Semi-Annual Report by Investment Company (Form N-CSRS)

(b) Not applicable.

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

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.

Mast Managed Futures Strategy Fund

(formerly Manteio Managed Futures Strategy Fund)

Class A Shares (CSAAX)

Class C Shares (CSACX)

Class I Shares (CSAIX)

Mast Multialternative Strategy Fund

(formerly Manteio Multialternative Strategy Fund)

Class A Shares (CSQAX)

Class I Shares (CSQIX)

SEMI-ANNUAL FINANCIALS AND OTHER INFORMATION

APRIL 30, 2026

Mast Funds

Each 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
Consolidated Schedule of Investments	1
Consolidated Statements of Assets and Liabilities	13
Consolidated Statements of Operations	15
Consolidated Statements of Changes in Net Assets	16
Consolidated Financial Highlights	18
Notes to Financial Statements	23

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

www.mast-funds.com

Mast Managed Futures Strategy Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of April 30, 2026 (Unaudited)

Principal Amount						Value
				SHORT-TERM INVESTMENTS - 76.4%
				MONEY MARKET INVESTMENTS - 32.9%
$	10,861,587			UMB Bank, Money Market Special II Deposit Investment, 3.43%(a),(b)		$	10,861,587
				TREASURY BILLS - 43.5%
				United States Treasury Bill
	2,000,000			3.84%, 5/14/2026(c)			1,997,412
	2,000,000			3.66%, 6/11/2026(c)			1,991,800
	2,000,000			3.65%, 7/9/2026(c)			1,986,172
	2,125,000			3.65%, 8/6/2026(b),(c)			2,104,473
	2,125,000			3.66%, 9/3/2026(b),(c)			2,098,584
	2,125,000			3.66%, 10/1/2026(b),(c)			2,092,609
	2,125,000			3.61%, 10/29/2026(b),(c)			2,086,654
							14,357,704
				TOTAL SHORT-TERM INVESTMENTS
				(Cost $25,219,684)			25,219,291
				TOTAL INVESTMENTS - 76.4%
				(Cost $25,219,684)			25,219,291
				Other Assets in Excess of Liabilities - 23.6%			7,778,710
				TOTAL NET ASSETS - 100.0%		$	32,998,001

(a)

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

(b)

All or a portion of this investment is a holding of Manteio Cayman Managed Futures Strategy Fund, Ltd.

(c)

Treasury bill discount rate.

See accompanying Notes to Consolidated Financial Statements.

Mast Managed Futures Strategy Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued

As of April 30, 2026 (Unaudited)

FUTURES CONTRACTS

												Value/Unrealized
		Expiration		Number of				Notional				Appreciation
Long Contracts		Date		Contracts				Value				(Depreciation)
Commodity Futures
CBOT Corn1		July 2026			49			$	1,163,138			$	44,063
CBOT Soybean1		July 2026			20				1,195,500				12,188
CBOT Soybean Meal1		July 2026			19				605,910				(4,384	)
CBOT Soybean Oil1		July 2026			19				849,756				73,302
CBOT Wheat1		July 2026			35				1,114,313				74,354
CMX Copper1		July 2026			8				1,196,100				(6,937	)
CMX Gold1		June 2026			5				2,314,800				(211,615	)
CMX Silver1		July 2026			2				740,280				(45,625	)
ICE Brent Crude Oil1		July 2026			10				1,104,000				213,038
ICE Low Sulphur Gas1		July 2026			3				344,025				47,034
LME Lead1		May 2026			5				244,028				(570	)
LME Lead1		July 2026			4				195,326				1,455
LME Primary Aluminum1		May 2026			13				1,148,622				120,649
LME Primary Aluminum1		July 2026			10				872,018				(14,719	)
LME Primary Nickel1		May 2026			5				579,571				59,849
LME Primary Nickel1		July 2026			4				466,879				42,637
LME Zinc1		May 2026			7				589,239				(1,161	)
LME Zinc1		July 2026			6				505,508				2,448
NYBOT Cocoa1		July 2026			6				214,140				14,010
NYBOT Coffee 'C'1		July 2026			4				428,325				(8,374	)
NYBOT Cotton #21		July 2026			10				411,000				21,413
NYBOT Sugar #111		July 2026			35				572,712				32,472
NYMEX Natural Gas1		July 2026			17				517,480				(6,927	)
NYMEX NY Harbor ULSD1		July 2026			2				326,609				38,883
NYMEX RBOB Gasoline1		July 2026			2				289,573				48,537
NYMEX WTI Crude Oil1		July 2026			8				793,120				106,355
Currency Futures
Brazilian Real		June 2026			133				2,665,319				12,888
CME Australian Dollar		June 2026			33				2,373,525				23,483
CME British Pound		June 2026			71				6,035,443				30,863
CME Canadian Dollar		June 2026			64				4,719,999				33,248
Index Futures
E-Mini Industrial Select Sector		June 2026			2				353,680				5,176
E-Mini Technology Select Sector		June 2026			5				1,615,150				76,729
EUX Euro STOXX 50		June 2026			21				1,439,437				(11,206	)
Hang Seng Index		May 2026			2				327,150				(3,182	)
ICF FTSE 100 Index		June 2026			13				1,835,863				(7,794	)
Nikkei Stock Index		June 2026			7				2,661,748				300,885
					659			$	42,809,286			$	1,113,465

Mast Managed Futures Strategy Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued

As of April 30, 2026 (Unaudited)

												Value/Unrealized
		Expiration		Number of				Notional				Appreciation
Short Contracts		Date		Contracts				Value				(Depreciation)
Commodity Futures
LME Lead1		May 2026			(5	)		$	(244,027	)		$	(6,664	)
LME Primary Aluminum1		May 2026			(13	)			(1,148,621	)			(19,808	)
LME Primary Nickel1		May 2026			(5	)			(579,572	)			(54,941	)
LME Zinc1		November 2026			(7	)			(589,239	)			(16,596	)
LME Zinc1		July 2026			(1	)			(84,251	)			2,881
Currency Futures
CME Euro		June 2026			(29	)			(4,263,000	)			(10,135	)
CME Japanese Yen		June 2026			(38	)			(3,047,600	)			(34,742	)
Interest Rate Futures
CBOT 10-Year U.S. Treasury Note		June 2026			(119	)			(13,160,656	)			72,761
CBOT 2-Year U.S. Treasury Note		June 2026			(127	)			(26,304,875	)			158,406
CBOT Ultra Long-Term U.S. Treasury Bond		June 2026			(58	)			(6,671,813	)			136,806
EUX Euro-Bund		June 2026			(64	)			(9,416,714	)			84,857
EUX Euro-Schatz		June 2026			(77	)			(9,557,218	)			65,718
ICF Long Gilt		June 2026			(32	)			(3,770,336	)			82,295
OSE Japanese 10-Year Bond		June 2026			(5	)			(4,128,262	)			67,621
					(580	)		$	(82,966,184	)		$	528,459
TOTAL FUTURES CONTRACTS								$	(40,156,898	)		$	1,641,924

1

This investment is a holding of Manteio Cayman Managed Futures Strategy Fund, Ltd.

See accompanying Consolidated Notes to Financial Statements.

Mast Multialternative Strategy Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of April 30, 2026 (Unaudited)

Number
of Shares						Value
				COMMON STOCKS - 41.2%
				AEROSPACE & DEFENSE - 0.3%
	2,665			Howmet Aerospace, Inc.		$	647,702
				ASSET MANAGEMENT - 4.0%
	255,211			DigitalBridge Group, Inc.			3,971,083
	81,808			Janus Henderson Group PLC			4,222,111
							8,193,194
				AUTOMOTIVE - 0.3%
	11,643			Aptiv PLC*			701,607
	1			Versigent PLC*			35
							701,642
				BANKING - 0.2%
	2,360			Citigroup, Inc.			302,033
				BIOTECH & PHARMA - 2.2%
	2,864			Johnson & Johnson			658,290
	74,945			Soleno Therapeutics, Inc.*			3,958,595
							4,616,885
				CHEMICALS - 0.2%
	1,924			Albemarle Corp.			378,451
				E-COMMERCE DISCRETIONARY - 0.4%
	6,850			eBay, Inc.			708,838
				ELECTRICAL EQUIPMENT - 0.9%
	1,699			Bloom Energy Corp.*			481,429
	696			GE Vernova, Inc.			754,088
	4,842			Johnson Controls International PLC			707,077
							1,942,594
				ENTERTAINMENT CONTENT - 2.3%
	20,532			Electronic Arts, Inc.			4,155,061
	11,797			ROBLOX Corp. - Class A*			651,902
							4,806,963
				GAS & WATER UTILITIES - 2.1%
	110,254			Essential Utilities, Inc.			4,211,703
				HEALTH CARE FACILITIES & SVCS - 1.5%
	57,573			Enhabit, Inc.*			791,053
	144,787			Select Medical Holdings Corp.			2,375,955
							3,167,008
				HOME & OFFICE PRODUCTS - 1.0%
	193,761			Leggett & Platt, Inc.			2,106,182
				HOME CONSTRUCTION - 1.9%
	84,340			Tri Pointe Homes, Inc.*			3,954,703
				HOUSEHOLD PRODUCTS - 0.4%
	387,399			Olaplex Holdings, Inc.*			786,420

Mast Multialternative Strategy Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued

As of April 30, 2026 (Unaudited)

Number
of Shares						Value
				COMMON STOCKS (Continued)
				INSTITUTIONAL FINANCIAL SVCS - 0.3%
	1,942			Bank of New York Mellon Corp./The		$	260,947
	226			Goldman Sachs Group, Inc.			208,772
	929			Morgan Stanley			177,058
							646,777
				INSURANCE - 3.4%
	40,204			Brighthouse Financial, Inc.*			2,503,101
	161,126			Corebridge Financial, Inc.			4,437,410
							6,940,511
				INTERNET MEDIA & SERVICES - 1.1%
	2,080			Alphabet, Inc. - Class C			794,435
	4,205			DoorDash, Inc. - Class A*			709,173
	9,306			Uber Technologies, Inc.*			694,321
							2,197,929
				MACHINERY - 0.2%
	541			Caterpillar, Inc			481,549
				MEDICAL EQUIPMENT & DEVICES - 0.3%
	1,178			IDEXX Laboratories, Inc.*			660,622
				METALS & MINING - 1.8%
	126,192			Allied Gold Corp.*			3,793,935
				REIT - 4.3%
	45,790			Minto Apartment Real Estate Investment Trust			587,881
	102,473			National Storage Affiliates Trust			4,361,251
	37,647			Peakstone Realty Trust			789,834
	124,985			Veris Residential, Inc.			2,370,966
	41,594			Whitestone REIT			787,790
							8,897,722
				RETAIL - DISCRETIONARY - 0.4%
	1,838			Carvana Co.*			727,480
				SEMICONDUCTORS - 5.6%
	6,057			Advanced Micro Devices, Inc.*			2,147,146
	124			ASML Holding N.V.			178,435
	1,806			Broadcom, Inc.			753,878
	17,710			Intel Corp.*			1,673,241
	383			KLA Corp.			670,384
	2,525			Lam Research Corp.			651,096
	1,499			Micron Technology, Inc.			775,223
	3,500			NVIDIA Corp.			698,495
	41,618			Qorvo, Inc.*			3,921,248
							11,469,146
				SOFTWARE - 3.4%
	72,713			Cantaloupe, Inc.*			794,026

Mast Multialternative Strategy Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued

As of April 30, 2026 (Unaudited)

Number of Shares						Value
				COMMON STOCKS (Continued)
				SOFTWARE (Continued)
	162,004			Clearwater Analytics Holdings, Inc. - Class A*		$	3,920,497
	1,726			Crowdstrike Holdings, Inc. - Class A*			769,365
	5,068			Palantir Technologies, Inc. - Class A*			705,009
	152,952			Talkspace, Inc.*			793,821
							6,982,718
				TECHNOLOGY HARDWARE - 1.9%
	86,122			NCR Atleos Corp.*			3,822,094
				TECHNOLOGY SERVICES - 0.3%
	2,853			International Business Machines Corp.			658,986
				TRANSPORTATION & LOGISTICS - 0.5%
	38,311			ZIM Integrated Shipping Services Ltd.			1,012,943
				TOTAL COMMON STOCKS
				(Cost $79,639,817)			84,816,730

Principal Amount
				SHORT-TERM INVESTMENTS - 49.3%
				MONEY MARKET INVESTMENTS - 37.0%
$	76,367,960			UMB Bank, Money Market Special II Deposit Investment, 3.43%(a),(b)			76,367,960
				TREASURY BILLS - 12.3%
				United States Treasury Bill
	6,000,000			3.84%, 5/14/2026(b),(c)			5,992,236
	3,250,000			3.66%, 6/11/2026(b),(c)			3,236,675
	3,250,000			3.65%, 7/9/2026(b),(c)			3,227,530
	3,250,000			3.65%, 8/6/2026(b),(c)			3,218,605
	3,250,000			3.66%, 9/3/2026(b),(c)			3,209,599
	3,250,000			3.66%, 10/1/2026(b),(c)			3,200,460
	3,250,000			3.61%, 10/29/2026(b),(c)			3,191,354
							25,276,459
				TOTAL SHORT-TERM INVESTMENTS
				(Cost $101,648,209)			101,644,419
				TOTAL INVESTMENTS - 90.5%
				(Cost $181,288,026)			186,461,149
				Other Assets in Excess of Liabilities - 9.5%			19,682,312
				TOTAL NET ASSETS - 100.0%		$	206,143,461

Mast Multialternative Strategy Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued

As of April 30, 2026 (Unaudited)

Number of Contracts						Value
				WRITTEN OPTIONS CONTRACTS - (0.0)%
				PUT OPTIONS - (0.0)%
				S&P 500 Index
				Exercise Price: $7,040.00, Notional Amount: $(7,040,000)
	(10	)		Expiration Date: May 15, 2026		$	(30,000	)
				TOTAL PUT OPTIONS
				(Proceeds $82,919)			(30,000	)
				TOTAL WRITTEN OPTIONS CONTRACTS
				(Proceeds $82,919)		$	(30,000	)

PLC - Public Limited Company

REIT - Real Estate Investment Trusts

*

Non-income producing security.

(a)

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

(b)

All or a portion of this investment is a holding of Manteio Cayman Multialternative Strategy Fund, Ltd.

(c)

Treasury bill discount rate.

See accompanying Notes to Consolidated Financial Statements.

Mast Multialternative Strategy Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued

As of April 30, 2026 (Unaudited)

SWAP CONTRACTS

EQUITY SWAP CONTRACTS

																Premium				Unrealized
								Pay/Receive		Termination		Notional				Paid				Appreciation
Counterparty		Reference Entity		Fund Pays		Fund Receives		Frequency		Date		Amount				(Received)				(Depreciation)
Barclays Bank PLC		Barclays Commodity Index1,2		0.00%		Basket Return		Monthly		6/30/26		$	10,159,574			$	-			$	42,525
Barclays Bank PLC		Barclays Month End Rebalancing Currency Index		0.00%		Index Return		Monthly		6/30/26			19,118,248				-				128,674
Barclays Bank PLC		Barclays TrendStar Plus Index2		0.00%		Basket Return		Monthly		6/30/26			18,757,048				-				(57,032	)
BNP Paribas		Alerian MLP Total Return Index		Daily SOFR + 0.75%		Index Return		At Maturity		6/30/26			4,676,557				-				174,856
BNP Paribas		BNP Paribas Credit Flex Basket2		0.00%		Basket Return		At Maturity		6/30/26			28,503,560				-				127,306
BNP Paribas		BNP Paribas Dynamic Pre-Roll Alpha ex-Agriculture and Livestock Index1,2		0.08%		Basket Return		At Maturity		6/30/26			14,059,946				-				112,240
BNP Paribas		BNP Paribas Equity Low Volatility Europe LS Index2		0.00%		Basket Return		At Maturity		6/30/26			14,186,704				-				(59,265	)
BNP Paribas		BNP Paribas GALAXY World Excess Return USD LS Index2		0.08%		Basket Return		At Maturity		6/30/26			10,067,766				-				117,869
BNP Paribas		BNP Paribas Volatility Index ER2		0.35%		Basket Return		At Maturity		6/30/26			24,193,696				-				(327,031	)
BNP Paribas		S&P 500 Equal Weighted Communication Services Sector		Index Return		0.40%		Monthly		6/30/26			889,352				-				1,738
BNP Paribas		S&P 500 Equal Weighted Consumer Discretionary Sector		Index Return		0.40%		Monthly		6/30/26			4,107,262				-				(27,235	)
BNP Paribas		S&P 500 Equal Weighted Consumer Staples Sector		Index Return		0.40%		Monthly		6/30/26			1,209,982				-				20,261
BNP Paribas		S&P 500 Equal Weighted Energy Sector		Index Return		0.40%		Monthly		6/30/26			2,654,005				-				(12,581	)
BNP Paribas		S&P 500 Equal Weighted Financials Sector		Index Return		0.40%		Monthly		6/30/26			9,352,936				-				(413,380	)
BNP Paribas		S&P 500 Equal Weighted Health Care Sector		Index Return		0.40%		Monthly		6/30/26			2,061,898				-				20,504
BNP Paribas		S&P 500 Equal Weighted Industrials Total Return Index		Index Return		0.40%		Monthly		6/30/26			4,814,675				-				(163,907	)
BNP Paribas		S&P 500 Equal Weighted Materials Sector		Index Return		0.40%		Monthly		6/30/26			1,327,189				-				(9,842	)
BNP Paribas		S&P 500 Equal Weighted Total Return Index		Index Return		0.40%		Monthly		6/30/26			3,389,553				-				(483,590	)
BNP Paribas		S&P 500 Equal Weighted Utilities Sector		Index Return		0.40%		Monthly		6/30/26			401,635				-				6,970
BNP Paribas		BNP Artificial Intelligence Index2		3.64%		Basket Return		Monthly		6/30/26			2,224,795				-				348,741
Goldman Sachs & Co. LLC		Alerian MLP Infrastructure Index		Daily SOFR + 0.90%		Index Return		At Maturity		6/30/26			10,372,737				-				400,200
Goldman Sachs & Co. LLC		Bloomberg Agriculture Subindex1		0.18%		Index Return		At Maturity		6/30/26			2,048,380				-				70,264
Goldman Sachs & Co. LLC		Bloomberg Energy Subindex1		0.09%		Index Return		At Maturity		6/30/26			1,063,837				-				73,501
Goldman Sachs & Co. LLC		Bloomberg Industrial Metals Subindex1		0.10%		Index Return		At Maturity		6/30/26			1,003,703				-				39,422
Goldman Sachs & Co. LLC		Bloomberg Precious Metals Subindex1		0.07%		Index Return		At Maturity		6/30/26			934,642				-				(11,617	)
Goldman Sachs & Co. LLC		Goldman Sachs Dispersion US Series 31 Excess Return Strategy2		0.00%		Basket Return		At Maturity		6/30/26			10,565,515				-				32,121
Goldman Sachs & Co. LLC		Goldman Sachs Dispersion US Series 31 Excess Return Strategy2		0.60%		Basket Return		At Maturity		6/30/26			9,769,140				-				(192,260	)
Goldman Sachs & Co. LLC		Goldman Sachs Dispersion US Series 31 Excess Return Strategy2		0.00%		Basket Return		At Maturity		6/30/26			4,981,838				-				(68,141	)
Goldman Sachs & Co. LLC		Goldman Sachs Intraday Trend US Series 75 Excess Return Strategy2		0.00%		Basket Return		At Maturity		6/30/26			14,331,727				-				241,681
Goldman Sachs & Co. LLC		Goldman Sachs SAGE Commodity Pairs Strategy1,2		0.00%		Basket Return		At Maturity		6/30/26			10,185,129				-				24,247
Goldman Sachs & Co. LLC		MSCI US REIT Index		Daily SOFR + 0.65%		Index Return		At Maturity		6/30/26			380,298				-				16,118
Goldman Sachs & Co. LLC		MSCI US REIT Index		Daily SOFR + 0.65%		Index Return		At Maturity		6/30/26			2,085,184				-				41,585
Goldman Sachs & Co. LLC		MSCI US REIT Index		Daily SOFR + 0.61%		Index Return		At Maturity		6/30/26			583,284				-				(1,662	)
Goldman Sachs & Co. LLC		MSCI US REIT Index		Daily SOFR + 0.65%		Index Return		At Maturity		6/30/26			734,761				-				(3,173	)
Goldman Sachs & Co. LLC		MSCI US REIT Index		Daily SOFR + 0.65%		Index Return		At Maturity		6/30/26			1,302,360				-				(804	)
Goldman Sachs & Co. LLC		Russell 2000 Index		Index Return		Daily SOFR + 0.04%		At Maturity		6/30/26			6,106,404				-				(674,572	)
Goldman Sachs & Co. LLC		S&P 500 Total Return Index		Index Return		Daily SOFR + 0.55%		Monthly		6/30/26			6,254,559				-				(603,870	)
Macquarie Bank Ltd.		Macquarie Bond Auction Congestion Basket Index2		0.15%		Basket Return		At Maturity		6/30/26			14,028,368				-				25,785
Macquarie Bank Ltd.		Macquarie Intraday Momentum in WTI Crude1		0.15%		Index Return		At Maturity		6/30/26			9,292,700				-				(142,118	)
Societe Generale		Dow Jones U.S. High Beta Total Return Index		Index Return		0.20%		Monthly		6/30/26			3,045,596				-				(245,693	)
Societe Generale		Dow Jones U.S. High Momentum Total Return Index		0.20%		Index Return		Monthly		6/30/26			2,711,264				-				165,330
Societe Generale		Dow Jones U.S. Low Beta Total Return Index		0.20%		Index Return		Monthly		6/30/26			3,284,238				-				9,920
Societe Generale		Dow Jones U.S. Low Momentum Total Return Index		Index Return		0.20%		Monthly		6/30/26			2,410,555				-				(79,609	)
Societe Generale		Dow Jones U.S. Relative Value Total Return Index		0.20%		Index Return		Monthly		6/30/26			11,159,080				-				470,055
Societe Generale		Dow Jones U.S. Short Relative Value Total Return Index		Index Return		0.20%		Monthly		6/30/26			10,089,553				-				(495,652	)
Societe Generale		Dow Jones U.S. Thematic Long Quality Total Return Index		0.20%		Index Return		Monthly		6/30/26			17,794,071				-				435,359
Societe Generale		Dow Jones U.S. Thematic Long Size Total Return Index		0.20%		Index Return		Monthly		6/30/26			7,617,254				-				134
Societe Generale		Dow Jones U.S. Thematic Short Quality Total Return Index		Index Return		0.20%		Monthly		6/30/26			16,188,297				-				(920,315	)
Societe Generale		Dow Jones U.S. Thematic Short Size Total Return Index		Index Return		0.20%		Monthly		6/30/26			7,463,863				-				(83,672	)
Societe Generale		SGI Commodity Volatility Carry II Brent Crude Index1,2		0.00%		Basket Return		At Maturity		6/30/26			10,441,791				-				703,219
Societe Generale		SGI Commodity Volatility Carry II Brent Crude Index1,2		0.00%		Basket Return		At Maturity		6/30/26			4,794,425				-				(6,840	)
Societe Generale		SGI Equity US Intraday Trend 3 Index		0.30%		Index Return		At Maturity		6/30/26			15,559,373				-				18,420
Societe Generale		SGI Rates Slope Trend Index2		0.15%		Basket Return		At Maturity		6/30/26			18,967,413				-				77,465
Societe Generale		SGI Volume Premium US Total Return Index2		0.20%		Basket Return		At Maturity		6/30/26			31,910,153				-				371,977

Mast Multialternative Strategy Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued

As of April 30, 2026 (Unaudited)

Premium

Unrealized

Pay/Receive

Termination

Notional

Paid

Appreciation

Counterparty

Reference Entity

Fund Pays

Fund Receives

Frequency

Date

Amount

(Received)

(Depreciation)

Goldman Sachs & Co. LLC

Goldman Sachs USD Custom Equity Basket2

Daily SOFR + 0.80%

Basket Return

At Maturity

7/1/26

32,313,959

-

1,453,802

Goldman Sachs & Co. LLC

American Water Works Company, Inc.

Equity Return

Daily SOFR - 0.40%

Monthly

11/5/26

4,132,696

-

273,974

Goldman Sachs & Co. LLC

Skyworks Solutions, Inc.

Equity Return

Daily SOFR - 0.40%

Monthly

11/5/26

1,575,158

-

(529,370

)

Goldman Sachs & Co. LLC

American Water Works Company, Inc.

Equity Return

Daily SOFR - 0.40%

Monthly

11/12/26

55,682

-

3,690

Goldman Sachs & Co. LLC

Skyworks Solutions, Inc.

Equity Return

Daily SOFR - 0.40%

Monthly

11/12/26

20,234

-

(6,800

)

Goldman Sachs & Co. LLC

American Water Works Company, Inc.

Equity Return

Daily SOFR - 0.40%

Monthly

12/3/26

26,881

-

1,781

Goldman Sachs & Co. LLC

Skyworks Solutions, Inc.

Equity Return

Daily SOFR - 0.40%

Monthly

12/3/26

9,761

-

(3,280

)

Goldman Sachs & Co. LLC

American Water Works Company, Inc.

Equity Return

Daily SOFR - 0.40%

Monthly

12/31/26

40,174

-

2,662

Goldman Sachs & Co. LLC

American Water Works Company, Inc.

Equity Return

Daily SOFR - 0.40%

Monthly

1/7/27

76,212

-

5,050

Goldman Sachs & Co. LLC

Skyworks Solutions, Inc.

Equity Return

Daily SOFR - 0.40%

Monthly

1/7/27

40,047

-

(13,460

)

Goldman Sachs & Co. LLC

American Water Works Company, Inc.

Equity Return

Daily SOFR - 0.40%

Monthly

2/6/27

62,772

-

4,160

Goldman Sachs & Co. LLC

American Water Works Company, Inc.

Equity Return

Daily SOFR - 0.40%

Monthly

2/25/27

67,055

-

4,444

Goldman Sachs & Co. LLC

Global X Uranium ETF

Daily SOFR + 0.485%

Equity Return

Monthly

3/10/27

1,900,793

-

259,233

Goldman Sachs & Co. LLC

The Brink's Company

Equity Return

Daily SOFR - 0.40%

Monthly

3/15/27

1,345,892

-

(38,531

)

Goldman Sachs & Co. LLC

The Brink's Company

Equity Return

Daily SOFR - 0.40%

Monthly

3/18/27

11,184

-

(320

)

Goldman Sachs & Co. LLC

Global X Lithium & Battery Tech ETF

Daily SOFR + 0.485%

Equity Return

Monthly

3/18/27

73,424

-

12,296

Goldman Sachs & Co. LLC

Public Storage

Equity Return

Daily SOFR - 0.40%

Monthly

3/25/27

3,601,414

-

(290,036

)

Goldman Sachs & Co. LLC

American Water Works Company, Inc.

Equity Return

Daily SOFR - 0.40%

Monthly

4/5/27

20,087

-

1,331

Goldman Sachs & Co. LLC

Global X Uranium ETF

Daily SOFR + 0.485%

Equity Return

Monthly

4/5/27

22,290

-

3,040

Goldman Sachs & Co. LLC

Public Storage

Equity Return

Daily SOFR - 0.40%

Monthly

4/5/27

16,896

-

(1,362

)

Goldman Sachs & Co. LLC

State Street Energy Select Sector SPDR ETF

Daily SOFR + 0.485%

Equity Return

Monthly

4/5/27

1,580,116

-

(10,177

)

Goldman Sachs & Co. LLC

State Street Materials Select Sector SPDR ETF

Daily SOFR + 0.485%

Equity Return

Monthly

4/5/27

723,747

-

13,486

Goldman Sachs & Co. LLC

State Street SPDR S&P 500 ETF Trust

Daily SOFR + 0.485%

Equity Return

Monthly

4/5/27

124,311

-

9,657

Goldman Sachs & Co. LLC

State Street Utilities Select Sector SPDR ETF

Daily SOFR + 0.485%

Equity Return

Monthly

4/5/27

562,017

-

4,976

Goldman Sachs & Co. LLC

VanEck Gold Miners ETF

Daily SOFR + 0.485%

Equity Return

Monthly

4/5/27

373,289

-

(25,821

)

Goldman Sachs & Co. LLC

State Street Energy Select Sector SPDR ETF

Daily SOFR + 0.485%

Equity Return

Monthly

4/8/27

34,275

-

1,181

Goldman Sachs & Co. LLC

State Street Utilities Select Sector SPDR ETF

Daily SOFR + 0.485%

Equity Return

Monthly

4/8/27

11,963

-

57

Goldman Sachs & Co. LLC

Equitable Holdings, Inc.

Equity Return

Daily SOFR - 0.40%

Monthly

4/9/27

5,473,310

-

(579,046

)

Goldman Sachs & Co. LLC

State Street Materials Select Sector SPDR ETF

Daily SOFR + 0.485%

Equity Return

Monthly

4/9/27

18,945

-

9

Goldman Sachs & Co. LLC

State Street Energy Select Sector SPDR ETF

Daily SOFR + 0.485%

Equity Return

Monthly

4/12/27

57,806

-

2,570

Goldman Sachs & Co. LLC

State Street Materials Select Sector SPDR ETF

Daily SOFR + 0.485%

Equity Return

Monthly

4/12/27

29,687

-

(368

)

Goldman Sachs & Co. LLC

State Street Utilities Select Sector SPDR ETF

Daily SOFR + 0.485%

Equity Return

Monthly

4/12/27

20,197

-

(181

)

Goldman Sachs & Co. LLC

VanEck Gold Miners ETF

Daily SOFR + 0.485%

Equity Return

Monthly

4/12/27

15,238

-

(1,940

)

Goldman Sachs & Co. LLC

State Street Energy Select Sector SPDR ETF

Daily SOFR + 0.485%

Equity Return

Monthly

4/13/27

13,932

-

619

Goldman Sachs & Co. LLC

State Street Energy Select Sector SPDR ETF

Daily SOFR + 0.485%

Equity Return

Monthly

4/14/27

11,850

-

740

Goldman Sachs & Co. LLC

State Street Materials Select Sector SPDR ETF

Daily SOFR + 0.485%

Equity Return

Monthly

4/14/27

13,614

-

(172

)

Goldman Sachs & Co. LLC

Equitable Holdings, Inc.

Equity Return

Daily SOFR - 0.40%

Monthly

4/15/27

211,949

-

(1,765

)

Goldman Sachs & Co. LLC

Global X Lithium & Battery Tech ETF

Daily SOFR + 0.485%

Equity Return

Monthly

4/15/27

57,620

-

5,631

Goldman Sachs & Co. LLC

Public Storage

Equity Return

Daily SOFR - 0.40%

Monthly

4/15/27

128,450

-

(1,621

)

Goldman Sachs & Co. LLC

Skyworks Solutions, Inc.

Equity Return

Daily SOFR - 0.40%

Monthly

4/15/27

35,845

-

(9,834

)

Goldman Sachs & Co. LLC

State Street Energy Select Sector SPDR ETF

Daily SOFR + 0.485%

Equity Return

Monthly

4/15/27

1,688,706

-

105,985

Goldman Sachs & Co. LLC

State Street Materials Select Sector SPDR ETF

Daily SOFR + 0.485%

Equity Return

Monthly

4/15/27

774,881

-

(708

)

Goldman Sachs & Co. LLC

State Street SPDR S&P 500 ETF Trust

Daily SOFR + 0.485%

Equity Return

Monthly

4/15/27

128,425

-

3,583

Goldman Sachs & Co. LLC

State Street Utilities Select Sector SPDR ETF

Daily SOFR + 0.485%

Equity Return

Monthly

4/15/27

599,176

-

8,626

Goldman Sachs & Co. LLC

VanEck Gold Miners ETF

Daily SOFR + 0.485%

Equity Return

Monthly

4/15/27

392,750

-

(46,696

)

Goldman Sachs & Co. LLC

State Street Energy Select Sector SPDR ETF

Daily SOFR + 0.485%

Equity Return

Monthly

4/16/27

57,712

-

2,924

Goldman Sachs & Co. LLC

State Street Materials Select Sector SPDR ETF

Daily SOFR + 0.485%

Equity Return

Monthly

4/16/27

33,761

-

(216

)

Goldman Sachs & Co. LLC

State Street Utilities Select Sector SPDR ETF

Daily SOFR + 0.485%

Equity Return

Monthly

4/16/27

20,160

-

267

Goldman Sachs & Co. LLC

State Street Energy Select Sector SPDR ETF

Daily SOFR + 0.485%

Equity Return

Monthly

4/20/27

27,172

-

1,940

Goldman Sachs & Co. LLC

VanEck Gold Miners ETF

Daily SOFR + 0.485%

Equity Return

Monthly

4/20/27

20,192

-

(2,476

)

Goldman Sachs & Co. LLC

Somnigroup International, Inc.

Equity Return

Daily SOFR - 0.40%

Monthly

4/22/27

2,357,685

-

114,805

Goldman Sachs & Co. LLC

State Street Energy Select Sector SPDR ETF

Daily SOFR + 0.485%

Equity Return

Monthly

4/26/27

34,045

-

1,725

Goldman Sachs & Co. LLC

State Street Utilities Select Sector SPDR ETF

Daily SOFR + 0.485%

Equity Return

Monthly

4/26/27

21,401

-

299

Goldman Sachs & Co. LLC

VanEck Gold Miners ETF

Daily SOFR + 0.485%

Equity Return

Monthly

4/26/27

17,738

-

(1,142

)

TOTAL EQUITY SWAP CONTRACTS

$

(26,153

)

1

This investment is a holding of Manteio Cayman Multialternative Strategy Fund, Ltd.

2

The index constituents are available on the Fund's website.

SOFR - Secured Overnight Financing Rate

See accompanying Notes to Consolidated Financial Statements.

Mast Multialternative Strategy Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued

As of April 30, 2026 (Unaudited)

FUTURES CONTRACTS

												Value/Unrealized
		Expiration		Number of				Notional				Appreciation
Long Contracts		Date		Contracts				Value				(Depreciation)
Commodity Futures
CBOT Corn1		July 2026			102			$	2,421,225			$	55,761
CBOT Soybean1		July 2026			53				3,168,075				44,212
CBOT Soybean Meal1		July 2026			6				191,340				(2,932	)
CBOT Soybean Oil1		July 2026			21				939,204				40,392
CBOT Wheat1		July 2026			15				477,563				13,288
CME Lean Hogs1		May 2026			1				37,380				(250	)
CME Live Cattle1		June 2026			20				2,032,000				57,119
CMX Copper1		June 2026			2				297,625				(4,922	)
CMX Gold1		June 2026			21				9,722,160				(305,314	)
CMX Silver1		June 2026			2				737,690				2,074
CMX Silver1		July 2026			2				740,280				(15,092	)
ICE Brent Crude Oil1		July 2026			29				3,201,600				252,422
ICE Brent Crude Oil1		December 2026			250				21,962,500				2,249,132
ICE Low Sulphur Gas1		May 2026			10				1,307,250				43,621
KCBT Hard Red Winter Wheat1		July 2026			3				104,025				3,883
LME Lead1		May 2026			25				1,220,138				(26,096	)
LME Lead1		July 2026			8				390,652				8,187
LME Primary Aluminum1		May 2026			69				6,096,530				355,772
LME Primary Aluminum1		July 2026			22				1,918,439				92,316
LME Primary Nickel1		May 2026			31				3,593,341				222,525
LME Primary Nickel1		July 2026			9				1,050,477				117,207
LME Zinc1		May 2026			43				3,619,611				(26,402	)
LME Zinc1		July 2026			12				1,011,015				68,147
NYBOT Cocoa1		July 2026			7				249,830				9,950
NYBOT Coffee 'C'1		July 2026			5				535,406				2,528
NYMEX Natural Gas1		June 2026			1				27,670				(92	)
NYMEX NY Harbor ULSD1		June 2026			1				171,397				8,334
NYMEX RBOB Gasoline1		June 2026			6				910,980				53,644
Currency Futures
Brazilian Real		June 2026			42				841,680				4,070
CME Australian Dollar		June 2026			10				719,250				17,115
CME British Pound		June 2026			22				1,870,138				9,571
CME Canadian Dollar		June 2026			20				1,475,000				10,323
Index Futures
E-Mini Energy Select Sector		June 2026			19				2,386,590				82,949
E-Mini Industrial Select Sector		June 2026			17				3,006,280				87,696
E-Mini Technology Select Sector		June 2026			8				2,584,240				123,343
E-Mini Utilities Select Sector		June 2026			28				2,659,160				45,280
EURO Stoxx 50 (DIV)		December 2026			646				12,935,164				(9,258	)
EURO Stoxx 50 (DIV)		December 2027			451				9,252,911				(13,888	)
EUX Euro STOXX 50		June 2026			7				479,812				(3,437	)
Hang Seng Index		May 2026			12				1,962,898				(19,094	)
ICF FTSE 100 Index		June 2026			4				564,893				(2,367	)
Interest Rate Futures
CBOT 2-Year U.S. Treasury Note		June 2026			939				194,490,375				(752,710	)
MSE Canadian 10 Year Bond		June 2026			31				2,718,662				9,125
SGX 10-Year Mini JGB		June 2026			135				11,146,306				(48,334	)
					3,167			$	317,228,762			$	2,859,798

Mast Multialternative Strategy Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued

As of April 30, 2026 (Unaudited)

												Value/Unrealized
		Expiration		Number of				Notional				Appreciation
Short Contracts		Date		Contracts				Value				(Depreciation)
Commodity Futures
ECX Emissions1		May 2026			(16	)		$	(1,363,005	)		$	8,320
LME Lead1		May 2026			(30	)			(1,464,165	)			(4,907	)
LME Lead1		July 2026			(8	)			(390,652	)			(3,994	)
LME Primary Aluminum1		May 2026			(75	)			(6,626,663	)			(580,106	)
LME Primary Aluminum1		July 2026			(22	)			(1,918,439	)			13,428
LME Primary Nickel1		May 2026			(29	)			(3,361,513	)			(338,999	)
LME Primary Nickel1		July 2026			(9	)			(1,050,477	)			(103,018	)
LME Zinc1		May 2026			(39	)			(3,282,903	)			(57,753	)
LME Zinc1		July 2026			(12	)			(1,011,015	)			(14,674	)
NYBOT Cotton #21		July 2026			(2	)			(82,200	)			(3,056	)
NYBOT Sugar #111		July 2026			(16	)			(261,811	)			(11,639	)
NYMEX WTI Crude Oil1		June 2026			(14	)			(1,470,980	)			(194,593	)
Currency Futures
CME Euro		June 2026			(9	)			(1,323,000	)			(2,382	)
CME Japanese Yen		June 2026			(12	)			(962,400	)			(14,936	)
Index Futures
CBOE Volatility Index		May 2026			(4	)			(77,910	)			6,070
CME E-Mini S&P 500		June 2026			(57	)			(20,644,688	)			(272,560	)
E-Mini Consumer Discretionary		June 2026			(8	)			(1,922,800	)			(32,766	)
E-Mini Consumer Staples Select Sector		June 2026			(21	)			(1,791,930	)			(44,078	)
E-Mini Financial Select Sector		June 2026			(18	)			(2,905,650	)			(43,472	)
E-Mini Health Care Select Sector		June 2026			(19	)			(2,811,620	)			19,559
E-Mini S&P Commercial Services Select Sector		June 2026			(10	)			(1,530,375	)			(11,650	)
Nikkei Stock Index		June 2026			(8	)			(3,041,998	)			(24,432	)
Interest Rate Futures
CBOT 10-Year U.S. Treasury Note		June 2026			(13	)			(1,437,718	)			(133	)
CBOT Ultra Long-Term U.S. Treasury Bond		June 2026			(18	)			(2,070,562	)			25,907
EUX Euro-Bund		June 2026			(38	)			(5,591,174	)			41,025
EUX Euro-Schatz		June 2026			(24	)			(2,978,873	)			831
ICF Long Gilt		June 2026			(33	)			(3,888,243	)			48,483
SFE Australian 10-Year Bond		June 2026			(160	)			(12,332,672	)			58,858
					(724	)		$	(87,595,436	)		$	(1,536,667	)
TOTAL FUTURES CONTRACTS								$	229,633,326			$	1,323,131

1

This investment is a holding of Manteio Cayman Multialternative Strategy Fund, Ltd.

See accompanying Consolidated Notes to Financial Statements.

Mast Multialternative Strategy Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued

As of April 30, 2026 (Unaudited)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS

								Currency				Value At								Unrealized
				Currency		Settlement		Amount				Settlement				Value At				Appreciation
Purchase Contracts		Counterparty		Exchange		Date		Purchased				Date				April 30, 2026				(Depreciation)
Australian Dollar		Goldman Sachs		AUD per USD		5/20/2026		$	4,808,922			$	3,448,940			$	3,460,901			$	11,961
Brazilian Real		Goldman Sachs		BRL per USD		5/20/2026			6,445,936				1,283,154				1,294,798				11,644
British Pound		Goldman Sachs		GBP per USD		5/20/2026			4,988,609				6,758,843				6,788,085				29,242
Czech Koruna		Goldman Sachs		CZK per USD		5/20/2026			26,400,928				1,279,090				1,271,010				(8,080	)
Hungarian Forint		Goldman Sachs		HUF per USD		5/20/2026			394,484,094				1,272,571				1,269,785				(2,786	)
Mexican Peso		Goldman Sachs		MXN per USD		5/20/2026			22,175,275				1,280,359				1,267,245				(13,114	)
New Zealand Dollar		Goldman Sachs		NZD per USD		5/20/2026			1,761,811				1,039,386				1,041,514				2,128
Norwegian Krone		Goldman Sachs		NOK per USD		5/20/2026			8,038,783				859,024				867,500				8,476
Polish Zloty		Goldman Sachs		PLN per USD		5/20/2026			4,596,990				1,277,576				1,268,158				(9,418	)
Singapore Dollar		Goldman Sachs		SGD per USD		5/20/2026			1,621,890				1,278,174				1,276,132				(2,042	)
South African Rand		Goldman Sachs		ZAR per USD		5/20/2026			20,987,403				1,278,067				1,257,983				(20,084	)
Turkish Lira		Goldman Sachs		TRY per USD		5/20/2026			59,482,299				1,293,125				1,291,556				(1,569	)
													22,348,309				22,354,667				6,358

								Currency				Value At								Unrealized
				Currency		Settlement		Amount				Settlement				Value At				Appreciation
Sale Contracts		Counterparty		Exchange		Date		Sold				Date				April 30, 2026				(Depreciation)
Canadian Dollar		Goldman Sachs		CAD per USD		5/20/2026		$	(8,427,931	)		$	(6,151,025	)		$	(6,209,842	)		$	(58,817	)
Euro		Goldman Sachs		EUR per USD		5/20/2026			(2,212,745	)			(2,610,857	)			(2,599,559	)			11,298
Japanese Yen		Goldman Sachs		JPY per USD		5/20/2026			(385,190,290	)			(2,428,242	)			(2,464,847	)			(36,605	)
Swedish Krona		Goldman Sachs		SEK per USD		5/20/2026			(6,262,325	)			(683,752	)			(679,016	)			4,736
Swiss Franc		Goldman Sachs		CHF per USD		5/20/2026			(4,250,806	)			(5,443,688	)			(5,452,380	)			(8,692	)
Qatari Riyal		Goldman Sachs		QAR per USD		6/25/2026			(37,091,060	)			(10,164,525	)			(10,189,605	)			(25,080	)
Qatari Riyal		Societe Generale		QAR per USD		6/25/2026			(18,759,799	)			(5,142,904	)			(5,153,668	)			(10,764	)
United Arab Emirates Dirham		Societe Generale		AED per USD		6/30/2026			(56,270,272	)			(15,318,764	)			(15,320,974	)			(2,210	)
Israeli New Shekel		Goldman Sachs		ILS per USD		7/1/2026			(31,497,014	)			(9,984,554	)			(10,691,676	)			(707,122	)
													(57,928,311	)			(58,761,567	)			(833,256	)
TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS												$	(35,580,002	)		$	(36,406,900	)		$	(826,898	)

AED - United Arab Emirates Dirham

AUD - Australian Dollar

BRL - Brazilian Real

CAD - Canadian Dollar

CHF - Swiss Franc

CZK - Czech Koruna

EUR - Euro

GBP - British Pound

HUF - Hungarian Forint

ILS - Israeli New Shekel

JPY - Japanese Yen

MXN - Mexican Peso

NOK - Norwegian Krone

NZD - New Zealand Dollar

PLN - Polish Zloty

QAR - Qatari Riyal

SEK - Swedish Krona

SGD - Singapore Dollar

TRY - Turkish Lira

ZAR - South African Rand

See accompanying Consolidated Notes to Financial Statements.

Mast Funds

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

As of April 30, 2026 (Unaudited)

		Mast				Mast
		Managed Futures				Multialternative
		Strategy Fund				Strategy Fund
Assets:
Investments, at value (cost $25,219,684 and $181,288,026, respectively)		$	25,219,291			$	186,461,149
Foreign currency, at value (cost $0 and $1,095,123, respectively)			-				1,107,340
Unrealized appreciation on futures contracts			1,641,924				1,323,131
Cash			-				4,200,000
Cash deposited with brokers for options contracts			-				895,792
Cash deposited with brokers for futures contracts			6,215,874				14,244,594
Receivables:
Unrealized appreciation on open swap contracts			-				6,623,030
Unrealized appreciation on forward foreign currency exchange contracts			-				79,485
Fund shares sold			-				1,015
Dividends and interest			30,354				243,974
Reclaims receivable			-				43,324
Due from Advisor			2,623				-
Prepaid expenses			49,722				42,596
Total assets			33,159,788				215,265,430
Liabilities:
Written options contracts, at value (proceeds $0 and $82,919, respectively)			-				30,000
Foreign currency due to broker, at value (proceeds $74,334 and $798,156, respectively)			65,478				794,107
Payables:
Investment securities purchased			-				534,333
Fund shares redeemed			5,412				17,722
Unrealized depreciation on forward foreign currency exchange contracts			-				906,383
Unrealized depreciation on open swap contracts			-				6,649,183
Advisory fees			-				99,911
Distribution fees (Note 6)			200				351
Fund services fees			52,355				49,579
Sub-transfer agent fees			-				12,022
Auditing fees			15,627				15,377
Shareholder reporting fees			2,347				486
Chief Compliance Officer fees			1,433				1,995
Trustees' deferred compensation (Note 3)			5,154				5,358
Trustees' fees and expenses			1,480				2,738
Legal fees			7,564				-
Accrued other expenses			4,737				2,424
Total liabilities			161,787				9,121,969
Commitments and contingencies (Note 3)
Net Assets		$	32,998,001			$	206,143,461
Components of Net Assets:
Paid-in capital (no par value with an unlimited number of shares authorized)		$	75,846,878			$	215,473,339
Total distributable earnings (accumulated deficit)			(42,848,877	)			(9,329,878	)
Net Assets			32,998,001				206,143,461

See accompanying Notes to Consolidated Financial Statements.

Mast Funds

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES - Continued

As of April 30, 2026 (Unaudited)

		Mast				Mast
		Managed Futures				Multialternative
		Strategy Fund				Strategy Fund
Maximum Offering Price per Share:
Class A Shares:
Net assets applicable to shares outstanding		$	919,445			$	1,734,096
Shares of beneficial interest issued and outstanding			113,796				195,477
Redemption price per share1		$	8.08			$	8.87
Maximum sales charge (5.25% and 5.25%, respectively, of offering price)			0.45				0.49
Maximum offering price per share		$	8.53			$	9.36
Class C Shares:
Net assets applicable to shares outstanding		$	5,686			$	-
Shares of beneficial interest issued and outstanding			755				-
Offering and redemption price per share		$	7.532			$	-
Class I Shares:
Net assets applicable to shares outstanding		$	32,072,870			$	204,409,365
Shares of beneficial interest issued and outstanding			3,934,799				24,071,669
Offering and redemption price per share		$	8.15			$	8.49

1

Purchases of Class A shares of $1 million or more may be subject to a 1.00% deferred sales charge on redemptions within 12 months of purchase.

2

Purchases of Class C shares are subject to a 1.00% deferred sales charge on redemptions within 12 months of purchase.

See accompanying Notes to Consolidated Financial Statements.

Mast Funds

CONSOLIDATED STATEMENTS OF OPERATIONS

For the Six Months Ended April 30, 2026 (Unaudited)

		Mast Managed Futures Strategy Fund				Mast Multialternative Strategy Fund
Investment income:
Dividends (net of foreign withholding taxes of $0 and $9,969, respectively)		$	-			$	311,209
Interest			587,234				2,152,422
Total investment income			587,234				2,463,631
Expenses:
Advisory fees			175,007				1,061,863
Distribution fees - Class A (Note 6)			1,209				2,059
Distribution fees - Class C (Note 6)			36				-
Fund services fees			101,930				121,702
Sub-transfer agent fees			31,241				63,261
Registration fees			21,324				18,596
Shareholder reporting fees			3,997				5,397
Auditing fees			16,377				15,877
Chief Compliance Officer fees			3,955				5,455
Trustees' fees and expenses			18,877				19,380
Legal fees			15,397				16,397
Miscellaneous			3,089				2,089
Insurance fees			13,628				22,126
Total expenses			406,067				1,354,202
Advisory fees waived			(175,007	)			(453,482	)
Other expenses absorbed			(11,056	)			-
Fees paid indirectly (Note 3)			-				(30,793	)
Net expenses			220,004				869,927
Net investment income (loss)			367,230				1,593,704
Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments			-				7,748,892
Purchased options contracts			-				(638,096	)
Written options contracts			-				263,110
Swap contracts			-				4,217,052
Futures contracts			2,310,066				(3,776,336	)
Forward foreign currency contracts			-				778,184
Foreign currency transactions			(11,487	)			229,363
Total realized gain (loss)			2,298,579				8,822,169
Net change in unrealized appreciation (depreciation) on:
Investments			(14,648	)			897,741
Purchased options contracts			-				232,745
Written options contracts			-				52,919
Swap contracts			-				1,108,257
Futures contracts			113,119				674,146
Forward foreign currency contracts			-				(784,030	)
Foreign currency translations			12,948				20,001
Net change in unrealized appreciation (depreciation)			111,419				2,201,779
Net realized and unrealized gain (loss)			2,409,998				11,023,948
Net Increase (Decrease) in Net Assets from Operations		$	2,777,228			$	12,617,652

See accompanying Notes to Consolidated Financial Statements.

Mast Managed Futures Strategy Fund

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

		For the Six Months Ended April 30, 2026 (Unaudited)				For the Year Ended October 31, 2025
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)		$	367,230			$	3,364,574
Total realized gain (loss) on investments, swap contracts, futures contracts and foreign currency transactions			2,298,579				(13,529,715	)
Net change in unrealized appreciation (depreciation) on investments, swap contracts, futures contracts and foreign currency translations			111,419				1,406,815
Net increase (decrease) in net assets resulting from operations			2,777,228				(8,758,326	)
Distributions to Shareholders:
Distributions:
Class A			(22,278	)			(45,722	)
Class C			(143	)			(285	)
Class I			(821,326	)			(5,902,863	)
Total distributions to shareholders			(843,747	)			(5,948,870	)
Capital Transactions:
Net proceeds from shares sold:
Class A			8,177				353,529
Class I			11,088,620				60,935,702
Reinvestment of distributions:
Class A			21,889				43,467
Class C			143				285
Class I			266,597				5,554,953
Cost of shares redeemed:
Class A			(154,765	)			(7,382,927	)
Class C			(3,040	)			(8,777	)
Class I			(13,747,059	)			(212,757,485	)
Net increase (decrease) in net assets from capital transactions			(2,519,438	)			(153,261,253	)
Total increase (decrease) in net assets			(585,957	)			(167,968,449	)
Net Assets:
Beginning of period			33,583,958				201,552,407
End of period		$	32,998,001			$	33,583,958
Capital Share Transactions:
Shares sold:
Class A			1,018				43,260
Class I			1,420,103				7,619,774
Shares reinvested:
Class A			2,841				5,245
Class C			20				37
Class I			34,330				662,050
Shares redeemed:
Class A			(19,557	)			(877,616	)
Class C			(407	)			(1,255	)
Class I			(1,749,994	)			(26,437,290	)
Net increase (decrease) in capital share transactions			(311,646	)			(18,985,795	)

See accompanying Notes to Consolidated Financial Statements.

Mast Multialternative Strategy Fund

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

		For the Six Months Ended April 30, 2026 (Unaudited)				For the Year Ended October 31, 2025
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)		$	1,593,704			$	3,510,780
Total realized gain (loss) on investments, purchased options contracts, written options contracts, swap contracts, futures contracts, forward foreign currency contracts and foreign currency transactions			8,822,169				(2,155,230	)
Net change in unrealized appreciation (depreciation) on investments, purchased options contracts, written options contracts, swap contracts, futures contracts, forward foreign currency contracts and foreign currency translations			2,201,779				1,178,040
Net increase from payments by non-affiliate			-				394,857	1
Net increase (decrease) in net assets resulting from operations			12,617,652				2,928,447
Distributions to Shareholders:
Distributions:
Class A			(14,460	)			(122,446	)
Class I			(2,046,282	)			(26,067,924	)
Total distributions to shareholders			(2,060,742	)			(26,190,370	)
Capital Transactions:
Net proceeds from shares sold:
Class A			61,201				226,276
Class I			2,880,443				41,740,107
Reinvestment of distributions:
Class A			14,425				118,793
Class I			2,046,203				26,067,905
Cost of shares redeemed:
Class A			(18,737	)			(826,411	)
Class I			(20,244,480	)			(65,927,403	)
Net increase (decrease) in net assets from capital transactions			(15,260,945	)			1,399,267
Total increase (decrease) in net assets			(4,704,035	)			(21,862,656	)
Net Assets:
Beginning of period			210,847,496				232,710,152
End of period		$	206,143,461			$	210,847,496
Capital Share Transactions:
Shares sold:
Class A			7,212				26,530
Class I			354,816				5,072,410
Shares reinvested:
Class A			1,695				14,009
Class I			251,376				3,213,899
Shares redeemed:
Class A			(2,198	)			(95,117	)
Class I			(2,470,269	)			(7,762,901	)
Net increase (decrease) in capital share transactions			(1,857,368	)			468,830

1

Non-affiliate reimbursed the Fund $394,857 for errors during processing.

See accompanying Notes to Consolidated Financial Statements.

Mast Managed Futures Strategy Fund

CONSOLIDATED FINANCIAL HIGHLIGHTS

Class A

Per share operating performance.

For a capital share outstanding throughout each period.

		For the Six Months Ended April 30, 2026				For the Year Ended October 31,
		(Unaudited)				2025				20241				20232				20222				20212
Net asset value, beginning of period		$	7.64			$	8.48			$	9.35			$	12.11			$	10.88			$	9.14
Income from Investment Operations:
Net investment income (loss) 3			0.08				0.19				0.31				0.24				(0.08	)			(0.16	)
Net realized and unrealized gain (loss)			0.54				(0.80	)			(1.16	)			(1.16	)			2.14				1.90
Total from investment operations			0.62				(0.61	)			(0.85	)			(0.92	)			2.06				1.74
Less Distributions:
From net investment income			(0.18	)			(0.23	)			(0.02	)			(0.42	)			(0.83	)			-
From net realized gain			-				-				-				(1.42	)			-				-
Total distributions			(0.18	)			(0.23	)			(0.02	)			(1.84	)			(0.83	)			-
Net asset value, end of period		$	8.08			$	7.64			$	8.48			$	9.35			$	12.11			$	10.88
Total return4			8.24	%5			(7.33	)%			(9.06	)%			(8.15	)%			20.83	%			19.04	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	919			$	989			$	8,125			$	9,350			$	27,406			$	15,682
Ratio of expenses to average net assets:
Before fees waived and expenses absorbed			2.66	%6			1.83	%			1.68	%			1.57	%			1.55	%			1.57	%
After fees waived and expenses absorbed			1.55	%6			1.55	%			1.55	%			1.55	%			1.55	%			1.55	%
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed			0.83	%6			2.04	%			3.28	%			2.43	%			(0.68	)%			(1.55	)%
After fees waived and expenses absorbed			1.94	%6			2.32	%			3.41	%			2.45	%			(0.68	)%			(1.53	)%
Portfolio turnover rate7			0	%5			0	%			0	%			0	%			0	%			0	%

1

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

2

Audits performed for the fiscal years indicated by the Fund's previous auditor, Pricewaterhouse Coopers, LLP.

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

Not annualized.

6

Annualized.

7

Calculated at the Fund level.

See accompanying Notes to Consolidated Financial Statements.

Mast Managed Futures Strategy Fund

CONSOLIDATED FINANCIAL HIGHLIGHTS

Class C

Per share operating performance.

For a capital share outstanding throughout each period.

		For the Six Months Ended April 30, 2026				For the Year Ended October 31,
		(Unaudited)				2025				20241				20232				20222				20212
Net asset value, beginning of period		$	7.12			$	7.86			$	8.71			$	11.39			$	10.28			$	8.70
Income from Investment Operations:
Net investment income (loss)3			0.04				0.12				0.23				0.17				(0.16	)			(0.22	)
Net realized and unrealized gain (loss)			0.51				(0.74	)			(1.08	)			(1.10	)			2.02				1.80
Total from investment operations			0.55				(0.62	)			(0.85	)			(0.93	)			1.86				1.58
Less Distributions:
From net investment income			(0.14	)			(0.12	)			-				(0.33	)			(0.75	)			-
From net realized gain			-				-				-				(1.42	)			-				-
Total distributions			(0.14	)			(0.12	)			-				(1.75	)			(0.75	)			-
Net asset value, end of period		$	7.53			$	7.12			$	7.86			$	8.71			$	11.39			$	10.28
Total return4			7.82	%5			(7.98	)%			(9.76	)%			(8.80	)%			19.83	%			18.16	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	6			$	8			$	19			$	68			$	750			$	820
Ratio of expenses to average net assets:
Before fees waived and expenses absorbed			3.41	%6			2.58	%			2.43	%			2.32	%			2.30	%			2.32	%
After fees waived and expenses absorbed			2.30	%6			2.30	%			2.30	%			2.30	%			2.30	%			2.30	%
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed			0.08	%6			1.29	%			2.56	%			1.79	%			(1.52	)%			(2.30	)%
After fees waived and expenses absorbed			1.19	%6			1.57	%			2.69	%			1.81	%			(1.52	)%			(2.28	)%
Portfolio turnover rate7			0	%5			0	%			0	%			0	%			0	%			0	%

1

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

2

Audits performed for the fiscal years indicated by the Fund's previous auditor, Pricewaterhouse Coopers, LLP.

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

Not annualized.

6

Annualized.

7

Calculated at the Fund level.

See accompanying Notes to Consolidated Financial Statements.

Mast Managed Futures Strategy Fund

CONSOLIDATED FINANCIAL HIGHLIGHTS

Class I

Per share operating performance.

For a capital share outstanding throughout each period.

		For the Six Months Ended April 30, 2026				For the Year Ended October 31,
		(Unaudited)				2025				20241				20232				20222				20212
Net asset value, beginning of period		$	7.70			$	8.64			$	9.53			$	12.31			$	11.05			$	9.26
Income from Investment Operations:
Net investment income (loss)3			0.09				0.21				0.34				0.28				(0.06	)			(0.13	)
Net realized and unrealized gain (loss)			0.55				(0.80	)			(1.18	)			(1.19	)			2.18				1.92
Total from investment operations			0.64				(0.59	)			(0.84	)			(0.91	)			2.12				1.79
Less Distributions:
From net investment income			(0.19	)			(0.35	)			(0.05	)			(0.45	)			(0.86	)			-
From net realized gain			-				-				-				(1.42	)			-				-
Total distributions			(0.19	)			(0.35	)			(0.05	)			(1.87	)			(0.86	)			-
Net asset value, end of period		$	8.15			$	7.70			$	8.64			$	9.53			$	12.31			$	11.05
Total return4			8.38	%5			(7.06	)%			(8.87	)%			(7.92	)%			21.09	%			19.33	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	32,073			$	32,586			$	193,409			$	247,916			$	434,818			$	382,293
Ratio of expenses to average net assets:
Before fees waived and expenses absorbed			2.41	%6			1.58	%			1.43	%			1.32	%			1.30	%			1.32	%
After fees waived and expenses absorbed			1.30	%6			1.30	%			1.30	%			1.30	%			1.30	%			1.30	%
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed			1.08	%6			2.29	%			3.53	%			2.74	%			(0.52	)%			(1.30	)%
After fees waived and expenses absorbed			2.19	%6			2.57	%			3.66	%			2.76	%			(0.52	)%			(1.28	)%
Portfolio turnover rate7			0	%5			0	%			0	%			0	%			0	%			0	%

1

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

2

Audits performed for the fiscal years indicated by the Fund's previous auditor, Pricewaterhouse Coopers, LLP.

3

Based on average shares outstanding for the period.

4

Return is based on net asset value per share and adjusted for reinvestment of distributions.

5

Not annualized.

6

Annualized.

7

Calculated at the Fund level.

See accompanying Notes to Consolidated Financial Statements.

Mast Multialternative Strategy Fund

CONSOLIDATED FINANCIAL HIGHLIGHTS

Class A

Per share operating performance.

For a capital share outstanding throughout each period.

		For the Six Months Ended April 30, 2026				For the Year Ended October 31,
		(Unaudited)				2025				20241				20232				20222				20212
Net asset value, beginning of period		$	8.43			$	8.91			$	9.03	3		$	9.16	3		$	9.43	3		$	9.39	3
Income from Investment Operations:
Net investment income (loss) 4			0.06				0.12				0.27				0.25				0.04				(0.04	)
Net realized and unrealized gain (loss)			0.46				(0.05	)			(0.17	)			(0.15	)			0.49				1.24
Net increase from payments by (non-affiliate/affiliate, respectively)			-				0.025				0.02				-				-				-
Total from investment operations			0.52				0.09				0.12				0.10				0.53				1.20
Less Distributions:
From net investment income			(0.08	)			(0.57	)			(0.12	)			(0.12	)			(0.80	)			(1.16	)
From net realized gain			-				-				(0.12	)			(0.11	)			-				-
Total distributions			(0.08	)			(0.57	)			(0.24	)			(0.23	)			(0.80	)			(1.16	)
Net asset value, end of period		$	8.87			$	8.43			$	8.91			$	9.03	3		$	9.16	3		$	9.43	3
Total return6			6.17	%7			0.98	%5			1.38	%8			1.15	%			5.94	%			13.64	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	1,734			$	1,591			$	2,169			$	70,290			$	8,267			$	5,763
Ratio of expenses to average net assets:
Before fees waived and expenses absorbed			1.57	%9			1.54	%			1.50	%			1.48	%			1.68	%			2.51	%
After fees waived and expenses absorbed			1.10	%9			1.10	%			1.10	%			1.10	%			1.10	%			1.10	%
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed			0.84	%9			0.98	%			2.58	%			2.41	%			(0.11	)%			(1.83	)%
After fees waived and expenses absorbed			1.31	%9			1.42	%			2.98	%			2.79	%			0.47	%			(0.42	)%
Portfolio turnover rate10			172	%7			458	%			214	%			375	%			482	%			532	%

1

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

2

Audits performed for the fiscal years indicated by the Fund's previous auditor, Pricewaterhouse Coopers, LLP.

3

Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon net asset values may differ from the net asset values and returns for shareholder transactions.

4

Based on average shares outstanding for the period.

5

Non-affiliate reimbursed the Fund $394,857 for errors during processing. The payment from non-affiliate was not made, total return would have been 0.74% for Class A.

6

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

7

Not annualized.

8

During the year ended October 31, 2024, the Advisor reimbursed the Fund for a trading error in the amount of $1,091,024. If payment from Advisor was not made, total return would have been (4.42)% for Class A.

9

Annualized.

10

Calculated at the Fund level.

See accompanying Notes to Consolidated Financial Statements.

Mast Multialternative Strategy Fund

CONSOLIDATED FINANCIAL HIGHLIGHTS

Class I

Per share operating performance.

For a capital share outstanding throughout each period.

		For the Six Months Ended April 30, 2026				For the Year Ended October 31,
		(Unaudited)				2025				20241				20232				20222				20212
Net asset value, beginning of period		$	8.07			$	9.07			$	9.19	3		$	9.32			$	9.58	3		$	9.53	3
Income from Investment Operations:
Net investment income (loss)4			0.06				0.14				0.30				0.28				0.10				(0.02	)
Net realized and unrealized gain (loss)			0.44				(0.05	)			(0.19	)			(0.15	)			0.46				1.25
Net increase from payments by (non-affiliate/affiliate, respectively)			-				0.025				0.03				-				-				-
Total from investment operations			0.50				0.11				0.14				0.13				0.56				1.23
Less Distributions:
From net investment income			(0.08	)			(1.11	)			(0.14	)			(0.15	)			(0.82	)			(1.18	)
From net realized gain			-				-				(0.12	)			(0.11	)			-				-
Total distributions			(0.08	)			(1.11	)			(0.26	)			(0.26	)			(0.82	)			(1.18	)
Net asset value, end of period		$	8.49			$	8.07			$	9.07			$	9.19	3		$	9.32			$	9.58	3
Total return6			6.27	%7			1.24	%5			1.62	%8			1.39	%			6.25	%			13.87	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	204,409			$	209,256			$	230,541			$	326,370			$	262,187			$	18,749
Ratio of expenses to average net assets:
Before fees waived and expenses absorbed			1.32	%9			1.29	%			1.25	%			1.23	%			1.43	%			2.26	%
After fees waived and expenses absorbed			0.85	%9			0.85	%			0.85	%			0.85	%			0.85	%			0.85	%
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed			1.09	%9			1.23	%			2.84	%			2.68	%			0.55	%			(1.57	)%
After fees waived and expenses absorbed			1.56	%9			1.66	%			3.24	%			3.06	%			1.13	%			(0.16	)%
Portfolio turnover rate10			172	%7			458	%			214	%			375	%			482	%			532	%

1

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

2

Audits performed for the fiscal years indicated by the Fund's previous auditor, Pricewaterhouse Coopers, LLP.

3

Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon net asset values may differ from the net asset values and returns for shareholder transactions.

4

Based on average shares outstanding for the period.

5

Non-affiliate reimbursed the Fund $394,857 for errors during processing. If payment from non-affiliate was not made, total return would have been 0.99% for Class I.

6

Return is based on net asset value per share and adjusted for reinvestment of distributions.

7

Not annualized.

8

During the year ended October 31, 2024, the Advisor reimbursed the Fund for a trading error in the amount of $1,091,024. If payment from Advisor was not made, total return would have been 1.17% for Class I.

9

Annualized.

10

Calculated at the Fund level.

See accompanying Notes to Consolidated Financial Statements.

Mast Funds

Notes to Consolidated Financial Statements

April 30, 2026 (Unaudited)

Note 1 - Organization

Mast Managed Futures Strategy Fund (the "Managed Futures Strategy Fund") and Mast Multialternative Strategy Fund (the "Multialternative Strategy Fund") (each a "Fund" and collectively the "Funds") are organized as a non-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"). Manteio Scalable Technologies LLC (the "Advisor") serves as the investment advisor to the Funds and is a registered commodity pool operator with respect to the Funds.

The Managed Futures Strategy Fund's investment objective is to seek absolute returns that have a low correlation to the returns of broad stock and bond markets. The Fund currently has three classes of shares: Class A Shares, Class C Shares, and Class I Shares.

The Multialternative Strategy Fund's investment objective is to seek positive absolute returns. The Fund currently has two classes of shares: Class A Shares and Class I Shares.

On November 22, 2024, the Managed Futures Strategy Fund acquired the assets and assumed the liabilities of the Credit Suisse Managed Futures Strategy Fund, a series of Credit Suisse Opportunity Funds (the "Managed Futures Predecessor Fund"), which offered three classes of shares, Class A shares, Class C shares and Class I shares, in a tax-free reorganization as set out in the Agreement and Plan of Reorganization. The Agreement and Plan of Reorganization was approved by the Trust's Board on August 14, 2025. The Managed Future Predecessor Fund's Board approved the Agreement and Plan of Reorganization on August 15, 2025. As a result of the reorganization, the Managed Futures Strategy Fund assumed the performance and accounting history of the Managed Futures Predecessor Fund. Financial information included for the dates prior to the reorganization is that of the Managed Futures Predecessor Fund.

The reorganization was accomplished by the following tax-free exchange in which each shareholder of the Managed Futures Predecessor Fund received the same aggregate share net asset value in the corresponding classes of the Managed Futures Strategy Fund as noted below:

	Shares Issued	Net Assets
Class A Shares	976,395	8,324,703
Class C Shares	2,360	18,644
Class I Shares	20,381,321	177,156,432

The net unrealized depreciation of investments transferred was $820,601 as of the date of acquisition.

On November 22, 2024, the Multialternative Strategy Fund acquired the assets and assumed the liabilities of the Credit Suisse Multialternative Strategy Fund, a series of Credit Suisse Opportunity Funds (the "Multialternative Predecessor Fund"), which offered two classes of shares, Class A shares and Class I shares, in a tax-free reorganization as set out in the Agreement and Plan of Reorganization. The Agreement and Plan of Reorganization was approved by the Trust's Board on August 14, 2025. The Multialternative Predecessor Fund's Board approved the Agreement and Plan of Reorganization on August 15, 2025. As a result of the reorganization, the Multialternative Strategy Fund assumed the performance and accounting history of the Multialternative Predecessor Fund. Financial information included for the dates prior to the reorganization is that of the Multialternative Predecessor Fund.

Mast Funds

Notes to Consolidated Financial Statements - Continued

April 30, 2026 (Unaudited)

The reorganization was accomplished by the following tax-free exchange in which each shareholder of the Multialternative Predecessor Fund received the same aggregate share net asset value in the corresponding classes of the Multialternative Strategy Fund as noted below:

	Shares Issued	Net Assets
Class A Shares	226,731	2,051,228
Class I Shares	24,288,704	223,720,052

The net unrealized appreciation of investments transferred was $3,350,132 as of the date of acquisition.

On December 30, 2025, the Trust's Board approved, based on the recommendation of the Advisor, to change the name of the Manteio Managed Futures Strategy Fund to the Mast Managed Futures Strategy Fund and the Manteio Multialternative Strategy Fund to the Mast Multialternative Strategy Fund.

Each 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".

Each Fund is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The

objective and strategy of each Fund is used by the Advisor to make investment decisions, and the results of the operations, as shown on the Consolidated Statements of Operations and the Consolidated Financial Highlights for each Fund is the information utilized for the day-to-day management of the Funds. Each Fund is party to the expense agreements as disclosed in the Notes to Consolidated Financial Statements and there are no resources allocated to a Fund based on performance measurements. The management of the Funds' Advisor is deemed to be the Chief Operating Decision Maker with respect to the Funds' investment decisions.

(a) Consolidation of Subsidiary

Each Fund may invest up to 25% of its total assets in the shares of its respective wholly-owned and controlled subsidiary, Manteio Cayman Managed Futures Strategy Fund, Ltd. and Manteio Cayman Multialternative Strategy Fund, Ltd. (each, a "Subsidiary"). Each Subsidiary is an exempted company incorporated with limited liability under the laws of the Cayman Islands and is overseen by its own board of directors. The Consolidated Schedule of Investments, Consolidated Statements of Assets and Liabilities, Consolidated Statements of Operations, Consolidated Statements of Changes in Net Assets and Consolidated Financial Highlights of each Fund include the accounts of its respective Subsidiary. All inter-company accounts and transactions have been eliminated in the consolidation for each Fund. Each Subsidiary is advised by the Advisor, and has the same investment objective as the corresponding Fund. Each Subsidiary invests primarily in commodity-linked derivative instruments, including swaps, commodity options, futures and options on futures. As of April 30, 2026, total assets of the Managed Futures Strategy Fund were $33,159,788 of which $6,930,193, or approximately 20.9%, represented the Fund's ownership of the shares of the Fund's Subsidiary. As of April 30, 2026, total assets of the Multialternative Strategy Fund were $215,265,430 of which $31,597,830, or approximately 14.7%, represented the Fund's ownership of the shares of the Fund's Subsidiary.

Note 2 - Accounting Policies

The following is a summary of the significant accounting policies consistently followed by the Funds 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.

Mast Funds

Notes to Consolidated Financial Statements - Continued

April 30, 2026 (Unaudited)

(a) Valuation of Investments

The Funds value 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 Funds' might reasonably expect to receive for the security upon its current sale). The Board of Directors has designated the Advisor as the Funds' valuation designee (the "Valuation Designee") to make all fair value determinations with respect to the Funds' portfolio investments, subject to the Board's oversight. As the Valuation Designee, the Advisor has adopted and implemented policies and procedures to be followed when the Fund's 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 Consolidated Statements of Operations. Withholding tax reclaims are filed in certain countries to recover a portion of the amounts previously withheld. The Funds record 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 Funds 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.

(c) Foreign Currency Translation

The Funds' records are maintained in U.S. dollars. The value of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the reporting period. The currencies are translated into U.S. dollars by using the exchange rates quoted as of 4:00 PM Eastern Standard Time. Purchases and sales of investment securities, income and expenses are translated on the respective dates of such transactions.

The Funds do not isolate that portion of their net realized and unrealized gains and losses on investments resulting from changes in foreign exchange rates from the impact arising from changes in market prices. Such fluctuations are included with net realized and unrealized gain or loss from investments and foreign currency.

Net realized foreign currency transaction gains and losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the differences between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency translation gains and losses arise from changes in the value of assets and liabilities, other than investments in securities, resulting from changes in the exchange rates.

Mast Funds

Notes to Consolidated Financial Statements - Continued

April 30, 2026 (Unaudited)

(d) Swaps

The Funds may enter into interest rate, currency and index swaps and the purchase or sale of related caps, floors and collars. Each Fund may enter into these transactions to preserve a return or spread on a particular investment or portion of its portfolio, to protect against currency fluctuations or to protect against any increase in the price of securities it anticipates purchasing at a later date. Swaps may be used in conjunction with other instruments to offset interest rate, currency or other underlying risks. For example, interest rate swaps may be offset with "caps," "floors" or "collars". A "cap" is essentially a call option which places a limit on the amount of floating rate interest that must be paid on a certain principal amount. A "floor" is essentially a put option which places a limit on the minimum amount that would be paid on a certain principal amount. A "collar" is essentially a combination of a long cap and a short floor where the limits are set at different levels.

A Fund will usually enter into swaps on a net basis; that is, the two payment streams will be netted out in a cash settlement on the payment date or dates specified in the instrument, with the Fund receiving or paying, as the case may be, only the net amount of the two payments.

Total Return Swaps. The Funds may enter into total return swaps for investment purposes. Total return swaps are contracts in which one party agrees to make periodic payments based on the change in market value of the underlying assets, which may include a specified security, basket of securities or security indexes during the specified period, in return for periodic payments based on a fixed or variable interest rate of the total return from other underlying assets. Total return swaps may be used to obtain exposure to a security or market without owning or taking physical custody of such security or market, including in cases in which there may be disadvantages associated with direct ownership of a particular security. In a typical total return equity swap, payments made by a Fund or the counterparty are based on the total return of a particular reference asset or assets (such as an equity security, a combination of such securities, or an index). That is, one party agrees to pay another party the return on a stock, basket of stocks, or stock index in return for a specified interest rate. By entering into an equity index swap, for example, the index receiver can gain exposure to stocks making up the index of securities without actually purchasing those stocks. Total return swaps involve not only the risk associated with the investment in the underlying securities, but also the risk of the counterparty not fulfilling its obligations under the agreement.

Credit Default Swaps. The Funds may enter into credit default swaps for investment purposes. A credit default swap may have as reference obligations one or more securities that are not currently held by the Funds. The Funds may be either the buyer or seller in the transaction. Credit default swaps may also be structured based on the debt of a basket of issuers, rather than a single issuer, and may be customized with respect to the default event that triggers purchase or other factors. As a seller, a Fund would generally receive an upfront payment or a fixed rate of income throughout the term of the swap, which typically is between six months and three years, provided that there is no credit event. If a credit event occurs, generally the seller must pay the buyer the full face amount of deliverable obligations of the reference obligations that may have little or no value. If a Fund were a buyer and no credit event occurs, the Funds would recover nothing if the swap is held through its termination date. However, if a credit event occurs, the buyer may elect to receive the full notional value of the swap in exchange for an equal face amount of deliverable obligations of the reference obligation that may have little or no value. The use of swaps by a Fund entails certain risks, which may be different from, or possibly greater than, the risks associated with investing directly in the securities and other investments that are the referenced asset for the swaps. Swaps are highly specialized instruments that require investment techniques, risk analyses, and tax planning different from those associated with stocks, bonds, and other traditional investments. The use of a swap requires an understanding not only of the referenced asset, reference rate, or index, but also of the swap itself, without the benefit of observing the performance of the swap under all the possible market conditions. Because some swaps have a leverage component, adverse changes in the value or level of the underlying asset, reference rate, or index can result in a loss substantially greater than the amount invested in the swap itself. Certain swaps have the potential for unlimited loss, regardless of the size of the initial investment.

Mast Funds

Notes to Consolidated Financial Statements - Continued

April 30, 2026 (Unaudited)

Each Fund may also purchase credit default swaps in order to hedge against the risk of default of the debt of a particular issuer or basket of issuers, in which case the Fund would function as the counterparty referenced in the preceding paragraph. This would involve the risk that the investment may expire worthless and would only generate income in the event of an actual default by the issuer(s) of the underlying obligation(s) (or, as applicable, a credit downgrade or other indication of financial instability). It would also involve the risk that the seller may fail to satisfy its payment obligations to the Fund in the event of a default. The purchase of credit default swaps involves costs, which will reduce the Fund's return.

Currency Swaps. The Funds may enter into currency swaps for investment purposes. Currency swaps are similar to interest rate swaps, except that they involve multiple currencies. A Fund may enter into a currency swap when it has exposure to one currency and desires exposure to a different currency. Typically, the interest rates that determine the currency swap payments are fixed, although occasionally one or both parties may pay a floating rate of interest. Unlike an interest rate swap, however, the principal amounts are exchanged at the beginning of the contract and returned at the end of the contract. In addition to paying and receiving amounts at the beginning and termination of the agreements, both sides will also have to pay in full periodically based upon the currency they have borrowed. Change in foreign exchange rates and changes in interest rates, as described above, may negatively affect currency swaps.

Interest Rate Swaps. Each Fund may enter into an interest rate swap in an effort to protect against declines in the value of fixed income securities held by the Fund. In such an instance, the Fund may agree to pay a fixed rate (multiplied by a notional amount) while a counterparty agrees to pay a floating rate (multiplied by the same notional amount). If interest rates rise, resulting in a diminution in the value of the Fund's portfolio, the fund would receive payments under the swap that would offset, in whole or in part, such diminution in value.

Options on Swaps. Each Fund may enter into options on swaps. An option on a swap, or a "swaption," is a contract that gives a counterparty the right (but not the obligation) to enter into a new swap or to shorten, extend, cancel or otherwise modify an existing swap, at some designated future time on specified terms. In return, the purchaser pays a "premium" to the seller of the contract. The seller of the contract receives the premium and bears the risk of unfavorable changes on the underlying swap. The Funds may write (sell) and purchase put and call swaptions. Each Fund may also enter into swaptions on either an asset-based or liability-based basis, depending on whether the Fund is hedging its assets or its liabilities. Each Fund may write (sell) and purchase put and call swaptions to the same extent it may make use of standard options on securities or other instruments. A Fund may enter into these transactions primarily to preserve a return or spread on a particular investment or portion of its holdings, as a duration management technique, to protect against an increase in the price of securities the Fund anticipates purchasing at a later date, or for any other purposes, such as for speculation to increase returns. Swaptions are generally subject to the same risks involved in the Fund's use of options.

Depending on the terms of the particular option agreement, a Fund will generally incur a greater degree of risk when it writes a swaption than it will incur when it purchases a swaption. When a Fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However, when a Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of the underlying agreement.

Mast Funds

Notes to Consolidated Financial Statements - Continued

April 30, 2026 (Unaudited)

(e) Futures Contracts

The Funds may use interest rate, foreign currency, index and other futures contracts. The Funds may use options on futures contracts. A futures contract provides for the future sale by one party and purchase by another party of a specified quantity of the security or other financial instrument at a specified price and time. A futures contract on an index is an agreement pursuant to which two parties agree to take or make delivery of an amount of cash equal to the difference between the value of the index at the close of the last trading day of the contract and the price at which the index contract originally was written. Although the value of an index might be a function of the value of certain specified securities, physical delivery of these securities is not always made. A public market exists in futures contracts covering a number of indexes, as well as financial instruments, including, without limitation: U.S. Treasury bonds; U.S. Treasury notes; GNMA Certificates; three-month U.S. Treasury bills; 90-day commercial paper; bank certificates of deposit; Eurodollar certificates of deposit; the Australian dollar; the Canadian dollar; the British Pound; the Japanese Yen; the Swiss Franc; the Mexican Peso; and certain multinational currencies, such as the Euro. It is expected that other futures contracts will be developed and traded in the future.

The Funds may invest in stock index futures only as a substitute for a comparable market position in the underlying securities. A stock index future obligates the seller to deliver (and the purchaser to accept), effectively, an amount of cash equal to a specific dollar amount times the difference between the value of a specific stock index at the close of the last trading day of the contract and the price at which the agreement is made. No physical delivery of the underlying stocks in the index is made. With respect to stock indices that are permitted investments, the Fund intends to purchase and sell futures contracts on the stock index for which it can obtain the best price with consideration also given to liquidity.

(f) Forward Foreign Currency Contracts

The Funds may enter into forward currency exchange contracts in order to hedge against foreign currency exchange rate risks. A forward involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. The market value of the contract fluctuates with changes in currency exchange rates. The contract is marked-to-market daily and the change in market value is recorded by the Fund as an unrealized gain or loss. As foreign securities are sold, a portion of the contract is generally closed and the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Realized gains and losses from contract transactions are included as a component of net realized gains/(losses) from forward foreign currency contracts in the Consolidated Statements of Operations.

(g) Illiquid Securities

Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a Liquidity Risk Management Program ("LRMP") that requires, among other things, that the Funds limit their 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 Advisor, at any time determines that the value of illiquid securities held by a Fund exceeds 15% of its net asset value, the Advisor will take such steps as it considers appropriate to reduce them as soon as reasonably practicable in accordance with the Funds' written LRMP.

(h) 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.

Mast Funds

Notes to Consolidated Financial Statements - Continued

April 30, 2026 (Unaudited)

(i) Federal Income Taxes

The Funds intend 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 Funds.

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 Consolidated Statements of Operations.

The Income Tax Statement requires management of the Funds 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 April 30, 2026, and during the prior three open tax years, the Fund did not have a liability for any unrecognized tax benefits. The Funds have no examinations in progress and are 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.

(j) Distributions to Shareholders

The Funds will make distributions of net investment income quarterly 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 Funds, entered into an Investment Advisory Agreement (the "Agreement") with Manteio Scalable Technologies LLC. Under the terms of the Agreement, the Funds pay a monthly investment advisory fee to the Advisor based on each Fund's average daily net assets. The annual rates are listed by Fund in the table below. The Advisor has contractually agreed to waive its fees and/or pay for operating expenses of each Fund to ensure that the total annual fund operating expenses (excluding, as applicable, 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), professional fees related to services for the collection of foreign tax reclaims, expenses incurred in connection with any merger or reorganization, or extraordinary expenses such as litigation expenses) do not exceed the limits (as a percentage of average daily net assets) set forth below:

Mast Funds

Notes to Consolidated Financial Statements - Continued

April 30, 2026 (Unaudited)

	Contractual Advisory	Total Limit on Annual Operating Expenses
	Fees	Class A	Class C	Class I
Managed Futures Strategy Fund	1.04%	1.55%	2.30%	1.30%
Multialternative Strategy Fund	1.04%	1.10%	N/A	0.85%

In addition, the Advisor has agreed to voluntarily waive its advisory fees by 0.19% to 0.85% for Multialternative Strategy Fund until November 22, 2026, and it will not seek recoupment of the voluntary advisory fees waived. The agreement to limit annual operating expenses is in effect through February 28, 2027, with respect to each Fund and it may only be terminated or amended prior to the end of the term with the approval of the Trust's Board of Trustees. Any reduction in advisory fees or payment of a Fund's expenses made by the Advisor in a fiscal year may be reimbursed by the Fund for a period ending three years after the date of reduction or payment if the Advisor so requests. This reimbursement may be requested from a Fund if the reimbursement will not cause the Fund's annual expense ratio to exceed the lesser of (a) the expense limitation in effect at the time such fees were waived or payments made, or (b) the expense limitation in effect at the time of the reimbursement. However, the reimbursement amount may not exceed the total amount of fees waived and/or Fund expenses paid by the Advisor and will not include any amounts previously reimbursed to the Advisor by the Fund. Any such reimbursement is contingent upon the Board's subsequent review of the reimbursed amounts. A Fund must pay current ordinary operating expenses before the Advisor is entitled to any reimbursement of fees and/or Fund expenses. For the six months ended April 30, 2026, the Advisor waived all or a portion of its advisory fee totaling $175,007 for the Managed Futures Strategy Fund, and $453,482 for the Multialternative Strategy Fund of which $193,994 was the voluntary waived advisory fee portion that the Advisor will not seek recoupment. These potential recoverable amounts are noted as "Commitments and Contingencies" in the Consolidated Statements of Assets and Liabilities. The Advisor may recapture all or a portion of these amounts no later than the dates stated below:

		Managed Futures Strategy Fund				Multialternative Strategy Fund
October 31, 2028		$	311,375			$	443,586
October 31, 2029			186,063				259,488
Total		$	497,438			$	703,074

The Advisor is responsible for each Subsidiary's day-to-day business pursuant to an advisory agreement with each Subsidiary. Under this agreement, the Advisor provides each Subsidiary with the same type of management services, under substantially the same terms, as are provided to the Funds. The Subsidiary advisory agreement provides for automatic termination upon the termination of the investment advisory agreement with respect to each Fund. The Advisor receives no compensation for the services it provides to each Subsidiary.

UMB Fund Services, Inc. ("UMBFS") serves as the Funds' fund accountant, transfer agent and co-administrator; and Mutual Fund Administration, LLC ("MFAC") serves as the Funds' other co-administrator. UMB Bank, n.a., an affiliate of UMBFS, serves as the Funds' custodian. The Funds' allocated fees incurred for fund accounting, fund administration, transfer agency and custody services for the six months ended April 30, 2026 are reported as "Fund services fees" on the Consolidated Statements of Operations. The Funds have a fee agreement with their custodian, UMB Bank, N.A., which provides for custody fees to be reduced by earnings credit based on cash balances left on deposit with the custodian. For the six months ended April 30, 2026, the fees waived for the Managed Futures Strategy Fund and Multialternative Strategy Fund were $0 and $30,793, respectively. These amounts are shown as a reduction of expenses, "Fees paid indirectly" on the Consolidated Statements of Operations.

Mast Funds

Notes to Consolidated Financial Statements - Continued

April 30, 2026 (Unaudited)

Distribution Services, LLC, serves as the Funds' distributor (the "Distributor"). The Distributor does not receive compensation from the Fund for its distribution services except the distribution/service fees with respect to the shares of those classes for which a Rule 12b-1 distribution plan is effective. The Advisor pays the Distributor a fee for certain distribution-related services.

Certain trustees and officers of the Trust are employees of UMBFS or MFAC. The Funds do not compensate trustees and officers affiliated with the Funds' co-administrators. For the six months ended April 30, 2026, the Managed Futures Strategy Fund and Multialternative Strategy Fund 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 Consolidated Statements of Operations.

The Funds' 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 select various fund(s) in the Trust in which their deferred accounts shall be deemed to be invested. If a trustee elects to defer payment, the Plan provides for the creation of a deferred payment account. The Funds' liability for these amounts is adjusted for market value changes in the invested fund and remains a liability to the Funds until distributed in accordance with the Plan. The Trustees' Deferred compensation liability under the Plan constitutes a general unsecured obligation of the Funds and is disclosed in the Statements 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 Consolidated Statements of Operations.

Dziura Compliance Consulting, LLC provides Chief Compliance Officer ("CCO") services to the Trust. The Managed Futures Strategy Fund and Multialternative Strategy Fund allocated fees incurred for CCO services for the six months ended April 30, 2026 are reported on the Consolidated Statements of Operations.

Note 4 - Federal Income Taxes

At April 30, 2026, gross unrealized appreciation/(depreciation) of investments, based on cost for federal income tax purposes were as follows:

		Managed Futures Strategy Fund				Multialternative Strategy Fund
Cost of investments		$	25,219,684			$	192,312,126
Gross unrealized appreciation		$	1,106			$	5,249,416
Gross unrealized depreciation			(1,499	)			(11,130,393	)
Net unrealized appreciation/(depreciation)		$	(393	)		$	(5,880,977	)

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to wash sale loss and straddle loss deferrals.

Note 5 - Investment Transactions

For the six months ended April 30, 2026, purchases and sales of investments, excluding short-term investments, were as follows:

		Purchases				Sales
Managed Futures Strategy Fund		$	-			$	-
Multialternative Strategy Fund			140,888,078				125,444,516

Mast Funds

Notes to Consolidated Financial Statements - Continued

April 30, 2026 (Unaudited)

Note 6 - Distribution and Service (Rule 12b-1) Plan

The Trust has adopted a plan on behalf of the Funds pursuant to Rule 12b-1 which allows each Fund to pay distribution fees for the sale and distribution of its Class A shares and Class C shares and/or shareholder liaison service fees in connection with the provision of personal services to shareholders of Class A shares and Class C shares and the maintenance of their shareholder accounts. The 12b-1 Plan provides for the payment of such fees at the annual rate of up to 0.25% of average daily net assets attributable to Class A shares and up to 1.00% of average daily net assets attributable to Class C shares. Since these fees are paid out of each Fund's assets attributable to the Fund's Class A shares and Class C shares, these fees will increase the cost of your investment and, over time, may cost you more than paying other types of sales charges. The net income attributable to Class A shares and Class C shares will be reduced by the amount of distribution and shareholder liaison service fees and other expenses of a Fund associated with that class of shares. For the six months ended April 30, 2026, the Managed Futures Strategy Fund and Multialternative Strategy Fund distribution fees incurred are reported on the Consolidated Statements of Operations.

Note 7 - Indemnifications

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

Note 8 - 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.

Mast Funds

Notes to Consolidated Financial Statements - Continued

April 30, 2026 (Unaudited)

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 April 30, 2026, in valuing the Funds' assets carried at fair value:

Managed Futures Strategy Fund		Level 1				Level 2				Level 3**				Total
Assets
Investments
Short-Term Investments
Money Market Investments		$	10,861,587			$	-			$	-			$	10,861,587
Treasury Bills			-				14,357,704				-				14,357,704
Total Investments			10,861,587				14,357,704				-				25,219,291
Other Financial Instruments*
Futures Contracts			2,107,304				-				-				2,107,304
Total Assets		$	12,968,891			$	14,357,704			$	-			$	27,326,595
Liabilities
Other Financial Instruments*
Futures Contracts		$	465,380			$	-			$	-			$	465,380
Total Liabilities		$	465,380			$	-			$	-			$	465,380

*

Other financial instruments are derivative instruments such as futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

**

The Fund did not hold any Level 3 securities at period end.

Mast Funds

Notes to Consolidated Financial Statements - Continued

April 30, 2026 (Unaudited)

Multialternative Strategy Fund		Level 1				Level 2				Level 3**				Total
Assets
Investments
Common Stocks
Aerospace & Defense		$	647,702			$	-			$	-			$	647,702
Asset Management			8,193,194				-				-				8,193,194
Automotive			701,642				-				-				701,642
Banking			302,033				-				-				302,033
Biotech & Pharma			4,616,885				-				-				4,616,885
Chemicals			378,451				-				-				378,451
E-Commerce Discretionary			708,838				-				-				708,838
Electrical Equipment			1,942,594				-				-				1,942,594
Entertainment Content			4,806,963				-				-				4,806,963
Gas & Water Utilities			4,211,703				-				-				4,211,703
Health Care Facilities & Svcs			3,167,008				-				-				3,167,008
Home & Office Products			2,106,182				-				-				2,106,182
Home Construction			3,954,703				-				-				3,954,703
Household Products			786,420				-				-				786,420
Institutional Financial Svcs			646,777				-				-				646,777
Insurance			6,940,511				-				-				6,940,511
Internet Media & Services			2,197,929				-				-				2,197,929
Machinery			481,549				-				-				481,549
Medical Equipment & Devices			660,622				-				-				660,622
Metals & Mining			3,793,935				-				-				3,793,935
REIT			8,897,722				-				-				8,897,722
Retail - Discretionary			727,480				-				-				727,480
Semiconductors			11,469,146				-				-				11,469,146
Software			6,982,718				-				-				6,982,718
Technology Hardware			3,822,094				-				-				3,822,094
Technology Services			658,986				-				-				658,986
Transportation & Logistics			1,012,943				-				-				1,012,943
Short-Term Investments
Money Market Investments			76,367,960				-				-				76,367,960
Treasury Bills			-				25,276,459				-				25,276,459
Total Investments			161,184,690				25,276,459				-				186,461,149
Other Financial Instruments*
Forward Contracts			-				79,485				-				79,485
Futures Contracts			4,312,467				-				-				4,312,467
Swap Contracts			-				6,623,030				-				6,623,030
Total Assets		$	165,497,157			$	31,978,974			$	-			$	197,476,131
Liabilities
Other Financial Instruments*
Forward Contracts		$	-			$	906,383			$	-			$	906,383
Futures Contracts			2,989,336				-				-				2,989,336
Swap Contracts			-				6,649,183				-				6,649,183
Written Option Contracts			30,000				-				-				30,000
Total Liabilities		$	3,019,336			$	7,555,566			$	-			$	10,574,902

*

Other financial instruments are derivative instruments such as forward contracts, futures contracts, written options contracts and swap contracts. Forward contracts, futures contracts, written options contracts and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument.

**

The Fund did not hold any Level 3 securities at period end.

Note 9 - Derivatives and Hedging Disclosures

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

The effects of these derivative instruments on the Funds' financial position and financial performance as reflected in the Consolidated Statements of Assets and Liabilities and Consolidated Statements of Operations are presented in the tables below. The fair values of derivative instruments as of April 30, 2026, by risk category are as follows:

Managed Futures Strategy Fund
		Asset Derivatives						Liability Derivatives
Derivatives designated as non-hedging instruments		Consolidated Statements of Assets and Liabilities		Value				Consolidated Statements of Assets and Liabilities		Value
Commodity contracts		Unrealized appreciation on open futures contracts*		$	955,568			Unrealized depreciation on open futures contracts*		$	(398,321	)
Foreign exchange contracts		Unrealized appreciation on open futures contracts*			100,482			Unrealized depreciation on open futures contracts*			(44,877	)
Index contracts		Unrealized appreciation on open futures contracts*			382,790			Unrealized depreciation on open futures contracts*			(22,182	)
Interest rate contracts		Unrealized appreciation on open futures contracts*			668,464			Unrealized depreciation on open futures contracts*			-
Total				$	2,107,304					$	(465,380	)

*

Includes cumulative appreciation/(depreciation) on futures contracts as reported on the Consolidated Schedule of Investments.

Mast Funds

Notes to Consolidated Financial Statements - Continued

April 30, 2026 (Unaudited)

Multialternative Strategy Fund
		Asset Derivatives						Liability Derivatives
Derivatives designated as non-hedging instruments		Consolidated Statements of Assets and Liabilities		Value				Consolidated Statements of Assets and Liabilities		Value
Commodity contracts		Unrealized appreciation on open futures contracts*		$	3,722,262			Unrealized depreciation on open futures contracts*		$	(1,693,839	)
Foreign exchange contracts		Unrealized appreciation on open futures contracts*			41,079			Unrealized depreciation on open futures contracts*			(17,318	)
Index contracts		Unrealized appreciation on open futures contracts*			364,897			Unrealized depreciation on open futures contracts*			(477,002	)
Index contracts		Unrealized appreciation on written option contracts			-			Unrealized depreciation on written option contracts			(30,000	)
Interest rate contracts		Unrealized appreciation on open futures contracts*			184,229			Unrealized depreciation on open futures contracts*			(801,177	)
Foreign exchange contracts		Unrealized appreciation on forward foreign currency exchange contracts			79,485			Unrealized depreciation on forward foreign currency exchange contracts			(906,383	)
Mixed: Commodity, interest rate, equity and foreign exchange contracts		Unrealized appreciation on total return swap contracts			6,623,030			Unrealized depreciation on total return swap contracts			(6,649,183	)
Total				$	11,014,982					$	(10,574,902	)

*

Includes cumulative appreciation/(depreciation) on futures contracts as reported on the Consolidated Schedule of Investments.

Mast Funds

Notes to Consolidated Financial Statements - Continued

April 30, 2026 (Unaudited)

The effects of derivative instruments on the Consolidated Statements of Operations for the six months ended April 30, 2026, are as follows:

Managed Futures Strategy Fund

Amount of Realized Gain or (Loss) on Derivatives Recognized in the Consolidated Statements of Operations

Derivatives designated as non-hedging instruments		Futures Contracts				Total
Commodity contracts		$	2,814,723			$	2,814,723
Foreign exchange contracts			(487,068	)			(487,068	)
Index contracts			274,628				274,628
Interest rate contracts			(292,217	)			(292,217	)
Total		$	2,310,066			$	2,310,066

Multialternative Strategy Fund

Amount of Realized Gain or (Loss) on Derivatives Recognized in the Consolidated Statements of Operations

Derivatives designated as non-hedging instruments		Futures Contracts				Forward Foreign Currency Exchange Contracts				Swap Contracts				Purchased Options Contracts				Written Options Contracts				Total
Commodity contracts		$	(4,826,171	)		$	-			$	-			$	-			$	-			$	(4,826,171	)
Index contracts			1,040,322				-				-				(638,096	)			263,110				665,336
Interest rate contracts			222,231				-				-				-				-				222,231
Foreign exchange contracts			(212,718	)			778,184				-				-				-				565,466
Mixed: Commodity, interest rate, equity and foreign exchange contracts			-				-				4,217,052				-				-				4,217,052
Total		$	(3,776,336	)		$	778,184			$	4,217,052			$	(638,096	)		$	263,110			$	843,914

Managed Futures Strategy Fund

Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income

Derivatives designated as non-hedging instruments		Futures Contracts				Total
Commodity contracts		$	(104,094	)		$	(104,094	)
Foreign exchange contracts			(224,748	)			(224,748	)
Index contracts			530,761				530,761
Interest rate contracts			(88,800	)			(88,800	)
Total		$	113,119			$	113,119

Mast Funds

Notes to Consolidated Financial Statements - Continued

April 30, 2026 (Unaudited)

Multialternative Strategy Fund

Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income

Derivatives designated as non-hedging instruments		Futures Contracts				Forward Foreign Currency Exchange Contracts				Swap Contracts				Purchased Options Contracts				Written Options Contracts				Total
Commodity contracts		$	1,995,294			$	-			$	-			$	-			$	-			$	1,995,294
Index contracts			(953,397	)			-				-				232,745				52,919				(667,733	)
Interest rate contracts			(295,278	)			-				-				-				-				(295,278	)
Foreign exchange contracts			(72,473	)			(784,030	)			-				-				-				(856,503	)
Mixed: Commodity, interest rate, equity and foreign exchange contracts			-				-				1,108,257				-				-				1,108,257
Total		$	674,146			$	(784,030	)		$	1,108,257			$	232,745			$	52,919			$	1,284,037

The average quarterly volume of derivative instruments held by the Funds during the six months ended April 30, 2026 are as follows:

Managed Futures Strategy Fund
				Notional Value
Commodity contracts		Long futures contracts		$	17,906,747
		Short futures contracts			(8,152,183	)
Index contracts		Long futures contracts			9,687,051
Interest rate contracts		Long futures contracts			8,102,015
		Short futures contracts			(51,247,945	)
Foreign exchange contracts		Long futures contracts			17,751,110
		Short futures contracts			(9,302,127	)

Multialternative Strategy Fund
				Notional Value
Commodity contracts		Long futures contracts		$	75,073,251
		Short futures contracts			(53,444,286	)
Equity contracts		Open total return swap contracts			570,858,964
Index contracts		Long futures contracts			33,801,381
		Short futures contracts			(13,663,921	)
		Purchased options contracts - long			37,365,000
		Purchased options contracts - short			10,846,000
		Written options contracts - short			(3,503,333	)
Interest rate contracts		Long futures contracts			140,042,388
		Short futures contracts			(57,700,496	)
Foreign exchange contracts		Long futures contracts			5,323,515
		Short futures contracts			(2,972,205	)
		Long forward contracts			23,763,842
		Short forward contracts			(33,081,027	)

Mast Funds

Notes to Consolidated Financial Statements - Continued

April 30, 2026 (Unaudited)

Note 10 - 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 Derivative Association ("ISDA") Master Agreements or other Master Netting Agreements which are the standard contracts governing most derivative transactions between the Funds and each of its counterparties. These agreements allow the Funds 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 Funds' 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 Funds from its counterparties are not fully collateralized contractually or otherwise, the Funds bear the risk of loss from counterparty non-performance.

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

Multialternative Strategy Fund

								Amounts Not Offset in Consolidated Statements of Assets and Liabilities
Description		Counterparty		Gross Amounts Recognized in the Consolidated Statements of Assets and Liabilities				Financial Instruments*				Cash Collateral*				Net Amount
Unrealized appreciation on open swap contracts - asset		Barclays Bank PLC		$	171,199			$	-			$	-			$	171,199
Unrealized depreciation on open swap contracts - liability		Barclays Bank PLC			(57,032	)			-				-				(57,032	)
Unrealized appreciation on open swap contracts - liability		BNP Paribas			930,485				-				-				930,485
Unrealized depreciation on open swap contracts - liability		BNP Paribas			(1,496,831	)			-				-				(1,496,831	)
Unrealized appreciation on open swap contracts - asset		Goldman Sachs & Co. LLC			3,243,682				-				-				3,243,682
Unrealized depreciation on open swap contracts - liability		Goldman Sachs & Co. LLC			(3,121,421	)			-				-				(3,121,421	)
Unrealized appreciation on open swap contracts - asset		Macquarie Bank Ltd.			25,785				-				-				25,785
Unrealized depreciation on open swap contracts - liability		Macquarie Bank Ltd.			(142,118	)			-				-				(142,118	)
Unrealized appreciation on open swap contracts - liability		Societe Generale			2,251,879				-				-				2,251,879
Unrealized depreciation on open swap contracts - liability		Societe Generale			(1,831,781	)			-				-				(1,831,781	)

*

Amounts relate to master netting agreements and collateral agreements (for example, ISDA) which have been determined by the Advisor to be legally enforceable in the event of default and where certain other criteria are met in accordance with applicable offsetting accounting guidance.

Mast Funds

Notes to Consolidated Financial Statements - Continued

April 30, 2026 (Unaudited)

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.

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 of income taxes paid disaggregated by jurisdiction. The standard is an annual disclosure requirement and Fund Management is evaluating the impacts of these changes to the Funds' financial statements.

Note 13 - Events Subsequent to the Fiscal Period End

The Funds have 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 Funds' related events and transactions that occurred through the date of issuance of the Funds' financial statements.

Mast Funds

Notes to Consolidated Financial Statements - Continued

April 30, 2026 (Unaudited)

Based on the recommendation of the Advisor, the Board of Trustees of the Trust approved the reorganization of the Mast Managed Futures Strategy Fund (the "Fund") into an exchange-traded fund (the "Reorganization"). The Reorganization of the Fund is subject to approval by its shareholders and will occur pursuant to an Agreement and Plan of Reorganization whereby the Fund will transfer all of its assets and liabilities to the Mast HedgeIndex Managed Futures Strategy ETF (the "ETF"), a newly created series of the Trust.

There will be no change in the Fund's investment objective or portfolio management in connection with the Reorganization, and the ETF will have substantially similar investment strategies as the Fund. Following the Reorganization, the Advisor will serve as the investment advisor to the ETF. The Reorganization is not generally expected to result in the recognition of gain or loss by the Fund or its shareholders for U.S. federal income tax purposes (except with respect to cash received by shareholders in lieu of fractional shares, if any, or with respect to redemptions of shares held through an account that is not permitted to hold ETF shares may result in the recognition of gain or loss for federal tax purposes). The costs of the Reorganization will be borne by the Advisor.

At the meeting held on May 22, 2026, shareholders of the Fund approved the Reorganization and the results of the shareholder meeting are as follows:

	Shares Voted	% of Voted	% of Total
For	2,978,176.096	99.952%	72.014%
Against	331.374	0.011%	0.008%
Abstain/Withheld	1,105.308	0.037%	0.026%
Total	2,979,612.778	100.000%	72.048%

The Reorganization is expected to take effect in the third quarter of 2026.

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

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. Not Applicable.

(a)

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

(a)

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

(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	7/9/26

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	7/9/26
By (Signature and Title)	/s/ Rita Dam
	Rita Dam, Treasurer and Principal Financial Officer
Date	7/9/26