Try running the following macro from your List document - which should be saved in the docm format.
Sub Demo()
Application.ScreenUpdating = False
Dim DocSrc As Document, DocTgt As Document, iShp As InlineShape
Dim FlList As String, FlNm As String, i As Long
Const StrPath As String = "C:\Users\Desktop\Images\"
Set DocSrc = ActiveDocument
With Dialogs(wdDialogFileOpen)
If .Show = False Then Exit Sub
End With
Set DocTgt = ActiveDocument
FlList = DocSrc.Range.Text
With DocTgt.Range.Find
.ClearFormatting
With .Replacement
.ClearFormatting
.Font.ColorIndex = wdRed
.Font.Bold = True
.Font.Italic = True
End With
.MatchWholeWord = True
.MatchCase = False
.Forward = True
.Format = True
.Wrap = wdFindContinue
For i = 0 To UBound(Split(FlList, vbCr)) - 1
FlNm = Split(FlList, vbCr)(i)
If Dir(StrPath & FlNm & ".png") = "" Then
ElseIf (FlNm <> "") Then
.Text = FlNm
.Execute Replace:=wdReplaceAll
If .Found = True Then
With DocTgt
.Range.InsertAfter vbCr
Set iShp = .InlineShapes.AddPicture(StrPath & FlNm & ".png", False, True, .Range.Characters.Last)
With iShp
.LockAspectRatio = True
.Width = InchesToPoints(1.25)
End With
End With
End If
End If
Next
End With
Set iShp = Nothing: Set DocSrc = Nothing: Set DocTgt = Nothing
Application.ScreenUpdating = True
End Sub