EDGAR HTML

(a) The registrant’s semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “Investment Company Act”), is as follows:

FPA New Income Fund

Institutional Class/FPNIX

SEMI-ANNUAL SHAREHOLDER REPORT | March 31, 2026

This semi-annual shareholder report contains important information about the FPA New Income Fund (“Fund”) for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://fpa.com/funds/overview/new-income. You can also request this information by contacting us at (800) 638-3060.

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
FPA New Income Fund (Institutional Class/FPNIX)	$23	0.45%¹

¹	Annualized.

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets	$11,054,756,600
Total number of portfolio holdings	341
Portfolio turnover rate as of the end of the reporting period	30%

Graphical Representation of Holdings

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

Top Ten Holdings

U.S. Treasury Note, 3.500%, 2/28/2031	9.1%
U.S. Treasury Note, 3.625%, 10/31/2030	7.5%
U.S. Treasury Note, 3.750%, 1/31/2031	7.3%
U.S. Treasury Note, 3.500%, 11/30/2030	3.2%
U.S. Treasury Note, 3.625%, 12/31/2030	2.0%
PHI Group, Inc.	1.0%
Fannie Mae Pool, 1.000%, 3/1/2037	1.0%
Fortress Credit Opportunities Ltd., Series 2017-9A, Class A1TR, 5.484%, 10/15/2033	0.9%
Federal Home Loan Mortgage Corp., Series K096, Class A2, 2.519%, 7/25/2029	0.8%
Verizon Master Trust, Series 2024-2, Class A, 4.830%, 12/22/2031	0.8%

Asset Allocation

Graphical Representation - Allocation 1 Chart

Sector Allocation

Graphical Representation - Allocation 2 Chart

Changes in and Disagreements with Accountants

There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

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

Householding

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

FPA New Income Fund - Institutional Class

FPA New Income Fund

Investor Class/FPNRX

SEMI-ANNUAL SHAREHOLDER REPORT | March 31, 2026

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
FPA New Income Fund (Investor Class/FPNRX)	$28	0.55%¹

¹	Annualized.

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets	$11,054,756,600
Total number of portfolio holdings	341
Portfolio turnover rate as of the end of the reporting period	30%

Graphical Representation of Holdings

Top Ten Holdings

U.S. Treasury Note, 3.500%, 2/28/2031	9.1%
U.S. Treasury Note, 3.625%, 10/31/2030	7.5%
U.S. Treasury Note, 3.750%, 1/31/2031	7.3%
U.S. Treasury Note, 3.500%, 11/30/2030	3.2%
U.S. Treasury Note, 3.625%, 12/31/2030	2.0%
PHI Group, Inc.	1.0%
Fannie Mae Pool, 1.000%, 3/1/2037	1.0%
Fortress Credit Opportunities Ltd., Series 2017-9A, Class A1TR, 5.484%, 10/15/2033	0.9%
Federal Home Loan Mortgage Corp., Series K096, Class A2, 2.519%, 7/25/2029	0.8%
Verizon Master Trust, Series 2024-2, Class A, 4.830%, 12/22/2031	0.8%

Asset Allocation

Sector Allocation

Changes in and Disagreements with Accountants

There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

Householding

FPA New Income Fund - Investor Class

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

This report and the financial statements contained herein are provided for the general information of the shareholders of the FPA New 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.

FPA New Income Fund (the “Fund”) is a diversified series of Investment Managers Series Trust III, (formerly, FPA Funds Trust), (the “Trust”), which is registered as an open-end management company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund’s primary investment objective is to seek current income and long-term total return taking into consideration capital preservation. First Pacific Advisors, LP (the “Adviser”) has served as the Fund’s investment adviser since July 11, 1984.

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.

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.

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.

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.

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.

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 March 31, 2026 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.

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.

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.

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.

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.

(h) 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.

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.

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 voluntarily agreed to waive the advisory fee it receives from the Fund by 0.046% through January 31, 2027 of the Fund’s average daily net assets. The Adviser will not seek recoupment of the advisory fees voluntarily waived.

The Adviser has contractually agreed to reimburse the Fund for 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, and extraordinary expenses, including litigation expenses not incurred in the Fund’s ordinary course of business) in excess of 0.454% of the average daily net assets of the Institutional Class shares of the Fund through January 31, 2027, and in excess of 0.554% of the average daily net assets of the Investor Class shares of the Fund through January 31, 2027. This agreement may only be terminated earlier by the Fund’s Board of Trustees (the “Board”) or upon termination of the Agreement. For the six-months ended March 31, 2026, the Adviser waived a portion of its advisory fees totaling $7,139,999.

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 six-months ended March 31, 2026, 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.

Dziura Compliance Consulting, LLC provides Chief Compliance Officer (“CCO”) services to the Trust. The Fund’s allocated fees incurred for CCO services for the six-months ended March 31, 2026 are reported on the Statement of Operations.

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 co-administrators or the Adviser. For the six-months ended March 31, 2026, 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.

At March 31, 2026, gross unrealized appreciation/(depreciation) of investments, based on cost for federal income tax purposes were as follows:

For the six-months ended March 31, 2026, purchases and sales of investments, excluding short-term investments, were $3,829,917,778 and $2,995,277,277, respectively.

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.

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% and 0.25% of its average daily net assets attributable to the Institutional Class and Investor 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. For the six-months ended March 31, 2026, Adviser reimbursed shareholder service fee of $3,598,820 and $16,329 for Institutional Class shares and Investor Class shares, respectively. Such fees are reported on the Statement of Operations.

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 March 31, 2026, the total unfunded amount was 0.08% of the Fund’s net assets.

As of March 31, 2026, the Fund had the following unfunded loan commitments outstanding:

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:

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 March 31, 2026, in valuing the Fund’s assets carried at fair value:

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

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 March 31, 2026:

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 March 31, 2026 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:

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.

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 others 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 Fund’s performance, the performance of the securities in which the Funds invests and may lead to losses on your investment. The ultimate impact of “Market Disruptions and Geopolitical Risks” on the financial performance of the Fund’s investments is not reasonably estimable at this time. Management is actively monitoring these events.

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.

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.

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

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

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

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

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

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

(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.

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.

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.

Principal Amount			Value
		BONDS & DEBENTURES — 92.2%
		ASSET-BACKED SECURITIES — 25.2%
		AUTO — 6.0%
		Ally Auto Receivables Trust
$	8,996,000	Series 2023-1, Class A4, 5.270%, 11/15/2028	$	9,103,960
		BMW Vehicle Owner Trust
	6,776,000	Series 2023-A, Class A4, 5.250%, 11/26/2029		6,858,824
		CarMax Auto Owner Trust
	21,176,000	Series 2023-2, Class A4, 5.010%, 11/15/2028		21,359,560
	10,892,000	Series 2023-1, Class A4, 4.650%, 1/16/2029		10,925,961
	20,637,000	Series 2023-3, Class A4, 5.260%, 2/15/2029		20,894,750
		Ford Credit Auto Owner Trust
	14,487,000	Series 2023-A, Class A4, 4.560%, 12/15/2028		14,530,842
	7,137,000	Series 2023-B, Class A4, 5.060%, 2/15/2029		7,193,217
		GM Financial Consumer Automobile Receivables Trust
	15,767,000	Series 2023-1, Class A4, 4.590%, 7/17/2028		15,810,613
	13,758,000	Series 2023-3, Class A4, 5.340%, 12/18/2028		13,911,393
		GM Financial Revolving Receivables Trust
	38,305,000	Series 2021-1, Class A, 1.170%, 6/12/2034^(a)		37,872,648
	49,942,000	Series 2023-1, Class A, 5.120%, 4/11/2035^(a)		50,800,148
	12,704,000	Series 2023-2, Class A, 5.770%, 8/11/2036^(a)		13,160,625
	64,237,000	Series 2024-1, Class A, 4.980%, 12/11/2036^(a)		65,739,863
		Hyundai Auto Receivables Trust
	10,743,000	Series 2023-B, Class A4, 5.310%, 8/15/2029		10,888,183
		Mercedes-Benz Auto Receivables Trust
	10,006,000	Series 2023-1, Class A4, 4.310%, 4/16/2029		10,022,851
	8,831,000	Series 2024-1, Class A4, 4.790%, 7/15/2031		8,919,760
		Nissan Auto Receivables Owner Trust
	13,366,000	Series 2022-B, Class A4, 4.450%, 11/15/2029		13,382,166
	15,538,000	Series 2023-A, Class A4, 4.850%, 6/17/2030		15,605,836
		Porsche Financial Auto Securitization Trust
	17,279,000	Series 2023-1A, Class A4, 4.720%, 6/23/2031^(a)		17,359,420
		SFS Auto Receivables Securitization Trust
	8,951,000	Series 2023-1A, Class A4, 5.470%, 12/20/2029^(a)		9,063,371
	9,026,000	Series 2026-1A, Class A4, 4.070%, 1/20/2032^(a)		8,940,495
		Toyota Auto Loan Extended Note Trust
	54,519,000	Series 2022-1A, Class A, 3.820%, 4/25/2035^(a)		54,347,663
	43,813,000	Series 2023-1A, Class A, 4.930%, 6/25/2036^(a)		44,622,550
	56,286,000	Series 2024-1A, Class A, 5.160%, 11/25/2036^(a)		57,868,577
		Toyota Auto Receivables Owner Trust
	16,189,000	Series 2023-A, Class A4, 4.420%, 8/15/2028		16,256,678
	19,879,000	Series 2023-B, Class A4, 4.660%, 9/15/2028		19,987,470
	25,523,000	Series 2023-C, Class A4, 5.010%, 2/15/2029		25,816,410
		Volkswagen Auto Loan Enhanced Trust
	11,637,000	Series 2023-1, Class A4, 5.010%, 1/22/2030		11,723,655
		World Omni Auto Receivables Trust

Principal Amount			Value
		BONDS & DEBENTURES (Continued)
		ASSET-BACKED SECURITIES (Continued)
		AUTO (Continued)
$	14,612,000	Series 2023-A, Class A4, 4.660%, 5/15/2029	$	14,675,263
	21,627,000	Series 2023-B, Class A4, 4.680%, 5/15/2029		21,726,043
	10,417,000	Series 2023-C, Class A4, 5.030%, 11/15/2029		10,513,164
				659,881,959
		COLLATERALIZED LOAN OBLIGATION — 2.8%
		Cerberus Loan Funding LLC
	10,299,000	Series 2023-1A, Class A, 6.072% (3-Month Term SOFR+240 basis points), 3/22/2035^(a),(b)		10,323,553
	51,840,000	Series 2023-2A, Class A1, 6.222% (3-Month Term SOFR+255 basis points), 7/15/2035^(a),(b)		51,981,575
	52,569,000	Series 2023-4A, Class A, 6.097% (3-Month Term SOFR+242.5 basis points), 10/15/2035^(a),(b)		52,859,128
		Fortress Credit Opportunities Ltd.
	104,086,718	Series 2017-9A, Class A1TR, 5.484% (3-Month Term SOFR+181.161 basis points), 10/15/2033^(a),(b)		104,171,965
		Golub Capital Partners Ltd.
	43,478,000	Series 2023-67A, Class A1, 6.160% (3-Month Term SOFR+250 basis points), 5/9/2036^(a),(b)		43,578,695
	41,996,000	Series 2019-46A, Class A1R, 5.478% (3-Month Term SOFR+181 basis points), 4/20/2037^(a),(b)		42,044,589
				304,959,505
		EQUIPMENT — 9.5%
		Avis Budget Rental Car Funding AESOP LLC
	18,490,000	Series 2023-4A, Class A, 5.490%, 6/20/2029^(a)		18,885,640
	48,017,000	Series 2023-6A, Class A, 5.810%, 12/20/2029^(a)		49,530,011
	34,038,000	Series 2023-8A, Class A, 6.020%, 2/20/2030^(a)		35,329,259
	14,768,000	Series 2024-1A, Class A, 5.360%, 6/20/2030^(a)		15,106,183
	57,519,000	Series 2024-3A, Class A, 5.230%, 12/20/2030^(a)		58,635,858
	14,596,000	Series 2026-2A, Class A, 4.600%, 8/20/2032^(a)		14,437,555
		Barings Equipment Finance LLC
	4,947,000	Series 2026-A, Class A4, 4.240%, 11/13/2045^(a)		4,897,130
		CNH Equipment Trust
	7,414,000	Series 2022-B, Class A4, 3.910%, 3/15/2028		7,399,403
	6,738,000	Series 2023-A, Class A4, 4.770%, 10/15/2030		6,778,809
	17,009,000	Series 2023-B, Class A4, 5.460%, 3/17/2031		17,327,546
		Enterprise Fleet Financing LLC
	37,963,000	Series 2023-2, Class A3, 5.500%, 4/22/2030^(a)		38,405,702
	34,823,000	Series 2023-3, Class A3, 6.410%, 6/20/2030^(a)		35,775,190
	11,576,000	Series 2024-4, Class A4, 4.700%, 6/20/2031^(a)		11,713,593
	19,554,000	Series 2025-4, Class A4, 4.280%, 6/20/2032^(a)		19,404,441
	22,250,000	Series 2026-1, Class A4, 4.290%, 9/20/2032^(a)		22,072,122

Principal Amount			Value
		BONDS & DEBENTURES (Continued)
		ASSET-BACKED SECURITIES (Continued)
		EQUIPMENT (Continued)
		Ford Credit Floorplan Master Owner Trust
$	83,977,000	Series 2018-4, Class A, 4.060%, 11/15/2030	$	83,364,153
	46,054,000	Series 2024-2, Class A, 5.240%, 4/15/2031^(a)		47,278,880
	27,030,000	Series 2024-4, Class A, 4.400%, 9/15/2031^(a)		27,034,279
		GMF Floorplan Owner Revolving Trust
	18,848,000	Series 2023-2, Class A, 5.340%, 6/15/2030^(a)		19,283,962
	46,933,000	Series 2024-2A, Class A, 5.060%, 3/15/2031^(a)		48,004,537
		GreatAmerica Leasing Receivables Funding LLC
	16,501,000	Series 2023-1, Class A4, 5.060%, 3/15/2030^(a)		16,664,644
	8,123,000	Series 2025-2, Class A4, 4.290%, 9/15/2032^(a)		8,132,906
		Hertz Vehicle Financing LLC
	24,795,000	Series 2021-2A, Class A, 1.680%, 12/27/2027^(a)		24,426,631
	18,873,000	Series 2022-2A, Class A, 2.330%, 6/26/2028^(a)		18,460,011
		John Deere Owner Trust
	15,675,000	Series 2023-A, Class A4, 5.010%, 12/17/2029		15,777,221
	11,706,000	Series 2023-B, Class A4, 5.110%, 5/15/2030		11,809,611
	15,742,000	Series 2023-C, Class A4, 5.390%, 8/15/2030		15,990,957
		Kubota Credit Owner Trust
	12,897,000	Series 2023-2A, Class A4, 5.230%, 6/15/2028^(a)		13,025,854
	9,456,000	Series 2023-1A, Class A4, 5.070%, 2/15/2029^(a)		9,514,974
		M&T Equipment Notes
	9,785,000	Series 2023-1A, Class A4, 5.750%, 7/15/2030^(a)		9,879,774
	17,531,000	Series 2024-1A, Class A4, 4.940%, 8/18/2031^(a)		17,741,437
		MMAF Equipment Finance LLC
	24,567,000	Series 2023-A, Class A4, 5.500%, 12/13/2038^(a)		24,973,092
	7,081,000	Series 2020-A, Class A5, 1.560%, 10/9/2042^(a)		6,879,254
	29,990,727	Series 2024-A, Class A4, 5.100%, 7/13/2049^(a)		30,599,641
	16,651,000	Series 2025-A, Class A4, 5.020%, 6/13/2050^(a)		16,975,187
	23,763,000	Series 2025-B, Class A4, 4.290%, 9/13/2050^(a)		23,525,111
		Prop 2017-1A
	7,178,460	5.300%, 3/15/2042^(c),(d)		6,855,429
		Verizon Master Trust
	76,585,000	Series 2023-6, Class A, 5.350%, 9/22/2031^(a)		78,821,971
	85,708,000	Series 2024-2, Class A, 4.830%, 12/22/2031^(a)		87,067,226
	31,930,000	Series 2024-7, Class A, 4.350%, 8/20/2032^(a)		31,868,311
		Volvo Financial Equipment LLC
	4,788,000	Series 2025-2A, Class A4, 4.060%, 6/15/2033^(a)		4,768,100
				1,054,421,595
		OTHER — 6.9%
		ABPCI Direct Lending Fund LLC
	19,889,828	Series 2022-2A, Class A1, 5.770% (3-Month Term SOFR+210 basis points), 3/1/2032^(a),(b)		19,826,439

Principal Amount			Value
		BONDS & DEBENTURES (Continued)
		ASSET-BACKED SECURITIES (Continued)
		OTHER (Continued)
		ABPCI Direct Lending Fund Ltd.
$	20,112,753	Series 2020-1A, Class A, 3.199%, 12/29/2030^(a)	$	18,324,669
	77,012,000	American Tower Trust 1 5.490%, 3/15/2028^(a)		77,751,777
	6,881,996	Brazos Securitization LLC 5.014%, 9/1/2031^(a)		6,920,272
		Centerpoint Energy Restoration Bond Co. II LLC
	61,032,000	4.255%, 12/15/2035		60,040,230
		Cleco Securitization LLC
	14,466,152	4.016%, 3/1/2031		14,303,408
		Consumers 2023 Securitization Funding LLC
	22,847,000	5.210%, 9/1/2031		22,924,173
		DTE Electric Securitization Funding II LLC
	22,782,420	5.970%, 3/1/2033		23,938,627
		Duke Energy Carolinas Nc Storm Funding II LLC
	30,094,000	4.226%, 7/1/2037		29,642,590
		Golub Capital Partners Funding Ltd.
	6,606,220	Series 2020-1A, Class A2, 3.208%, 1/22/2029^(a)		6,400,066
	23,219,341	Series 2021-1A, Class A2, 2.773%, 4/20/2029^(a)		22,122,366
	47,168,500	Series 2021-2A, Class A, 2.944%, 10/19/2029^(a)		44,517,348
		Kansas Gas Service Securitization I LLC
	38,430,624	5.486%, 8/1/2032		39,583,838
		Monroe Capital Funding Ltd.
	16,592,066	Series 2021-1A, Class A2, 2.815%, 4/22/2031^(a)		15,282,952
		Oklahoma Development Finance Authority
	22,036,713	4.135%, 12/1/2033		21,920,028
	7,854,317	4.285%, 2/1/2034		7,830,902
	18,690,137	3.877%, 5/1/2037		18,414,808
		PG&E Recovery Funding LLC
	29,285,358	5.045%, 7/15/2032		29,651,426
	11,550,710	4.838%, 6/1/2033		11,721,603
		PG&E Wildfire Recovery Funding LLC
	36,103,277	4.022%, 6/1/2031		35,651,986
		SBA Tower Trust
	14,427,000	1.631%, 11/15/2026^(a)		14,144,741
	17,196,000	2.328%, 1/15/2028^(a)		16,425,896
	12,423,000	6.599%, 1/15/2028^(a)		12,578,337
		SCE Recovery Funding LLC
	73,845,000	4.453%, 3/15/2036		73,198,856
		SpringCastle America Funding LLC
	6,517,845	Series 2020-AA, Class A, 1.970%, 9/25/2037^(a)		6,108,171
		Texas Electric Market Stabilization Funding N LLC
	27,673,243	4.265%, 8/1/2036^(a)		27,457,688

Principal Amount			Value
		BONDS & DEBENTURES (Continued)
		ASSET-BACKED SECURITIES (Continued)
		OTHER (Continued)
		Texas Natural Gas Securitization Finance Corp.
$	7,168,189	5.102%, 4/1/2035	$	7,346,957
		VCP RRL Ltd.
	12,570,129	Series 2021-1A, Class A, 2.152%, 10/20/2031^(a)		11,754,001
		Virginia Power Fuel Securitization LLC
	58,246,000	4.877%, 5/1/2031		58,537,230
		WEPCo Environmental Trust Finance LLC
	7,851,363	Series 2021-1, Class A, 1.578%, 12/15/2035		7,055,659
				761,377,044
		TOTAL ASSET-BACKED SECURITIES
		(Cost $2,758,420,512)		2,780,640,103
		COMMERCIAL MORTGAGE-BACKED SECURITIES — 14.1%
		AGENCY — 11.5%
		Federal Home Loan Mortgage Corp.
	40,575,561	Series K062, Class A2, 3.413%, 12/25/2026		40,365,664
	16,384,096	Series K063, Class A2, 3.430%, 1/25/2027^(b)		16,295,063
	9,702,802	Series K065, Class A2, 3.243%, 4/25/2027		9,622,216
	7,146,855	Series K066, Class A2, 3.117%, 6/25/2027		7,073,872
	8,509,735	Series K068, Class A2, 3.244%, 8/25/2027		8,411,841
	12,338,034	Series K072, Class A2, 3.444%, 12/25/2027		12,206,606
	29,086,020	Series K073, Class A2, 3.350%, 1/25/2028		28,722,584
	16,051,256	Series K076, Class A2, 3.900%, 4/25/2028		15,967,478
	4,086,000	Series K077, Class A2, 3.850%, 5/25/2028^(b)		4,060,675
	30,559,000	Series K079, Class A2, 3.926%, 6/25/2028		30,394,690
	25,020,308	Series K080, Class A2, 3.926%, 7/25/2028^(b)		24,871,505
	62,664,000	Series K081, Class A2, 3.900%, 8/25/2028^(b)		62,270,408
	46,777,000	Series K082, Class A2, 3.920%, 9/25/2028^(b)		46,484,929
	24,028,000	Series K083, Class A2, 4.050%, 9/25/2028^(b)		23,950,875
	68,841,723	Series K084, Class A2, 3.780%, 10/25/2028^(b)		68,318,182
	27,924,000	Series K085, Class A2, 4.060%, 10/25/2028^(b)		27,833,043
	27,195,714	Series K089, Class A2, 3.563%, 1/25/2029		26,771,322
	4,691,000	Series K088, Class A2, 3.690%, 1/25/2029		4,639,933
	43,626,000	Series K090, Class A2, 3.422%, 2/25/2029		42,793,328
	25,293,822	Series K091, Class A2, 3.505%, 3/25/2029		24,842,014
	2,376,000	Series K092, Class A2, 3.298%, 4/25/2029		2,318,895
	4,263,420	Series K093, Class A2, 2.982%, 5/25/2029		4,132,621
	84,442,000	Series K095, Class A2, 2.785%, 6/25/2029		81,020,968
	71,380,000	Series K094, Class A2, 2.903%, 6/25/2029		68,731,923
	40,814,000	Series K097, Class A2, 2.508%, 7/25/2029		38,758,570
	91,996,000	Series K096, Class A2, 2.519%, 7/25/2029		87,486,255
	19,173,000	Series K099, Class A2, 2.595%, 9/25/2029		18,226,467
	49,942,000	Series K101, Class A2, 2.524%, 10/25/2029		47,185,596

Item 7. Financial Statements and Financial Highlights
Schedule of Investments	1
Statement of Assets and Liabilities	14
Statement of Operations	15
Statements of Changes in Net Assets	16
Financial Highlights	17
Notes to Financial Statements	19

Principal Amount			Value
		COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
		AGENCY (Continued)
$	33,400,000	Series K102, Class A2, 2.537%, 10/25/2029	$	31,723,173
	47,045,000	Series K103, Class A2, 2.651%, 11/25/2029		44,686,474
	4,756,000	Series K107, Class A2, 1.639%, 1/25/2030		4,375,453
	3,071,000	Series K105, Class A2, 1.872%, 1/25/2030		2,825,326
	11,740,000	Series K106, Class A2, 2.069%, 1/25/2030		10,918,632
	16,200,000	Series K104, Class A2, 2.253%, 1/25/2030		15,227,417
	9,186,000	Series K108, Class A2, 1.517%, 3/25/2030		8,326,351
	61,806,000	Series K751, Class A2, 4.412%, 3/25/2030		62,140,748
	17,591,000	Series K109, Class A2, 1.558%, 4/25/2030		15,909,399
	22,485,000	Series K151, Class A3, 3.511%, 4/25/2030		21,904,691
	1,742,000	Series K111, Class A2, 1.350%, 5/25/2030		1,559,399
	9,465,000	Series K114, Class A2, 1.366%, 6/25/2030		8,473,895
	3,768,000	Series K116, Class A2, 1.378%, 7/25/2030		3,373,521
	18,741,000	Series K752, Class A2, 4.284%, 7/25/2030		18,745,608
	61,809,000	Series K117, Class A2, 1.406%, 8/25/2030		55,030,543
	15,691,000	Series K120, Class A2, 1.500%, 10/25/2030		13,971,794
	75,127,967	Series K754, Class A2, 4.940%, 11/25/2030^(b)		77,183,078
				1,270,133,025
		AGENCY STRIPPED — 0.2%
		Government National Mortgage Association
	7,817,569	Series 2014-77, Class IO, 0.476%, 12/16/2047^(b)		48,886
	11,489,589	Series 2012-150, Class IO, 0.427%, 11/16/2052^(b)		147,219
	11,199,312	Series 2012-114, Class IO, 0.635%, 1/16/2053^(b)		151,045
	29,616,364	Series 2012-125, Class IO, 0.159%, 2/16/2053^(b)		169,640
	18,263,393	Series 2012-79, Class IO, 0.421%, 3/16/2053^(b)		202,539
	14,622,298	Series 2013-45, Class IO, 0.039%, 12/16/2053^(b)		917
	6,332,085	Series 2013-125, Class IO, 0.252%, 10/16/2054^(b)		93,096
	20,842,835	Series 2014-157, Class IO, 0.179%, 5/16/2055^(b)		107,413
	19,214,361	Series 2014-153, Class IO, 0.265%, 4/16/2056^(b)		116,522
	47,611,692	Series 2014-175, Class IO, 0.462%, 4/16/2056^(b)		603,002
	4,737,846	Series 2014-138, Class IO, 0.501%, 4/16/2056^(b)		72,127
	46,955,085	Series 2014-187, Class IO, 0.550%, 5/16/2056^(b)		821,864
	4,355,125	Series 2015-41, Class IO, 0.160%, 9/16/2056^(b)		20,523
	1,309,187	Series 2015-108, Class IO, 0.341%, 10/16/2056^(b)		5,543
	10,799,901	Series 2014-110, Class IO, 0.099%, 1/16/2057^(b)		44,734
	26,058,359	Series 2015-19, Class IO, 0.292%, 1/16/2057^(b)		318,584
	9,684,015	Series 2015-7, Class IO, 0.488%, 1/16/2057^(b)		178,209
	42,236,559	Series 2015-169, Class IO, 0.246%, 7/16/2057^(b)		384,429
	7,228,228	Series 2015-150, Class IO, 0.367%, 9/16/2057^(b)		99,292
	28,371,907	Series 2016-125, Class IO, 0.816%, 12/16/2057^(b)		894,526
	23,977,059	Series 2016-65, Class IO, 0.459%, 1/16/2058^(b)		467,862
	78,641,715	Series 2016-106, Class IO, 0.969%, 9/16/2058^(b)		3,064,384

Principal Amount			Value
		CORPORATE BONDS — 1.5%
		FINANCIALS — 1.4%
		Apollo Debt Solutions BDC Senior Notes
$	26,023,000	8.620%, 9/28/2028^(c),(d)	$	26,023,000
		Blue Owl Credit Income Corp.
	22,579,000	7.950%, 6/13/2028		23,120,806
	42,500,000	Hlend Senior Notes 8.170%, 3/15/2028^(c),(d)		42,500,000
		HPS Corporate Lending Fund
	24,864,000	6.750%, 1/30/2029		25,188,886
		Oaktree Strategic Credit Fund
	27,351,000	8.400%, 11/14/2028		28,682,810
	12,891,000	OCREDIT BDC Senior Notes 7.770%, 3/7/2029^(c),(d)		12,891,000
				158,406,502
		HEALTH CARE — 0.1%
		Heartland Dental LLC/Heartland Dental Finance Corp.
	8,756,000	10.500% (1-Month Term SOFR+500 basis points), 4/30/2028^(a),(d)		8,996,790
		TOTAL CORPORATE BONDS
		(Cost $164,325,481)		167,403,292
		RESIDENTIAL MORTGAGE-BACKED SECURITIES — 22.1%
		AGENCY COLLATERALIZED MORTGAGE OBLIGATION — 1.1%
		Fannie Mae REMICS
	52,483,617	Series 2026-21, Class A, 2.000%, 9/25/2045^(c)		47,801,094
		Federal National Mortgage Association
	126,369	Series 2010-43, Class MK, 5.500%, 5/25/2040		127,431
	5,236,125	Series 3810, Class PE, 4.000%, 2/15/2041		5,132,813
	645,868	Series 2012-144, Class PD, 3.500%, 4/25/2042		637,328
	379,467	Series 2013-93, Class PJ, 3.000%, 7/25/2042		369,529
	53,345,820	Series 2024-70, Class EC, 3.000%, 11/25/2047		49,745,436
		GS Mortgage-Backed Securities Trust
	14,870,430	Series 2024-95, Class AB, 2.500%, 6/20/2045^(a),(b)		13,727,342
				117,540,973
		AGENCY POOL ADJUSTABLE RATE — 1.3%
		Fannie Mae Pool
	2,661,942	1.730% (30-Day SOFR Average+211 basis points), 7/1/2051^(b)		2,430,440
	21,580,589	1.968% (30-Day SOFR Average+207.554 basis points), 8/1/2051^(b)		19,847,664
	1,756,118	1.608% (30-Day SOFR Average+209.4 basis points), 9/1/2051^(b)		1,592,560
	20,562,985	1.887% (30-Day SOFR Average+233.461 basis points), 4/1/2052^(b)		18,731,018
		Freddie Mac Non Gold Pool
	8,597,831	1.662% (30-Day SOFR Average+213 basis points), 9/1/2051^(b)		7,799,417
	10,234,816	2.554% (30-Day SOFR Average+213 basis points), 3/1/2052^(b)		9,483,465
	6,859,744	2.520% (30-Day SOFR Average+214 basis points), 5/1/2052^(b)		6,358,324
	71,967,745	2.155% (30-Day SOFR Average+217.793 basis points), 7/1/2052^(b)		65,740,750

Principal Amount			Value
		RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
		AGENCY POOL ADJUSTABLE RATE (Continued)
$	8,609,894	3.313% (30-Day SOFR Average+222.211 basis points), 11/1/2052^(b)	$	8,226,954
	10,613,049	2.161% (30-Day SOFR Average+217.884 basis points), 5/1/2053^(b)		9,696,566
				149,907,158
		AGENCY POOL FIXED RATE — 13.9%
		Fannie Mae Pool
	12,475,908	1.500%, 12/1/2035		11,275,837
	14,112,688	1.000%, 4/1/2036		12,264,033
	21,991,828	1.000%, 9/1/2036		19,046,953
	13,573,406	1.000%, 11/1/2036		11,711,927
	87,823,746	1.000%, 12/1/2036		75,780,590
	123,857,497	1.000%, 3/1/2037		106,873,080
	10,756,985	2.000%, 6/1/2040		9,483,676
	4,011,953	2.000%, 9/1/2040		3,533,474
	4,361,368	2.000%, 10/1/2040		3,839,276
	12,607,332	2.000%, 10/1/2040		11,094,830
	3,180,893	1.500%, 11/1/2040		2,709,666
	20,783,331	2.000%, 11/1/2040		18,272,962
	13,107,134	1.500%, 12/1/2040		11,156,618
	15,585,704	2.000%, 12/1/2040		13,693,965
	4,472,535	1.500%, 1/1/2041		3,804,071
	12,458,447	1.500%, 2/1/2041		10,588,049
	14,511,941	1.500%, 5/1/2041		12,298,651
	13,867,542	2.500%, 5/1/2041		12,485,689
	8,423,007	2.000%, 7/1/2041		7,366,308
	57,024,485	2.000%, 9/1/2041		50,124,888
	55,655,168	1.500%, 10/1/2041		46,932,461
	82,153,309	1.500%, 11/1/2041		69,285,414
	6,021,464	1.500%, 12/1/2041		5,074,469
	5,561,896	1.500%, 3/1/2042		4,693,774
	17,726,260	1.500%, 3/1/2042		15,052,646
	27,563,550	1.500%, 3/1/2042		23,298,940
	40,996,206	1.500%, 3/1/2042		34,628,372
	49,858,750	1.500%, 3/1/2042		42,039,093
	19,671,100	2.000%, 8/1/2042		17,167,020
	55,410,692	2.000%, 8/1/2042		48,183,320
	27,275,997	3.500%, 4/1/2044		25,692,492
	36,412,720	4.000%, 6/1/2045		35,485,747
	63,307,061	4.000%, 3/1/2046		61,725,663
	7,779,892	4.000%, 7/1/2046		7,578,750
	8,923,600	4.000%, 10/1/2046		8,692,055
	4,910,864	4.000%, 10/1/2046		4,786,758
	7,402,833	4.000%, 3/1/2048		7,204,774

Principal Amount			Value
		RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
		NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATION (Continued)
$	12,457,562	Series 2022-2, Class A4, 2.500%, 12/25/2051^(a),(b)	$	11,094,473
				638,189,520
		TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES
		(Cost $2,381,559,221)		2,444,088,113
		U.S. TREASURY NOTES & BONDS — 29.1%
		U.S. Treasury Note
	836,812,000	3.625%, 10/31/2030		826,024,991
	366,750,000	3.500%, 11/30/2030		360,016,690
	222,098,000	3.625%, 12/31/2030		219,096,212
	817,547,000	3.750%, 1/31/2031		810,648,947
	1,025,343,000	3.500%, 2/28/2031		1,005,476,980
		TOTAL U.S. TREASURY NOTES & BONDS
		(Cost $3,249,446,001)		3,221,263,820
		TOTAL BONDS & DEBENTURES
		(Cost $10,135,174,168)		10,196,065,310

Number of Shares
		COMMON STOCKS — 1.5%
		METALS & MINING — 0.5%
	39,831,957	AIPCF VIII A-BL Aggregator Cayman LP ^(c),(d),(i)	49,921,392
		REAL ESTATE SERVICES — 0.0%
	520,208	Copper Property CTL Pass Through Trust^(d)	5,649,459
		TRANSPORTATION & LOGISTICS — 1.0%
	3,806,420	PHI Group, Inc.^(c),(d),(i)	114,002,279
		TOTAL COMMON STOCKS
		(Cost $125,200,428)	169,573,130
		SHORT-TERM INVESTMENTS — 5.8%
		MONEY MARKET INVESTMENTS — 0.3%
	29,082,005	Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class, 3.46%^(j)	29,082,005

Principal Amount
		TREASURY BILLS — 5.5%
		U.S. Treasury Bill
$	115,702,000	3.67%, 4/2/2026^(k)	115,690,365
	286,726,999	3.65%, 4/9/2026^(k)	286,497,618

Principal Amount			Value
		TREASURY BILLS (Continued)
$	207,355,000	3.66%, 4/16/2026^(k)	$	207,043,535
				609,231,518
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $638,313,523)		638,313,523

		TOTAL INVESTMENTS — 99.5%
		(Cost $10,898,688,119)		11,003,951,963
		Other Assets in Excess of Liabilities — 0.5%		50,804,637
		TOTAL NET ASSETS — 100.0%	$	11,054,756,600

Assets:
Investments, at value (cost $10,867,556,714)	$	10,889,949,684
Investments in affiliates, at value (cost $31,131,405)		114,002,279
Cash		189,015
Receivables:
Investment securities sold		799,736
Fund shares sold		10,663,737
Dividends and interest		55,179,205
Prepaid expenses		200,302
Total assets		11,070,983,958

Liabilities:
Payables:
Fund shares redeemed		10,905,707
Advisory fees		3,476,102
Shareholder servicing fees (Note 7)		1,215,262
Fund services fees		277,478
Trustees’ deferred compensation (Note 3)		46,757
Legal fees		38,453
Auditing fees		8,508
Chief Compliance Officer fees		6,858
Shareholder reporting fees		5,399
Trustees’ fees and expenses		4,236
Accrued other expenses		242,598
Total liabilities		16,227,358
Commitments and contingencies (Note 8)
Net Assets	$	11,054,756,600

Components of Net Assets:
Capital Stock — par value $0.01 per share; authorized 1,500,000,000 shares; outstanding 1,106,046,317 shares	$	11,614,177,207
Total distributable earnings (accumulated deficit)		(559,420,607	)
Net Assets	$	11,054,756,600

Maximum Offering Price per Share:
Investor Class Shares:
Net assets applicable to shares outstanding	$	61,260,144
Shares of beneficial interest issued and outstanding		6,118,578
Redemption price per share	$	10.01

Institutional Class Shares:
Net assets applicable to shares outstanding	$	10,993,496,456
Shares of beneficial interest issued and outstanding		1,099,927,739
Redemption price per share	$	9.99

Investment income:
Interest	$	237,437,898
Dividends from affiliated issuers		7,803,161
Dividends		341,129
Total investment income		245,582,188

Expenses:
Advisory fees		26,751,169
Shareholder servicing fees - Investor Class (Note 7)		38,871
Shareholder servicing fees - Institutional Class (Note 7)		3,598,820
Fund services fees		570,924
Registration fees		165,540
Shareholder reporting fees		120,856
Trustees’ fees and expenses		75,126
Legal fees		46,807
Miscellaneous		41,837
Insurance fees		27,402
Chief Compliance Officer fees		9,169
Auditing fees		8,008
Total expenses		31,454,529
Advisory fees waived and shareholder servicing fees reimbursed (Note 3 and 7)		(7,139,999	)
Net expenses		24,314,530
Net investment income (loss)		221,267,658

Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		36,391,170
Total realized gain (loss)		36,391,170
Net change in unrealized appreciation (depreciation) on:
Investments		(121,539,735	)
Investments in affiliated issuers		10,592,073
Net change in unrealized appreciation (depreciation)		(110,947,662	)
Net realized and unrealized gain (loss)		(74,556,492	)

Net Increase (Decrease) in Net Assets from Operations	$	146,711,166

Principal Amount			Value
		COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
		AGENCY STRIPPED (Continued)
$	37,701,507	Series 2020-43, Class IO, 1.257%, 11/16/2061^(b)	$	3,034,979
	45,514,651	Series 2020-71, Class IO, 1.056%, 1/16/2062^(b)		2,829,232
	90,515,049	Series 2020-75, Class IO, 0.877%, 2/16/2062^(b)		5,119,658
	120,112,881	Series 2020-42, Class IO, 0.939%, 3/16/2062^(b)		7,723,631
				26,719,856
		NON-AGENCY — 2.4%
		BANK5
	31,134,000	Series 2025-5YR18, Class A3, 5.145%, 12/15/2058		31,660,205
		BBCMS Trust
	4,019,175	Series 2015-SRCH, Class A1, 3.312%, 8/10/2035^(a)		3,967,664
	9,736,000	Series 2025-5C36, Class A3, 5.517%, 8/15/2058		10,015,171
		Benchmark Mortgage Trust
	17,340,000	Series 2024-V11, Class A3, 5.909%, 11/15/2057^(b)		17,983,392
		BMO Mortgage Trust
	17,350,000	Series 2024-5C7, Class A3, 5.566%, 11/15/2057^(b)		17,787,742
	8,363,000	Series 2024-5C8, Class A3, 5.625%, 12/15/2057^(b)		8,589,242
	15,541,000	Series 2025-5C13, Class A3, 5.227%, 12/15/2058		15,774,805
		Progress Residential Trust
	13,162,240	Series 2024-SFR5, Class A, 3.000%, 8/9/2029^(a)		12,427,540
	13,629,642	Series 2021-SFR11, Class A, 2.283%, 1/17/2039^(a)		12,869,885
	47,145,145	Series 2021-SFR10, Class A, 2.393%, 12/17/2040^(a)		44,618,392
	16,051,066	Series 2024-SFR3, Class A, 3.000%, 6/17/2041^(a)		15,199,760
	27,138,582	Series 2024-SFR4, Class A, 3.100%, 7/17/2041^(a)		25,742,923
	21,841,259	Series 2025-SFR2, Class A, 3.305%, 4/17/2042^(a)		20,603,878
	16,479,000	Series 2025-SFR3, Class A, 3.390%, 7/17/2042^(a)		15,581,531
	14,804,000	Series 2025-SFR6, Class A, 4.000%, 12/17/2042^(a)		14,290,819
				267,112,949
		TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
		(Cost $1,562,239,153)		1,563,965,830
		CORPORATE BANK DEBT — 0.2%
		Capstone Acquisition Holdings, Inc. Term Loan
	19,072,139	8.268% (1-Month Term SOFR+460 basis points), 11/12/2029^{(b),(c),(d),(e)}		19,367,643
		JC Penney Corp., Inc.
	26,302,796	5.568% (3-Month USD Libor+425 basis points), 6/23/2027^{*,(b),(c),(d),(e),(f)}		2,630
		Lealand Finance Company B.V. Senior Exit LC
	8,942,165	4.750%, 6/30/2027^{(c),(d),(e),(g),(h)}		(961,283	)
		McDermott Technology Americas, Inc.

Principal Amount			Value
		RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
		AGENCY POOL FIXED RATE (Continued)
$	66,741,550	4.000%, 1/1/2049	$	64,966,625
	32,226,117	4.500%, 1/1/2050		32,078,032
	28,122,089	4.500%, 1/1/2050		27,997,789
		Freddie Mac Pool
	201,742	2.500%, 8/1/2028		198,611
	5,453,170	1.000%, 7/1/2036		4,721,223
	8,222,365	1.000%, 10/1/2036		7,136,803
	17,171,837	2.000%, 6/1/2040		15,140,311
	3,758,132	2.000%, 8/1/2040		3,311,508
	2,652,769	4.000%, 10/1/2040		2,587,536
	9,919,573	1.500%, 11/1/2040		8,450,297
	2,369,452	4.000%, 11/1/2040		2,311,931
	5,611,172	2.000%, 12/1/2040		4,929,682
	3,772,339	4.000%, 12/1/2040		3,677,428
	3,751,440	1.500%, 2/1/2041		3,193,233
	31,141,807	1.500%, 3/1/2041		26,445,532
	83,042,367	1.500%, 3/1/2041		70,515,443
	23,507,441	1.500%, 4/1/2041		19,930,650
	72,962,736	1.500%, 5/1/2041		61,822,610
	67,865,275	1.500%, 6/1/2041		57,454,586
	10,247,114	1.500%, 7/1/2041		8,666,745
	6,511,987	2.000%, 8/1/2041		5,688,561
	10,787,388	1.500%, 10/1/2041		9,096,779
	3,960,093	1.500%, 11/1/2041		3,355,074
	15,858,412	1.500%, 11/1/2041		13,364,036
	61,083,585	1.500%, 12/1/2041		51,443,691
	29,191,840	1.500%, 12/1/2041		24,769,341
	4,895,463	1.500%, 1/1/2042		4,137,734
	34,429,289	1.500%, 1/1/2042		29,057,287
	35,336,752	2.000%, 5/1/2042		30,817,977
	24,002,963	2.000%, 8/1/2042		20,921,720
	17,763,395	2.000%, 8/1/2042		15,529,043
	39,982,850	4.500%, 12/1/2045		39,806,353
				1,538,450,462
		NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATION — 5.8%
		Citigroup Mortgage Loan Trust
	1,494,516	Series 2014-A, Class A, 4.000%, 1/25/2035^(a),(b)		1,456,233

Principal Amount			Value
		RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
		NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATION (Continued)
$	9,340,182	Series 2021-PJ10, Class A8, 2.500%, 3/25/2052^(a),(b)	$	8,361,743
	5,833,766	Series 2022-PJ1, Class A8, 2.500%, 5/28/2052^(a),(b)		5,204,204
	12,906,502	Series 2022-PJ2, Class A24, 3.000%, 6/25/2052^(a),(b)		11,801,543
	9,668,915	Series 2022-PJ3, Class A22, 2.500%, 8/25/2052^(a),(b)		8,645,898
	4,997,821	Series 2022-PJ3, Class A24, 3.000%, 8/25/2052^(a),(b)		4,567,653
	32,112,708	Series 2022-PJ4, Class A22, 2.500%, 9/25/2052^(a),(b)		28,643,768
	5,998,598	Series 2022-PJ4, Class A24, 3.000%, 9/25/2052^(a),(b)		5,471,243
	74,381,372	Series 2022-PJ5, Class A22, 2.500%, 10/25/2052^(a),(b)		66,100,821
	46,917,288	Series 2022-PJ6, Class A15, 2.500%, 1/25/2053^(a),(b)		41,769,439
		J.P. Morgan Mortgage Trust
	4,721,245	Series 2021-6, Class A4, 2.500%, 10/25/2051^(a),(b)		4,260,448
	10,211,857	Series 2021-7, Class A4, 2.500%, 11/25/2051^(a),(b)		9,201,905
	14,812,703	Series 2021-10, Class A4A, 2.000%, 12/25/2051^(a),(b)		13,017,234
	39,822,760	Series 2021-10, Class A4, 2.500%, 12/25/2051^(a),(b)		35,756,521
	10,781,408	Series 2021-8, Class A4, 2.500%, 12/25/2051^(a),(b)		9,717,019
	49,921,906	Series 2021-11, Class A4, 2.500%, 1/25/2052^(a),(b)		44,922,372
	55,731,540	Series 2021-13, Class A4, 2.500%, 4/25/2052^(a),(b)		50,228,508
	3,159,736	Series 2021-15, Class A4, 2.500%, 6/25/2052^(a),(b)		2,829,848
	2,877,226	Series 2022-3, Class A4A, 2.500%, 8/25/2052^(a),(b)		2,570,861
	5,229,101	Series 2022-4, Class A4, 3.000%, 10/25/2052^(a),(b)		4,776,053
	26,262,986	Series 2024-3, Class A4, 3.000%, 5/25/2054^(a),(b)		23,974,615
	25,395,044	Series 2025-1, Class A4, 3.684%, 1/25/2063^(a),(b)		23,748,356
		OBX Trust
	2,272,502	Series 2021-J3, Class A4, 2.500%, 10/25/2051^(a),(b)		2,042,898
	37,081,104	Series 2022-J1, Class A3, 3.000%, 2/25/2052^(a),(b)		33,781,720
		Pretium Mortgage Credit Partners LLC
	6,950,780	Series 2024-RPL1, Class A1, 3.900%, 10/25/2063^(a),(b)		6,659,154
		Sequoia Mortgage Trust
	3,613,928	Series 2021-4, Class A4, 2.500%, 6/25/2051^(a),(b)		3,251,794
	4,264,252	Series 2021-5, Class A4, 2.500%, 7/25/2051^(a),(b)		3,836,255
	4,100,505	Series 2022-1, Class A4, 2.500%, 2/25/2052^(a),(b)		3,659,936
	46,369,978	Series 2025-S1, Class A4, 2.500%, 9/25/2054^(a),(b)		41,325,152
		Towd Point Mortgage Trust
	5,962,354	Series 2020-4, Class A1, 1.750%, 10/25/2060^(a)		5,463,580
	16,907,717	Series 2023-1, Class A1, 3.750%, 1/25/2063^(a)		16,293,764
		Wells Fargo Mortgage Backed Securities
	5,737,694	Series 2021-2, Class A3, 2.500%, 6/25/2051^(a),(b)		5,144,713

	For the Six Months Ended March 31, 2026 (Unaudited)			For the Year Ended September 30, 2025
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	221,267,658		$	390,890,503
Total realized gain (loss) on investments		36,391,170			3,449,589
Net change in unrealized appreciation (depreciation) on investments and Investments in affiliated issuers - unrealized		(110,947,662	)		58,868,520
Net increase (decrease) in net assets resulting from operations		146,711,166			453,208,612

Distributions to Shareholders:
Distributions:
Investor Class		(1,101,309	)		(653,513	)
Institutional Class		(247,329,056	)		(369,436,565	)
Total distributions to shareholders		(248,430,365	)		(370,090,078	)

Capital Transactions:
Net proceeds from shares sold:
Investor Class		40,582,536			26,790,740
Institutional Class		1,711,815,376			3,275,851,451
Reinvestment of distributions:
Investor Class		979,056			525,220
Institutional Class		222,076,894			324,630,316
Cost of shares redeemed:
Investor Class		(8,908,636	)		(8,512,295	)
Institutional Class		(1,098,646,585	)		(2,170,166,498	)
Net increase (decrease) in net assets from capital transactions		867,898,641			1,449,118,934

Total increase (decrease) in net assets		766,179,442			1,532,237,468

Net Assets:
Beginning of period		10,288,577,158			8,756,339,690
End of period	$	11,054,756,600		$	10,288,577,158

Capital Share Transactions:
Shares sold:
Investor Class		4,012,268			2,689,720
Institutional Class		169,497,127			329,511,487
Shares reinvested:
Investor Class		97,053			52,771
Institutional Class		22,050,982			32,795,272
Shares redeemed:
Investor Class		(881,296)			(856,888	)
Institutional Class		(108,869,765	)		(219,207,441	)
Net increase (decrease) in capital share transactions		85,906,369			144,984,921

	For the Six Months Ended March 31, 2026 (Unaudited)			For the Year Ended September 30, 2025			For the Period Ended September 30, 2024¹
Net asset value, beginning of period	$	10.11		$	10.02		$	9.63
Income from Investment Operations:
Net investment income (loss)²		0.20			0.42			0.18
Net realized and unrealized gain (loss)		(0.07	)		0.06			0.37
Total from investment operations		0.13			0.48			0.55

Less Distributions:
From net investment income		(0.23	)		(0.39	)		(0.16	)
Total distributions		(0.23	)		(0.39	)		(0.16	)
Net asset value, end of period	$	10.01		$	10.11		$	10.02

Total return³		1.33	%⁴		4.93	%		5.80	%⁴

Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	61,260		$	29,220		$	10,072

Ratio of expenses to average net assets:
Before fees waived and expenses absorbed		0.69	%⁵		0.77	%⁶		0.78	%⁵
After fees waived and expenses absorbed		0.55	%⁵		0.55	%^6,7		0.55	%⁸
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed		3.90	%⁵		3.99	%		4.15	%⁵
After fees waived and expenses absorbed		4.04	%⁵		4.21	%		4.38	%⁵

Portfolio turnover rate		30	%⁴		41	%		63	%⁴

	For the Six Months Ended March 31, 2026			For the Year Ended September 30,
	(Unaudited)			2025			2024			2023			2022¹			2021¹
Net asset value, beginning of period	$	10.09		$	10.01		$	9.51		$	9.48		$	10.02		$	10.00
Income from Investment Operations:
Net investment income (loss)²		0.21			0.43			0.44			0.36			0.15			0.13
Net realized and unrealized gain (loss)		(0.08	)		0.05			0.47			0.03			(0.53	)		0.03
Total from investment operations		0.13			0.48			0.91			0.39			(0.38	)		0.16

Less Distributions:
From net investment income		(0.23	)		(0.40	)		(0.41	)		(0.36	)		(0.16	)		(0.14	)
Total distributions		(0.23	)		(0.40	)		(0.41	)		(0.36	)		(0.16	)		(0.14	)
Net asset value, end of period	$	9.99		$	10.09		$	10.01		$	9.51		$	9.48		$	10.02

Total return³		1.32	%⁴		5.00	%		9.74	%		4.21	%		(3.87	)%		1.56	%

Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	10,993,496		$	10,259,358		$	8,746,268		$	7,819,065		$	9,465,665		$	11,944,191

Ratio of expenses to average net assets:
Before fees waived and expenses absorbed		0.59	%⁵		0.59	%^6,7		0.58	%		0.59	%		0.59	%		0.58	%
After fees waived and expenses absorbed		0.45	%⁵		0.45	%^6,7		0.45	%⁸		0.45	%		0.46	%		0.48	%
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed		4.00	%⁵		4.17	%		4.35	%		3.59	%		1.43	%		1.18	%
After fees waived and expenses absorbed		4.14	%⁵		4.31	%		4.48	%		3.73	%		1.56	%		1.28	%

Portfolio turnover rate		30	%⁴		41	%		63	%		50	%		103	%		81	%

Cost of investments	$	10,899,120,169

Gross unrealized appreciation	$	212,348,160
Gross unrealized depreciation		(107,516,366	)

Net unrealized appreciation/(depreciation)	$	104,831,794

Investments	Level 1		Level 2		Level 3		Total
Asset-Backed Securities
Auto	$	-	$	659,881,959	$	-	$	659,881,959
Collateralized Loan Obligation		-		304,959,505		-		304,959,505
Equipment		-		1,047,566,165		6,855,430		1,054,421,595
Other		-		761,377,044		-		761,377,044
Commercial Mortgage-Backed Securities
Agency		-		1,270,133,025		-		1,270,133,025
Agency Stripped		-		26,719,856		-		26,719,856
Non-Agency		-		267,112,949		-		267,112,949
Corporate Bank Debt		-		-		18,704,152		18,704,152
Corporate Bonds
Financials		-		76,992,502		81,414,000		158,406,502
Health Care		-		8,996,790		-		8,996,790
Residential Mortgage-Backed Securities
Agency Collateralized Mortgage Obligation		-		69,739,879		47,801,094		117,540,973
Agency Pool Adjustable Rate		-		149,907,158		-		149,907,158
Agency Pool Fixed Rate		-		1,538,450,462		-		1,538,450,462
Non-Agency Collateralized Mortgage Obligation		-		638,189,520		-		638,189,520
U.S. Treasury Notes & Bonds		-		3,221,263,820		-		3,221,263,820
Common Stocks
Metals & Mining		-		-		49,921,392		49,921,392
Real Estate Services		5,649,459		-		-		5,649,459
Transportation & Logistics		-		-		114,002,279		114,002,279
Short-Term Investments		29,082,005		609,231,518				638,313,523
	$	34,731,464	$	10,650,522,152	$	318,698,347	$	11,003,951,963

Asset Class	Fair Value March 31, 2026			Valuation Methodologies	Unobservable Input	Input Range/Value		Valuation Weighted Average of Input		Impact to Valuation From an Increase in Input⁽¹⁾
Residential Mortgage-Backed Securities - Agency Collateralized Mortgage Obligation	$	47,801,094		Third-Party Broker Quote⁽²⁾	Quotes/Prices	$	90.99	$	90.99	Increase
Asset-Backed Securities - Equipment	$	6,855,430		Third-Party Broker Quote⁽²⁾	Quotes/Prices	$	95.50	$	95.50	Increase
Common Stocks	$	114,002,279		Pricing Model⁽³⁾	Last Reported Trade	$	29.95	$	29.95	Increase
	$	49,921,392		Pricing Model⁽⁴⁾	Transaction Terms	$	1.25	$	1.25	Increase
Corporate Bank Debt	$	19,367,643		Third-Party Broker Quote⁽²⁾	Quotes/Prices	$	101.55	$	101.55	Increase
	$	(666,120	)	Pricing Model⁽⁵⁾	Quotes/Prices	$	77.00	$	77.00	Increase
	$	2,630		Asset Approach⁽⁶⁾	Estimated Recover Proceeds	$	0.01	$	0.01	Increase
Corporate Bonds	$	81,414,000		Pricing Model⁽⁷⁾	Cost	$	100.00	$	100.00	Increase

Security Description	Shares as of September 30, 2025		Ending Value as of September 30, 2025		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss) on Sales Affiliated Investment		Accretion of Discount (Amortization of Premium and Return of Capital)		Change in Unrealized Appreciation (Depreciation)			Transfer In (Out)		Ending Value as of March 31, 2026		Shares as of March 31, 2026		Dividend Income From Affiliated Investments
AIPCF VIII A-BL Aggregator Cayman LP		39,831,957	$	49,921,392	$	-	$	-	$	-	$	-	$	-		$	-	$	49,921,392		39,831,957	$	-
PHI Group, Inc. Restricted		3,806,420	$	121,805,440	$	-	$	-	$	-	$	-	$	(7,803,161	)	$	-	$	114,002,279		3,806,420	$	7,803,161
Total			$	171,726,832	$	-	$	-	$	-	$	-	$	(7,803,161	)	$	-	$	163,923,671			$	7,803,161

Issuer	Initial Acquisition Date	Cost			Fair Value			Fair Value as a % of Net Assets
AIPCF VIII A-BL Aggregator Cayman LP	4/18/2024	$	68,316,627		$	49,921,392			0.45	%
Apollo Debt Solution BDC Senior Notes, 8.620%, 9/28/2028	8/10/2023		26,023,000			26,023,000			0.24	%
Capstone Acquisition Holdings, Inc. Term Loan, 8.268% (1-Month Term SOFR+460 basis points), 11/12/2029	11/12/2020		18,964,731			19,367,643			0.18	%
Copper Property CTL Pass Through Trust	10/5/2017		25,752,396			5,649,459			0.05	%
Heartland Dental LLC/Heartland Dental Finance Corp., 10.500% (1-Month Term SOFR+500 basis points), 4/30/2028	5/25/2023		8,646,044			8,996,790			0.08	%
Hlend Senior Notes, 8.170%, 3/15/2028	2/16/2023		42,500,000			42,500,000			0.38	%
JC Penney Corp., Inc., 5.568% (3-Month USD Libor+425 basis points), 6/23/2027	2/3/2021		-			2,630			0.00	%
Lealand Finance Company B.V. Senior Exit LC, 4.750%, 6/30/2027	2/28/2020		(7,788	)		(961,283	)		-0.09	%
McDermott Technology Americas, Inc., 7.782%, (1-Month Term SOFR+400 basis points), 12/31/2027	3/25/2024		226,858			295,162			0.00	%
OCREDIT BDC Senior Notes, 7.770%, 3/07/2029	2/22/2024		12,891,000			12,891,000			0.12	%
PHI Group, Inc.	8/19/2019		31,131,405			114,002,279			1.03	%
Prop 2017-1A, 5.300% 3/15/2042	2/9/2017		7,174,798			6,855,429			0.06	%
		$	241,619,071		$	285,543,501			2.50	%

(Registrant)	Investment Managers Series Trust III

By (Signature and Title)	/s/ Maureen Quill
	Maureen Quill, President and Principal Executive Officer

Date	6/8/2026