ltd.
	762,716			Series 2021-1A, Class A, 2.152%, 10/20/2031(a)			752,625
	1,241,270			Series 2021-1A, Class B, 2.848%, 10/20/2031(a)			1,185,416
	1,926,955			Series 2021-1A, Class C, 5.425%, 10/20/2031(a)			1,769,209
	8,504,000			Virginia Power Fuel Securitization LLC 4.877%, 5/1/2031			8,702,781

FPA Flexible Fixed Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2025

Principal Amount						Value
				BONDS & DEBENTURES (Continued)
				ASSET-BACKED SECURITIES (Continued)
				OTHER (Continued)
$	757,070			WEPCo Environmental Trust Finance LLC Series 2021-1, Class A, 1.578%, 12/15/2035		$	682,563
							119,520,775
				TOTAL ASSET-BACKED SECURITIES
				(Cost $371,234,095)			377,321,011
				COMMERCIAL MORTGAGE-BACKED SECURITIES - 12.8%
				AGENCY - 8.2%
				Federal Home Loan Mortgage Corp.
	784,000			Series K068, Class A2, 3.244%, 8/25/2027			775,182
	1,135,000			Series K072, Class A2, 3.444%, 12/25/2027			1,127,586
	3,064,000			Series K073, Class A2, 3.350%, 1/25/2028			3,031,855
	1,691,000			Series K076, Class A2, 3.900%, 4/25/2028			1,701,249
	377,000			Series K077, Class A2, 3.850%, 5/25/2028(b)			375,541
	3,220,000			Series K079, Class A2, 3.926%, 6/25/2028			3,224,871
	2,683,000			Series K080, Class A2, 3.926%, 7/25/2028(b)			2,699,352
	7,407,000			Series K081, Class A2, 3.900%, 8/25/2028(b)			7,452,172
	5,016,000			Series K082, Class A2, 3.920%, 9/25/2028(b)			5,020,278
	2,785,000			Series K083, Class A2, 4.050%, 9/25/2028(b)			2,797,786
	7,311,000			Series K084, Class A2, 3.780%, 10/25/2028(b)			7,294,485
	2,867,000			Series K085, Class A2, 4.060%, 10/25/2028(b)			2,881,071
	3,232,000			Series K089, Class A2, 3.563%, 1/25/2029			3,202,619
	509,000			Series K088, Class A2, 3.690%, 1/25/2029			506,243
	5,136,000			Series K090, Class A2, 3.422%, 2/25/2029			5,065,031
	2,866,000			Series K091, Class A2, 3.505%, 3/25/2029			2,826,377
	669,000			Series K092, Class A2, 3.298%, 4/25/2029			656,939
	552,128			Series K093, Class A2, 2.982%, 5/25/2029			539,006
	10,160,420			Series K095, Class A2, 2.785%, 6/25/2029			9,791,927
	10,437,000			Series K094, Class A2, 2.903%, 6/25/2029			10,084,728
	5,934,750			Series K097, Class A2, 2.508%, 7/25/2029			5,660,763
	13,412,000			Series K096, Class A2, 2.519%, 7/25/2029			12,814,396
	2,622,000			Series K099, Class A2, 2.595%, 9/25/2029			2,504,069
	6,883,000			Series K101, Class A2, 2.524%, 10/25/2029			6,550,524
	4,314,000			Series K102, Class A2, 2.537%, 10/25/2029			4,125,233
	6,001,000			Series K103, Class A2, 2.651%, 11/25/2029			5,724,750
	894,000			Series K107, Class A2, 1.639%, 1/25/2030			819,211
	449,000			Series K105, Class A2, 1.872%, 1/25/2030			415,902
	1,718,000			Series K106, Class A2, 2.069%, 1/25/2030			1,608,459
	2,381,000			Series K104, Class A2, 2.253%, 1/25/2030			2,229,238
	1,265,000			Series K108, Class A2, 1.517%, 3/25/2030			1,146,512
	8,157,000			Series K751, Class A2, 4.412%, 3/25/2030			8,272,717
	1,920,000			Series K109, Class A2, 1.558%, 4/25/2030			1,740,065
	2,981,000			Series K151, Class A3, 3.511%, 4/25/2030			2,924,528

FPA Flexible Fixed Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2025

Principal Amount						Value
				COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
				AGENCY (Continued)
$	258,000			Series K111, Class A2, 1.350%, 5/25/2030		$	231,242
	1,407,000			Series K114, Class A2, 1.366%, 6/25/2030			1,257,286
	564,000			Series K116, Class A2, 1.378%, 7/25/2030			503,206
	2,774,000			Series K752, Class A2, 4.284%, 7/25/2030			2,801,283
	9,296,000			Series K117, Class A2, 1.406%, 8/25/2030			8,330,791
	2,108,000			Series K120, Class A2, 1.500%, 10/25/2030			1,888,917
	11,142,000			Series K754, Class A2, 4.940%, 11/25/2030(b)			11,538,280
				Freddie Mac Multifamily Structured Pass-Through Certificates
	2,550,000			Series K100, Class A2, 2.673%, 9/25/2029			2,439,984
	695,000			Series K110, Class A2, 1.477%, 4/25/2030			629,883
	1,000,000			Series K113, Class A2, 1.341%, 6/25/2030			895,541
	1,978,000			Series K115, Class A2, 1.383%, 6/25/2030			1,770,019
							159,877,097
				AGENCY STRIPPED - 0.1%
				Government National Mortgage Association
	1,240,876			Series 2015-19, Class IO, 0.292%, 1/16/2057(b)			15,368
	715,000			Series 2015-7, Class IO, 0.488%, 1/16/2057(b)			13,281
	1,925,439			Series 2020-43, Class IO, 1.262%, 11/16/2061(b)			157,182
	2,580,931			Series 2020-71, Class IO, 1.094%, 1/16/2062(b)			168,351
	4,966,545			Series 2020-75, Class IO, 0.870%, 2/16/2062(b)			284,305
	3,286,492			Series 2020-42, Class IO, 0.939%, 3/16/2062(b)			214,684
							853,171
				NON-AGENCY - 4.5%
	6,960,000			Arbor Multifamily Mortgage Securities Trust Series 2020-MF1, Class A5, 2.756%, 5/15/2053(a)			6,532,421
	1,390,376			Arbor Realty Commercial Real Estate Notes Ltd. Series 2022-FL1, Class A, 5.434% (30-Day SOFR Average+145 basis points), 1/15/2037(a),(b)			1,390,376
	5,385,000			BANK5 Series 2025-5YR18, Class A3, 5.145%, 12/15/2058			5,532,424
	1,000,000			BBCMS Mortgage Trust Series 2025-5C34, Class A3, 5.659%, 5/15/2058			1,046,405
				BBCMS Trust
	348,283			Series 2015-SRCH, Class A1, 3.312%, 8/10/2035(a)			343,556
	2,296,000			Series 2025-5C36, Class A3, 5.517%, 8/15/2058			2,394,186
	2,591,000			Benchmark Mortgage Trust Series 2024-V11, Class A3, 5.909%, 11/15/2057(b)			2,720,421
				BMO Mortgage Trust
	2,581,000			Series 2024-5C7, Class A3, 5.566%, 11/15/2057(b)			2,679,293
	1,258,000			Series 2024-5C8, Class A3, 5.625%, 12/15/2057(b)			1,309,312
	2,696,000			Series 2025-5C13, Class A3, 5.227%, 12/15/2058(b)			2,774,224

FPA Flexible Fixed Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2025

Principal Amount						Value
				COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
				NON-AGENCY (Continued)
$	5,125,000			BX Trust Series 2019-OC11, Class A, 3.202%, 12/9/2041(a)		$	4,831,799
	1,732,708			BXMT Ltd. Series 2021-FL4, Class A, 4.900% (1-Month Term SOFR+116.448 basis points), 5/15/2038(a),(b)			1,723,718
	7,209,000			CHI Commercial Mortgage Trust Series 2025-SFT, Class A, 5.482%, 4/15/2042(a),(b)			7,368,208
	236,910			Greystone CRE Notes Ltd. Series 2021-FL3, Class A, 4.885% (1-Month Term SOFR+113.448 basis points), 7/15/2039(a),(b)			236,762
	1,100,000			Hudson Yards Mortgage Trust Series 2025-SPRL, Class A, 5.467%, 1/13/2040(a),(b)			1,136,860
	4,991,000			Manhattan West Mortgage Trust Series 2020-1MW, Class A, 2.130%, 9/10/2039(a)			4,804,295
	675,771			MF1 Ltd. Series 2021-FL7, Class A, 4.929% (1-Month Term SOFR+119.448 basis points), 10/16/2036(a),(b)			675,364
				Progress Residential Trust
	1,837,691			Series 2024-SFR5, Class A, 3.000%, 8/9/2029(a)			1,751,106
	1,410,235			Series 2021-SFR11, Class A, 2.283%, 1/17/2039(a)			1,341,080
	3,754,417			Series 2021-SFR10, Class A, 2.393%, 12/17/2040(a)			3,620,498
	2,110,172			Series 2024-SFR3, Class A, 3.000%, 6/17/2041(a)			2,015,857
	9,769,610			Series 2024-SFR4, Class A, 3.100%, 7/17/2041(a)			9,352,733
	7,317,970			Series 2025-SFR2, Class A, 3.305%, 4/17/2042(a)			6,981,085
	2,751,000			Series 2025-SFR3, Class A, 3.390%, 7/17/2042(a)			2,620,602
	4,311,000			ROCK Trust Series 2024-CNTR, Class A, 5.388%, 11/13/2041(a)			4,419,812
	5,585,000			SLG Office Trust Series 2021-OVA, Class A, 2.585%, 7/15/2041(a)			4,979,152
	1,395,358			TRTX Issuer Ltd. Series 2022-FL5, Class A, 5.386% (1-Month Term SOFR+165 basis points), 2/15/2039(a),(b)			1,394,783
	1,900,000			WHARF Commercial Mortgage Trust Series 2025-DC, Class A, 5.349%, 7/15/2040(a),(b)			1,953,474
							87,929,806
				TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
				(Cost $241,514,781)			248,660,074
				CORPORATE BANK DEBT - 0.2%
	1,828,327			Capstone Acquisition Holdings, Inc. Term Loan 8.316% (1-Month Term SOFR+460 basis points), 11/12/2029(b),(c),(d),(e)			1,841,994
	464,034			JC Penney Corp., Inc. 5.568% (3-Month USD Libor+425 basis points), 6/23/2027*,(b),(c),(d),(e),(f)			46

FPA Flexible Fixed Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2025

Principal Amount						Value
				CORPORATE BANK DEBT (Continued)
$	341,263			Lealand Finance Company B.V. Senior Exit LC 3.500%, 6/30/2027(b),(c),(d),(e),(g),(h)		$	(40,952	)
	13,635			McDermott Technology Americas, Inc. 7.830% (1-Month Term SOFR+400 basis points), 12/31/2027(b),(c),(d),(e),(i)			10,499
	2,776,050			WH Borrower LLC 8.734% (3-Month Term SOFR+450 basis points), 2/20/2032(b),(c),(e)			2,785,294
				TOTAL CORPORATE BANK DEBT
				(Cost $4,588,428)			4,596,881
				CORPORATE BONDS - 2.9%
				COMMUNICATIONS - 0.7%
	2,633,000			CCO Holdings LLC / CCO Holdings Capital Corp. 6.375%, 9/1/2029(a)			2,659,514
	2,000,000			DISH Network Corp. 11.750%, 11/15/2027(a)			2,081,480
	1,014,000			EchoStar Corp. 3.875%, 11/30/2030			3,386,760
				Frontier Communications Holdings LLC
	3,066,000			5.875%, 10/15/2027(a)			3,065,418
	1,636,000			6.000%, 1/15/2030(a)			1,661,456
							12,854,628
				CONSUMER DISCRETIONARY - 0.4%
	1,612,341			Air Canada Pass-Through Trust Series 2017-1, Class AA, 3.300%, 7/15/2031(a)			1,521,400
	5,947,000			VT Topco, Inc. 8.500%, 8/15/2030(a)			6,196,952
							7,718,352
				FINANCIALS - 1.8%
	3,644,000			Apollo Debt Solutions BDC Senior Notes 8.620%, 9/28/2028(d),(e)			3,644,000
	5,727,000			Blue Owl Credit Income Corp. 7.950%, 6/13/2028			6,052,478
	400,000			Five Point Operating Co. LP 8.000%, 10/1/2030(a)			416,000
	5,000,000			Hlend Senior Notes 8.170%, 3/15/2028(d),(e)			5,000,000
	2,981,000			HPS Corporate Lending Fund 6.750%, 1/30/2029			3,108,852
	10,563,000			Midcap Financial Issuer Trust 6.500%, 5/1/2028(a)			10,534,903
	4,032,000			Oaktree Strategic Credit Fund 8.400%, 11/14/2028			4,343,137

FPA Flexible Fixed Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2025

Principal Amount						Value
				CORPORATE BONDS (Continued)
				FINANCIALS (Continued)
$	1,557,000			OCREDIT BDC Senior Notes 7.770%, 3/7/2029(d),(e)		$	1,557,000
							34,656,370
				HEALTH CARE - 0.0%
	938,000			Heartland Dental LLC/Heartland Dental Finance Corp. 10.500% (1-Month Term SOFR+500 basis points), 4/30/2028(a),(e)			980,313
				TOTAL CORPORATE BONDS
				(Cost $52,039,336)			56,209,663
				RESIDENTIAL MORTGAGE-BACKED SECURITIES - 27.9%
				AGENCY COLLATERALIZED MORTGAGE OBLIGATION - 0.6%
				Federal National Mortgage Association
	862,963			Series 3810, Class PE, 4.000%, 2/15/2041			848,763
	39,095			Series 2012-144, Class PD, 3.500%, 4/25/2042			38,760
	9,277,861			Series 2024-70, Class EC, 3.000%, 11/25/2047			8,684,128
	72,484			Freddie Mac REMICS Series 4162, Class P, 3.000%, 2/15/2033			71,322
	2,589,299			GS Mortgage-Backed Securities Trust Series 2024-95, Class AB, 2.500%, 6/20/2045			2,404,722
							12,047,695
				AGENCY POOL ADJUSTABLE RATE - 1.0%
				Fannie Mae Pool
	320,538			1.729% (30-Day SOFR Average+211 basis points), 7/1/2051(b)			292,780
	2,617,811			1.969% (30-Day SOFR Average+207.716 basis points), 8/1/2051(b)			2,409,113
	216,038			1.606% (30-Day SOFR Average+209.4 basis points), 9/1/2051(b)			196,032
	1,402,706			1.957% (30-Day SOFR Average+212 basis points), 1/1/2052(b)			1,282,745
	2,486,066			1.886% (30-Day SOFR Average+233.495 basis points), 4/1/2052(b)			2,267,520
				Freddie Mac Non Gold Pool
	944,483			1.662% (30-Day SOFR Average+213 basis points), 9/1/2051(b)			857,777
	1,228,300			2.556% (30-Day SOFR Average+213 basis points), 3/1/2052(b)			1,142,341
	849,500			2.544% (30-Day SOFR Average+214 basis points), 5/1/2052(b)			791,196
	8,610,601			2.160% (30-Day SOFR Average+217.815 basis points), 7/1/2052(b)			7,892,923
	1,065,680			3.311% (30-Day SOFR Average+222.209 basis points), 11/1/2052(b)			1,023,318
	1,242,932			2.166% (30-Day SOFR Average+217.906 basis points), 5/1/2053(b)			1,139,553
							19,295,298
				AGENCY POOL FIXED RATE - 19.4%
				Fannie Mae Pool
	6,838,181			1.500%, 12/1/2035			6,216,307
	1,812,778			1.500%, 12/1/2035			1,639,424
	867,059			1.500%, 3/1/2036			786,040
	2,314,492			1.000%, 4/1/2036			2,021,963
	553,669			1.500%, 4/1/2036			501,933

FPA Flexible Fixed Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2025

Principal Amount						Value
				RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
				AGENCY POOL FIXED RATE (Continued)
$	2,270,647			1.500%, 4/1/2036		$	2,058,474
	1,647,869			1.500%, 5/1/2036			1,493,890
	3,630,456			1.500%, 6/1/2036			3,291,221
	791,686			1.500%, 6/1/2036			717,463
	1,402,102			1.500%, 7/1/2036			1,270,650
	9,972,540			1.500%, 8/1/2036			9,040,692
	723,432			1.500%, 8/1/2036			655,607
	3,758,756			1.000%, 9/1/2036			3,272,877
	1,245,168			1.500%, 9/1/2036			1,128,429
	3,003,676			1.500%, 10/1/2036			2,722,069
	2,313,643			1.000%, 11/1/2036			2,005,477
	13,300,016			1.000%, 12/1/2036			11,528,700
	687,641			1.000%, 12/1/2036			596,058
	17,848,064			1.000%, 3/1/2037			15,471,032
	8,485,578			1.500%, 3/1/2037			7,692,674
	6,386,567			1.500%, 8/1/2037			5,783,810
	1,653,286			2.000%, 6/1/2040			1,462,493
	616,196			2.000%, 9/1/2040			544,200
	671,471			2.000%, 10/1/2040			592,726
	425,334			1.500%, 11/1/2040			362,469
	3,663,052			2.000%, 11/1/2040			3,231,609
	2,023,324			1.500%, 12/1/2040			1,722,914
	2,539,495			2.000%, 12/1/2040			2,238,895
	762,025			1.500%, 1/1/2041			648,389
	2,754,257			1.500%, 2/1/2041			2,341,688
	7,234,673			1.500%, 3/1/2041			6,146,751
	270,463			1.500%, 4/1/2041			229,456
	6,321,943			1.500%, 5/1/2041			5,359,903
	1,544,052			2.500%, 5/1/2041			1,391,282
	7,054,287			1.500%, 7/1/2041			5,969,512
	933,491			2.000%, 7/1/2041			819,215
	8,794,141			2.000%, 9/1/2041			7,756,491
	7,116,792			1.500%, 10/1/2041			6,003,634
	15,099,504			1.500%, 11/1/2041			12,729,042
	3,036,831			1.500%, 11/1/2041			2,560,005
	2,572,611			1.500%, 12/1/2041			2,167,098
	12,799,530			1.500%, 1/1/2042			10,772,327
	1,493,729			1.500%, 1/1/2042			1,261,626
	2,736,113			1.500%, 2/1/2042			2,322,401
	858,840			1.500%, 3/1/2042			725,062
	2,728,203			1.500%, 3/1/2042			2,317,627
	4,856,474			1.500%, 3/1/2042			4,106,662
	7,221,990			1.500%, 3/1/2042			6,102,557

FPA Flexible Fixed Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2025

Principal Amount						Value
				RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
				AGENCY POOL FIXED RATE (Continued)
$	4,765,305			1.500%, 3/1/2042		$	4,013,823
	8,894,327			1.500%, 3/1/2042			7,502,140
	2,194,504			2.000%, 8/1/2042			1,922,805
	7,433,615			2.000%, 8/1/2042			6,490,141
	3,083,738			3.500%, 4/1/2044			2,926,155
	4,862,169			4.000%, 6/1/2045			4,761,850
	10,998,661			4.000%, 3/1/2046			10,777,038
	1,039,715			4.000%, 7/1/2046			1,017,865
	700,928			4.000%, 7/1/2046			678,353
	1,186,625			4.000%, 10/1/2046			1,161,583
	659,433			4.000%, 10/1/2046			645,945
	996,952			4.000%, 3/1/2048			975,135
	5,228,295			4.500%, 1/1/2050			5,233,645
	4,612,177			4.500%, 1/1/2050			4,617,752
				Freddie Mac Pool
	9,128,464			1.500%, 11/1/2035			8,298,309
	872,142			1.500%, 11/1/2035			788,740
	3,300,749			1.500%, 1/1/2036			2,990,342
	420,603			1.500%, 4/1/2036			381,301
	1,190,374			1.000%, 5/1/2036			1,038,849
	694,719			1.500%, 5/1/2036			629,803
	1,665,484			1.500%, 6/1/2036			1,505,695
	824,991			1.000%, 7/1/2036			717,496
	2,944,362			1.500%, 8/1/2036			2,668,317
	1,198,297			1.000%, 10/1/2036			1,045,619
	2,202,628			1.500%, 10/1/2036			1,996,123
	8,491,518			1.500%, 10/1/2036			7,698,058
	650,773			1.500%, 11/1/2036			589,964
	2,639,094			2.000%, 6/1/2040			2,334,705
	582,524			2.000%, 8/1/2040			514,700
	350,696			4.000%, 10/1/2040			343,781
	10,353,597			1.500%, 11/1/2040			8,823,577
	319,149			4.000%, 11/1/2040			312,960
	750,359			2.000%, 12/1/2040			661,483
	500,008			1.500%, 2/1/2041			425,776
	6,503,788			1.500%, 2/1/2041			5,524,570
	4,323,222			1.500%, 3/1/2041			3,672,719
	17,050,136			1.500%, 3/1/2041			14,483,821
	3,793,843			1.500%, 4/1/2041			3,217,844
	15,571,246			1.500%, 5/1/2041			13,198,993
	12,244,784			1.500%, 6/1/2041			10,370,442
	7,354,231			1.500%, 7/1/2041			6,222,381
	7,427,527			1.500%, 8/1/2041			6,279,027

FPA Flexible Fixed Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2025

Principal Amount						Value
				RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
				AGENCY POOL FIXED RATE (Continued)
$	1,004,634			2.000%, 8/1/2041		$	880,660
	4,711,810			1.500%, 9/1/2041			3,980,519
	3,234,649			1.500%, 10/1/2041			2,728,732
	528,715			1.500%, 11/1/2041			448,111
	2,620,567			1.500%, 11/1/2041			2,209,203
	8,176,124			1.500%, 12/1/2041			6,888,400
	4,500,435			1.500%, 12/1/2041			3,820,127
	654,505			1.500%, 1/1/2042			553,411
	6,060,114			1.500%, 1/1/2042			5,116,491
	4,796,903			1.500%, 4/1/2042			4,078,314
	3,961,608			2.000%, 5/1/2042			3,468,843
	2,675,850			2.000%, 8/1/2042			2,341,713
	2,740,709			2.000%, 8/1/2042			2,404,315
	6,572,579			4.500%, 12/1/2045			6,580,567
							376,739,855
				AGENCY STRIPPED - 0.0%
	19,009			Fannie Mae Interest Strip Series 284, Class 1, 0.000%, 7/25/2027			18,463
				NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATION - 6.9%
				GS Mortgage-Backed Securities Trust
	1,620,901			Series 2021-PJ4, Class A8, 2.500%, 9/25/2051(a),(b)			1,462,353
	6,285,369			Series 2021-PJ5, Class A8, 2.500%, 10/25/2051(a),(b)			5,664,545
	5,947,319			Series 2021-PJ6, Class A8, 2.500%, 11/25/2051(a),(b)			5,347,756
	4,050,585			Series 2021-PJ7, Class A8, 2.500%, 1/25/2052(a),(b)			3,634,530
	1,672,237			Series 2021-PJ10, Class A8, 2.500%, 3/25/2052(a),(b)			1,497,762
	896,018			Series 2022-PJ1, Class A8, 2.500%, 5/28/2052(a),(b)			799,814
	6,011,887			Series 2022-PJ2, Class A24, 3.000%, 6/25/2052(a),(b)			5,501,543
	1,667,282			Series 2022-PJ3, Class A22, 2.500%, 8/25/2052(a),(b)			1,490,967
	833,291			Series 2022-PJ3, Class A24, 3.000%, 8/25/2052(a),(b)			761,875
	5,476,615			Series 2022-PJ4, Class A22, 2.500%, 9/25/2052(a),(b)			4,887,265
	1,108,490			Series 2022-PJ4, Class A24, 3.000%, 9/25/2052(a),(b)			1,011,759
	12,887,891			Series 2022-PJ5, Class A22, 2.500%, 10/25/2052(a),(b)			11,460,321
	8,076,104			Series 2022-PJ6, Class A15, 2.500%, 1/25/2053(a),(b)			7,187,852
				J.P. Morgan Mortgage Trust
	658,813			Series 2021-6, Class A4, 2.500%, 10/25/2051(a),(b)			594,946
	3,190,255			Series 2021-7, Class A4, 2.500%, 11/25/2051(a),(b)			2,878,371
	2,232,502			Series 2021-10, Class A4A, 2.000%, 12/25/2051(a),(b)			1,961,674
	6,003,096			Series 2021-10, Class A4, 2.500%, 12/25/2051(a),(b)			5,391,419
	1,957,069			Series 2021-8, Class A4, 2.500%, 12/25/2051(a),(b)			1,764,978
	6,866,887			Series 2021-11, Class A4, 2.500%, 1/25/2052(a),(b)			6,183,394
	9,446,797			Series 2021-13, Class A4, 2.500%, 4/25/2052(a),(b)			8,525,205

FPA Flexible Fixed Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2025

Principal Amount						Value
				RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
				NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATION (Continued)
$	1,373,158			Series 2021-15, Class A4, 2.500%, 6/25/2052(a),(b)		$	1,230,687
	11,939,385			Series 2022-1, Class A4, 2.500%, 7/25/2052(a),(b)			10,680,863
	530,583			Series 2022-3, Class A4A, 2.500%, 8/25/2052(a),(b)			474,087
	896,450			Series 2022-4, Class A4, 3.000%, 10/25/2052(a),(b)			819,506
	110,281			Series 2022-8, Class A4A, 4.000%, 1/25/2053(a),(b)			105,788
	405,663			Series 2024-7, Class A4, 3.000%, 4/25/2053(a),(b)			367,517
	3,996,584			Series 2024-3, Class A4, 3.000%, 5/25/2054(a),(b)			3,650,167
	4,324,151			Series 2025-1, Class A4, 3.688%, 1/25/2063(a),(b)			4,064,562
				OBX Trust
	395,767			Series 2021-J3, Class A4, 2.500%, 10/25/2051(a),(b)			355,985
	6,536,069			Series 2022-J1, Class A3, 3.000%, 2/25/2052(a),(b)			5,954,153
	915,387			Pretium Mortgage Credit Partners LLC Series 2024-RPL1, Class A1, 3.900%, 10/25/2063(a),(b)			882,783
	2,561,000			Progress Residential Trust Series 2025-SFR6, Class A, 4.000%, 12/17/2042(a),(b)			2,494,374
				Sequoia Mortgage Trust
	2,447,990			Series 2021-4, Class A4, 2.500%, 6/25/2051(a),(b)			2,203,999
	988,374			Series 2021-5, Class A4, 2.500%, 7/25/2051(a),(b)			889,278
	2,184,156			Series 2021-6, Class A4, 2.500%, 10/25/2051(a),(b)			1,956,488
	3,462,007			Series 2021-9, Class A4, 2.500%, 1/25/2052(a),(b)			3,095,373
	710,451			Series 2022-1, Class A4, 2.500%, 2/25/2052(a),(b)			634,576
	8,246,539			Series 2025-S1, Class A4, 2.500%, 9/25/2054(a),(b)			7,353,109
				Towd Point Mortgage Trust
	104,782			Series 2018-2, Class A1, 3.250%, 3/25/2058(a),(b)			103,930
	3,302,920			Series 2019-4, Class A1, 2.900%, 10/25/2059(a),(b)			3,204,605
	545,605			Series 2020-4, Class A1, 1.750%, 10/25/2060(a)			502,831
	1,447,668			Series 2023-1, Class A1, 3.750%, 1/25/2063(a)			1,409,585
				Wells Fargo Mortgage Backed Securities
	989,973			Series 2021-2, Class A3, 2.500%, 6/25/2051(a),(b)			888,464
	413,721			Series 2022-1, Class A3, 2.500%, 8/25/2051(a),(b)			369,587
	2,158,787			Series 2022-2, Class A4, 2.500%, 12/25/2051(a),(b)			1,923,005
							133,623,631
				TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES
				(Cost $526,208,577)			541,724,942
				U.S. TREASURY NOTES & BONDS - 23.6%
				U.S. Treasury Note
	80,491,000			3.875%, 7/31/2030			81,094,682
	102,514,000			3.625%, 8/31/2030			102,237,725
	42,097,000			3.625%, 9/30/2030			41,939,136
	10,896,000			4.625%, 9/30/2030			11,324,554
	174,687,000			3.625%, 10/31/2030			173,977,334

FPA Flexible Fixed Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2025

Principal Amount						Value
				U.S. TREASURY NOTES & BONDS (Continued)
$	47,761,000			3.500%, 11/30/2030		$	47,290,607
				TOTAL U.S. TREASURY NOTES & BONDS
				(Cost $456,528,269)			457,864,038
				TOTAL BONDS & DEBENTURES
				(Cost $1,652,113,486)			1,686,376,609

Number of Shares
				COMMON STOCKS - 0.2%
				REAL ESTATE SERVICES - 0.1%
	58,520			Copper Property CTL Pass Through Trust(e)			658,350
				TELECOMMUNICATIONS - 0.0%
	11,258			Uniti Group, Inc.*			78,918
				TRANSPORTATION & LOGISTICS - 0.1%
	75,292			PHI Group, Inc.(d),(e)			2,409,344
				TOTAL COMMON STOCKS
				(Cost $1,733,607)			3,146,612
				PREFERRED STOCKS - 0.0%
				INDUSTRIALS - 0.0%
	72			Uniti Group, Inc. - Series A, 11.000%(d),(e)			71,820
				TOTAL PREFERRED STOCKS
				(Cost $148,804)			71,820
				WARRANTS - 0.0%
	2,179			Uniti Group, Inc. , Expiration Date: August 11, 2035*,(d),(e)			15,079
				TOTAL WARRANTS
				(Cost $0)			15,079
				SHORT-TERM INVESTMENTS - 12.4%
				MONEY MARKET INVESTMENTS - 0.8%
	15,012,708			Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class, 3.64%(j)			15,012,708

Principal Amount
				TREASURY BILLS - 11.6%
				U.S. Treasury Bill
$	51,444,000			3.66%, 1/8/2026(k)			51,407,922
	69,734,000			3.62%, 1/15/2026(k)			69,637,214
	57,691,000			3.60%, 1/22/2026(k)			57,571,888

FPA Flexible Fixed Income Fund

SCHEDULE OF INVESTMENTS - Continued

As of December 31, 2025

Principal Amount						Value
				TREASURY BILLS (Continued)
$	46,331,000			3.52%, 1/29/2026(k)		$	46,206,710
							224,823,734
				TOTAL SHORT-TERM INVESTMENTS
				(Cost $239,836,442)			239,836,442
				TOTAL INVESTMENTS - 99.5%
				(Cost $1,893,832,339)			1,929,446,562
				Other Assets in Excess of Liabilities - 0.5%			9,966,684
				TOTAL NET ASSETS - 100.0%		$	1,939,413,246

BDC - Business Development Company

IO - Interest Only

LLC - Limited Liability Company

LP - Limited Partnership

*

Non-income producing security.

(a)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $498,680,811, which represents 25.71% of Total Net Assets.

(b)

Variable or floating rate security.

(c)

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.

(d)

The value of these securities was determined using significant unobservable inputs. These are reported as Level 3 securities in the Fair Value Hierarchy.

(e)

Restricted securities. These restricted securities, most of which are considered liquid by the Adviser, are not registered and may not be sold to the public. There are legal and/or contractual restrictions on resale. The Fund does not have the right to demand that such securities be registered. The values of these securities are determined by valuations provided by pricing services, brokers, dealers, market makers, or in good faith under policies adopted by authority of the Fund's Board of Trustees. The total value of these securities is $18,932,787, which represents 0.98% of Total Net Assets.

(f)

Security is in default.

(g)

As of December 31, 2025, the Fund had entered into commitments to fund various delayed draw debt-related investments. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing those investments and there can be no assurance that such conditions will be satisfied. See Note 8 of the Notes to Financial Statements for further information on these commitments and contingencies.

(h)

All or a portion of the loan is unfunded.

(i)

Payment-in-kind interest is generally paid by issuing additional par/shares of the security rather than paying cash.

(j)

The rate is the annualized seven-day yield at period end.

(k)

Treasury bill discount rate.

See accompanying Notes to Financial Statements.

FPA Flexible Fixed Income Fund

STATEMENT OF ASSETS AND LIABILITIES

As of December 31, 2025

Assets:
Investments, at value (cost $1,893,832,339)		$	1,929,446,562
Cash			22,924,105
Receivables:
Investment securities sold			131,737
Fund shares sold			1,678,277
Dividends and interest			9,245,849
Prepaid expenses			43,470
Total assets			1,963,470,000
Liabilities:
Payables:
Investment securities purchased			22,926,363
Fund shares redeemed			202,964
Advisory fees			630,304
Shareholder servicing fees (Note 6)			78,053
Fund services fees			150,160
Shareholder reporting fees			15,581
Auditing fees			15,577
Trustees' deferred compensation (Note 3)			10,913
Legal fees			10,388
Trustees' fees and expenses			8,292
Chief Compliance Officer fees			693
Accrued other expenses			7,466
Total liabilities			24,056,754
Commitments and contingencies (Notes 3 and 8)
Net Assets		$	1,939,413,246
Components of Net Assets:
Capital Stock (no par value with an unlimited number of shares authorized)		$	1,903,832,077
Total distributable earnings (accumulated deficit)			35,581,169
Net Assets		$	1,939,413,246
Maximum Offering Price per Share:
Investor Class Shares:1
Net assets applicable to shares outstanding		$	3,360,775
Shares of beneficial interest issued and outstanding			324,312
Redemption price per share		$	10.36
Institutional Class Shares:
Net assets applicable to shares outstanding		$	1,862,957,213
Shares of beneficial interest issued and outstanding			179,617,096
Redemption price per share		$	10.37
Advisor Class Shares:
Net assets applicable to shares outstanding		$	73,095,258
Shares of beneficial interest issued and outstanding			7,052,488
Redemption price per share		$	10.36

1

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

See accompanying Notes to Financial Statements.

FPA Flexible Fixed Income Fund

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2025

Investment income:
Interest		$	77,479,567
Dividends			175,573
Total investment income			77,655,140
Expenses:
Advisory fees			8,095,755
Shareholder servicing fees - Investor Class (Note 6)			1,562
Shareholder servicing fees - Institutional Class (Note 6)			1,121,502
Shareholder servicing fees - Advisor Class (Note 6)			64,589
Fund services fees			620,718
Registration fees			184,750
Shareholder reporting fees			111,424
Trustees' fees and expenses			58,767
Legal fees			32,569
Insurance fees			18,120
Auditing fees			16,077
Miscellaneous			8,825
Chief Compliance Officer fees			3,327
Total expenses			10,337,985
Advisory fees waived and shareholder servicing fees reimbursed (Note 3 and 6)			(1,331,221	)
Net expenses			9,006,764
Net investment income (loss)			68,648,376
Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments			6,710,124
Total realized gain (loss)			6,710,124
Net change in unrealized appreciation (depreciation) on:
Investments			36,262,391
Net change in unrealized appreciation (depreciation)			36,262,391
Net realized and unrealized gain (loss)			42,972,515
Net Increase (Decrease) in Net Assets from Operations		$	111,620,891

See accompanying Notes to Financial Statements.

FPA Flexible Fixed Income Fund

STATEMENTS OF CHANGES IN NET ASSETS

		For the Year Ended December 31, 2025				For the Year Ended December 31, 2024
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)		$	68,648,376			$	57,167,257
Total realized gain (loss) on investments			6,710,124				305,556
Net change in unrealized appreciation (depreciation) on investments			36,262,391				566,008
Net increase (decrease) in net assets resulting from operations			111,620,891				58,038,821
Distributions to Shareholders:
Distributions:
Investor Class			(31,424	)			-
Institutional Class			(64,794,783	)			(53,343,853	)
Advisor Class			(2,983,571	)			(2,840,087	)
Total distributions to shareholders			(67,809,778	)			(56,183,940	)
Capital Transactions:
Net proceeds from shares sold:
Investor Class			4,645,967	1			-
Institutional Class			856,771,446				516,543,240
Advisor Class			45,297,587				34,149,517
Reinvestment of distributions:
Investor Class			31,424	1			-
Institutional Class			52,921,359				43,651,502
Advisor Class			1,103,278				1,004,808
Cost of shares redeemed:
Investor Class			(1,311,641	)1			-
Institutional Class			(338,618,010	)			(220,696,475	)
Advisor Class			(40,378,436	)			(19,113,261	)
Net increase (decrease) in net assets from capital transactions			580,462,974				355,539,331
Total increase (decrease) in net assets			624,274,087				357,394,212
Net Assets:
Beginning of period			1,315,139,159				957,744,947
End of period		$	1,939,413,246			$	1,315,139,159
Capital Share Transactions:
Shares sold:
Investor Class			447,667	1			-
Institutional Class			83,463,665				51,032,150
Advisor Class			4,421,175				3,371,824
Shares reinvested:
Investor Class			3,030	1			-
Institutional Class			5,146,898				4,327,415
Advisor Class			107,549				99,631
Shares redeemed:
Investor Class			(126,385	)1			-
Institutional Class			(33,054,153	)			(21,836,219	)
Advisor Class			(3,934,851	)			(1,885,848	)
Net increase (decrease) in capital share transactions			56,474,595				35,108,953

1

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

See accompanying Notes to Financial Statements.

FPA Flexible Fixed Income Fund

FINANCIAL HIGHLIGHTS

Investor Class

Per share operating performance.

For a capital share outstanding throughout each period.

		For the Period Ended December 31, 20251
Net asset value, beginning of period		$	10.27
Income from Investment Operations:
Net investment income (loss)2			0.21
Net realized and unrealized gain			0.10
Total from investment operations			0.31
Less Distributions:
From net investment income			(0.22	)
Total distributions			(0.22	)
Net asset value, end of period		$	10.36
Total return3			3.03	%4
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	3,361
Ratio of expenses to average net assets:
Before fees waived and expenses absorbed			0.81	%5
After fees waived and expenses absorbed			0.65	%5
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed			3.80	%5
After fees waived and expenses absorbed			3.96	%5
Portfolio turnover rate			48	%5

1

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

2

Based on average shares outstanding for the period.

3

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

4

Not annualized.

5

Annualized.

See accompanying Notes to Financial Statements.

FPA Flexible Fixed Income Fund

FINANCIAL HIGHLIGHTS

Institutional Class

Per share operating performance.

For a capital share outstanding throughout each period.

		For the Year Ended December 31,
		2025				2024				2023				20221				20211
Net asset value, beginning of period		$	10.08			$	10.04			$	9.68			$	10.24			$	10.29
Income from Investment Operations:
Net investment income (loss)2			0.44				0.50				0.50				0.29				0.20
Net realized and unrealized gain (loss)			0.28				0.02				0.34				(0.57	)			(0.02	)
Total from investment operations			0.72				0.52				0.84				(0.28	)			0.18
Less Distributions:
From net investment income			(0.43	)			(0.48	)			(0.48	)			(0.28	)			(0.20	)
From net realized gain			-				-				-				-				(0.03	)
Total distributions			(0.43	)			(0.48	)			(0.48	)			(0.28	)			(0.23	)
Net asset value, end of period		$	10.37			$	10.08			$	10.04			$	9.68			$	10.24
Total return3			7.23	%			5.29	%			9.02	%			(2.82	)%			1.77	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	1,862,957			$	1,250,081			$	908,830			$	684,315			$	666,786
Ratio of expenses to average net assets:
Before fees waived and expenses absorbed			0.63	%			0.62	%			0.63	%			0.67	%			0.71	%
After fees waived and expenses absorbed			0.55	%			0.55	%4			0.54	%5			0.51	%			0.49	%
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed			4.16	%			4.83	%			4.97	%			2.75	%			1.69	%
After fees waived and expenses absorbed			4.24	%			4.90	%			5.06	%			2.91	%			1.91	%
Portfolio turnover rate			48	%			58	%			55	%			31	%			35	%

1

Audits performed for the fiscal years indicated by the Fund's previous auditor, Ernst & Young LLP.

2

Based on average shares outstanding for the period.

3

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

4

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

5

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

See accompanying Notes to Financial Statements.

FPA Flexible Fixed Income Fund

FINANCIAL HIGHLIGHTS

Advisor Class

Per share operating performance.

For a capital share outstanding throughout each period.

		For the Year Ended December 31,																For the Period Ended December 31,
		2025				2024				2023				20221				20211,2
Net asset value, beginning of period		$	10.07			$	10.04			$	9.68			$	10.24			$	10.32
Income from Investment Operations:
Net investment income (loss) 3			0.43				0.49				0.49				0.34				0.13
Net realized and unrealized gain (loss)			0.28				0.02				0.34				(0.63	)			(0.05	)
Total from investment operations			0.71				0.51				0.83				(0.29	)			0.08
Less Distributions:
From net investment income			(0.42	)			(0.48	)			(0.47	)			(0.27	)			(0.13	)
From net realized gain			-				-				-				-				(0.03	)
Total distributions			(0.42	)			(0.48	)			(0.47	)			(0.27	)			(0.16	)
Net asset value, end of period		$	10.36			$	10.07			$	10.04			$	9.68			$	10.24
Total return4			7.22	%			5.16	%			8.86	%			(2.79	)%			0.85	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	73,095			$	65,058			$	48,915			$	1,083			$	32
Ratio of expenses to average net assets:
Before fees waived and expenses absorbed			0.65	%			0.65	%			0.68	%			0.70	%			3.06	%5
After fees waived and expenses absorbed			0.60	%			0.60	%6			0.59	%7			0.56	%			0.59	%5
Ratio of net investment income to average net assets:
Before fees waived and expenses absorbed			4.16	%			4.80	%			4.93	%			3.32	%			(0.69	)%5
After fees waived and expenses absorbed			4.21	%			4.85	%			5.02	%			3.45	%			1.79	%5
Portfolio turnover rate			48	%			58	%			55	%			31	%			35	%5

1

Audits performed for the fiscal years indicated by the Fund's previous auditor, Ernst & Young LLP.

2

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

3

Based on average shares outstanding for the period.

4

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

5

Annualized.

6

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

7

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

See accompanying Notes to Financial Statements.

FPA Flexible Fixed Income Fund

NOTES TO FINANCIAL STATEMENTS

December 31, 2025

Note 1 - Organization

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

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

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

Note 2 - Accounting Policies

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

(a) Valuation of Investments

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

(b) Investment Transactions, Investment Income and Expenses

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

FPA Flexible Fixed Income Fund

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2025

(c) Mortgage-Backed Securities

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

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

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

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

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

(d) Asset-Backed Securities

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

FPA Flexible Fixed Income Fund

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2025

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

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

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

(f) Credit Risk

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

(g) Currency Translation

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

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

FPA Flexible Fixed Income Fund

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2025

(h) Illiquid Securities

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

(i) Use of Estimates

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

(j) Federal Income Taxes

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

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

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

(k) Distributions to Shareholders

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

FPA Flexible Fixed Income Fund

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2025

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

Note 3 - Investment Advisory and Other Agreements

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

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

December 31, 2026		$	774,947
December 31, 2027			802,310
December 31, 2028			1,331,221
Total		$	2,908,478

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

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

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

FPA Flexible Fixed Income Fund

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2025

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

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

Note 4 - Federal Income Taxes

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

Cost of investments		$	1,893,042,392
Gross unrealized appreciation		$	38,454,891
Gross unrealized depreciation			(2,050,721	)
Net unrealized appreciation/(depreciation)		$	36,404,170

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

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

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

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

Undistributed ordinary income		$	650,420
Undistributed long-term capital gains			-
Tax accumulated earnings			650,420
Accumulated capital and other losses			(1,462,508	)
Unrealized appreciation/(depreciation) on investments			36,404,170
Deferred compensation			(10,913	)
Total accumulated earnings/(deficit)		$	35,581,169

FPA Flexible Fixed Income Fund

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2025

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

		2025				2024
Distributions paid from:
Ordinary income		$	67,809,778			$	56,183,940
Net long-term capital gains			-				-
Total distributions paid		$	67,809,778			$	56,183,940

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

		2025
Short-term		$	-
Long-term			1,455,360
Total capital loss carryforwards		$	1,455,360

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

Note 5 - Investment Transactions

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

Note 6 - Shareholder Servicing Plan

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

Note 7 - Indemnifications

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

Note 8 - Commitments and Contingencies

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

FPA Flexible Fixed Income Fund

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2025

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

Loan		Principal				Cost				Value				Unrealized Appreciation/ (Depreciation)				Unfunded Commitment
Lealand Finance Super Senior Exit LC		$	341,263			$	(356	)		$	(40,952	)		$	(40,596	)		$	341,263

Note 9 - Fair Value Measurements and Disclosure

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

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

●

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

●

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

●

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

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

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

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

FPA Flexible Fixed Income Fund

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2025

Investments		Level 1				Level 2				Level 3				Total
Asset-Backed Securities
Auto		$	-			$	66,120,969			$	-			$	66,120,969
Collateralized Loan Obligation			-				40,198,949				-				40,198,949
Equipment			-				151,480,318				-				151,480,318
Other			-				119,520,775				-				119,520,775
Commercial Mortgage-Backed Securities
Agency			-				159,877,097				-				159,877,097
Agency Stripped			-				853,171				-				853,171
Non-Agency			-				87,929,806				-				87,929,806
Corporate Bank Debt			-				2,785,294				1,811,587				4,596,881
Corporate Bonds
Communications			-				12,854,628				-				12, 854,628
Consumer Discretionary			-				7,718,352				-				7,718,352
Financials			-				24,455,370				10,201,000				34,656,370
Health Care			-				980,313				-				980,313
Residential Mortgage-Backed Securities
Agency Collateralized Mortgage Obligation			-				12,047,695				-				12,047,695
Agency Pool Adjustable Rate			-				19,295,298				-				19, 295,298
Agency Pool Fixed Rate			-				376,739,855				-				376,739,855
Agency Stripped			-				18,463				-				18,463
Non-Agency Collateralized Mortgage Obligation			-				133,623,631				-				133,623,631
U.S. Treasury Notes & Bonds			-				457,864,038				-				457,864,038
Common Stocks
Real Estate Services			658,350				-				-				658,350
Telecommunications			78,918				-				-				78,918
Transportation & Logistics			-				-				2,409,344				2,409,344
Preferred Stocks
Industrials			-				-				71,820				71,820
Warrants			-				-				15,079				15,079
Short-Term Investments			15,012,708				224,823,734				-				239,836,442
		$	15,749,976			$	1,899,187,756			$	14,508,830			$	1,929,446,562

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

Investments		Beginning value at December 31, 2024				Transfers In/(out) of Level 3 during the period				Total Realized gain/loss				Total Change in unrealized appreciation/ depreciation				Amortization of Discount (Amortization of Premium)				Net Purchases				Net Sales				Ending Value at December 31, 2025
Common Stocks		$	1,725,371			$	-			$	-			$	1,056,754			$	(46,005	)		$	-			$	(326,776	)		$	2,409,344
Corporate Bank Debt			1,638,579				-				(57,100	)			248,743				1,788				408				(20,831	)			1,811,587
Corporate Bonds			10,201,000				-				-				-				-				-				-				10,201,000
Preferred Stocks			-				-				-				(76,984	)			-				148,804				-				71,820
Warrants			-				-				-				15,079				-				-				-				15,079
		$	13,564,950			$	-			$	(57,100	)		$	1,243,592			$	(44,217	)		$	149,212			$	(347,607	)		$	14,508,830

FPA Flexible Fixed Income Fund

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2025

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

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

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

Financial Assets		Fair Value at December 31, 2025				Valuation Technique(s)		Unobservable Inputs		Price/Range		Weighted Average Price				Impact to Valuation From an Increase in Input(1)
Corporate Bank Debt		$	1,841,994			Third-Party Broker Quote(2)		Quotes/Prices		$100.75		$	100.75			Increase
			(30,453	)		Pricing Model(3)		Quotes/Prices		$77.00 - $88.00		$	85.76			Increase
			47			Asset Approach(4)		Estimated Recovery Proceeds		$0.01		$	0.01			Increase
Common Stocks			2,409,344			Pricing Model(5)		Last Reported Trade		$32.00		$	32.00			Increase
Corporate Bonds & Notes			10,201,000			Pricing Model(6)		Cost		$100.00		$	100.00			Increase
Preferred Stocks			71,820			Pricing Model(6)		Cost		$1000.00		$	1000.00			Increase
Warrants			15,079			Pricing Model(7)		Quoted Price of Underlying Common Stock		$6.92		$	6.92			Increase

(1)

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

(2)

The Third Party Broker Quote technique involves obtaining an independent third-party broker quote for the security.

(3)

The Pricing Model technique for Level 3 securities involves recently quoted funding prices of the security.

(4)

The Asset Approach technique for Level 3 securities involves the potential of likelihood of future bankruptcy distributions.

(5)

The Pricing Model technique for Level 3 securities involves the last reported trade in the security.

(6)

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

(7)

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

FPA Flexible Fixed Income Fund

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2025

Note 10 - Restricted Securities

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

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

Restricted Security		Initial Acquisition Date		Cost				Fair Value				Fair Value as a % of Net Assets
Apollo Debt Solutions BDC Senior Notes, 8.620%, 9/28/2028		8/10/2023		$	3,644,000			$	3,644,000				0.19	%
Capstone Acquisition Holdings, Inc. Term Loan, 8.316% (1-Month Term SOFR+460 basis points), 11/12/2029		11/12/2020			1,818,540				1,841,994				0.10	%
Copper Property CTL Pass Through Trust		1/17/2019			939,850				658,350				0.04	%
Heartland Dental LLC/Heartland Dental Finance Corp., 10.500% (1-Month Term SOFR+500 basis points), 4/30/2028		5/25/2023			923,387				980,313				0.05	%
Hlend Senior Notes, 8.170%, 3/15/2028		2/16/2023			5,000,000				5,000,000				0.26	%
JC Penney Corp., Inc., 5.568% (3-Month USD Libor+425 basis points), 6/23/2027		2/3/2021			-				46				0.00	%
Lealand Finance Company B.V. Senior Exit LC, 3.500%, 6/30/2027		2/28/2020			(357	)			(40,952	)			0.00	%
McDermott Technology Americas, Inc., 7.830% (1-Month Term SOFR+400 basis points), 12/31/2027		3/25/2024			8,075				10,499				0.00	%
OCREDIT BDC Senior Notes, 7.770%, 3/07/2029		2/22/2024			1,557,000				1,557,000				0.08	%
PHI Group, Inc.		8/19/2019			615,785				2,409,344				0.12	%
Uniti Group, Inc.		11/16/2020			-				15,079				0.00	%
Uniti Group, Inc. - Series A		11/16/2020			148,804				71,820				0.00	%
WH Borrower LLC, Term Loan B, 8.734% (3-Month Term SOFR+450 basis points), 2/20/2032		2/9/2022			2,762,170				2,785,294				0.14	%
				$	17,417,254			$	18,932,787				0.98	%

Note 11 - Market Disruption and Geopolitical Risks

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

FPA Flexible Fixed Income Fund

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2025

Note 12 - New Accounting Pronouncements

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

Note 13 - Events Subsequent to the Fiscal Period End

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

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

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees

and the Shareholders of the FPA Flexible Fixed Income Fund

Opinion on the Financial Statements

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

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

Basis for Opinion

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

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

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

	TAIT, WELLER & BAKER LLP

Philadelphia, Pennsylvania

February 27, 2026

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not Applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not Applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

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

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Not Applicable.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 15. Submission of Matters to a Vote of Security Holders.

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

Item 16. Controls and Procedures.

(a)

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

(b)

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

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not Applicable.

(b) Not Applicable.

Item 19. Exhibits.

(a)

(1) Any code of ethics or amendment thereto, that is subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Incorporated by reference to the Registrant's Form N-CSR filed March 10, 2023.

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

(a) (4) Not Applicable

(a) (5) Not Applicable

(b)

Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Filed herewith.

SIGNATURES

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

(Registrant)	Investment Managers Series Trust III
By (Signature and Title)	/s/ Maureen Quill
	Maureen Quill, President and Principal Executive Officer
Date	5/21/26

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

By (Signature and Title)	/s/ Maureen Quill
	Maureen Quill, President and Principal Executive Officer
Date	5/21/26
By (Signature and Title)	/s/ Rita Dam
	Rita Dam, Treasurer and Principal Financial Officer
Date	5/21/26